Eight banks already meet new capital requirements – CBN
Eight banks already meet new capital requirements – CBN
Eight Nigerian banks have successfully met the Central Bank of Nigeria’s (CBN) new minimum capital requirements, with others making significant progress ahead of the March 2026 deadline.
This confirmation came yesterday from CBN Governor Olayemi Cardoso, speaking at a news conference following the Monetary Policy Committee (MPC) meeting.
Banks began efforts to raise funds last year in response to the CBN’s recapitalization directive.
Governor Cardoso highlighted that many institutions have substantially strengthened their capital base to align with the new regulatory thresholds.
“The MPC noted that eight banks have fully met the recapitalisation requirements, while others are making progress towards meeting the deadline,” Cardoso stated.
Launched in March 2024, the recapitalization program introduced a specific definition of the minimum capital base.
Unlike previous guidelines, this definition includes only paid-up share capital and share premium, excluding other reserves and retained profits.
This stringent approach means that most banks, even those with substantial shareholders’ funds, need to raise fresh capital.
Under these new rules, commercial banks holding international licenses must achieve a minimum share capital and share premium of N500 billion.
Banks with national banking licenses are required to have a minimum of N200 billion by the March 31, 2026 deadline.
The initial fundraising efforts by banks in 2024 were largely successful, with many offers being oversubscribed and more than N2 trillion raised.
With less than nine months remaining until the deadline, numerous banks are preparing to raise additional capital.
This includes some tier-1 banks that participated in the 2024 round and are now aiming to close any remaining gaps by the end of the fourth quarter of 2025.
The CBN has stated that this recapitalization policy aims to ensure financial system stability, enhance banks’ ability to finance large-scale economic projects, and align the Nigerian banking sector with global standards of risk-based supervision.
Cardoso emphasized that this initiative is already bolstering the sector’s resilience, as evidenced by sustained stability in key Financial Soundness Indicators (FSIs).
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President Tinubu orders suspension of APC e-registration in Kano, over Gov’s defection
President Tinubu orders suspension of APC e-registration in Kano, over Gov’s defection
President Bola Ahmed Tinubu has allegedly ordered the suspension of the All Progressives Congress (APC) e-registration exercise in Kano State, pending the formal defection of Governor Abba Kabir Yusuf to the ruling party.
The allegation was made by Hon. Alhassan Ado Doguwa, a member of the House of Representatives and a prominent APC leader in Kano.
Doguwa disclosed this in a video shared on X by user @jrnaib2, where he suggested that the President had already welcomed Governor Yusuf into the ruling party.
Speaking in the video, the lawmaker stated: “What could you do when Tinubu said he has accepted Abba? What would you do?
“Tinubu has accepted him (into APC), we were going to start APC e-registration in Kano tomorrow, but the President and the APC national leadership has directed that it should be put on hold.”
Doguwa further explained that the APC leadership intends for Governor Yusuf to be the first person to register electronically in Kano once the process resumes.
He added: “If we accept the ‘hunch backed,’ what would he do with me? We could only be patient.”
While the exact date the remarks were made remains unclear, they come as the APC continues its nationwide membership registration drive.
The statements have sparked mixed reactions online. Some social media users dismissed the claim that Governor Yusuf is considering a move to the APC. User @auwal_sls argued that the governor is not prepared to abandon his current political platform, while another user, @Teemaah88, warned that Kano State “will lose this election.”
In recent months, there have been growing reports that associates of Governor Yusuf and his political mentor, Senator Rabiu Musa Kwankwaso, are pushing for a defection to the APC.
Supporters of the idea believe such a move would strengthen Kano’s political alignment with the federal government.
The Kano State Commissioner for Information, Ibrahim Abdullahi Waiya, has publicly defended these calls, insisting that joining the APC would be beneficial to the state. However, Kwankwaso has strongly opposed any suggestion of defection.
He has repeatedly maintained that Governor Yusuf should remain in his current party and has even challenged him to resign from office if he intends to cross over to the APC.
Speculation peaked earlier this week with reports that the governor was expected to defect on Monday, but no such move has taken place.
So far, Abba Kabir Yusuf has kept silent on the issue, leaving the political future of Kano State uncertain.
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Governor donates N9 million to wives of fallen soldiers
Governor donates N9 million to wives of fallen soldiers
Gov. Ahmed Ododo of Kogi, has announced the donation of Nine million naira to nine widows of fallen soldiers during the West African Social Activities (WASA) 2025 festivities.
The ceremony, held at the 12 Brigade headquarters, Chari‑Maigumeri Barracks, Lokoja, brought together military personnel, community leaders, and families of service men, who have paid the ultimate price for Nigeria’s security.
Represented by the State Security Adviser, Jerry Omodara the governor reaffirmed his Administration’s commitment to supporting Nigerian Army and security agencies.
Rep of Gov. Ahmed Ododo, the State Security Adviser Cdr Jerry Omodara (rtd), presenting gifts to wives of fallen soldiers at the 12 Brigade’s Nigerian Army WASA 2025, held at Chari Maigumeri Barracks Lokoja
He described the initiative as a moving gesture underscoring the state’s gratitude for the ultimate sacrifice made by its military families.
Ododo, serving as Special Guest of Honour, praised the 12 Brigade’s WASA describing it as a vibrant showcase of Nigeria’s cultural heritage.
“The event is a vital morale‑boost for troops who have spent the year on operations, training and community security.
“The annual WASA tradition has been “impressively sustained” and provides soldiers a chance to unwind with families after a demanding year,” he said.
He traced WASA’s roots to the West African Frontier Force, the predecessor of the Nigerian Army, emphasising its role in fostering unity, camaraderie and a sense of belonging among officers, soldiers and their dependents.
The governor lauded the colorful performances by various cultural troupes, saying the displays proved that “you have not broken links with your cultural backgrounds.”
He congratulated the brigade for successful 2025 operations that kept peace and security across Kogi, urging personnel to remain “focused, resilient and proactive” as they enter 2026.
Ododo reaffirmed the state’s commitment to supporting the Nigerian Army and other security agencies, promising continued assistance to improve welfare and operational effectiveness.
Earlier, the Commander, 12 Brigade, Nigerian Army, Brig. -Gen. Kasim Sidi, had assured Kogi of the army’s commitment to maintaining peace and security.
He described WASA as a significant occasion that brought together officers, soldiers, families, and friends to celebrate shared identity, cultural heritage, and collective achievements.
The commander praised the dedication, discipline, and professionalism of officers and soldiers, highlighting the Brigade’s achievements in 2025, including successful military operations against bandits and kidnappers in Kogi. (NAN)
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Notorious Drug Kingpin who killed three NDLEA operatives 12-years ago arrested
NDLEA arrests wanted drug kingpin, recovers illicit drugs from his hideout
Operatives of the National Drug Law Enforcement Agency (NDLEA) have successfully apprehended a long-wanted drug kingpin, ending a 12-year manhunt following his involvement in the brutal killing of three NDLEA officers.
This is contained in a statement by the Director, Media and Advocacy NDLEA, Mr Femi Babafemi on Sunday in Abuja.
Babafemi said that the suspect was notorious for drug trafficking, evading arrest and mobilising armed thugs against security agents.
He said that the suspect was on Friday, Jan. 16 tracked to his hideout in Owode town, Ogun State by tactical teams of the agency following credible intelligence.
He also said that during the clinical operation, the suspect was found in possession of 69 kilograms of skunk, a strain of cannabis.
He added that the arrest marked a significant breakthrough in the agency’s commitment to ensuring that no fugitive, regardless of how long they evaded justice, remained beyond the reach of the law.
“The suspect’s criminal history is marked by extreme violence and lawlessness.
“As a result, he had on June 15, 2014 orchestrated a barbaric mob action against a team of NDLEA officers who had attempted to arrest him at his enclave.
“The attack resulted in the cold-blooded murder of three NDLEA officers, including Rabiu Usman Kazaure and two others, who were killed by armed thugs mobilised by Jimoh.
“While the suspect managed to escape the scene that day, the agency remained resolute in its pursuit of justice for the fallen heroes,” he said.
In another encounter with the suspect on Aug. 12, 2023, when NDLEA operatives stormed his residence in Ado-Odo town, Ogun state, he managed to escape.
Babafemi however, said that the operatives succeeded in recovering 139 sacks of skunk with a total weight of 1,922 kilograms.
This, he said was following assets forfeiture proceedings instituted in court by the agency, the house in Ado-Odo, which served as a warehouse for his illicit drug trade, has since been finally forfeited to the Federal Government.
While commending the officers and men of the Ogun command for the arrests and seizures, the NDLEA Chairman, retired Brig. Gen.-Buba Marwa acknowledged their commitment.
Marwa enjoined them as well as their colleagues nationwide to maintain the current tempo of their balanced approach to the Agency’s drug control efforts.
He described the arrest of the wanted drug kingpin as a triumph of justice and a testament to the agency’s long memory.
He added that the arrest sends a clear and unambiguous message to all drug barons and fugitives.
“You may run, and you may hide for a season, but the long arm of the law will eventually find you.
“The arrest is particularly significant because it closes a painful chapter that began on June 15, 2014.
“For twelve years, this individual lived with the blood of our gallant officers on his hands. He mistakenly thought that time had erased his crimes.
“Today, we have proven that the NDLEA does not forget its own. We do not forget the sacrifices of those who laid down their lives in the service of our fatherland.
“This arrest is for the families of those three officers who have waited 12 years for justice”, Marwa said in a tribute to the officers lost over a decade ago.(NAN)
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