FirstBank completes N500bn capital raise

Femi OtedolaAs someone who has spent over three decades investing, building businesses, and navigating Nigeria’s economic cycles, I rarely comment publicly on policy. But there are moments when leadership must be acknowledged.

President Bola Ahmed Tinubu has shown remarkable courage and clarity in steering our country through difficult but necessary reforms. His bold sense of direction, guided by a deep understanding of our economy, has created the foundation for policies that are now being recognised across the world. I have seen many administrations, but his conviction at this critical time deserves commendation.

In that same spirit of boldness, the Central Bank Governor, Mr. Yemi Cardoso, has been nothing short of exceptional. The slowdown in the rate of inflation is proof of his disciplined return to orthodox monetary policy. This is not theory; these are real results, visible in the gradual easing of pressure on households and businesses.I appreciate this because I know, from experience, how damaging policy inconsistency can be.

His reforms in the foreign exchange market have restored confidence that had long been missing. For the first time in years, the naira is strengthening on the back of market forces not artificial fixes. To me, this is the most powerful signal that we are finally doing things the right way. The fact that our external reserves have climbed to a seven-year high above $46 billion is further evidence of his steady hand.

I am also impressed by the bold decision to recapitalize the banking sector. Some people criticised it early on, unnecessarily in my view, but today it is clear it was the right move. Following the massive profits banks recorded in 2024, 2025 has rightly become a year of prudence and consolidation.This is the only way banks can support real sector lending and drive genuine economic growth next year.

From where I stand, and with the benefit of many years in Nigeria’s business landscape, I believe it is time to raise the minimum capital requirement for international banking licences from ₦500 billion to at least ₦1 trillion. A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks. Stronger banks mean better governance, broader ownership, and institutions that are not run like personal estates, a problem we have lived with for far too long.

FirstBank, the commercial banking arm of First HoldCo Plc, has met the ₦500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence. The shareholders of FirstHoldco are committed to injecting additional capital into its existing subsidiaries and new business adjacencies.

I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever produced. His calmness, discipline, and unwavering focus on doing what is right, not what is easy, reminds me of the kind of leadership any serious economy needs.

I encourage him to continue on this path. Nigeria is turning a corner, and those of us who believe in this country will continue to support the bold monetary reforms that are laying a stronger foundation for our future.

Fidelity Bank appoints Onwughalu as new Chairman 

Tier one lender, Fidelity Bank Plc, has announced the completion of the tenure of Mr. Mustafa Chike-Obi as Chairman of its Board of Directors effective December 31, 2025, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board, effective January 1, 2026.
The board transitions are in alignment with the Bank’s policy and have been communicated to the Central Bank of Nigeria, the Nigerian Exchange Group, and other stakeholders.
Under Mr. Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 percent and 137.73 percent respectively, expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements. His tenure also saw the Bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition. The bank equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and the Bank’s sustained upward performance trajectory.
Reflecting on his tenure, Mr. Mustafa Chike-Obi said, “It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our Board, management, and staff has enabled us to reach significant milestones. I am confident that the Bank will continue to thrive and deliver value to all stakeholders.”
Mrs. Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the Board in December 2020 and has chaired key committees. With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions. Mrs. Onwughalu is a Fellow of several professional bodies and has received awards for accountability and financial management.
“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value,” commented Mrs. Onwughalu.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
2027: If Peter becomes someone’s running mate, I will walk away from him – Pat Utomi

Prof Pat Utomi, a political economist, has said that he would walk away from the former Labour Party presidential candidate, Peter Obi, whenever he decides to become someone’s running mate.

Prof Utomi stated this on Thursday when he appeared as a guest in an interview on ‘Politics Today’, a programme on Channels Television monitored by DAILY POST.

He was speaking on Peter Obi’s defection to the African Democratic Congress, ADC.

DAILY POST reports that Obi alongside other prominent leaders of the Southeast on Wednesday officially defected to the ADC ahead of the 2027 general elections.

“I can tell you that Peter Obi will contest for the presidency come 2027 general elections. The day he becomes somebody’s running mate, I will walk away from his corner. I can tell you that for a fact.

“And secondly, something very important for this election to bear in mind is that the Nigerian presidency has become a retirement home where people go for the Nigerian state to pay their medical bills.

“This is not acceptable. They don’t have the fitness to run the country. The last one and even the current one do not have the fitness to run the affairs of this great nation,” he said.

Make peace with Wike – Borno PDP elders tell Makinde, Mohammed

Stakeholders of the Peoples Democratic Party, PDP, in Borno State have called on Governor Bala Mohammed and his Oyo State counterpart, Seyi Makinde to sheath their swords, embrace party unity, and realign their loyalty to FCT Minister, Nyesom  Wike.

Chairman of the stakeholders, Grema Kyari, made this call while addressing journalists in Maiduguri, commending the FCT Minister for his commitment to discipline and institutional integrity.

Kyari, a member of the National Working Caretaker Committee,  also hailed the Independent National Electoral Commission, INEC, for rejecting the outcome of the Ibadan Convention, which produced Kabiru Turaki as the National Chairman of the party.

The group further extolled the Abdulrahman Mohammed-led National Working Caretaker Committee for its bold, timely, and lawful decision to dissolve the Borno State PDP Executive Committee and approve the constitution of a Borno State PDP Working Caretaker Committee.

It noted that the action has brought renewed hope to party members across the state just as it reflected the aspirations of PDP faithful in Borno State who have long awaited justice and internal democracy.

“Wike’s steadfast commitment to discipline, constitutionalism, and institutional integrity remains unprecedented, especially in the face of sustained pressure and actions from governors Bala Mohammed and Seyi Makinde, who are supported by Barrister Kabiru Turaki, which have deepened the internal crisis of our party.

“In view of these undeniable facts, we hereby call on Barrister Kabiru Turaki, Governor Bala Mohammed (former Chairman of the PDP Governors’ Forum), and Governor Seyi Makinde of Oyo State to sheath their swords, embrace party unity, and realign their loyalty with our National Leader, His Excellency Chief Barrister Nyesom Ezenwo Wike, whose role in strengthening and repositioning the PDP is well known,” the group said.

AIG condemns attack on Ipele police station, vows arrest of perpetrators

The Assistant Inspector-General of Police, AIG, in charge of Zone 17, Ajani Musibau, has strongly condemned the attack on the Ipele Divisional Police Headquarters in Owo Local Government Area of Ondo State, describing it as a grave and unacceptable threat to public peace and security.

The AIG made the remarks during an on-the-spot assessment of the damaged police facility on Thursday, alongside the Ondo State Commissioner of Police, Adebowale Lawal.

The inspection team included senior officers of the command, as well as representatives of the Nigerian Army, the Nigeria Security and Civil Defence Corps, NSCDC, and other security agencies.

During the visit, the team examined the extent of damage caused by the attack, in which armed assailants reportedly set the police station ablaze, destroying the building and several important exhibits.

No casualty was recorded, as all officers stationed at the division were unharmed.

Speaking after the assessment, AIG Musibau expressed deep concern over the scale of destruction and vowed that the Nigeria Police Force would spare no effort in ensuring that those responsible are identified and prosecuted.

He described the incident as an unforgivable assault on the security architecture of Ondo State, stressing that all lawful and operational measures would be deployed to track down the perpetrators.

The AIG further assured that security has been reinforced in the area, adding that welfare arrangements would be made for affected personnel.

He also disclosed that plans were already underway for the reconstruction of the damaged police station.

In his remarks, Ondo State Commissioner of Police, Adebowale Lawal, commended the leadership of the Inspector-General of Police, Kayode Adeolu Egbetokun, noting that ongoing reforms and technological innovations under his administration have continued to strengthen policing operations across the state.

CP Lawal also acknowledged the support of Ondo State Governor, Lucky Orimisan Aiyedatiwa, for his consistent backing of security agencies in maintaining peace and public safety.

He assured residents that the command, in collaboration with other security agencies, have intensified efforts to apprehend those behind the attack.

According to him, additional operational resources, including Tactical Units, Explosive Ordnance Disposal-Chemical, Biological, Radiological and Nuclear (EOD-CBRN) teams, as well as Police Mobile Force units, have been deployed to the area to restore and sustain security.

The commissioner urged members of the public to remain vigilant and promptly report any suspicious movements to security agencies, assuring residents that the situation is under control and that investigations remain ongoing.

2026: Pastor Adeboye predicts reduction in hunger, growth of small businesses

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has released his prophecies for 2026, projecting economic relief for Nigeria and a possible reversal of the mass migration trend popularly known as “japa.”

Pastor Adeboye delivered the prophecies during the church’s annual crossover service held at Redemption City on New Year’s Eve, offering messages of hope for Nigeria and cautious optimism for the global community.

Speaking on the national outlook, the cleric disclosed the first part of a two-part prophecy, noting that he would pray further on the second part before deciding whether to release it later in the week.

According to him, 2026 would witness a noticeable reduction in hunger across the country, alongside renewed growth in small and medium-scale enterprises.

“This year, there will be a reduction in hunger. Small and medium enterprises will begin to blossom,” Adeboye declared

In a prophecy that has since gained wide attention online, the RCCG leader also predicted a “reverse japa” trend, describing a situation where Nigerians who had migrated abroad would begin to return home.

“He says something that I can only describe as reverse japa. Many who japa will come back home,” he said.

On the global stage, Pastor Adeboye said 2026 would be relatively calmer than the previous year, particularly in terms of global conflict.

“On the international scene, he says the chance of a major war is less this year than last year,” he noted.

However, he cautioned that weather patterns would largely mirror those of 2025, with the possibility of a few major hurricanes occurring during the year.

Overall, the cleric described 2026 as a year of breakthroughs, predicting unprecedented success for individuals who remain steadfast in faith.

LASEMA calls on families to register missing persons after Lagos GNI building fire

Lagos State Emergency Management Agency, LASEMA, has called on members of the public to report and register the names of relatives or loved ones who may be missing following the fire at the Great Nigeria Insurance, GNI, House on Martins Street, Lagos Island.

Permanent Secretary of LASEMA, Olufemi Oke-Osanyintolu, made the appeal on Thursday, stressing that the step is crucial to address concerns about people reportedly trapped under the collapsed section of the building.

He said, “The Lagos State Emergency Management Agency wishes to reassure the public that search and rescue operations are ongoing.

“Our trained responders, supported by specialized equipment, are working tirelessly to ensure that all affected areas are fully assessed and that no one is left unaccounted for.”

Oke-Osanyintolu urged anyone unable to reach relatives, colleagues, or loved ones believed to have been in or around the building during the fire to visit the LASEMA Complaints Unit at the scene to register their concerns.

Information collected will be verified and used to compile a consolidated list of missing persons to aid rescue and identification efforts.

He added that LASEMA is collaborating closely with other emergency response, health, and security agencies to ensure an orderly and thorough operation, while continuing to provide timely updates to the public.

The Permanent Secretary also urged the public to cooperate fully with emergency responders as they carry out the search and rescue operations.

Hardships in Nigeria demand decisive Govt action – Reps minority caucus to FG

Minority caucus of the House of Representatives has said that the hardships faced by Nigerians in recent years demand more decisive government action.

The caucus also urged President Bola Tinubu to urgently address worsening insecurity, corruption and rising inflation.

The lawmakers made the call in a New Year message issued on Thursday and signed by the Minority Leader, Mr Kingsley Chinda, alongside three other principal officers.

They lamented the socio-economic pressures Nigerians faced in 2025 and challenged the Federal Government to intensify its efforts in 2026 to alleviate the suffering.

According to them, Nigeria continued to grapple with widespread insecurity driven by insurgency in the North-East, banditry and kidnapping in the North-West and North-Central, as well as violent crime and communal clashes in other parts of the country.

The caucus said the challenges had disrupted farming activities, displaced communities and weakened local economies.

They added that unemployment remained high, particularly among young people, while corruption continued to undermine public institutions and limit the impact of government spending on infrastructure and social services.

The caucus further maintained that rising inflation and the high cost of living had further deepened poverty nationwide, describing the state of the nation in 2025 as deeply troubling.

“The situation of our country, particularly in 2025, was worrisome and fearful.

“The rising trend of insecurity across the country remains disturbing. Spiralling inflation, debilitating hunger, and corrosive poverty were evident in the lives of many people,” the statement read.

Bank recapitalisation to drive bullish capital market, says CBN

CBN-VUILDING-700×375The Central Bank of Nigeria has projected that the Nigerian capital market will remain bullish in 2026, driven largely by the ongoing bank recapitalisation exercise, rising investor confidence and supportive policy measures.

This outlook is contained in the CBN’s “Macroeconomic Outlook for Nigeria, 2026: Consolidating Macroeconomic Stability Amid Global Uncertainty”, recently released by the apex bank.

According to the report, the recapitalisation of banks is expected to strengthen balance sheets, enhance financial stability and deepen market activity, thereby supporting sustained growth in the capital market.

“The capital market is expected to remain bullish in 2026, supported by the bank recapitalisation exercise, rising investor confidence and other policy measures aimed at fostering growth,” the CBN stated.

The apex bank projected that Nigeria’s economy would continue its expansion trajectory in 2026, with growth estimated at 4.49 per cent, up from 3.89 per cent in 2025, anchored on broad-based structural reforms and a gradually easing monetary policy stance.

The CBN also forecast a moderation in headline inflation to an average of 12.94 per cent in 2026, driven by declining food prices and lower premium motor spirit costs, following improvements in domestic refining capacity and supply conditions.

In the financial sector, the bank noted that while monetary aggregates slowed in 2025 due to tight monetary conditions, a calibrated policy easing and prudential measures would support credit discipline and financial stability in 2026. The recapitalisation programme is also expected to enhance banks’ capacity to support private-sector-led growth.

On the external front, the CBN projected sustained improvement, with external reserves expected to rise to $51.04bn in 2026, supported by stronger exports, steady remittance inflows and increased oil and gas output. The current account surplus is forecast to grow to $18.81bn.

However, the apex bank cautioned that the outlook remains subject to risks, including potential inflationary pressures, global financial market volatility, geopolitical tensions and possible disruptions to crude oil production.

Despite these risks, the CBN reaffirmed its commitment to balancing price stability with output growth, noting that appropriate policy tools would be deployed to attract foreign investment, sustain exchange rate stability and strengthen confidence in Nigeria’s financial markets.

Recapitalisation: Banks to intensify fundraising as CBN deadline nears

Nigerian-Banks-Logo-1The analysts at Coronation Asset Management have projected increased capital market activities as banks push to meet the March 2026 recapitalisation deadline set by the Central Bank of Nigeria.

This was disclosed in its Year in Review and 2026 Outlook published on Tuesday.

According to the CBN, 16 banks have met the new capital thresholds, with the others expected to do the same in the weeks leading up to the expiration of the deadline.

Commenting on the process and its impact on the sector in the outgone year, the report read, “The defining theme has been the industry-wide recapitalisation drive, spurring a series of capital market activities as banks race to meet the March 2026 deadline. The exit from the CBN’s forbearance scheme has also had a significant effect in the second half of the year. While investor sentiment has been mixed, leading to sector underperformance relative to the broader market, the outlook is anchored by this strengthening of capital bases and an expected normalisation of earnings towards core banking activities in 2026.”

“Most Tier-1 and some Tier-2 banks, including GTCO, Zenith, UBA, Stanbic IBTC, Jaiz, and Access Holdings, have completed their capital-raising programmes through rights issues, public offers, and private placements. While others like FCMB, FBN Holdings, Fidelity, and Sterling have CBN approval for multiple offers already in place or in the pipeline.

With about three months to go, we expect to see more capital market activities and final calls on capital raise programmes.”

On the profitability front, the analysts affirmed that the Nigerian banking sector remained broadly resilient through 2025, supported by strong balance sheet expansion and solid liquidity, but headline profitability softened.

“High funding costs, rising impairments, and regulatory changes, including forbearance withdrawal, the windfall tax on foreign exchange gains, and the ongoing recapitalisation drive, have impacted the sector. Profitability has risen more softly compared to last year’s record earnings, with industry pre-tax profit rising by 5.2 per cent year-on-year. This smaller growth is due to a combination of higher loan-loss provisions, higher operating costs amid persistent inflationary pressures and elevated interest rates.”

It added, “Manufacturing and trade-related exposures have accounted for a notable share of the increase in impairments, as import-dependent borrowers contend with tighter FX access and elevated input costs. Meanwhile, the oil and gas upstream segment has shown relative resilience, supported by improved crude prices and stronger cash flows so far in the year. In contrast, downstream and power sector loans have seen lower recovery due to rising receivables and delayed tariff adjustments.”

At the capital market, the NGX Banking Index advanced by over 30 per cent year-to-date, but it underperformed the broader NGX All-Share Index, which is up over 50 per cent.

The experts adjudged the sector’s performance to be mixed, reflecting divergent investor sentiment across Tier-1 and mid-tier banks.

“Among the large caps, Zenith Bank (+39.6 per cent ytd), Guaranty Trust Holding Co (+55.1 per cent ytd), Ecobank Transnational Inc (+30.4 per cent ytd), and United Bank for Africa (+17.1 per cent ytd) posted solid gains, supported by strong earnings fundamentals, robust capital positions, and dividend declarations.

“Mid-tier names showed stronger momentum, with Wema Bank (+104.4 per cent ytd), Stanbic IBTC (+82.3 per cent ytd), and Sterling Financial Holdings (+31.3 per cent ytd) recording substantial year-to-date gains, driven by improved profitability and investor rotation into value plays. In contrast, Access Holdings (-12.8 per cent ytd) lagged due to a delay in H1 earnings result publication and uncertainty around dividend payments,” said the firm.

On the outlook for the New Year, Coronation Asset Management said it is anticipating policy rate cuts, which should stimulate lending activity, “while disciplined credit management, improved asset yields, and growth in fee-based income are expected to underpin a gradual recovery in interest income and overall sector performance. We believe the sector is well-positioned to become a major driver of growth in 2026 as macroeconomic stability gradually returns. Improving inflation dynamics, better FX liquidity, and a less volatile interest-rate environment should ease pressure on funding costs and risk assets.

“While declining yields may temper margins, stronger core earnings, expanding loan books, and improved capital flexibility are expected to support profitability and balance sheet growth. With regulatory cleanup largely behind the sector and capital buffers strengthening, banks are better placed to scale lending, support investment activity, and deliver more durable value creation over the medium term.”