Summit Bank has confirmed that its regulatory capital base has reached N15.3bn, exceeding the Central Bank of Nigeria’s minimum requirement for regional non-interest banks and positioning the lender for sustained growth ahead of the 31 March 2026, recapitalisation deadline.

The bank said its capital position, as of 21 May 2025, had been validated by the CBN, placing it well above the N10bn threshold prescribed for regional non-interest banks under the apex bank’s ongoing recapitalisation programme.

Commenting on the development, Managing Director and Chief Executive Officer of Summit Bank, Sirajo Salisu, attributed the achievement to the confidence of shareholders, effective board and management oversight, and the commitment of the bank’s workforce.

He said the milestone reflects the bank’s governance framework and long-term vision of building a purpose-driven institution anchored on ethical and value-based banking principles.

Also speaking, Executive Director and Chief Operating Officer Mukhtar Adam said the strengthened capital base provides a solid foundation for the bank’s growth strategy, particularly in expanding digital banking, enhancing customer experience, and supporting small and medium-scale enterprises through targeted, inclusive financing.

According to him, meeting the regulatory capital requirement is not an end in itself but a springboard for responsible expansion, innovation within non-interest banking principles, and deeper partnerships that create shared economic value.

Under the CBN’s revised recapitalisation framework, banks are required to meet new capital thresholds of N500bn for international banks, N200bn for national commercial banks, N50bn for regional commercial banks, N20bn for national non-interest banks, and N10bn for regional non-interest banks by 31 March 2026.

The PUNCH reported that Summit Bank Ltd has officially commenced operations with a pledge to deliver ethical, transparent, and inclusive banking services to Nigerians at home and abroad.