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

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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.”

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Family Announces Funeral Arrangements for Late Elder Statesman, Nationalist Pa Ayo Adebanjo

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The family of Chief Samuel Ayodele Adebanjo, revered nationalist, elder statesman, and leader of the Pan-Yoruba socio-cultural group, Afenifere, has formally announced the funeral arrangements following his passing on February 14, 2025, at the age of 96.A series of events have been planned to honour the life, legacy, and values of the late Pa Ayo Adebanjo — a man widely respected for his lifelong dedication to democracy, Yoruba unity, and national development.In a statement by the chairman of the burial planning committee, Dr. Biodun Shobanjo, on behalf of the family, they expressed their deep gratitude for the outpouring of support and prayers received since his passing and welcomed well-wishers to participate in celebrating the life of their beloved patriarch.The funeral arrangements are as follows:Day of Tributes/Service of Songs Wednesday, April 30th, 2025 || 2 p.m. Eko Hotels & Suites, Victoria Island, LagosColour: Shades of GreenWake Friday, May 2nd, 2025 || 4 p.m. Pa Ayo Adebanjo’s Country Home,, Isanya Ogbo, near Ijebu Ode, Ogun StateColour: Alari of GoldChurch Service/Funeral Saturday, May 3rd, 2025 || 10.a.m. St. Phillips Anglican Church, Isanya Ogbo, near Ijebu Ode, Ogun StateColour: Powder Blue Gele/Cap on Ankara or Royal Blue LaceThanksgiving Sunday, May 4th, 2025 || 10.a.m. St. Phillips Anglican Church, Isanya Ogbo, near Ijebu Ode, Ogun StateThe family invites friends, colleagues, political associates, and the general public to join them in paying final respects to a man whose courage, integrity, and unwavering belief in justice left an indelible mark on Nigeria’s political history.Chief Samuel Ayodele Adebanjo, widely known as Chief Ayo Adebanjo or Pa Ayo Adebanjo, was born on the 10th of April, 1928, in Ogun State, in the south-western region of Nigeria. He was born into the family of Joel Adebanjo Adedairo and Salamotu Odubanke. Chief Adebanjo began his public journey as a journalist before proceeding to the United Kingdom to study law. He was called to the English Bar in 1961.His political journey began in 1943 as a member of the Zikist Movement, before joining the youth wing of the Action Group in 1951, where he became a political disciple of the late Chief Obafemi Awolowo. Throughout his life, Chief Adebanjo remained a fearless advocate for democratic governance, true federalism, and Yoruba interests within the Nigerian federation.He will be remembered as a titan of Nigeria’s nationalist struggle and a principled voice in the country’s post-independence political evolution.SIGNED:Mrs. Ayotunde Atteh (nee Ayo-Adebanjo)Mrs. Adeola Azeez (nee Ayo-Adebanjo)Mr. Obafemi Ayo-AdebanjoFor The FamilyApril 24, 2025

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Niger governor orders arrest of people with dreadlocks

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Governor Umar Bago of Niger State has declared zero tolerance for rascality even as he has directed security agencies to arrest individuals wearing dreadlocks in Minna, the state capital.

The directive was issued during Tuesday’s high-level stakeholders’ security meeting at the Government House.

Governor Bago instructed security agencies to not only arrest those with dreadlocks but also forcibly shave their hair and impose fines on them.

“We will have zero tolerance for rascality. Anybody that you find with dreadlocks, arrest, barb the hair, and fine him,” Bago declared.

“Nobody should carry any kind of haircut inside Minna. I have given marching orders to security agencies.”

The meeting, attended by security operatives and traditional rulers, focused on clamping down on what the governor described as rising criminality and disorder in the state.

“Parents should warn their children. From this moment, it’s 100% fire-for-fire,” he said. “Also, any house found harbouring criminals should be demolished. Niger State is not for useless people.”

Among other measures announced were restrictions on commercial motorcycles and tricycles, which are now banned from operating between 6 p.m. and 6 a.m., except for emergency medical purposes.

The governor also directed traditional and community leaders, including district, village and ward heads, to ensure accurate documentation of all residents in their areas.

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Union Bank system hacked as customers lose N9.3 billion to fraud

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Union Bank of Nigeria Plc led by Yetunde Oni, is currently grappling with a massive N9.3 billion fraud following a significant operational system breach, THE WITNESS reports.

The development comes exactly one year and three months after the Central Bank of Nigeria (CBN) sacked the bank’s board and entire management, citing governance failures. A new management team was subsequently appointed to lead the financial institution.

Union Bank is battling to recover the sum of N9,329,322,870.00 (nine billion, three hundred and twenty-nine million, three hundred and twenty-two thousand, eight hundred and seventy naira), withdrawn from customers’ accounts without authorization.

In a suit marked FHC/L/CS/629/2025, filed before the Federal High Court in Lagos, seen by THE WITNESS, Union Bank sought a preservative order compelling the financial institutions involved to place Post No Debit restrictions on the accounts of all beneficiaries and to return the stolen funds traced to their institutions.

According to the bank, the fraud followed an operational failure and fraud in its core banking system on March 23, 2025, which led to unauthorized transfers from customers’ accounts.

An affidavit deposed to by Oluwasegun Falola, head of the E-Fraud Investigations Department at Union Bank, stated that the funds were fraudulently and erroneously transferred from the bank to various accounts across 53 financial institutions.

Falola explained that on March 23, 2025, the bank observed that N9.3 billion had been debited from customer accounts and dispersed into various accounts maintained by the respondent banks. He added that Union Bank immediately contacted the banks involved in a bid to halt further dissipation of the funds.

“The Fraud Desk Department of the bank, in the course of its investigations, discovered that the monies were transferred in trickles into several accounts domiciled with the 1st to 54th Respondents,” the affidavit stated.

Union Bank attributed the unauthorized debits to a system glitch and exploitation, which it says enabled the illicit transfers.

“The funds were erroneously and fraudulently transferred from customers’ accounts.

“Upon further investigation, it was found that the funds were subsequently moved from these primary beneficiary accounts to other accounts also held by the respondents.”

The bank disclosed that it had submitted the list of recipient accounts to the respective financial institutions as a preliminary measure to recover any remaining funds

To support its recovery efforts, the bank said its internal audit and legal departments compiled detailed reports tracing the flow of funds and identifying all beneficiary accounts.

When the case was mentioned on April 2, 2025, Union Bank’s counsel, A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being moved.

“₦9.3 billion has been moved from the account, and they are still moving funds. We now have more people involved in moving the funds,” the lawyer told the court.

To support its recovery efforts, the bank said its internal audit and legal departments compiled detailed reports tracing the flow of funds and identifying all beneficiary accounts.

When the case was mentioned on April 2, 2025, Union Bank’s counsel, A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being moved.

“₦9.3 billion has been moved from the account, and they are still moving funds. We now have more people involved in moving the funds,” the lawyer told the court.

In his ruling, Justice Deinde Dipeolu agreed with the submissions and thereafter granted a motion ex parte filed by the bank concerning the unauthorized fund transfers.

“Having reviewed the motion ex parte, the application is hereby granted,” the judge ruled.

The incident has raised broader concerns about the security of Nigeria’s banking infrastructure, especially as interbank transactions continue to increase. Financial analysts suggest that outdated systems and inadequate oversight may be exacerbating vulnerabilities, heightening the risk of fraud and transactional errors.

Union Bank did not respond to THE WITNESS’ inquiries as at press time.

(S) Witnessngr

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