News

By Salmanu Isa Darazo


Nigeria’s banking sector has entered a new phase of strength and global relevance following the successful completion of a sweeping recapitalisation exercise spearheaded by the Central Bank of Nigeria (CBN).

The exercise, which mandated banks to meet new capital thresholds by March 31, 2026, is widely regarded as the most significant reform since the 2005 consolidation era—signalling a bold regulatory shift aimed at repositioning the financial system for long-term economic transformation.


A Strategic Reform Anchored by the CBN

At the heart of the exercise is the CBN’s vision to build a resilient, well-capitalised banking system capable of supporting Nigeria’s ambition of a $1 trillion economy. By enforcing higher capital requirements, ranging from ₦10 billion for regional non-interest banks to ₦500 billion for international commercial banks—the apex bank has effectively reset the industry’s financial architecture.

The results are striking: Nigerian banks collectively raised ₦4.65 trillion, with 33 institutions meeting the new thresholds. Notably, the recapitalisation attracted both local (72.55%) and international (27.45%) investments, underscoring renewed investor confidence in Nigeria’s financial system and regulatory credibility.


Strengthening Stability and Global Competitiveness

Analysts note that the recapitalisation significantly enhances banks’ ability to absorb economic shocks while aligning Nigeria’s financial system with global standards such as Basel III.

Beyond compliance, the reform signals a transition to stronger corporate governance, improved risk management, and enhanced regulatory oversight—all driven by the CBN’s supervisory framework.

This positions Nigerian banks not just as domestic financial intermediaries, but as competitive players in the global financial ecosystem.


Unlocking Financing for National Development

A key outcome of the CBN-led reform is the expansion of banks’ lending capacity. With stronger balance sheets, financial institutions are now better equipped to fund large-scale projects across critical sectors, including infrastructure, energy, manufacturing, and technology.

This increased capacity is expected to accelerate Nigeria’s industrialisation drive and support export diversification—key pillars of the Federal Government’s economic agenda.


CBN’s Role in Policy Coordination and Economic Stability

The recapitalisation also reflects growing synergy between monetary and fiscal authorities. By aligning its policies with government growth objectives, the Central Bank of Nigeria is strengthening policy transmission mechanisms, improving liquidity management, and reinforcing inflation control measures.

This coordinated approach enhances macroeconomic stability while ensuring that financial sector reforms translate into real economic outcomes.


A Foundation for Inclusive Growth

Beyond macroeconomic gains, the reform carries significant implications for financial inclusion. A stronger banking system is better positioned to expand credit access to small and medium enterprises (SMEs), support grassroots economic activities, and deepen financial penetration across underserved communities.

The CBN’s broader objective, analysts say, is to build a financial system that is not only robust but inclusive—capable of delivering growth that is both sustainable and widely shared.










The Road Ahead

While most banks have met the new requirements, those yet to fully recapitalise remain operational and are progressing toward compliance under CBN supervision.

Industry observers agree that the recapitalisation marks a turning point—laying the groundwork for a stronger, more transparent, and globally competitive banking sector.

Conclusion

The recapitalisation exercise is more than a regulatory adjustment—it is a strategic economic intervention led by the Central Bank of Nigeria. By strengthening financial institutions, boosting investor confidence, and aligning with national development goals, the CBN has set the stage for sustained economic growth and stability.

For Nigeria, the message is clear: a resilient banking system is not just desirable—it is essential for the future.

Salmanu Isah Darazo is an analyst and publisher, he can be reached via Salmanudrz@gmail.com

By Sabiu Abdullahi

A synagogue in Tehran was “completely destroyed” following United States-Israeli airstrikes, Iranian media reported, as overnight attacks across Iran left more than a dozen dead.

“According to preliminary information, the Rafi-Nia Synagogue … was completely destroyed in this morning’s attacks,” reported Shargh newspaper on Tuesday.

Iran’s semi-official Mehr news agency said the synagogue collapsed after an adjacent residential building in central Tehran was targeted. Video footage showed civil defence workers amid the rubble, with Hebrew-language books scattered on the ground.

The report added that narrow streets around the attacked building caused significant damage to the exterior and interior of neighboring structures. There was no immediate confirmation of casualties at the synagogue.

In a video shared on Telegram by Iran’s official IRIB News, Homayoun Sameh, a Jewish representative in the Islamic Consultative Assembly, said: “the Zionist regime showed no mercy to this community during the Jewish holidays and targeted one of our ancient and holy synagogues. Unfortunately, during this attack, the synagogue building was completely destroyed and our Torah scrolls were left under the rubble.”

Judaism is among Iran’s legally recognised minority religions, and the country has a small Jewish population, though many fled after the 1979 Islamic revolution. Shargh described the synagogue as “one of the most important places for Khorasan Jews to gather and celebrate.”

The strikes were part of a series of US-Israeli attacks overnight. Local media reported at least 15 people killed across Iran. Mehr stated that six bodies were recovered from rubble in Pardis, east of Tehran, while officials confirmed nine fatalities in an Israeli air attack on a residential area in Shahriar, west of Tehran province.

By Sabiu Abdullahi

The Speaker of the Kebbi State House of Assembly, Muhammad Usman Zuru, has passed away.

Zuru died on Monday night in an Egyptian hospital, where he was receiving treatment for an undisclosed illness. Sources close to the Kebbi State Government confirmed his death, but details of his condition were not released.

Until his passing, Zuru represented Zuru Constituency in the state assembly and was considered a key figure in the legislature.

Confirming the development, an aide to the governor on Communication and Strategy, Idris Zuru, described the news as shocking.

“The death of the Speaker, Rt. Hon. Muhammad Usman Zuru, came to us as a rude shock. It is a painful loss not only to Kebbi State but to the entire nation,” he said.

He added that further information would be shared by the government.

“We are still gathering full details surrounding his passing. The government will make an official statement and announce burial arrangements in consultation with the family,” Idris Zuru stated.

Additional announcements regarding funeral arrangements are expected from both the state government and the family.

By Sabiu Abdullahi

The Theatre Command of the Joint Task Force (North East), Operation HADIN KAI (OPHK), has apprehended five individuals linked to the unlawful discharge of firearms at a social gathering, which resulted in the death of a teenage girl.

Reports show that a stray bullet, allegedly fired by members of a vigilante group, claimed the life of a 14-year-old girl last Saturday inside her family home at the University of Maiduguri Teaching Hospital (UMTH) quarters.

In a statement released Monday, the Media Information Officer of OPHK, Lt. Col. Sani Uba, said the troops of Operation HADIN KAI, together with the Civilian Joint Task Force (CJTF), arrested the five suspects in the Ngomari general area.

“The incident occurred at about 2:00pm on April 4, when vigilantes, later identified as members of an escorts team attached to the Chairman of a Local Government Area engaged in sporadic firing into the air during a wedding celebration at Umaru Musa Yar’Adua Teachers Staff Quarters.

“The reckless act led to the death of a young girl. The troops acted swiftly, traced and apprehended five suspects identified as Muhammad Husaini (28), Abba Jiddu (25), Abba Kolo Mohammed (20), Ali Adam (20), and Nura Mohammed (18).”

Lt. Col. Uba added that the suspects are currently in custody and will be handed over to the appropriate authorities for further investigation and prosecution in accordance with extant laws.

By Abdullahi Mukhtar Algasgaini

The Independent Broadcasters Association of Nigeria (IBAN) has demanded that the Minister of the Federal Capital Territory, Nyesom Wike, retract his comments against journalist Seun Okinbaloye and issue a public apology, according to a report by TheCable.

IBAN also threatened to boycott all press briefings organised by Wike if he fails to meet the demand.

The threat follows Wike’s statement that he could “shoot” Okinbaloye while criticising the journalist’s opinion on a television programme. Wike later clarified that he did not mean the remark literally.

The association said that despite the subsequent clarification, such language is unbecoming of a public official, as it could intimidate journalists and further worsen the already challenging environment in which they operate.

IBAN urged the minister to retract his statement, tender an apology, and demonstrate support for press freedom, warning that failure to do so would lead them to suspend coverage of all his official activities.

By Abdullahi Mukhtar Algasgaini

Military forces have dealt a fresh blow to insurgent groups operating in central Nigeria, neutralizing two suspected terrorists and arresting a kidnapper during back-to-back clearance operations in Plateau State.

The raids, conducted by troops of Operation ENDURING PEACE under the special mandate of Operation WUTAN DAJI, targeted known insurgent corridors in Wase Local Government Area on April 4, 2026. Local vigilantes joined the coordinated mission across Babangida, Adua, and Bokayi villages within the dense Dutsen Zaki forest.

A fierce firefight erupted along the Babangida–Adua road, where troops engaged armed terrorists. Two suspects were killed on the spot, while others fled into the forest with gunshot wounds, according to military sources. A subsequent search recovered one locally fabricated firearm, a belt containing 105 rounds of 7.62mm PKT ammunition, 30 rounds of 7.62mm special ammunition, and a cutlass.

In a separate operation early Sunday, troops in Namu District of Qua’an Pan Local Government Area intercepted four suspected armed individuals based on credible intelligence. A search revealed 100 rounds of 7.62mm special ammunition in their possession.

When troops moved to dismantle the suspects’ hideout, they came under heavy fire from the terrorists’ associates. In the ensuing chaos, three of the four apprehended suspects attempted to escape and were struck down by their own accomplices’ gunfire.

Meanwhile, in Shendam Local Government Area at about 9:35 a.m., troops working with local residents arrested a suspected kidnapper at Gidan Mangoro village. The suspect is linked to a kidnapping incident that occurred in the area on April 3.

All suspects are now in custody facing further investigation and potential legal action. The military has called on citizens to remain vigilant and report suspicious activity as clearance operations continue.

By Uzair Adam

The Federal Ministry of Education on Monday launched an N8.5 billion public-private partnership (PPP) project aimed at transforming Federal Government College (FGC), Kano, into a National Centre of Excellence.

The project involves the development of 18 critical infrastructure and assets as well as the renovation of 15 additional facilities at the unity college.

The groundbreaking ceremony, held at the school premises, is part of the federal government’s efforts to address infrastructure deficits in public schools through collaboration with the private sector.

Speaking at the event, the Minister of State for Education, Professor Suwaiba Ahmad, said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and represents a strategic effort to improve learning environments across federal institutions.

She said the project, valued at over N8 billion, would significantly improve the physical and academic landscape of the college.

According to her, the intervention will include the construction of facilities such as a skill acquisition and entrepreneurship centre, modern hostels, staff quarters, a health centre and other essential infrastructure, alongside the renovation of several academic and support facilities.

“The initiative is not just about infrastructure alone; it is about impact,” she said.

Professor Ahmad noted that the growing demand for quality education has placed pressure on existing facilities, making it necessary for the ministry to adopt innovative financing models such as PPP to bridge infrastructural gaps.

She added that the federal government oversees nearly 120 unity colleges across the country and cannot solely fund large-scale infrastructure projects in all of them.

“This PPP land-swap model demonstrates the federal government’s resolve to leverage private sector efficiency, ensure optimal use of public assets and deliver value for money,” she said.

The minister explained that the land designated for the project had remained undeveloped since the establishment of the college but would now be utilised to improve educational infrastructure.

She added that the transformation of FGC Kano was deliberate, noting that the institution plays a key role in promoting national unity, excellence and inclusivity.

Professor Ahmad also assured stakeholders that the ministry had put in place mechanisms to ensure transparency, accountability and proper oversight in the implementation of the project.

Representing the Kano State Governor, Abba Kabir Yusuf, the Commissioner for Land and Physical Planning, Abduljabbar Muhammad Umar, expressed the state government’s support for the initiative.

He said the project would help optimise land assets that had remained unused for years while also creating value for the government and surrounding communities.

“We are delighted that for the first time the landed asset that has been lying fallow for years will be optimised in a way that properly captures the value of land in Kano State,” he said.

Umar also urged the project promoters to ensure effective stakeholder engagement in order to clearly communicate the benefits of the initiative.

“We call on the project promoter to provide quality infrastructure in a way that the project will serve as a reference point for other PPP projects across Nigeria,” he added.

Earlier, the Managing Director of Pluck Global Nigeria Limited, the private partner in the project, Musa Diktali, said the development reflects efforts to bridge infrastructure gaps in public institutions through collaboration between government and private investors.

He said the project, valued at over N8.5 billion, is expected to be completed within 18 months.

According to him, the PPP arrangement allows private investors to finance infrastructure projects while the government provides land as part of the partnership agreement.

“As you know, the government alone cannot fund infrastructure, so private investors need to come in and support the development of critical infrastructure,” he said.

He added that the project would benefit students of the college and other stakeholders in the education sector.

The event was attended by officials of the Federal Ministry of Education, representatives of the Kano State Government, school management, alumni members, traditional rulers and other stakeholders.

By Anwar Usman

Iran has rejected a proposed truce in its war with the United States and Israel, state media reported Monday, despite a stark threat by US President Donald Trump to destroy its vital infrastructure.

“Iran has conveyed to Pakistan its response to the American proposal to end the war,” the news agency IRNA said, without revealing its source or what the US offer contained.

“In this response—set out in ten points—Iran… has rejected a ceasefire and insists on the need for a definitive end to the conflict.”

AFP reports that, several countries are trying to find a diplomatic solution to end 38 days of war sparked by Israeli and US attacks against Iran, which has responded by firing missiles at targets across the Middle East.

Recall on Sunday President Trump warned that, unless Tehran agreed by Tuesday evening to allow free passage to shipping through the Strait of Hormuz, he would order strikes on its power plants and bridges.

But IRNA said Tehran had countered with demands of its own, including “an end to conflicts in the region, a protocol for safe passage through the Strait of Hormuz, reconstruction, and the lifting of sanctions”.

By Sabiu Abdullahi

A former Minister of Youth and Sports Development, Solomon Dalung, has launched a strong criticism of the Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Ojo Amupitan, alleging that the electoral chief lacks integrity.

Dalung spoke during an interview on Trust TV, where he questioned Amupitan’s moral authority to comment on political matters. He referred to past encounters with the INEC chairman during their time at the University of Jos.

“The Amupitan I know since 1991 as a student and later in 2004 as a colleague when I was lecturing in the university has no integrity. So I am not going to speak for him,” Dalung said.

He added, “There were things that happened under his watch in the University of Jos when I was a lecturer. So he’s not somebody who has any integrity that one should be here wasting time.”

Dalung also faulted remarks reportedly made by Amupitan about the African Democratic Congress (ADC). He accused the INEC chairman of attempting to silence opposition voices under the pretext of issuing warnings.

“But let me go back to what he said — that he was telling ADC, he was warning ADC that what happened in Zamfara would happen with the ADC. Excuse me, is Amupitan aware of what happened in Zamfara?” he queried.

He argued that the political crisis in Zamfara State was linked to procedural violations rather than party leadership issues.

“What happened in Zamfara was not about the leadership of the party. Because if what happened in Zamfara has to do with the leadership of the party, the entire PDP election in Nigeria would have been cancelled by the court. It has to do with the process of selecting candidates which the Electoral Act was not followed,” he said.

Dalung further claimed that the alleged warning to the ADC reflected poorly on Amupitan’s conduct.

“So for him to use that as a warning to the ADC, it is clear that he is demonstrating the type of character he is. He failed to address issues but was issuing warnings because that was part of the game… so that he will come on air and then threaten Nigerians so that he can whittle down the momentum in ADC,” Dalung alleged.

“It was so disappointing that a professor of law could go that low to begin to issue warnings when he has a responsibility of explaining. So I know Amupitan very, very well. He’s somebody I have worked with closely. He doesn’t have integrity,” he added.

When asked about the seriousness of his claims, especially given Amupitan’s credentials and security clearance, Dalung argued that such processes do not guarantee integrity.

“Thank you very much. The security checks and screening is not about integrity. If it were about integrity, so many people would not be accountable when they went for the screening,” he said.

Pressed to provide evidence, Dalung cited alleged irregularities during Amupitan’s tenure as Dean of the Faculty of Law at the University of Jos.

“But to be asking me specific issues, yes, I have specific issues which border on integrity,” he said.

“When he was dean in the Faculty of Law, the 2009–2010 academic session, 16 students had their 2-1 results traded off under his watch. And we had special students, some of them were serving duty in the General Police, some of them were politicians in the National Assembly, in the House of Representatives, who were even absentee students. They graduated with 2-1, while 16 students had their 2-1s traded off.”

Dalung said he led a protest in response to the alleged actions, despite threats to his academic progress.

“I, Solomon Dalung, took the struggle of the 16 students against the faculty board. I was threatened that if I do not step down the struggle, I will not graduate for my master’s programme. And I sacrificed my master’s programme to fight for the students,” he stated.

He continued, “We got eight 2-1 students back, two we lost. This happened under his watch as dean of the Faculty of Law.”

Dalung also alleged that he faced consequences for his actions, including delays in the release of his results and certificate.

“Yes, I graduated ultimately with my master’s degree, but my results were not released until after two years. And my certificate was not issued to me until after about four or five years,” he alleged.

By Sabiu Abdullahi

Detained Nigerian cryptocurrency entrepreneur, Linus Williams Ifejirika, widely known as B-Lord, has rejected claims that he reached out to plead with social media activist Martins Vincent Otse, also known as VeryDarkMan, while in custody.

B-Lord is currently held at the Kuje Correctional Centre in Abuja after his arraignment before a Federal High Court over allegations that include criminal conspiracy, impersonation, and the unauthorised use of VeryDarkMan’s identity.

His position was made public by a delegation that visited him in detention on the instruction of human rights activist and former presidential candidate, Omoyele Sowore.

In a video seen on Monday, members of the delegation stated that the businessman remained firm despite his situation. They said he also expressed appreciation to Nigerians who have supported him.

Speaking after the visit, a member of the delegation, AK Musa Esq., said, “We just concluded a visit to Mr. Linus Williams, aka B-Lord. Our visit was upon the mandate of Mr. Omoyele Sowore in solidarity with B-Lord concerning the ongoing incarceration.

“We met him in very high spirits. He’s very comforted, very resolute and gallant in his convictions. And he has extended his appreciation to all Nigerians who have stood with him in solidarity. He is very grateful to everybody who has raised their voice on this matter.”

Another member of the team, Rock Yusuf, addressed reports that B-Lord had attempted reconciliation with VeryDarkMan. He dismissed the claims and clarified B-Lord’s stance.

“And for the record, B-Lord said he did not send anybody to go and beg the complainant, which is VeryDarkMan,” Yusuf said. “He said anybody who went to beg VeryDarkMan, they are on their own.

“That he wants to see this matter to the logical conclusion,” Yusuf added.

The case followed a petition filed by VeryDarkMan, who accused B-Lord of using his name and image without permission to promote business activities.

According to the activist, the entrepreneur allegedly produced documents and promotional materials bearing his identity and claimed an endorsement deal valued at hundreds of millions of naira that did not exist.

B-Lord has pleaded not guilty to the charges. The court ordered that he be remanded in custody, with the next hearing scheduled for April 27, 2026.

Earlier, Sowore criticised the detention. He warned against what he described as the misuse of the legal system to suppress citizens. He also pledged to work towards the discontinuation of the case and B-Lord’s release.

Despite the controversy, B-Lord’s latest position indicates that he intends to challenge the allegations in court rather than seek an out-of-court settlement.