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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.
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Oyetola Seeks Stronger State, Private Sector Partnership to Unlock Blue Economy Potential
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Diri Advocates Stronger Coastal State Action
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has called for stronger collaboration between the Federal Government, state governments, the private sector and development partners to accelerate the implementation of Nigeria’s National Policy on Marine and Blue Economy, describing sub-national participation as critical to unlocking the sector’s vast economic potential.
Speaking on Thursday at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos, Oyetola said Nigeria had moved beyond policy formulation and must now focus on implementation capable of delivering measurable economic benefits.
The engagement, themed “From Policy to Action: Mobilising Sub-National Governments for Effective Implementation of Nigeria’s National Policy on Marine and Blue Economy,” brought together government officials, diplomats, development partners, industry leaders, academics and representatives of state governments.
The minister said the National Policy on Marine and Blue Economy had provided a strategic framework for harnessing Nigeria’s oceans, inland waterways, fisheries and coastal resources, but stressed that its success depended on coordinated action across all levels of government. He noted that many of the country’s blue economy assets were located within states and communities, making sub-national governments indispensable partners in driving investment, creating jobs, improving food security and promoting environmental sustainability.
Oyetola said reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda had strengthened stakeholder engagement, attracted investment, improved maritime safety and enhanced the competitiveness of Nigeria’s ports. He cited the 2025 Container Port Performance Index by the World Bank and S&P Global Market Intelligence, which ranked Tin Can Island Port as the tenth most improved port globally and Lagos Port Complex, Apapa, as the twelfth most improved between 2020 and 2025. He added that ongoing port modernisation and plans to develop new deep seaports in states including Akwa Ibom, Bayelsa, Cross River, Lagos and Ondo would further strengthen Nigeria’s position as West Africa’s preferred maritime hub.
The minister also noted that improved port operations had contributed to Nigeria recording a national trade surplus consistently since 2024. On inland waterway safety, he said the ministry had intensified collaboration with relevant agencies and state governments, distributed life jackets nationwide and urged states to replace unsafe wooden passenger boats with modern fibre boats. He further called on coastal states to align their development plans with the national policy while encouraging private investment in fisheries, aquaculture, maritime transport, tourism, shipbuilding, renewable energy and marine biotechnology.
Delivering the keynote address, Bayelsa State Governor, Senator Duoye Diri, commended President Tinubu for establishing the Federal Ministry of Marine and Blue Economy, describing it as a strategic step towards diversifying Nigeria’s economy. He said Bayelsa followed suit by creating its own Ministry of Marine and Blue Economy in June 2024 to drive the blue economy component of the state’s A-S-S-U-R-E-D Prosperity Agenda.
Diri said the state ministry had commenced major fish production at the Bayelsa Aquaculture Village in Yenegwe, where an operational hatchery was breeding high-quality catfish fingerlings and juveniles to boost food security and create jobs. He added that the state had expanded its marine transport fleet and was aggressively pursuing the development of the proposed Agge Deep Seaport as the next maritime gateway for the Niger Delta.
The governor also proposed five key pathways for coastal states to maximise opportunities in the blue economy: establishing dedicated ministries of marine and blue economy, enacting enabling legislation, properly mapping and securing their maritime domains, investing in credible data collection and analysis, and developing skills, markets, innovation hubs and logistics infrastructure.
In his presentation on private sector investment and industrialisation, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the successful implementation of the National Policy on Marine and Blue Economy would depend largely on sustained private sector participation. He noted that the policy targets the creation of three million jobs within its first four years, annual sectoral growth of seven per cent and the reservation of at least 50 per cent of new jobs for young people aged between 18 and 35.
Dangote, who was represented by the Managing Director of Dangote Port Operations, Simeon Akin Omole, said industrial transformation required policy consistency, quality infrastructure, access to finance and investor confidence. He identified infrastructure-led industrialisation, value-chain development and stronger public-private partnerships as the three pillars needed to unlock the sector’s enormous potential.
He said the Federal Government’s approvals for major deep seaport projects in various parts of the country would stimulate industrial clusters incorporating agro-processing, petrochemicals, shipbuilding, cold-chain logistics and maritime technology, while also boosting Nigeria’s competitiveness.
Dangote further identified the fisheries value chain as a major investment opportunity, noting that despite rising domestic production, Nigeria still imported fish worth nearly one billion dollars annually due to a significant supply deficit. He said investments in aquaculture, hatcheries, feed production, processing, cold-chain logistics and export infrastructure could reduce imports, conserve foreign exchange, create more than 500,000 jobs and position Nigeria as a leading exporter of fisheries products.
He also stressed that public-private partnerships should go beyond financing arrangements to become strategic collaborations involving government, investors, research institutions and coastal communities. According to him, coastal industrial clusters supported by modern ports, Special Economic Zones and digital infrastructure would attract long-term investment and accelerate industrialisation.
Goodwill messages were delivered by the Deputy Governor of Akwa Ibom State, Senator (Dr) Akon Eyakenyi, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun, representatives of the governors of Ondo and Borno states, and private sector operators, all of whom pledged continued support for the successful implementation of Nigeria’s marine and blue economy agenda.
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L-R: Bayelsa State Governor, Senator Duoye Diri; Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, and Deputy Governor of Akwa Ibom State, Senator (Dr) Akon Eyakenyi, at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos, on Thursday.
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L-R: Chairman, Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun; Permanent Secretary, Federal Ministry of Marine and Blue Economy; Mrs. Fatima Mahmood; Executive Governor of Bayelsa State, Senator Douye Diri; Minister of Marine and Blue Economy; Dr. Adeboyega Oyetola and Deputy Governor of Akwa Ibom State, Senator (Dr.) Akon Eyakenyi, at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos on Thursday.
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Update : Adeyemi Matthew Is a Fraudster Plotting to Implicate Chief of Staff, Says Onanuga
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…says Gbajabiamila first reported fake presidential agency to DSS, Police
…adds police file eight-count charge against suspect, two accomplices
The Presidency on Wednesday described Adeyemi Adeniyi Matthew as a con artist with a long record of elaborate scams, warning politicians and the public against using his claims to falsely implicate the Chief of Staff to the President, Femi Gbajabiamila.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said Matthew had been parading himself as Director-General of a fictitious Presidential Foreign Intervention Promotion Council, also referred to as the Presidential Economic Advisory Council.
Onanuga said the Office of the Chief of Staff to the President was, in fact, the first to alert security agencies to the activities of the illegal body after complaints from the Nigerian Investment Promotion Council that another so-called government agency appeared to be working at cross-purposes with it. NigeriaCurrent Affairs
According to the statement, the Chief of Staff had, in a letter dated October 17, 2025, asked the Department of State Services and the Police to investigate “fraudsters and impostors” forging appointment letters purportedly issued from his office.
The forged documents, the Presidency said, carried fake signatures, reference numbers and seals, and were being used to claim appointments into non-existent bodies, especially the so-called Presidential Foreign Intervention Promotion Council.
Gbajabiamila’s petition also alleged that Adeyemi Matthew operated from an office at the Federal Secretariat Complex, Phase III, Abuja, held meetings with Nigerians and foreigners, and requested a note verbale from the Ministry of Foreign Affairs to facilitate United States visas for some of his purported staff.
The Presidency said the Chief of Staff warned the security agencies that the development constituted a serious criminal act capable of undermining the integrity of the Presidency and official government communication.
The statement said the petition was accompanied by copies of the forged appointment letter, a request for a note verbale to the Ministry of Foreign Affairs, and pictures of engagements obtained from the illegal agency’s website.
It further added that the Ministry of Foreign Affairs had also raised concern about the fake agency after Adeyemi Matthew held a meeting with ambassadors at Wells Carlton Hotel and Apartments, Asokoro, on October 10, 2025, without recourse to the ministry.
In a letter dated October 15, 2025, signed by Ambassador Anderson Madubuike, the ministry wrote to the Office of the National Security Adviser and the Chief of Staff requesting clarification on Adeyemi Matthew’s agency, describing his action as a breach of diplomatic practice.
“This act contravenes extant rules and regulations guiding diplomatic practices globally”, the ministry stated.
The Presidency said the Office of the National Security Adviser later wrote to the Office of the Secretary to the Government of the Federation on October 20, while the OSGF, on October 29, wrote to the Chief of Staff seeking clarification following inquiries from government and non-governmental bodies.
The statement explained that Gbajabiamila had already sent a clear rebuttal to the Foreign Affairs Ministry two days earlier, stating that he never issued any appointment letter to Adeyemi Matthew as Director-General of the fake council.
He said the Chief of Staff could not have appointed anyone into a non-existent agency, adding that appointments and appointment letters are the responsibility of the Office of the Secretary to the Government of the Federation, not the Chief of Staff.
In another response to the OSGF on November 5, 2025, Gbajabiamila again denied knowledge of Adeyemi Matthew and the fake agency, saying Matthew and the so-called Presidential Foreign Investment Promotion Council were unknown to his office.
The Presidency said the Police, acting on the Chief of Staff’s October 17 petition, arrested Adeyemi Matthew on October 27, 2025, at the Abuja office where he allegedly operated the scam.
Police investigators also searched the office and Adeyemi Matthew’s residence in Suleja, recovering documents and exhibits.
In his statement to the Police, Adeyemi Matthew allegedly claimed that one Dolapo Babatunde Tanimola assisted him in procuring the fake appointment letter. Police later discovered that Tanimola had died in a fire incident at Kachi Hotel, Abuja, on October 22, five days before Matthew’s arrest.
According to Onanuga, the Police established that Adeyemi Matthew’s purported agency was fictitious, that he forged his appointment letter and other recovered documents, and that he falsely paraded himself as a government appointee.
The Police also found that he falsely solicited a note verbale from the Ministry of Foreign Affairs to secure United States visas for himself and his purported staff.
The statement further disclosed that Adeyemi Matthew operated 34 bank accounts, including nine opened in the names of fictitious agencies identified as FCT Investment Promotion Agency and Public Private Partnership, FIPA-APP, and FCT Investment Promotion Act.
It said Adeyemi Matthew allegedly used fake documents to fraudulently open a Central Bank of Nigeria account by misleading the Office of the Accountant-General of the Federation, though no government money had been transferred into the account. NigeriaCurrent Affairs
Quoting the police investigation report by Assistant Commissioner Kabir Mogaji, the Presidency said Adeyemi Matthew’s conduct amounted to criminal forgery, impersonation and obtaining by false pretence, bringing the Office of the Chief of Staff and the Presidency into disrepute before the public and the international community.
Based on the investigation, the Police filed an eight-count charge against Adeyemi Matthew and two alleged accomplices at the Federal High Court, Abuja, on November 27, 2025. He is expected in court on July 27.
The Presidency said Adeyemi Matthew was on police bail when he recently claimed that the Chief of Staff appointed him as Director-General of the fictitious agency, a claim Onanuga said contradicted his statement to the Police in November 2025.
The fresh claim, according to the statement, prompted the Chief of Staff to issue a disclaimer on June 8, 2026, consistent with earlier advisories that Adeyemi Matthew was an impostor.
“The case of Prince Adeniyi Adeyemi Matthew is a clear case of a con artist who appears to have built a web of false claims to deceive unsuspecting government officials and the public into playing by his scam book,” Onanuga said.
He added that Adeyemi Matthew had a history of fraudulent misrepresentation, recalling that in November 2016, he allegedly paraded himself as an ambassador and President-General of the World Youth Organisation, which he claimed was affiliated with the United Nations.
The statement said Adeyemi Matthew claimed to have been elected in New Delhi, India, and was celebrated by local media until the United Nations denied the existence of such a body.
The Presidency advised politicians and members of the public to disregard Adeyemi Matthew’s claims against the Chief of Staff rather than accepting his narrative without scrutiny.
It urged them to await the trial of Adeyemi Matthew and his alleged accomplices, as well as the court’s judgment, warning that public comments on the matter are sub judice.
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Update : NIMC Records Facilitate Arrest of Seven Boko Haram, ISWAP Commanders – Ojo Reveals
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NIMC database helped arrest seven Boko Haram, ISWAP commanders returning from Hajj – Minister
The Minister of Interior, Dr Olubunmi Tunji-Ojo, said on Friday that Nigeria’s integrated identity management system led to the arrest of seven suspected Boko Haram and ISWAP commanders returning from the 2026 Hajj pilgrimage.
Tunji-Ojo disclosed this at the Presidential Villa, Abuja, shortly after President Bola Tinubu signed the National Identity Management Commission Act 2026 into law, as contained in a statement signed by the President’s aide, Bayo Onanuga.
According to the minister, the suspects were arrested last Thursday at the Katsina airport after returning from Mecca and were subsequently handed over to the Department of State Services.
He said the arrests were made possible through the integration of the National Identity Management Commission database with the Nigeria Immigration Service database and its connection to Interpol.
”I know, sometime ago, the Senate President was alarmed by how some terrorists went on pilgrimage, wondering how they crossed our borders. We inherited a fractured system.
”But I’m happy to tell you that even last week, Thursday, seven of the known commanders of Boko Haram and ISWAP at the point of coming back from Mecca were arrested in Katsina at the airport and were handed over to the DSS.
”This is only possible because NIMC’s ID is already connected with the immigration database, and it’s already speaking to even the Interpol 24/7, and we have been able to automate this,” the minister said.
Tinubu signs NIMC Act into law
Tunji-Ojo said the newly signed NIMC Act would further strengthen Nigeria’s security architecture by accelerating the harmonisation of identity databases and improving inter-agency collaboration.
According to him, the law will enhance the integrity of the National Identity Number system while boosting the country’s capacity to combat identity theft, terrorism, financial crimes and other security threats.
He said that before the current administration, identity management systems were fragmented, noting that services such as passport issuance and driver’s licence processing were disconnected from the national identity database.
”When Mr President came on board, we had a disconnected system within our identity data management system. At that time, getting a passport and getting a driving permit were completely disconnected from our identity database.
”But today, you can’t get a Nigerian passport without pulling data from NIMC,” he stated.
Tinubu signed the NIMC Act 2026 on Friday in the presence of Senate President Godswill Akpabio, Deputy Speaker of the House of Representatives Benjamin Kalu and other senior government officials.
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