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Recapitalisation Explained — Where Access, FCMB And Others Fit

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Nigeria’s banking sector is being reshaped by one of the most ambitious recapitalisation programmes in its history.

 

If you bank, invest, or do business in Nigeria, understanding how this works and where each bank stands matters.

In 2024, the Central Bank of Nigeria raised minimum capital requirements and introduced three banking “tiers”: regional, national, and international.

 

Banks have until March 31, 2026, to comply.

 

Here’s what that means:

 

International banks need ₦500bn in paid-up capital

National banks need ₦200bn

Regional banks need ₦50bn

Paid-up capital is key. Retained earnings don’t count.

Several banks, including Access Bank, Zenith Bank, GTBank, UBA, Fidelity Bank, and First Bank of Nigeria, have already met the ₦500bn threshold and secured international licences.

Others, such as Stanbic IBTC, Citibank Nigeria, and Wema Bank, have secured national licences and appear focused on domestic operations.

 

First City Monument Bank, a subsidiary of FCMB Group Plc, sits between these groups. In 2024, it raised ₦147.5bn in a public offer, pushing its banking subsidiary above ₦200bn in paid-up capital and securing its national licence. That means FCMB’s core banking operations are not at risk under the new rules.

 

The bank is now raising additional capital to reach the ₦500bn mark required for an international licence.

 

This includes further share sales and shareholder-approved funding options. Regulatory review is ongoing.

 

Why does this matter to customers? A bank’s licence affects what it can do.

 

International banks can finance cross-border trade and large projects. National banks focus on domestic lending. Both are viable models.

For FCMB customers, the national licence already ensures continuity.

 

The international licence would expand services beyond Nigeria into the rest of Africa and the world.

The recapitalisation is also driving mergers, downgrades, and niche strategies across the sector, making Nigeria’s banking system more structured and transparent.

 

By 2026, the system will be stronger, not because every bank has become international, but because each has chosen a sustainable path.

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Drama As UK Blogger Maureen Badejo Not Produced In Court, Lawyers Frustrated

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There was mild drama at the Federal High Court, Ikoyi, Lagos, on Monday as UK-based popular blogger, Maureen Badejo, was not produced in court as earlier indicated by investigating authorities.

 

A total of eleven lawyers had assembled at the court premises in anticipation of her appearance. However, proceedings were stalled after officials failed to present her before the court as expected.

 

Following her absence, members of the legal team proceeded to the Nigeria Police Cybercrime Unit in Yaba, where they were informed that Badejo had been booked out of custody at the State Criminal Investigation Department (SCID), Panti, early in the morning.

 

Acting on the information, the lawyers moved to the cybercrime office and eventually located her in one of the facility’s offices.

 

Speaking with the legal team, the Assistant Director of the unit explained that Badejo could not be brought to court due to what he described as “numerous interested parties” and additional petitions being filed in connection with the case.

 

He added that authorities were uncertain whether she would be formally charged either today or tomorrow.

 

Determined to safeguard her rights, the lawyers have since maintained a vigil at the cybercrime unit to observe proceedings and provide legal counsel as she gives further statements to the Investigating Police Officer and her team.

 

Meanwhile, support for the blogger appears to be growing internationally.

 

Groups based in the United Kingdom, United States, and Canada have reportedly begun fundraising efforts to cover her legal expenses.

 

One of her lawyers, Barrister George Ogunjimi, disclosed that Badejo had not eaten since Friday but remained in high spirits. According to him, upon sighting her lawyers, she requested a meal of rice and fish along with a bottle of Eva water.

 

Her continued detention and failure to appear in court have raised fresh concerns among supporters and legal observers, as they await further developments in the matter.

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Peter Obi Joins #OccupyNationalAssembly Protest Over Electronic Transmission Of Results

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Former presidential candidate Peter Obi on Monday, joined protesters at the National Assembly complex in Abuja under the banner of the #OccupyNationalAssembly movement.

The protest follows the Senate’s passage of the Electoral Act 2022 (Repeal and Reenactment) Amendment Bill 2026, in which lawmakers removed the phrase “real-time” transmission of election results during the third reading of the bill.

Although the Senate has issued several clarifications denying that it rejected electronic transmission of election results, protesters insist that the proposed legislation must explicitly mandate real-time electronic transmission.

Speaking at the protest ground, Obi said the Senate must take concrete steps to prevent a repeat of the technical glitches reported by the Independent National Electoral Commission (INEC) during the 2023 general elections.

He called for real-time electronic transmission of results to be clearly enshrined in the law.

Aside Obi, members of civil society organisations, opposition ADC supporters, and women’s groups were also present at the protest.

The protesters began their march from the Federal Secretariat, proceeding towards the National Assembly gate.

Security was heavy at the scene, with personnel drawn from the Nigeria Police Force, the Nigerian Army, and the Nigeria Security and Civil Defence Corps. The police barricaded the entrance to the National Assembly.

However, some civil society representatives told Channels Television that the protesters do not intend to force entry into the complex, noting that the demonstration is planned to take place strictly at the gate.

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Edo: Police Arrest 21 Year Old Dispatch Rider Over N1.3m Gambling Scandal

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A 21-year-old dispatch rider in Edo State has been arrested by the State Police Command after allegedly gambling away N1.3 million belonging to his employer and a customer.

JomogNews reports that he staged his own kidnapping to conceal the loss of funds from virtual betting.

ASP Eno Ikoedem, the Public Relations Officer of the Command, disclosed this in a statement made available to journalists on Monday in Benin City.

Ikoedem gave the name of the suspect as David Ekes, a staff of Dibecs Industry Limited, Okpella, in Etsako East Local Government Area.

“The Edo State Police Command has uncovered a staged kidnapping following a report of a missing person involving an employee of Dibecs Industry Limited, located at Km 162, Auchi–Okene Expressway, Okpella.

“On 30/01/2026 at about 1600hrs, one Moses Ekes ‘M’, of Dibecs Industry Limited, reported at the Okpella Police Division that his nephew, David Ekes ‘M’, aged 21 years, a dispatch officer with the company, dark in complexion, about 5ft tall, and fluent in Ijaw and English languages, had been missing since 27/01/2026 at about 2030hrs.

“It was reported that the said David Ekes left his quarters alone on a black, unregistered motorcycle from Factory 2 to Factory 3, contrary to company policy, and was not seen or heard from thereafter.

“The motorcycle was later discovered parked along the road leading to Factory 3 and subsequently recovered to the company’s main office.

“Following the report, operatives of the Okpella Police Division promptly visited the scene, conducted a thorough search of the surrounding bush area, and documented relevant findings, while the investigation commenced immediately.

“However, in a turn of events, on 31/01/2026 at about 0800hrs, information was received that the missing person had returned on his own and was reportedly weak. He was taken to a hospital in Okpella, where Police operatives visited and monitored his condition.

“Upon his discharge, the suspect initially volunteered his statement alleging that he was kidnapped by three unidentified men, forced to trek barefoot through the forest for over three days, during which his Tecno Camon mobile phone was taken and funds were withdrawn from his First Bank account.

“Discrete investigation, however, has revealed that between 25/01/2026 and 26/01/2026, the suspect lost a total sum of ₦1,308,000.00million, belonging to his company and a customer, through online gambling on a visual sporty betting platform, he then immediately travelled to Abuja, sold his mobile phone, lodged in a hotel, and deliberately staged his own kidnapping to cover up the financial loss,” the statement said.

Ikoedem said the suspect has since confessed to the crime and would be arraigned in court to serve as a deterrent to others.

Meanwhile, the Commissioner of Police in charge of the Command, Monday Agbonika warned members of the public against false distress reports and acts of criminal deception.

Agbonika noted that such actions undermine public confidence and waste critical security resources.

He also advised youths involved in gambling to do so responsibly, as addiction often leads to desperation and criminal tendencies.

 

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