Parallex Bank Limited has successfully completed its recapitalisation process, surpassing the ₦50 billion capital requirement set for regional commercial banks by the Central Bank of Nigeria. The achievement marks an important step for the bank as it strengthens its financial position.

The development places Parallex Bank among the financial institutions that have complied with the central bank’s directive to increase the capital base of deposit money banks. The policy aims to improve financial stability and help banks better support economic growth in Nigeria.

Speaking on the milestone, the bank’s Managing Director, Olufemi Bakre, said the achievement reflects the bank’s commitment to consistent excellence and long-term growth. He explained that the stronger capital base will support the bank’s future plans.

Bakre noted that the improved financial strength will allow the bank to increase lending to businesses and individuals. He also said the bank plans to expand financial services and promote greater financial inclusion across different sectors of the economy.

The recapitalisation programme introduced by the central bank is designed to create a stronger and more resilient banking sector. It is expected to help Nigerian banks withstand economic shocks and support long-term economic development.

Bakre also praised the bank’s Board of Directors and other stakeholders for their support and strategic leadership. According to him, their guidance played a key role in helping the bank meet the recapitalisation target within the required timeframe.