Standard Chartered deepens commitment to Nigeria; Confirms compliance with the CBN’s N200 Billion minimum capital requirement

Standard Chartered Bank Nigeria Limited has successfully met the Central Bank of Nigeria’s (CBN) N200 billion minimum capital requirement for national commercial banks, ahead of the regulatory deadline. This milestone underscores the bank’s solid financial foundation and reinforces its commitment to supporting Nigeria’s economic growth and financial stability.

By achieving this capital requirement early, Standard Chartered is reaffirming its strategic focus on Nigeria, one of its most vital African markets. The bank plans to leverage its strengthened capital base to provide value-enhancing financing, back clients driving key sectors, and support initiatives that boost national productivity.

Dalu Ajene, CEO of Standard Chartered Bank Nigeria, emphasized the significance of the accomplishment, stating, “Delivering on the CBN’s recapitalization directive ahead of schedule highlights our confidence in Nigeria’s economic potential. It underscores our long-term partnership with the country and our dedication to fostering sustainable growth and supporting clients.”

With over 170 years of global heritage and 26 years of dedicated service in Nigeria, Standard Chartered combines international expertise with local insights. The bank continues to provide innovative banking solutions that empower individuals, businesses, and communities, positioning itself as a key player in Nigeria’s financial landscape.

Dayo Omolokun, Executive Director and CFO, noted that the recapitalization enhances the bank’s ability to contribute toward Nigeria’s USD1 trillion economy goal by 2031. Since establishing a wholly owned subsidiary in 1999, Standard Chartered has delivered structured financial solutions totaling billions of dollars, reinforcing its role as a strategic partner in the nation’s economic transformation.

source: Nairametrics