Greenwich Merchant Bank Crosses ₦50 Billion Capital Mark, Secures CBN Approval for Recapitalisation
Overview
Greenwich Merchant Bank has successfully met the new Central Bank of Nigeria (CBN) capital requirement for merchant banks, attaining a total capital base of ₦50 billion. This achievement places the institution among the first set of banks to fully comply with the apex bank’s recapitalisation directive.
The confirmation came through a CBN approval letter dated September 22, 2025, validating the bank’s ₦22.6 billion capital injection, which pushed its regulatory capital above the ₦50 billion threshold.
Details of the Recapitalisation
To achieve this milestone, Greenwich Merchant Bank raised new equity through a combination of a rights issue and private placement, both of which were oversubscribed — a reflection of investors’ confidence in the bank’s growth trajectory and governance structure.
Board and Management Reactions
Mr. Kayode Falowo, Chairman of Greenwich Group, described the achievement as “a major milestone and testament to the resilience and commitment of our people.”
He emphasized that the new capital base would:
• Strengthen the bank’s financial capacity;
• Enable it to underwrite larger and more complex transactions;
• Support customers with better financing options; and
• Enhance service delivery and shareholder value.
Falowo also acknowledged the support of shareholders, management, and board members, stating that the successful recapitalisation positions Greenwich for its “next phase of expansion and innovation.”
Mr. Benson Ogundeji, Managing Director of Greenwich Merchant Bank, highlighted that the recapitalisation was more than a regulatory requirement — it demonstrated the deep trust that clients, partners, and shareholders have in the bank’s vision.
He said the additional capital would be deployed to:
• Drive technological innovation,
• Broaden product offerings,
• Launch digital investment platforms and SME-focused lending products,
• Promote sustainable finance, and
• Expand wealth management and strategic partnerships.
Ogundeji added that the strengthened balance sheet would help Greenwich play a more significant role in stabilising and deepening Nigeria’s financial system.
Stakeholder Endorsements
Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), commended the bank’s leadership, noting that:
• Greenwich maintains a zero non-performing loan portfolio,
• It has demonstrated strong corporate governance, and
• The group’s plan to transition into a regional bank reflects its forward-looking strategy.
Background on Greenwich
Originally founded in February 1992 as Greenwich Trust Limited, the institution transitioned to a merchant bank in September 2020. It has since grown into a full-service financial institution, offering integrated solutions in:
• Corporate and private banking,
• Investment and treasury services,
• Asset management, and
• Securities trading.
Its philosophy remains rooted in building enduring client relationships and providing bespoke financial solutions.
Significance
Greenwich’s successful recapitalisation comes amid the CBN’s broader efforts to strengthen the banking sector, ensure financial system stability, and prepare Nigerian banks for greater regional and global competitiveness.
With its new capital strength, Greenwich Merchant Bank is well-positioned to expand market share, enhance innovation, and deliver sustainable value to clients and investors alike.
Overview
Greenwich Merchant Bank has successfully met the new Central Bank of Nigeria (CBN) capital requirement for merchant banks, attaining a total capital base of ₦50 billion. This achievement places the institution among the first set of banks to fully comply with the apex bank’s recapitalisation directive.
The confirmation came through a CBN approval letter dated September 22, 2025, validating the bank’s ₦22.6 billion capital injection, which pushed its regulatory capital above the ₦50 billion threshold.
Details of the Recapitalisation
To achieve this milestone, Greenwich Merchant Bank raised new equity through a combination of a rights issue and private placement, both of which were oversubscribed — a reflection of investors’ confidence in the bank’s growth trajectory and governance structure.
Board and Management Reactions
Mr. Kayode Falowo, Chairman of Greenwich Group, described the achievement as “a major milestone and testament to the resilience and commitment of our people.”
He emphasized that the new capital base would:
• Strengthen the bank’s financial capacity;
• Enable it to underwrite larger and more complex transactions;
• Support customers with better financing options; and
• Enhance service delivery and shareholder value.
Falowo also acknowledged the support of shareholders, management, and board members, stating that the successful recapitalisation positions Greenwich for its “next phase of expansion and innovation.”
Mr. Benson Ogundeji, Managing Director of Greenwich Merchant Bank, highlighted that the recapitalisation was more than a regulatory requirement — it demonstrated the deep trust that clients, partners, and shareholders have in the bank’s vision.
He said the additional capital would be deployed to:
• Drive technological innovation,
• Broaden product offerings,
• Launch digital investment platforms and SME-focused lending products,
• Promote sustainable finance, and
• Expand wealth management and strategic partnerships.
Ogundeji added that the strengthened balance sheet would help Greenwich play a more significant role in stabilising and deepening Nigeria’s financial system.
Stakeholder Endorsements
Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), commended the bank’s leadership, noting that:
• Greenwich maintains a zero non-performing loan portfolio,
• It has demonstrated strong corporate governance, and
• The group’s plan to transition into a regional bank reflects its forward-looking strategy.
Background on Greenwich
Originally founded in February 1992 as Greenwich Trust Limited, the institution transitioned to a merchant bank in September 2020. It has since grown into a full-service financial institution, offering integrated solutions in:
• Corporate and private banking,
• Investment and treasury services,
• Asset management, and
• Securities trading.
Its philosophy remains rooted in building enduring client relationships and providing bespoke financial solutions.
Significance
Greenwich’s successful recapitalisation comes amid the CBN’s broader efforts to strengthen the banking sector, ensure financial system stability, and prepare Nigerian banks for greater regional and global competitiveness.
With its new capital strength, Greenwich Merchant Bank is well-positioned to expand market share, enhance innovation, and deliver sustainable value to clients and investors alike.