Business
‘There is no white cow in covenant University, my adopted son was sent off for one year’ – Bishop Oyedepo
The heartbeat of the Chancellor, Landmark University, Dr David Oyedepo, for exhibiting excellence in human endeavors is palpable. His well-articulated ideas towards achieving the excellent feat are golden and as convinc- ing as ever, notable of his erudite mien. Unmistaken is his passion for the transformation of humanity in alignment with the precept of God.
He is frantic in his commit- ment towards creating platforms for generating solutions that are requisite for improving the educa- tional landscape of Nigeria and the continent of Africa. His quest for redeeming the image of the black race via development of leadership capacity and spearhead- ing of an agricultural revolution led to the establishment of Landmark University with a highly competi- tive learning environment for all students, who are groomed through the custom built programmes such as Total Man Concept, Towards a Total Graduate and Agripreneur- ship packages, the unique sell- ing points of the University.
Dr Oyedepo’s huge investments and impacts in this regard have offered students and Faculty ample access to the top-notch teaching and re- search facilities in the University that keeps receiving great acco- lades in her drive for a world class status. In this interview, the Chan- cellor bears his mind on why the Core Values of the University have essentially remained a remarkable force to be reckoned with globally and the undying quest for the reali- zation of the University’s agrarian mandate.
Excerpts: 1.
Interviewer: The seven Core Values of Spirituality, Possibility Mental- ity, Capacity Building, Integrity, Responsibility, Diligence and Sacrifice have remained major at- traction to the parents who have willingly sent their children and wards to the University. How do you plan to sustain these values in a changing environment that uni- versity education is facing with strong regulatory environment under which universities operate?
Chancellor: The Core Values were drawn from the background of the need to raise changed people who will change their world. We are poised to bring back to the fore the character di- mension of learning at the Univer- sity level, like we usually say they are found worthy in character and learning. There has been zero at- tention to character when we came onboard, so we needed to create a platform that helps enhance the character aspect of learning and it is showing today.
For instance, the Nigerian graduate report publica- tion ranked Covenant University Number One in the list of Nigerian Universities with the most employ- able graduates having 90% employ- ability rate. That is the effect of the Core Values, it helps to equip our students on the pathways of life so that they can be relevant to the so- ciety and I think we are achieving that.
There is a university in America where they have 16 of our gradu- ates undertaking postgraduate stud- ies and when Professor Okebukola went there on official functions, they said we have 16 Nigerians here and they are unique, their packaging, commitment and intel- ligence is unique, they said they are from one Covenant University, he said oh I am not surprised I am part of that University too. He was very proud of those children.
He gath- ered them together and had a chat with them because of the quality of training. The whole essence of what we are doing is to raise world changers who will first need to ex- perience the changes themselves. Leave God behind, you are empty, throw integrity to the trashcan, you are finished, lack sacrifice, you can- not be a successful leader; a sacri- fice gives his best and beyond his best to lead a cause in which he believes.
All those things are there to help equip the student to be relevant because relevance is key. You cannot be relevant and not be significant. What we are trying to do is to ensure that platform is cre- ated overtime and the same thing is taking place in here, Landmark University. Most institutions to- day now have Core Values.
They did not have any before, you just live anyhow and finish anyhow, if you finish, that is what we do with the Core Values. Examina- tion malpractice culminates in summary dismissal from our sys- tem, we cannot be raising people who will deal with corruption and are corrupt themselves.
Examina- tion malpractice at 500 level, no mercy! We are convinced that he has been doing it since 100 lev- el otherwise there would not be need to do it at 500 level, and we have a psychological basis for that.
There is no way you will go for ex- amination malpractice at 500 level in Engineering, if you have been passing your exams since 100 level. So we are also out to sanitize the intellectual platform of our na- tion.
I must say this; Governors have come to pick their children from our campus. The daughter of our first Vice-Chancellor was rus- ticated from the University for one year, my adopted son was thrown out for one year at Covenant, so there is no white cow in the system and that makes everybody shake and fear.
If I must mention it, one of our for- mer Presidents had a relation that had a son rusticated and called me, I said I am sorry, I do not get involved, please talk to the Vice- Chancellor. He said can I have his number, I said no and we are still friends. Because the moment you make rules and you abide by the rules yourself, everybody is forced to follow, and that is what we are trying to do.
We are in dire need of leaders in our country and we will be wishing till death until we start raising the kind of leaders we want by taking them through the princi- ple of this kind of training so that they can be there to effect changes.
Interviewer: A major indicator of success in the University administration is the degree to which it can at- tract and retain high quality Fac- ulty. What plans are on the way to achieve this feat in Landmark University?
Chancellor: The plans are obvious, let us maintain conducive atmosphere for learning and research.
Let us generate good comfort for faculty and staff. There is no system that does not have staff turnover; the rate may differ from one place to the other.
We are sensitive to the need of faculty and staff, so when they bring forth their needs we see which one can be addressed per time. We are committed to excellence; if you know how much your univer- sity spends on power, then you will know we are doing our best to keep life comfortable. We believe in re- taining faculty and staff because it empowers continuity and helps to encourage those who are com- ing behind that there is something good in the land that they can be partakers of.
Interviewer: We appreciate your commit- ment to the provision of first-class infrastructure in Landmark Uni- versity. Considering the mainte- nance culture in Nigeria, what strategies are in place for the sus- tainable maintenance of these in- frastructures?
Chancellor: We are not new as an organization to infrastructural development. One of the comments that NUC made in Lagos when they came for the verification visit for Covenant University was that they have been around for a week and they cannot pick a piece of paper on the floor, can this be Nigeria? We were in the slum as it were in Alimosho Area, Raji Oba.
I used the public toilet that they use there when I am hav- ing a programme, you find it intact. We are committed to continuous first-class maintenance of our in- frastructure.
At Covenant, we just invested about #380 million renovating staff housing that was completed last year. We are known for quality maintenance culture, you can be in Nigeria and not of Nigeria.
If you come to Faith Tabernacle on Sunday by 5pm you will not know anybody came there for worship with that multitude because the sanctuary keepers have invaded the whole place and tidy up every- thing, it looks like nobody has ever used the place.
We are very used to it and we want to continue to improve on it particularly on the approach. Poor workmanship is a major problem in our country and when the workmanship is poor, it tells on the maintenance.
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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