By Innocent Orok
Nigeria’s top five banks are facing a N1.5 trillion deficit in meeting the new capital requirement set by the Central Bank of Nigeria (CBN) for their new capital base.
According to the updated minimum capital regulation, each of the leading five banks, Access Bank, First Bank, GTBank, UBA, and Zenith Bank – is required to maintain a minimum capital base of N500 billion.
The five banks are expected to have a total paid-up capital and share premium amounting to N2.5 trillion.
But as its stands, the top five banks have a combined paid-up capital and share premium of N1.037 trillion, which falls short by N1.472 trillion.
The breakdown shows, Access Bank has paid-up capital of N251.811 billion with a shortfall of N248.189 billion out of N500billion.
FBN Holdings, has paid-up capital of N251.3 billion with a shortfall of N248.66 billion.
GTBank has paid-up capital of N138.186 billion as of quarter three of 2023, with a shortfall of N361.814 billion
United Bank for Africa, UBA has paid-up capital of N115.815 billion, with a shortfall of N384.185 billion
While, Zenith Bank has a paid-up capital of N270.745 billion, with a shortfall of N229.255 billion out of the N500billion new Capital base required by the CBN.
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