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Recapitalisation: Banks in Race to Scale CBN’s Hurdle

Recapitalisation: Banks in Race to Scale CBN’s Hurdle

*Apex bank upbeat

Nume Ekeghe

With exactly 296 days to the March 31, 2026, deadline set by the Central Bank of Nigeria (CBN) for commercial banks to raise their capital, operators in the industry are entering a critical phase of what has been described as the most consequential regulatory shakeup in over a decade.

The ambitious exercise has set the financial sector on edge, triggering a flurry of boardroom strategy sessions that have seen some financial institutions completely raise the required amount for their banks, engage in business combination talks, and share sales in the capital market.

As the countdown intensifies, banks face a stark choice: bulk up or risk being pushed to the margins of a fast-evolving financial landscape.

Under the new framework, the CBN mandates banks with international licences to beef up their capital base to a minimum of N500 billion, from N50 billion, previously; national banks to have a minimum of N200 billion, from the N25 billion it used to be, and regional banks to maintain minimum capital base of N50 billion, from N10 billion.

While some institutions have already met the threshold, others are advancing to the second phase of capital raising, with a few still weighing their options.
For instance, among the Tier 1 banks, Zenith Bank Plc successfully raised N290 billion through a combined rights issue and public offer, which was oversubscribed by 160 percent. This brings its total qualifying capital to N614.65 billion—comfortably above the N500 billion benchmark. Similarly, Access Bank also completed its N351 billion rights issue, offering 17.77 billion shares at N19.75 each. With this, Access Bank has met the CBN requirement, pushing its capital to N594.90 billion.

Also, Guaranty Trust Bank launched a dual-track capital programme valued at N400.5 billion, and has already raised N209.41 billion through its public offer. As of now, GTB is entering its second phase of capital raising.

The United Bank for Africa (UBA) recently concluded a rights issue that was oversubscribed by N251 billion, which pushed UBA’s capital to N355.2 billion, leaving it with a N144.8 billion gap which the bank is optimistic would be closed before the end of the year.

For Providus Bank, an innovative and tech-driven financial institution, which recently acquired Unity Bank, the bank is making serious progress with its business combination deal. It is presently awaiting necessary regulatory approvals for it to launch the second phase of its recapitalisation exercise.

Fidelity Bank is also making significant progress. The bank has already raised N127 billion and has received regulatory approval for a N231.97 billion private placement. This followed a N40.98 billion rights issue and a 100.78 percent subscribed public offer of N188.38 billion. As it stands, Fidelity’s capital is at N305.56 billion, and it’s projected to hit the N500 billion mark after the next phase of its recapitalisation programme.

In the same vein, Stanbic IBTC Holdings and Sterling Financial Holdings Company are steadily moving forward. Stanbic completed a N148.7 billion private placement and awaits the outcome of its public offer. The bank’s capital currently stands at N109.26 billion but it’s expected to rise to N257.96 billion. Sterling raised N67.5 billion in a rights issue, which was 103 percent subscribed, and anticipates reaching a post-recapitalisation capital of N262.26 billion.

FCMB is addressing a capital shortfall of N374.71 billion. So far, it has raised N147.5 billion through a private placement and completed a N110.90 billion rights issue, bringing its capital to N266.23 billion. A source at the bank told THISDAY that the financial institution is upbeat in meeting the required capital base before the deadline.

Wema Bank, which holds a national banking license, recently closed a N150 billion rights issue. An additional N50 billion private placement has been approved by shareholders, which could push Wema’s capital to around N267 billion.

FirstBank’s parent company, FBN Holdings, has raised N187.6 billion from a 25 percent oversubscribed rights issue and is now preparing a N350 billion private placement. With its current capital at N251.34 billion, a successful placement would raise its total to N601.82 billion.

Among the smaller players, Premium Trust Bank has raised N177 billion, successfully covering a N174 billion capital gap, and it’s now awaiting regulatory confirmation. Jaiz Bank, a non-interest financial institution has also taken steps to beef up its capital just like its peers.

Deputy Governor, Financial System Stability, CBN, Philip Ikeazor, recently explained that some banks have completed and met the requirements, while others are doing theirs in two phases.

“So they (the banks) have been to the market once and are coming back again. We have about one year to go, and as we progress, maybe there could be a few marriages as some people tend to leave it towards the tail end.

“So far so good, the big banks are among those that have met and have their plans clear that they will meet the deadline. This is a very robust plan that allows you to step down your licence category if you think you will have a problem. So, you don’t have to be a national bank if you cannot afford N200 billion; you can afford to be a regional bank. So, one of them has indicated that they intend to be a regional bank because the plan accommodates everybody,” he added.

Commenting on the exercise, Managing Director/Chief Executive Officer of the Development Bank of Nigeria, Dr. Tony Okpanachi, advised commercial banks to ensure that with increased capitalisation, stronger balance sheets, they channel their funds to ventures and sectors that not only offer commercial returns but also support developmental goals, especially micro, small and medium enterprises (MSMEs).

Also, the Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, noted that the recapitalisation drive has reflected strong shareholder support, as most of the over N2.5 trillion raised in the past 14 months have come from rights issues. He said the exercise has added a buffer to the financial system, putting banks in a stronger position to withstand macroeconomic shocks and better support economic growth.
Olubunmi also highlighted the importance of the initiative in Nigeria’s broader vision to become a $1 trillion economy.

“Banks will be critical if Nigeria is to attain its GDP targets. With stronger capital bases, they are better placed to scale and drive inclusive economic development,” he said.

Team Lead for Capital Markets at PAC Capital Limited, Ejovi Okiekpakpo, echoed similar views, describing the recapitalisation programme as timely and necessary.

According to him, “The recapitalisation exercise will give banks the balance sheet strength to support developmental financing, absorb shocks, and underwrite bigger transactions.”

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Despite Pushback, Governor Eno Finally Defects to APC

Despite Pushback, Governor Eno Finally Defects to APC

Chuks Okocha in Abuja and Okon Bassey in Uyo

After weeks of speculations and mounting political pressure, Governor Umo Eno yesterday officially defected to the All Progressives Congress (APC), from the Peoples Democratic Party (PDP), marking a dramatic shift in the political landscape of Akwa Ibom State.

Despite strong pushback from within his party and loyalists, Eno’s move signalled a bold realignment ahead of the 2027 elections.

The development further worsened the woes of the PDP. He is the second PDP governor to defect in the past three months. The first was Delta State Governor, Sheriff Oborevweri, who joined the ruling party with his entire cabinet and former Governor, Ifeanyi Okowa.

“I have decided to progressively move to the APC,” Eno said while addressing party leaders and his supporters in Uyo.

“Our government has always been an inclusive government, which will never change,” he added.

The governor at the event wore a cap with the trademark APC (Jagaban) inscription and that of the ARISE Agenda of the PDP, which gave the impression he was only joining another vehicle to reach his preferred destination in 2027.

The governor said the decision followed “three months of wide consultation” with critical stakeholders across the State.

“Today, fellow Akwaibomites, we are gathered here to witness change while equally affirming the constancy of our collective values and defining ethos as a State.
He added: “For some time now, the political space, particularly in this State and the nation in general, has been awash with the news of my likely movement from the PDP, the platform that had provided the levers and ladder of my political ascendancy to the position of Governor of this State.

“The discussions have elicited various layers of analysis in the process. Today, I am here to answer some of those nagging questions. Like the Dalai Lama had said, we should always be open to change but not let go of our shared values.

“Earlier this morning, I submitted my formal Letter of Resignation from the PDP to my Ward Chairman, same copy was sent to both the State Chairman as well as the National Chairman. I have therefore, decided to Progressively move to the APC.”

Eno, expressed gratitude to the PDP for their support during his tenure, stating that it was time for him to make a progressive move.

The Governor said he decided to join the APC due to his admiration for President Bola Tinubu and the need for Akwa Ibom State to align with the federal government to reap continuous benefits.

Eno, also assured the people of Akwa Ibom State that he would continue to work tirelessly for their benefit, regardless of party affiliation.
But notably, the immediate past Governor of the State, Udom Emmanuel; former National Legal Adviser of the PDP, Emmanuel Enoidem, among others, shunned the ceremony.

Three commissioners, mostly former Governor Emmanuel’s nominees, which included Prof.  Eno Ibanga (Works and Fire Service); Iniobong Ememobong (Special Duties and Ibom Deep Seaport) and Mr. Emem Almond Bob (Finance), tendered their resignation from the cabinet.

It was gathered that other former Governor Emmanuel’s allies who refused to defect included some House of Assembly lawmakers, but the Speaker, Udeme Otong and majority of the members joined the train of the defectors.

A local government chairman loyal to former Governor Emmanuel, Gideon Uwah of Etim Ekpo LGA, also refused to follow Eno to the APC
“I have tendered my resignation to the governor in compliance with his directive that his appointees who are unwilling to join him on the political journey to the APC should resign,” one of the cabinet members, Ememobong wrote in his resignation letter.

The Senate President, Godswill Akpabio, who was represented by his wife, Ekaette Unoma; the Chairman of the Progressives Governors’ Forum (PGF), Dr. Hope Uzodima; the State APC Chairman, Obong Stephen Ntukekpo; Governor Bassey Otu, of Cross River state, and others urged Governor Eno not to worry about those not willing to move with him.

The Imo State Governor, who received Eno, into the APC, lauded his smart move, assuring him that all rights and privileges of the national party would be accorded him.

Speaking for the Senate President Ekaette Unoma, assured Eno, not to be mindful of those he could not persuade into the APC, saying the Governor has President Bola Tinubu, and her husband, as his major pillars.

Ntukekpo, also assured that with Eno’s defection, his second-term victory was unshakable.

Some other APC Governors who attended the event included Babajide Sanwo-Olu (Lagos), Dapo Abiodun (Ogun), Sheriff Oborevwori (Delta), Francis Nwifuru (Ebonyi) and Bassey Otu (Cross River), among others.

President Tinubu, his Vice, Kashim Shettima, Senate President and other party leaders, elders and stakeholders, are expected to officially admit the governor and other defectors into the APC fold in an elaborate ceremony billed for the Godswill Akpabio International stadium later this month.

Meanwhile, a viral video earlier yesterday showed that during a town hall meeting in Ikot Abasi, when Eno announced his intention to defect to the APC, the crowd responded negatively.

However, the Governor stressed that he had conducted extensive consultations and was convinced that “it is time to move” to align the state with the ruling party at the federal level.

In response to the Governor’s call, a thunderous “No!” erupted from the audience, overshadowing the handful of “Yes” voices, creating a tense atmosphere in the crowded venue at the Ikot Abasi Local Government Grounds.

Reacting to the development, the Conference of PDP professionals said the defection of Akwa Ibom State Governor meant that he has ruined his political rating and reputation among Nigerians.

In a statement by the chairman of the PDP Professionals, signed by the chairman, Obinna Nwachukeu, the group said, ”It is very unfortunate that Governor Eno who assumed office with the reputation of a man of God and lover of the people is now shoveled among the ranks of arrogant, ungodly, thoughtless and depraved political actors; abusers of women and notorious lawbreakers whose only desire is to accumulate power and loot the resources meant for the wellbeing of the ordinary people.”

According Nwachukwu, ”By this decision to politically self-destruct, Governor Eno is standing alone in the journey to political oblivion as he can no longer command the solidarity of the people of Akwa Ibom state which remains in the PDP. ”

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Tinubu Urges Support, Prayers for Brave Soldiers Defending Nigeria

Tinubu Urges Support, Prayers for Brave Soldiers Defending Nigeria

* Calls for unity, sacrifice as Muslims celebrate Eid-el-Kabir 

*Governors preach peace*Army, NAF chiefs boost troops’ morale 

Our Correspondents

President Bola Tinubu yesterday called for more prayers for the military and security agencies currently making sacrifices to keep the nation safe, particularly those confronting terrorists and bandits.

The President, who observed the Eid-al-Adha prayers at the Eid Ground in Dodan Barracks, Lagos, told newsmen that the security agencies and vulnerable citizens should top the prayer list.

Also, as Muslims around the world marked the 2025 Eid-el-Kabir celebration yesterday, prominent political leaders and State Governors extended warm greetings to the Muslim Ummah, calling for reflection, unity, and fervent prayers in the nation.

Likewise, the Chief of Army Staff (COAS), Lieutenant General Olufemi Oluyede, and the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, extended their heartfelt felicitations to the officers, soldiers, airmen, airwomen, and families of the Nigerian military, applauding their steadfast commitment, gallantry, and selfless service to the nation.

Oluyede, also hosted an Eid-el-Kabir luncheon for frontline troops of Operation Fansan Yamma Sokoto, in appreciation of their sacrifices and dedication to national security.

According to President Tinubu: “We should remember to pray and give to those who are very vulnerable in the spirit of the season, which is sacrifice. We must unite, remain our brothers’ keeper, and give to our neighbours. We should show love to everyone.

“We must also pray hard for our troops to keep us safe. They are making sacrifices in the challenges that we face from terrorism and banditry today. We must pray for them specifically, remember their sacrifices, and continue to behave well as citizens”.

Earlier at the prayer ground, Chief Imam of Lagos State, Suleiman Oluwatoyin Abu-Nola, urged the Muslim faithful to remember and reflect on Abraham’s sacrificial life.

“The whole essence of today is sacrifice. We must learn to make sacrifices for our family, nation, and community. We must render our service to Allah, not men,” he said.

The Chief Imam called on worshipers to live in peace and consider the needs of their neighbours, the poor and vulnerable.

“If we are to see the Nigeria of our dreams, we must be ready to make sacrifices. We must unite as Nigerians to make progress. We must rise above tribal sentiments. Whether you are Igbo, Yoruba, or Hausa, we must live above ethnic sentiments,” he said.

Apart from President Tinubu, the Minister of Defence, Mohammed Badaru Abubakar; his Marine and Blue Economy counterpart, Adegboyega Oyetola; Minister of State, Defence, Bello Muhammed Matawalle; Deputy Governor of Lagos State, Femi Hamzat; and the former governor of Lagos State, Babatunde Fashola, were at the prayer ground.

Also at the Eid ground were the National Security Adviser, Nuhu Ribadu; Speaker of the Lagos State House of Assembly, Hon Mudashiru Obasa; President of Dangote Group, Alhaji Aliko Dangote; Chairman of the BUA Group, Abdul Samad Rabiu; Group Chief Executive of Oando, Wale Tinubu; and President Tinubu’s friend and longtime ally, Prof. Shaffideen Amuwo.

Meanwhile, Oluyede and Abubakar, extended their heartfelt felicitations to the officers, soldiers, airmen, airwomen, and families of the Nigerian military, applauding their steadfast commitment, gallantry, and selfless service to the nation.

A statement by the Acting Director of Army Public Relations, Lieutenant Colonel Apollonia Anele, stated that the COAS hailed the Nigerian Army’s resilience in the face of security challenges, describing the troops as a beacon of courage and sacrifice whose efforts continue to inspire national pride and unity.

According to him, “Your unwavering commitment, selfless devotion, and unflinching resilience in defence of our fatherland are deeply appreciated.”
Eid-El-Kabir, he noted, symbolises the essence of sacrifice, a virtue that mirrors the daily lives of soldiers across theatres of operation.
He urged troops to remain resolute and draw renewed strength from the spiritual significance of the season.

Reflecting on the Nigerian Army’s collective achievements over the past year, the COAS acknowledged the gradual restoration of peace in many parts of the country, attributing the gains to the unmatched bravery, loyalty, and professionalism of the troops.

“Many of our gallant warriors bear the marks of battle; some carry visible scars, others live with the memories, and some have paid the ultimate price in service to our great nation. We honour their legacies and stand with their families during this festive period. Their heroism remains etched in our national memory,” he stressed.

Oluyede, also hosted an Eid-el-Kabir luncheon for frontline troops of Operation Fansan Yamma Sokoto, in appreciation of their sacrifices and dedication to national security.

The event aimed to provide troops with a sense of home during the festive season, while fostering camaraderie and esprit de corps.
Lt.-Gen. Oluyede commended the troops for their significant role in combating terror networks and maintaining national unity, peace, and security. He urged them to remain resolute in their mission to defeat adversaries.

The COAS represented by Commander Nigeria Army Cyber Warfare,  Major General Adeleke Ayannuga, Oluyode  reaffirmed his commitment to enhancing welfare initiatives to boost troop morale and assured the troops of his support
He charged them operational progress to tamed the activities of insurgency.

The COAS conveyed President Bola Tinubu’s commendation and Nigerians’ appreciation for the troops’ efforts in defending the country.

Also, the CAS, Abubakar, in a Sallah message he personally signed, wrote: “As we celebrate this blessed occasion of Eid-el-Kabir, I extend my warmest greetings to all Muslim faithfuls across the Nigerian Air Force and the nation at large. May this season of sacrifice, reflection, and gratitude bring peace to our hearts, unity to our ranks, and renewed strength in our service to the nation.”

Shettima Calls for National Unity

Vice President Kashim Shettima called on Nigerians to embrace national unity, collective sacrifice, and continued support for President Bola  Tinubu’s administration in order to achieve lasting peace and prosperity in the country.

He urged Nigerians to look beyond their differences and work together for national progress.

The Vice President, who made the plea yesterday, during the Eid al-Adha prayers at the National Eid Ground along Airport Road, Abuja, described Eid al-Adha as a solemn occasion rooted in the legacy of Prophet Abraham’s obedience and sacrifice—values he said were essential to building a strong and united Nigeria.
According to him: “This is a period of sober reflection, a season of reaching out to the indigent among us, of building bridges of brotherhood and sisterhood. Life is a marathon, and as individuals, we can run faster, but we can wear out easily. But as a family, as a collective, as a nation, we can gain greater traction and reach our desired destination.”

Kwara Governor Tasks Muslim Faithful on Peace, Unity

Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, yesterday called on the Muslim faithful  to  continue to promote peaceful coexistence, support sustainable development efforts, and reject anything that undermines the growth and unity of the country.
Also, the Speaker of the State House of Assembly, Rt. Hon. Yakubu Danladi-Salihu,  enjoined the Muslim faithful to glorify Allah’s names, seek for His blessings and protection and show love to their neighbours.
A statement issued in Ilorin by Governor AbdulRazaq and signed by his Chief Press Secretary, Mr. Rafiu Ajakaye to mark the celebration of Eid Kabir, the governor also urged them to remain steadfast in their faith in God and in the shared commitment to the Nigerian project.

Governor Soludo Felicitates Muslim Faithful

The Governor of Anambra State, Professor Chukwuma Charles Soludo, congratulated the Muslim community in Anambra State and across Nigeria on the celebration of this year’s Eid Kabir (Eid al-Adha).

Expressing his goodwill, Governor Soludo in a statement by his Press Secretary, Mr. Christian Aburime, recognised the profound significance of this holy festival for Muslims, which commemorates Prophet Ibrahim’s devout faith and obedience to Allah’s command.

The Governor said: “The celebration reminds us of the virtues of sacrifice, devotion, and submission to divine will that transcend religious boundaries and speak to our common humanity.

“I acknowledge the valuable contributions of our Muslim brothers and sisters to the socio-economic development of Anambra State, noting that the  peaceful co-existence of people of different faiths in our state remains a source of pride and a tribute to our shared values of tolerance, respect, and unity.”

Oborevwori Seeks Prayers for the Nation

 Delta State Governor, Rt. Hon. Sheriff Oborevwori, yesterday, extended warm felicitations to Muslims in Delta State and across the country as they celebrate Eid-el-Kabir.

He urged the Islamic faithful to emulate the virtues of Prophet Mohammed by embracing the spirit of sacrifice, which the Holy Prophet exemplified.

In a Sallah message issued by his Chief Press Secretary, Sir Festus Ahon, in Asaba, the Governor described Eid-el-Kabir as a season of love, peace, unity, and sacrifice.

Gov. Yahaya, Emir of Gombe, UN Envoy, Others Observe Eid Prayers in Gombe

 Gombe State Governor, Alhaji Muhammadu Inuwa Yahaya joined thousands of Muslim faithful, including the Emir of Gombe, Alhaji Abubakar Shehu Abubakar III, United Nations Assistant Secretary General and Resident Coordinator in Nigeria, Mohammed Fall, as well as other dignitaries to observe the Eid-el-Kabir prayers at the Central Eid Ground in Gombe yesterday.

 The two raka’at congregational prayer, which marked the beginning of the Eid festivities, was led by the Deputy Chief Imam of Gombe Central Mosque, Ustaz Aliyu Hammari.

 The Governor participated in the prayers alongside key government functionaries, traditional leaders, and special guests.

This year’s Eid celebration was marked by a heightened sense of safety and crowd control.

Ododo Urges Muslims to Reflect on Virtues Obedience, Sacrifice

 Kogi State Governor, Usman Ododo, yesterday, described celebration of Eid el Kabir as a time to reflect on the virtues of obedience, sacrifice, unity, and submission to the will of Allah.

“On this sacred occasion of Eid el-Kabir, I extend warm greetings to all Muslim faithful in Kogi State, across Nigeria, and around the world. This is a time to reflect on the virtues of obedience, sacrifice, unity, and submission to the will of Allah, as demonstrated by Prophet Ibrahim (AS).

 “This year’s celebration comes at a crucial time for our state and nation, as we continue on the path toward lasting peace, security, and economic progress,” he said in a broadcast message.

Adeleke, Oyetola, Basiru Urge Prayers, Sacrifice

Osun State Governor, Senator Ademola Adeleke, Minister of Marine and Blue Economy Adegboyega Oyetola, and APC governorship aspirant Dr. Ajibola Basiru, extended warm greetings to the Muslim Ummah, calling for reflection, unity, and fervent prayers for the state and the nation.

 Governor Adeleke praised the enduring faith and resilience of Osun people, assuring them that the sacrifices they’ve made will be rewarded through continued delivery of good governance.

In a related development, the former Governor of Osun State and current Minister of Marine and Blue Economy, Adegboyega Oyetola, in his Eid message, emphasised the need for unity, sacrifice, and service.

Also in a similar vein, the National Secretary of the APC and leading governorship aspirant in Osun State, Dr. Ajibola Basiru, also extended warm Eid greetings, thanking Allah for the gift of life and opportunity to witness another celebration.

We’ll Work Tirelessly to Ensure Safer Edo, Says Okpebholo

Edo State Governor, Senator Monday Okpebholo, yesterday, reiterated his administration’s unwavering commitment to the safety and security of lives and property across the state.

 Speaking during a visit by Muslim faithful to the New Festival Hall, Government House, in celebration of Eid al-Adha, Governor Okpebholo, who was represented by his deputy, Dennis Idahosa, emphasised that the present administration remains focused on building a secure and prosperous Edo.

 “Our administration is fully committed to the welfare and well-being of all citizens. Security remains the bedrock of any thriving society, and we are working tirelessly to ensure that lives and property are protected across Edo State,” he stated.

Reach Out to the Needy, Sani Urges Wealthy Individuals

 Kaduna State Governor, Senator Uba Sani, urged wealthy individuals to share their blessings with the needy and less privileged.

Speaking in an interview after offering prayers marking Eid-el-Kabir with other Muslim faithful at the Sultan Bello prayer ground yesterday, in Kaduna, Sani called on Muslims to embrace the spirit of giving exhibited by Prophet Ibrahim during the Eid-el-Kabir celebrations.

He said, “Eid-el-Kabir commemorates the profound act of obedience and unwavering faith demonstrated by Prophet Ibrahim, who was prepared to sacrifice his beloved son Ismail in submission to the command of Almighty Allah”.

He added that the true essence of Eid-el-Kabir, was obedience, sacrifice, compassion, and unity.

The governor called on citizens to reflect deeply on the sacred meaning of the festival and strive to inculcate these values in their daily activities.