FCMB hits N288.96bn capital base, awaits CBN nod

FCMBFCMB Group Plc has reached a pivotal milestone in its race to meet the Central Bank of Nigeria’s new capital requirements, announcing a verified capital base of N288.96bn.

The financial powerhouse is now awaiting final validation from the apex bank to cement its status as a top-tier international banking institution.

The Group’s current capital position follows a rigorous two-phase strategic fund-raising exercise. Despite the remaining gap toward the N500bn threshold required for international licences, the Group remains confident that its recent market activities and pending approvals will bridge the deficit.

“The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits,” stated Ladi Balogun, Group Chief Executive Officer of FCMB Group, during a recent engagement with stakeholders

To address the initial funding gap, FCMB executed a high-velocity capital-raising strategy. Phase 1 of its Public Offer successfully generated N147.5bn, while Phase 2 added another N160bn to the coffers.

While these figures significantly bolster the Group’s balance sheet, they remain subject to formal CBN verification, a routine but critical process for all Nigerian banks ahead of the 31 March 2026 deadline.

Industry analysts suggest that the bank’s proactive approach has placed it within striking distance of its ultimate target.

“We project our earnings per share to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns,” Balogun added, emphasising the long-term value for investors.

Recognising the high stakes of the recapitalisation exercise, FCMB has established a “Rapid Response” contingency plan. Should the CBN’s final validation reveal any shortfall, the Group is prepared to deploy a Private Placement to instantly secure the remaining funds. This move underscores the urgency felt by international banks to remain competitive in a landscape being reshaped by the CBN’s N500 bn mandate.

Beyond mere compliance, the recapitalisation is expected to transform FCMB’s operational capacity. With a larger capital base, the bank will be better equipped to handle large-scale corporate lending and complex cross-border transactions.

“Together, the public offer and minority divestment provide sufficient capital for the bank to meet the revised N500 bn minimum capital requirement. This is based on verified eligible capital of N266.5 bn as of late 2025, now climbing toward our final goal,” a representative for the Group noted in a regulatory filing.

As the March deadline approaches, all eyes remain on the Central Bank’s headquarters in Abuja. For FCMB, the “nod” from the CBN will not just be a regulatory green light but a signal to the global market that the bank is ready for its next chapter of international expansion.

FAAN issues 100,000 airport access cards after tollgate chaos

FAAN

More than 100,000 airport access cards have been issued to motorists across the country as part of efforts to implement the Federal Government’s cashless policy at airport tollgates, the Managing Director of the Federal Airports Authority of Nigeria, Mrs Olubunmi Kuku, has disclosed.

Kuku revealed on Monday that 62,000 of the cards were issued within just three days of enforcing the cashless policy at airports, a development that turned chaotic as the rollout of the policy at major airports triggered disruptions.

The development comes as motorists have continued to enjoy free access into Nigerian airports for the past five days after President Bola Tinubu ordered that the airport gates be thrown open in response to the disruption caused by the policy’s enforcement.

Recall that attempts to enforce the cashless regime at airport tollgates, effective March 1, led to severe gridlock and confusion, with long queues of vehicles at entry points while many passengers struggled to catch their flights.

Amid public outcry, the President directed that tollgates be opened to allow free passage for motorists as an immediate relief measure.

Speaking on the development and the surge in access card registrations, Kuku acknowledged that the initial enforcement created significant bottlenecks despite prior public awareness campaigns, but also put the number of cards already collected at over 100,000.

She said, “Of course, in the implementation of the cashless policy, it made it quite hectic because a lot of the commuters and even some of the passengers, despite a lot of the awareness, did not believe that we would actually start the enforcement on March 1st. It did create a huge bottleneck over the first few days, but we saw that it actually started to ease up. I gave some interviews yesterday where I reeled out some data from October, when we actually started the implementation, to March 3rd.

“We’ve registered about 100,000 customers, of which 62,000 were actually done in the last three days. In Abuja, for example, we saw the traffic start to ease up. But despite that, we are an airport. And our ultimate goal outside of safety and security is also to make sure that our passengers and the neighbouring areas have a seamless experience. We’re grateful to Mr President. He was able to step in.”

Findings by The PUNCH showed that immediately the directive was issued, officials of FAAN who had been stationed at airport gates to collect tolls vacated the entry points, leaving the barricades open.

A motorist, who identified himself simply as Idris and had been passing through the tollgate after the announcement, confirmed that vehicles were moving freely without payment or checks in the last five days.

Idris said, “I’m surprised. I have been passing through the tollgate for about five days now, and not a single official of FAAN was on the ground. I guess they are restrategising.”

Eyewitnesses noted that the sudden absence of officials created a free flow of traffic at the usually congested tollgates, a sharp contrast to the long queues experienced earlier when the cashless policy was being enforced.

The Federal Government had earlier announced the suspension of the new payment system after the initial rollout sparked confusion and traffic gridlock at major airports, particularly in Lagos and Abuja.

The Minister of Aviation and Aerospace Development, Festus Keyamo, confirmed the President’s directive while briefing State House correspondents after the Federal Executive Council meeting.

“Mr President was very concerned about the welfare of Nigerians and the fact that most Nigerians were missing their flights. So Mr President, out of empathy, directed today that we should suspend the present system because it creates a lot of gridlock and Nigerians are suffering as a result of it,” Keyamo said.

He added that the President had instructed the ministry and FAAN to temporarily revert to the previous payment arrangement while officials work on a more efficient electronic solution for airport access nationwide.

APGA asks Abaribe, Ikwechegh to vacate NASS seats after defection

Abia State chapter of the All Progressives Grand Alliance, APGA, has called on two federal lawmakers, Enyinnaya Abaribe and Alex Mascot Ikwechegh, to vacate their seats in the National Assembly following their recent defections to other political parties.

The party maintained that both legislators secured their mandates under the APGA platform and should therefore step down after moving to the African Democratic Congress, ADC, and the Labour Party, LP, respectively.

Speaking during a press briefing in Aba, the party’s Publicity Secretary in Abia State, Chukwuemeka Nwokoro, said the lawmakers’ exit did not come as a surprise to the party leadership.

Nwokoro stated that their departure had instead freed the party from what he described as political limitations that had previously affected its progress.

“The actions of these individuals were not unexpected. In fact, their departure is a welcome development that will help reposition and strengthen APGA in Abia State,” he said.

He insisted that since the two lawmakers were elected under APGA, it would be appropriate for them to vacate their positions in the National Assembly.

According to him, the mandates were secured through the party’s platform, and it would be morally right for the defectors to relinquish the seats.

“Those positions were obtained on the strength of APGA’s platform, and it is only proper that they step aside after leaving the party,” Nwokoro added.

While acknowledging that political defections are a common feature of Nigeria’s democratic system, APGA stressed that the development would not weaken the party’s standing in the state.

The party also alleged that Abaribe and Ikwechegh contributed little to its growth in Abia State during their time within the party, accusing them of undermining its progress.

According to Nwokoro, the experience has provided valuable lessons for the party, which he said would no longer allow opportunistic politicians to exploit its platform.

He assured party members and supporters that APGA would emerge stronger as preparations begin for the 2027 general elections.

Nwokoro further noted that the party, under the leadership of its Abia State chairman, Sunday Onukwubiri, has already begun efforts to reposition itself for better performance in the next electoral cycle.

He also urged individuals interested in contesting elections on APGA’s platform in 2027 to join the party early, stressing that it would no longer serve as a fallback option for politicians seeking last-minute tickets.

“APGA remains a formidable political force in Abia State, and we will not be distracted as we prepare for the 2027 elections,” he said.

SDP warns PDP against turning Oyo into political battleground

Oyo State chapter of the Social Democratic Party, SDP, has warned the leadership of the Peoples Democratic Party, PDP, against allowing political tensions to escalate into violence in the state.

The caution follows reports of an attack on the residence of a former Deputy Governor of Oyo State, Hazeem Gbolarumi, on Saturday during the PDP’s congress activities.

In a statement issued on Sunday and made available to journalists, the state chairman of the SDP, Michael Okunlade, stressed the need to preserve Oyo State’s long-standing reputation as one of the most peaceful states in Nigeria, particularly as the country moves closer to the next general elections.

Okunlade said the party became aware of the alleged violence through media reports circulating on radio and social media on Saturday.

He urged political parties in the state to focus their campaigns on issues that affect the people rather than resorting to confrontations.

“As preparations for the 2027 elections gather momentum, we call on all political parties in Oyo State to centre their campaigns on meaningful discussions and policies that will benefit the people,” he said.

The SDP chairman warned the PDP against actions that could destabilise the state’s peaceful atmosphere, noting that political activities ahead of the elections should be conducted responsibly and with consideration for public safety.

“We caution the PDP against turning the state into a battleground in the run-up to the 2027 elections. The party should coordinate its activities in the best interest of residents,” he said.

He also called on the police and other security agencies to remain vigilant and prevent influential political actors from using their positions to provoke unrest.

According to him, law enforcement authorities must closely monitor the activities of political groups in the state, especially as the next general elections approach.

Okunlade further reaffirmed the SDP’s commitment to maintaining peace and unity among its supporters, urging party members to remain disciplined and focused as the party prepares for the 2027 political contest.

He emphasized that acts of indiscipline within the party would not be tolerated under any circumstances.

Osun youths protest blackout as IBEDC cites grid constraints

Residents and youth groups in Boripe local government council area of Osun State have expressed frustration over prolonged electricity outages, as the Ibadan Electricity Distribution Company, IBEDC, attributed the situation to reduced power supply from the national grid.

The Nigerian Youth Congress, Boripe chapter, said the persistent blackout had negatively affected homes, businesses and educational activities in the area.

In a statement issued in Osogbo, the group’s coordinator, Hammed Oyetunji, said communities within the local government had endured weeks of unstable power supply.

According to him, “the absence of electricity has disrupted economic activities and daily life for residents.

“For weeks, our communities have been subjected to prolonged blackout, causing serious hardship to residents, business owners, students and artisans.”

He added that electricity remained a critical factor in economic growth and public safety, stressing that its absence had slowed business activities across the local government.

Oyetunji also noted that many small-scale entrepreneurs had resorted to alternative sources of energy to keep their businesses running.

“Small businesses are incurring additional costs through alternative power sources, while students preparing for examinations are struggling to study effectively at night,” he stated.

He said the blackout had placed additional financial pressure on many households.

The youth leader called on IBEDC to provide a clear explanation for the prolonged outages and urgently restore stable electricity to the affected communities.

Residents had last week taken their grievances to the regional office of the distribution company in Osogbo, where they staged a protest over the power situation.

Demonstrators were seen chanting solidarity songs while demanding improved electricity supply to their communities.

Security personnel were deployed around the office during the protest to maintain order as tensions rose.

The protesters also issued a seven-day ultimatum to the distribution company to restore their communities to Band A electricity classification.

They warned that failure to address the situation could lead to further lawful collective actions against the company’s operations within the communities.

Responding to the concerns, IBEDC said the supply challenges were linked to reduced generation and instability in the national grid.

In a statement by the IBEDC management, the company explained that gas supply shortages to power generation plants had significantly lowered electricity generation across the country.

“Gas supply shortages to electricity generation plants have significantly reduced generation capacity nationwide, forcing distribution companies to implement increased load shedding,” the company said.

IBEDC added that electricity demand within its franchise areas had increased, particularly following the introduction of additional Band A feeders.

It stated that the energy allocated to the company from the national grid had remained inconsistent, creating a gap between electricity demand and available supply.

The company apologised to customers affected by the outages and said it was working with stakeholders across the electricity value chain to improve supply stability.

“We understand the frustration this situation has created among our customers and sincerely apologise for the disruption to homes, businesses and economic activities,” the company said.

BREAKING: Fire razes part of Federal Secretariat

There was pandemonium at the Federal Secretariat Monday morning as fire engulfed part its building.

DAILY POST gathered that the fire engulfed the Head of Civil Service Office of the Secretariat.

The incident diverted vehicular movement from the Federal Court of Appeal area.

At the time of filing this report, the cause of the fire is yet to be ascertained.

Details shortly…

NLC raises alarm over alleged N20bn ‘emergency’ spending in TCN

The Nigeria Labour Congress, NLC, has raised concerns over an alleged plan by certain officials within the Transmission Company of Nigeria, TCN, to spend close to N20 billion on electricity grid expansion projects.

The labour union claimed that the proposed expenditure, reportedly being pursued under the label of “emergency refurbishment,” appears to be a scheme aimed at diverting funds from the financially strained power utility.

In a letter addressed to the Minister of Power, Adebayo Adelabu, and signed by the NLC President, Joe Ajaero, the union warned that the planned spending poses a serious threat to the organisation’s financial stability.

Ajaero alleged that a group operating within TCN was attempting to use the justification of an “emergency” to sidestep standard procurement procedures and conceal questionable transactions within complex documentation.

He cautioned that if the procurement plans go ahead, the financial health of TCN could deteriorate further, potentially undermining its ability to operate effectively for many years.

According to the NLC leader, the national grid could remain in a perpetual state of crisis, not because of a lack of technical capacity, but due to the diversion of funds intended to improve infrastructure.

Providing examples of what he described as questionable spending proposals, Ajaero claimed that N191 million had been earmarked for erosion control work on Tower T89 in Ihovbor, Okada.

He also pointed to a proposed expenditure of N290.65 million for fencing and drainage work at the Biu 132/33KV substation.

He cited a planned allocation of N226.02 million for work on Tower T27 in the Etsako–Okpella–Ajaokuta axis, describing such figures as inconsistent with the principles of prudent financial management.

The NLC further alleged that there were plans to procure specialised transformers and switchgear in separate batches from the same supplier at progressively higher prices.

Ajaero argued that such arrangements suggested irregularities in the procurement process, describing them as an attempt to channel funds through inflated contracts rather than legitimate infrastructure upgrades.

He also accused officials of planning to stockpile consumable materials such as insulators, conductors and clamps at prices significantly above market rates, allegedly under the pretext of preparing for potential grid failures.

The NLC president therefore called on the Minister of Power to suspend all ongoing “emergency” procurement activities within TCN pending the outcome of a comprehensive forensic audit.

He also urged the minister to investigate the reported sale of land located behind the TCN substation in Katampe, Abuja.

In addition, Ajaero requested a review of an alleged attempt to promote a staff member employed on September 16, 2021, to the position of Assistant General Manager by 2026, which he said violates the company’s established promotion guidelines.

PSC rejects N5m promotion bribery claim, considers lawsuit

Police-Service-Commission

The Police Service Commission has denied allegations that senior police officers paid N5m each to secure promotion to the rank of Assistant Commissioner of Police.

A report by Sahara Reporter alleged that officers bribed officials of the commission to secure promotion from the rank of Chief Superintendent of Police to Assistant Commissioner of Police.

In a statement issued on Sunday in Abuja by its Head of Protocol and Public Affairs, Torty Kalu, the commission described the claim as unfounded and a reckless attempt to tarnish the image of the commission and the Nigeria Police Force.

It also said it was considering legal action against Sahara Reporters over alleged defamation and damage to the reputation of the commission

The commission said the promotion of senior officers from CSP to ACP followed due process and established guidelines.

“PSC has noted with grave concern a publication by Sahara Reporters alleging that senior officers paid N5m each to secure promotion to the rank of ACP.

“The commission categorically denies these unfounded allegations in their entirety and describes the report as a reckless attempt to tarnish the image of both the commission and the Nigeria Police Force.

“Contrary to the narrative peddled by the online publication, the promotion of the senior officers from CSP to ACP followed due process and established guidelines of the commission,” the statement read.

It said the reference in the report to the immediate past Inspector General of Police was mischievous and intended to give credibility to what it described as a baseless allegation.

It explained that the role of the Inspector General of Police in the promotion process is limited to forwarding recommendations based on vacancy and performance, while the final approval rests with the commission.

The commission urged the public to disregard the report, reiterating its commitment to merit-based promotions and effective oversight of the Nigeria Police Force.

SUNU Assurances announces N9.3bn rights issue plan

SUNU-Assurances-NigeriaSUNU Assurances Nigeria Plc has officially initiated a plan to raise N9.3 bn in fresh equity capital through a Rights Issue.

This is a strategic move to comply with the new regulatory landscape set by the Nigerian Insurance Industry Reform Act 2025.

The capital raise, which targets a July 2026 compliance deadline, will see the issuance of 2,075,285,714 new ordinary shares of 50 kobo each.

Existing shareholders are being offered the opportunity to subscribe to these shares in a ratio of five new ordinary shares for every 14 held, at an offer price of N4.50 per share.

The initiative is designed to bolster the company’s solvency and expand its underwriting capacity as the industry transitions to a more rigorous, risk-based capital framework.

Addressing the company’s strategic direction, Chairman Kyari Abba Bukar stated, “This is a growth initiative.

We are positioning early to meet the new benchmark and enhance our capacity to underwrite larger and more complex risks.”

Despite the complexities of the current regulatory environment, the company emphasised its stable performance and history of rewarding shareholders.

The Managing Director and Chief Executive Officer, Mr Samuel Ogbodu, noted, “We have maintained steady growth in premium income, profitability and governance standards over the last decade. Our shareholders have been rewarded, and we project continuity in value delivery.”

Furthermore, Ogbodu highlighted the company’s intention to foster broader local ownership, adding, “The Board has determined that existing shareholders and new Nigerian investors shall be allowed to participate in the next phase of the Company’s growth. This decision underscores SUNU’s commitment to broadening Nigerian participation in the ownership structure of the Company.”

As the insurance sector faces a critical recapitalisation window, market analysts view SUNU’s move as a proactive signal of institutional strength rather than distress.

The company recently received the “Highest Share Price Appreciation Award” at the PEARL Awards, which proponents argue provides a solid foundation of investor confidence for this capital-raising exercise.

The SUNU Group, which remains the majority shareholder with an approximately 83 per cent stake, has also signalled its intention to reduce its holding to comply with the free float requirements of the Nigerian Exchange Limited.

Full details regarding the offer timeline and documentation are expected to be disclosed once final regulatory approvals are secured.

Fidson, NREIT listings boost NGX turnover to N177.7bn

FidsonNew listings by Fidson Healthcare and Chapel Hill Denham’s NREIT headlined a N177.7 bn trading week on the Nigerian Exchange, signalling a shift in market appetite on Friday.

While total turnover value dipped slightly, the week closed with a notable reduction in losers, hinting at a recovery in market sentiment heading into mid-March.

Investors on the floor of the Exchange traded a total of 3.695 billion shares valued at N177.687 bn in 370,980 deals, a performance that stood in contrast to the 5.494 billion shares worth N196.709 bn that exchanged hands in 370,233 deals during the previous week.

The week’s trading activities were bolstered by two major additions to the daily official list of the NGX

In specific terms, Fidson Healthcare Plc successfully listed an additional 105,003,725 ordinary shares arising from the company’s employee share scheme, effectively increasing its total issued and fully paid-up capital from 2,294,996,275 to 2,400,000,000 ordinary shares.

Similarly, the real estate sector saw a capital injection as Chapel Hill Denham Management Limited listed 68,158,000 units of its Series 5 Nigeria Real Estate Investment Trust at N103.00 per unit.

This listing, part of a broader N400 bn issuance programme, pushed the total outstanding units of the NREIT from 1.588 billion to 1.656 billion units.

Sectoral analysis revealed that the Financial Services Industry remained the primary engine of market activity. Measured by volume, the sector led the chart with 2.444 billion shares valued at N72.029 billion traded in 145,628 deals, accounting for 66.14% of the total equity turnover volume and 40.54% of its value.

The Oil and Gas Industry secured the second position with 326.073 million shares worth N39.510 bn in 36,458 deals, followed by the Services Industry, which recorded a turnover of 218.374 million shares valued at N2.012 bn in 18,575 deals.

Among individual equities, the trio of Jaiz Bank Plc, Fortis Global Insurance Plc, and Access Holdings Plc emerged as the most heavily traded by volume.

The three stocks alone accounted for 661.242 million shares worth N8.062 bn in 38,534 deals, contributing 17.90% to the total equity turnover volume.

The Exchange-Traded Products segment also witnessed growth, with 3.800 million units valued at N548.240 m traded in 4,487 deals, surpassing the 3.603 million units worth N409.595 m recorded in the preceding week.

Price movement data suggested a gradual easing of bearish pressure as market breadth improved. Forty-four equities appreciated in price during the week, an increase from the thirty-two gainers recorded previously.

Meanwhile, the number of depreciating equities fell to fifty-eight from sixty-nine in the prior week, and forty-six equities remained unchanged.

This cooling of sell-offs, combined with the new listings, provided a stable floor for the market as it transitioned into the second week of March.

However, Cowry Asset Management Limited, in a note to investors on the weekend, said, “Temporary profit-taking and relatively subdued trading activity may limit the pace of gains. Consequently, market performance in the coming week is expected to be driven largely by stock-specific developments and investor sentiment across key sectors.

“In the near term, we expect the domestic equities market to maintain a cautiously positive tone as investors continue to position in fundamentally sound and undervalued stocks following the recent rebound.

“Bargain hunting and selective accumulation, particularly in large-capitalisation and fundamentally strong counters, could provide support to the benchmark NGX All-Share Index.”