Business
POWERFUL ADELEKE’S FAMILY VS INFLUENCIAL MOMODU’S FAMILY : HOW DELE MOMODU DISGRACED DAVIDO’S FAMILY + HOW DAVIDO AND HIS BROTHERS DISGRACED DELE MOMODU
Nigeria’s superstar, Davido has gotten himself into a fresh trouble and a very serious one even as he has tried to stay scandal free over the years. The most painful part is that the reason for this trouble has throughout the year brought him real joy ; His baby.
Ever since he had the Cute baby girl, he has never ceased to make the whole world know how much he loves her. He even got her a customised ‘OBO’ chain which costs a lot. He has also been sharing pics of him baby sitting her despite his busy schedule, He created time for her and has been a caring Daddy to the little baby. He had the baby with Baby Mama, Sophia Momodu, niece to the publisher of Oviation magazine, Dele Momodu.
However, things has finally gone wrong in the camp of the Momodus and Adeleke as Sophia, The baby Mama accused Davido of human trafficking because it was gathered that Davido’s Sister, Coco Adeleke has ‘claimed’ ownership of the Baby and has restricted the original mother from seeing her.
This has caused a lot of stir in the family as non of the sides is willing to bend for another. It is a battle of big fishes and it might last long even though Dele Momodu and Davido’s father, Deji Adeleke are both big names in the country.
Furthermore, apart from the battle between the grown up, the baby mama, Sophia and father, Davido have been exchanging words on the social media.
Sophia posted this on her Twitter account:’I want to state it clear, that David @iam_David is the most useless man any woman out there can meet. I curse the day I met you kid.’
And here is some of his replies ‘’She (Sophia) never would be my wife and she was never qualified for that. Her background is very dissimilar from mine, and she has very paltry education and equally diminished physical attributes.’’
All this happened because Dele Momodu used his contact and influence to stop Davido’s family from flying to Dubai with the little girl for medical check up.
This is what Dele momodu has to say about the matter:
In September 2015, I got a call from Dr Adedeji Adeleke, a long time family friend, telling me his son had fathered a baby girl with my cousin, Sophia Momodu. I rejoiced with him as any reasonable soul would do. He apologised that he had not called all along because he wasn’t sure if Sophie’s baby was going to turn out a fake one like that of two others who had turned up at his doorstep. But mercifully, according to Dr Adeleke, Sophie’s baby passed the DNA Test by over 98 percent and he was elated. I congratulated him again as a proud grandfather. He said he would like to meet me with Sophie since Sophie’s dad, Uncle Jibola Momodu, passed on years ago and Sophie mentioned me as her cousin.
I had known about Sophie’s baby through her first cousin Ruth Abraham and had called to congratulate her. I was happy when she sent me pictures of the baby and other romantic pictures with David Adeleke, aka Davido.
But I never contacted David’s dad deliberately so as not to create the impression of begging for marriage. Where we come from, it is the man who approaches the lady’s family to plead to be allowed to marry into the family.
Prior to this phone call from Dr Adeleke, Sophie had narrated to me how on the 11th July, 2015, she was tricked to Davido’s sister, Coco Adeleke’s house with her baby, Imade Aurora Adeleke. After getting to the house on Baderinwa Alabi Street, Lekki Phase I, Lagos, her baby was forcefully taken from her and she was thrown out of the premises with the threat that she would be decisively dealt with if she ever bothered to return there. There were armed policemen in the premises and to avoid what could have been a messy encounter, instinct prevailed on her to make her leave her breast suckling baby behind, with so much pain in her heart.
By daybreak on the next day, Sophie was again at Coco Adeleke’s house to take her baby, but she was prevented by armed policemen from gaining access into the house. She was again threatened and warned never to return for the child.
Despite the pain and trauma my cousin was made to undergo, I restrained myself from getting directly involved in the matter and appealed to her to stay calm and take it easy with the Adelekes.
But after the phone call from Dr Adeleke, precisely on September 10, 2015, I picked up Sophie and her mum and drove to Dr Adeleke’s home in Lekki, Lagos. All through this time, I had waited patiently to meet Dr Adeleke with questions probing for answers.
Dr Adeleke invited two of his close friends to the meeting namely His Majesty OBA ADEDOKUN ABOLARIN and Mr Wale Adeeyo. We went into lengthy discussions. His daughter Coco had brought in the little baby and both attended the meeting.
Dr Adeleke explained why it took some time to call me and I said I understood.
Dr Adeleke said the baby was discovered to have traces of marijuana in her during medical test and said he believed Sophie and David were smokers and he needed to protect the child from two irresponsible parents, as he described them. He told the gathering that the baby would be under temporary custody and observation. He directed that Sophie would come to his house every Sunday to see her baby. Our family agreed. He promised to pay Sophie a monthly upkeep. We thanked him for his kindness. He promised to buy her a car. We were grateful for his generosity. We had dinner with him and left. David was not present.
Sophie said she got the monthly upkeep but never got the car and that she prefers to have her baby back and the Adelekes can keep their money.
I called Dr Adeleke and he said I should allay her fears. I pleaded again for patience. I was shocked when Sophie called me desperately and said her daughter was being taken to Dubai by Coco. I immediately called Coco and she said she was taking the baby for intensive medicals and I wondered how she would pass through the airport without the consent of Sophie but she actually did and even sent me pictures from Dubai. I played it cool and encouraged Sophie to calm down.
Sophie became withdrawn and extremely saddened. The situation went from bad to worse. She and David became aggressive enemies. At a point, David sent messages to Sophie and using the ‘f’ word against me. His father was shocked and called him to apologise which he did and I accepted and even told him how much I love him.
The worst came when my wife came from London and went with Sophie to check on the baby at Coco’s house and they were literally walked out and told they were not welcome in her house. My wife called and I called Dr Adeleke who said they should go to his house and wait for him.
Their meeting did not go well because my wife asked when the baby would be returned to her mum and Dr Adeleke went into the same old story of marijuana abuse and Sophie said she was ready for a test which Dr Adeleke wasn’t interested in. Dr Adeleke explained why the car had not been bought and my wife told him the baby was the issue and not the car. Dr Adeleke didn’t like the sound of this but it was reaching a point that some truth needed to be told that a baby cannot be bought with money.
I flew to Nigeria on December 28, 2015 after Sophie told me the Adelekes were travelling to Dubai with her baby without her consent again. As soon as I landed I called Uncle Wale Adeeyo, a close confidant of Dr Adeleke and expressed our displeasure at the way Sophie was being treated and he promised to speak to Dr Adeleke. When he came back to me he didn’t sound too positive. We spoke several times and nothing tangible came out of his supposed intervention.
I called Oba Dokun Abolarin but he was busy at a wedding in Ibadan. I then called Uncle Wale again and told him Sophie has plans to stop the trip on the knowledge that David has collected an American passport for the baby and the rumour that the baby was being abducted to America. I pleaded that we should avoid a confrontation.
I headed to the airport to alert the authorities including Immigration and Emirates. As predicted, the Adelekes arrived the airport with the baby where Immigration had laid in wait for them. Coco came forward and was asked who the mother of the baby was and she claimed ownership and her passport and that of the baby were taken away by Immigration. Her dad was alerted and he came to the office of the Comptroller with others to try and rescue the passports but the Immigration stood their grounds. I saw him making frantic calls but he gave up after the flight departed. He repeated the same boast that no one could ever take the baby from him and I told him to stop talking like God.
No one likes a fight but we have been treated shabbily and had to stop the charade. We could not be intimidated and everyone at the airport expressed shock and horror at such a brazen attempt to export a human being only seven months old without the mother. We thanked the officers who rescued us from a powerful family. We are always for peace, justice and equity. No one threatened the Adelekes with any expose unless they were using reverse psychology. Personally, I’m not a junk writer and would never descend so low to abuse those permanently connected to us through an innocent baby. We love the baby like they do and such an innocent child deserves to be protected by both families.
However, One of the Adeleke’s shared this pics, to mock Dele Momodu:
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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