Tuesday, April 14, 2026

CBN’s Banking Overhaul Yields ₦4.65tn as Recapitalisation Closes

By
Kazeem Busari
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CBN governor Olayemi Cardoso

Nigeria’s banking sector has recorded a major milestone following the successful conclusion of a 24-month recapitalisation programme that saw lenders raise a combined ₦4.65 trillion in fresh capital, significantly strengthening the country’s financial system.

Announcing the development, the Central Bank of Nigeria said the exercise, which commenced in March 2024, has enhanced the resilience of banks and positioned them to better support economic growth while withstanding both domestic and global shocks.

The apex bank disclosed that the recapitalisation drive attracted strong investor confidence, with 72.55 per cent of the funds sourced locally and 27.45 per cent coming from international markets. The participation mix, according to the regulator, reflects sustained confidence in Nigeria’s banking industry despite prevailing economic headwinds.

Governor Olayemi Cardoso described the programme as a critical step in fortifying the sector’s stability and long-term viability. “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks,” he said.

As part of the outcome, the CBN confirmed that 33 banks have successfully met the revised minimum capital requirements set under the programme. A small number of institutions, however, remain under ongoing regulatory and judicial processes, which the bank said are being addressed within established supervisory and legal frameworks. It added that all banks continue to operate normally, with no disruption to customer access or services throughout the exercise.

The regulator noted that the programme has led to improved capital adequacy ratios across the sector, with banks maintaining levels above international Basel benchmarks. Under current requirements, minimum capital adequacy ratios remain at 10 per cent for regional and national banks, and 15 per cent for banks with international authorisation.

Beyond capital injection, the recapitalisation was implemented alongside a phased exit from regulatory forbearance, a move that has improved asset quality and enhanced balance sheet transparency across the industry. The CBN said these measures have collectively strengthened overall financial system stability.

To consolidate the gains, the apex bank has intensified its prudential oversight framework, introducing stricter risk-based supervision. Banks are now required to conduct regular stress testing under defined scenarios and maintain adequate capital buffers to absorb potential shocks. The CBN added that its regulatory guidelines and supervisory mechanisms will continue to undergo periodic reviews to ensure alignment with global best practices.

Despite the scale of the reforms, the recapitalisation programme was executed without disrupting banking operations, ensuring uninterrupted access to financial services for individuals and businesses nationwide.

Court Remands El-Rufai Over Alleged ₦579m Fraud, $1m Transfers, Adjourns Bail to April 14

By
Kazeem Busari
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Former Kaduna State Governor Nasir El-Rufai

A Federal High Court sitting in Kaduna has ordered the remand of former Kaduna State governor, Nasir Ahmad El-Rufai, in the custody of the Independent Corrupt Practices and Other Related Offences Commission, after adjourning the hearing of his bail application to April 14, 2026.

The presiding judge, Rilwanu Aikawa, fixed the date on Wednesday following arguments presented by both the prosecution and defence counsel in the ongoing criminal proceedings.

El-Rufai was recently arraigned by the anti-graft agency on a 10-count charge bordering on alleged diversion of public funds, abuse of office, and money laundering.

According to the charge, as reported by ICIR, he is accused of unlawfully receiving about ₦579 million as severance allowance—an amount said to be far above his approved entitlement—alongside multiple foreign currency transactions suspected to be proceeds of unlawful activities.

Prosecutors further alleged that the former governor received $320,800 through a series of transactions between 2017 and 2023, in addition to other foreign currency inflows from individuals reportedly still at large. The commission also accused him of conspiring to conceal the origin of the funds in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendant, however, pleaded not guilty to all counts when the charges were read in court.

During the bail proceedings, counsel to the defence urged the court to grant bail on constitutional grounds, arguing that the accused is entitled to liberty pending trial. The prosecution opposed the application, citing the seriousness of the allegations and raising concerns over potential interference with ongoing investigations.

This marks the second adjournment of the bail hearing. The court had earlier, on March 24, deferred ruling to March 31 after hearing initial submissions from both parties, before further adjourning to April 14.

Separately, El-Rufai is also expected to appear before a Kaduna State High Court on April 10, 2026, in another case instituted by the ICPC. Proceedings in that matter were stalled on March 31 due to the absence of a co-defendant, identified as Amadu Sule (also known as Leda), preventing formal arraignment. The case was subsequently adjourned.

According to court documents marked KDH/KAD/ICPC/01/26, the charges stem from alleged offences committed between 2015 and 2025, spanning El-Rufai’s tenure in office and the period after.

Among the allegations, prosecutors claim that in December 2016, while serving as governor, El-Rufai influenced the Kaduna State Government to approve an ₦11 billion payment to Indokaduna MRTS JV Nigeria Limited for a light rail project that was never executed.

He is also accused of approving and receiving severance payments exceeding ₦289 million in 2020 and 2023, allegedly beyond his lawful entitlement—actions the prosecution argues amount to abuse of office and corrupt enrichment.

In another count, the prosecution alleged that between March and November 2022, El-Rufai and an accomplice still at large dishonestly disposed of $1,085,066.38 in World Bank loan funds, in contravention of the terms governing the facility.

Africa Makes History with 10 Teams at World Cup as CAF Backs Continent for Glory

By
Kazeem Busari
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CAF president Patrice Motsepe

The Confédération Africaine de Football (CAF) has hailed a historic breakthrough for African football following the confirmation that 10 nations from the continent will compete at the FIFA World Cup 2026, marking the highest-ever African representation at the global showpiece.

The expanded tournament, to be hosted across the United States, Canada, and Mexico, will feature a record number of teams globally, with Africa benefiting significantly from the increased allocation of slots.

CAF confirmed that the 10 African teams that have qualified for the tournament are Nigeria, Senegal, Morocco, Egypt, Ghana, Cameroon, Algeria, Tunisia, Mali, and Democratic Republic of Congo, underscoring the continent’s growing depth and competitiveness on the global stage.

Speaking on the milestone, CAF President Patrice Motsepe described the development as a defining moment in African football history, attributing it to sustained progress and rising global standards across the continent.

“CAF and African Football are proud of the 10 Countries that will be representing the African Continent at the FIFA World Cup 2026,” Motsepe said.

He added, “It is the first time in the history of the FIFA World Cup that Africa is represented by 10 Countries. This is a recognition of the substantial growth and global competitiveness of African Football. We are confident that the African National Teams at the FIFA World Cup 2026 will make us proud and that an African Nation will be Champions of the FIFA World Cup.”

The CAF President also singled out Democratic Republic of Congo for praise following their decisive victory over Jamaica, a result that sealed their qualification and capped a strong showing in the final phase of the qualifiers.

The expansion of the World Cup to 48 teams has opened new opportunities for emerging football nations, but CAF insists the continent’s qualification surge is not merely a product of increased slots but a reflection of genuine progress in talent development, infrastructure, and international competitiveness.

Semenya Slams Olympic Gender Tests, Vows Fight Against ‘Rights Violation’

By
Agency Report
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Two-time Olympic champion Caster Semenya has vowed to challenge the International Olympic Committee’s (IOC) newly introduced gender testing policy, escalating a long-running global debate over fairness, science, and human rights in elite sport.

The South African athlete, who has been at the centre of eligibility disputes for years, said she would actively resist the policy, which mandates genetic screening for female athletes competing at the Olympics. “We’re going to be vocal about it, we’re going to make noise until we’re heard,” Semenya said, insisting the measure undermines fundamental rights and dignity.

The new policy, introduced by the International Olympic Committee, requires athletes to undergo a one-time test—typically via saliva or cheek swab—to determine eligibility for women’s events based on genetic markers, including the SRY gene. The IOC says the move is designed to protect fairness in female competition, particularly in events where physical advantages linked to male puberty could be decisive.

However, Semenya has strongly criticised the framework, arguing that it places undue scrutiny on women’s bodies and identity. She described the policy as harmful and discriminatory, warning that it risks setting a dangerous precedent for future generations of athletes.

“For you as a woman, why will you be tested to prove that you fit?” she said in earlier remarks on the issue, calling the process “a disrespect for women.”

The policy has reignited divisions across the sporting world. While some stakeholders argue that biological criteria are necessary to preserve competitive integrity, critics—including athletes and human rights advocates—say the science remains contested and that such measures disproportionately affect women from the Global South.

Semenya’s stance builds on years of legal battles against regulations imposed by track and field authorities, which previously required athletes with differences in sex development (DSD) to lower natural testosterone levels to compete in certain events. She has consistently refused such medical interventions, maintaining that her natural biology should not disqualify her from competition.

Senate Passes ₦68.3trn 2026 Budget After Tinubu’s ₦9trn Upward Review Push

By
Kazeem Busari
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Nigeria’s Senate has passed a ₦68.3 trillion 2026 Appropriation Bill, marking a significant increase from the initial ₦58.47 trillion proposal submitted by President Bola Ahmed Tinubu, following an upward review request to accommodate key national priorities.

The budget, approved during plenary after the adoption of a joint report by the National Assembly’s appropriations committees, reflects an addition of over ₦9 trillion aimed at addressing legacy obligations, funding critical infrastructure, and supporting strategic sectors such as transportation, health, and the judiciary.

Presenting the report, Chairman of the Senate Committee on Appropriations, Adeola Olamilekan, emphasised the importance of effective implementation, warning against delays that undermined previous budgets. He said, “That bureaucratic bottleneck that led to the challenges of late releases of funds in 2025 should be addressed holistically to achieve the theme of the 2026 Appropriations Bill: From Budget to Impact.”

A breakdown of the approved budget shows ₦4.799 trillion allocated for statutory transfers, ₦15.809 trillion for debt servicing, about ₦15–16 trillion for recurrent (non-debt) expenditure, and ₦32.287 trillion earmarked for capital projects, underscoring the government’s continued emphasis on infrastructure and economic expansion.

In his communication to lawmakers, President Tinubu explained that the budget increase was necessary to “regularise outstanding legacy capital commitments” and ensure that unresolved obligations from previous fiscal cycles do not hinder the execution of the 2026 budget. He added that the adjustments are designed to preserve macroeconomic stability and reduce pressure on the domestic financial system.

The Senate approved the budget based on key fiscal assumptions, including an oil benchmark price of about $75 per barrel and an exchange rate of ₦1,512 to the dollar, reflecting ongoing efforts to stabilise Nigeria’s macroeconomic framework amid global uncertainties.

Senate President Godswill Akpabio announced the passage of the bill following a voice vote by lawmakers, concluding months of legislative review and negotiations between the executive and the legislature.

The approval also comes alongside a decision by lawmakers to extend the implementation timeline of the 2025 capital budget to June 30, 2026, in a bid to ensure the completion of ongoing projects and avoid disruptions in government spending.

D’banj to Launch C.R.E.A.M Experience 3.0

By
Justice Oladapo
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D'banj

Nigerian music icon D’banj, popularly known as the Koko Master, has officially unveiled C.R.E.A.M Experience 3.0, set to take place this Friday at the National Arts Theatre in Lagos.

In a post shared on X (formerly Twitter) on Wednesday, the entertainer expressed his excitement with the verified quote: “With Joy in my Heart, I present to you C.R.E.A.M EXPERIENCE 3.0 Powerfully @thecreamplatform April 3rd National Art Theatre Lagos 7pm prompt.”

The event doubles as the grand launch of The C.R.E.A.M Platform (Creative Reality Entertainment Art Music), described across recent promotions as Africa’s pioneering direct-to-fans, do-it-yourself digital community designed to connect creators, fans, and the wider creative industry.

Among other activities, the event is promoted to feature live performances headlined by D’banj himself, alongside opportunities for fans to win cash prizes, exclusive merchandise, and a major jackpot: a brand-new Geely electric car valued at N28 million.

South Africa Bags $53.6bn Investment Boost as Ramaphosa Raises Target to $179bn

By
Agency Report
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Cyril Ramaphosa speaks at the South Africa Investment Conference in Johannesburg, South Africa, on Tuesday,

South Africa has secured nearly R900 billion (approximately $53.6 billion) in fresh investment commitments at the 6th South Africa Investment Conference, marking a record-setting outcome as the government ramps up efforts to drive economic growth, industrial expansion, and large-scale job creation.

Closing the conference, President Cyril Ramaphosa said the investments—spanning the green economy, energy, tourism, manufacturing, and digital sectors—are expected to generate more than 200,000 jobs, reinforcing the country’s push toward inclusive economic recovery.

Riding on the momentum, Ramaphosa announced a significant escalation of South Africa’s medium-term investment ambition, raising the five-year target from R2 trillion (about $119.2 billion) to R3 trillion (about $178.8 billion). The move signals a more aggressive strategy to attract capital and reposition the economy amid global competition for investment flows.

“We are now at the first year of this long journey that we started at two trillion, but tonight I’m changing the target. As President, I’m changing the target from two trillion to three trillion, that is the new target now,” Ramaphosa said.

He framed the revised benchmark as a renewed mandate for government and private sector stakeholders to intensify efforts toward capital mobilisation and economic reforms. “I’m glad that my ministers are applauding more, it means that they have a new mandate and the new mandate is that we must now go for three trillion and not two trillion anymore, so the target has changed,” he added.

The President also moved to reassure investors on policy certainty, confirming that regulations under the new Public Procurement Act will be finalised by mid-year. The reforms are expected to strengthen transparency, improve efficiency, and enhance accountability in public contracting—critical levers for sustaining investor confidence.

Court Orders Final Forfeiture of ₦3.4bn, Properties Linked to Ex-NNPC Official

By
Laziz Olatunde
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Salihu Nuhu Jamari

A Federal High Court in Abuja has ordered the final forfeiture of ₦3.44 billion and multiple properties linked to a former official of the Nigerian National Petroleum Corporation, following a corruption probe by the nation’s anti-graft agency.

Delivering the ruling on Tuesday, Justice J.O Abdulmalik of the Federal High Court granted the application for final forfeiture filed by the Economic and Financial Crimes Commission against assets traced to Salihu Nuhu Jamari.

The court ordered that the sum of ₦3,444,000,000, alongside three properties located in Abuja and Lagos, be permanently forfeited to the Federal Government. The affected assets include an uncompleted six-bedroom semi-detached duplex with a boys’ quarters in Asokoro District, Abuja; a two-bedroom apartment in Osborne II, Ikoyi, Lagos; and a restaurant property in Lokogoma District, Abuja.

The ruling followed a motion on notice filed by EFCC counsel, Ekele Iheanacho, on March 17, 2026. The court had earlier, on February 25, 2026, granted an interim forfeiture order and directed that the notice be published in a national newspaper, inviting any interested parties to show cause why the assets should not be permanently seized.

No objections were sustained against the application, paving the way for the final order.

According to court filings, the funds and properties are linked to an ongoing investigation into allegations of conspiracy, bribery, kickbacks, and money laundering involving officials and contractors of the Nigerian National Petroleum Corporation. Jamari, who served as Managing Director of the corporation’s Gas and Power Investment Company Limited, was identified as a key figure in the scheme following a petition dated April 28, 2025.

Investigations revealed that he allegedly leveraged his position to channel illicit payments through private firms, including Cumulus Energy Limited and Pius and Phillips Petroleum Limited, where he is listed as a director and signatory. The EFCC maintained that the funds were proceeds of kickbacks from contractors awarded major projects by the national oil company.

In granting the application, Justice Abdulmalik held that the evidence presented by the EFCC was sufficient and that the application had merit, thereby ordering the final forfeiture of the assets to the Federal Government of Nigeria.

‘Easy-Money’ Jailed One Year for Dancing on Naira Notes

By
Justice Oladapo
-

Justice F. O. Giwa-Ogunbanjo of the Federal High Court sitting in Independence Layout, Enugu State, has convicted and sentenced Iziga Jude Ikechukwu, also known as Easy-money, to one year imprisonment for abusing naira notes during his birthday celebration.

The 24-year-old palm kernel dealer was arraigned by the Enugu Zonal Directorate of the Economic and Financial Crimes Commission on March 26, 2026, on a one-count charge bordering on mutilation of Naira notes to the tune of N81,700.

The charge read: “That you, Iziga Jude Ikechukwu on 22nd February 2026, at Embassy Hotel Enugu Ezike, Enugu State, within the jurisdiction of this Honourable Court, while celebrating your birthday, you danced and matched on the sum of Eighty-one thousand, Seven hundred Naira (N81,700) notes issued by the Central Bank of Nigeria. You thereby committed an offence to wit: mutilation, contrary to and punishable under Section 21 (1) of the Central Bank of Nigeria Act, 2007”.

Ikechukwu pleaded guilty to the charge. Justice Giwa-Ogunbanjo convicted him on the spot and sentenced him to one year imprisonment from the date of arraignment, with an option of a N300,000 fine. The court also ordered the forfeiture of the recovered N81,700 to the Federal Government through the EFCC.

The conviction marks the latest development in a case that began when Ikechukwu was arrested on February 28, 2026, at his residence around the Timber Market in Enugu-Ezike. EFCC operatives acted on actionable intelligence from a viral social media video showing him recording himself abusing the Naira notes inside a hotel room during the birthday party.

FG Moves to Cut Out Middlemen in Livestock Market

By
Fortune Temitope
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Minister of Livestock Development, Idi Mukhtar Maiha

Nigeria’s Federal Government has announced a sweeping set of reforms aimed at tackling price distortions and inefficiencies in the livestock sector, with a particular focus on reducing the influence of middlemen and improving returns for producers.

Speaking at the maiden edition of the Minister–Livestock Farmers’ Connect held recently, the Minister of Livestock Development, Idi Mukhtar Maiha, identified intermediaries in the value chain as a key driver of rising food prices and artificial scarcity.

“In many cases, the producer does the hard work, but earns the least, while the middleman takes the highest margin. This ultimately drives up prices and creates artificial scarcity in the market,” the minister said.

To address the imbalance, the government is promoting a transition to end-to-end business models that enable livestock producers to establish direct supply relationships with processors, abattoirs, and large-scale buyers. According to Maiha, this approach will improve farmer incomes, enhance transparency, and stabilise market prices.

As part of the reforms, the ministry also announced plans to introduce a live-weight pricing system for livestock, aligning Nigeria with global best practices. The initiative is expected to eliminate arbitrary pricing and reduce exploitation by ensuring animals are sold based on measurable weight.

The minister further highlighted significant investment opportunities across the sector, including pasture seed production, fodder supply, dairy aggregation, leather processing, and livestock by-products. He noted that these segments present viable entry points for entrepreneurs, particularly young Nigerians seeking opportunities in agriculture.

Maiha reiterated the government’s commitment to transitioning from open grazing to more structured livestock production systems, stressing that improved management practices would boost productivity, reduce disease spread, and help mitigate farmer-herder conflicts. “While humans can move, animals perform better when they are properly managed in structured environments. This improves productivity, reduces disease spread, and enhances overall sector efficiency,” he said.

He also revealed that Nigeria’s fodder market is expanding rapidly, with growing domestic demand and export potential to Gulf countries. In addition, he noted that the leather industry alone could generate up to 700,000 jobs, underscoring its importance to economic diversification and industrial growth.

On financing, the minister outlined several funding avenues available to investors, including support from the Bank of Agriculture, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, the Development Bank of Nigeria, and intervention programmes backed by the World Bank. He, however, emphasised the need for structured business models and clear off-take arrangements to minimise investment risks.

Addressing security concerns, Maiha acknowledged the persistent threat of cattle rustling and rural insecurity, announcing plans to deploy digital livestock tagging and traceability systems. The initiative will enable real-time tracking, proof of ownership, and recovery of stolen animals, with pilot implementation expected within six months.

In a further push towards modernisation, the minister disclosed that a Livestock Public Digital Infrastructure platform will soon be launched to serve as a central hub for stakeholder engagement, data access, and investment facilitation.

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