Parallex Bank Limited has announced that it has successfully completed the recapitalisation requirement set by the Central Bank of Nigeria (CBN), surpassing the ₦50 billion minimum capital threshold required for regional commercial banks.
The development places the bank among financial institutions that have complied with the CBN directive aimed at strengthening the capital base of deposit money banks, improving financial system stability, and enhancing the sector’s capacity to support economic growth.
Speaking on the milestone, the bank’s Managing Director, Olufemi Bakre, said the achievement reflects Parallex Bank’s commitment to sustainable growth and consistent performance.
According to him, the strengthened capital base will allow the bank to expand its operations and better support businesses and individuals across different sectors of the economy.
He noted that the improved capital position would enable the bank to increase lending capacity, deepen financial inclusion, and continue delivering customer-focused financial services.
Bakre also described the achievement as a reflection of discipline and long-term commitment within the organisation.
“The milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results,” he said.
The CBN introduced the recapitalisation programme as part of broader efforts to build a stronger and more resilient banking system, capable of withstanding economic shocks while supporting long-term economic expansion in Nigeria.
Bakre further commended the bank’s stakeholders, especially its board of directors, for their guidance and support throughout the recapitalisation process.
He said the board’s focus on strong governance and long-term value creation played a key role in ensuring that the bank met the regulatory requirement within the stipulated timeframe.