Parallex Bank Successfully Completes Recapitalisation, Positions for Accelerated Growth

Parallex Bank Successfully Completes Recapitalisation, Positions for Accelerated Growth

OpenLife reports that Parallex Bank Limited has successfully completed the recapitalisation requirement of the Central Bank of Nigeria, surpassing the ₦50 billion minimum capital threshold for regional commercial banks.

The milestone reinforces the Bank’s position as a financially resilient and strategically forward-looking institution within Nigeria’s evolving banking landscape.

The announcement places Parallex Bank among financial institutions that have complied with the apex banks directive aimed at strengthening the capital base of deposit money banks, improving financial system stability, and enhancing the sectors capacity to support economic growth.

Speaking on the development, the Managing Director of the Bank, Dr. Olufemi Bakre, said the milestone underscores the belief that excellence, when consistently pursued, delivers sustainable results.

He added that the strengthened capital position will enable Parallex Bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative, customer-focused financial solutions across various segments of the economy.

The Central Bank of Nigeria had introduced the recapitalisation programme as part of measures aimed at ensuring a more robust and resilient banking system capable of withstanding economic shocks and supporting long-term economic expansion.
Bakre commended the Banks stakeholders, particularly the Board of Directors, for their strategic guidance, oversight, and timely support, which he said were instrumental in ensuring that the recapitalisation requirement was met within the stipulated timeframe.

According to him, the Boards commitment to strong governance and long-term value creation provided the foundation for disciplined capital planning and effective execution across the institution.