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Six Months To Deadline, Only 14 Banks Have Met Recapitalisation

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LAGOS – Barely six months to the March 31, 2026 deadline set by the Central Bank of Ni­geria (CBN) for the country’s banks to recapitalise, Daily Independent learnt that only 14 out of the 24 lenders with commercial banking licences have met the set target.

The CBN had last year given the country’s banks two years to meet new minimum capital requirements based on their authorisation levels. Commercial banks with international authorisation are to up their capital to N500 billion, national banks require N200 billion, and regional banks, N50 billion.

The CBN further defined capital base for the purpose of the recapitalisation ex­ercise to include: paid-up share capital and share premium, excluding other re­serves and retained earnings, a move that compelled all banks back to the market, the first after the one undertaken by Sanusi Lamido Sanusi, the then CBN governor in the after­math of the global financial crisis that significantly weakened Nige­rian banks and caused a liquid­ity problem, due to a significant growth in non-performing loans or exposure to the oil and gas and capital market sectors. ­

They were then compelled to sell such toxic loans to the Asset Management Corporation of Ni­geria (AMCON) at a premium, inject fresh capital, and embark on forced mergers/acquisitions to save the industry and the econ­omy.

Industry sources told Daily In­dependent at the weekend that al­though only 14 of the banks have met their set target to date, most of the systematically important players are on the verge of meet­ing theirs.

Recall that the Director Gener­al of the Securities and Exchange Commission (SEC), Dr. Emom­otimi Agama, had in November last year said nine banks that approached the market scooped N1.682 trillion in fresh capital in 12 applications. They are: Fideli­ty Bank, Guaranty Trust Holding Company (GTCO), Zenith Bank, First City Monument Group, Access Holdings Company, FBN Holdings and UBA Plc.

Of the country’s big five, Guar­anty Trust Bank, Access Bank and Zenith Bank are believed to have met and even surpassed the target, while UBA and First Bank are expected to breast the tape be­fore March 31, 2026.

Of the lot, Zenith Bank is re­portedly ahead with a N614.65 billion war-chest, Access Bank parades N594.9 billion, helped by last year’s N351 billion haul from its successful rights issue. Guar­anty Trust Bank now boasts of N504 billion capital base, follow­ing the fresh capital injection by its parent company.

On its part, First Bank, Daily Independent further learnt, needs to inject about N70 billion, an amount industry watchers say is easily achievable for the country’s oldest surviving bank established in 1894. On its part, United Bank for Africa is currently in the cap­ital market shopping for a fresh N157.843 billion by way of rights to existing shareholders, its sec­ond of such under the current dispensation. Africa’s global bank is also expected to follow that with an offer for subscription to the general public that would conclude its recapitalisation pro­gramme.

Stanbic IBTC Bank is yet an­other player believed to have met its target of N200 billion, after a successful exercise that fetched N181.4 billion, which lifted it be­yond the minimum threshold for its category; while Wema Bank is said to be in need of an addition­al N100 billion capital injection, having raised an initial N40 bil­lion through a rights issue. The bank plans to source the needed capital through a mix of public offer, and rights issue, among others.

Ecobank Transnational Incor­porated based in Lome, Togo, is expected to recapitalise its Nige­ria arm that will enable it play as a national bank, just as Standard Chattered Bank Nigeria.

Sterling Holding Company, in the first half of 2025 success­fully raised about N100 billion through a combination of pri­vate placement and rights issue, to be followed by a planned N200 billion fresh capital injection through a mix of rights issues, private placements, and public offerings as approved by share­holders already.

Analysts believe the ongoing regulator induced acquisition of Unity Bank by upwardly mobile Providus Bank is expected to save the former from going under, just like that between Titan Trust and Union Bank of Nigeria.

Meanwhile, the CBN is upbeat that Keystone Bank Limited re­mains stable and will rake in the needed N200 billion and is wooing potential partners with stronger capital base, while reportedly con­sidering a merger and acquisition with another player, a likely out­come for banks struggling to meet the new capital requirements.

Polaris Bank, a financial in­stitution currently owned by the Asset Management Corporation of Nigeria (AMCON), it is not yet known how the corporation plans to secure an estimated nearly N150 billion to prop it up, hence the popular expectation that an M&A option remains the way to go, especially given the CBN assurance of progress in its re­capitalisation journey.

All considered, analysts and industry watchers are upbeat that the recapitalisation exercise will enable the banks play their financial inter-mediation roles, particularly as it relates to big ticket transactions that were once the exclusive preserve of foreign banks in the US$1 trillion econ­omy envisioned by the Federal Government.

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Nigerian housekeeper arrested for allegedly stealing money from her employer in Libya

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In Benghazi, Libya, a Nigerian housekeeper was arrested on February 8, 2026, for allegedly stealing from her employer.

Authorities accused her of taking 98,000 dinars from the household.

The incident attracted media attention, raising questions about trust and security in domestic work.

The woman, whose motives remain unclear, was detained pending further investigation. Her story highlights the challenges faced by foreign domestic workers and the importance of proper oversight.

The case serves as a reminder of the fragile boundaries of employer-employee relationships amid economic and social pressures.

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2027: How 3 southern senators scuttled real-time e-transmission of election results — Sources

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Fresh facts have emerged on how the Senate rejected a proposal to make real-time electronic transmission of election results mandatory, ahead of the 2027 general election.

The recommendation, which also triggered wider reforms on election timelines, penalties for electoral offences and voting technology, was voted down by the 10th Senate under the leadership of Senate President, Senator Godswill Akpabio.

At the centre of the controversy is Section 60(3) of the bill, dealing with the transmission of polling unit results. The provision was recommended by the Senate Committee on Electoral Matters, chaired by Senator Simon Lalong (APC, Plateau South).

Sources told Vanguard that during clause-by-clause consideration of the committee’s report, the Senate initially worked on a version that retained real-time electronic transmission.

However, after hours of deliberations and as plenary dragged late into the evening, the final version passed by the Senate was altered at the last minute to expunge the provision.

This, sources said, was even though the Senate had earlier approved electronic transmission overwhelmingly during a closed session.

An ad-hoc committee, chaired by Senator Niyi Adegbonmire, APC (Ondo Central), had also endorsed it after more than one year of consultations.

The Adegbonmire committee engaged INEC, civil society organisations and stakeholders through joint sessions and zonal public hearings, where consensus was reportedly reached that electronic transmission must be explicitly legalised to avoid the legal controversies that trailed the 2023 general elections.

Page 45 of the report of the Senate Committee on Electoral Matters, Clause 60(3) provided: “The Presiding Officer shall electronically transmit the results from each polling unit to the IREV portal in real time and such transmission shall be done after the prescribed Form EC8A has been signed and stamped by the Presiding Officer and/or countersigned by the candidates or polling agents available at the polling unit.”

A source said that when senators got to the clause, many assumed it would pass smoothly, given prior resolutions.
“That was when the unexpected happened,” the source said, adding that three ranking Southern senators allegedly intervened.

According to the source, the senators approached the Senate President and urged him to retain the provision of the 2022 Electoral Act.

Akpabio was said to have upheld the existing law, which allows electronic transmission only after votes are counted and publicly announced at polling units.

Instead of “transmission,” the word “transfer” was adopted, in line with the 2022 Act, even though no fresh debate was conducted on the floor.

The rejected amendment would have mandated real-time upload of results to IReV immediately after completion of Form EC8A.

The adopted provision states: “The Presiding Officer shall transfer the results, including the total number of accredited voters and the results of the ballot, in a manner as prescribed by the commission.”

Senate bows to pressure, to hold emergency sitting tomorrow, instead of Feb 24

However, following the widespread criticisms that have trailed its rejection of a proposed amendment to Clause 60, Subsection 3, of the bill, which sought to make the real time electronic transmission of election results mandatory, the Senate has been forced to reconvene an emergency plenary sitting tomorrow, February 10, 2026, at 12:00 noon.

It had on Wednesday, adjourned plenary till February 24.

The new development to reconvene tomorrow was formally contained in an official notice dated February 8, 2026, signed by the Clerk of the Senate, Emmanuel Odo, on the directive of the President of the Senate, Senator Godswill Akpabio.

The notice to the senators, sighted yesterday, read: “I am directed by President of the Senate, Distinguished Senator Godswill Obot Akpabio, to inform all senators of the Federal Republic of Nigeria that an emergency sitting of the Senate has been scheduled to hold as follows: Date: Tuesday, 10 February, 2026. Time: 12:00 Noon.

“Venue: Senate Chamber. Senators are kindly requested to note this emergency sitting date and attend. All inconveniences this will cause to senators are highly regretted.”

Although the official notice did not state the reason for the emergency session, the timing strongly suggests a connection to the intense national controversy trailing the Senate’s handling of key provisions in the Electoral Act amendment, particularly Section 60(3).

The Senate had adjourned plenary last week after the passage of the Electoral Act (Amendment) Bill, 2026, to allow lawmakers participate in ongoing budget defence sessions by ministries, departments and agencies, MDAs, ahead of the final consideration of the ¦ 58.47 trillion 2026 Appropriation Bill, scheduled for March 17.

Recall that during the clause-by-clause consideration of the Electoral bill, the Senate, presided over by Akpabio, adopted a motion moved by Senate Chief Whip Tahir Monguno, APC, Borno North and seconded by the Deputy Senate President Barau Jibrin, APC, Kano North, to reject the proposed Section 60(3).

The rejected amendment sought to make real-time electronic transmission of election results from polling units to the INEC Result Viewing (IReV) portal mandatory. It proposed that:

“The presiding officer shall electronically transmit the results from each polling unit to the IReV portal in real time, and such transmission shall be done after the prescribed Form EC8A has been signed and stamped by the presiding officer and/or countersigned by candidates or polling unit agents, where available.”

Instead, the Senate retained Section 60(5) of the Electoral Act, 2022, which states.

Parliamentary sources said the Senate must reconvene to approve the votes and proceedings to validate the decisions taken.

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