Author: Vreporters

With less than 52 working days remaining before the Central Bank of Nigeria’s (CBN) March 31, 2026 recapitalisation deadline, Nigerian banks are intensifying efforts to meet newly-revised capital requirements. The recapitalisation drive, launched to strengthen the resilience and capacity of the country’s banking sector, is now in its crucial final phase.

According to recent statements by CBN officials, at least 20 banks have already met the new minimum capital thresholds, with several others in the process of raising funds. CBN Governor Olayemi Cardoso earlier confirmed that 16 banks had met their targets, while Deputy Governor (Economic Policy), Dr. Muhammad Abdullahi, affirmed that not fewer than 20 banks had now hit the required capital levels following the final clearance of recent capital raisings by institutions including United Bank for Africa (UBA), Fidelity Bank and First Bank.

Nigeria’s banking sector currently comprises 44 deposit-taking banks operating under different licence categories, including international, national and regional authorisations. As the deadline approaches, banks are exploring various strategies to achieve compliance, including private equity placements, rights issues and other capital-raising mechanisms. Some institutions are also considering downgrading their licences — for example, from national to regional status — to align with their existing financial base while continuing to build capital for future growth.

According to sources familiar with the recapitalisation process, the CBN is preparing to roll out “conclusive plans” for the resolution of a small number of banks that may not meet the new requirements. One bank with a strong legacy in southwestern Nigeria is reportedly being considered for reclassification from a national to a regional bank. Meanwhile, others are contemplating similar repositioning to manage regulatory expectations and maintain operations.

Under the recapitalisation framework introduced in March 2024, the CBN revised minimum capital requirements for banks. Commercial banks with international authorisation must now maintain a minimum capital base of ₦500 billion, while banks with national licences must hold at least ₦200 billion. Regional banks are required to have a base of ₦50 billion, with merchant and non-interest banks subject to tiered minimums.

All newly raised capital must be subject to capital verification by a tripartite committee comprising the CBN, the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC) before it can be added to a bank’s capital base. This verification process aims to ensure the quality and authenticity of funds raised during the recapitalisation exercise.

Market analysts note the significant progress made compared to past recapitalisation cycles, such as in 2004–2005, when several banks were forced into mergers or exit due to failure to meet capital benchmarks. Observers remain confident that the sector will navigate the current exercise with minimal disruption, given the momentum and proactive strategies adopted by many banks.

Here is a list of banks reported to have met the new Central Bank of Nigeria (CBN) capital requirements — the ones most commonly cited among the 20 that have crossed the recapitalisation threshold ahead of the March 31, 2026 deadline: Banks That Have Met CBN Recapitalisation Requirements1. Access Bank – International licence (capital > ₦500bn)

2. Zenith Bank – International licence

3. First Bank of Nigeria (First HoldCo/First Bank) – International licence

4. Guaranty Trust Bank (GTBank / GTCO) – International licence

5. United Bank for Africa (UBA) – International licence

6. Fidelity Bank – International licence

7. Wema Bank – National licence

8. Citibank Nigeria – National licence

9. Ecobank Nigeria – National licence

10. Globus Bank – National licence

11. Stanbic IBTC Bank – National licence

12. PremiumTrust Bank – National licence

13. Providus Bank – National licence (merged with Unity Bank)

14. FSDH Merchant Bank – Merchant bank

15. Greenwich Merchant Bank – Merchant bank

16. Nova Bank – Merchant bank

17. Rand Merchant Bank – Merchant bank

18. Jaiz Bank – Non-interest bank

19. Lotus Bank – Non-interest bank

20. TAJBank – Non-interest bank ✅

It’s noteworthy that the list is compiled from available industry reports on banks that have publicly completed capital raisings or are confirmed as compliant with the CBN’s new minimum capital thresholds.

Punch Newspaper

The proposed alliance between the 2023 presidential candidate of the Labour Party, Peter Obi, and a former governor of Kano State, Rabiu Kwankwaso, for a joint 2027 presidential ticket has reached an advanced stage.

Findings by Sunday PUNCH revealed that both Obi and Kwankwaso have jointly set up a committee for the actualisation of the joint ticket under the African Democratic Congress.

A principal official of the ADC disclosed that the Obi-Kwankwaso alliance was originally proposed by former President Olusegun Obasanjo.

According to the party official, Obasanjo not only blessed Obi’s defection to the ADC, he also asked the former Anambra State governor to work with Kwankwaso to secure the presidential and vice-presidential tickets of the party.

Obasanjo openly campaigned for Obi in 2023 and mobilised support for him across the country against the All Progressives Congress candidate, now President Bola Tinubu.

The former president, in an open letter dated January 1, 2023, said, “None of the contestants is a saint, but when one compares their character, antecedents, understanding, knowledge, discipline and vitality they can bring to bear, and the great effort required to stay focused on the job—particularly looking at where the country is today—and with the experience on the job that I personally had, Peter Obi, as a mentee, has an edge.”

Kwankwaso, on the other hand, was appointed Minister of Defence by Obasanjo during his second term.

Meanwhile, the former president has not hidden his disapproval of the presidential ambition of his former Vice President, Atiku Abubakar.

Currently, Atiku, Obi and a former Minister of Transportation, Rotimi Amaechi, are the three presidential aspirants in the ADC, while efforts to get Kwankwaso to join the party are ongoing.

Before his defection to the ADC, Obi had promised to serve a single term if elected President, after which Kwankwaso declared that he was ready to serve as vice-presidential candidate.

Though Kwankwaso has yet to join the ADC, Sunday PUNCH gathered that the proposed alliance between him and Obi has begun and was initiated by Obasanjo.

A top ADC source told one of our correspondents that the former president had also been connecting Obi with some northern power brokers to ensure the alliance works out.

“We’re aware of the alliance, though Kwankwaso is not in our party yet. Former President Obasanjo is the one who connected the two of them (Obi and Kwankwaso), and he is committed to their alliance.

“The former president believes in Obi and has been speaking with some northern leaders on the need for them to see reason in the alliance,” said the party official, who spoke on condition of anonymity.

Similarly, one of the leaders of Kwankwasiyya Movement confirmed Obasanjo’s involvement in the proposed alliance, saying the former president initiated the idea.

“The former President is involved. In fact, he mooted the idea, and we are happy to be on track,” the source, who spoke with Sunday PUNCH on condition of anonymity, said.

Obi, Kwankwaso set up alliance committee

Sunday PUNCH gathered that a committee had been put in place by both Obi and Kwankwaso to galvanise support within the ADC for the proposed joint ticket.

A credible source in Obi’s camp disclosed that the committee was set up about a month ago with a mandate to strategise on how to achieve the joint ticket.

“We’re no longer at the talking stage; we have moved ahead. A committee has been set up for the alliance and things are taking shape,” the source said.

Confirming the move, the National Legal Adviser of the New Nigeria Peoples Party and a leader of the Kwankwasiyya Movement, Magaji Ibrahim, SAN, said the former governor was ready to work with Obi either as President or Vice President.

Ibrahim, who said he was part of the committee, maintained that the proposed alliance had reached an advanced stage.

“There is ongoing discussion between Kwankwaso and Obi, and a committee is actually in place for the actualisation of the alliance. The committee is from both sides, and I am a member.

“We are ready to work together either for the first or second position. The central point is to salvage the nation,” he added.

Speaking on Kwankwaso’s move to join the ADC, Ibrahim said the party had reached out to the former Kano governor on the matter.

He disclosed that the ADC and the Kwankwasiyya Movement leaders had been holding discussions on the defection plan.

“We are discussing with them (ADC leaders) at the moment. There is a move to meet us, but we’re yet to meet,” he added.

Asked if Kwankwaso would join the ADC if not given the presidential or vice-presidential ticket, Ibrahim said, “I don’t think we can consider anything short of the second position.”

Efforts to reach the media aide to the former president, Kehinde Akinyemi, were unsuccessful, as he did not respond to calls or text messages sent to him.

However, a source in Obasanjo’s camp, who spoke with Sunday PUNCH, confirmed to our correspondent that the former president was working to ensure that the Obi–Kwankwaso alliance pulled through.

When asked to provide further details on the alleged alliance, the source declined to comment.

ADC not aware of Obi-Kwankwaso alliance

However, the ADC said it was not aware of any alliance between Obi and Kwankwaso, even as it described such discussions as not unusual.

The spokesperson of the party, Bolaji Abdullahi, while speaking with Sunday PUNCH, said the party was willing to embrace Kwankwaso, describing him as a strong political leader.

“Kwankwaso is yet to join the ADC, but we are more than willing to have him with us. Obi is also a great politician and an asset to the party. However, whatever discussions they are having are outside the party,” he said.

Atiku not threatened by Obi, Kwankwaso alliance

Commenting on the proposed alliance, Atiku’s spokesperson, Paul Ibe, said the former Vice President was not threatened by the move.

Ibe dismissed suggestions that the development posed any danger to Atiku’s political standing, insisting that the former Vice President remained focused on his own political path.

“There is absolutely no threat; there cannot be any threat. Kwankwaso is welcome in the ADC because the party’s hands are open to patriots who feel Nigeria is facing an existential threat and that there is a need to redeem the country. That cannot be a threat to Atiku.”

According to him, Atiku recognises the right of political actors to make their own choices and alliances without seeing them as competition.

“Everybody is at liberty to chart their political journey. Atiku is quietly on his own, doing what he has to do, and everyone is at liberty to do what they have to do.

“Atiku is not in any way threatened; he does not feel threatened and will not be threatened by the prospect of anybody. He desires a better Nigeria, and just like the party is opening its hands to welcome men and women who understand that we are at a point in history where we are facing an existential threat.

“For Atiku, the more the merrier, and that should be the focus of every discussion in the party,” Ibe said.

Obidients welcome Obi, Kwankwaso alliance

However, the Coordinator of the Obidient Movement, a group of Obi’s loyalists, Yinusa Tanko, expressed openness to the alliance move.

He described it as a potentially strong partnership ahead of the 2027 general elections.

Tanko also disclosed that the alliance between Obi and Kwankwaso had been discussed for some time and could become a major political force if properly harnessed.

“There have been a lot of talks before now. A good working relationship between the Obidient Movement and the Kwankwasiyya Movement will be a very strong combination,” he said.

Obi’s camp pushes for zoning

Meanwhile, supporters of former Anambra State governor are intensifying calls for the party’s presidential ticket to be zoned to the South.

Speaking with Sunday PUNCH, an ADC chieftain and supporter of Obi, who requested anonymity for fear of victimisation, said zoning the ticket to the South was the easiest and most reliable path to defeating President Tinubu.

According to the source, Obi enjoys widespread support across the country, noting that zoning the ticket to the South would further strengthen the coalition.

He said, “The leaders of the party are beginning to realise that if you want to unseat President Bola Ahmed Tinubu, who is from the South, zoning the ticket to the South will allow southern presidential aspirants within the fold of the ADC to contest, and one of them will emerge. When that happens, it will be quite easy; in fact, it is going to be the surest way to defeat Bola Ahmed Tinubu in 2027. Anything short of that will be to the disadvantage of the coalition group.

“What we are advocating is that the ticket should be zoned to the South, but we are not going to fight anybody about this. We are going to consult widely and, of course, try as much as possible to make every member or stakeholder in this movement understand why it should go to the South. We have credible people.”

But leaders of the party, including, the Chairman of the ADC Chairmen’s Forum and Kogi State Chairman, Kingsley Ogga; the Forum’s Secretary and Edo State Chairman, Kennedy Odion; and the Adamawa State Chairman, Arabi Mustapha, in separate interviews with Sunday PUNCH, warned that any aspirant pushing for zoning to the South was deliberately working to undermine the coalition in favour of Tinubu.

Ogga advised Obi’s supporters to put the party’s interest ahead of their personal interest, insisting that anyone pushing for zoning does not mean well for the party.

On his part, the Adamawa State Chairman remarked that anyone pushing for a specific zone or aspirant is thinking short-sightedly.

He stated, “My response to them is simple: their thinking is myopic. Let them think far. Nigeria has two regions, the Northand the South. So, putting a particular interest on someone, for example, a man from the South agitating for Peter Obi, or a man from the North saying Atiku Abubakar, is not what Nigeria really needs now.

“Nigeria needs someone who will stand on his feet to rescue the nation from where it is. Currently, we don’t have what we call government; we only have people in dictatorial positions of leadership.”

Lokoja — The Kogi State Government has confirmed that several armed bandits operating within the state have begun reaching out to authorities with expressions of willingness to lay down their weapons, even as intensified security operations continue across the region.

According to the State Security Adviser, Commander Jerry Omodara (rtd), some militants have made overtures to the government, signalling a desire to end their armed activities and seek a peaceful exit from criminal networks. This development comes in the context of sustained bombardment and offensive actions by state and security forces against bandit hideouts in forested areas of the state.

Government Response: No Bargaining with Criminals

Despite these reported overtures from bandits, the state government has reiterated its longstanding position not to engage in formal negotiations or peace deals with criminal elements. Commander Omodara stressed that while some groups have reached out, the administration of Governor Ahmed Usman Ododo will continue to pursue a robust security strategy focused on degradation of criminal capacity rather than political compromise.

The government’s posture aligns with broader federal directives cautioning against negotiating with bandits — a stance echoed by authorities at the national level to prevent legitimising criminal networks.

Security Strategy and Legislative Measures

Officials say the state has deployed enhanced technology, intelligence-led operations, and logistics support to security agencies, including the Nigerian Army, police, and vigilante groups, as part of its overarching strategy to counter banditry. Strengthened surveillance and tactical offensive measures have been highlighted as key success factors in recent months.

In addition to kinetic operations, the Kogi government is reportedly drafting new legislation aimed at outlawing residence in unmonitored forest areas — a policy intended to reduce the ability of bandits to hide within rural terrain and terrorise isolated communities. Citizens are being encouraged to live in recognised settlements where security presence is stronger.

Context: Rising Tensions and Security Response

Kogi’s security landscape has seen multiple violent incidents attributed to armed gangs, including attacks on highways and rural villages, kidnappings, and other acts of terror. In response, joint military and police operations have had measurable impact, with several engagements resulting in the neutralisation of bandit elements and disruption of their networks.

On the ground, troops and paramilitary units continue coordinated actions to rescue abducted victims and deter incursions into rural communities. Such operations have involved patrols, ambushes, and clearing activities aimed at flushing out criminals from known hideouts.

Public Safety Outlook and Government Messaging

The state government continues to portray Kogi as relatively safer compared with other parts of the region — attributing gains to strong political will, aggressive security strategy, and civilian support. Officials underscore that any overtures from bandit groups must be assessed within a framework that upholds the rule of law and public safety, rather than offering impunity for past crimes.

As events unfold, authorities have urged residents to cooperate with security agencies by providing credible intelligence and remaining vigilant against misinformation that could undermine community confidence.

The Federal Government earmarked ₦113.7 billion in the 2026 budget proposal for school-feeding programmes, scholarships and other critical education interventions.

Details of the allocation were contained in the 2026 Appropriation Bill presented to the National Assembly by President Bola Ahmed Tinubu, as part of efforts to strengthen human capital development and improve access to education across the country.

A breakdown of the budget showed that ₦42 billion was set aside for the national school nutrition feeding programme aimed at improving enrolment, retention and learning outcomes among primary school pupils.

The government also allocated ₦35 billion to programmes targeting out-of-school children, as Nigeria continues to battle one of the highest numbers of children not enrolled in formal education globally.

In addition, ₦1.4 billion was provided for the servicing and verification of about 8,337 scholarship beneficiaries under various Federal Government scholarship schemes across multiple academic years.

The budget further earmarked ₦5.6 billion for the servicing of 1,532 scholars under the Bilateral Education Agreement in countries including China, Turkey, Russia and several European nations.

Another ₦1.7 billion was allocated for the award of 300 new foreign scholarships and the monitoring of existing scholars to ensure compliance and academic performance.

To enhance security in federal unity colleges, the government set aside ₦28 billion for perimeter fencing and the installation of solar-powered infrastructure in 118 unity schools nationwide.

The education-related allocations formed part of the Federal Government’s broader 2026 budget strategy focused on social investment, youth development and inclusive growth.

The Federal Government and the Academic Staff Union of Universities (ASUU) have unveiled a new renegotiated agreement aimed at resolving long-standing disputes that have repeatedly disrupted academic activities in Nigeria’s public universities.

The agreement, which was formally presented on Tuesday, is the outcome of years of negotiations to review the 2009 FG-ASUU agreement and address persistent issues bordering on lecturers’ welfare, university funding, autonomy and academic freedom.

Speaking at the unveiling, the Minister of Education, Dr Tunji Alausa, said the new deal represents a major step toward stabilising the nation’s university system and preventing the frequent strikes that have crippled academic calendars in the past. He noted that the agreement reflects the Federal Government’s commitment to dialogue and sustainable reforms in the education sector.

According to the minister, key components of the agreement include improved conditions of service for academic staff, enhanced funding mechanisms for universities, and clearer frameworks for earned academic allowances. He added that the deal also introduces a revised salary structure, including a proposed 40 per cent increase in lecturers’ remuneration, alongside improvements in research and academic support allowances.

Alausa credited President Bola Tinubu’s administration for prioritising education reforms and driving the negotiations to a logical conclusion, stressing that the government is determined to restore confidence in the public university system and curb the growing trend of brain drain.

ASUU representatives present at the event acknowledged the progress made, describing the agreement as a significant milestone after years of strained relations between the union and the government. They, however, emphasised the need for full and faithful implementation of all provisions to ensure lasting industrial peace.

The unveiling was attended by vice-chancellors of federal universities, top officials of the Ministry of Education and other key stakeholders, signalling broad institutional support for the agreement.

The development is expected to ease tensions in the university system and bring greater stability to academic activities nationwide, raising hopes among students and parents for uninterrupted learning in the coming years.

Punch Newspaper

The Joint Admissions and Matriculation Board (JAMB) has issued a comprehensive set of warnings to candidates participating in the 2026 Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) registration exercise, stressing strict compliance with biodata integrity, biometric capture and identity verification procedures.

In a statement released on Tuesday and signed by the Registrar, Prof. Ishaq Oloyede, the Board cautioned candidates against making any attempt to alter their biodata after completing registration.

JAMB recalled that registration for the 2026 UTME and Direct Entry forms for both Nigerian and foreign applicants will commence on Monday, January 26, 2026, and close on Saturday, February 28, 2026.

According to the Board, once a candidate completes the 2026 registration using biodata supplied by the National Identity Management Commission (NIMC), no further changes will be entertained.

“Once a candidate completes 2026 registration with biodata supplied by NIMC, subsequent changes of biodata would not be effected by JAMB for the 2026 admission. No change will be tolerated,” the Board stated.

JAMB explained that updates from NIMC would only reflect under strict conditions, noting that changes in previous data would apply only if affected candidates go through a RE-QUERY process to retrieve updated records through TEMPL 007 during the 2026 registration.

On multiple registrations, the Board made it clear that candidates are not allowed to register more than once. It warned that any candidate who encounters an error during registration should seek correction through JAMB rather than obtain a fresh application, as duplication invalidates all applications.

The examination body also warned against the use of multiple identity records, stressing that the use of more than one National Identification Number (NIN) by a candidate for double registration, impersonation or identity manipulation is strictly prohibited and would attract severe sanctions.

Emphasising biometric integrity, JAMB advised candidates to ensure that only their own ten fingers are correctly captured individually at the CBT centres. It added that only candidates whose biometric verification is successful on the examination day would be allowed to sit for the UTME or Mock examination.

The Board further cautioned against third-party interference in candidates’ profiles, stating that parents, guardians or proxies are not permitted to transact any business on behalf of candidates.

“Any candidate who makes his password, profile code or other security codes available to another person is liable for any alteration done by such person(s),” the statement warned.

On disclosure of previous admissions, JAMB announced that candidates are now required to declare any prior admission or matriculation by indicating their previous UTME or DE registration details during registration. It stressed that false declaration or failure to disclose such information would automatically invalidate the candidate’s registration or previous admission.

JAMB reiterated that registration can only be carried out at approved centres nationwide, warning that candidates who register outside these centres do so at their own risk.

The Board also disclosed that all registration centres would be monitored live from its headquarters, adding that any centre whose activities are not visible would not be paid and such registrations may be invalidated.

JAMB urged prospective candidates to strictly adhere to the guidelines to avoid disqualification or loss of admission opportunities.

The Tertiary Education Trust Fund (TETFund) has announced a major funding boost for Nigeria’s tertiary institutions, with each university set to receive ₦2.525 billion under the 2026 intervention cycle.

Polytechnics will receive ₦1.871 billion each, while Colleges of Education are to get ₦2.056 billion apiece.

The Executive Secretary of TETFund, Arc. Sonny Echono, made the disclosure on Tuesday at the 2026 Stakeholders’ Workshop held in Abuja, where allocation letters for the year’s interventions were formally presented to heads of beneficiary institutions.

Echono explained that the allocations represent about 90.75 per cent of available funds, comprising 50 per cent for annual direct disbursements and 43.75 per cent for special direct disbursements.

According to him, all universities—irrespective of age, size, or student enrolment—will receive exactly ₦2,525,932,228.02, while polytechnics and Colleges of Education will receive ₦1,871,059,920.53 and ₦2,056,527,973.04 respectively.

“These funds are meant to strengthen critical physical infrastructure, enhance academic programmes, boost research and innovation, and drive overall transformation in Nigeria’s tertiary education sector,” Echono said.

He also announced the introduction of a new intervention line under the 2026 annual direct intervention—the Nigerian Research and Education Network (NgREN). The initiative is designed to improve access to global academic resources and integrate the Tertiary Education, Research, Applications and Services (TERAS) platform into NgREN.

“With these investments, 2026 promises to be a year of growth, innovation, and measurable impact,” he added.

Echono noted that TETFund will continue to prioritise the upgrading of research and development offices, laboratories, and workshops, while also strengthening student exposure programmes through partnerships with the private sector and completing long-abandoned projects.

He said research and innovation would remain central to the Fund’s agenda, with sustained support for the National Research Fund, the Research Meets Industry initiative, and the commercialisation of research outcomes. ICT development, he added, would also receive significant attention.

The TETFund boss further disclosed that several research laboratories are currently under development, with four expected to be completed this year and two more slated for completion next year. In the agricultural sector, he said large university farms are being converted into modern greenhouses and equipped with advanced tools to boost productivity.

Echono stressed the need for accountability, urging heads of institutions to ensure effective utilisation of their 2025 allocations.

“We are conducting assessments of how institutions use their resources, which will inform discretionary budget allocations. Performance will guide additional allocations,” he said.