Union Bank, Polaris, others get nod on recapitalisation

Union Bank of Nigeria (UBN), Polaris Bank and Keystone Bank may have been granted a leeway by the Central Bank of Nigeria (CBN) to complete their recapitalisation.

Sources said the apex bank arrived at a conclusion to allow the ‘managed’ banks to complete the process under a regulatory window of three weeks.

The deadline given to all banks to recapitalise was March 31 and they all met the deadline.

One of the sources said the decision to give special consideration to the three banks was based on the circumstances, including legal and regulatory,  faced by them. 

The ‘managed’ banks need no less than N350 billion to retain their national banking licences under the new minimum capital base, which requires banks with a national commercial banking license to have a minimum share capital and share premium of N200 billion.