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Abia: Court dismisses Ikpeazu’s application to reverse sack
The Federal High Court in Abuja, yesterday, dismissed as lacking in merit an application seeking to set aside the enrolled order of the judgment that sacked Governor Okezie Ikpeazu of Abia State from office. This came on a day presiding judge of the Federal High Court, Owerri, Justice A. I. Alagoa, fixed July 8 to deliver judgment on the tax forgery suit filed against Ikpeazu by a chieftain of Peoples Democratic Party, PDP, in Abia State, Mr. Friday Nwosu.
The court, in a ruling by Justice Okon Abang, maintained that all the orders contained in the judgment it delivered against Ikpeazu on June 27 subsist until they were set aside by the appellate court. Justice Abang gave the ruling on a day the embattled governor, through his team of four Senior Advocates of Nigeria, led by Chief Wole Olanipekun, SAN, applied for an order restraining the beneficiary of the verdict, Mr. Uche Ogah, and the Independent National Electoral Commission, INEC, from executing the judgment.
The judge had, in his judgment, ordered Ikpeazu to vacate his office, even as he directed INEC to immediately issue a fresh certificate of return to Ogah, who came second in the governorship primary election of the PDP. Although INEC had since issued certificate of return to Ogah, another court in Abia State had restrained the Chief Judge from swearing him in.
Ikpeazu wants order set aside Meantime, Ikpeazu, through his lawyers, yesterday, re-approached the high court, praying it to set aside its order dated June 27 that led to the issuance of certificate of return to Ogah. Olanipekun urged the court to take judicial notice that INEC issued certificate of return to Ogah on June 30, despite the fact that it was served with Ikpeazu’s notice of appeal and application for stay of execution at exactly 12:50 p.m on June 28.
He contended that INEC acted wrongly by going ahead to issue the certificate to Ogah, two days after it was served with the appeal processes. Olanipekun told the court that his client had filed “a comprehensive and elaborate notice of appeal,” and was “desirous of speedy and expeditious determination of the matter.” Ogah accuses Ikpeazu of resorting to self-help However, Ogah, who was represented by five SANs, led by Dr. Alex Iziyon, urged the court to refuse Ikpeazu’s prayer for stay of execution of the judgment.
Ogah told the court that Ikpeazu obtained a restraining order from another high court at Osisioma in Abia State that prevented him from being sworn in. He stressed that Ikpeazu got the restraining order from the high court in Abia when his motion for stay of execution was already pending before the court in Abuja. “Where a party has taken to self-help, your lordship should refuse to indulge them further,” he argued.
Responding, Olanipekun said it was Ogah and INEC that “deliberately and calculatively resorted to self-help in order to frustrate both the motion for stay of execution and the pending appeal.” He relied on Order 4 Rule 1(2) of the Judgment Enforcement Rules to argue that there should have been a timeline for enforcement of the June 27 verdict that removed his client. Olanipekun insisted that INEC “illegally tampered with the rest of the case” by issuing certificate of return to Ogah, despite the pending appeal against the judgment.
He also prayed the court to adjourn hearing on the motion for stay of execution until Thursday to enable him respond to a further affidavit filed by Ogah. On its part, INEC lawyer, Mr. Alhassan Umar, told the court that the commission had already issued certificate of return to Ogah as it was ordered to do, before it was served with Ikpeazu’s motion for stay. Umar said though the certificate was signed on June 28, it was, however, handed to Ogah two days later.
According to INEC lawyer, “My lord ordered the 3rd defendant to issue certificate of return forthwith and upon service of the order, my lord, on June 28, the 3rd defendant issued a certificate of return accordingly. “The certificate of return was issued before we were served with the motion on June 28. We had issued the certificate upon being served with the court order. But the actual presentation of the certificate was on June 30. But we had complied with the order of my lord. “We had no difficulty to issue the certificate because election matters are sui-generis. Where the law intends that an appeal should operate as a stay, it is expressly provided so.
In our view, this matter is not regulated by Section 143 of the Electoral Act.” My order sacking Ikpeazu stays —Judge In his ruling, Justice Abang refused to set aside the order containing the judgment against Ikpeazu, even as he adjourned hearing on the motion for stay of execution till Thursday. The judge said he would on that day also decide on an application by Ogah seeking to set aside the restraining order of the High Court in Abia State, as well as an application asking him to set aside the certificate of return INEC issued to Ogah. Justice Abang held that the enrolment order against Ikpeazu was properly signed and issued.
The judge said though section 294 of the constitution allowed the court to get the judgment ready within seven days, he said the registry ensured it was available in four days, owing to pressure from Ikpeazu. He said: “I had jurisdiction to sign the enrolment order as at the time I did so. The court cannot order a sitting governor to vacate his office just for fun.
We are here to settle dispute and I am not afraid to take decision. “Therefore, those going to the media to misinterpret the decision of the court when they have not even taken out time to study the 131-page judgment should take caution.” Judgment on tax forgery suit for July 8 Meanwhile, presiding judge of the Federal High Court, Owerri, Justice A. I. Alagoa, has fixed July 8, to deliver judgment on the tax forgery suit filed against Ikpeazu by Nwosu. Nwosu, who ran for the December 8, 2014, PDP governorship primaries in the state, had accused the governor of submitting a forged tax clearance certificate, praying the court to disqualify him.
Joined in the suit were the PDP, INEC, Ikpeazu and Ogah as 1st, 2nd, 3rd and 4th defendants, respectively. The parties adopted their written addresses. Counsel to Nwosu, F. Unyimadu, prayed the court to grant the prayers of his client by disqualifying Ikpeazu for submitting forged tax certificate and declare him governor. Unyimadu added that the governor was not qualified to run for the primary election.
He further argued that Ogah, who refused to sign the result and petitioned the PDP to conduct another primary election, had forfeited his right to benefit from the exercise. In their separate arguments, counsel to PDP, INEC, Ikpeazu and Ogah, Paul Ananaba (SAN), Jude Nnodum (SAN), Theo Nkire and O.J. Nnadi (SAN), respectively, said Nwosu’s suit lacked merit and urged the court to dismiss it. Earlier, the counsel had opposed an attempt by Ogah’s counsel to leverage on the judgment of the Federal High Court, Abuja, which declared him governor.
This was upheld by the judge, who ruled that he was not bound by the verdict of a court of the same hierarchy. In a related development, Nwosu has filed a notice of appeal on the judgment of the Federal High Court, Abuja, which declared Ogah as governor, praying the court to set it aside and declare him governor.
In a notice of appeal filed against Suit No. FHC/ABJ/CS/71/2016, between Sir Friday Nwanozie Nwosu (Appellant) and Sampson Uchechukwu Ogah, Peoples Democratic Party, Dr. Okezie Victor Ikpeazu, and the Independent National Electoral Commission, as Respondents, Nwosu listed nine grounds of appeal and particulars of error on the judgment delivered by Justice Okon Abang on October 27. While praying the Court of Appeal to set aside the judgment, Nwosu also sought five reliefs: “an order setting aside the declaration of first respondent, Uche Ogah, as the elected governor of Abia State as declared by the trial court. Others include: “an order that the first Respondent, Uche Ogah, is stopped from claiming any right or benefit from the second respondent’s (PDP) Gubernatorial Primary Election of 8/12/2014, in Abia State, having waived his right to do so; an order striking out the first respondent’s (Uche Ogah) suit on the ground that it constitutes an abuse of court process; an order that the suit of first respondent i.e. (Suit No. FHC/ABJ/CS/71/2016) is incompetent and the trial court lacks the jurisdiction to hear and determine the suit.” lNEC must reverse itself —
PDP chieftain Reacting to the development, Mr. Ben Onyechere, a PDP chieftain and former Special Assistant to Dr. Alex Ekwueme, said the rush by INEC to implement the judgment of a Federal High Court that annulled the election of Governor Okezie Ikpeazu of Abia State on the reason that it did not receive the notice of appeal from the governor’s lawyers was a clear indication of a well scripted conspiracy and attempt to disenfranchise the entire Abia electorate. According to him, the judgment is the worst embarrassment that has befallen the judiciary in recent times. He said: “The ruling by Justice Abang is a dangerous trend occurring in an area reputed for high volatility, especially with the presence of a pro-Biafran group whom the governor is labouring to assuage.
It is indeed curious and laughable to behold an INEC official with guilt written all over him on TV saying that they never received notice of appeal from Ikpeazu’s lawyer, only to admit receipt of appeal after perpetrating their plan. “The judge, who turned himself to prosecutor, investigator and adjudicator, refused to determine a simple fact of whether the governor was actually working for government which automatically means his taxes were deductible on monthly basis.
“However, the onus now rests on INEC officials, who have now admitted receipt of the appeal, to quickly reverse themselves without delay to avert the looming disaster in Abia.” Ikpeazu submitted tax certificate in error —Abia PDP Also reacting, Abia State chapter of the PDP, yesterday, said the tax certificate submitted to INEC by Ikpeazu was done in error, saying tax certificate was not one of the requirements to run for the office of governor.
The party also alleged that Ogah had very powerful forces backing him in the fight to sack Ikpeazu as governor of Abia State but did not name the powerful forces. A statement signed by Chief Johnson Onuigbo, Ikechukwu Omenihu, and Sir. Don Ubani, the party’s state chairman, Legal Adviser and Publicity Secretary, respectively, said tax certificate had never been a requirement to run for office of the governor, insisting that Ikpeazu’s aides put it in error.
It said: “Nigerians should be informed that there is no requirement for payment of tax at all or as and when due in the constitution, Electoral Act or INEC nomination form. The tax documents were included in the documents accompanying his nomination form by Dr. Ikpeazu’s aides by mistake. “The tax documents included by aides of Dr. Ikpeazu in the nomination form sent to INEC are genuine and there are absolutely no false entries in them and even if for purposes of argument, there were mistakes in the tax documents, Dr. Ikpeazu was not responsible for such mistakes and the mandate given him by hundreds of thousands of Abia voters cannot be invalidated on the basis of a spurious and unfounded allegation.
Citing some legal decisions, the party said: “We have taken the trouble to set out these few examples of the principles governing our democratic process just to demonstrate to Nigerians what is under attack by Uche Ogah and his cohorts: a sacrosanct mandate donated to Dr. Okezie Ikpeazu by citizens of Abia State. “It is the constitution that sets out the criteria for eligibility to stand for election as governor.
By Section 177 of the 1999 Constitution, there are only four requirements or conditions for eligibility to the office of Governor: citizenship of Nigeria, attainment of 35 years of age, membership/sponsorship of a political party and education up to School Certificate level or its equivalent. “Section 182 of the Constitution sets out other events that could disqualify a candidate and non-payment of tax at all or as and when due is not one of them. There is no requirement for payment of tax under the Electoral Act.
An examination of the nomination form for all elective offices in Nigeria, including for governorship shows clearly that payment of tax is not mentioned and tax receipts or tax clearance certificates are not one of the documents required to be included in the form. “Dr. Ikpeazu’s tax documents were either mistakenly included in the bundle of documents accompanying his Nomination Form by his aides or simply added out of the abundance of caution.” Enforce judgment now—EUF But a group, the Eastern Unity Forum (EUF) has demanded the immediate enforcement of the order of the Federal High Court that removed Ikpeazu from the office as governor of Abia State, urging the Attorney General of the Federation, Inspector General of Police, the Director of the Department of State Services and other security agencies to enforce the court order without further delay and avoid brewing anarchy in the state.
It described the judgment obtained by Ikpeazu as judicial coup, occasioned by impunity which must not be allowed to stand. The group at a press briefing in Abuja, yesterday, by its National President, Chief Emmanuel Okereke and National Secretary, Chief Willy Ezugwu, vowed to mobilize the people to enforce the court judgment if security agencies failed to do their job. Describing the court verdict obtained by the embattled Abia State governor from the state High Court as a judicial coup, the group said: “For Mr. Okezie Ikpeazu to rush to another court of coordinate jurisdiction to arrest the unambiguous judgment delivered by Justice Okon Abang on Monday, June 27, 2016 which ordered that Ogah be sworn in immediately is nothing but a delay tactics and judicial coup that must not be allowed to stand.
We, therefore, call on the Attorney General of the Federation (AGF), the Inspector General of Police (IGP), the Director of Department of State Services (DSS) and all other security agencies and law enforcement agencies of the Federal Government to wake up and be alive to their constitutional duties and ensure that Dr. Uchechukwu Sampson Ogah is sworn in as Abia State governor without further delay.” Declare Alex Otti gov —APGA In another development, the All Progressives Grand Alliance, APGA, Abia State chapter, has faulted the judgment of the Federal High Court which ordered that Ogah be sworn in as the state governor.
A statement signed by APGA state chairman, Augustine Ehiemere, decried the judgment as untenable as the Electoral Act 2010, as amended, forbade any person who did not take part in all stages of the election to be sworn in and insisted that its governorship candidate in the 2015 election, Dr. Alex Otti, remained the lawful candidate who ought to be declared governor. “APGA considers Uche Ogah’s declaration as a huge error, unacceptable to the party, untenable in Nigeria’s 2010 Electoral Act as amended, which forbids any person that did not take part in all the stages of an election from being declared winner.
Since there is no record anywhere to show that Dr. Uche Ogah won the primaries of his party, the PDP, let alone take part in all the stages of the last governorship election in Abia, his declaration as the governor by the court is strange and alien to the law. “Hence, we humbly demand that the appellate court, while upholding Ikpeazu guilty verdict, corrects this huge error by issuing the right order which is to declare the candidate who scored the highest lawful votes, the APGA candidate, Dr. Alex Otti, governor, as he did not only meet all the constitutional requirements and vote spread across the state, but even won more local governments than the sacked Okezie Ikpeazu; this is an incontrovertible fact.”
Recapitalisation Without Transformation is a Risk Nigeria Cannot Afford
BY BLAISE UDUNZE
In barely two weeks, Nigeria’s banking sector will once again be at a historic turning point. As the deadline for the latest recapitalisation exercise approaches on March 31, 2026, with no fewer than 31 banks having met the new capital rule, leaving out two that are reportedly awaiting verification. As exercise progresses and draws to an end, policymakers are optimistic that stronger banks will anchor financial stability and support the country’s ambition of building a $1 trillion economy.
The reform, driven by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso, requires banks to significantly raise their capital thresholds, which are set at N500 billion for international banks, N200 billion for national banks, and N50 billion for regional lenders. According to the apex bank, 33 banks have already tapped the capital market through rights issues and public offerings; collectively, the total verified and approved capital raised by the banks amounts to N4.05 trillion.
No doubt, at first glance, the strategy definitely appears straightforward with the idea that bigger capital means stronger banks, and stronger banks should finance economic growth. But history offers a cautionary reminder that capital alone does not guarantee resilience, as it would be recalled that Nigeria has travelled this road before.
During the 2004-2005 consolidation led by former CBN Governor Charles Soludo, the number of banks in the country shrank dramatically from 89 to 25. The reform created larger institutions that were celebrated as national champions. The truth is that Nigeria has been here before because, despite all said and done, barely five years later, the banking system plunged into crisis, forcing regulatory intervention, bailouts, and the creation of the Asset Management Corporation of Nigeria (AMCON) to absorb toxic assets.
The lesson from that experience is simple in the sense that recapitalisation without structural reform only postpones deeper problems.
Today, as banks race to meet the new capital thresholds, the real question is not how much capital has been raised but whether the reform will transform the fundamentals of Nigerian banking. The underlying fact is that if the exercise merely inflates balance sheets without addressing deeper vulnerabilities, Nigeria risks repeating a familiar cycle of apparent stability followed by systemic stress, as the resultant effect will be distressed banks less capable of bringing the economy out of the woods.
The real measure of success is far simpler. That is to say, stronger banks must stimulate economic productivity, stabilise the financial system, and expand access to credit for businesses and households. Anything less will amount to a missed opportunity.
One of the most critical issues surrounding the recapitalisation drive is the quality of the capital being raised.
Nigeria’s banking sector has reportedly secured more than N4.5 trillion in new capital commitments across different categories of banks. No doubt, on paper, these numbers may appear impressive. Going by the trends of events in Nigeria’s economy, numbers alone can be deceptive.
Past recapitalisation cycles revealed troubling practices, whereby funds raised through related-party transactions, borrowed money disguised as equity, or complex financial arrangements that recycled risks back into the banking system. If such practices resurface, recapitalisation becomes little more than an accounting exercise.
To avert a repeat of failure, the CBN must therefore ensure that every naira raised represents genuine, loss-absorbing capital. Transparency around capital sources, ownership structures, and funding arrangements must be non-negotiable. Without credible capital, balance sheet strength becomes an illusion that will make every recapitalization exercise futile.
In financial systems, credibility is itself a form of capital. If there is one recurring factor behind banking crises in Nigeria, it is corporate governance failure.
Many past collapses were not triggered by global shocks but by insider lending, weak board oversight, excessive executive power, and poor risk culture. Recapitalisation provides regulators with a rare opportunity to reset governance standards across the industry.
Boards must be independent not only in structure but also in substance. Risk committees must be empowered to challenge executive decisions. Insider lending rules must be enforced without compromise because, over the years, they have proven to be an anathema against the stability of the financial sector. The stakes are high.
When governance fails, fresh capital can quickly become fresh fuel for old excesses. Without governance reform, recapitalisation risks reinforcing the very weaknesses it seeks to eliminate.
Another structural vulnerability lies in Nigeria’s increasing amount of non-performing loans (NPLs), which recently caused the CBN to raise concerns, as Nigeria experiences a rise in bad loans threatening banking stability.
Industry data suggests that the banking sector’s NPL ratio has climbed above the prudential benchmark of 5 percent, reaching roughly 7 percent in recent assessments. Many of these troubled loans are concentrated in sectors such as oil and gas, power, and government-linked infrastructure projects, alongside other factors such as FX instability, high interest rates, and the withdrawal of Covid-era forbearance, which threaten bank stability.
While regulatory forbearance has helped maintain short-term stability, it has also obscured deeper asset-quality concerns. A credible recapitalisation process must confront this reality directly.
Loan classification standards must reflect economic truth rather than regulatory convenience. Banks should not carry impaired assets indefinitely while presenting healthy balance sheets to investors and depositors.
Transparency about asset quality strengthens trust. Concealment destroys it. Few forces have disrupted Nigerian bank balance sheets in recent years as severely as exchange-rate volatility.
Many banks still operate with significant foreign exchange mismatches, borrowing short-term in foreign currencies while lending long-term to clients earning revenues in naira. When the naira depreciates sharply, these mismatches can erode capital faster than any credit loss.
Recapitalisation must therefore be accompanied by stricter supervision of foreign exchange exposure, as this part calls for the regulator to heighten its supervision. Banks should be required to disclose currency risks more transparently and undergo rigorous stress testing at intervals that assume adverse currency scenarios rather than best-case outcomes. In a structurally import-dependent economy, ignoring FX risk is no longer an option.
Nigeria’s banking system has long been characterised by excessive concentration in a few sectors and corporate clients, which calls for adequate monitoring and the need to be addressed quickly for the recapitalization drive to yield maximum results.
Growth in most advanced economies comes from the small and medium-sized enterprises that are well-funded. Anything short of this undermines it, since the concentration of huge loans to large oil and gas companies, government-related entities, and major conglomerates absorbs a disproportionate share of bank lending. This has continued to pose a major threat to the system, as the case is with small and medium-sized enterprises, the backbone of job creation, which remain chronically underfinanced. This imbalance weakens the economy.
Recapitalisation should therefore be tied to policies that encourage credit diversification and risk-sharing mechanisms that allow banks to lend more confidently to productive sectors such as agriculture, manufacturing, and technology rather than investing their funds into the government’s securities. Bigger banks that remain narrowly exposed do not strengthen the economy. They amplify its fragilities.
Nigeria’s macroeconomic conditions, which are its broad economic settings, are defined by frequent and sometimes sharp changes or instability rather than stability.
Inflation shocks, interest-rate swings, fiscal pressures, and currency adjustments are not rare disruptions; but they have now become a normal part of the economic environment. Despite all these adverse factors, many banks still operate risk models that assume relative stability. Perhaps unbeknownst to the stakeholders, this disconnect is dangerous.
Owing to possible shocks, and when banks increase their capital (recapitalization), it is required that banks adopt more sophisticated risk-management frameworks capable of withstanding severe economic scenarios, with the expectation that stronger banks should also have stronger systems to manage risks and survive economic crises. In Nigeria today, every financial institution’s stress testing must be performed in the face of the economy facing severe shocks like currency depreciation, sovereign debt pressures, and sudden interest-rate spikes.
Risk management should evolve from a compliance obligation into a strategic discipline embedded in every lending decision.
Public confidence in the banking system depends heavily on credible financial reporting.
Investors, analysts, and depositors need to be able to understand banks’ true financial positions without navigating non-transparent disclosures or creative accounting practices, which means the industry must be liberated to an extent that gives room for access to information.
Recapitalisation provides an opportunity to strengthen the enforcement of international financial reporting standards, enhance audit quality, and require clearer disclosure of capital adequacy, asset quality, and related-party transactions. Transparency should not be feared. It is the foundation of trust.
One thing that must be corrected is that while recapitalisation often focuses on financial metrics, the banking sector ultimately runs on human capital.
Another fearful aspect of this exercise for the economy is that consolidation and mergers triggered by the reform could lead to workforce disruptions if not carefully managed. Job losses, casualisation, and declining staff morale can weaken institutional culture and productivity. Strong banks are built by strong people.
If recapitalisation strengthens balance sheets while destabilising the workforce that powers the system, the reform risks undermining its own economic objectives. Human capital stability must therefore form part of the broader reform strategy.
Doubtless, another emerging shift in Nigeria’s financial landscape is the rise of digital financial platforms that are increasingly changing how people access and use money in Nigeria.
Millions of Nigerians are increasingly relying on fintech platforms for payments, microloans, and everyday financial transactions. One of the advantages it offers, is that these services often deliver faster and more user-friendly experiences than traditional banks. While innovation is welcome, it raises important questions about the future structure of financial intermediation.
The point here is that the moment traditional banks retreat from retail banking while fintech platforms dominate customer interactions, systemic liquidity and regulatory oversight could become fragmented.
The CBN must see to it that the recapitalised banks must therefore invest aggressively in digital infrastructure, cybersecurity, and customer experience, while cutting down costs on all less critical areas in the industry.
Nigerians should feel the benefits of recapitalisation not only in stronger balance sheets but also in faster apps, reliable payment systems, and responsive customer service.
As banks grow larger through recapitalisation and consolidation, a new challenge emerges via systemic concentration.
Nigeria’s largest banks already control a significant share of industry assets. Further consolidation could deepen the divide between dominant institutions and smaller players. This creates the risk of “too-big-to-fail” banks whose collapse could threaten the entire financial system.
To address this risk, regulators must strengthen resolution frameworks that allow distressed banks to fail without triggering systemic panic, their collapse does not damage the whole financial system, and do not require taxpayer-funded bailouts to forestall similar mistakes that occurred with the liquidation of Heritage Bank. Market discipline depends on credible failure mechanisms.
It must be understood that Nigeria’s banking recapitalisation is not merely a financial exercise or, better still, increasing banks’ capital. It is a rare opportunity to rebuild trust, strengthen governance, and reposition the financial system as a true engine of economic development.
One fact is that if the reform focuses only on capital numbers, the country risks repeating a familiar pattern of churning out impressive balance sheets followed by another cycle of crisis.
But the actors in this exercise must ensure that the recapitalisation addresses governance failures, asset quality concerns, risk management weaknesses, and transparency gaps; and the moment this is done, the banking sector could emerge stronger and more resilient.
Nigeria does not simply need bigger banks. It needs better banks, institutions capable of financing innovation, supporting entrepreneurs, and building economic opportunity for millions of citizens.
The true capital of any banking system is not just money. It is trust. And whether this recapitalisation ultimately succeeds will depend on whether Nigerians see that trust reflected not only in financial statements but in the everyday experience of saving, borrowing, and investing in the economy. Only then will bigger banks translate into a stronger nation.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
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