Broadcasting
Recapitalisation Reality Check: Uncovering the Truth Behind Nigeria’s Banking Boom

By Blaise Udunze
When the Central Bank of Nigeria (CBN) announced a new round of bank recapitalisation in March 2024, many expected the leading banks, especially those boasting record-breaking profits in the hundreds of billions and trillions, to sail through with ease. Their financial statements glistened with prosperity, with expanding balance sheets, rising dividends, and bullish share prices.

Indeed, five of Nigeria’s top 10 banks reported a combined pre-tax profit of N4.6 trillion in 2024, showing a staggering 70 percent increase from the previous year, with Zenith Bank and Guaranty Trust Holding Company crossing the trillion-naira mark for the first time. The results painted a picture of robust profitability and resilience.
Yet, barely months after the profit announcements, the same banks found themselves racing back-to-back to the capital market to raise fresh funds. By the first half of 2025, Nigeria’s banking industry was at a crossroads. Behind the glitter of trillion-naira profits lay a more sobering reality of an industry scrambling to meet the CBN’s recapitalisation directive.
The contradiction is stark: record profits on one hand, desperate fundraising on the other. If the banks were truly as profitable and resilient as they claimed, they wouldn’t be begging investors for fresh equity to meet new thresholds.
Behind the strong showing of the market leaders lies an even deeper concern. The smaller commercial and regional banks are struggling to formulate credible recapitalisation strategies. As the March 31, 2026 deadline looms, the CBN has confirmed that only 14 banks have so far scaled the recapitalisation hurdle. That leaves nearly 19 institutions still in search of capital in a market already skeptical of their true worth.
The recapitalisation push has therefore become the clearest indicator of the sector’s underlying fragility. The CBN’s new capital requirements of N500 billion for international banks, N200 billion for national banks, and N50 billion for regional banks have forced lenders to confront a fundamental question. How much of their reported profits actually represents real financial strength?
Much of Nigeria’s profit boom has been a deception, a mirage built on foreign exchange revaluation gains and arbitrary fees rather than genuine operational efficiency. The unification of exchange rates and subsequent naira depreciation in 2023 and 2024 delivered massive revaluation windfalls on dollar-denominated assets, inflating balance sheets overnight. But these were paper gains, not cash profits, and could not be deployed to strengthen capital or fund new loans.
Beyond FX gains, Nigerian banks have increasingly relied on fees and charges as easy revenue. Despite repeated CBN sanctions for breaching its Guide to Charges, banks continue to extract billions from customers through transfers, withdrawals, ATM fees, SMS alerts, and account maintenance. With over 312 million active bank accounts, these charges now contribute more to profitability than traditional lending or genuine financial intermediation.
It is little surprise, then, that the recapitalisation exercise has exposed the widening gap between declared profitability and true solvency. While five Tier-1 banks together raked in N4.6 trillion in pre-tax profit in 2024, nearly 70 percent higher than in 2023, many mid-tier banks can barely keep pace. The recapitalisation gap across the sector is now estimated at N4.7 trillion.
As of September 2025, only 14 banks had crossed the line, while others scramble for mergers, rights issues, or license downgrades to survive. The CBN’s insistence that only paid-up capital and share premium will count while excluding retained earnings has stripped away the accounting camouflage that once masked weakness.
For the market leaders, the race has been aggressive but achievable. Access Holdings raised N351 billion through a fully subscribed rights issue. Zenith Bank’s N350.4 billion hybrid offer was oversubscribed by 160 percent. Wema Bank, once a mid-tier lender, successfully raised N200 billion and became a national success story. Among specialised institutions, Greenwich Merchant Bank sealed its own recapitalisation, supported by capital injections and debt-to-equity conversions that secured its merchant banking license, while Jaiz Bank rose above the N20 billion target to remain the flagship of Islamic banking. Lotus has met the N10 billion bar, consolidating its place in Nigeria’s fast-growing alternative sector.
Another notable entrant is Globus Bank, which in 2024 raised N52.9 billion to lift its capital to N98.6 billion and followed in 2025 with a further N102 billion via rights issues and private placements. The raise subscribed entirely by existing shareholders took its capital above N200 billion. The bank now awaits final verification from the CBN before being formally recognized as compliant.
For others, however, it has been a painful crawl. Fidelity Bank’s N205.45 billion hybrid offer still leaves a N160 billion gap to the N500 billion benchmark. Guaranty Trust Bank reached its own target through a two-phased approach that started with a rights issue in Nigeria that netted N365.8 billion. Subsequently, GT listed shares on the London Stock Exchange with proceeds of $105 million to reach the required target, while UBA Plc launched a N157 billion rights issue in July 2025, following a N239 billion offer in November 2024 that was oversubscribed at N251 billion, with N240 billion accepted. The new offer, extended to September 19, 2025, helped the bank meet the CBN’s N500 billion capital requirement.
As of September 2025, First Bank has secured N187.6 billion and plans an additional N350 billion in private placements, but it still needs to secure the remaining funds to meet the CBN’s requirements. FCMB Group Plc launched a N160 billion public share offer to meet the CBN’s N500 billion capital requirements for international banks, with the offer closing on November 6, 2025. The offer follows a successful N147.5 billion share sale in 2024.
Fidelity raised N176 billion in fresh capital in 2024 and is moving to get an additional N195 billion via private placement before the end of the year. Sterling Bank has not yet completed its recapitalisation as it commenced an N87.067 public offer. This offer follows completion of a N75 billion private placement and a N28.79 billion rights issue, which was significantly oversubscribed by its shareholders.
Consolidation pressures are once again reshaping Nigeria’s banking landscape. Titan Trust’s acquisition of Union Bank and the completed Providus and Unity Bank’s merger reflect the reality that not every institution will raise sufficient equity alone. More combinations are expected in the months ahead, with smaller lenders likely to be folded into stronger franchises as the recapitalisation deadline approaches.
This trend mirrors the 2005 consolidation era, which trimmed 89 banks down to 25, ushering in a new era of scale and scrutiny. The 2024-2026 recapitalisation may well repeat history, producing fewer but sturdier players, banks large enough to finance Nigeria’s economic transformation.
But history offers a warning that recapitalisation is not reform. Bigger balance sheets may shield banks from global shocks, but they do not guarantee developmental relevance. Unless the philosophy of Nigerian banking itself changes from profit-first to purpose-driven intermediation, the sector will keep producing “giant banks in a fragile economy.”
The real challenge is not size, but substance. Nigeria doesn’t just need bigger banks; it needs better banks. It needs institutions that see SMEs as partners rather than liabilities, that lend to real producers rather than recycle deposits into government securities. It needs lenders that adopt fintech-driven underwriting, regulators that reward productive lending, and policymakers that create the infrastructure, power, and security needed to make risk-taking viable.
Recapitalisation, in this light, should not be seen merely as a regulatory hurdle but as a mirror reflecting both the success and the shame of Nigeria’s banking system. The trillion-naira profits may have dazzled investors, but the scramble for new capital reveals the truth that the sector’s foundations remain fragile, its governance inconsistent, and its contribution to real economic development still limited.
The CBN’s policy, painful as it may be, is a necessary reality check. It forces banks to prove that their wealth is more than paper-deep and that their balance sheets can support Nigeria’s ambitious $1 trillion economy vision. For investors and depositors, it is a wake-up call that what glitters in the financial statements may not always be gold.
In the end, recapitalisation is not just about raising funds; it is about restoring credibility. Because trust, once eroded by profit manipulation and corporate posturing, takes far more than a balance sheet to rebuild.
Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]
Broadcasting
Madonna University Taps Tech Guru Adote for Strategic Board Role

Technology strategist Rock Adote has been appointed to the Board of Trustees of Madonna University Nigeria, a move expected to strengthen the institution’s push toward digital governance and modern technological systems in higher education.

Madonna University
Adote, who has built a reputation in cybersecurity, enterprise identity management and digital transformation, brings over a decade of experience in designing secure digital infrastructure and managing identity systems for organizations.
Stakeholders believe his expertise will support the university’s efforts to strengthen data security and modernize its academic and administrative digital frameworks.
The appointment reflects the university’s growing commitment to technology-driven leadership as institutions increasingly rely on digital systems for academic operations, data management and research collaboration.
Universities today manage large volumes of sensitive digital information, including student records, research data and staff credentials, making strong cybersecurity and identity management frameworks essential.
As a member of the Board of Trustees, Adote will participate in providing institutional oversight and guiding strategic policy direction for the university.
The board is responsible for safeguarding academic standards while steering long-term development initiatives and ensuring the institution remains responsive to evolving global trends in education and technology.
Industry observers say Adote’s background in enterprise digital systems positions him to contribute significantly to the university’s digital transformation agenda, particularly in strengthening technological resilience and governance frameworks across its operations.
Other newly appointed members of the board include Sir Nwagwu Aloysius Emeka, Chief Arthur Obi Okafor (SAN), Professor Anagboso Martin Osita, Mrs. Ike Angela Unaoaku, Barrister Augustine Nenwa Obo and Rev. Fr. Stephen Ifeanyichukwu Nwatah.
Speaking on the appointment, Adote expressed appreciation for the opportunity to serve, emphasizing the importance of aligning higher education institutions with emerging technological realities.
According to him,
“Digital transformation will play a crucial role in shaping the future of academic administration, research and learning environments”.
Analysts note that the inclusion of technology leaders in university governance structures signals a growing recognition that digital transformation is becoming central to the competitiveness and sustainability of modern higher education institutions.
With Adote’s appointment, Madonna University is expected to further strengthen its technology strategy and position itself as a forward-looking institution within Nigeria’s higher education landscape.
Broadcasting
Healthcare Under Attack: Why Cybersecurity is Now Critical Care

By: Kerissa Varma, Microsoft Chief Security Advisor, Africa
Africa’s healthcare sector is facing a silent emergency. Many healthcare operators, facilities and doctors across Africa already grapple with the challenges of under-resourced environments, an uneven distribution of resources and massive demand for services.

Kerissa Varma, Microsoft Chief Security Advisor, Africa
Now healthcare administrators must turn their attention to a relatively new and extremely urgent concern. While doctors fight to save lives, cybercriminals are infiltrating hospitals, laboratories, and clinics, turning life-saving environments into digital battlegrounds.
A growing epidemic
World Health Organisation director-general Tedros Adhanom Ghebreyesus noted that the digital transformation of healthcare, combined with the high value of health data, has made the sector a prime target for cybercriminals, commenting that “At best, these attacks cause disruption and financial loss. At worst, they undermine trust in the health systems on which people depend, and even cause patient harm and death.”
Recent attacks have exposed the fragility of Africa’s medical infrastructure. In May 2025, Mediclinic Southern Africa was hit by a cyber extortion attack, compromising sensitive HR data. Later in 2025, Lancet Laboratories faced a regulatory penalty for failing to notify patients about data breaches under South Africa’s POPIA law, while a ransomware strike on the National Health Laboratory Service disrupted blood test processing nationwide, delaying critical care for millions.
M-Tiba, a Kenyan digital health platform managed by CarePay and backed by Safaricom, suffered a significant cyberattack and data breach in late 2025, while earlier this year Pharmacie.ma, a Moroccan pharmaceutical platform, was reportedly the target of an alleged data leak incident that allegedly involved the unauthorised export of a customer database. And recent research indicates that Nigeria’s private healthcare sector is now one of the most targeted on the African continent, with attacks increasing at an alarming rate.
Many incidents also go unreported, as hospitals and healthcare facilities rarely disclose them publicly, yet these incidents are not isolated, with ransomware dominating the threat landscape. Africa’s healthcare sector is heavily targeted by cybercriminals, with healthcare organisations facing an average of 3,575 weekly attacks in 2025, a 38% surge from the previous year, with encryption of patient data, temporary loss of access to hospital systems and the risk of data appearing on the dark web cited as potential impacts.
Why healthcare is a prime target
The healthcare industry in Africa, particularly in the public sector, is working with legacy systems, fragmented infrastructure, and underfunded IT teams, all of which combine to make the sector an easy target for unscrupulous bad actors.
Many medical institutions are adopting open-source AI tools for diagnostics and patient management. While cost-effective, these platforms often lack enterprise-grade security, leaving sensitive data exposed. Combined with fragmented storage of paper and electronic patient records – often unencrypted and scattered across multiple systems – the risk of breaches multiplies.
Hospitals and healthcare facilities cannot afford downtime. Every minute offline risks lives, making them more likely to pay ransoms in an attempt to regain control of their systems. Cyber insurers indicate that in 2 of 5 cases of a ransom being paid, data and operations still cannot be recovered. Additionally, in instances where some or all of the seized data is recovered after paying a ransom, the attacker goes on to request further payments.
Medical records are also a premium target for cybercriminals. In the USA, researchers found that patient records, insurance details, and research data fetch premium prices on the dark web – up to 10 times higher than financial data, according to cybersecurity analysts. A single stolen medical record can sell for $260–$310, compared to $30–$50 for a credit card, because unlike credit cards, medical records never expire and medical information cannot be easily changed, making it useful for years. Medical records frequently include personal identifiers, insurance details, and sometimes biometric data, enabling identity theft and fraud, while criminals use medical data for fake insurance claims, prescription fraud, and targeted scams. Microsoft believes cybersecurity needs to be embedded into every technology implementation. This should be a key priority, especially with sensitive medical data and operations.
How healthcare can use modern technology safely
As Africa’s healthcare systems digitise and embrace AI, protecting the digital lifeline must become as critical as protecting the physical one. Key steps can secure healthcare organisations and facilities like laboratories and diagnostic services’ systems.
Include cybersecurity in your resilience planning
Medical professionals and healthcare facilities often prioritise the resilience of physical capabilities. Power backups, multiple devices should equipment fail, and a standby roster in the event of a practitioner being unavailable are all practices that save lives. Equally cybersecurity and safeguarding online systems needs to be built into the overall resilience planning of medical facilities and services.
Investing in cybersecurity technology that can quickly identify and contain attacker activity before it leads to system downtime or data theft can save lives. Having a response plan that is practiced and maintained in the event of a cyber breach and ensuring strong data backups could mean the difference between a total failure of health services or a minor incident. Ensuring incident response plans are aligned with local compliance laws such as South Africa’s POPIA, and Kenya and Nigeria’s Data Protection Acts is critical for healthcare providers to meet both their resilience and compliance objectives.
Prepare for AI-driven attacks that are going to increase attacker speed and success
Threat actors are increasingly exploiting the interconnectedness of modern software ecosystems and operational structures to conduct malicious activity, so regular auditing of third-party integrations, especially those involving AI or cloud services, is critical.
Adversaries are using AI to scale and tailor operations, with AI-driven phishing being 4.5x more effective than traditional phishing. However, in equal measure, AI is transforming cyber defence – it automates response and containment, detects threats faster and more accurately, and identifies detection gaps and adapts to attacker behaviour. Healthcare organisations should invest in AI-driven threat detection for faster response and anomaly detection and must also take steps to secure AI models and data pipelines by implementing robust access controls, vulnerability scanning, and regular patching for open-source tools.
Remote and wider access to patient records requires strong identity practices
As both patients and medical professionals start accessing patient records digitally, strong means of identification, verification and authentication are critical. The Microsoft Digital Defense Report 2025 notes that the abuse of valid accounts is a frequent occurrence, with malicious actors gaining access to user credentials (usernames and passwords) and using them to infiltrate systems without triggering traditional security alerts. Therefore, organisations must deploy phishing-resistant multifactor authentication (MFA) and conditional access to strengthen user defences.
Invest in people and skills
People are at the heart of robust cybersecurity measures, so it is vital to train staff against common tactics such as phishing, which is the most common entry point for attackers, and apply role-based access controls for both clinical and research data to prevent privilege misuse.
Cybersecurity is no longer an IT issue – it’s a patient safety issue. Healthcare services and providers must treat digital resilience with the same urgency as infection control. By investing in comprehensive cybersecurity strategies and leveraging AI-powered defences, Africa’s healthcare sector can position itself as a crucial front line against emerging threats and help build stronger, more resilient digital ecosystems.
Broadcasting
South Africa’s Nomzamo Mbatha Appears on Glo-Sponsored African Voices

Globally recognized South African actress Nomzamo Mbatha will feature on this week’s edition of African Voices Changemakers, the 30 minute show on Cable News Network International (CNN).

In this episode of the Glo-sponsored programme, Mbatha sits down with CNN’s Larry Madowo for an exclusive conversation while filming the final season of the hit television series Shaka iLembe. The interview was recorded at the historic Cradle of Humankind outside Johannesburg, where she reflects on her career and the legacy she hopes to build beyond the screen.
As her international profile continues to rise, Mbatha has appeared in two Hollywood productions and was named to the prestigious TIME100 Next list in 2025, which celebrates emerging global leaders shaping the future. She is also making strides in the beauty industry as the first South African woman to secure endorsement deals with global skincare brand Neutrogena and haircare brand Cream of Nature.
Mbatha also shares the cultural importance of Shaka iLembe, her journey from South Africa to the global stage, and why giving back remains central to the enduring contribution she aims to leave behind.
The programme will air on Saturday at 8.30 a.m., with additional broadcasts at 12.00 p.m. the same day; Sunday at 4.30 a.m. and 6.00 p.m.; Monday at 3.00 a.m. and 5.45 p.m.; and Tuesday at 5.45 p.m. It will also air again on Saturday, March 14 at 7.30 a.m. and 11.00 a.m.; Sunday, March 15 at 3.30 a.m. and 6.00 a.m.; and Monday, March 16 at 3.00 a.m.
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