January 2026 - Page 23 of 27

All Posts in "Month: January 2026"

Fidelity Bank raises N259bn in private placement

Fidelity Bank Plc has raised N259bn through a Private Placement of ordinary shares, significantly boosting its capital base as the lender intensifies efforts to meet the new regulatory capital requirements for commercial banks with international authorisation.

In a statement issued on the Nigerian Exchange Limited on Tuesday, the bank said the Private Placement was conducted following approvals from the Central Bank of Nigeria and the Securities and Exchange Commission and was successfully opened and closed on 31 December 2025.

“Fidelity Bank Plc is pleased to inform the general public that, following approvals granted by the Central Bank of Nigeria and the Securities and Exchange Commission, it successfully opened and closed a Private Placement of ordinary shares on 31 December 2025,” the bank said.

According to the statement, the exercise resulted in the bank raising N259bn, which increased its eligible capital from N305.5bn to N564.5bn, subject to final regulatory approvals.

“This exercise resulted in the bank raising N259bn, increasing its eligible capital from N305.5bn to N564.5bn, awaiting regulatory approvals,” the statement added.

The bank explained that the Private Placement was carried out pursuant to the authority granted by shareholders at its Extraordinary General Meeting held on 6 February 2025, where approval was given for the issuance of up to 20bn ordinary shares.

“The Private Placement was conducted pursuant to the authorisation received from the Bank’s shareholders at the Extraordinary General Meeting of 6 February 2025, to issue up to 20bn Ordinary Shares by way of Private Placement,” Fidelity Bank stated.

The latest capital raise forms part of the lender’s broader recapitalisation programme aimed at meeting the new minimum capital threshold of N500bn set by regulators for commercial banks with international licences.

The bank recalled that it had previously raised N175.85bn through a Public Offer and Rights Issue in 2024, which lifted its eligible capital to N305.5bn at the time.

“The Bank had previously raised N175.85bn through a Public Offer and Rights Issue in 2024, bringing its eligible capital to N305.5bn,” the statement added.

Following the completion of the Private Placement, Fidelity Bank said it has now surpassed the N500bn regulatory requirement, with a buffer above the minimum threshold.

“This left a margin of N194.5bn to meet the new regulatory capital requirement of N500bn for commercial banks with international authorisation,” the bank added.

Industry analysts say the successful completion of the Private Placement positions Fidelity Bank strongly ahead of regulatory deadlines and reflects sustained investor confidence in the lender’s growth strategy, balance sheet strength and long-term outlook.

With eligible capital now standing at N564.5bn, Fidelity Bank joins the growing list of Nigerian lenders that have made significant progress in the ongoing banking sector recapitalisation exercise, as regulators push for stronger, more resilient financial institutions capable of supporting economic growth.

by admin — January 7, 2026 in Business 0

Lagos APC begins electronic membership registration

Lagos State chapter of the All Progressives Congress, APC, has officially rolled out an electronic membership registration drive across all wards in the state.

The party announced that the e-registration initiative, which commenced on Monday, will continue until the end of January, targeting both existing members and newcomers to create a comprehensive digital membership database.

In a statement, the Lagos APC spokesperson, Seye Oladejo, said the move is aimed at strengthening internal democracy, enhancing the accuracy of party data, and preparing the party for upcoming electoral engagements.

“The adoption of digital registration will help eliminate duplication and impersonation, ensuring that every member is accurately documented and verifiable,” Oladejo said.

He added that the initiative guarantees equal recognition for long-standing and new members alike, curbing gatekeeping practices and promoting transparency across the party’s structures.

Oladejo emphasised that maintaining a credible and reliable membership registry is essential for conducting transparent congresses, primaries, and leadership selection processes.

He noted that leveraging technology will encourage participation from youth, professionals, and first-time political entrants, while improving grassroots coordination and electoral readiness.

The APC spokesman urged all members across Lagos State to engage actively in the exercise, describing it as a collective responsibility vital to the party’s growth and democratic processes.

by admin — January 6, 2026 in News 0

Kwankwaso reflects on political journey with Gov Yusuf

Former Kano State Governor and leader of the Kwankwasiyya movement, Senator Rabiu Musa Kwankwaso, has celebrated the Executive Governor of Kano State, Alhaji Abba Kabir Yusuf, on the occasion of his birthday, offering prayers for wisdom and clarity in the year ahead.

Kwankwaso made this known in a post shared on his official X account on Tuesday.

In the message, the former governor reflected on his long political relationship with Governor Yusuf, describing it as a shared journey that spanned many years and different responsibilities.

“On this day, I appreciate the birthday of the Executive Governor of Kano State, Alhaji Abba Kabir Yusuf,” Kwankwaso wrote.

He recalled that Governor Yusuf served under him in several capacities, starting as his Personal Assistant during his first term and ministerial period, later as Principal Private Assistant, then as Commissioner during his second tenure, before eventually becoming governor.

Kwankwaso noted that through these roles, Abba Yusuf contributed to the vision and programmes aimed at developing Kano State.

“I reflect on the many years of our shared political journey, during which he served in various important capacities; first as my Personal Assistant in my first term and as Minister, and then as Principal Private Assistant, and later as Commissioner during my second tenure, and now as Governor- through which he contributed to the vision and programmes we pursued for the development of Kano State.

“I pray that this new year grants him wisdom, good health, and clarity of purpose,” he added.

by admin — January 6, 2026 in News 0

Sarkin Hausawa of Ibadanland dies

The leader of the Hausa community, also known as Sarkin Hausawa of Ibadanland, Alhaji Ali Ɗahiru Zungeru is dead.

DAILY POST gathered that Zungeru died Monday evening.

Our correspondent reports that Zungeru was turbaned few months ago.

He succeeded his elder brother, Ahmadu Dahiru Zungeru.

DAILY POST gathered that their father, Alhaji Dahiru Zungeru was one time the Sarkin Hausawa of Ibadanland.

A source within the Hausa community in Sabo area of Ibadan confirmed the death of the Sarkin Hausawa to DAILY POST.

The source who asked not to be named, noted that the deceased would be buried on Tuesday according to Islamic rites.

The source said, “Yes the Sarkin Hausawa of Ibadanland is dead.

“He died this evening. He will be buried in Sabo tomorrow (Tuesday)”.

by admin — January 6, 2026 in News 0

Why there’s low turnout in voter registration – INEC

The Independent National Electoral Commission, INEC, has given the reason for the low turnout in voter registration across the country.

Speaking in an interview on Arise Television monitored by DAILY POST on Monday, INEC Director of Voter Education and Publicity, Victoria Etta-Messi, said distance getting to INEC office in some communities has discouraged registration.

Etta-Messi stated that the Commission is introducing the policy of rotation, where the machines and registration teams will be taken to the ward level.

“So, one major challenge that has been noticed and noted is the distance of local governments from the communities. That has been discouraging for the citizens to come to their local government capitals to get registered.

“And so because of that, the Commission is aware of that challenge. And so during the second phase, they are going to introduce the policy of rotation.

“So as we start today, because we’re not going to have the exercise on weekends, it’s about 75 days from today, January 5 to April 17. That will cover for the second phase.

“So the Commission is looking into having started 50 days towards the end of the exercise, would initiate the rotation policy where the machines and the registration teams would be taken from ward to ward.

“And so we will draw out a schedule, where we would now be moving from one ward to another and the devices will be taken closer to the people at the ward level. But for now, we’re still holding on to the local government and the state offices,” she said.

by admin — January 6, 2026 in News 0

Sanwo-Olu donates N100m, houses to military veterans

As part of events to mark the Year 2026 Armed Forces Remembrance Day celebrations, the Governor of Lagos State, Babajide Sanwo-Olu, has donated the sum of N100 million, four units of two-bedroom apartments in Ajara, and two pick-up utility vehicles to the State Council of the Nigerian Legion.

He also donated four cows, 500 bags of rice, and other food items to members of the Nigerian Legion as part of his administration’s commitment to the welfare of Legionnaires and families of the fallen heroes.

According to a statement by Sanwo-Olu’s Special Adviser on Media & Publicity, Gboyega Akosile, the governor announced the donations on Monday at the State Executive Council meeting during the Appeal Fund and Launching of the Year 2026 Armed Forces Remembrance Day Emblem at Lagos House, Ikeja.

The governor said the launching of the Emblem Appeal ahead of the January 15, 2026, commemoration of Armed Forces Remembrance Day has become a tradition that has come to stay in Nigeria, noting that he considers it a constitutional duty to remember the fallen heroes who have served the country, while some have become handicapped in the process as well.

“It is customary to accede to the yearly requests of the Nigerian Legion. We promise to continue to support the Nigerian Legion, Lagos State Council, in demonstrating our gratitude for the services rendered for the continued existence of the sovereignty of Nigeria.

“Our sovereignty as a nation exists because of these brave men and women. The Emblem Appeal is a responsibility we owe to those who laid down their lives for Nigeria and to those who returned with life-changing injuries. We must remember them in real and tangible ways.

“This is our way of saying thank you for the sacrifices that allow all of us to live in a free and united country,” he said.

Speaking earlier, the Commandant of the Lagos Council of the Nigerian Legion, Akeem Wolimoh, commended Governor Sanwo-Olu and the State Government for the support received over the years.

He noted that the support received in the past has greatly assisted the Lagos Chapter of the Nigerian Legion in alleviating the living conditions of their members, adding that some of the dependants of their members have been empowered through skill acquisition by the Ministry of Women Affairs and Poverty Alleviation, as well as empowerment programmes from other MDAs of the Lagos State Government.

The year’s Emblem Appeal launch was attended by the Deputy Governor, Dr. Obafemi Hamzat; Secretary to the Lagos State Government, Abimbola Salu-Hundeyin; Head of Service, Bode Agoro; Chief of Staff, Tayo Ayinde; members of the State Executive Council; and officials of the Nigerian Legion.

The event was also attended by the Commander of the Air Force Base, Sam Ethnan Air Force Base, Ikeja, Air Commodore M. A. Imam; Commander of 9 Brigade, T. A. Lagbaja Cantonment, Ikeja, Brigadier-General A. O. Owolabi; Lagos State Commissioner of Police, Olohundare Jimoh; and other personnel of the Nigerian Armed Forces.

by admin — January 6, 2026 in News 0

NLC fumes over arrest of Osun LG workers

The Chairman of the Nigeria Labour Congress in Osun State, Christopher Arapasopo, on Monday demanded an immediate end to the alleged serial arrests of workers at local government secretariats in the state.

While the Osun Police Command could not confirm the arrests, sources within the All Progressives Congress in the state said between two and three local government staff members were apprehended while allegedly attempting to remove documents from secretariats.

The suspects were reportedly arrested at Boluwaduro Local Government headquarters in Otan Ayegbaju and Egbedore LGA Secretariat in Awo, shortly after workers who had been on strike for nearly 11 months resumed their duties across the state.

Pictures and videos of the arrested workers, along with the documents allegedly in their possession, circulated widely on social media on Monday.

Speaking at the 2026 annual prayer event organised by the state government at the Government Secretariat in Abere, Arapasopo vowed to take labour action if the alleged harassment continued.

“The development is unacceptable for the police to be involved in such disgraceful acts. Our members have done nothing wrong and this harassment should stop without delay.

We have seen videos and pictures of our members being forced to kneel down. We condemn this conduct. We call on the police to release them. We declare our solidarity with our members. The police should stop being used by the APC on such illegal roles.”

Arapasopo accused the APC of attempting to destabilise the state, warning:

“The APC is pushing to plunge Osun into crisis. They want to create mayhem. We will not help them to destroy our state. We will resist legally and lawfully. We are a pressure group. We warn the police not to harass our people. We will not tolerate ongoing harassment of our people at the local government level. The governor has done so much for labour and for Osun people. We will reciprocate by voting massively accordingly. We will also monitor your vote accordingly. We are going to deliver accordingly. We call APC to see us clearly. We will not run away for anybody.”

The Osun Police Command did not confirm or deny the arrests. Its Public Relations Officer, Abiodun Ojelabi, told The PUNCH:

“Regarding the arrest of staff, I don’t have any report yet on that. Local Government secretariat is a public environment. Anybody can come in. But anybody, be it politician or anyone, coming in to make trouble, we won’t tolerate that. Anyone coming to the council to cause trouble, we won’t tolerate that. People that have appointments or personal reasons can come. We won’t tolerate anyone coming to make trouble be it from any party. That is the directive. No operative smuggled anyone into the council areas.”

Local government workers resumed duties on Monday after nearly 11 months of industrial action, following a directive by the National Union of Local Government Employees.

The strike, which began on February 17, 2025, was triggered by a power tussle involving PDP and APC chairmen elected in the October 15, 2022, local government election.

Heavy security presence was observed at council secretariats, with access subjected to checks, amid reports of two separate alleged attempts to remove official documents in Boluwaduro and Egbedore LGAs, which reportedly led to arrests.

The Osun APC Director of Media, Kola Olabisi, on behalf of the party chairman, Tajudeen Lawal, expressed concern over what he described as the alleged misuse of court processes to paralyse local government administration:

“Procurement of court orders everywhere and at any time is the major problem we have in Osun. It has become an impediment to development because no local government chairman can function under such conditions. The administration of Governor Ademola Adeleke has gone to several courts, including courts outside Osun State, despite the presence of competent courts within the state. This is an attempt to stall development, and it has prevented access to local government funds.”

Meanwhile, the chairman of Osun PDP Association of Local Governments, Sarafa Awotunde, accused the Inspector-General of Police, Kayode Egbetokun, of partisanship, alleging that security agencies allowed APC chairmen access to council secretariats contrary to agreements:

“IGP sir, what is your interest in the affairs of local government in Osun? Are you trying to destabilise the state or ensure peace? You need to remain neutral. Allowing the APC chairmen into council offices amounts to political banditry.”

Responding, Ojelabi dismissed the allegations:“Anybody coming to the council secretariat to foment trouble will face the full weight of the law. We will not tolerate disorder from any individual or political party. The police did not escort or smuggle anyone into council offices; security operatives were deployed solely to maintain peace and order.”

The Chairman of Osun APC ALGON, Samuel Idowu, commended the workers for an orderly resumption:

“In most local government areas, some workers came to greet and welcome us in the offices. We do not have any problem with them.”

by admin — January 6, 2026 in News 0

Rand Merchant Bank Nigeria meets CBN recapitalisation threshold

Rand Merchant Bank Nigeria Limited has announced meeting the new minimum capital requirement as set by the Central Bank of Nigeria.

This was disclosed in a statement made available to our correspondent on Monday, indicating that the MCR was achieved on 30 December 2025.

In March 2024, the CBN raised the operating minimum capital requirements for banks operating in the country. Banks with an international licence faced N500 bn, while national commercial banks were expected to raise N200 bn. The MCR for regional banks and merchant banks was pegged at N50 bn each. In the non-interest sector, national non-interest players were expected to meet a new N20 bn capital threshold, while regional players would raise N10 bn.

RMB Nigeria said that the milestone underscores its financial strength, resilience, and unwavering commitment to regulatory compliance, while reflecting shareholders’ confidence in the Nigerian economy and the bank’s role in shaping the country’s evolving financial landscape.

Meeting the CBN capitalisation threshold positions RMBN to deliver innovative financial solutions to clients, enhance customer confidence, and contribute to the stability and growth of Nigeria’s banking sector.

Commenting on the achievement, Chief Executive Officer of RMBN, Mr Bayo Ajayi, said, “We are proud to have met the CBN’s capitalisation requirement.

This achievement reflects our shareholders’ confidence in the Nigerian economy and our dedication to delivering best-in-class corporate and investment banking services across Nigeria and Africa. Our focus remains on building a stronger, more resilient institution that can thrive in Nigeria’s dynamic financial environment.”

With this feat, RMB Nigeria has joined the ranks of lenders who have met the MCR ahead of the March 2026 deadline set by the CBN.

At the last Bankers’ Dinner in Lagos, the Governor of the CBN, Olayemi Cardoso, confirmed that the process remains firmly on course. He noted that several banks have already met the new capital thresholds, while others are steadily advancing and are well-positioned to meet the deadline.

“To date, 27 banks have raised capital through public offers and rights issues, and sixteen have already met or exceeded the new requirements, a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector,” he said.

by admin — January 6, 2026 in Business 0

NNPC cuts petrol price to N815/litre in Abuja

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail outlets, lowering the price to N815 per litre in Abuja.

The PUNCH correspondent, who monitored filling stations across the Federal Capital Territory on Monday, observed that the new price represents a N20 reduction from the previous rate of N835 per litre sold at NNPC outlets.

The revised price was implemented at NNPC filling stations located at Lugbe, Wuse Zones 4 and 6, along the Keffi–Abuja Road, as well as on the Kubwa Expressway.

Despite the latest reduction, NNPC’s pump price remains N79 higher than the N739 per litre currently sold at Dangote Refinery-backed MRS filling stations nationwide. Checks by our correspondent showed wide price disparities across retail outlets in Abuja on Monday.

While Matrix stations sold petrol at N840 per litre, Sunlight outlets dispensed the product at N825. Optima Energy sold at N835, while some NNPC stations, including those around Lugbe and the retail outlet opposite Shoprite, reflected the N815 price.

In contrast, MRS stations maintained the lowest price at N739 per litre.

The latest price cut comes amid intensified competition in Nigeria’s downstream oil sector, following the commencement of large-scale petrol supply from the Dangote Petroleum Refinery.

Recall that on December 19, 2025, NNPC slashed its petrol price by N80, from N915 to N835 per litre, in response to a price war triggered by Dangote Refinery’s reduction of its gantry price to N699 per litre.

On December 12, 2025, Dangote refinery reduced its ex-gantry petrol price to N699 per litre, down from N828, representing the lowest price in about two years. The ongoing price adjustments reflect the early effects of deregulation and increased domestic refining capacity, with marketers forced to respond to competitive pressures rather than regulated pricing.

However, consumers continue to grapple with price volatility, while independent marketers have raised concerns over shrinking margins and uneven access to competitively priced supply.

The Federal Government has repeatedly maintained that pricing will be determined by market forces, even as Nigerians closely watch how far prices may fall as supply from local refineries stabilises.

by admin — January 6, 2026 in Business 0

Chapel Hill, CardinalStone dominate NGX trading

Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd emerged as the top-performing stockbrokers on the Nigerian Exchange during the fourth quarter of 2025, commanding a significant portion of trading activity by both volume and value, according to the latest Broker Performance Report.

The report, covering the period 1 October to 31 December 2025, shows that the top 10 brokers accounted for 64.22 per cent of total market volume and 62.78 per cent of total market value, underscoring the concentration of trading activity among a handful of leading brokerage firms.

Chapel Hill Denham Securities Ltd dominated trading in terms of volume, executing 41,421,097,747 shares, representing 28.92 per cent of total market volume in the quarter.

CardinalStone Securities followed with 17,635,245,204 shares, or 12.31 per cent of total volume, while ABSA Securities Nigeria Ltd and Meristem Stockbrokers Ltd completed the top four by volume, handling 10,789,141,645 shares (7.53 per cent) and 4,425,714,002 shares (3.09 per cent), respectively

Other brokers rounding out the top 10 by volume included Stanbic IBTC Stockbrokers with 3,456,281,283 shares, Coronation Securities with 3,257,958,778 shares, Morgan Capital Securities with 2,968,859,215 shares, CSL Stockbrokers with 2,928,194,706 shares, TRW Stockbrokers with 2,560,080,028 shares, and Cordros Securities with 2,526,395,514 shares. In aggregate, these top 10 brokers executed a combined 91,968,968,122 shares, accounting for over 64 per cent of all trades on the NGX during the quarter.

While Chapel Hill Denham led in volume, CardinalStone Securities claimed the top spot in terms of transaction value, posting N453,569,479,610.25 in trades, representing 13.35 per cent of total market value. ABSA Securities followed with N362,748,192,623.70 (10.68 per cent), and Chapel Hill Denham was third, recording N257,128,730,321.12 (7.57 per cent).

Other notable brokers in the top 10 by value included Stanbic IBTC Stockbrokers with N231,371,823,315.13, Cordros Securities with N196,574,290,092.59, APT Securities and Funds with N137,284,321,829.46, Meristem Stockbrokers with N131,434,493,116.99, EFG Hermes Nig Ltd with N126,791,318,859.58, Coronation Securities with N124,471,182,330.24, and First Securities Brokers with N111,688,322,416.34.

Together, the top 10 brokers handled trades valued at N2,133,062,154,515.40, representing over 62 per cent of the market’s total value in the last quarter of the year.

“The dominance of Chapel Hill Denham and CardinalStone demonstrates their critical role in maintaining market depth and liquidity,” said a market expert. “These brokers not only handle a significant portion of shares traded but also execute some of the largest value transactions, providing confidence to both retail and institutional investors.”

by admin — January 6, 2026 in Business 0