Generals, Marabouts and Boko Haram

General Lucky Irabor wrote a book that attracted a gathering of Generals in Abuja last Friday. Irabor, in the book, describes the January 1966 coup as ‘a shield that became a sword;’ a solution that became a problem. He may be right. Bishop Matthew Kukah, who reviewed the book, described the January 1966 coup as the nation’s primary crime scene. I disagree. Nigeria’s real crime scene is located far before 1966. We still have not learnt any lesson.

General Irabor is the immediate past Chief of the Defence Staff. Born 5 October, 1965, he was a baby – three months, ten days old – when January 1966 happened to Nigeria. General Olusegun Obasanjo wrote the Foreword to the book and chaired the Abuja gathering. I have not seen what he wrote in the Foreword but I heard what he said at the book launch. He said Boko Haram was not about politics and not really about religion. So what is it about? He suggested that frustration and lack of ‘better life’ perverted the pervert. He then wondered why terror and terrorism have become Nigeria’s way of life.

There were other Generals there. One of them is the Sultan of Sokoto; he belonged in the Armoured Corps. Another is the Etsu Nupe. Both of them left the army as Brigadier-General. The Sultan said Generals don’t retire. And because they do not retire or get tired, we keep seeing them in our lives beyond the barracks. Irabor’s book launch turned out to be a confab of Generals in search of what eludes them on the battlefield – victory over the collective enemy.

They were there looking for a solution to Nigeria’s interminable terrorism. I watched them and reached for 16th century English statesman, scholar and saint, Sir Thomas More. In his ‘A Dialogue Concerning Heresies’, More wrote a line which became the idiom: ‘looking for a needle in a haystack.’ Our Generals need to interrogate that English clause locked in seven words of frustration. It speaks to their gathering. What they seek they won’t find except they really want to see it.

Irabor’s book carries the title: ‘Scars’ in bold, capital letters of blood. Beyond quotes from the review, I have not seen the book to get what his ‘SCARS’ really talks about. But ‘scars’ as book or as sabre cuts on the face cannot be anyone’s sweet story.

Bishop Kukah, the book reviewer, said Irabor’s story is about Nigeria’s scars of insecurity; the ugly, unhealed, unhealable wound gashed on our collective face by Boko Haram. President Goodluck Jonathan was there with the Generals; and he got the metaphor right. He said the abduction of Chibok Girls is an everlasting scar on the face of his presidency; he hinted that it was a monument to leadership failure. But is Jonathan the only one with that scar?

Nineteenth century Scottish novelist and essayist, Robert Louis Stevenson (R. L. Stevenson) wrote ‘Treasure Island’, an excellent novel of pirates and blood, hidden treasure chests, death and disappointments. It was published in 1883. If you read more of Stevenson beyond his popular fiction, you would likely come across where he wrote the truth that our ‘wealth took their value from our neighbour’s poverty.’ You would read how this someone who lived and died 131 years ago saw that despite the ‘free man’s’ pretence to kindness, ‘the slaves are still ill-fed, ill-clad, ill-taught, ill-housed, insolently entreated, and driven to their mines and workshops by the lash of famine.’ The passage reads like it is about 2025 Nigeria and its unfed, unclaimed, unclad, untaught children.

I watched the cream of Nigerian Generals, serving and retired, on Friday at that book launch of one of them. I watched them pontificating, one by one, on TV about Nigeria and its scars and I remembered Major-General Sir Thomas Vandeleur in R. L. Stevenson’s ‘The Rajah’s Diamond’, a story in his ‘New Arabian Nights’ published in 1881. Thomas Vandeleur is a General in blind, desperate but fruitless search for his family’s lost jewel. Nigeria’s Generals, like Vandeleur, old adventurers in uniform who once held the diamond of power, have ruled and been ruined by it. The nation’s story, like Vandeleur’s, is one of obsession with that fatal jewel called authority, which brings suffering to all who covet it.

Our Generals are helpless. That is what I saw at that event on Friday. Power has cast Nigeria’s fortunes into the river of defeat; it has left generations searching the muddy depths for the nation’s lost promise. Dethroned by coups and transitions, Nigeria’s power elite always come back as ‘handsome tobacconists’ of democracy, reinvented messiahs and born-again democrats. They trade in influence and illusion; their scars, like Stevenson’s Vandeleur’s, are the marks of past violence disguised as experience, and their continued grip on Nigeria’s destiny shows that, though the diamond of nationhood is lost, its curse endures.

When I get General Irabor’s book to read, I will search for words that define wounds inflicted by bad and absent leadership, by aborted dreams and betrayed hopes. I will look for phrases, for sentences and paragraphs on heists that cut deeper into the nation’s face. I will love to read through its jagged pages of dreams deferred.

I scanned the Generals’ faces and read their lips. The gashes of insecurity, from Boko Haram’s bombs in Borno to herders’ bullets in Kwara, are the handiwork of decades of neglect and decay. The scar of insecurity has become our national birthmark, neither healed nor hidden; its permanence mocks every promise of reform. Obasanjo said at the book event that ‘Boko Haram is now virtually becoming part of our life. Should we accept that? If we should not accept it, what should we do? How much do we know? Even from the other side, and from this side, have we been active enough? Have we been proactive enough?’ If a General and former president asked us those questions, to whom should we then turn for answers? Like Vandeleur’s scar, Nigeria’s wounds carry an ambiguity; they are signs of survival, yet also of complicity, for we are all, in one way or another, marked by a bad story we refuse to rewrite. General Irabor has done very well by writing a book that has provoked a discourse. We wait for others.

The Generals who spoke were very eloquent on the scars of Boko Haram. Did I not hear excuses for what the terrorists do and why they do them? One of the Generals even said ‘they (Boko Haram) never said book is haram.’ Valuable minutes were spent doing definition of terms. Is that also a solution to the problem? They said so much but I didn’t hear a word from the Generals on the millions of out-of-school children who feed the machinery of terrorism and banditry. Today, Nigeria has an estimated 20 million out-of-school children, the highest number in the world. Read United Nations’ records: More than 60 percent of these children are in the northern states; they are the almajiri; the system is there till tomorrow; entrenched.

Was it not General Obasanjo who wrote in one of his books that ‘our fingers will not be dry of blood’ as long as lice abound in our clothes? I agree with him.

Because we are a dirty, contaminated nation, lice keep laying their nits in the seams of our garments. The line of Boko Haram lice is lengthened daily by mass child illiteracy and adult disillusionment. Our Generals would not acknowledge that the poverty of our streets is both symptom and scar: proof of the violence of neglect and the betrayal of the future. They, and we, still do not see that in every Almajiri begging for miserable morsels of leftovers, the nation’s unhealed wounds find new violence and new weapons.

Then, there is Bishop Kukah’s jarring charge that marabouts have become a substitute for government and governing. He hinted that we’ve outsourced the leadership of the nation to some ‘blind clerics’ somewhere. That statement should strike a chord with all who heard him. But because it is true, all who heard it pretended it was not said.

The Bishop was on solid ground when he uttered what he said. The proofs are everywhere: In August 2015, the Adamawa State government announced that it had earmarked N200 million to engage prayer warriors against Boko Haram. In March 2016, a certain Aminu Baba-Kusa, once a powerful executive director of the NNPC, appeared before the High Court in Abuja with a witness statement and disclosed in it that a total of ?2.2 billion was expended, not for arms or intelligence, but for prayers, solemnly commissioned to hasten the fall of Boko Haram. The money went out in two waves: ?1.45 billion first, then another ?750 million. It was a contract sanctified by faith and sealed by silence.

Nothing that has happened in the last ten years suggests a change of strategy. Marabouts still cash out from a mugu nation and a leadership that worships in unworthy shrines. Kukah stepped on toes; he said the manipulation of religion for politics, using religion to enforce power, has become destructive to religion in northern Nigeria. It took remarkable episcopal courage for Kukah to say publicly that northern politicians use Islam for political cash-out. I watched the Sultan, calm and angry at Bishop Kukah for daring to stray away from the book he was asked to review into a realm angels fear to tread. As the Sultan spoke, the TV man’s camera panned to a defiant Kukah fiddling with a piece of pamphlet.

Speaker after speaker spoke on what they thought caused insecurity in northern Nigeria. I waited in vain to hear the Generals acknowledge that northern children, denied books and purpose, are the soldiers of chaos in Zamfara, Sokoto, Niger and, now in Kwara. In vain I listened to hear the truth from our Generals that today’s violent elements, products of a past of negligence, are proof that unattended scars can erupt again in new forms of pain.

Our Generals are searching for what is not lost. The spring head of terror and terrorism in northern Nigeria is the wrong religious philosophy which atrophies millions of children. Every child anywhere, including in northern Nigeria, wants and deserves what General Obasanjo called ‘better life.’ A child who has opportunities for self-discovery and development won’t be readily available for employment by merchants of terror. Terrorism will dry out the moment its recruitment market winds up. Educating the street children of the North, and equipping them with the right skills will sound the death knell of Boko Haram and banditry, its brethren. But this is where even the Generals feared to tread last Friday. They were afraid of the clerics in whose hands lie the yam and the knife of power and privileges.

The people who spoke at that event were not up to ten. Several scores of other big men and women were there, silent and quiet, sometimes clapping. They either did not have the chance to be called to speak or they did not want to speak and be quoted into trouble. But, really, what is trouble? Trouble can sneak into the hole of silence. Jeff T. Johnson writes in his ‘Trouble Songs’ that ‘Trouble may appear in a title and disappear in a song,’ and ”Trouble’ may sneak up in a song without warning.’

Trouble is Nigeria, the sick, denying its illness. Real trouble is homicidal or suicidal silence; it is treating eczema when leprosy is the ailment.

So, at the risk of courting abuse and insults and threats, I join Bishop Kukah in urging Nigeria to stop keeping quiet in the face of evil. Enough of saying that you do not want to ruffle feathers or open old wounds. Wounds that refuse to heal should be opened and given the right medicine. That is what heals.

A broken nation, sworn to silence, or to denial of truth, hurtles down a roller coaster of failure. Silence scars with ugly gashes. Screaming within, yet saying nothing out is sickness. The Yoruba say silence is the foundation of misfortune. Speaking out does not mean you will die young, broke and broken. Not speaking out when you have a voice is no guarantee for safety and comfort. Bishop Kukah’s Hausa proverb is the ultimate counsel here: ‘Not going to the toilet does not mean you won’t be hungry.’

Recapitalisation: Why Union Bank, Polaris, Keystone are in Focus

Nigeria’s ongoing bank recapitalisation exercise is reshaping the financial sector, with Union Bank, Polaris Bank, and Keystone Bank emerging as prime targets for potential acquisitions or mergers.

As the Central Bank of Nigeria (CBN) presses ahead with its March 2026 deadline for compliance with new minimum capital requirements, attention is turning to lenders yet to meet the benchmark.

Union Bank and Keystone Bank, in particular, are viewed by analysts as attractive prospects for stronger institutions seeking to expand market share and meet regulatory thresholds. Industry observers believe that mergers involving these banks could redefine the competitive structure of Nigeria’s banking industry, consolidating capital and improving operational efficiency.

The recapitalisation drive gained momentum following last week’s Monetary Policy Committee (MPC) meeting, where the CBN Governor confirmed that 14 banks have already met the new capital requirements. Market watchers are now monitoring banks still in transition-those raising fresh equity, negotiating mergers, or awaiting regulatory approval-to determine who will meet the March 31, 2026, deadline.

At the same time, the CBN’s resolution strategy for banks under its control has added another dimension to the unfolding consolidation wave.

In a major development, Unity Bank Plc shareholders recently approved a merger with Providus Bank Limited during a Court-Ordered General Meeting held on September 26, 2025. Under the approved scheme, Unity Bank shareholders will receive either N3.18 per share or 18 fully paid Providus Bank shares (N0.50 each) for every 17 Unity Bank shares held. The merger is expected to be finalised by December 2025, pending regulatory clearance.

The move marks one of the most structured mergers in recent years, setting a precedent for other mid-tier banks exploring consolidation as a pathway to meet recapitalisation targets.

Similarly, Union Bank of Nigeria has completed its merger with Titan Trust Bank Limited, following final approval by the CBN. While full transaction details remain undisclosed, analysts continue to scrutinise the implications of the deal, especially concerning legacy ownership and capital structure.

Market speculation also suggests that fresh merger talks involving Union Bank, Polaris Bank, and Keystone Bank could be in motion, as the CBN explores viable paths to strengthen their financial health. Analysts believe that forthcoming developments in these institutions could play a defining role in shaping the next phase of Nigeria’s banking consolidation.

Several banks have already taken decisive steps to raise capital ahead of the CBN’s deadline.

FirstHoldco Plc is finalising its additional capital raise through a private placement, following an off-market transaction involving 10.46 billion shares sold in July 2025.

Sterling Financial Holdings Company successfully concluded a public offer of 12.58 billion ordinary shares at ?0.50 each, raising ?88.07 billion to boost capital adequacy and fund strategic expansion.

United Bank for Africa (UBA) completed a Rights Issue of over 3.15 billion ordinary shares at ?50 per share, raising approximately ?157.84 billion, subject to regulatory approval by the SEC and CBN.

Wema Bank Plc closed a ?50 billion private placement-the final phase of its ?200 billion capital-raising plan-and awaits regulatory approvals.

FCMB Group Plc received shareholder approval to raise fresh equity via an Offer for Subscription, aligning with its recapitalisation strategy.

Jaiz Bank Plc also announced plans to increase its capital base to ?150 billion, signalling readiness to meet the CBN directive.

The recapitalisation exercise has spurred renewed interest in bank stocks, with investors weighing the impact of dilution on earnings per share (EPS) and future price-to-earnings (P/E) ratios. Analysts at Proshare’s Economic and Market Intelligence Unit (EMIU) forecast that EPS for several banks could decline by the end of 2025 due to expanded capital bases.

As a result, portfolio managers are expected to rebalance holdings based on forward-looking P/E estimates rather than trailing ratios. Currently, the average P/E ratio of Nigerian banks stands at 2.6 times-higher than the three-year industry average of 2.2 times.

Despite these shifts, profitability in the banking sector remains strong. Over the last three years, banks’ gross earnings have grown by 56%, with overall profitability rising by 66% annually, underscoring sector resilience amid regulatory reforms.

The Central Bank is expected to intensify oversight as the March 2026 deadline approaches, ensuring that all banks meet the capital thresholds. For institutions like Union Bank, Polaris Bank, and Keystone Bank, the coming months will be crucial in determining whether they pursue mergers, fresh equity injections, or strategic acquisitions.

Analysts believe the CBN’s ongoing intervention will lead to a leaner, stronger, and more competitive banking system-one capable of supporting Nigeria’s $1 trillion economy target by 2030.

As discussions continue, investors and the public are advised to rely on verified information rather than market speculation, as the next wave of consolidation promises to redefine Nigeria’s financial landscape in the months ahead.

Move beyond price, deliver holistic value, experts charge brands

Marketing experts have urged brands to move beyond price but build trust and deliver holistic value in today’s changing marketing landscape, saturated with choices and increasingly discerning consumers.

The call was made at the third edition of the MediaConsortium Conference and Awards, held recently, in Lagos.

Head of Digital Media at Globacom, Femi Opadere, in his keynote address tagged:

‘Defining ‘Value’ in the Modern Marketplace: Beyond Price, Quality, Experience and Ethics’, challenged brands to shift their focus from cost to benefit.

He emphasised that today’s consumers are digitally active, with numerous options, and can therefore make decisions based on more than just price.

Using Globacom’s introduction of per-second billing as a prime example, he illustrated how delivering genuine value can revolutionise an industry.

Opadere recalled that that seemingly simple, but value-driven strategy led to the telecom company, getting over one million subscribers, within a few months of coming into that space

One of the panelists, Samuel Akinrimisi, warned that brands often fail when they operate on flawed assumptions about their customers.

Akinrimisi, who is the New Product Development Lead at Eko Supreme Resources, stressed the need to take cognisance of the consumer needs into product perspective, at the level of product development.

He argued that true value is ‘needed satisfaction’ and requires brands to understand the cultural relevance of their products and messaging.

Strategy/Creative Director at Hephzibah Experiential Ltd, Ayodeji Ajayi reiterated the power of building an emotional connection and trust to foster unwavering loyalty.

‘You cannot take away emotions,’ Ajayi noted, while attributing a consumer’s preference for a brand to a deep bind shared with such brand.

Speaking on the choice of the theme, Adetunji Faleye, Co-Convener of the MediaConsortium Conference and Awards, described the theme as reflecting a pressing question for today’s brands, businesses, and leaders.

‘We believe the answer lies in a holistic approach, one that integrates all these elements, and goes further to capture the intangible: trust, relevance, purpose, and sustainability; the benchmarks of success in the modern marketplace,’ he added.

Why brands in hospitality sector need government support-Experts

Stakeholders in the nation’s hospitality sector have stressed the need for government to give brands in the ecosystem the much-needed support that would enable them play their role as catalysts for economic growth.

The stakeholders, in different chats with Brands and Marketing, at the just-concluded Hotel Expo Nigeria (HEN), in Lagos, therefore, appealed to government to promptly address the twin issues of insecurity and infrastructure, that continue to serve as huge hindrances to the growth of the sector.

The Founder and Convener of HEN, Jonathan Hansen, noted that if the government is truly desirous of ramping up its employment-generation drive, it has become imperative to give brands and operators in the hospitality business the much-needed support, since the sector remains the largest employer of labour.

The hospitality enthusiast explained that one of the reasons for starting the annual exhibition of brands in the sector, is to create awareness for the sector and provide a platform, annually, for operators to network.

He expressed the delight that the event, which made its debut in 2019, with 14 participants, is beginning to gain tractions, with 65 brands, leveraging the platform, this year, to network and establish enduring business partnerships.

‘While government partnership has not been easy, but we believe this is an industry government should see as a driver of employment creation, since the ecosystem is seen as the highest employer,’ he added.

While also calling on government to pay more attention to the sector, Hospitality Business and Inventory Management Consultant, Ntewak Umoh, believed the exhibition offered vendors the opportunity to come together to provide wide range of businesses and offerings that, ordinarily, would have been difficult to access at a spot.

The CEO, GateHub, Vera Ohioma lauded the organisers for being consistent in delivering connection and engagement, a development, she added, had enhanced the fortunes of the industry, and enabled if contribute its quota to the development of nation’s economy.

2027: Disquiet in ADC over Obi’s moves

There is growing disquiet in the fledgling African Democratic Congress (ADC) over rumoured move by former presidential candidate of the Labour Party, Peter Obi, to seek another platform ahead of the 2027 general elections.

According to media reports, over the weekend, the former Anambra State Governor is considering dumping his new platform, the ADC for the Action Alliance.

Responding to insinuation that the former presidential candidate of the LP has a new party on the card, National Coordinator of the Obidient Movement, Dr Yunusa Tanko told Nigerian Tribune that he was not aware of such move by the former presidential candidate of the LP.

He said: ‘At the moment, it isn’t on my desk. I know he still has a good working relationship with leadership of the coalition. We will wait till after the governorship election in Anambra State.’

Dr Tanko declared that the ADC must swim with the tide of zoning of presidential ticket to the Southern part of the country.

‘We have made our position known; the ADC must be all-inclusive. If you are looking for a presidential candidate, it must be from the South,’ he said.

Asked if Peter Obi would review his relationship with the party once stakeholders insist on throwing the presidential ticket open to all the regions, the former campaign spokesman of Peter Obi said: ‘If ADC doesn’t zone, it is within his (Obi’s) right to decide what to do.’

One of the aides of the former Anambra State governor, who pleaded not to be named, spoke in the same vein as he declared that seeking a new political party where he could secure a presidential ticket should not be foreclosed.

He said: ‘Is it a crime to seek another platform? From what is on the ground in ADC, it will be difficult for him to make headway. Everyone knows who is likely to emerge as ADC candidate. So, no one should blame Peter Obi if he decides to walk away from a trap,’ he argued.

He could however not confirm if the AA was his principal’s settled choice.

Speaking on the development, a member of the interim National Working Committee of the party, who spoke in confidence with Nigerian Tribune, declared that the party’s national secretariat was not taken aback over reported moves by Peter Obi to ditch the ADC.

The national officer dismissed claims by Peter Obi supporters and closest aides that former vice president and former presidential candidate of the PDP, Atiku Abubakar, appears most-favoured for the ADC presidential ticket.

He accused Obi of running away from a presidential convention, in spite of the fact that the party leadership conceded to his choice for the office of national organizing secretary.

He said: ‘What kind of democrat is he that he is running away from primary?

‘We have done everything to appease him to stay, to build this coalition. We asked him to submit his choice for the office of National Organising Secretary! That’s the most important position in the party. We have done everything to appease him. If he now feels that he can’t get what he wants, he is free to go.’

In a startling revelation, the ADC national officer disclosed that Obi has suggested to the leadership that the ADC presidential candidate should emerge through an opinion poll to pick the most popular among the presidential aspirants.

He said: ‘For us, we are not desperate to have him. We want to build a formidable opposition party where discipline is instilled and members subordinate themselves to party organs.

‘We have a party to build and we can’t continue to pander to his demands.

‘The feat he recorded in the last general elections was as a result of disaffection that trailed the APC Muslim- Muslim ticket. Those who galvanised support for him are no longer with him.’

Expect a three-horse race – Okorie

Former chieftain of the All Progressives Grand Alliance (APGA), Chief Chekwas Okorie, in a telephone interview, told Nigerian Tribune that the former presidential candidate of the LP knew that he stands no chance for the ticket of the ADC.

He said: ‘For all I know, he has never been a card-carrying member of the party. Yes, everybody knows he has been romancing the party, attending their meetings but he hasn’t declared formally.

‘He has announced to Nigerians through his X handle, which I read, that he would formally announce a political platform in November. He was definite that he will run for President.

‘Peter Obi knows that if he pitches his tent in ADC, he can’t win. The ADC candidate will emerge through a delegate process and he can’t muster the number. What’s the total number of local government in Southeast?

‘Yes, he has become a beautiful bride being courted by two or more political parties, especially the PDP.

‘So, let us wait till November. All I know is that 2027 will be a three-horse race: Atiku will certainly pick ADC ticket, the incumbent President, Bola Ahmed Tinubu, will emerge as APC candidate and Peter Obi in another party.’

Ahead of the Curve: AACS’s pre-inauguration economic recovery plan and Nigeria’s roadmap to economic stability

In recent times, Nigeria’s macroeconomic trajectory has seen a remarkable turnaround, drawing praise from multilateral agencies, economists, and global investment leaders. The World Bank, Moody’s, Dr. Ngozi Okonjo-Iweala, Prof. Chukwuma Soludo, Governor Alex Otti, and Adebayo Ogunlesi are among the voices recognizing the country’s bold steps toward economic reform and stabilization.

The World Bank’s ‘Building Momentum for Inclusive Growth’ report highlighted a significant improvement in Nigeria’s fiscal outlook. The fiscal deficit has narrowed substantially from 5.4% of GDP in 2023 to 3.0% in 2024, a powerful indicator of fiscal discipline and policy coherence. Complementing this development, Moody’s upgraded Nigeria’s credit rating from Caa1 to B3. Fitch also upgraded the country’s rating to B from B- with a stable outlook, further affirming renewed investor confidence and macroeconomic stabilization.

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, commended the Tinubu administration’s efforts, stating, ‘You can’t really improve an economy unless it’s stable.’

Prof. Chukwuma Soludo, former Governor of the Central Bank of Nigeria, also lent his voice in support, stating: ‘The audacious structural reforms embarked upon by the current administration of HE Bola Ahmed Tinubu have rescued the economy from the tipping point.’

Similarly, Governor Alex Otti, a seasoned banker and former Managing Director of Diamond Bank, acknowledged that while the reforms have been tough, they are essential to placing Nigeria on a sustainable growth path.

Adebayo Ogunlesi, a globally respected investment banker and founding partner at Global Infrastructure Partners (GIP) now part of BlackRock, the world’s largest asset manager, remarked that ‘Nigeria is now a place that is exciting to invest in.’

However, well before the current administration took office in May 2023, AACS a Nigerian consulting firm specializing in strategic disruption and led by Dr. Ayo Abina, had already emphasized the urgent need for comprehensive reforms. In a series of policy briefs and publications but specifically in April 2023, AACS had in its ‘Fortnightly ‘ and media interviews ‘(tinyurl.com/ter6u5jh, tinyurl.com/2s3jybv9,lnkd.in/eiRE9A6S), identified six critical areas and reforms that were a sine qua non to drive Nigeria’s economic recovery and macroeconomic stability:

– Revenue Generation: Implementing fiscal reforms to sustainably increase government revenue

– Oil Subsidy Removal: Phasing out fuel subsidies while cushioning the impact on vulnerable groups

– Exchange Rate Realignment: Allowing the naira to reflect its true market value to improve transparency and investor confidence

– Oil Theft Reduction: Tackling crude oil theft to boost revenue and minimize economic losses

– Infrastructure Development: Specifically investing in power to unlock growth

– Tackling Insecurity: Strengthening security to attract investment and reduce disruptions to economic activity

AACS emphasized the importance of political will and transparency in implementing these tough reforms, which are not attributes in abundance within the political class. The reforms were not going to be popular or the politically correct thing to do, but it was the right call by leadership interested in the long term stability of a nation on the brinks. The firm also advocated for local government autonomy t.ly/KjI3h, education loans bit.ly/4o0AyZx, state police (bit.ly/4pTgTwj), and a reduction in interest rates to drive growth. Indeed, AACS on 23rd of September 2025 called for a 50 basis point reduction in interest rates once the data showed a disinflation trend (bit.ly/4qcYkUn). These reforms are not ideally rocket science but where the data led. Today, all top analysts can agree with this position especially as the result is now evident.

While Nigeria’s economic stability is a welcome development, challenges persist especially in the hardship and sacrifices of the citizenry, and the leadership must work through them. The government must also improve its optics and more aggressively introduce intervention policies to support the vulnerable. The focus on reforms must remain laser-sharp as Nigeria marches toward its rightful place in the comity of nations. One of the most important attributes of leadership is not to pander to what is politically correct but what will ultimately benefit the people no matter how difficult it may be.

AACS speaks objectively to the data, pushes where it leads and bells the cat . AACS was ahead of the curve, our blueprint on the reforms was right and we believe it would still take the nation and its people to prosperity if we remain resilient.

MeCure Industries records 45% revenue growth, declares N0.6bn dividend

Despite significant macroeconomic headwinds, including inflationary pressures and high interest rates, a frontline pharmaceutical company, Me Cure Industries, remained resilient and recorded notable progress across key financial and operational metrics in the financial year ended December 31, 2024.

The company’s revenue rose impressively by 45 percent, increasing from N31.7 billion in 2023 to N46 billion in 2024, driven by a strong focus on cost optimisation, product innovation, and regional market expansion.

Although profit before tax declined moderately by 8.3 percent to N3.3 billion, down from N3.6 billion in 2023 due to tough operating environment, shareholders were rewarded with a dividend payout of N600 Million, translating into 15 kobo per share, Similarly, profit after tax decreased by 20 percent, from N2.9 billion to N2.3 billion, he said.

‘This performance underscores the dedication, innovation, and adaptability of our management and staff in navigating a challenging business landscape. During the year, we launched 10 new products and commenced exports to neighbouring West African markets, further deepening our regional presence. In line with our growth strategy, we continued significant investments in facility upgrades to meet global Good Manufacturing Practice (GMP) standards. Our Lagos industrial complex now houses six standalone, NAFDAC-approved production plants, enhancing output capacity across tablets, capsules, and syrups.

‘On the innovation front, our in-house Research and Development team continued to develop new products, several of which are now awaiting regulatory approval from NAFDAC. We remain committed to the highest standards of corporate governance, transparency, and ethical conduct. Throughout the year, the Board worked closely with management to strengthen internal controls, ensure regulatory compliance, and manage emerging risks. In alignment with the Nigerian Code of Corporate Governance and international best practices, our governance structure continues to evolve. We are prepared to take advantage of emerging opportunities,’ stated the Company’s Chairman, Samir Udani at the Company’s Annual General Meeting in Lagos at the weekend.

Shareholders commended the performance against the backdrop of the inclement operating environment. Co-ordinator, Pragmatic Shareholders Association, Bisi Bakare said: ‘ Despite the challenges in the economy, Me Cure was able to grow its revenue by 45 per cent. This shows resilience. The company also rewarded the shareholders with 15 kobo dividend per share. This is also commendable. Itsinvestment in 10 new products will boost revenue in the nearest future.’

Another shareholder also noted that the decision of the founder of Me Cure Industries to invest in Nigeria would encourage more foreign investors to do the same. He commented the initiative and advised shareholders to patronise the company’s products as a way of supporting its operations. The shareholder urged the Company to take advantage of the new government policy on tariffs to boost its operations and expand activities to more African countries.

CBN pushes bank recapitalisation, expands financial inclusion

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to expanding financial inclusion while strengthening the banking system through its ongoing recapitalisation programme.

Speaking at the Lagos Business School’s inaugural lecture on Friday, CBN Governor Olayemi Cardoso said the reforms are necessary to build resilience, deepen access, and ensure banks are capable of supporting sustainable economic growth.

‘Access to financial services has risen from 56 percent in 2020 to over 64 percent in 2025, largely due to mobile and agency banking. But inclusion must go hand in hand with resilience. That is why we have commenced the recapitalisation of banks,’ Cardoso said.

He explained that a stronger banking system would be better positioned to withstand shocks, finance large-scale investments, and support Nigeria’s economic diversification agenda. The recapitalisation drive, he noted, is not just about meeting prudential ratios but about preparing the sector for future challenges.

Cardoso also highlighted efforts to connect the Nigerian diaspora to the domestic financial system, citing the introduction of the Non-Resident BVN platform which allows Nigerians abroad to open accounts seamlessly. ‘This will unlock more remittance inflows and investment channels,’ he said.

He added that the CBN was prioritising the digital economy by developing regulatory frameworks for payments, credit, and savings platforms. ‘The leaders who will thrive are those who embrace innovation while ensuring stability, inclusion, and trust,’ he told the audience.

According to Cardoso, inclusive growth remains at the centre of monetary policy. ‘Price stability is essential, but in a young country like Nigeria, it must also foster opportunity and expand access to finance for all,’ he said.

IMF calls for more stress tests to determine Central Bank capital needs

The International Monetary Fund (IMF) has urged countries to adopt regular stress tests for central banks to better determine how much capital they need to maintain financial resilience and institutional credibility.

In a new policy blog titled ‘Stress Tests Can Help Determine How Much Capital Central Banks Need’, IMF economist Romain Veyrune said the approach would help clarify appropriate capitalization levels for central banks-institutions that, while they cannot go bankrupt, still face risks that can erode their independence and credibility.

‘Unlike commercial banks, central banks do not have prescribed minimum capital requirements. They can issue currency to meet their payment obligations, but weak capital positions can undermine confidence and independence,’ the IMF noted.

According to the IMF, balance sheet risks at central banks were once minimal but have grown substantially since the global financial crisis (GFC) and the COVID-19 pandemic, when many banks expanded their balance sheets through large-scale asset purchases to stabilise economies.

Those actions helped avert deeper recessions, but they also exposed central banks to interest rate, credit, and foreign exchange risks. As interest rates later rose sharply, many central banks recorded significant valuation losses on long-term bonds purchased during low-yield periods.

‘These losses are not a measure of policy failure,’ the IMF said, ‘but they underscore the need to strengthen frameworks for managing balance sheet risks,’he said.

The IMF observed that most central banks’ laws and bylaws offer little guidance on how capital should evolve in response to inflation or economic growth. Many institutions maintain fixed authorised capital, which becomes outdated over time, while rules for profit distribution are often rigid or arbitrary.

Some central banks are legally required to retain profits until they reach a minimum capital threshold-typically between 8% and 20% of base money-but the IMF noted that these limits are not based on clear risk assessments. Others have no formal capital rules, leaving such decisions to their governing boards.

‘Existing legal provisions can lead to either excessive or inadequate capital buffers,’ Veyrune explained, adding that greater transparency and consistency are needed to ensure that capital levels align with the evolving risk environment.

To address these gaps, the IMF proposes using stress-testing frameworks-similar to those applied to commercial banks-to simulate how a central bank’s capital would behave under different economic shocks.

The Fund’s new quantitative model, building on earlier research by economists Robert E. Hall and Ricardo Reis, evaluates how capital could evolve under stress scenarios involving changes in interest rates, credit risk, and exchange rate movements.

The model also incorporates inflation dynamics and macroeconomic variables to determine the capital levels needed to absorb ‘large but plausible shocks’ without compromising institutional credibility.

The IMF said that stress testing could serve multiple purposes; helping central banks decide when to retain profits to build capital buffers; clarifying when and how profits can be distributed without undermining solvency.

While some central banks may view weak capital positions as a threat to their independence, others may see limited risk. Even so, the IMF argued that stress testing enhances public accountability by providing a clearer picture of how monetary policies affect financial resilience.

To support implementation, the IMF has published a Guidance Note on Central Bank Stress Testing and is providing technical assistance to member countries, including South Africa, to strengthen their institutional frameworks.

‘Ultimately, stress testing offers a forward-looking approach to safeguarding central banks’ balance sheets,’ the IMF concluded, ‘ensuring they remain strong enough to pursue their mandates effectively, even in an era of heightened financial and economic uncertainty.’

FCMB Group opens N160bn public offer to retain international licence

First City Monument Bank (FCMB) Group Plc has opened a N160 billion public offer to bolster its capital base and enable its banking subsidiary, First City Monument Bank Limited, to retain its international banking licence under the Central Bank of Nigeria’s (CBN) new recapitalisation policy.

The offer, which consists of 16 billion ordinary shares priced at N10 each, will run until November 6, 2025. The proceeds will be channelled toward meeting the CBN’s new N500 billion minimum capital requirement for international banks, as part of the regulator’s ongoing sector-wide recapitalisation drive.

This new raise marks the second phase of FCMB’s three-stage capital plan and follows its N147.5 billion share sale in 2024-the bank’s first equity offering in 16 years. That 2024 exercise was oversubscribed by 33 per cent, attracting 42,800 investors, 92 per cent of whom participated digitally. Market analysts expect similar investor enthusiasm for the 2025 offer, given FCMB’s strong performance and improving investor sentiment in the banking sector.

FCMB Group has recorded impressive growth over the past three years. Between 2022 and 2025, group profit before tax (PBT) rose at a compound annual growth rate (CAGR) of 72 per cent, reflecting the group’s strengthened operational efficiency and diversified income streams.

Non-bank subsidiaries also delivered remarkable results, with a 61 per cent PBT CAGR. The standout performers include Credit Direct Finance Company Limited, Nigeria’s largest non-bank lender, and FCMB Capital Markets Limited, which ranked top of the FMDQ fixed income league table for bond listings and commercial paper issuances in the first half of 2025.

Digital transformation has been another major growth catalyst. FCMB’s digital revenues have grown by over 58 per cent annually since 2022, now accounting for 13.9 per cent of the group’s total gross earnings. As of June 2025, digital lending represented 9% of the total loan portfolio, underlining the bank’s ongoing transition toward technology-driven banking services.

Analysts describe FCMB’s stock as offering ‘a rare blend of deep value and high growth,’ noting its estimated 2025 price-to-book ratio of less than 0.6x-an attractive valuation compared to peers in the Nigerian banking sector.

Upon completion of the current share sale, FCMB Group plans to finalise the sale of minority stakes in two of its non-bank subsidiaries. The proceeds from these divestments will also be injected into the banking arm, further strengthening its qualifying core capital.

This combined effort is expected to lift FCMB’s total capital above the ?500 billion threshold required to maintain its international banking licence, effectively closing the group’s recapitalisation programme ahead of the CBN’s March 2026.