With less than three weeks to the deadline for the Central Bank of Nigeria’s (CBN) bank recapitalisation programme, at least 31 lenders have met the new capital thresholds, while two others are reportedly awaiting final verification. The recapitalisation exercise, which began in 2024, is designed to strengthen banks’ resilience and position them to support Nigeria’s economic growth. Under the new rules, commercial banks with international licences must maintain a minimum capital base of N500 billion, while national banks require N200 billion and regional banks N50 billion. For non-interest banks, the thresholds are N20 billion (national) and N10 billion (regional). ALSO…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has introduced new technology-driven regulations requiring banks and other financial institutions to deploy automated anti-money laundering systems to strengthen the detection of suspicious financial transactions across the country. The directive was contained in a circular issued on March 10, 2026, to banks, mobile money operators, international money transfer operators, payment service providers and other financial institutions under the CBN’s supervision. According to the apex bank, the policy sets baseline standards for automated anti-money laundering (AML) solutions aimed at improving the monitoring and reporting of financial crimes in Nigeria’s increasingly digitised financial system. The CBN…
Former Zamfara governor and Minister of State for Defense, Bello Muhammad has welcomed the defection of the state governor, Dauda Lawal to the (APC), describing the move as a historic moment for the state and the country. Reacting to the development, Mohammed said the governor’s entry into the ruling party represents a significant political reunion and an opportunity for greater collaboration in addressing the challenges facing the state. He noted that Zamfara requires the collective commitment of all stakeholders to confront its pressing issues, particularly insecurity, while advancing the development agenda of the administration of . According to him, Governor…
Zamfara State Governor Dauda Lawal has dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC), citing prolonged internal crises and the need for stability. In a statement on Monday, the governor’s media aide, Nuhu Anka, confirmed the switch followed wide consultations with stakeholders. “After careful consideration and in the overriding interest of stability, progress, and sustainable development of Zamfara State, Governor Dauda Lawal has formally defected from the PDP to the APC,” the statement read. Anka blamed “prolonged internal crisis, leadership disagreements, and unresolved structural challenges within the PDP at national and state levels,” which have hindered…
Modibbo Adamawa University Teaching Hospital (MAUTH), Yola, on Monday, successfully separated four-month, two-week-old conjoined male twins. The surgery was led by Prof. Abubakar Auwal, a pediatrician and paediatric surgery expert. Auwal, Professor of Paediatric Surgery and former Chief Medical Director, said the three-hour operation marked the sixth successful conjoined twins separation in the hospital’s history by the experienced surgical team. He explained that the twins were joined at the abdominal region, but the team successfully separated them. “In this hospital, this is the sixth separation, though we have like two in Maiduguri,” he said. The surgeon added that the hospital…
The Central Bank of Nigeria (CBN) has announced plans to raise N850 billion through a fresh Nigerian Treasury Bills (NTBs) auction scheduled for March 11, 2026. According to an official tender notice issued to primary market dealers by the apex bank on behalf of the Debt Management Office (DMO), the new sale will bring the total Treasury Bills raised within one week to about N2 trillion. The planned auction comes just a week after the CBN conducted a similar sale on March 4, where it raised N1.01 trillion from investors amid strong demand for government securities. Details of the upcoming…
Nigeria’s private sector maintained its growth momentum in February 2026 as the Central Bank of Nigeria (CBN) Purchasing Managers’ Index (PMI) rose to 56.4 points, marking the 15th consecutive month of expansion in business activities. The latest PMI reading reflects continued improvement in economic conditions across major sectors of the economy, including industry, services, and agriculture, driven largely by increased production, new orders, employment, and inventory growth. According to the CBN report, 30 of the 36 subsectors surveyed recorded expansion during the month, indicating broad-based growth in private sector activities. The industry sector recorded the strongest performance with a PMI…
The Executive Secretary of the National Commission for Mass Literacy, Adult and Non-Formal Education (NMEC), Prof. Musa Garba Maitafsir, has reaffirmed the commission’s commitment to intensifying efforts to combat illiteracy across Nigeria. Prof. Maitafsir made this known at the weekend when he led a high-powered delegation of the commission on a visit to the Aco community in Lugbe, a sprawling suburb of the Federal Capital Territory (FCT), Abuja. The development was contained in a statement signed by the Deputy Director, Information and Public Relations of the commission, Barr. Issa Marughu, and made available to journalists in Abuja on Sunday. According…
A Nigerian political scientist and academic, Professor Jibrin Ibrahim, has cautioned against placing the proposed state police under the direct control of state governors. Speaking on Channels Television’s Sunrise Daily on Saturday, Ibrahim warned that allowing governors to control state police could undermine the expected benefits of the initiative and open the door to abuse of power. He argued that governors might deploy such security outfits against political opponents rather than criminals. According to him, while the constitutional argument for state police is based on Nigeria’s federal structure — which allows federating units to establish security institutions within their jurisdictions…
The Central Bank of Nigeria (CBN) has confirmed that 30 banks have fully met the new minimum capital requirements for their respective licence categories under the ongoing banking sector recapitalisation programme. The apex bank, in a statement by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, disclosed on Friday, also noted that the recapitalisation exercise, launched in 2024, is aimed at strengthening the resilience of Nigeria’s financial system and positioning banks to better support economic growth. According to the CBN, a total of 33 banks have raised fresh capital through rights issues, initial public offerings (IPOs), and private placements…