Ahead of the Central Bank of Nigeria’s (CBN) updated recapitalisation deadline of 31 March 2026, Summit Bank has confirmed that it has fully met its capital requirement, positioning the bank in strong compliance with the CBN’s objective of strengthening financial stability within the Nigerian banking sector, The Nation has learnt.
Checks by our correspondent revealed that as one of Nigeria’s newest entrants into the non-interest banking space, Summit Bank recorded a regulatory capital base of ₦15.3 billion as at 21 May 2025, a position previously confirmed by the CBN.
This position places Summit Bank well above the required threshold of N10b for regional non-interest banks.
“This milestone has been made possible by the unflinching confidence of our shareholders, the effective leadership of the board and management team, as well as the dedication of the bank staff,” Dr Sirajo Salisu, Summit Bank MD/CEO, said in an interview.
In line with its strong vision of operational excellence and value creation, and having achieved full capital compliance ahead of schedule, the bank is set to further reinforce its long-term commitment to leading the ethical banking space, while supporting its stakeholders for common growth and prosperity.
Dr Mukhtar Adam, Summit Bank ED/COO, said Summit Bank will continue to combine operational excellence with value-based banking to create win-win situations for customers and shareholders.
“With our strengthened capital base, we will continue to drive ethical and inclusive value-based banking through digital platforms, customer experience, and targeted lending that supports SMEs and the underserved,” he said, adding that meeting the regulatory threshold is not an end in itself but a solid foundation for the bank’s forward-looking agenda of scaling responsibly, innovating within non-interest principles, and deepening partnerships that create shared economic value.
The current CBN’s recapitalisation exercise requires an updated capital threshold of N500b for international banks, N200b for national commercial banks, N50b for regional commercial banks, N20b for national non-interest banks, and N10b for regional non-interest banks, with a deadline of 31 March for full compliance.
Summit Bank, established as a purpose-driven non-interest bank, was incorporated in July 2024 and licensed by the CBN in February 2025. Positioned to provide ethical banking services to the public, the bank aims to redefine ethical and inclusive finance through transparent products, digital accessibility, and a strong commitment to financial inclusion.
