Connect with us

NEWS

Banks are in good stead to meet CBN’s recapitalisation target – ACAMB

Published

on

The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation of the sector.

The Association in a statement signed and released by its president, Rasheed Bolarinwa on Sunday said ACAMB had always affirmed its support for the CBN’s recapitalisation moves.

Recall that the Olayemi Cardoso-led apex bank had last week issued and released a circular on review of minimum capital requirement for commercial, merchant and non-interest banks over the next 24 months.

“This support underlines ACAMB’s belief that while Nigerian banks are globally regarded as safe, resilient and thriving; there is always room for growth. As Nigeria seeks to aggressively unlock its innate potential to become a global emerging economy, banks must also stand ready to play their crucial roles of financial intermediation.

“The import of the recapitalisation announced is that Nigerian banks are safe and reliable but the apex bank in its developmental mandate, is leading the banks to strengthen their capacities to meet competitive domestic and global financial needs.

“This overarching theme that runs through the circular and its explanatory notes further affirms the soundness of the banking sector, in line with several rating reports on Nigerian banks by leading local and international rating Agencies,” ACAMB’s statement read in part.

The ACAMB boss commended the CBN’s clear modality for the recapilitalisation that allows addition of share capital and premium as against the previous regime of shareholders’ fund. He reiterated the capacity of the various banks to meet the recapitalization directive within the stipulated timeframe.

“We commend the CBN for the thoughtfulness it has put into the announced modality for the recapitalisation. ACAMB particularly note the distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds. We urge the public to take note of this change. As it stands, banks are on the same page and as such, there is no need whatsoever for any fear, as the banks have the capacity to meet the recapitalisation in line with allowable options stipulated by the apex bank.

“All facts point to a win-win for the Nigerian banks, the financial market and the economy under this recapitalisation.

“The Nigerian capital market, where banks are the most influential group, has the depth to meet the capital requirements of banks. The extended timeline till 2026, provides ample opportunity for each bank to follow through its recapitalisation plan, without undue crowding effect.

“With their background of good returns and liquidity, banking stocks are toasts of domestic and foreign investors. This pedigree, coupled with resilient performance of banks despite economic challenges, will come to the fore as investors know the recapitalisation means stronger banks and better returns.”
Bolarinwa further assured that the CBN’s recapitalization drive will strengthen the economy and further strategically position Nigerian banks as worthy continental and global competitors. He pledged support and cooperation of banks in the implementation of the recapitalization programme.

“The banking industry will continue to work with financial authorities to build up the economy. This recapitalisation will put Nigerian banks in better stead to support the strengthening of the economy; the expansion of the real sector, and the building of bigger banking brands that can compete continentally and globally.

“Banks will continue to cooperate with the CBN in the implementation of the recapitalisation programme.

“ACAMB shall also be engaging all stakeholders in order to ensure balanced and factual representation as the recapitalisation progresses.

“ACAMB reassures all depositors and shareholders to keep about their businesses with the Nigerian banks without fears.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

NEWS

FG Commissions Automotive Training Centre in Gusau, Trains 100 Youths in Mechatronics

Published

on

By

In a significant boost to youth empowerment and alternative energy transportation, the Federal Government has officially commissioned a new Automotive Training Centre in Gusau, Zamfara State. The facility has already commenced operations with an inaugural cohort of 100 youths trained in mechatronics a specialized field combining mechanical and electronic engineering specifically focused on the repair of both petrol and Compressed Natural Gas (CNG)-powered tricycles and motorcycles.The project was executed through a strategic partnership between the National Automotive Design and Development Council (NADDC) and the Zamfara State office of the Made in Nigeria Special Project. The initiative is designed to address two critical national challenges: rising youth unemployment and the need for a skilled workforce capable of maintaining the growing fleet of CNG-powered vehicles, which are being promoted as a cheaper and cleaner alternative to petrol-only engines.Speaking at the commissioning ceremony, Zamfara State Governor, Dr Dauda Lawal, hailed the centre as a transformative step forward. “This is not just about building a workshop; it is about building futures,” Governor Lawal stated. He emphasized that the centre aligns seamlessly with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes job creation and economic diversification, while also reflecting his administration’s commitment to developing skilled manpower across the state. He noted that the focus on CNG technology is particularly timely, given the federal government’s push to lower transportation costs following the removal of fuel subsidies.Reinforcing the federal perspective, the Minister of State for Industry, Senator John Owan Enoh, reaffirmed the government’s broader vision for the automotive sector. He highlighted that the Gusau centre is part of a nationwide strategy to expand Nigeria’s automotive industry through increased local production, the establishment of industrial hubs, and strategic partnerships with global investors. “We are moving from a culture of importing fully built vehicles to one where Nigerians design, assemble, and maintain our own transportation solutions,” Senator Enoh remarked. He added that mechatronics training is critical for the next generation of automotive engineers, who will be essential as the country transitions toward more sustainable fuel sources.Local community leaders and representatives of the trained youths expressed optimism about the initiative. For many of the graduates, the certification offers a viable pathway out of economic hardship, enabling them to set up their own repair workshops or gain employment in the formal automotive sector. The NADDC has indicated that similar training centres are being planned for other states, with the aim of creating a national network of CNG-compatible repair and maintenance hubs.

Continue Reading

NEWS

Governor Dauda Lawal names executive secretaries for two agencies, appoints ZACADEP coordinator

Published

on

By

Zamfara State Governor, Dr Dauda Lawal has approved the appointment of three qualified citizens to head two key state government agencies and a major development project. Disclosing the approval, the Secretary to the Zamfara State Government, Malam Abubakar Mohammad Nakwada, said the appointments are aimed at strengthening the government’s ongoing reforms and service delivery initiatives in the areas of public health, agriculture, livestock development and community-based interventions. Dr. Muhammad Habibu Yelwa is appointed as the new Executive Secretary of the Zamfara State Substance Abuse and Control Agency, while Dr. Usman Ismaila Gusau is named as the Executive Secretary of the Zamfara State Livestock Agency. Similarly, Governor Lawal has reappointed Alhaji Abdullahi Mohammed Nakwada as the State Project Coordinator of the Zamfara State Agricultural and Community Development Project (ZACADEP). These appointments take immediate effect.Dr. Muhammad Habibu Yelwa is a seasoned medical practitioner and administrator with extensive experience across the health, social welfare and agricultural sectors. He has served as Permanent Secretary in several ministries and contributed to major policy and institutional reforms in the state. Dr. Usman Ismaila Gusau is a veterinary medicine specialist and public health expert with over twenty-five years of professional experience in veterinary services, epidemiology, livestock health management, and public sector administration. Alhaji Abdullahi Mohammed Nakwada is an experienced agricultural development expert with decades of engagement in agricultural extension, project management, IFAD-supported programmes, and community development initiatives. He currently serves as State Project Coordinator for ISDB ZACADEP. Governor Lawal urged the appointees to deploy their knowledge, administrative experience, and sector-specific expertise to drive impactful development in their respective assignments, in line with his administration’s Rescue Agenda.

Continue Reading

NEWS

EID EL-ADHA 2026: Governor Dauda Lawal Urges Increased Prayers for Peace, Hails Return of Displaced Communities

Published

on

By

As Muslims across the world celebrate Eid al-Adha 2026 yesterday, Zamfara State Governor Dauda Lawal has called on the faithful to intensify prayers for lasting peace in the state and Nigeria at large. The governor made the appeal in a statewide broadcast on Wednesday, ahead of the Eid prayers.

Eid al-Adha, known as the “Festival of Sacrifice,” is observed annually by Muslims on the 10th day of Dhulhijjah, the final month of the Islamic lunar calendar. The festival commemorates the unwavering obedience and devotion of Prophet Ibrahim (A.S.), who was willing to sacrifice his son Isma’il in submission to Allah’s (SWT) command an act replaced by divine intervention with a ram.

In his address, Governor Lawal reflected on the spiritual significance of the season, noting that the sacrificial rite not only honours Prophet Ibrahim’s submission but also forms an essential part of the Hajj rituals for pilgrims currently in the holy cities of Mecca and Medina.

“I felicitate with the Muslims on the occasion of Eid al-Adha 2026,” the governor said. “The sacrifice performed during Eid is symbolic of Prophet Ibrahim’s submission and is also part of the Hajj rites for pilgrims.”

The governor specifically called on residents of Zamfara, particularly those undertaking the pilgrimage, to remain steadfast in prayers for the state and the nation.

“We have made significant progress in the fight against banditry, which is why dispersed communities are now returning to their homes,” Lawal stated. He cited a recent milestone: “Last week, we successfully returned thousands of internally displaced persons (IDPs) to their ancestral community of Fegin Kanawa Village in Gusau Local Government Area after over a year of displacement.”

According to officials, the village had been abandoned due to repeated bandit attacks, forcing residents to seek refuge in overcrowded camps or host communities. The successful return of the IDPs marks one of the administration’s key achievements in its ongoing security and reconstruction efforts.

Governor Lawal expressed gratitude to Allah for enabling the state to witness what he described as a “historic” achievement the airlift of pilgrims from Gusau International Airport, which has now resumed full operations after previous disruptions.

“We are committed to ensuring the safe return of all displaced persons to their homes. Such successes are only possible due to our collective prayers. I urge us to pray more, especially during sacred religious festivals,” he added.

The governor concluded his message with warm wishes: “I wish everyone a peaceful Eid celebration.”

Following the broadcast, Governor Lawal joined thousands of worshippers at the Gusau Central Eid prayer ground, where he observed the two-unit Eid prayer and listened to the customary sermon (khutbah). Security was notably heightened across the state, with checkpoints and patrols deployed to prevent any attacks during the celebrations.

Zamfara, like much of Nigeria’s North-West region, has faced years of insecurity fueled by banditry, kidnapping, and communal clashes. The governor’s emphasis on prayer reflects a broader strategy that combines military offensives, community dialogue, and spiritual advocacy to restore normalcy.

Continue Reading

Trending

Mega Awareness 2023