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Banks Raise N2.03trn As Recapitalisation Deadline Nears

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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

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Entertainment

Davido breaks silence after Grammy Award loss

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Five-time Grammy nominee, David Adeleke, popularly known as Davido, has reacted after losing the Best African Music Performance category at the 68th Grammy Awards held in Los Angeles, United States.

 

The Afrobeats star shared a message of faith and resilience following the outcome of the ceremony, which took place on Sunday night at the Crypto.com Arena in California.

In a post on his Instagram page, Davido shared photos with his wife, Chioma, from the event and wrote, “Oluwa Dey my side,” alongside prayer and music emojis.
Hours later, he posted another set of pictures of himself and Chioma at the Grammys, reflecting on the loss in a longer caption.

“I said baby listen we lost again let’s not go ! she said ‘Be humble in victory and gracious in defeat’ we outside,” he wrote.
Chioma also reacted via her Instagram page, praising the singer, “You already know that you’re the perfect one, @davido,” she wrote, while sharing photos from the awards night.
Davido was nominated in the Best African Music Performance category at the 2026 Grammy Awards but lost to South African singer Tyla, who won with her song Push 2 Start.

Other nominees in the category included Burna Boy (Love), Ayra Starr and Wizkid (Gimme Dat), Davido (With You featuring Omah Lay), and Eddy Kenzo and Mehran Matin (Hope & Love).

The win marked Tyla’s second Grammy Award, following her first victory in 2024 for her hit single Water.

Speaking during the awards ceremony, the singer revealed that With You, featuring Omah Lay, almost did not make the final tracklist of his album 5IVE.
“Man, it’s so crazy because that song almost didn’t make the album. With You was not in anybody’s top five.
“And now look at it go. Every time I was performing it, my heart would just start beating like, what if I didn’t put this song?” he told OkayAfrica.

Davido also recounted how he learned about the Grammy nomination, saying the news came unexpectedly while he was in Dubai, days before his birthday.

“I was in the car, actually, checking a car, and then my phone rang. They were like, ‘Oh yeah, another nomination.’ I was like, wow. Thank God,” he said.

“With You” was released in April 2025 as the 17th track on Davido’s fifth studio album, 5IVE, and has since become one of his most successful recent records, surpassing 100 million streams on Spotify.

Despite the song’s success, Nigeria did not record a win at the 2026 Grammy Awards.
Davido said he is now focused on touring and releasing new music.

He is also billed to perform at Coachella 2026, where he will be the only Nigerian artiste on the festival lineup, performing on April 11 and April 18, 2026, in Indio, California.

-Guardian

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Kunle Afolayan gives reasons to marry many women

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Nollywood filmmaker, Kunle Afolayan, has stirred reactions after advising men to “marry many women” while reflecting on his upbringing in a polygamous home.

 

The actor and producer made the remarks at the watch party of Aníkúlápó: The Ghoul Awakens, with a clip from the event going viral on Tuesday.

Speaking at the event, Afolayan linked his existence and achievements to his late father’s decision to marry several wives.

“Without my father, there wouldn’t have been a KAP Village or even Kunle Afolayan. I am the seventh born of my father because my father had ten wives. For the men, marry many women, or rather be involved with many women. You know why? If my father didn’t, he would not have born me, and that is the honest truth. But today, a few of us are lifting his legacy. Life is short, death is constant. Nobody has life forever. Everybody has a period. Use your period,” he said.

While his daughter, Eyiyemi Afolayan, joined him on stage, the filmmaker compared his childhood experience with his relationship with his children.

“They are lucky. For her, staying by my side is luck. Do you know why? I couldn’t stand it with my father. My father didn’t know my school. My father didn’t know my date of birth. He did not know anything about me other than, ‘He is the son of that person.’ But today, I’m so proud of my father,” he added.

Afolayan also spoke about fatherhood.

“Sometimes when people say ‘Happy Father’s Day,’ I’m always saying whether he pays child support or not, he’s still a father. I have been going to court because I want to get a divorce. I don’t mind being in the witness box, and I experienced the shit, so that I can marry many wives,” he said.

He thereafter prayed for his daughter, praising her role in the series.

“Hephzibah, her mother is the one who gave her the name. I don’t care, but I am proud of you. You started with the film, you did the first season, and now with the second season, you did amazingly well. My good Lord will continue to increase you in wisdom, in knowledge, and in understanding. If this is your path, the good Lord will see you through.”
However, this is not the first time the filmmaker has spoken about his late father’s polygamous lifestyle.

In March 2021, Afolayan told BBC Pidgin that his father, Adeyemi Afolayan, who died in 1996, married 10 wives and had 25 children, a decision he said took a toll on the family.

“I would not want to marry many wives because my father had 10 wives and I knew what happened throughout that period. I knew that really distracted my father. In this age, nobody needs to tell you before you know what’s right,” he said at the time.

He also disclosed that growing up in a polygamous home affected bonding among the children due to language and other barriers.

Afolayan further narrated how he battled poverty in his early years, revealing that he once lived in a one-room apartment in Ebute-Metta and sometimes had to deal with flooding.

“I was born in Ebute-Metta and have lived in one-room apartment before that we even have to grapple with flood sometimes. It’s not shame to say have been poor before. But if you see how l made it, it’s a matter of consistency. My father was a very popular filmmaker and ordinarily, people would expect me to life the kind of live akin to Hollywood stars,” he said.

“But that wasn’t the case. How would one live such life when you’re living in a room with ten women. That doesn’t mean there was no love among us.”

He had advised young filmmakers to start with the little resources available to them while working towards their dreams.

 

-Guardian

 

 

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Court adjourns Ganduje’s corruption trial to April 15

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A Kano State High Court has adjourned until April 15 the trial of former governor Abdullahi Ganduje, his wife, Hafsat Umar, and son, Abdullahi Umar, alongside five other defendants, over alleged misappropriation of public funds amounting to billions of naira.

 

The defendants are facing an 11-count charge bordering on bribery, conspiracy, misappropriation, and diversion of public funds. The remaining accused persons are Abubakar Bawuro, Jibrilla Muhammad, Lamash Properties Ltd, Safari Textiles Ltd, and Lasage General Enterprises Ltd.

At the resumed hearing, the prosecution told the court it was ready to proceed and drew attention to a motion dated November 24, 2025, seeking leave to file additional proof of evidence.

However, defence lawyers raised objections, informing the court that multiple applications were pending and must be resolved before the trial could continue.

Lydia Oluwakemi-Oyewo, counsel to some of the defendants, said the defence had filed a motion dated July 17, 2025, seeking a stay of proceedings.
Adekunle Taiye-Falola, representing the third and seventh defendants, also referred to a separate motion dated May 23, 2025.
In addition, Muhammad Shehu, counsel to the fifth defendant, told the court that an affidavit had been filed notifying it of a pending application for stay of proceedings before the Court of Appeal.
Abubakar Ahmad, counsel to the sixth defendant, informed the court that he had filed a notice of preliminary objection and an application for extension of time to respond on points of law dated February 2, urging the court to fix a date for hearing.

Only Faruk Asekome, counsel to the eighth defendant, indicated readiness to proceed with the trial.

After hearing arguments from both sides, the presiding judge, Justice Amina Adamu-Aliyu, adjourned the matter to April 15 for the hearing of all pending applications and preliminary objections.

The trial has suffered repeated delays due to legal challenges. The high court had earlier dismissed preliminary objections raised by the defence as “incompetent” and affirmed its jurisdiction to hear the case.
That ruling was appealed by the defendants, who argued that the trial court lacked jurisdiction. However, in October 2025, the Kano Division of the Court of Appeal struck out the appeal, citing failure to properly transmit the record of appeal.

-Guardian

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