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Nigeria’s Banks Race to Meet CBN Recapitalisation Deadline Amid Verification Push

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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.

Nigeria's Banks Race to Meet CBN Recapitalisation Deadline Amid Verification Push

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.


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Myitura Launches Women-Focused Healthcare Financing Solutions to Bridge Access Gap

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In commemoration of Women’s Month, health-tech platform Myitura has released a new white paper addressing the critical gaps in healthcare financing for women in Nigeria.

Titled “Closing the Gap: Healthcare Financing for Women in Nigeria,” the report highlights how high out-of-pocket costs, limited insurance coverage, and socio-economic factors continue to prevent women from accessing timely healthcare.

According to the report, over 70% of healthcare expenses in Nigeria are paid out-of-pocket, disproportionately affecting women who often delay care due to financial and social constraints.

“When women can afford to take care of their health early, we don’t just save lives; we strengthen families, communities, and the economy,” said Chialuka Kelechi, MyItura’s Chief of Staff.

Key Insights from the White Paper:

  • Preventable conditions often escalate due to delayed care
  • Women are more likely to deprioritize their own health
  • Affordable, structured healthcare financing can significantly improve outcomes

Introducing a Women’s Health Initiative

As part of its commitment, Myitura is launching affordable women-focused health packages (powered by Mediloan), starting at ₦58,180, designed to encourage preventive care and early detection.

The package provides access to:

  • Fasting/Random Blood Sugar
  • Urinalysis
  • Electrolytes
  • Urea
  • Creatinine
  • Pap Smear Submitted slides
  • HIV I & II Rapid (Qualitative)
  • Hepatitis B Surface Antigen Screening (Rapid)
  • Hepatitis C Virus Screening (Rapid)
  • Abdominopelvic Ultrasound
  • Ongoing support via the Myitura platform

Access:

Women can access these packages by downloading the Myitura app, which makes healthcare more accessible and convenient.

Myitura is a health-tech platform focused on improving access to healthcare through financing, technology, and preventive care solutions.

 


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DBI Unveils Nigeria Digital Economy Outlook 2026: Q1 Report Highlights Strategic Trends, Risks

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DigitalSENSE Business Intelligence (DBI), powered by ITREALMS Media, has launched the Nigeria Digital Economy Outlook 2026: Q1 Intelligence Report (Executive Edition), delivering vital insights for navigating Nigeria’s fast-paced digital landscape.

DBI Unveils Nigeria Digital Economy Outlook 2026: Q1 Report Highlights Strategic Trends, Risks

This executive summary spotlights trends, risks, and opportunities in telecommunications, fintech, digital infrastructure, policy shifts, and investment flows. It underscores digital transformation’s pivotal role in boosting economic growth, financial inclusion, and nationwide innovation.

DBI Publisher, Ogbuefi Remmy Nweke, emphasized its value for leaders: “This Executive Edition offers a sharp, strategic view of Nigeria’s digital economy during a pivotal moment. As the sector surges ahead, reliable intelligence is key to seizing opportunities and tackling risks.”

Key highlights include:

  • Broadband infrastructure expansion.

  • Surge in digital payments adoption.

  • Evolving regulations.

  • Investor pivot to sustainable, profitable ventures.

The report urges action on digital financial inclusion, infrastructure funding, skills training, and public sector digitization.

Freely accessible, the Executive Edition complements the premium Full Edition with in-depth analysis for executives and institutions. Stakeholders can request full access or briefings.

Media & Access Contacts:
Email: [email protected]
Website: www.itrealms.com.ng


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NASENI Renewable Energy Industrial Park Underway as Construction Gains Momentum

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The on-going construction works at the National Agency for Science and Engineering Infrastructure, NASENI’s Renewable Energy Industrial Park, Gora, Nasarawa State is gathering momentum as the project is envisioned to address the country’s energy needs.

NASENI Renewable Energy Industrial Park Underway as Construction Gains Momentum

NASENI’s Renewable Energy Industrial Park, Gora, Nasarawa State

The project occupying a 40-hectare park designed as a multi-energy hub will help curb capital flight and save foreign exchange expenditure by enabling local production of key renewable energy components such as solar panels, mounting racks, wind systems and biomass technologies.

Speaking during an inspection visit on the project site on Tuesday, March 31, 2026, Special Adviser to the Executive Vice Chairman on Renewable Energy, Engr. Suyud Abdullahi Muhammad, who also serves as the Gora Project Manager, disclosed that the initiative is designed to significantly reduce Nigeria’s dependence on imported renewable energy equipment.

“There will be a wind assembly plant, small hydro power equipment production, and solar panel manufacturing; Renewable energy goes beyond just solar, and this park reflects that broader vision,” he said.

Abdullahi noted that the project aligns with NASENI’s goal of reducing energy poverty in Nigeria, where over 80 million citizens remain off-grid, while many connected to the national grid continue to experience inadequate power supply.

The Special Adviser also emphasised on the project’s industrialisation potential, highlighting its role in job creation and value chain development. The park is expected to generate 2,000 direct jobs, with an additional 50,000 indirect employment opportunities across supporting industries when completed.

“This initiative will localise the renewable energy value chain. Instead of relying on imports, Nigeria will begin to produce and eventually export these technologies, starting with the West African market and scaling up to the rest of the continent,” he added.

On sustainability and long-term viability, he revealed that the project is being executed in collaboration with private sector players, academia and other stakeholders, in line with NASENI’s “3Cs” principle of Creation, Collaboration and Commercialisation.

The ongoing construction is being handled by about 35 contracting firms, each handling specific components at varying levels of execution such as Multipurpose Halls for industrial productions, Research and Development (R&D) Centre, Knowledge Park, Energy Centre, Workshops, Researchers Lodge, Studio Apartments, Clinic, Restaurant, Wellness Centre, Solar Farm, Drivers Lounge, Gate House, Internal roads and drainage system and Fencing.

The Gora Renewable Energy Industrial Energy Park is considered a key component of the Federal Government’s Renewed Hope Agenda, aimed at strengthening local manufacturing, enhancing energy security and positioning Nigeria as a renewable energy hub in Africa.


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