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Rivers State Saga: Will Governor Fubara Be Impeached?

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A fresh wave of political uncertainty has emerged in Rivers State following the decision of the State House of Assembly to begin impeachment proceedings against Governor Siminalayi Fubara and his deputy, Ngozi Odu.

The move, based on allegations of gross misconduct, has reopened deep political divisions in the state and intensified the long-running power struggle between Fubara and his predecessor, Nyesom Wike, now Minister of the Federal Capital Territory (FCT).

The development has sparked widespread concern across the country, with civil society groups, legal bodies and political stakeholders warning that the crisis could undermine democratic governance and further destabilise the oil-rich state.

Background to the Rivers Political Crisis

The current crisis is the result of a breakdown in the political relationship between Governor Fubara and Nyesom Wike, who played a decisive role in Fubara’s emergence as governor in 2023 under the Peoples Democratic Party (PDP).

Wike’s political structure was instrumental in securing the election victory, and his camp expected continued influence over the affairs of government.

Tensions surfaced soon after Fubara assumed office, as he began asserting independence in governance.

The disagreement quickly escalated into a full-blown institutional conflict, leading to a split in the Rivers State House of Assembly, largely along loyalty lines.

By late 2023, impeachment threats became frequent, and the crisis reached a dramatic point when the assembly complex was set ablaze during the height of the standoff.

Although President Bola Tinubu intervened to broker peace, the truce was short-lived.

In March 2025, the situation deteriorated to the point that a six-month state of emergency was declared, suspending democratic institutions and placing the state under a sole administrator until September 2025.

The political landscape shifted again in late 2025 when Fubara defected to the All Progressives Congress (APC), effectively transforming the dispute from an internal PDP struggle into a national political issue within the ruling party.

The immediate trigger for the latest confrontation was disagreement over state finances.

Lawmakers aligned with Wike proposed a supplementary appropriation to revise the ₦1.48 trillion 2025 budget approved during emergency rule.

Governor Fubara rejected the proposal, insisting the budget was sufficient, and declined to present the 2026 budget, accusing the assembly of deliberate obstruction.

The lawmakers responded by accusing the governor of constitutional breaches, including failure to submit key fiscal documents and alleged unauthorized spending.

Wike’s Local Government Tours: What Changed?

The crisis took a sharper turn following Nyesom Wike’s recent “Thank You” tour across Rivers State’s local government areas.

The tour, which ended on January 11, 2026, at the Captain Elechi Amadi Polytechnic in Rumuola, was officially described as an appreciation of political support during the 2023 elections.

However, political observers say the tour served as a rallying point for Wike’s supporters and a show of strength. During the events, Wike dismissed speculation about his removal as FCT minister, stating that only President Tinubu had the authority to sack him.

He reaffirmed his loyalty to the president and pledged full support for Tinubu’s re-election bid in 2027, citing federal appointments given to Rivers indigenes as evidence of political reward.

Wike also used the platform to make political statements against opposition figures and to reassert his influence in Rivers politics.

Following the tour, pro-Wike lawmakers in the state assembly appeared emboldened, with impeachment proceedings against Governor Fubara gaining momentum.

Speaker of the House, Martin Amaewhule, publicly aligned himself with Wike and President Tinubu, reinforcing perceptions that the assembly is deeply divided along factional lines.

The situation was further inflamed by Fubara’s decision to remove several officials seen as loyal to Wike from his cabinet.

Rivers Assembly’s Allegation

On January 8, 2026, the Rivers State House of Assembly formally initiated impeachment proceedings against Governor Fubara and Deputy Governor Ngozi Odu.

The motion, moved by Deputy Speaker Dumle Maol, called for an investigation into alleged financial and administrative misconduct.

Notices of gross misconduct were served on both officials on January 9, giving them seven days to respond, in line with Section 188 of the 1999 Constitution.

The allegations include failure to present the Mid-Term Expenditure Framework, refusal to submit budget proposals, and alleged unauthorized expenditure of public funds.

The assembly also claimed it had intelligence reports suggesting attempts to frustrate the impeachment process through court orders obtained outside the state. Lawmakers insisted they would proceed strictly in accordance with constitutional provisions.

The process has, however, drawn sharp criticism. The Rivers Elders and Leadership Forum described the allegations as weak and politically motivated, while civil rights groups warned that the tension could distort due process.

The Nigerian Law Society called on President Tinubu to intervene by invoking constitutional provisions that would allow the National Assembly to assume the functions of the state assembly, citing concerns about bias and lack of neutrality.

What This Means for Governor Fubara

For Governor Fubara, the impeachment move represents a serious political threat with far-reaching consequences.

His first public response was measured, as he appealed for calm during a church service marking the 2026 Armed Forces Remembrance Day, assuring residents that the situation was under control. Deputy Governor Ngozi Odu also urged prayers and restraint.

Under the constitution, impeachment requires a two-thirds majority of the House, the appointment of a seven-member investigative panel by the chief judge, and adherence to due process.

While Wike-aligned lawmakers appear to have numerical advantage, political analysts note that Fubara’s incumbency, party backing at the federal level, and grassroots support could complicate the process.

Beyond politics, the crisis is already affecting governance and the economy. Government projects have slowed, contractors face delays, and uncertainty continues to affect business confidence.

There are also fears that a prolonged standoff could lead to another emergency rule, with significant economic costs for the state.

At the national level, President Tinubu faces a difficult choice: balancing loyalty to a powerful ally in Wike against the political cost of losing an APC governor ahead of the 2027 elections.

As the situation unfolds, Rivers State once again finds itself caught in a familiar political struggle where elite rivalries threaten governance and stability.

Whether Governor Fubara survives the impeachment process remains uncertain, but the coming days are likely to be decisive for the state’s political future.

Resident Doctors Suspend Planned Nationwide Strike

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The National Association of Resident Doctors (NARD) has suspended its planned nationwide strike after recording what it described as significant progress on its demands following sustained engagements with the Federal Government and other key stakeholders.

The decision was reached during a virtual Emergency National Executive Council (E-NEC) meeting held on January 11, 2026, where the association reviewed recent developments and assessed the status of its demands.

NARD said the suspension followed direct presidential intervention led by Vice President Kashim Shettima on behalf of President Bola Ahmed Tinubu.

According to the Secretary-General of the association, Dr. Shuaibu Ibrahim, the suspension is strategic and conditional, allowing the NEC to review tangible progress at its next meeting scheduled to commence on January 25, 2026.

“The NEC unanimously resolved to suspend the resumption of TICS 2.0 based on firm commitments from critical stakeholders and the direct presidential intervention led by the Vice President, Senator Kashim Shettima, acting on behalf of President Bola Ahmed Tinubu,” the statement read in part.

The association expressed appreciation to its members and stakeholders for their support, adding that it remains confident that the Vice President’s intervention would lead to a lasting resolution of long-standing challenges in Nigeria’s health sector.

On the lingering crisis at the Federal Teaching Hospital (FTH), Lokoja, NARD disclosed that an earlier committee report had been implemented, while a new reconciliation committee has been constituted to ensure peace and harmony among medical professionals at the facility.

NARD also reported progress on the payment of outstanding Consolidated Medical Salary Structure (CONMESS) arrears, accoutrement allowances, promotion and salary arrears, as well as steps toward resolving issues relating to entry-level placement, locum practice, specialist allowances and the welfare of house officers.

The association had earlier stated that more than 2,000 of its members were yet to be paid arrears of the 25–35 per cent CONMESS adjustment, despite claims by the Federal Government that the outstanding payments had been settled.

Responding to the government’s assertion that seven out of its 19 demands had been statutorily addressed, including the full payment of seven months’ CONMESS arrears, NARD insisted that many doctors were still unpaid.

“On the seven months’ arrears of 25–35 per cent, we still have over 2,000, almost 3,000 of our members who are yet to be paid those arrears,” a representative of the association said.

Meanwhile, to avert a shutdown of the health sector, the National Industrial Court of Nigeria last Friday issued an interim order restraining resident doctors from commencing the planned “TICS 2.0” strike scheduled for January 12, 2026.

Justice Emmanuel Subilim made the order while ruling on a motion ex parte filed by the Federal Government of Nigeria and the Attorney General of the Federation, following rising tensions over unresolved welfare and professional concerns.

FA Cup Third Round Classics: Manchester United’s Nightmare at Old Trafford

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In one of the shock headlines of the day, Manchester United were eliminated 2–1 by Brighton & Hove Albion, their first FA Cup exit at the third round in decades. Brighton struck early through Brajan Gruda and were doubled up by former United forward Danny Welbeck. United grabbed a late consolation via Benjamin Sesko, but teenager Shea Lacey was sent off, sealing United’s misfortune.

Turning point:
United enjoyed the lion’s share of possession but failed to convert the chances, while Brighton’s clinical edge and tactical discipline won the day. This defeat compounds a difficult season for the Red Devils and adds fresh scrutiny on the interim manager.

Arsenal Comeback with Martinelli Magic

At Fratton Park, Arsenal survived an early scare against Championship side Portsmouth before asserting their quality in a 4–1 victory. Portsmouth stunned the visitors inside the opening three minutes through Colby Bishop, but Arsenal quickly regrouped. An own goal levelled matters, and Gabriel Martinelli delivered a stunning hat-trick, showcasing his lethal finishing—including two goals from set pieces—to sink the hosts and keep Arsenal cruising into the fourth round.

Why it mattered:

  • A statement from Arsenal’s squad depth and attacking firepower
  • Portsmouth earned plaudits for a spirited showing before being overwhelmed

Leeds Edge Derby in Tight Encounter

Leeds United claimed a 3–1 victory over Derby County in a match where they came from behind to assert control. Goals from Gnonto, Tanaka and Justin turned the tie on its head, marking a strong cup performance and highlighting Leeds’ attacking depth.

Cup Underdogs Steal the Spotlight

Mansfield Town’s Thrilling Upset

One of the day’s most exciting results saw Mansfield Town (League Two) defeat Sheffield United 4–3 in a seven-goal classic. This result underlined why the FA Cup is football’s great leveler—Championship opposition couldn’t contain Mansfield’s fearless attacking approach.

Penalty Action & Gritty Progressions

Elsewhere in cup action:

  • Hull City beat Blackburn on penalties after a stalemate in normal time.
  • West Bromwich Albion saw off Swansea in a tense shootout.
  • West Ham United advanced with a 2–1 extra time win over QPR.

A few ties were played with high drama, showcasing resilient defending and nerve-shredding finishes—classic FA Cup narratives.

Norwich Dominate, but Tragedy Overshadows Victory

Norwich City cruised to a 5–1 thrashing of Walsall, with striker Jovon Makama starring with a hat-trick in an impressive performance at Carrow Road. However, the joyful night was clouded by a fan’s tragic medical emergency during the match, prompting tributes and support from both clubs.

As teams prepare for the Fourth Round draw, the football calendar shifts momentum into an exciting phase of knockout football—with giant killers rising and established clubs fighting to safeguard glory.

AFCON 2025: Nigeria And Egypt March Into The Semi-Finals

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Saturday’s action in the Africa Cup of Nations (AFCON) 2025 delivered everything a football fan could hope for, from dominant performances to edge-of-Your-seat finishes, and two teams booking their ticket to the semi-finals of Africa’s premier football championship.

Here’s how the drama unfolded on 10 January 2026.

Super Eagles Soar: Nigeria 2–0 Algeria

The Super Eagles of Nigeria stamped their authority on the quarter-final stage with a comprehensive 2–0 victory over Algeria in Marrakech. After a tense first half that saw chances come and go, Nigeria exploded right after the break.

Victor Osimhen opened the scoring with a powerful header early in the second half, converting a precise delivery that split the Algerian defence. Minutes later, Akor Adams put the game beyond doubt with a calm finish after a superb assist from Osimhen, a moment of clinical finishing that sealed Nigeria’s semifinal berth.

The Eagles dominated possession and territory, proving superior in every department, particularly in attacking transitions and pressing intensity. Algeria struggled to mount a meaningful response, managing few clear sights of goal, and ultimately bowed out without seriously irritating Nigeria’s resolute back line.

Highlight: Another strong display from Osimhen cemented his role as one of Africa’s most lethal attackers this tournament.

Pharaohs Edge A Thriller: Egypt 3–2 Ivory Coast

If the Nigeria game was clinical and controlled, the Egypt vs Ivory Coast showdown in Agadir was pure entertainment, a rollercoaster battle that pitted two African football giants against one another.

From the first whistle, Egypt seized the initiative. Within minutes, Omar Marmoush fired the Pharaohs ahead with a low, incisive strike, a goal that set the tone for a frantic affair. Ramy Rabia doubled the lead with a towering header to make it 2–0, and Egypt looked firmly in command.

However, Ivory Coast refused to roll over. A freak own goal by Egypt’s defender Ahmed Fatouh brought the score back to 2–1, infusing fresh hope into the defending champions’ campaign. Despite the setback, Egypt regained rhythm when Mohamed Salah netted a vital third, showcasing his trademark composure under pressure.

The Elephants rallied once more, with Guela Doué scoring to make it 3–2 and send fans roaring. Though time ran out before another equaliser could arrive, this match proved to be one of the most thrilling encounters of the tournament so far.

Key takeaway: Egypt’s ability to score early and keep belief alive under pressure was crucial, and Salah’s leadership again proved decisive.

Tactical Notes & What This Means

Nigeria’s Blueprint

Nigeria’s win highlighted their balance, attacking potency backed by disciplined structure. Osimhen’s aerial threat and the intelligent link-up play from midfield created meaningful overloads, while the defence wasn’t seriously tested. Their next challenge will be a tough semifinal tie against hosts Morocco, a side buoyed by home support and tactical depth.

Egypt’s Heart & Grit

Egypt’s quarter-final contest was a testament to tenacity. Against a defending champion side packed with talent, they showed belief even when conceding. Their creative movement in the final third gave them the slight edge in what was ultimately a five-goal spectacle.

Semi-Final Picture

With Nigeria and Egypt joining Morocco and Senegal in the final four, AFCON’s title race is shaping up for a thrilling conclusion, one that promises a blend of home advantage, attacking flair, and seasoned experience.

The AFCON semi-finals are set to take place later this week, and fans across the continent are already speculating on potential finals match-ups. With such high-quality teams left standing, every remaining match feels like a final in its own right.

Stay tuned for more updates as the road to the AFCON crown intensifies. Let the countdown to glory continue!

NCC, CBN Mandate Instant Refunds For Failed Airtime And Data Transactions

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The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have introduced a framework to tackle consumer complaints resulting from unsuccessful airtime and data transactions caused by network outages, system errors, or human mistakes.

This was announced on Thursday by Nnenna Ukoha, Head of Public Affairs at the NCC, who said the move reflects the consumer-focused goals of the commission and its partners.

According to the statement, the framework is the product of several months of collaboration between the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other key stakeholders.

Ukoha explained that these discussions were prompted by a growing number of failed airtime and data purchases, where subscribers were debited without receiving the services and faced delays in having the issues resolved.

“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” the statement said.

Under the framework, if a customer is debited but does not receive airtime or data—whether the issue occurs at the bank or with an NCC licensee—they are entitled to a refund within 30 seconds, except when a transaction is pending, in which case a refund may take up to 24 hours.

The framework also requires operators to send SMS notifications to consumers regarding the success or failure of each transaction. It addresses wrong recharges to ported lines, incorrect airtime or data purchases, and payments made to the wrong phone number.

Speaking on the initiative, the NCC’s Director of Consumer Affairs, Mrs. Freda Bruce-Bennett, revealed that the framework includes a Central Monitoring Dashboard jointly hosted by the NCC and CBN. She explained that the dashboard will allow regulators to track failures, identify the responsible parties, monitor refunds, and detect SLA breaches in real time.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders, particularly the Central Bank of Nigeria and its leadership, for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions,” she added.

Bruce-Bennett noted that the framework’s implementation is expected to begin on March 1, 2026, following final approvals from both regulators and completion of technical integration by all MNOs, VAS providers, and DMBs.

Nigerian Army Alerts Public On Fake Social Media Accounts Posing As COAS

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The Nigerian Army has cautioned the public against fraudulent social media accounts falsely presenting themselves as those of the Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu.

The warning was issued in a statement released on Friday in Abuja by the Acting Director of Army Public Relations, Col. Appolonia Anele.

Anele stated that the Army has recorded a worrying increase in the number of fake online profiles created by criminal elements to impersonate the COAS.

She explained that the Chief of Army Staff does not operate any official social media account on any platform.

According to her, these fake accounts are used to defraud unsuspecting members of the public, solicit money, spread false information, and carry out other criminal activities under the guise of the COAS and the Nigerian Army.

She urged Nigerians to be cautious and vigilant, advising them not to interact with, respond to, or circulate content from such accounts.

Anele further warned that any appeal for funds or assistance allegedly made in the name of the COAS should be regarded as a scam.

She disclosed that efforts are ongoing to track down and arrest those responsible for the fake accounts, with plans to prosecute them in accordance with existing laws.

“The Nigerian Army reassured Nigerians of its continued commitment to protecting lives and property and defending the territorial integrity of the country in accordance with the Constitution of the Federal Republic of Nigeria,” she said. (NAN)

INEC Chair Pledges Credible, Technology-Driven 2027 Elections

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The Chairman of the Independent National Electoral Commission, Prof. Joash Amupitan (SAN), has assured Nigerians that the 2027 General Election will be conducted in a free, fair, transparent and technology-driven manner, stressing that the Commission will not condone any form of misconduct in the electoral process.

Speaking in Lagos at the Commission’s 2026 Induction and Strategic Retreat, held from January 9 to 10, Amupitan said INEC was positioning itself to meet the demands of a fast-changing electoral environment and the rising expectations of Nigerians.

“We gather here today not merely as electoral administrators and leaders, but as the custodians of the will of the Nigerian people.
“This retreat serves as a bridge between our institutional experience and the innovative demands of a rapidly evolving electoral landscape,” he said.

He commended INEC staff for their conduct during the November 2025 Anambra State governorship election, describing it as a significant milestone at the start of his tenure.

Amupitan explained that preparations for the 2027 General Election would include key electoral activities such as the February 2026 FCT Area Council elections and the off-cycle governorship elections in Ekiti and Osun states.

“These elections are not just routine exercises; they are the testing grounds for our resolve and our readiness. They offer us the chance to refine our processes… ensuring that every technical and logistical gear is perfectly oiled before the grand national exercise of 2027,” he said.

The INEC chairman identified five core principles that would remain central to the Commission’s operations: free, fair, credible, transparent and inclusive elections.

“We are here to organise elections that are free from any form of interference; fair to all contestants and political parties; credible in the eyes of the global community; transparent in every process… and inclusive of every Nigerian, regardless of physical ability or location,” he said.

He drew attention to the growing influence of first-time voters in 2027, noting that young Nigerians would insist on openness and instant transparency.

“Millions of young citizens will be approaching the ballot box for the very first time. These are digital natives who demand transparency in real time and have little patience for opacity. It is our duty to prove to these tech-savvy, and often sceptical, young voters that INEC can be trusted,” he said.

On the legal framework guiding elections, Amupitan emphasised unwavering compliance with the law, declaring, “Let it be known that under my leadership, the rule of law is not a suggestion; it is our operating system.”

He disclosed that discussions at the retreat would cover 17 critical thematic areas, including logistics, ad-hoc personnel, transportation, voter registration, election security and political party administration.

“We must ensure that the Continuous Voter Registration and revalidation exercises are beyond reproach. We will discuss election security… and how to enforce internal democracy and transparency in party finances,” he stressed.

According to Amupitan, INEC now has a rare opportunity to redefine Nigeria’s electoral history by setting bold objectives for 2027.

“The 2027 General Election must be free and fair and be a watershed moment in Nigeria’s election history. Let it be said that under our watch, INEC became the best Election Management Body in Africa — a beacon of integrity, a model of technological efficiency, and a fortress of democratic values,” he declared.

He cautioned that violations of the Commission’s principles would not go unpunished.

“I reaffirm my commitment to your welfare, but I must also reiterate that any compromise on our values or processes will have consequences. There is no room for misconduct, whether by omission or commission.
“Let us use this retreat to break down silos, foster open communication, volunteer constructive feedback and emerge as a united front,” the INEC chairman said.

In his remarks, the Lagos State Resident Electoral Commissioner, Prof. Ayobami Salami, welcomed participants and described the retreat as an important step in the Commission’s ongoing development.

He said the programme was aimed at building leadership capacity and improving operational readiness, noting that public expectations of the electoral process were “higher than ever” and urging officials to meet those expectations.

Salami added that the retreat would enhance institutional knowledge and encourage peer interaction, providing an opportunity for collaboration and the exchange of ideas to strengthen INEC as a unified institution.

“As we advance towards the 2027 General Election, the importance of early planning, strategic coordination and institutional cohesion cannot be overstated,” Salami said.

Banks Yet To Meet CBN Recapitalization Requirements

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With less than three months remaining until the Central Bank of Nigeria’s (CBN) March 31, 2026, recapitalization deadline, the Nigerian banking sector is in a state of heightened activity.

As of early January 2026, approximately 22 banks have successfully met the new minimum capital requirements, while around 14 others are still working to comply, raising the possibility of mergers, acquisitions, or license downgrades for those lagging behind.

Financial experts predict an acceleration in capital-raising efforts in the coming weeks, with some banks expected to announce compliance by the end of January.

What Led To The Recapitalization Exercise?

The CBN initiated the recapitalization program in March 2024 to bolster the resilience of Nigeria’s banking sector amid economic challenges, including inflation, currency volatility, and the need to support President Bola Ahmed Tinubu’s vision of a $1 trillion economy by 2031.

The directive requires banks to increase their minimum paid-up capital within a 24-month window, from April 1, 2024, to March 31, 2026.

This marks the first major recapitalization since 2005, aimed at enhancing banks’ capacity to absorb shocks, expand lending to the real sector, and align with global standards.

Capital thresholds vary by license type
Banks with international authorization ₦500 billion, National banks ₦200 billion, Regional banks ₦50 billion, Merchant banks ₦50 billion, Non-interest banks (national) ₦20 billion, Non-interest banks (regional) ₦10 billion

Banks can meet these requirements through rights issues, private placements, public offerings, mergers/acquisitions, or by downgrading their licenses.

The CBN has emphasized that the exercise will strengthen financial stability, deepen inclusion, and position banks for growth in key sectors like healthcare, transportation, and technology.

As of November 2025, only 16 banks had complied, but the number has risen steadily, reflecting strong investor confidence despite economic headwinds.

The process has not been without challenges. Some banks have faced delays in regulatory approvals, while others have pursued strategic divestments or capital injections from parent companies.

Industry analysts warn that non-compliance could lead to forced consolidations, echoing the 2005 exercise that reduced the number of banks from 89 to 25.

Banks That Have Met The Recapitalization Requirements

As of January 2026, market intelligence indicates that around 22 institutions have achieved compliance, including all major Tier-1 listed banks.

This includes recent additions like United Bank for Africa (UBA), which crossed the ₦500 billion threshold following a ₦178 billion rights issue, and First Bank of Nigeria, which met its requirement through a combination of rights issues, private placements, and divestments. Standard Chartered Bank Nigeria fulfilled its ₦200 billion national bank requirement in November 2025 via internal capital strengthening and balance sheet management.

A comprehensive list of banks that have met the required capital benchmarks, organized by license type according to verified reports:

International Banks (₦500 billion)
Access Bank, Zenith Bank, UBA, GTBank (GTCO), First Bank of Nigeria, Fidelity Bank

National/Regional Banks (₦200 billion / ₦50 billion)
Citibank Nigeria, Ecobank Nigeria, Globus Bank, Stanbic IBTC Bank, Sterling Bank, Wema Bank, PremiumTrust Bank, Providus Bank, Standard Chartered Bank Nigeria

Merchant Banks (₦50 billion)
FSDH Merchant Bank, Greenwich Merchant Bank, Nova Bank

Non-Interest Banks (₦10–20 billion)
Jaiz Bank, Lotus Bank, TAJBank, Alternative Bank

These banks have demonstrated robust strategies, with many exceeding requirements well ahead of schedule.

For instance, First Bank’s achievement was hailed by Chairman Femi Otedola as positioning the institution for accelerated growth and innovation.

Similarly, Ecobank and Stanbic IBTC leveraged parent group support to comply early. The CBN has commended the progress, noting it enhances the sector’s ability to support economic transformation.

List Of Banks That Have Not Met The Recapitalization Requirements

Despite the advancements, about 14 banks remain non-compliant as of early January 2026, with efforts ongoing to close their capital gaps.

These institutions are intensifying fundraising, with some exploring mergers or acquisitions to avoid penalties, such as license revocation or forced takeovers.

The list includes a mix of commercial, merchant, and non-interest banks, many of which have announced plans but await verification.

The banks yet to meet the requirements include:

International/National Commercial Banks (₦500 billion or ₦200 billion)
First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (post-merger with Titan Trust Bank), Polaris Bank.

National/Regional Commercial Banks (₦200 billion/₦50 billion)
Parallex Bank, SunTrust Bank, Signature Bank, Optimus Bank.

Merchant Banks (₦50 billion)
FBNQuest Merchant Bank (also referred to as FBH or FBN Merchant Bank), Rand Merchant Bank, Coronation Merchant Bank.

Non-Interest Banks (₦20-10 billion)
Taj Bank, Alternative Bank, and certain smaller regional non-interest players.

FCMB and Union Bank are reportedly in advanced stages of capital raises, while Keystone and Polaris have kept strategies under wraps, sparking speculation about potential mergers.

Analysts expect announcements from several of these banks soon, as the deadline pressure mounts.

In conclusion, the recapitalization exercise is reshaping Nigeria’s banking landscape, with compliant banks poised for expansion and non-compliant ones facing critical decisions.

The CBN continues to monitor progress closely, assuring stakeholders of a stable transition.

As the March 31 deadline nears, the sector’s evolution could lead to a more consolidated and resilient financial system.

Datti Baba-Ahmed Denies Declaring Interest In 2027 Presidency

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The Labour Party (LP) vice-presidential candidate, Datti Baba-Ahmed, stated that he never expressed interest in contesting for the presidency in 2027.

Datti made the remarks on Friday during an interview, explaining that he only emphasized that he remains a member of the LP.

“I never declared to contest the presidency even though there could be a possibility of that happening. I certainly did not declare for the presidency. I simply reiterated my membership of the Labour Party,” he said.

“That is all and in the submissions I made, I clearly stated that one will have to wait for the INEC timetable and for the party to make the call for people to indicate their interest.”

He criticized social media users who spread sensational stories, accusing them of creating false narratives to manipulate emotional listeners.

His statement follows news of Peter Obi, the Labour Party presidential candidate in the 2023 election, aligning with the coalition African Democratic Congress (ADC).

“Today is an important day; today is the last day of 2025, so we are ending this year with the hope that, in 2026, we will begin a journey of the rescue of our country for proper socio-economic development that will be unifying and inclusive,” Obi said at an event in Enugu, where he and some South-East leaders formally declared for the ADC.

Datti and Obi ran on a joint ticket in that election, but Datti has remained with the LP, asserting that the party is strong enough to vie for Nigeria’s highest office.

The Kaduna-born politician added that Obi’s decision to join the coalition does not affect his relationship with the former Anambra State governor.

“I also said if Peter Obi does not get the ticket there in ADC, he is more than welcome back to the Labour Party. I will stand there and nobody will do anything bad to Peter Obi. It is better for him to come back than for him to do another type of agenda,” Datti stated.

He further urged Obi to submit his resignation letter and membership card to the LP, emphasizing that he “never heard him say defecting to ADC. I did not hear that, maybe I missed it but please find out if he said joining the coalition or joining the ADC.”

Jersey To Repatriate Over $9.5m In Recovered Corruption Proceeds To Nigeria

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The Bailiwick of Jersey has signed a Memorandum of Understanding (MoU) with the Federal Government of Nigeria to return more than $9.5 million traced to proceeds of corruption, with the recovered funds set to support a key national infrastructure project.

The MoU was signed in December 2025 by His Majesty’s Attorney General for Jersey, Mark Temple KC, formally clearing the way for the repatriation of the funds to Nigeria.

The development was confirmed in a statement issued by the British High Commission, through Stephen Odekunle, which noted that the agreement was officially validated in Abuja on Friday, January 9, 2026.

The funds were forfeited following a ruling by the Royal Court of Jersey on January 12, 2024, which determined that the money held in a Jersey bank account was linked to corruption.

According to the court, the funds were “more likely than not” derived from a corrupt scheme involving third-party contractors who diverted public funds for the benefit of senior Nigerian officials and their associates.

The forfeiture proceedings were initiated under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018.

Commenting on the recovery, Temple said the case highlights the strength of Jersey’s anti-corruption laws and its cooperation with Nigerian authorities.

“This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption.

“I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my department for their unwavering commitment to recover the proceeds of crime,” he said.

The latest MoU builds on two earlier agreements between Jersey and Nigeria, under which more than $300 million has already been returned to fund major infrastructure projects, including the Lagos–Ibadan Expressway, the Second Niger Bridge, and the Abuja–Kano Road. The first two projects have since been completed.

Under the new agreement, the recovered $9.5 million will be applied to the final stages of the Abuja–Kano Road, a 375-kilometre highway regarded as a critical transport corridor linking Nigeria’s capital with its second-largest city.

Nigeria’s Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), welcomed the development, describing it as a strong signal of the country’s resolve to pursue illicit assets abroad.

“The successful recovery and repatriation of the forfeited assets underscores the effectiveness of Nigeria’s collaborative efforts with its international partners in ensuring that there is no safe haven for illicitly acquired wealth or assets moved to foreign jurisdictions,” Fagbemi said.

He also expressed gratitude to Jersey authorities.

“On behalf of the Government of the Federal Republic of Nigeria, I thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the recovery exercise.

“I further assure the Bailiwick of Jersey that the repatriated assets will further be judiciously utilised in line with the terms of the executed Memorandum of Understanding.”