Business
‘Withdraw all cases against me’ – Nnamdi Kanu tells Acting President, Yemi Osinbajo
Leader of Indigenous People of Biafra, IPOB, Mr. Nnamdi Kanu, yesterday, tackled the Acting President, Prof. Yemi Osinbajo, for declaring the Biafran agitation unconstitutional.
Kanu, in a world press conference he held through his team of lawyers in Abuja, maintained that Osinbajo’s view about Biafra was “patently misconceived and inherently faulty,” despite his rank as a Senior Advocate of Nigeria.
In a statement by his lawyer, Mr. Ifeanyi Ejiofor, Kanu insisted that “extra judicial remarks” Osinbajo made before the Igbo Council of Traditional Rulers, in reference to Biafran agitation, was offensive to section 2 of the 1999 Constitution, as amended.
The statement read in part: “We are presently drifting into the narrative that had hitherto kept our client in unlawful incarceration for 18 months, in clear breach of positive orders of court that directed for his unconditional release. Unhealthy interference by the executive arm in the matter before the court, vide pronouncements capable of putting fears in the court is a case in point.
“This is evident in the recent extra judicial remarks by the Acting President, clearly contained in his presentation before the Igbo Council of Traditional Rulers, that the agitation for Biafra is unconstitutional as it offends section 2 of the 1999 Constitution of the Federal Republic of Nigeria, as amended, 2011, and consequent threat of arrest and imprisonment of those that exercise their unquestionable and inalienable rights to self determination.
“This declaration is respectfully considered as not only provocative and unacceptable, but a clear case of undue interference with judicial process, which have the capacity of distorting the mindset of the judicial officer in charge of client’s case.
“It is important to remind the Acting President that our client’s present political trial originated from his legitimate exercise of his constitutionally guaranteed rights to self determination as clearly provided for under extant laws, and international instruments/covenants.
“It is, therefore, reasonably expected that any of such extra judicial remarks should not emanate from the revered office of the Acting President.
“With due reverence to the Acting President, and his rank as a Senior Advocate of Nigeria, we deem it obligatory to state the correct position of the law as it relates to his faulty position.
“We observed most respectfully that the learned silk made this remark in direct response to quit notice threats and ultimatum handed down to Igbo living in the northern part of the country, by a faceless and uninformed group, going by the name of Arewa Youths Consultative Forum.
“But it must be noted very humbly that it is a mistake to equate the lawful and legitimate aspirations and agitations for Biafra with the unlawful, illegal and illegitimate quit notice, and threat given to the Igbo to leave the North by this group.
“We submit most humbly that the right to self determination, recognizable under various instruments, which Nigeria is a party to, is clearly provided for under Article 20(1) of the African Charter on Human and Peoples Rights (Ratification and Enforcement) ( Act Cap 10) Laws of the Federation of Nigeria 1990.”
Besides, Ejiofor, who briefed newsmen alongside counsel to Kanu’s co-defendants, Chidiebere Onwudiwe, Benjamin Madubugwu, David Nwawuisi and Bright Chimezie, accused the Federal Government of deliberately frustrating full-blown hearing on the treasonable felony charge against the defendants.
Consequently, Kanu and his co-defendants, demanded an immediate withdrawal of the amended five-count charge against them, saying they have not committed any offence that is known to law.
IPOB berates Umahi for attacking traders in Ebonyi
Also, yesterday, IPOB and its leadership worldwide have berated Governor Dave Umahi of Ebonyi State for allegedly unleashing his henchmen to invade Abakaliki Central Market to attack the traders there for the rousing welcome they accorded Kanu, when he visited the state.
IPOB in a statement by its Media and Publicity Secretary, Comrade Emma Powerful, said: “The governor exhibited the highest level of rascality by instructing his henchmen and miscreants to attack the innocent traders who turned out en masse to welcome their leader in Abakaliki, the Ebonyi State capital.
IPOB also noted that Ebonyi is not the first state to grant Kanu a rapturous welcome and neither will it be the last, and, therefore, warned that such infantile and envious clampdown on traders and IPOB officers in Ebonyi State will hasten Umahi’s return into political oblivion.
“The governor should know that at this moment, IPOB is without doubt the largest and most potent freedom fighting outfit anywhere in the whole world. We are firmly entrenched in Ebonyi State and we want to warn him that picking a fight with IPOB will bring about his downfall; we can pull him down with our supporters by just word of mouth, not violence. He should be warned.”
“We also want to tell him that should he wish to continue serving his Northern political masters, he should relocate to Sokoto because Ebonyi State is one of the strongest states in Biafran land, where the citizens are seriously determined to restore Biafra and Governor David Umahi cannot quench the desire of Ebonyi people in this regard, rather Ebonyi people are ready to dump him because of attacks against IPOB and its leadership.
“This Governor David Nweze Umahi of Ebonyi State, ordered his henchmen to invade the Abakaliki Central Market yesterday to terrorize traders, by destroying their goods and properties worth millions of naira as punishment for shutting down their businesses in order to come out enemas to welcome our leader Mazi Nnamdi Kanu, what a jealous act”
“That attack directed by Governor Umahi was wholly barbaric and uncivilized behavior, coming from an elected public officer of his caliber, it is indicative of the moral decay at the heart and height of governance in Nigeria especially, Ebonyi State that has not witnessed any meaningful development, since the inception of this administration that is only interested in protecting the Fulani herdsmen that has been attacking his state.
“That the Governor sought to belittle his office by ordering the unwarranted and unprovoked attack on innocent traders, purely demonstrate his slavish loyalty to his Hausa Fulani masters, and confirms the widely held view that South East Governors, more than Governors of other geo-political zone, are political quislings at the beck and call of the Arewa North.
“They have no mind of their own and therefore, are ready and will do anything to please their Northern masters, even if it means killing their own people, what a shame of governance in this part of the world.
“Political office holders like Governor Umahi, and other who owe their political survival to Hausa Fulani patronage are driven by reactionary tendencies such as petty jealousy and not deep ideological conviction in themselves and that is why they have time to attack issues concerning IPOB.”
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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