Grapevine

Similarly, non-interest banks with national and regional authorisations are to increase their capital to N20bn and N10bn, respectively.

The apex bank circular said the banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026, using the options of raising additional capital, mergers and acquisitions and licence change.

The PUNCH reported that to meet the new capital base, the entire banking sector will need to raise about N3.972tn.

Retail investors may shun bank stocks after N1.6tn loss

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