14 Nigerian Commercial banks fully met new capital requirement – CBN Governor
14 Nigerian Commercial banks fully met new capital requirement – CBN Governor
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says 14 Nigerian banks have fully met the new capital requirement in the ongoing recapitalisation exercise.
Cardoso said this on Tuesday in Abuja, while presenting a communiqué from the 302nd meeting of Monetary Policy Committee (MPC) of the CBN.
The News Agency of Nigeria (NAN) reports that the CBN introduced a new minimum capital base requirement for banks, with tiers depending on licence type.
Before then, the last major bank recapitalisation exercise in Nigeria was in 2004, when the CBN raised the minimum capital requirement for all banks from two billion Naira to N25 billion.
This was a significant increase that led to a major consolidation in the banking sector, as the number of banks was reduced from 89 to 25 through a series of mergers and acquisitions.
In the current recapitalisation exercise, commercial banks with international authorisation now have a new capital requirement of N500 billion.
Commercial banks with national authorisation have N200 billion as capital requirement, and commercial banks with regional authorisation have N50 billion.
Merchant banks have a requirementof N50 billion, non-interest banks (national) N20 billion and non-interest banks (regional), N10 billion.
According to Cardoso, members of the MPC acknowledged the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.
“They, therefore, urged the CBN to continue the implementation of policies and initiatives that would ensure the successful completion of the ongoing recapitalisation exercise,” he said.
He said that the committee further noted the successful termination of forbearance measures and waivers on single obligors, which has helped to promote transparency, risk management, and long-term financial stability in the banking system.
“The MPC reassured the public that the impact of the removal of forbearance is transitory and does not pose any threat to the soundness and stability of the banking system, price, and other domestic developments.”
Cardoso had earlier announced the decision of the MPC to reduce the Monetary Policy Rate (MPR) by 50 basis points to 27 per cent from 27.50 per cent.
The committee also adjusted the standing facilities corridor around the MPR to +250/- 250 basis points and adjusted the Cash Reserve Ratio (CRR) for commercial banks to 45 per cent from 50 per cent.
It, however, retained the CRR for merchant banks at 16 per cent, while keeping the Liquidity Ratio unchanged at 30 per cent.
According to the CBN governor, the committee Introduced a 75 per cent CRR on non-TSA public sector deposits to enhanceliquidity management.
He said that the committee’s decision to lower the MPR was predicated on the sustained disinflation recorded in the past five months.
He said that the decision was also informed by projections of declining inflation for the rest of 2025, and the need to support economic recovery efforts.(NAN)
News
Two men docked for allegedly defiling underaged girl
Two men docked for allegedly defiling underaged girl
The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.
The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.
They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.
The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .
The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.
The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.
Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.
The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.
The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.
He adjourned the case until March 5, for mention. (NAN)
News
Report any officer asking for money for release of suspect as Police insist bail is free
Report any officer asking for money for release of suspect as Police insist bail is free
The Police Command in the Federal Capital Territory (FCT) has insisted that bail is free, and called on the public to report any officer asking for money to release a suspect on bail.
The Police Public Relations Officer in the FCT, SP Josephine Adeh, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.
Adeh spoke in reaction to public outcry that some police officers were demanding money to release suspects on bail in the territory.
She said the report of the erring officers would serve as a deterrent to others, adding that it was fraudulent to demand for money to release a suspect on bail.
Adeh blamed the yielding to such fraudulent demand on ignorance on the part of the victims who refused to stand on their rights.
“A similar case was reported where an officer demanded money to release a suspect on bail and when the matter was reported, we requested for evidence from the victim.
“The evidence was provided because the money was transferred to the officer’s account and actions are being taken on the issue.
“So, I encourage the public to take advantage of the FCT Police Complaint Response Unit (CRU) lines on 08107314192 to report such misconduct with evidence,” she said.
Adeh urged the public to always insist on their rights and refuse any form of payment to release a suspect on bail.(NAN)
News
Former President sentenced to five years in prison by Court
Former President sentenced to five years in prison by Court
South Korea’s former president Yoon Suk Yeol was on Friday sentenced to five years in prison for obstruction of justice.
The Seoul Central District Court found that the 65-year-old conservative, with the help of the presidential security service, had tried to prevent his own arrest and deleted multiple documents related to the investigation against him.
Yoon shocked the nation by imposing martial law on December 3, 2024, amid a budget dispute with the opposition, plunging the country into a political crisis.
He justified the drastic measure as necessary to protect South Korea’s democratic order and accused the left-leaning opposition of being infiltrated by communists with ties to China and North Korea, though he provided no evidence for these claims.
In a separate trial, prosecutors have sought the death penalty for Yoon on charges of incitement, with a verdict expected on February 19.
While the death penalty remains legally in force in South Korea, it has not been carried out for nearly 30 years.
Yoon’s actions previously alarmed international investors and led to withheld investments, damaging the reputation of South Korea as a political and economic model for the region.
Since last summer, South Korea has been led by President Lee Jae Myung, a left-leaning centrist and long-time political rival of Yoon. (dpa/NAN)
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