Greenwich Merchant Bank on Thursday announced that it has successfully met the ₦50 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for merchant banks, marking a major milestone in its growth and stability efforts.....KINDLY READ THE FULL STORY HERE▶

In a statement, the bank said the new capital was achieved through a rights issue and private placement exercise, which brought in an additional ₦22.6 billion in fresh funds. The development pushes Greenwich’s total paid-up capital above the CBN threshold, officially meeting the regulatory requirement.

“This achievement reflects the trust and confidence our shareholders have in our vision,” said Kayode Falowo, Chairman of Greenwich Group. “We are proud to have reached this milestone as one of the first merchant banks to comply with the new CBN directive.”

Managing Director and Chief Executive Officer, Benson Ogundeji, said the capital raise is more than a compliance exercise. According to him, it represents a strategic step to strengthen the bank’s balance sheet, expand its services, and enhance long-term sustainability.

“This capital milestone will enable us to pursue larger transactions, deliver innovative financial products, and deepen our market presence,” Ogundeji said.

CBN’s Capital Directive

The Central Bank of Nigeria had earlier directed all banks to recapitalize before March 2026 to boost the strength and stability of the financial sector. Under the new rules, merchant banks are required to maintain at least ₦50 billion in capital, while national and international commercial banks must hold ₦200 billion and ₦500 billion, respectively.

The move comes as the CBN seeks to protect the banking industry from economic shocks and ensure that lenders can support Nigeria’s development agenda. Several banks have since launched capital-raising efforts through rights issues, public offers, or mergers to meet the new thresholds.

Financial analysts say Greenwich’s early compliance puts it in a strong position ahead of the 2026 deadline. “This shows discipline and strategic foresight,” said Lagos-based financial analyst Tunde Adebayo. “Meeting the CBN benchmark this early gives Greenwich room to focus on business expansion rather than scrambling for funds later.”

Plans for Expansion

Following the capital boost, Greenwich said it plans to invest in digital banking platforms, small and medium enterprise (SME) financing, and sustainable investment products. The bank also aims to expand its wealth management and corporate advisory services, strengthening its presence in key markets.

According to the management, the additional funds will be used to improve technology infrastructure, enhance customer service, and increase operational efficiency. The bank said these efforts will allow it to offer better value to clients while contributing to economic growth.

The board added that the recapitalization aligns with Greenwich’s long-term strategy to become a leading financial institution in Nigeria and across Africa.

Strengthened Outlook

Industry observers have praised the move as a sign of confidence in the country’s banking sector. The recapitalization exercise, they said, will enhance banks’ ability to lend to businesses, support economic diversification, and build resilience in times of uncertainty.

By meeting the ₦50 billion capital mark, Greenwich joins a small group of financial institutions that have already complied with the new CBN directive. The milestone underscores the bank’s stability and readiness to compete in an evolving financial landscape.

Bottom Line:
Greenwich Merchant Bank’s success in meeting the CBN’s ₦50 billion capital requirement signals strong investor confidence and positions the institution for broader growth. As Nigeria’s banking industry braces for higher capitalization standards, Greenwich’s proactive approach may set a benchmark for others to follow.