news
Bank Recapitalisation : “We must address banks capital adequacy to grow economy” Says Bayo Onanuga
….Investors inject N110bn in UBA, FBNH, Zenith, Access, other stocks in two days
Presidency on Tuesday expressed support for the banking sector consolidation initiative of the Central Bank of Nigeria, saying it would help the country to grow the economy to a new height.
This came barely five days after the CBN said it would ask banks to raise new capital.
According to the Presidency, it has become important to consider the capital adequacy of Nigerian banks in light of the projected $1tn economy in eight years.
Representing President Bola Tinubu at the 40th Anniversary Celebration of The Guardian Newspapers in Lagos on Tuesday, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said there would be a strong need to revisit the capital adequacy levels of banks
Onanuga said, “On the economy, that is facing all of us, our ambition to attain the $1tn appears daunting but we believe that it is achievable with God on our side and our collective determine. This explains the reason the VP and I have been on the road trying to attract huge investments into various phases of our economy; agriculture, oil and gas and others.
“To arrive at the $1tn economy, we must address the capital adequacy of our banks that will prepare the fuel for this journey.”
At the 58th annual Bankers’ Dinner last Friday, CBN Governor, Olayemi Cardoso, had said a stress test performed on Nigerian banks revealed that while they would withstand mild to moderate stress, they would be unable to service a $1tn economy projected by Tinubu in seven years, hence the need for recapitalisation.
Cardoso said, “Stress tests conducted on the banking industry also indicate its strength under mild-to-moderate scenarios of sustained economic and financial stress, although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much work to be done in fortifying the industry for future challenges.”
He added, “Considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needs in servicing a $1tn economy shortly, in my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital.”
Meanwhile,findings show investors have begun positioning themselves in the stocks of Tier-1 banks listed on the Nigerian Exchange Limited following the announcement of the proposed recapitalisation of the banks.
There are reports some big banks may be eyeing smaller and weaker ones in the event the proposed consolidation in the sector fuels possible acquisitions.
Meanwhile, findings showed that some listed financial institutions gained over N101.18bn on Monday and Tuesday, following the announcement of the proposed banking sector recapitalisation.
An analysis done by one of our correspondent at the close of trading on Tuesday revealed that at least six of the lenders added to their market capitalisation in the two trading sessions this week, while five banks shed their value and two remained unchanged.
The lenders who gained included United Bank for Africa Plc, whose market capitalisation rose to N731.87bn on Tuesday from N713.06bn on Friday, the market cap of Zenith Bank Plc appreciated by one per cent to N1.10tn and Access Holdings Plc’s market cap rose by four per cent to close Tuesday’s trading at N639.81bn.
FBN Holdings Plc has been the biggest gainer so far as its market cap stood at N800.47bn on Tuesday from N717.91bn on Friday, marking an 11 per cent appreciation. The market cap of Sterling Financial Holdings Plc rose by 4.51 per cent to N106.81bn and the value of FCMB Group’s share rose by one per cent to N137.63bn.
The five lenders who lost during the period under review include; Guaranty Trust Holding Company (-1 per cent), Jaiz Bank (-2 per cent), Unity Bank (-8.69 per cent), Wema Bank and Stanbic IBTC Holdings (-3.08 per cent) to close with their market capitalisation at N1.13tn, N55.27bn, N19.64bn, N66.61bn and N816.29bn respectively.
The market capitalisation of two lenders, Ecobank Transnational Incorporated Plc and Fidelity Bank remained unchanged over the two-day period at N293.59bn and N288.11bn respectively.
A bank CEO, who earlier spoke to The PUNCH, welcomed the CBN policy direction regarding the recapitalisation of the banks, saying his institution was ready to raise fresh capital though it had yet to conclude the modality.
“Even before the CBN governor made the pronouncement, our bank was already considering raising fresh capital to significantly increase the capital base. This should happen in the first quarter of 2024. So, we are in tune with the CBN governor,” the CEO of a Tier-1 lender told one of our correspondents on Saturday.
In the last few months, First Bank of Nigeria Holdings, Wema Bank and Jaiz Bank have proposed Rights Issues, while Fidelity Bank has announced plans to raise additional capital via the issuance of 13,200 billion ordinary shares via public offer and rights issue. It was gathered that Wema Bank would commence its Rights Issue on December 1.
Already, players in the capital market have expressed varied views as to the capability of the market to support the proposed recapitalisation drive.
While the doyen of the Nigerian Exchange Limited, Rasheed Yusuf, in his comments, believed the local bourse could support such a major capital raise, even without the presence of foreign investors, the Managing Director of Afrinvest Securities Limited, Ayodeji Ebo, expressed doubts the capital market could support the recapitalisation.
He said, “The Nigerian capital market may not be able to fully support the recapitalisation of the banks given the market is currently been driven by domestic investors. To also achieve this, the banks must adopt technology to drive the capital raise process as we saw during the MTN public offer.
Ebo added, “We believe if the foreign exchange policy is clear and consistent in the medium term, we expect to begin to attract FPIs to the capital market.”
Meanwhile, some minority shareholders community have expressed the conditions under which they will support the financial institutions. Mr Boniface Okezie of the Progressive Shareholders Association of Nigeria, said that minority investors must do their due diligence and invest in stocks with track records.
“What we will be looking out for include those who have been paying dividends in the past, those with good capital appreciation and a good track record from their management team. How have they been communicating with shareholders when the situation was rosy or not? I have my fears and some of those banks can’t convince me, not when my money has been trapped. In the past, they have been reckless. Even those who acquired the shares of those banks did not pay compensation to shareholders and are using the assets of the bank as leverage to build up their branches. They are not paying dividends to shareholders but have created an empire. For such banks, shareholders must be on the lookout for them and this is the time to pay them back in their coins, “he said.
news
Onanuga Blasts Aregbesola Over ‘Renewed Hope Is a Scam’ Remark, Calls It Rant of One Who Failed in Public Office
![]()
Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, has dismissed a speech by the former Minister of Interior and National Secretary of the African Democratic Congress at the ADC national convention as the rant of a man with a failed record in public office.
Onanuga was reacting on X on Tuesday to remarks Aregbesola made at the party’s eighth national convention in Abuja, where the former minister declared, “The ruling party never had a vision; its Renewed Hope agenda was a scam!”
Speaking at the convention during the presentation of the secretariat report, Aregbesola said the ADC was “on a rescue mission to pry the country from the strangulating grasp of the ruling party.”
He attacked the APC for enacting what he described as an electoral law that decriminalised forgery in electoral documents, saying the ruling party was “decriminalizing criminality.”
On the economy, Aregbesola cited the naira’s fall from roughly N700 to the dollar when the Tinubu administration took office in 2023 to about N1,400, describing it as a 100 per cent devaluation that was “devastating” for an import-dependent economy.
“The government’s claim that the recent reduction in the exchange rate shows its mastery of economics is false,” he said.
“Before this administration, the cost of a litre of fuel was between N185 and N238, depending on which part of the country you were in; now it is about N1,400 per litre and still rising. The cost of transportation is now so prohibitive that it has become unrealistic for some workers to go to work,” he said.
He also cited deteriorating power supply, saying some parts of the country received an average of two hours of electricity daily while others had been “in darkness for weeks and months at a stretch.”
“The administration told Nigerians that if it does not solve the power problem by providing a constant power supply, it should not be voted for a second term. Today, power supply is far worse,” Aregbesola said.
Aregbesola called on Tinubu to step down, saying: “Ordinarily, having made such a promise and failed woefully, an honest president should simply step down and not seek reelection.”
He added that what Nigerians were witnessing instead was “the most desperate attempt by a candidate in Nigerian electoral history to retain power at all costs, even if it means bringing down the entire democratic system.”
Responding, Onanuga said Aregbesola had no moral authority to criticise the Tinubu administration, given what he described as a dismal record across two stints in public office.
“Unfortunately, Aregbesola did not undertake any honest self-reflection on his own record in public office — as governor or as Minister of Interior,” Onanuga wrote.
He said Aregbesola’s eight years as governor of Osun State had been “characterised by unmitigated hardship”, with civil servants going unpaid for months and pensioners dying because they could not receive their payments.
“It is to Aregbesola’s infamy that Osun became known as a state receiving negative federal allocation and paying just 20 to 30 per cent of normal salaries. It was worse for pensioners in Aregbesola’s Osun State. Many pensioners who relied on their meagre monthly payments died because they were not paid at all,” Onanuga said.
He added that Aregbesola’s immediate successor, Governor Adegboyega Oyetola, “worked hard to clean up much of the mess left behind,” and that Governor Ademola Adeleke was “still dealing with the consequences.”
Onanuga also attacked Aregbesola’s record as Minister of Interior under former President Muhammadu Buhari, saying his tenure recorded the highest number of jailbreaks in Nigeria’s history, including the 2022 Kuje Prison escape in Abuja.
“During his four years, obtaining a Nigerian passport became a nightmarish process, and there were 15 major attacks on correctional facilities in Jos, Abolongo, Imo, Kabba, and Okitipupa, resulting in over 4,000 inmates escaping to join criminal elements.
“For someone who failed so woefully to secure our correctional centres and uphold his duties between 2019 and 2023, it is ironic that Aregbesola now seeks to lecture others on insecurity. Maybe he thinks the entire Nigerian population suffers from amnesia,” Onanuga wrote.
He warned Nigerians to remain vigilant against “power-hungry individuals with no programme,” saying the opposition was “weaponising isolated terrorist attacks, as if the problem started from this administration.”
Onanuga also cited what he described as the gains of the Tinubu administration, including a minimum wage increase of over 100 per cent, a decline in inflation from over 25 per cent to below 15 per cent, and growth in foreign reserves and GDP.
“The Tinubu administration has never shied away from acknowledging that policy reforms have brought unintended consequences, impacting the most vulnerable. However, over the last three years, the government has introduced numerous relief measures to mitigate these effects,” he said
“No, Rauf, the Renewed Hope Agenda is not a scam. The real scammers are the politicians gathered inside the SPV called ADC,” he wrote.
news
BATTLE FOR NIGERIA’S PGA LEADERSHIP THREATENS THE BODY’S EXISTENCE!
![]()
For the first time in recent memory, the Professional Golfers’ Association of Nigeria is facing a crisis so severe it’s not just the trophies at stake—it’s the organization’s very survival.
At the center of this storm is the current Executive Committee, led by Tony Philmoore.
What was supposed to be a standard leadership run has turned into a high-stakes standoff. A growing, vocal faction within the membership has levelled explosive accusations against Philmoore, claiming he has morphed into a “high-handed” leader intent on overstaying his tenure.
The drama boils down to a classic case of “he-said, she-said” regarding the rulebook. The facts are these: Philmoore’s team was sworn in back in November 2023for what everyone understood to be a two-year term.
One senior member told our correspondent in no uncertain terms: “This is not how you run a professional body. Members were not properly represented in the decision for tenure elongation. You cannot wake up one morning and add three years to your mandate. Where is the governance? Where is the constitution?”
The member, who preferred not to be named for fear of further marginalisation within the association, revealed that formal letters have been circulated, legal opinions sought, and pressure quietly applied on the leadership to vacate or call for fresh elections. So far, Philmoore’s team has shown little sign of budging — and therein lies the stalemate that is strangling Nigerian professional golf.
However, in a move that has sent shockwaves through the greens, the leadership now claims they received an endorsement during their Annual General Meeting (AGM) for a five-year tenure proposal that was thrown up at the AGM, which members claimed hadn’t been endorsed.“It’s a power grab, plain and simple,” mutters another disgruntled member “There was no formal approval, no consensus, and certainly no transparency. We are looking at a leadership that wants to rule, not represent.”
A chance for truce had been blown when rather than heed a call for election, Philmoore initiated a court order that halted members’ proposed meeting to pass a ‘vote of no confidence’ in Lagos. The resolution would have forced the Executives’ hand and made and EGM obligatory but it got thwarted by the court order advising to stay action on the matter.
Earlier too, the apex ruling body for the game in Nigeria, Nigeria Golf Federation, had also attempted to broker peace and proposed terms to return normalcy through its President, Olusegun Runsewe. It obviously hasn’t worked.
While the executives trade accusations in boardrooms and WhatsApp groups, it is Nigeria’s professional golfers — the men and women who have dedicated their lives to the sport — who are paying the most devastating price.
Our correspondent spoke to Yusuf (not real name), an aggrieved professional player who expressed his frustration as this:
“We have lost one of our key regular year opening events in January due to this situation,” he revealed, his voice heavy with disappointment. “I heard that sponsors said we should go and put our house in order first.”
He paused. Then the real pain surfaced.
“It is a shame that the leadership are busy fighting for position, while the little channel for members to showcase their talent and earn their livelihood is being destroyed. I joined this career with so much hope. I am confident in my ability — but this situation has really made me depressed.”
The deeper and more alarming question swirling among golf industry insiders is this: how long can the PGA of Nigeria survive this self-inflicted wound?
Professional sporting bodies live and die by two things — credibility and continuity. The PGA is currently haemorrhaging both at an alarming rate. Without tournaments, players cannot earn. Without earnings, talent migrates or gives up. Without talent, there is no product to sell. Without a product, there are no sponsors. Without sponsors, there is no organisation.
It is a vicious spiral, and those watching from the outside say the end point, if nothing changes, is institutional collapse.
The PGA of Nigeria since formation in 1969 has survived economic downturns, infrastructure deficits, and the general turbulence of Nigerian sporting administration. But this — a leadership crisis born entirely of ambition and alleged constitutional overreach — may prove to be its most dangerous hour yet.
As of the time of filing this report, no resolution is in sight. Tony Philmoore’s camp remains entrenched, dismissing critics as a disgruntled minority. The opposition faction, meanwhile, is adamant and reaching out to the broader sporting governance community for intervention.
In the middle of it all stand Nigeria’s professional golfers — talented, ambitious, and utterly let down by the very institution created to serve them.
The greens are still beautiful. The clubs are still sharp. But the game, for now, is being played in the boardroom — and nobody is winning.
news
Just IN : Relief in Kaduna as Soldiers Rescue 31 Kidnapped Easter Worshippers
:
Troops of the Nigerian Army have rescued 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.
The rescue followed a distress call reporting that terrorists had invaded an ECWA Church in the community and abducted worshippers during the service.
In a statement posted on its X handle on Sunday, the Army said that upon receiving the information, troops swiftly mobilised to the scene and, with the support and guidance of members of the Ariko community, advanced in pursuit of the fleeing attackers.
The Army said the troops engaged the terrorists in a fierce firefight, overpowering them with superior firepower.
“Troops of the Nigerian Army, through a swift response, successfully foiled a terrorist attack, leading to the rescue of 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.
“The swift response followed a distress call reporting the abduction of worshippers during an Easter service at an ECWA Church in Ariko Village. The troops, on receipt of the information, promptly mobilised to the scene. With the support and guidance of members of the Ariko community, they advanced in pursuit of the fleeing terrorists and engaged the criminals in a fierce firefight, overwhelming them with superior firepower.
“The pressure mounted by the advancing troops forced the terrorists to abandon 31 hostages, including one injured victim who is currently receiving medical attention,” the statement partly read.
However, the army disclosed that troops also recovered the remains of five victims already killed by the terrorists at the scene.
“Regrettably, the remains of five victims already killed by the terrorists were also recovered at the scene. The fleeing terrorists are believed to have sustained significant casualties, as evidenced by blood trails along their escape routes.
“Troops have since intensified pursuit operations to track the fleeing elements to their enclaves, with ongoing efforts aimed at rescuing any remaining captives and ensuring the perpetrators are brought to justice,” the statement added.
The army said additional troops had been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.
“To consolidate the gains recorded, additional troops have been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.
“The Nigerian Army reaffirms its unwavering commitment to the protection of citizens and the defence of Nigeria’s territorial integrity, in collaboration with other security agencies and local stakeholders. Troops remain resolute in sustaining offensive operations against all threats to national security.
“Members of the public are encouraged to continue supporting the Nigerian Army and other security agencies by providing timely and credible information, as collective vigilance remains vital to achieving enduring peace and stability,” the statement concluded.
-
news5 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle6 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
health5 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle5 years agoObateru: Celebrating a Quintessential PR Man at 60
-
health6 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
health6 years agoBREAKING: Nigeria confirms 663 new cases of COVID-19
-
entertainment1 year agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
news11 months agoBREAKING: Tinubu swears in new NNPCL Board