Olufemi Adeyemi
SunTrust Bank Nigeria Limited has successfully raised its paid-up capital above the N50 billion minimum requirement set by the Central Bank of Nigeria (CBN), BrandIconImage reports. Sources familiar with the matter indicate that the bank’s total paid-up capital now stands at approximately N51.1 billion, comfortably surpassing the regulatory benchmark.
The development positions SunTrust among the Nigerian banks that have fully complied with the CBN’s revised capital requirements ahead of the March 31 deadline. The bank reportedly achieved this milestone through a structured private placement programme that drew participation from both institutional and private investors. “The bank has successfully crossed the N50 billion threshold,” one source declared. “The total paid-up capital is now in the region of N51 billion, slightly above the regulatory minimum.”
While SunTrust has secured its position, several other banks are still in the process of raising funds to meet the new requirements. The CBN had first announced the revised minimum capital directive on March 29, 2024, as part of a broader effort to strengthen the stability and resilience of the nation’s banking sector. In response, multiple banks outlined strategies to raise capital through private placements, share issuances, and bond programmes.
By July 2025, only eight banks had fully met the recapitalisation mandate, but that number gradually increased. In September, CBN Governor Olayemi Cardoso confirmed that 14 banks had met the requirements, and by November, the figure had risen to 16. By February 24, 2026, 20 banks had achieved the threshold, collectively raising around N4 trillion in fresh capital.
Analysts predict that the ongoing recapitalisation programme will likely spur consolidation in the sector, with at least three major mergers expected in 2026. Notably, BrandIconImage reported that the proposed merger between Providus Bank Plc and Unity Bank Plc has reached its final stages, with an official announcement anticipated soon.
SunTrust’s successful recapitalisation underscores its growing resilience and strategic positioning within Nigeria’s increasingly competitive banking landscape.
Leave a Reply