News
Banks Raise N2.03trn As Recapitalisation Deadline Nears
Deposit money banks (DMBs) have raised about N2.03 trillion cumulative fresh capital as they are working towards meeting the March 31, 2026 deadline to shore up their capital base to the new requirement as set by the Central Bank of Nigeria(CBN).
Over the past months, banks had raised capital through public offerings, rights issues and private placement, raising over N2.033 trillion in the process. While only one merger is currently ongoing, the majority of the banks expect that they will meet up the new capital base on or before the deadline which is in nine months and 15 days.
The CBN had given a 24 months timeline, running from April 1, 2024 to March 31, 2026 for banks with international licences to maintain at least N500 billion, national banks to have minimum of N200 billion, and regional banks to maintain N50 billion as paid up capital.
While several financial institutions have already met the Central Bank of Nigeria’s recapitalisation threshold, others are progressing into the second phase of their capital-raising plans, and a few are still exploring strategic options.
Zenith Bank Plc leads the Tier 1 pack, having successfully raised N290 billion through an oversubscribed rights issue and public offer, with a subscription rate of 160 per cent. This has boosted its qualifying capital to N614.65 billion, well above the N500 billion requirement.
Access Holdings also completed a N351 billion rights issue, offering 17.77 billion shares at N19.75 per share. As a result, Access Bank was the first bank with an international license to formally meet the CBN’s capital requirement, bringing its capital base to N594.90 billion.
Guaranty Trust Holding Company (GTCO) having initiated a N400.5 billion capital programme had secured N209.41 billion via its public offer. The bank is now entering the second phase of its capital raise.
FBN Holdings, the parent company of FirstBank, raised N187.6 billion from a rights issue that was 25 per cent oversubscribed and is preparing for a N350 billion private placement. With a current capital of N251.34 billion, a successful placement would push its total capital to N601.82 billion.
Meanwhile, other players remain in the thick of their recapitalisation journey. United Bank for Africa (UBA) recently concluded a rights issue oversubscribed by N251 billion, of which the CBN approved N240 billion due to regulatory limits. This brought UBA’s capital to N355.2 billion, leaving a shortfall of N144.8 billion to be covered later in the year.
Stanbic IBTC Holdings and Sterling Financial Holdings Company are steadily advancing in their recapitalisation efforts. Stanbic recently completed a N148.7 billion private placement and awaits the outcome of a public offer. Its capital presently stands at N109.26 billion but is projected to rise to N257.96 billion. Sterling raised N67.5 billion via a 103 per cent subscribed rights issue and anticipates a total post-recapitalisation capital of N262.26 billion.
Fidelity Bank had also made progress in its recapitalisation drive, raising a total of N302.95 billion so far, having raised N127.1 billion through the first tranche of combined rights issue and public offer. It proceeded with a subsequent hybrid rights offer and public issue, raising an additional N175.85 billion early this year and is on track to meet the N500 billion capital base.
FCMB is tackling a capital gap of N374.71 billion. It has raised N147.5 billion through a private placement and completed a N110.90 billion rights issue, bringing its capital to N266.23 billion. The bank expects to meet the N500 billion target by early 2026.
Similarly, Wema Bank closed a N150 billion rights issue on May 21, 2025. At its 2024 Annual General Meeting, CEO Moruf Oseni disclosed that the bank had met the capital requirement, pending CBN confirmation. A N50 billion private placement, already approved by shareholders, could raise Wema’s capital to approximately N267 billion.
Head of Financial Institutions Ratings at Agusto & Co., Ayokunle Olubunmi, commenting on the recapitalisation drive, noted that the exercise has added a buffer to the financial system, putting banks in a stronger position to withstand macroeconomic shocks and better support economic growth.
“Banks will be critical if Nigeria is to attain its GDP targets. With stronger capital bases, they are better placed to scale and drive inclusive economic development,” he said.
-Leadership
News
Polaris Bank Champions Girls’ Hygiene Awareness with Female Hygiene Essentials Distribution in Kuramo & Victoria Island Junior and Senior Secondary Schools
Polaris Bank has continued its commitment to empowering the Nigerian girl-child through health education and essential support, with the successful distribution of female hygiene essentials to female students of Kuramo and Victoria Island Junior and Senior Secondary Schools, Lagos.
This initiative stems from Polaris Bank’s 2025 International Women’s Day celebration and forms part of our 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, emphasizing 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 life-long 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 powerful 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,” Mrs. 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’s support for the girl-child aligns with the Bank’s 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.
The Bank believes that sustained investment in girls’ wellbeing ensures equal opportunity, reduces school dropout rates, and helps drive long-term social and economic development.
The female hygiene essentials distribution initiative directly addresses barriers that affect school attendance among adolescent girls, especially those who lack access to basic hygiene products.
By equipping students with knowledge and materials, Polaris Bank is helping to normalize conversations around menstruation, reduce stigma, and support healthier outcomes for young girls.
News
Sterling Bank Champions Collective Action……to Accelerate Nigeria’s Renewable Energy Transition
Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector.
The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.
Managing Director and CEO of Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.
The CEO, who was represented by Dele Faseemo, Group Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.
He noted that by focusing on these areas, the Bank can do more to drive progress and expand access to energy, which he described as essential for supporting economic growth and overall development.
In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency.
He noted that Nigeria requires about $26 billion to address its energy deficit. He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.
The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the MD, said “REA is strategically expanding and optimizing channels to accelerate the adoption and sustainable growth of renewable energy acrossthe country in the areas of value chain development, regulation enhancement, funding windows, alternative resources and technical standardization.”
Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the conversation on renewable energy.
He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.
The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal Ministry of Power has continued to expand electricity access to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”
In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, noted that the current administration is implementing the most ambitious energy transformation ever undertaken.
He highlighted the state’s efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.
The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action. She urged participants not to allow the day’s deliberations to end as mere conversations or points documented in a communiqué.
Instead, she encouraged everyone to leverage the strength of their networks, act with intention, and remain focused on delivering meaningful impact.
The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.
//Ends.
About Sterling BankSterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group.
With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.
Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at at large.
Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.
Education
Polaris Bank, Evolve Charity Trust empower 1,000 students with school essentials
Polaris Bank, in partnership with Evolve Charity Trust, has successfully concluded its 2025 nationwide distribution of school essentials to 1,000 students across ten public secondary schools in five states, including the Federal Capital Territory (FCT). The initiative is part of the Bank’s sustained Corporate Social Responsibility (CSR) efforts to keep more children, especially the girl child, in school.
This year’s exercise adds to a growing intervention that has supported more than 24,000 students in public schools across 49 locations since 2021.
This year’s beneficiaries received a complete learning kit consisting of a school uniform, school bag, a pair of sandals, six exercise books and pens. According to school authorities, these materials continue to improve attendance, boost confidence and support academic performance.
In delivering the programme, Polaris Bank also stimulated the local economy by sourcing uniforms from local tailors, procuring books from bookshops and purchasing sandals and bags from community traders, thereby supporting small businesses across the beneficiary states.
Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal, reaffirmed the Bank’s five-year promise to champion the education of Nigeria’s girl child, noting that the materials are symbols of belief in the students’ potential to become scholars, innovators and future leaders.
School administrators across the country expressed gratitude for the timely support, noting that the essentials meet real and urgent needs, ease the burden on families and positively impact academic performance. Many students come from homes where parents cannot afford these items and the gesture has restored pride among beneficiaries.
Representatives of the Bank reiterated their commitment to improving access to education, championing access to quality learning, and encouraging students to make the best use of the materials and stay committed to success.
The 2025 distribution covered the following schools: Government Girls Secondary School, Kundila, Kano; Model Junior Secondary School, Maitama, Abuja; Government Junior Secondary School, Area 10, Garki, Abuja; Fortune Secondary School, Lokoja, Kogi State; National High School, Arondizuogu, Imo State; Iheme Memorial Secondary School, Iheme, Imo State; Akokwa High School, Akokwa, Imo State; Opebi Junior Grammar School, Opebi, Lagos; Gbaja Girls Junior Secondary School, Surulere, Lagos; and Gbaja Girls Senior Secondary School, Surulere, Lagos.
Expressing gratitude for the timely support, Hajiya Aisha Shehu Yakasai, Principal of Government Girls Secondary School in Kundila, Kano, said the essentials “meet real and urgent needs” and have eased the burden on families. Aso, Madam Maji-Abu Omanyo Esther, Principal of Fortune Secondary School, Lokoja, described the gesture as one that “brought joy and will positively impact academic performance.”
Commending the Bank for restoring pride among beneficiaries, Mrs. Erdoo Lortyom, Vice Principal at Model Junior Secondary School, Maitama, Abuja, noted that many students come from homes where parents cannot afford these items while Mrs. Dabiri Nwabuoku Adetoun Iyabo, Principal of Gbaja Girls Junior and Senior Secondary Schools, Surulere, thanked Polaris Bank for its “consistent yearly gesture,” assuring that the materials will be put to excellent use.
Representatives of the Bank reiterated their commitment to improving access to education.
In Kano, Branch Head, Mr. Madiebo Godwin, reaffirmed the Bank’s dedication to “championing access to quality learning,” while in Lokoja, Business Development Manager, David Ojonugwa, encouraged students to “make the best use of the materials and stay committed to success.”
Speaking in Imo State, the Bank’s Business Development Manager for Urualla Branch, Mr. Peter Nnamani, urged students to aim high, noting that every career dream “begins with dedication in school.”
Project Manager of Evolve Charity Trust, Mr. Godwin Ejeh, noted that investing in a child’s education “lights a candle that brightens entire communities,” noting the ripple effect witnessed across states visited during the distribution.
The initiative aligns with the United Nations Sustainable Development Goals, particularly SDG 4: Quality Education and SDG 5: Gender Equality, by promoting inclusive access to education and reducing gender-based barriers that keep girls out of school.
Polaris Bank affirmed its continued commitment to partnering with credible development organisations to deliver sustainable educational impact across Nigeria.
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