Central Bank of Nigeria Lists out 29 Banks not Authorized for International Operations

The Central Bank of Nigeria has released a new list clarifying banks’ levels of authorization. No fewer than 29 of them lack the authorization to operate offshore.

Earlier in the year, the apex bank initiated a new round of recapitalization. The idea, CBN Gov. Olayemi Cardozo said, is to shore up the banks’ capital bases according to their authorization levels.

Commercial banks with a N200-billion recapitalized base can only operate in all states of Nigeria: no offshore operation. Those with a N50-billion recapitalized base can only operate in the regions.

According to the list the CBN just released, 29 banks, comprising the national and the regional authorization holders, fall in this category. Others include merchant banks and the non-interest banks.

Below is the list of banks the Central Bank of Nigeria doesn’t authorize for offshore Operations

National Banks

Citibank Nigeria Limited 

Ecobank Nigeria Limited 

Heritage Bank Plc 

Globus Bank Limited 

Keystone Bank Limited 

Polaris Bank Limited 

Stanbic IBTC Bank Limited 

Standard Chartered Bank Limited 

Sterling Bank Limited

Titan Trust Bank Limited 

Union Bank of Nigeria Plc 

Unity Bank Plc

Wema Bank Plc 

Premium Trust Bank Limited 

Optimus Bank Limited

Regional Banks

Providus Bank Limited

Parallex Bank Limited, 

Suntrust Bank Nigeria Limited, 

Signature Bank Limited.

The policy equally affects those in the non-interest banking sector with national authorisation and the merchant banking category. 

These include:

Jaiz Bank Plc 

Taj Bank Limited 

Lotus Bank Limited 

Alternative Bank Limited

Merchant Banks

Coronation Merchant Bank Limited

FBN Merchant Bank Limited 

FSDH Merchant Bank Limited 

Greenwich Merchant Bank Limited 

Nova Merchant Bank Limited 

Rand Merchant Bank Limited

Considering the list, only a handful of the first-tier banks have the international authorization. The CBN permits them to operate offshore.

International Banks

Access Bank Limited 

Fidelity Bank Plc 

First City Monument Bank Limited

First Bank Nigeria Limited

Guaranty Trust Bank Limited 

United Bank of Africa Plc

Zenith Bank Plc