Business
WHO IS AFRAID OF GODWIN EMEFIELE?
WHO IS AFRAID OF GODWIN EMEFIELE?
HE’S NOT EVEN SNEEZING AND J
kTHEY ARE CATCHING THE COLD! J
STATEMENT BY FRIENDS
OF GOVERNOR EMEFIELE
In the past few weeks, there have been media reports on the purported interest of the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in the 2023 presidential race, leading to stampede by interested parties and vested interests who are resorting to all sorts of blackmail, sponsored articles and choreographed comments on socialmedia targeted at tainting Godwin Emefiele’s image, impugning his character and legacy.
Clearly, the negative attacks are being sponsored by those who see Emefiele as a major threat to their political ambition. Truth is Godwin Emefiele has not confirmed to anyone he is running for President even as he is constitutionally qualified to do so; he has been under pressure in the past few weeks as different groups have been putting up unsolicited campaign for his candidacy. Only yesterday, as the speculation became widespread, a group of his friends under the aegis of FRIENDS OF GODWIN EMEFIELE met with him to clarify his position.
Here is what he told us –
- That he remains focused on his job and will continue supporting the Muhammadu Buhari-led federal government’s economic recovery drive;
- That in his career trajectory, right from his days as a young banker, he never asked, nor lobbied for a job- he was invited by the Board of Directors to be the Chief Executive Officer/Group Managing Director of ZenithBank as he was an integral part of the team, Led by founder Jim Ovia, that transformed Zenith Bank from a start-up to one of Africa’s largest banks with subsidiaries in Ghana, Sierra Leone, Gambia, South Africa, Dubai, China and the United Kingdom;
- In 2014, President Goodluck Jonathan tapped him to be the CBN Governor, a job he didn’t lobby for and in which his name was not among those being considered at that time. He was not even from the geo-political zone that most people thought the job would go to as the president then was from same geopolitical zone with him;
- Today he remains humbled by President Muhammadu Buhari’s decision to grant him an unprecedented second term as CBN Governor- again without lobbying. Thus he will continue to remain loyal to him and the Federal Republic of Nigeria.
- Emefiele told us that he believes it’s the prerogative of President Muhammadu Buhari to plan his succession in line with global best practices for good governance for the continuing peace and progress of the federal republic of Nigeria, as such he will play his part to stabilise the economy for an orderly transition.
- And given that it’s God that anoints leaders, he will leave his faith firmly in the hands of God.
- With these fundamental questions settled, it is imperative to address some of the lies and utter falsehood being pedaled by blackmailers and political jobbers. Who Godwin Emefiele as a threat to their ambition.
FROM BEGINNING AS CBN GOVERNOR
Indeed, when Emefiele assumed the position of the CBN Governor in June 2014, his task was huge, the challenges seemingly insurmountable. Today despite huge headwinds he has calmed the waters and put Nigeria back on the path of growth.
SHARP FALL IN CRUDE OIL PRICE
As you will recall there was a sharp fall in crude oil prices from 2015, which led to significant revenue shortfalls in Nigeria where crude oil represents about 95 per cent of Nigeria’s export revenue. This created major shock for the Nigerian economy, leading to a 13-month recession in 2016. In comparison to the previous years before Emefiele became the CBN governor, the average price of crude oil from 2010 to 2014 was over $100/barrel and this fell to some $30 / barrel with high production costs of some $25/barrel. Despite these challenges Emefiele’s monetary policies supported the Buhari administration and all 36 State governments, ensuring salaries were paid and much more was done, with much less, in infrastructure, steering Nigeria away from much worse outcomes while many oil producers like Kuwait, Russia, Angola and Brunei had longer lasting recessions between of 20 – 60 months.
COVID-19 INDUCED GLOBAL RECESSION
Critics must also understand that the second recession the country entered into in 2020 was as a result of the COVID-19 pandemic. Then, the global economy (Nigeria inclusive) was plunged into recession because of the pandemic which was unprecedented. It led to declines in economic activities and lockdown across the world Countries like the USA had GBP falling in 2020 by MINUS 31% in Q2, UK by MINUS 19.4% in Q2, EU by MINUS 14.1% in Q2 and Nigeria , with deft response of the CBN had MINUS 6.1% in Q2. As we all know the CBN supported fiscal authorities in the following areas.
N100 billion health sector credit facility for operators in the sector. Today, Nigeria boasts of two world-class cancer centres in Lagos and medical tourism has reduced.
- A one-year extension of a moratorium on principal repayments for CBN intervention facilities;
- The reduction of the interest rate on intervention loans from 9 percent to 5 percent;
- Strengthening of the Loan to Deposit ratio policy (i.e. stepped up enforcement of directive to extend more credit to the private sector);
- Creation of N400 billion target credit facility for affected households and small and medium enterprises; •Granting regulatory forbearance to banks to restructure terms of facilities in affected sectors;
- Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation;
- Additional NGN100 billion intervention fund in healthcare loans to pharmaceutical companies and healthcare practitioners intending to expand/build capacity;
- Identification of few key local pharmaceutical companies that will be granted funding facilities to support the procurement of raw materials and equipment required to boost local drug production.
- N1 trillion in loans to boost local manufacturing and production across critical sectors;
DEVELOPMENTAL-ORIENTEDCENTRAL BANKER
But despite the challenges, the CBN under Emefiele has in the last seven years maintained a developmental- oriented approach in supporting the federal government to address challenges across various sectors of the economy and has initiated far-reaching reforms.
RICE PYRAMID
One issue the critics have continued to raise is the issue of the rice pyramid which was recently unveiled in Abuja. But these arm chair critics have failed to understand that through the Anchor Borrowers7 Programme (ABP), an initiative that was introduced by the Emefiele-led CBN, the lives of a lot of rural farmers have been transformed. The rice pyramid which had taken place previously in Minna, Kebbi, Gombe, Ekiti and Abuja, showed how Emefiele has used agriculture to support the federal governments wars on insecurity. The rice pyramids were build bag by bag in all the states the programme had been launched since December 2020, when it was first launched in Minna, Niger State. The programme held last month to unveil the world’s largest rice pyramid in Abuja was also an initiative of the Rice Farmers Association of Nigeria (RIFAN).
ANCHOR BORROWERS7 PROGRAMME
The ABP has been described as a major agricultural breakthrough and a source of pride to the country, as farmers, especially rice farmers, have continued to count gains under the scheme. The programme has increased banks7 finance to the agricultural sector and enhanced capacity utilisation of agricultural firms. From an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric tonnes per hectare.
REDUCTION IN IMPORT BILL
Additionally, there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually.
TAMING COVID-19
The disruption caused by the COVID-19, which also contributed to the significant drop in the price of crude oil exposed the economy’s weak underbelly. In Nigeria, the Emefiele-led CBN acted swiftly, almost when the first case broke out in the country, by unveiling a raft of policy initiatives aimed at reducing the adverse impacts of the COVID-19 pandemic on the economy.
CACOVID
Emefiele also spearheaded the creation of the Coalition Against COVID-19 (CACOVID), an initiative that brought all the private sector business leaders under an umbrella in the fight against the spread of the pandemic. This was why in its latest Article IV Consultation released in February 2022, the International Monetary Fund praised Nigeria’s effort in fighting the spread of the virus.
OTHERS
There are many other measures announced by the CBN Governor which will be detailed in due course like the support to Technology, Digital innovation, the Creative Industries and the 15 Trillion Infrastructure corporation recently launched.
- CONCLUSION
Apparently, those behind the sponsored negative reports are afraid of Emefiele’s towering personality and service to Nigeria. But they must understand that he cannot be stampeded any way. He is focused on delivering the mandate of the Central Bank; he is rebuilding The economy of the country through import substitution policies and using agriculture to create a new rural middle class from ground up. . Those who continue to criticise the rice pyramid are too ashamed of giving glory to whom it is due. Emefiele is focused on his unfinished job and should not be distracted.
Signed
Friends of Godwin Emefiele
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
*Why Nigeria’s Banks Still on Shaky Ground with Big Profits, Weak Capital*
*BY BLAISE UDUNZE*
Despite the fragile 2024 economy grappling with inflation, currency volatility, and weak growth, Nigeria’s banking industry was widely portrayed as successful and strong amid triumphal headlines. The figures appeared to signal strength, resilience, and superior management as the Tier-1 banks such as Access Bank, Zenith Bank, GTBank, UBA, and First Bank of Nigeria, collectively reported profits approaching, and in some cases exceeding, N1 trillion. Surprisingly, a year later, these same banks touted as sound and solid are locked in a frenetic race to the capital markets, issuing rights offers and public placements back-to-back to meet the Central Bank of Nigeria’s N500 billion recapitalisation thresholds.
The contradiction is glaring. If Nigeria’s biggest banks are so profitable, why are they unable to internally fund their new capital requirements? Why have no fewer than 27 banks tapped the capital market in quick succession despite repeated assurances of balance-sheet robustness? And more fundamentally, what do these record profits actually say about the real health of the banking system?
The recapitalisation directive announced by the CBN in 2024 was ambitious by design. Banks with international licences were required to raise minimum capital to N500 billion by March 2026, while national and regional banks faced lower but still substantial thresholds ranging from N200 billion to N50 billion, respectively. Looking at the policy, it was sold as a modern reform meant to make banks stronger, more resilient in tough times, and better able to support major long-term economic development. In theory, strong banks should welcome such reforms. In practice, the scramble that followed has exposed uncomfortable truths about the structure of bank profitability in Nigeria.
At the heart of the inconsistency is a fundamental misunderstanding often encouraged by the banks themselves between profits and capital. Unknown to many, profitability, no matter how impressive, does not automatically translate into regulatory capital. Primarily, the CBN’s recapitalisation framework actually focuses on money paid in by shareholders when buying shares, fresh equity injected by investors over retained earnings or profits that exist mainly on paper.
This distinction matters because much of the profit surge recorded in 2024 and early 2025 was neither cash-generative nor sustainably repeatable. A significant portion of those headline banks’ profits reported actually came from foreign exchange revaluation gains following the sharp fall of the naira after exchange-rate unification. The industry witnessed that banks’ holding dollar-denominated assets their books showed bigger numbers as their balance sheets swell in naira terms, creating enormous paper profits without a corresponding improvement in underlying operational strength. These gains inflated income statements but did little to strengthen core capital, especially after the CBN barred banks from using FX revaluation gains for dividends or routine operations. In effect, banks looked richer without becoming stronger.
Beyond FX effects, Nigerian banks have increasingly relied on non-interest income fees, charges, and transaction levies to drive profitability. While this model is lucrative, it does not necessarily deepen financial intermediation or expand productive lending. High profits built on customer charges rather than loan growth offer limited support for long-term balance-sheet expansion. They also leave banks vulnerable when macroeconomic conditions shift, as is now happening.
Indeed, the recapitalisation exercise coincides with a turning point in the monetary cycle. The extraordinary conditions that supported bank earnings in 2024 and 2025 are beginning to unwind. Analysts now warn that Nigerian banks are approaching earnings reset, as net interest margins the backbone of traditional banking profitability, come under sustained pressure.
Renaissance Capital, in a January note, projects that major banks including Zenith, GTCO, Access Holdings, and UBA will struggle to deliver earnings growth in 2026 comparable to recent performance.
In a real sense, the CBN is expected to lower interest rates by 400 to 500 basis points because inflation is slowing down, and this means that banks will earn less on loans and government bonds, but they may not be able to quickly lower the interest they pay on deposits or other debts. The cash reserve requirements are still elevated, which does not earn interest; banks can’t easily increase or expand lending investments to make up for lower returns. The implications are significant. Net interest margin, the difference between what banks earn on loans and investments and what they pay on deposits, is poised to contract. Deposit competition is intensifying as lenders fight to shore up liquidity ahead of recapitalisation deadlines, pushing up funding costs. At the same time, yields on treasury bills and bonds, long a safe and lucrative haven for banks are expected to soften in a lower-rate environment. The result is a narrowing profit cushion just as banks are being asked to carry far larger equity bases.
Compounding this challenge is the fading of FX revaluation windfalls. With the naira relatively more stable in early 2026, the non-cash gains that once flattered bank earnings have largely evaporated. What remains is the less glamorous reality of core banking operations: credit risk management, cost efficiency, and genuine loan growth in a sluggish economy. In this new environment, maintaining headline profits will be far harder, even before accounting for the dilutive impact of recapitalisation.
That dilution is another underappreciated consequence of the capital rush. Massive share issuances mean that even if banks manage to sustain absolute profit levels, earnings per share and return on equity are likely to decline. Zenith, Access, UBA, and others are dramatically increasing their share counts. The same earnings pie is now being divided among many more shareholders, making individual returns leaner than during the pre-recapitalisation boom. For investors, the optics of strong profits may soon give way to the reality of weaker per-share performance.
Yet banks have pressed ahead, not only out of regulatory necessity but also strategic calculation.
During this period of recapitalization, investors are interested in the stock market with optimism, especially about bank shares, as banks are raising fresh capital, and this makes it easier to attract investments. This has become a season for the management teams to seize the moment to raise funds at relatively attractive valuations, strengthen ownership positions, and position themselves for post-recapitalisation dominance. In several cases, major shareholders and insiders have increased their stakes, as projected in the media, signalling confidence in long-term prospects even as near-term returns face pressure.
There is also a broader structural ambition at play. Well-capitalised banks can take on larger single obligor exposures, finance infrastructure projects, expand regionally, and compete more credibly with pan-African and global peers. From this perspective, recapitalisation is not merely about compliance but about reshaping the competitive hierarchy of Nigerian banking. What will be witnessed in the industry is that those who succeed will emerge larger, fewer, and more powerful. Those that fail will be forced into consolidation, retreat, or irrelevance.
For the wider economy, the outcome is ambiguous. Stronger banks with deeper capital buffers could improve systemic stability and enhance Nigeria’s ability to fund long-term development. The point is that while merging or consolidating banks may make them safer, it can also harm the market and the economy because it will reduce competition, let a few banks dominate, and encourage them to earn easy money from bonds and fees instead of funding real businesses. The truth be told, injecting more capital into the banks without complementary reforms in credit infrastructure, risk-sharing mechanisms, and fiscal discipline, isn’t enough as the aforementioned reforms are also needed.
The rush as exposed in this period, is that the moment Nigerian banks started raising new capital, the glaring reality behind their reported profits became clearer, that profits weren’t purely from good management, while the financial industry is not as sound and strong as its headline figures. The fact that trillion-naira profit banks must return repeatedly to shareholders for fresh capital is not a sign of excess strength, but of structural imbalance.
With the deadline for banks to raise new capital coming soon, by 31 March 2026, the focus has shifted from just raising N500 billion. N200 billion or N50 billion to think about the future shape and quality of Nigeria’s financial industry, or what it will actually look like afterward. Will recapitalisation mark a turning point toward deeper intermediation, lower dependence on speculative gains, and stronger support for economic growth? Or will it simply reset the numbers while leaving underlying incentives unchanged?
The answer will define the next chapter of Nigerian banking long after the capital market roadshows have ended and the profit headlines have faded.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
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