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Ex-governor Bafarawa’s supporters defect from PDP to APC in Sokoto

Supporters of former Sokoto State governor, Alhaji Attahiru Bafarawa, under the banner of the Bafarawa Akida Movement, have formally defected from the Peoples Democratic Party, PDP, to the ruling All Progressives Congress, APC, in the state.

The decision was announced on Wednesday following a consultative meeting of elders and leaders of the movement from all 23 local government areas of Sokoto State.

Speaking after the meeting, the movement’s chairman, Prof. Hamza Maishanu, said the defection followed extensive consultations and reflected the collective decision of members.

He added that the elders resolved to support the administration of Governor Ahmed Aliyu, citing its performance and cordial relationship with Bafarawa.

Maishanu confirmed that the decision to join the APC was formal and would be followed by further consultations to complete necessary procedures.

He dismissed claims linking the move to 2027 elections or external political pressure.

Meanwhile, Bafarawa reiterated that he had quit active politics and had not personally joined the APC, but said he supported the decision of his followers.

by admin — December 18, 2025 in News 0

Lagos High Court announces 2025 Christmas vacation

The High Court of Lagos State has officially declared its 2025 Christmas vacation, with regular court sessions suspended from Wednesday, December 24, 2025, through Friday, January 2, 2026.

Court proceedings are scheduled to resume on Monday, January 5, 2026.

The vacation period was approved by the Chief Judge of Lagos State, Justice Kazeem Olanrewaju Alogba, under the authority of Order 49, Rules 4(c) and 5 of the High Court of Lagos State (Civil Procedure) Rules, 2019, which grants the Chief Judge power to determine court vacation dates and make provisions for urgent judicial matters.

This was communicated in a public notice issued by the Chief Registrar of the High Court, Mr. T. A. Elias, and dated November 26, 2025.

The notice confirms that the vacation period includes all dates between December 24, 2025, and January 2, 2026, in line with established court practice.

While regular hearings will be suspended during the Christmas break, the court clarified that urgent judicial matters will still be addressed.

Judges are authorised to hear and determine urgent applications relating to substantive cases already assigned to them.

For new urgent applications not connected to existing cases, a judge will be designated specifically to handle such matters during the vacation.

The notice also emphasised that any matter certified as urgent may be entertained during this period, provided it complies strictly with the requirements set out in Order 49, Rule 5 of the Lagos High Court (Civil Procedure) Rules, 2019.

by admin — December 18, 2025 in News 0

NNPCL sure of meeting 2.06mbpd target with PINL partnership

As Nigeria targets 2.06 million barrels per day crude oil production in 2026, the Nigeria National Petroleum Corporation Limited said it is building synergy with surveillance companies like Pipeline Infrastructure Nigeria Limited to achieve the feat.

NNPCL Head, Field Operations, Eastern Corridor, Project Monitoring Office, Akponime Omojevwhe, stated this at the PINL December meeting with stakeholders in Yenagoa, the Bayelsa State capital.

Omojevwhe said in a statement on Monday that the cordial partnership between the host communities and PINL has resulted in unhindered production on the Trans Niger Pipeline.

He revealed that the company’s projection for 2026 is 2.06 million barrels per day with a budgeted benchmark of 1.84 million barrels per day.

“Our projection for 2026 is 2.06mbpd while the budget is 1.84mbpd and with the kind of synergy we are seeing here in Bayelsa and other PINL coordinated areas, we can do it. If everybody comes together, it’s achievable and it’s realistic.”

Meanwhile, PINL promised to advocate for more development from government and international oil companies operating in the host communities of the TNP.

The surveillance company which operates on the eastern corridor of the TNP argued that siting development projects in host communities would help reduce the temptations of vandalism and oil theft by community people.

PINL General Manager, Community Relations and Stakeholder Engagement, Dr. Akpos Mezeh, said the decision to canvass for more development in the host communities followed several communities’ requests.

Mezeh said, “We have become one of the closest interfaces with the communities and those communities may not even understand that we don’t have the capacity to provide most of those things they are asking for, but for the fact that we have been able to create that platform to air their grievance. We have complaints of lack of basic amenities, so in 2026, we’ll advocate for more government attention in our communities.”

He said the meeting afforded the company the opportunity to review its progress in the fight against pipeline vandalism and crude oil theft, and also celebrate, fellowship and appreciate critical stakeholders, especially leaders of host communities for their support and commitment which he said have sustained the economic stability of the country.

The Chairman of Ijaw National Congress, Central Zone, Chief Moses Theophilus, commended the company for its impactful services in the region on the outgoing year, noting that PINL’s services have greatly reduced vandalism, oil theft and environmental pollution in the area.

by admin — December 18, 2025 in News 0

Insecurity: FG, NLC to meet in January

The Nigeria Labour Congress and its affiliates on Wednesday protested nationwide against rising insecurity in the country.

The union had declared a nationwide protest for December 17, citing what it described as the country’s “degenerating security situation.”

In a notice issued to all state councils on December 10, after its National Executive Committee-in-session meeting on December 4, the union condemned the rampant activities of bandits and kidnappers across the country.

It singled out the November 17 abduction of female students from a boarding school in Kebbi State and expressed outrage over the withdrawal of security personnel from the school shortly before the incident.

The union directed all its affiliates and state councils to “fully mobilise” workers and civil society for the protest.

In last-minute efforts to halt the protest, President Bola Tinubu, on Tuesday night, met with the NLC leadership and some state governors, led by the Imo State Governor, Hope Uzodimma.

The President of NLC, Joe Ajaero, told journalists on Wednesday that the leadership of the Congress would meet with the President again by January to address the issue of financial insecurity of Nigerian workers.

Ajaero said that the engagement the Labour had with the Federal Government was aimed at cancelling the planned protest, adding that the workers who were poorly paid and inadequately fed were more likely to face deeper challenges.

“The action continued this morning (Wednesday). We are rounding off now. We will take back whatever we discussed with them to our members.

“The attitude of meeting on the day or eve of any action is not rocket science.

“However, Mr President was emphatic that the issue of insecurity will be a thing of the past very soon. He said he’s taking extra steps to take care of it.

“We equally talked about financial insecurity because a worker who is not well fed and not well paid will have even more problems than those who are well fed and well paid.

“Mr President said he has put Nigeria on the map of prosperity, and we agreed that we’re going to meet in January to look at some grey areas where we need to touch.

“It will equally translate into the prosperity of the working people of Nigeria,” he said.

On whether the protest had been cancelled, Ajaero said: “We are going back to our members now, and then we will get back to them.

“But today (Wednesday) is gone, and our action is not an indefinite one. It’s a protest. The issue of suspension is not there because the action was taken off this morning,” Ajaero said.

Uzodimma, who is Chairman of the Progressives Governors’ Forum, said the President’s intervention played a key role in resolving the matter, adding that a channel had been opened for increased communication with Labour.

“President Bola Tinubu met last night with the leadership of NLC. They discussed issues of the Nigerian economy, workers’ welfare, ongoing reforms, national security and other developments in the country, and all of them agreed.

“National unity is very critical, and our national interest is also very important. And the march towards economic prosperity by the president is a welcome idea.

“At the end of the meeting, we also discovered that there is a need for regular engagements with the Nigeria Labour Congress.

“For now, both the government and labour are on the same page to ensure that Nigeria is better protected, and more investments in the areas of security should be encouraged.”

The governor expressed appreciation to Tinubu for the way he came out to explain to the labour leaders his programmes and activities for improved security arrangements in the country.

“We are also very grateful to the NLC for the maturity they exhibited; for the interest they also displayed for national security and better security for Nigerians and the welfare of Nigerian workers,” he said.

On Wednesday, workers gathered across states and the Federal Capital Territory in obedience to the directive of the NLC leadership to protest against insecurity.

Demonstrations in Lagos, Abuja, Anambra and some other parts of the country underscored how fear, violence and restricted movement have become part of daily life for millions of Nigerians.

In Abuja, the workers converged on the NLC national secretariat, with security personnel, including police, civil defence, and officials from the Department of State Services, deployed to ensure orderliness.

Ajaero, addressing the workers, said the planned protest remained firm and was intended to draw attention to the country’s worsening insecurity.

“The protest is to help this country – to call attention to the effect of insecurity,” he said.

He warned that insecurity was affecting Nigeria’s economy and discouraging investors.

Ajaero also highlighted the human cost, noting that workers and their families were often victims of kidnappings.

“Many workers are being kidnapped daily. People are killed. In Kebbi, a teacher was killed. Children of workers are kidnapped. The government must act to find the perpetrators,” he said.

Ajaero described banditry and kidnappings for ransom as alien to Nigerian values and called for a national response to end the trend.

He also suggested the idea of an “insecurity allowance” to support workers who are kidnapped and often need to raise money for ransom.

“This protest is our way of telling Nigerians and the international community that insecurity must stop.

“This is not the culture of Nigerians, and we must condemn it and strengthen the hands of those in authority to make sure it does not continue,” he said.

In Lagos, the march started at 9:10 am from the historic Ikeja Under Bridge and concluded at the Lagos State House of Assembly in Alausa.

Workers in union colours and civil society activists waved Nigeria Labour Congress flags and chanted labour songs and freedom anthems.

They criticised escalating banditry, kidnappings and violent crime, saying insecurity has eroded both safety and freedom of movement across the country.

At the forefront of the march were the chairperson of the NLC Lagos chapter, Funmi Sessi, and human rights lawyer and Labour Ambassador, Femi Falana (SAN).

by admin — December 18, 2025 in News 0

Fresh storm brews over new tax law

The Presidency, on Wednesday, rejected calls for the suspension of President Bola Tinubu’s recently-signed tax reform laws, insisting the legislation was “unstoppable” and would take effect from January 1, 2026.

This was as opposition figures warned the policy could deepen hardship and trigger severe social and economic consequences.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, in an interview with The PUNCH said the reforms had already been passed by the National Assembly and endorsed by the President, faulting critics for raising objections late.

“The law has been passed by the National Assembly. It has been endorsed by the President. And some people are just waking up when they should have made known their objections long time ago,” Onanuga said.

So This Happened (EP 357) reviews: FG arraigns Stella Oduah over alleged N5bn fraud

“The law is unstoppable. By January 1, 2026 by the grace of God, the implementation will begin. And there is nothing to fear. This development will harmonise most of our multiple taxes and it also excludes the low-income workers from being taxed,” he added.

Onanuga described the reforms as “revolutionary,” arguing that the new regime would enhance tax revenue for the benefit of Nigerians, while dismissing calls for suspension as inconsistent with “right-thinking Nigerians.”

He said, “But some people are saying that it should be implemented? You can see that they are not on the same page with right-thinking Nigerians.

“It is a revolutionary law that will enhance our tax revenue with the benefits of all nigerians. For them to say we should not implement, it’s too late to raise objection. The law as it stnds today is unstoppable.

It is already being implemented anyways.”

His response came as the National Opposition Movement demanded the immediate suspension of the tax plan’s implementation, warning that forcing it through would worsen the living conditions of Nigerians.

Addressing a press conference on Wednesday at the Yar’Adua Centre, Abuja, the NOM spokesperson, Chille Igbawua, said Nigerians were already struggling with poverty, unemployment and rising living costs, insisting the new tax regime would be punitive.

The NOM, a coalition of citizens drawn from various opposition parties, said it monitors policies affecting Nigeria’s security, economy and overall prosperity under the Tinubu administration, while advocating national liberation and transformation.

President Tinubu recently signed four major tax reform bills into law, marking what the government has described as the most significant overhaul of Nigeria’s tax system in decades.

The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.

The reforms are designed to simplify tax compliance, expand the tax base, eliminate overlapping taxes and modernise revenue collection across federal, state and local governments.

The laws are scheduled to take effect on January 1, 2026, following a six-month transition period for public education and system alignment.

However, the reforms have continued to attract mixed reactions nationwide.

Reacting, Igbawua described the planned implementation as “shocking” and “punitive,” arguing that Nigerians are already struggling to meet basic needs.

“This new tax plan must not take off now. Its implementation must be suspended immediately. This is not tax reform; it is a weapon fashioned against the economic wellbeing and social security of suffering Nigerians,” he said.

“You cannot tax hunger. You cannot tax poverty. And you cannot tax people into prosperity. Since coming to office, President Tinubu has shown that his priorities are not with ordinary Nigerians but with a few oligarchs tied to his economic and political interests.”

He warned that the country risked multidimensional failure under the current policies, threatening democracy, security and human development in West Africa.

According to him, the combination of fuel subsidy removal, naira depreciation, food inflation and rising electricity tariffs has pushed households and small businesses to the brink.

“What the government is rolling out in January is not a tax reform; it is an assault on the livelihood of ordinary Nigerians,” he said, alleging that low-income earners and the unemployed would be disproportionately affected.

The group further accused the administration of tolerating high-level corruption while placing additional burdens on citizens, likening the tax drive to what it described as the “reckless” removal of fuel subsidies.

The NOM demanded the suspension of the tax take-off date, nationwide consultations involving labour unions, civil society groups, small and medium-scale enterprises and state governments, as well as social protection guarantees tied to any reform.

Other members of the movement include activist Aisha Yesufu, former Minister of Youths and Sports Solomon Dalung, former Director-General of the PDP Governors Forum, CID Maduabum, and Dr Sam Amadi.

Meanwhile, a group of lawmakers in the House of Representatives on Wednesday alleged that the tax reform laws passed by the National Assembly and signed by the President were altered after passage, raising questions about the legality of the versions currently in circulation.

The lawmakers claimed that provisions contained in the gazetted copies did not receive legislative approval and were therefore constitutionally defective.

Raising the issue under a matter of privilege during plenary, a Sokoto lawmaker, Abdussamad Dasuki, drew the House’s attention to what he described as discrepancies between the harmonised versions passed by both chambers and the gazetted copies released by the Federal Government.

A report compiled by the concerned lawmakers alleged that the changes went beyond clerical or editorial corrections.

According to the document, substantive provisions were allegedly inserted, deleted or modified after passage, including the removal of oversight and accountability mechanisms approved by parliament.

The report further claimed that new coercive and fiscal powers—such as arrest powers, garnishment without court orders and compulsory dollar-based computations—were introduced without legislative approval.

“These changes cannot be classified as clerical or editorial corrections,” the report stated, warning that the alterations undermine legislative supremacy and expose the country to legal uncertainty and investor risk.

The lawmakers argued that Sections 4 and 58 of the 1999 Constitution vest law-making powers exclusively in the National Assembly, stressing that the executive has no authority to alter bills after passage.

Speaking on the floor, Dasuki said, “What was passed by this House is not what has been gazetted. I was here, I voted, and what is before Nigerians today is completely different.”

He called on the House leadership to revisit the original versions passed by the National Assembly and demanded that all relevant documents be brought before the Committee of the Whole for review.

Responding, Speaker of the House, Tajudeen Abbas, assured members that the leadership would investigate the allegations and take appropriate action in the national interest.

The disputed laws form part of President Tinubu’s broader economic reform agenda aimed at boosting revenue, widening the tax base and reducing reliance on borrowing amid rising debt-servicing costs.

However, the controversy has raised fresh concerns over legislative oversight, the integrity of the law-making process and the legal implications for the implementation of the new tax regime scheduled to commence in January 2026.

by admin — December 18, 2025 in News 0

Polaris Bank promotes girls’ hygiene in Lagos

Polaris Bank has continued its commitment to empowering the Nigerian girl-child through health education and essential support, as it distributed hygiene essentials to female students of Kuramo and Victoria Island Junior and Senior Secondary Schools, Lagos.

According to the bank, the initiative stems from Polaris Bank’s 2025 International Women’s Day celebration and forms part of its ongoing Adolescent Health and Hygiene Support Programme.

Through the bank’s Girl-Child Support and Hygiene Education Initiative, the outreach aims to improve menstrual hygiene education, build confidence and dignity among young girls, and reduce school absenteeism resulting from lack of access to sanitary products.

Speaking at the event, Group Head, Customer Experience & Value Management, Polaris Bank, Mrs Bukola Oluyadi, delivered a practical health talk to the girls, emphasising the importance of maintaining proper hygiene during their menstrual cycle and in their daily lives.

She advised the students on essential personal care practices, including the appropriate use of sanitary pads, the importance of daily use of clean underwear, and maintaining good body hygiene with deodorants and regular washing, especially during puberty when their bodies are developing.

“Your body is precious, and how you take care of it determines your confidence and wellbeing,” Mrs Oluyadi told the students. “Good hygiene is not just about looking clean; it is about staying healthy, feeling comfortable, and showing up confidently in school and everywhere you go.”

She also encouraged the girls to cultivate lifelong healthy habits, be informed about their bodies, and speak confidently about their health needs.

Also present at the distribution was the Non-Executive Director of Polaris Bank, Mrs Subulade Giwa-Amu, who delivered a motivational session on self-care, confidence, and self-presentation.

In her address, she reminded the girls that taking care of their appearance and hygiene contributes significantly to building a successful future. “A clean girl equals a successful woman,” Giwa-Amu affirmed. “Success is not only about your academic performance; it is also about how you present yourself. People see you before they know you, and first impressions always last. Loving yourself and caring for yourself should be a daily habit.”

She further encouraged the students to build confidence from within, stay self-assured, and always be conscious of their personal hygiene as young girls stepping into womanhood.

“Confidence starts with knowing who you are and being proud of yourself,” she added. “When you take care of your body, you build respect for yourself, and others see that confidence reflected in how you speak, walk, and show up in the world.”

Polaris Bank asserted that its support for the girl-child aligns with its broader sustainability and CSR strategy, which includes empowering young girls through education, access to essential learning materials, and social support systems that improve their health and academic performance.

by admin — December 18, 2025 in Business 0

TotalEnergies rolls out TEMC+ for secure payments

TotalEnergies Marketing Nigeria Plc has launched the TotalEnergies Mobility Card Plus, positioning it as a technology-driven upgrade designed to deliver stronger security, real-time control and greater convenience for individual users and businesses across the country.

Unveiling the card on Tuesday in Lagos, the company said TEMC+ sets a new standard for mobility and secure payments by combining enhanced digital features with tools that allow customers, particularly fleet operators, to manage transactions and accounts directly and instantly.

The launch marks the start of a nationwide migration from existing cards to TEMC+, which is already underway and scheduled to be completed by 31 December 2025.

The Managing Director of TotalEnergies Marketing Nigeria Plc, Dr Samba Seye, said the new platform reflects the company’s long-standing focus on innovation and customer satisfaction.

Represented by the General Manager, Retail and Cards, Abdullahi Umar, he noted that TEMC+ was developed to meet the demands of the digital era and evolving customer needs.

“At TotalEnergies, our vision has always been to make mobility smarter, safer and more convenient for everyone. Today, with TEMC+, we are taking a bold step forward in delivering greater convenience, control and security for both individual customers and businesses of all sizes,” Seye said.

He described TEMC+ as more than a mobility card, explaining that it is a technology-driven platform built to simplify operations and enhance customer experience. The solution offers online secure transactions, mobile app integration for real-time account visibility, pre-authorisation for accurate fuel dispensing, instant SMS alerts, virtual card capabilities and on-the-spot fund reallocation.

“This launch is not just about a product. It reflects our commitment to innovation and customer satisfaction,” he said, adding that customers would experience live demonstrations, guided sessions on digital account management and support through the migration process.

Giving details, the Project Manager, TEMC+, Osarobo Aigbogun, said the upgrade was shaped directly by customer feedback and represents growth rather than replacement of the existing Total Card.

“We listened to you and went back to the drawing board. Today, we are proud to introduce TEMC+, the next evolution of Total Cards. This represents growth, not replacement. We are improving what we had before,” Aigbogun said.

He explained that TEMC+ introduces three payment options: card payment, mobile app payment and one-time password payment, giving customers flexibility even without internet access. Fleet managers now have real-time access to an extranet that allows them to blacklist or whitelist cards, manage card limits, transfer funds between cards, fund wallets instantly, generate PINs and unblock cards without contacting TotalEnergies.

“Now, when you credit your funds, you get them immediately, and you can use them straight away,” he stressed, adding that the platform improves agility and simplifies reconciliation for businesses.

by admin — December 18, 2025 in Business 0

Banks strengthen capital base as CBN tightens controls

Deposit Money Banks are shoring up their capital base as the Central Bank of Nigeria intensifies oversight, reinforcing governance, transparency, and risk management to ensure a resilient, stable financial system, OLUWAKEMI ABIMBOLA writes

Nigeria’s banking system remains stable and resilient, a key pillar of the country’s financial stability. Yet the Central Bank Governor, Olayemi Cardoso, says the apex bank continues to stay alert to emerging risks such as cyber threats, credit-concentration pressures, and operational vulnerabilities. These challenges, he explained, are being managed through strengthened risk-based supervision and the ongoing transition to Basel III, which is expected to enhance capital quality, reinforce resilience, and improve liquidity monitoring as the banking recapitalisation drive progresses.

Nigerian banks are navigating one of the most defining periods in their history. Importantly, members of the Monetary Policy Committee have acknowledged that the system remains safe and sound. At the 303rd MPC meeting in Abuja, the committee expressed satisfaction with the sustained strength of the banking sector, noting that most financial soundness indicators continue to fall within regulatory benchmarks.

Committee members also recognised the significant progress recorded in the recapitalisation programme, with 16 banks already fully meeting the revised capital requirements. They encouraged the CBN to ensure the programme is completed successfully.

With just under four months remaining before the conclusion of the recapitalisation exercise, Cardoso confirmed that the process remains firmly on course. Speaking at the recent Bankers’ Dinner in Lagos, he noted that several banks have already met the new capital thresholds, while others are steadily advancing and are well positioned to meet the 31 March 2026 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.

“As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust. Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year,” he added.

Credit-risk framework

The CBN is also redesigning the banking sector’s credit-risk framework to safeguard the estimated N4.14tn in new capital being raised. Cardoso said the bank is enforcing stronger governance, transparency, and accountability to protect these funds. This effort is supported by a newly established Compliance Department, now fully operational, with mandates covering financial crime supervision, market conduct, enterprise security, corporate governance, and environmental, social, and governance issues.

According to him, the strengthened controls will ensure that the new capital is properly managed. “As recapitalisation progresses, we are redesigning the credit-risk framework to enforce stronger governance, greater transparency, and firmer accountability across the sector. We are determined to break the boom-and-bust cycle that has accompanied past recapitalisation efforts,” he stated.

The CBN’s Credit Risk Management System is now web-enabled, allowing banks to access its database for statutory returns and borrower checks. The apex bank is also integrating the system with banks’ internal platforms to improve efficiency.

A Deloitte report titled “Nigeria’s macro headwinds trigger bank recapitalisation” estimates that banks will raise about N4.14tn before the exercise ends in March 2026. The report noted that the sharp increase in minimum capital requirements, ranging from N50bn to N500bn depending on licence type, is essential to meet the industry’s capital adequacy needs amid inflation, high interest rates, currency volatility, and forex constraints.

The report added, “The upward revision will ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks. It also means an increased liquidity position of banks, which will help broaden their loss-bearing capabilities.”

Cardoso maintained that Nigeria’s banking system remains sound and resilient. “At the same time, we remain vigilant to emerging risks, including cyber threats, credit-concentration pressures, and operational vulnerabilities,” he said. He reiterated that the Basel III transition will further strengthen the system’s resilience.

The CBN is also reinforcing operational discipline to ensure that the financial system works efficiently for all Nigerians. Cardoso explained that the bank undertook an end-to-end review of the entire cash lifecycle—production, transportation, distribution, and consumer access. This review, he noted, informed steps such as recalibrating cash-printing models, issuing ATM-to-card ratio guidelines, strengthening approvals for ATM or branch closures, sanctioning banks whose ATMs fail to dispense cash, and enhancing supervision of POS operators nationwide.

These regulatory interventions reflect the CBN’s commitment to supporting the government’s ambition of achieving a $1tn GDP by 2030, as proposed in the Policy Advisory Council’s national economic plan. A well-capitalised banking sector is considered critical to realising this vision. Cardoso said banks must be sufficiently capitalised to support future economic expansion.

“Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1tn economy in the near future? In my opinion, the answer is ‘No!’ unless we take action,” he said, noting that the ongoing recapitalisation will enable banks to attract significant transactions and support growth.

The CBN has assured the public and depositors that the sector remains secure. “The CBN affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision,” the bank stated.

Road to recapitalisation

On 28 March 2024, the CBN announced a two-year recapitalisation programme that began on 1 April 2024. Minimum capital was increased to N500bn, N200bn, and N50bn for commercial banks with international, national, and regional licences, respectively. Merchant banks must hold N50 bn, while non-interest banks require N20bn (national) and N10bn (regional). The compliance deadline is 31 March 2026.

Cardoso said the policy is expected to drive inclusive growth by enabling banks to extend more credit to MSMEs and invest in technology and innovation, which are vital for expanding digital financial services and improving access in remote areas.

Under the recapitalisation exercise, the CBN adopted a distinct definition of minimum capital base, comprising paid-up capital and share premium only, excluding reserves and retained earnings. This means most banks must raise fresh capital even if their shareholders’ funds exceed earlier requirements.

Cardoso emphasised that the sector remains strong. “The non-performing loan ratio remains within the prudential benchmark of five per cent,” he said, adding that the liquidity ratio also surpasses the 30 per cent regulatory minimum. He noted that recent stress tests reaffirm the system’s overall robustness.

CBN Deputy Governor (Corporate Services), Ms Emem Usoro, said achieving a $1tn economy requires structured planning, clear policies, and committed implementation. She emphasised that recapitalisation is a key pillar of this goal, noting that banks must be equipped to finance a larger economy. “As we work towards building a $1tn economy, we must consider the recapitalisation of our banks to be able to fund, finance and power the economy,” she said in Abuja.

United Bank for Africa Group Managing Director, Oliver Alawuba, described the recapitalisation exercise as timely and necessary to strengthen the financial system. According to him, it will help the sector withstand inflation, currency instability, and global geopolitical shocks while positioning banks to finance large-scale infrastructure and industrial projects.

What the law says

The Central Bank of Nigeria Act of 2007 mandates the CBN to promote financial system stability. The bank fulfils this responsibility through reforms, greater access to finance, institutional capacity building, and enforcement of strong corporate governance practices.

Analysts note that financial system stability is essential because bank failures can erode public confidence, reduce savings and investment, disrupt the money supply, and trigger payment system breakdowns with harmful effects on the real economy. A stable financial system also strengthens the transmission of monetary policy, ensuring that authorities can achieve their primary objective of price stability.

Over the years, the CBN has introduced several reforms aimed at strengthening the banking industry and ensuring the effective functioning of the financial system.

by admin — December 18, 2025 in Business 0

NDIC, NIBSS to strengthen failed banks’ depositor payouts

The Nigeria Deposit Insurance Corporation and the Nigeria Inter-Bank Settlement System Plc are set to sign a Memorandum of Understanding aimed at ensuring a more efficient process of reimbursement for depositors in the event of bank failure

According to a statement from the NDIC on Wednesday, the Managing Director/Chief Executive of the NDIC, Mr Thompson Sunday, disclosed this during a courtesy visit to the Corporation’s Head Office in Abuja by the NIBSS Executive Management team led by its Managing Director/Chief Executive, Mr Premier Oiwoh.

This proposed MoU comes a day after the NDIC commenced the liquidation process for two mortgage banks, Aso Savings and Loans and Union Homes Savings and Loans, whose licences were revoked by the Central Bank of Nigeria. NDIC said that depositors of the defunct banks will be paid their insured deposits of up to N2m per depositor, and those with deposits above N2m will be settled once the assets of the banks have been disposed of.

Speaking during the visit, the NDIC boss commended NIBSS for its longstanding partnership and invaluable contributions to strengthening the Corporation’s mandate of protecting depositors and enhancing public confidence in the banking system. He highlighted the pivotal role played by the NIBSS in driving digital verification processes, particularly through the deployment of the Bank Verification Number platform, which enabled seamless payment to the alternate bank accounts of depositors of the failed Heritage Bank Limited.

“You have been a reliable partner, and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of failed Heritage Bank despite the impromptu nature of the arrangement. That is why it is important for us to concretise our partnership through this MoU,” the NDIC MD/CE stressed.

Sunday highlighted key areas to be covered by the MoU, such as real-time synchronisation of NDIC’s deposit registers and electronic records to allow for swift verification of eligible accounts during bank resolution; expansion of disbursement channels for depositor claims to include Mobile Money Operators and a possible NDIC-branded mobile interface; and investment in Single Customer View and interoperability infrastructure for instant validation in the event of bank failure.

The NDIC boss also hailed NIBSS for reforming the payments system in Nigeria and putting it ahead of its peers in most parts of the world, adding that the efforts of the NIBBS platform in mitigating fraud in the financial system are laudable.

In his response, NIBSS’ Oiwoh expressed appreciation to the NDIC leadership for the sustained partnership that is geared towards a safer and smoother payment system in Nigeria over the years. He reaffirmed NIBSS’s full commitment to supporting the Corporation in the delivery of its mandate of depositor protection, emphasising that NIBSS exists to serve Nigerians and stands ready to provide the technological backbone required to enhance financial system stability.

Oiwoh emphasised the critical importance of prompt and efficient reimbursement during bank failures, noting that the NDIC’s efforts in this regard directly contribute to public trust and financial inclusion. He assured that his organisation is working closely with law enforcement agencies to proactively reinforce the safety of the nation’s payment system, as well as strengthen its infrastructure to lower the cost of transactions on its platforms.

The MoU between both institutions is expected to usher in a new era of digitised, responsive, and technology-driven depositor reimbursement processes, ultimately reinforcing confidence in Nigeria’s financial safety-net framework.

by admin — December 18, 2025 in Business 0

UBA, Lagride agree on $100m Drive-to-Own programme for drivers

Lagride said it has secured a $100 million financing facility from United Bank for Africa to expand its Drive To Own programme and enable 3,500 Lagos drivers to transition from daily earners into long-term asset owners, business operators and mobility investors.

The partnership strengthens Lagos State’s transportation ecosystem and accelerates the shift toward a structured, technology-enabled and financially bankable mobility sector. Over the past 10 months, Lagride has rebuilt its entire onboarding and operational system for drivers, known as Lagride Captains. The platform introduced a performance-led Drive To Earn structure supported by weekly and monthly rental models.

This system has generated consistent 90-day usage and repayment data across the fleet, allowing United Bank for Africa and other financial institutions to assess driver performance with accuracy, confidence and transparency.
Eligibility for the Drive To Own programme is based on clearly defined performance thresholds, repayment discipline, safety compliance and service consistency. Through this approach, Lagride has emerged as the most structured, data-driven and credit-ready mobility platform in Nigeria, setting a new benchmark for bankable driver financing and asset ownership.
“Transportation is the backbone of Africa’s economic future, and platforms like Lagride are creating the blueprint for how African cities can build modern, technology-driven and people-centred mobility systems.”
As part of the milestone, Lagride also unveiled an expanded electric vehicle charging facility in Alausa, Lagos, reinforcing its long-term commitment to clean, future-ready mobility. The expanded infrastructure is designed to support the growing electric vehicle segment within Lagride’s fleet, reduce operational downtime and enable more efficient, sustainable transportation at scale.

By pairing driver financing with practical EV infrastructure, Lagride is positioning itself as a mobility platform built not just for today’s Lagos, but for the next generation of urban transport.

Speaking on the landmark partnership, Chief Diana Chen, Chairman, Lagride, said that the ultimate goal of the Drive To Own programme is not to keep drivers behind the wheel indefinitely, but to move them up the economic value chain.
She explained that Lagride is intentionally designed to help drivers evolve from operators into owners, and ultimately into investors and partners managing multiple vehicles and teams of people.

“Lagride was created to give Lagos a modern, disciplined and technology-driven mobility system while ensuring that drivers are not left behind. The goal is for drivers who we call Captains to become business owners, fleet partners and mobility investors, not just drivers.
This 100 million dollar partnership with United Bank for Africa moves thousands of captains closer to owning productive assets, managing multiple cars and building stronger financial futures. It is a major step forward in our commitment to driver prosperity and the future of smart mobility in Lagos.”

She noted that the Drive To Own programme is a starting point, not an endpoint, laying the foundation for long-term enterprise building, governance and scalable wealth creation within the mobility sector. Delivering remarks at the event, Oliver Alawuba, Group Managing Director and CEO, United Bank for Africa, shared a personal reflection on his father, who had been a professional driver. He spoke about transportation as a source of dignity, livelihood and social mobility, and why UBA considers the sector critical to inclusive economic growth.

He also recounted his reaction when Chief Diana Chen first shared the Lagride vision, describing it as clear, ambitious and strongly aligned with UBA’s commitment to financing real-sector projects that create jobs, build assets and deliver long-term economic impact. According to him, Lagride represents the kind of transformational, well-governed and data-backed initiative that UBA exists to support across Africa.

The event featured contributions from key stakeholders across Lagride, UBA and CIG Motors Group, including: Chief Diana Chen, Chairman, Lagride; Ademola Adeyemi, Lagride Academy and Driver Management Team Lead; Dorathy Akpan Etim, Lagride Captain on the Drive To Own Scheme with UBA; Brigadier General Chukwuemeka Udaya, Special Adviser to the Chairman on Government Relations, who signed on behalf of CIG Motors; Ifeanyi Abraham, PR Director, Lagride, who hosted the event among other dignitaries in attendance.

by admin — December 18, 2025 in Business 0