With just six months left before the March 2026 deadline, only six of the thirteen deposit money banks listed on the Nigerian Exchange have met the Central Bank of Nigeria’s (CBN) recapitalisation requirements. The recapitalisation drive, announced in March 2024, compels banks to strengthen their capital base in line with their licence category. The new thresholds are: ₦500 billion for banks with international authorisation. ₦200 billion for banks with national authorisation. ₦50 billion for banks with regional authorisation. ₦20 billion for non-interest banks with national licences. ₦10 billion for non-interest banks with regional licences. The policy aims to ensure a…
Author: Abdallah el-Kurebe
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says ongoing reforms in the oil and gas sector have delivered 28 new Field Development Plans (FDPs) with investment commitments worth $18.2 billion. The Commission’s Chief Executive, Gbenga Komolafe, disclosed this on Tuesday at the Africa Oil Week in Accra, Ghana, in a statement issued by Eniola Akinkuotu, Head of Media and Strategic Communications, NUPRC. Komolafe attributed the milestone to President Bola Tinubu’s Renewed Hope agenda, stressing that it underscored the attractiveness of Nigeria’s upstream sector. He explained that the 28 approved FDPs are expected to unlock 1.4 billion barrels of oil and…
The Central Bank of Nigeria (CBN) has directed all Domestic Systemically Important Banks (DSIBs) in the country to obtain regulatory approval for the appointment of successors to their Managing Directors or Chief Executive Officers at least six months before the expiration of the incumbent’s tenure. According to the apex bank, the new directive is aimed at strengthening leadership continuity in Nigeria’s most influential banks and preventing governance lapses that could disrupt financial stability. The policy, which takes immediate effect, also mandates banks to publicly announce the approved successor at least three months before the outgoing MD/CEO officially leaves office. This…
The Department of State Services (DSS) has filed a five-count charge at the Federal High Court in Abuja against social media giants X (formerly Twitter), Meta (owners of Facebook), and human rights activist Omoyele Sowore. Court documents sighted on Tuesday revealed that the charges, marked FHC/ABJ/CR/484/2015, were instituted by the Federal Republic of Nigeria as complainant, with Sowore, X Inc., and Meta Inc. listed as defendants. According to the charge sheet, Sowore is accused of using his official X handle, @YeleSowore, and his Facebook page to publish a post on August 25 and 26, 2025, describing President Bola Ahmed Tinubu…
OpenAI has announced the release of GPT-5-Codex, a new model designed to take AI coding assistance beyond autocomplete and into the realm of autonomous software engineering. The upgraded system builds on GPT-5 but is specifically optimized for what OpenAI calls “agentic coding”—where the AI acts more like a teammate, capable of managing complex tasks with minimal human input. Key features Real Engineering Capabilities: GPT-5-Codex can tackle end-to-end projects, refactor large codebases, fix bugs, write tests, and conduct code reviews. Dynamic Effort: The model adjusts how much “thinking time” it spends depending on the difficulty of the task—finishing small fixes quickly…
Vice President Kashim Shettima has called for the revival and revitalisation of Nigeria’s railways system as the only way to secure the nation’s position as Africa’s logistics hub. Speaking at the opening of the 2nd International Railway Conference in Abuja, Shettima urged stronger networking and collaboration among stakeholders to drive progress in the sector. He noted that President Bola Ahmed Tinubu’s administration has prioritised strategic railway projects such as the Kano–Maradi modernisation to open new trade gateways under the African Continental Free Trade Area (AfCFTA). The Vice President stressed that over-reliance on road transport has caused congestion, decayed infrastructure and…
The United Nations has revised its proposed 2026 programme budget, slashing more than $500 million in response to financial pressures. The cuts, shared Monday with the Advisory Committee on Administrative and Budgetary Questions (ACABQ), represent a 15.1% reduction in resources and an 18.8% cut in posts compared to 2025. Peacekeeping support operations will also face reductions. Secretary-General António Guterres said the review was part of the new UN80 Initiative, aimed at making the organisation leaner and more resilient as it marks its 80th anniversary. He stressed the cuts were “carefully calibrated,” shielding programmes that directly benefit least developed, landlocked and…
Nigeria is banking on proactive agricultural policies to transform its food systems, protect the climate, and secure better livelihoods for farmers, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, has said. Speaking at a high-level UN event in Rome, Italy, Kyari stressed that agriculture must go beyond just producing food. According to him, it should restore degraded soils and ecosystems, reduce emissions, and ensure that farmers—especially smallholders—can live and work with dignity. “In Nigeria, we are laying the foundations for a climate-resilient, nature-positive food system. From distributing improved seeds and promoting better soil management to expanding agroforestry, we…
The Federal Inland Revenue Service (FIRS) has clarified that Nigerians will not be required to obtain a separate Tax Identification Number (TIN) in order to open or operate bank accounts. The agency explained that the TIN system has been designed to work seamlessly with existing national identifiers such as the National Identification Number (NIN) for individuals and Corporate Affairs Commission (CAC) registration numbers for companies and other legal entities. The clarification followed reports suggesting that, beginning January 2026, Nigerians would have to present a TIN before they could open or maintain bank accounts. The reports sparked concerns that citizens might…
Hypertension, commonly called high blood pressure, is one of Nigeria’s deadliest silent killers. Millions live with the condition without knowing, until complications such as stroke, heart attack, or kidney failure strike. Now, Apple has stepped into the fight against hypertension. The U.S. Food and Drug Administration has approved a new Apple Watch feature that can alert users if it detects signs of persistently high blood pressure. Here’s how it works: The Apple Watch’s optical heart sensor tracks how blood vessels respond with every beat. Over 30 days, it gathers data. If signs of hypertension are consistent, the wearer receives a…