The Chairman of the Nigeria Revenue Service, Zacch Adedeji, has defended Nigeria’s current fuel pricing, stating that petrol is now significantly cheaper compared to global benchmarks, while also highlighting the disappearance of fuel queues across the country.

Celebrating the ₦4.65trn Banking Recapitalisation Feat of CBN ‎By Zekeri Idakwo Laruba ‎ ‎The Central Bank of Nigeria (CBN) has concluded its 24-month banking sector recapitalisation programme with Nigerian banks raising ₦4.65 trillion in fresh capital, a milestone that significantly strengthens the resilience of the country’s financial system. ‎ ‎Launched in March 2024, the exercise was structured to reinforce banks’ capital buffers, align regulatory standards with global prudential benchmarks, and safeguard depositors in an increasingly volatile economic environment. Of the total capital raised, 72.55% came from domestic sources, while 27.45% was attracted from international markets, reflecting sustained investor confidence in Nigeria’s banking architecture. ‎ ‎Governor Olayemi Cardoso described the recapitalisation as a deliberate and forward-looking reform aimed at fortifying the sector’s shock-absorption capacity. He noted that a stronger capital base positions banks to support economic growth, withstand domestic and external pressures, and maintain depositor confidence without compromising regulatory discipline. ‎ ‎The CBN confirmed that 33 banks met the revised minimum capital requirements within the stipulated timeframe, while a limited number remain under ongoing supervisory and judicial processes being addressed within established legal frameworks. Importantly, the programme was executed without disruption to banking operations, ensuring uninterrupted access to financial services for individuals and businesses. ‎ ‎Capital adequacy ratios across the sector remain above international Basel benchmarks, with minimum thresholds retained at 10% for regional and national banks and 15% for banks with international authorisation. The recapitalisation was implemented alongside an orderly exit from regulatory forbearance, strengthening asset quality and improving balance sheet transparency. ‎ ‎Acting Director of Corporate Communications, Hakama Sidi Ali, said the success of the programme was anchored on proactive stakeholder engagement and sustained public enlightenment. She explained that the apex bank deployed a series of short video explainers and structured stakeholder briefings to simplify technical aspects of the reform and reassure the public that the 2026 Banking Recapitalisation Exercise was designed to strengthen banks and protect deposits. ‎ ‎She added that continuous engagement with bank executives, investors, analysts and market operators ahead of and during implementation helped align expectations, reduce speculation and sustain confidence throughout the defined timeframe of the reform. ‎ ‎The seamless completion of the recapitalisation underscores a broader lesson in financial governance: major regulatory reforms succeed not only through policy design, but through deliberate communication, inclusive consultation and disciplined execution. With ₦4.65 trillion added to banks’ capital base, Nigeria’s financial system now stands on a stronger footing to support credit expansion, mobilise savings and withstand economic shocks.