Nigeria’s banking sector is in the final stretch of its recapitalisation drive, with lenders intensifying capital actions ahead of the Central Bank of Nigeria’s (CBN) March 31 deadline.

Proshare analysts reported subdued industry activity in the week ended February 12, as focus shifted from fundraising announcements to regulatory validation and capital confirmation.

FCMB Group Nears International Licence Confirmation

FCMB Group is undergoing CBN verification to confirm compliance with the N500 billion minimum capital threshold for international banks, Proshare said.

The group secured a national banking licence in 2024 via an oversubscribed public offer and raised another ₦160 billion last year to retain its international status.

Analysts view the ongoing process as the final regulatory checkpoint, with success likely triggering a formal announcement of continued international operations amid tighter capital standards.

Other Major Banks Advance Plans

Sterling Bank is yet to unveil its recapitalisation strategy but faces a gap between its current ₦167 billion capital and the N200 billion requirement, with a rights issue or private placement expected.

GTCO Plc recently completed a ₦10 billion private placement, issuing 125 million shares at ₦80 apiece to a single investor. Proshare described it as a proactive buffer boost for growth, reflecting investor confidence.

First HoldCo Plc’s unaudited 2025 results revealed a heavy impairment charge that eroded earnings, underscoring asset-quality risks and the need for early planning and governance amid rising regulations.

Consolidation Speculation Grows

Market talk highlighted potential tier-1 mergers and bank investments in refineries and energy infrastructure, though unconfirmed.

Mid-tier lenders eye foreign capital and deals:

• Union Bank attracts UAE interest pending a legal dispute resolution.

• Keystone Bank draws local and foreign bids for joint acquisition.

• Polaris Bank may pursue investor recap or tier-2 merger.

Proshare’s Economic and Market Intelligence Unit noted CBN openness to M&As for resilient banks, with foreign partnerships vital for unencumbered capital despite domestic interest in distressed assets.

Fintech Race Adds Urgency

The CBN’s latest fintech report spotlights digital finance growth, urging banks to partner with fintechs for efficiency while managing competition.

Most tier-1 and tier-2 banks have met buffers, but tier-3 lenders scramble for funds or mergers. Eyes remain on confirmations like FCMB’s as the sector braces for a major reset.

Looking for a gift for your soulmate on February 14th and think that a gift card would be a nice option? Just remember that when digital trends rapidly rise in popularity with customers, they are also gaining traction with scammers looking to use them as bait.

With Saint Valentine’s Day approaching, Kaspersky has identified several phishing and malicious campaigns targeting gift card owners and those who’re looking for a digital present for their loved ones. To help stay safe, the security experts at Kaspersky have also shared practical advice on how not to be tricked.

A “check‑your‑balance” that drains your gift card

Kaspersky’s latest global survey* shows that 80% of respondents consider giving digital presents such as subscriptions, gaming credits or gift cards. Scammers are actively exploiting this trend capitalising on well-known brands, creating fake online stores and even crafting fake verification portals designed specifically to steal gift card value.

Kaspersky’s phishing detection identified deceptive platforms offering victims a “secure” system to check their gift cards validity, status or balance. Targeting those who recently received a gift card, phishers steal the card’s identification data and get an opportunity to activate the certificate before the user themselves.

To stay protected from such scams, Kaspersky recommends double‑checking that a website is real. Look carefully at the web address, any links you’re asked to click, and spot any odd pictures or designs that might hint the site is fake.

The safest way to confirm a gift card’s balance is to go straight to the brand’s official website – don’t follow any other links. To prevent clicking on a malicious link, use a security solution such as Kaspersky Premium with a strong AI-powered anti-phishing component.

Is it a gift card for you or for cybercriminals?

As gift shoppers flood online marketplaces with flash sales and limited-time deals, cybercriminals are watching closely, ready to strike when users are most vulnerable.

Kaspersky experts detected a fake website that mimics Amazon, one of the most famous marketplaces, offering $200 gift card. With this tempting offer, scammers encourage customers to press a “Get your Amazon gift card” button.  However, when the user clicks it, they get an MSI installer with a backdoor that cybercriminals use to remotely control the victim’s device.

This fraudulent scheme highlights the importance of complex cybersecurity protection, showing that clicking on a wrong link may result in not only money and data loss, but also device infection or loss of control over it. When a fake site copies the original store’s look exactly, it’s hard to tell which one is real and which is a scam.

Kaspersky Premium protects users from fraudulent online stores through advanced detection technology that analyses website characteristics and URLs to identify suspicious patterns.

For its excellent performance in AV-Comparatives Fake Shops Detection certification in 2025 Kaspersky Premium was awarded an “Approved” certificate, making it the right choice for confident online shopping.

“As Valentine’s Day approaches, cybercriminals may increase their efforts to exploit the emotional vulnerability and romantic spirit that define this holiday. They’re creating fake gift card websites, spoofing popular retailers, and launching phishing campaigns that prey on your desire to make your loved ones happy.

The best defence is to stick to well-known retailers, check URLs carefully, apply a security solution with advanced phishing detection and remember that if a deal seems too good to be true, it probably is,” comments Anton Yatsenko, Lead Web Content Analyst at Kaspersky.

National Information Technology Development Agency (NITDA) and Wigwe University are laying the groundwork for a far reaching collaboration centred on artificial intelligence (AI) research, agricultural innovation and digital talent development, following a high level engagement between both institutions in Abuja.

NITDA

The discussions, led by Wigwe University Vice Chancellor Professor Marwan Al Akaidi and senior NITDA officials, revealed an alignment of expertise, priorities and national objectives that could accelerate Nigeria’s technological advancement.

Professor Al Akaidi, who leads the young but ambitious Wigwe University established under the vision of the late Herbert Wigwe, said the institution was created to become “the university of Africa”, providing high quality teaching and transformative research for Nigeria and the continent.

He emphasised that Nigeria has immense talent but often lacks the opportunities and platforms to channel it effectively—an issue the university intends to solve through strong industry and government partnerships.

Drawing from his long academic and research career in the United Kingdom and the Middle East, Professor Al Akaidi shared that the university is already conducting work on AI for Health in Nigeria with a team of ten researchers.

He stressed his determination to build a full AI centre in the country, similar to the one he helped establish in Abu Dhabi, noting that although funding setbacks followed Herbert Wigwe’s passing, the ambition remains intact and urgent.

According to him, Wigwe University does not seek to become a passive user of foreign AI tools but aims to “create the Nigerian AI”—a locally driven, world class AI engine that reflects the country’s needs, languages and realities.

He further explained that the university’s location in Rivers State provides a natural foundation for AI enabled agriculture and food production research.

Surrounded by extensive farming communities, the institution sees opportunities to apply AI to livestock management, land use, food processing and agricultural efficiency.

Using Nigeria’s cattle population as an example, he argued that technology can dramatically improve productivity: “In countries with fewer cattle, output is far higher because of new feeding systems and technology. If we apply AI properly, Nigeria’s agricultural wealth can multiply.”

He also pointed to AI’s potential in hospitals and medical diagnosis, especially for widespread illnesses like malaria.

NITDA’s representative, Dr Aristotle, welcomed the visit warmly, calling the Agency “Nigeria’s technology powerhouse” with mandates covering IT development, regulation, innovation, research and standards.

He said the Vice Chancellor’s proposals align strongly with NITDA’s strategic direction and existing programmes, highlighting the National Centre for Artificial Intelligence and Robotics and the National Adaptive Village for Smart Agriculture as key areas where collaboration can take shape.

He praised Wigwe University’s focus on entrepreneurship, innovation and skills development, noting that academia is a crucial stakeholder in the national tech ecosystem.

He also explained that NITDA’s work aligns closely with the government’s priority agenda and the Agency’s Strategic Roadmap and Action Plan, built on pillars such as knowledge, research and development, entrepreneurship, innovation and partnership.

He assured the visiting delegation that NITDA sees collaboration as essential and is committed to implementation rather than discussions alone: “Whatever we commit to, we will do. We understand the importance of partnership because no single institution has all the answers.”

Building on this, NITDA’s Director of Research and Development, Dr Kumo, said the Agency is working to develop a technology research ecosystem capable of moving Nigeria into the top 25 per cent of global research performance.

He noted that many of Wigwe University’s interests—AI, robotics, unmanned aerial vehicles, the Internet of Things, blockchain and additive manufacturing—mirror NITDA’s research priorities.

He also emphasised the value of virtualising education, allowing learners anywhere in Nigeria to access Wigwe University’s programmes through technology, improving national inclusivity.

From the Digital Literacy and Capacity Building Department, Dr Tambuwal stressed that NITDA prioritises building a digitally literate population and developing talent from basic education through to tertiary level.

He noted that many workers today still lack the digital skills required to use modern systems effectively, making it essential for universities to produce graduates who are digitally fluent and ready for the workforce.

He expressed readiness to partner with Wigwe University and explore shared learning opportunities.

Returning to curriculum and industry alignment, Professor Al Akaidi stressed that academia needs industry just as much as industry needs academia.

He described the need for constant curriculum review, especially in computing, engineering and technology, to ensure students are not learning outdated content.

He explained that teaching must be underpinned by active research and that the real value of education lies in producing graduates who understand the technology and can lead in their fields.

At Wigwe University, he said, students are already demonstrating remarkable capability—second year students are set to launch a major educational app, showing what young people can achieve when supported and challenged.

He insisted that Nigerian universities must produce graduates who are not only job seekers but job creators, noting that Wigwe University is building such a culture deliberately.

His call to action was clear: “We need to work together. If we combine our strengths, we can produce something real for Nigeria and beyond.”

The meeting ended with mutual assurance that the collaboration will move into concrete action. Both sides agreed to identify dedicated contact teams and map out specific workstreams for AI research, agricultural innovation, virtual learning, digital literacy, curriculum development and emerging technologies. With this shared resolve, NITDA and Wigwe University appear ready to build a partnership capable of shaping Nigeria’s technological future.