CBN says 16 Commercial Banks now Fully compliant with new capital requirements
CBN says 16 Commercial Banks now Fully compliant with new capital requirements
The Central Bank of Nigeria (CBN) says 16 banks have now fully satisfied the new capital thresholds set under its ongoing recapitalisation exercise.
CBN Governor Olayemi Cardoso gave the update on Tuesday at a press briefing following the 303rd meeting of the Monetary Policy Committee (MPC) in Abuja. He said the MPC was pleased with the overall stability of the financial system, noting that key soundness indicators remain strong and within approved limits.
According to him, “Members also acknowledged the substantial progress in the ongoing recapitalisation program, with 16 banks achieving full compliance with revised capital requirements.”
He said the committee has encouraged the apex bank to see the recapitalisation drive through to a smooth conclusion. Cardoso also confirmed that banks are actively working to “strengthen their financial buffers,” which he described as the core objective of the exercise.
“So far, 27 banks have raised capital through different channels,” he said, adding that “16 of them have fully complied. 27 of them have, through various means, raised capital.”
Cardoso said the CBN is “monitoring the developments” and expressed confidence that the sector is progressing “in the right trajectory.”
He explained that the recapitalisation effort is aimed at building a more resilient financial system capable of supporting economic growth and managing risks, especially as Nigerian banks expand across multiple African markets.
“Many of you will also know that many of our banks are out on the African continent, and they have been innovative in various fairs,” he noted. He said stronger capital positions would place these banks “in a position to better navigate the risks in the multiplicity of countries in which they operate,” ultimately benefiting “the Nigerian traders, the Nigerian individuals” conducting business across the continent.
The CBN had on March 28, 2024, raised the minimum capital requirement for commercial banks with international licences to N500 billion, prompting several lenders to embark on rights issues, public offers, and bond issuances.
In January, Zenith Bank announced it had raised N350.46 billion toward meeting the requirement, while Guaranty Trust Holding Company Plc (GTCO) in July launched a fully marketed offering on the London Stock Exchange. By September, Cardoso reported that the number of banks that had met their recapitalisation target had risen to 14 — up from eight two months earlier.
With 16 banks now fully compliant, the recapitalisation project continues to advance toward its conclusion.
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BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection
BREAKING ; Atiku’s Son dumps PDP defects to APC, vows to work for President Tinubu’s reelection
The Son of Abubakar Atiku Abubakar, former Vice President and 2023 Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, dumped the PDP and pledged to work for President Bola Ahmed Tinubu’s re-election in 2027.
Abubakar, popularly known as Abba, formally announced his defection to the APC at the National Assembly, where he was received by the Deputy President of the Senate, Senator Barau Jibrin, with APC leaders from the North-East.
Party leaders described the move as a significant boost to the APC’s consolidation efforts ahead of the next general election, given Abba’s political network and grassroots organisation.
Announcing his resignation from the PDP, Abba said the decision was informed by his conviction in the leadership style of Senator Barau and the policies of the Tinubu administration.
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Eight persons killed, others injured in another fatal road accident
Eight persons killed, others injured in another fatal road accident
Eight persons died while three others were injured in a road traffic crash along the Potiskum–Dogon Kuka carriageway in Yobe.
The Yobe Sector Commander of the Federal Road Safety Corps (FRSC), Mr Andrew Longkam, confirmed the incident on Thursday.
He said the crash occurred around Gaggaba on the Potiskum–Dogon Kuka axis at about 12:40 hours.
“Preliminary reports from Dogon Kuka Unit Command show the incident was promptly reported to the corps,” Longkam said.
FRSC operatives arrived within five minutes, enabling swift rescue, evacuation of victims, traffic control, road clearance and prevention of secondary crashes.
The crash involved a white Howo trailer, registration DAL 963YY, and a white Mitsubishi Canter, registration NNR 437XA.
“Twelve adult males were involved, with eight fatalities and four rescued, including three injured and one unhurt,” he said.
The injured and deceased were taken to Government General Hospital, Dogon Kuka, where the injured received prompt medical attention.
Longkam said the FRSC tow truck cleared the obstruction, restored traffic flow and notified the Police Motor Traffic Division in Dogon Kuka.
“Preliminary findings indicate the Mitsubishi Canter, suspected to excessive speeding, committed a route violation and crashed into the trailer,” he said.
He said excessive speed and route violation were suspected causes, adding that investigations were ongoing to determine the exact circumstances.
The sector commander urged motorists to avoid speeding, route violations and unsafe practices, assuring continued enforcement, emergency response and public education across the state. (NAN)
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Atiku finally breaks silence after his Son defects to APC
Atiku finally breaks silence after his Son defects to APC
Former Vice President and Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, has addressed his son Abba Abubakar’s decision to join the All Progressives Congress (APC), describing it as a personal choice.
In a statement posted on his X handle, Atiku said, “The decision of my son, Abba Abubakar, to join the APC is entirely personal. In a democracy, such choices are neither unusual nor alarming, even when family and politics intersect.”
He added, “As a democrat, I do not coerce my own children in matters of conscience, and I certainly will not coerce Nigerians.”
The former vice president also highlighted his concerns about the ruling party, saying, “What truly concerns me is the poor governance of the APC and the severe economic and social hardships it has imposed on our people.”
“ I remain resolute in working with like-minded patriots to restore good governance and offer Nigerians a credible alternative that brings relief, hope, and progress.”
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