SunTrust Bank Nigeria Limited has exceeded the N50 billion minimum capital requirement, following the completion of its private placement exercise, TheCable understands.
Sources familiar with the development said the bank’s total paid-up capital now stands at about N51.1 billion, surpassing the regulatory benchmark.
This places the regional financial institution among banks that have met their regulatory capital requirements and comes ahead of the March 31 deadline set by the Central Bank of Nigeria (CBN).
Insiders said SunTrust raised the capital through a structured private placement programme that attracted a mix of institutional and private investors.
“The bank has successfully crossed the N50 billion threshold,” a source said.
“The total paid-up capital is now in the region of N51 billion, slightly above the regulatory minimum.”
While SunTrust may be out of the woods, some banks are still pushing to meet the minimum capital requirement set by the CBN.
The regulator had, on March 29, 2024, announced new minimum capital requirements for banks as part of reforms aimed at strengthening the resilience and stability of Nigeria’s banking sector.
Following the directive, several banks announced plans to raise funds through various schemes, including private placement, and share and bond issuances.
In July, the central bank said only eight banks had fully met their recapitalisation requirements.
Two months later, Olayemi Cardoso, governor of CBN, said 14 banks fully met their recapitalisation requirements, with the number further rising to 16 financial firms in November 2025.
On February 24, the apex bank governor said 20 banks had met the threshold and raised about N4 trillion so far.
Analysts expect that the recapitalisation programme would lead to consolidation in the industry, with three major mergers expected this year.
