<< Back             Poser >> 30 banks meet CBN recapitalisation requirements By Emma Ujah, Abuja The Central Bank of Nigeria (CBN) has disclosed that 30 banks have met the revised minimum capital requirements under its ongoing recapitalisation programme. Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, said in a statement that the exercise, launched in 2024, aims to strengthen the resilience, stability, and long-term capacity of Nigeria’s banking sector to support economic development. “Since the introduction of the policy, banks across the industry have taken steps to strengthen their capital base in line with the revised regulatory requirements,” she said. “As of March 6, 2026, thirty banks have met the new minimum capital requirements applicable to their respective licences.” Mrs. Ali added that a total of 33 banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme. The remaining banks’ capital positions are undergoing CBN verification before final confirmation of compliance. She reassured that the Nigerian banking system remains stable and sound, noting that the recapitalisation programme is on track and will further enhance the sector’s capacity to support households, businesses, and sustainable economic growth. “The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” she concluded. Vanguard Business News	Decline in textile sector persists as GDP contribution falls 3.6% in 2yrs By Yinka Kolawole Activities in Nigeria’s cotton, textile and garment industry continued to trend downward in 2025, with the industry’s contribution to the nation’s Gross Domestic Product, GDP, declining to N4.384 trillion, reflecting persistent structural challenges confronting the sector. Data from the National Bureau of Statistics (NBS) shows that the sector’s output has recorded a steady […] 30 banks meet CBN recapitalisation requirements The Central Bank of Nigeria (CBN) has disclosed that 30 banks have met the revised minimum capital requirements under its ongoing recapitalisation programme. Manufacturing VAT surges 54.7% to N875bn in 9 months …Surpasses 2023 full-year figure By Yinka Kolawole The contribution of Nigeria’s manufacturing sector to Value Added Tax (VAT) in 2025 significantly increased with payments rising to N875.420 billion in the first nine months of the year (9M’25), surpassing both the N566.011 billion recorded in the corresponding period of 2024 (9M’24) and the N578.394 billion generated in […] Nigeria’s non-oil exports to EU lag at 10% despite $21.87bn trade— NEPC By Progress Godfrey  The Nigerian Export promotion Council (NEPC) has urged agro-exporters to tap the European Union’s over 400 million-strong consumer market, warning that non-oil exports account for only 10 percent of total trade with the bloc despite a $21.87 billion trade volume in 2024.   Executive Director and CEO of NEPC, Mrs Nonye Ayeni, made the […] Vitafoam shareholders endorse N3.75 bn dividend, bonus shares Shareholders of Vitafoam Nigeria Plc , have approved a N125 million capital injection through a bonus share issue and endorsed a N3.75 billion dividend payout, signalling strong investor confidence in the company’s improving financial performance. Dangote Refinery commits to energy stability amid global refineries shutdown By Udeme Akpan Dangote Petroleum Refinery & Petrochemicals has indicated its commitment to stabilising energy supply to Nigeria amid recent shocks in the international oil market.  The ongoing conflict in the Middle East has led to the shutdown of some refineries and cuts in refinery production across the world, resulting in a global scarcity of petroleum […]