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Michael Carrick says dropping Bruno Fernandes to the bench for Manchester United’s Premier League clash against Bournemouth was a ‘pure football’ decision, dismissing suggestions that the move was punishment for the captain’s criticism of his tactics.

Fernandes was named among the substitutes for Sunday’s match at Old Trafford, days after questioning United’s passive approach out of possession during their 4-1 defeat to Como in the Champions League.

Carrick, under pressure after United went seven games without a win in all competitions, said his selection was based on what he believed would give the team the best chance of producing a strong performance.

‘Picking the team is always a difficult decision,’ Carrick told Sky Sports. ‘We’ve got to make what we feel is the right one for the team to try to get the performance we want.’

He added: ‘When you have options, it’s always a difficult decision. We have to make the right one for today and the team to get that performance we want.’

The United manager rejected the suggestion that Fernandes had been dropped in response to his public comments, describing the decision as a footballing judgement.

Manchester United entered the clash with seven points from their opening seven matches. Carrick is under pressure to secure a result against Bournemouth and ease speculation surrounding his future.

Fernandes had criticised United’s defensive approach after Como’s emphatic victory in Italy, raising questions about the team’s tactics at a difficult moment in the season.

The Portugal international, 32, enjoyed an outstanding campaign last season, winning multiple individual awards and setting a Premier League record with 21 assists as United finished third. His influence has been more limited this season, apart from a hat-trick against Ipswich in August.

Carrick made four changes to his starting lineup, with Matheus Cunha, Matthijs de Ligt and Noussair Mazraoui also dropping out. Ayden Heaven, Leny Yoro, Carlos Baleba and Amad Diallo came into the side.

Fernandes’ remarks followed criticism from teammate Lisandro Martínez, who had questioned whether United’s board did enough to strengthen the squad during the transfer window.

Martínez, however, was not dropped for those comments and was replaced at half-time in last weekend’s 1-1 draw against Leeds after suffering an injury. He was named among the substitutes against Bournemouth.

Hotels and other public venues in Abuja have stepped up entry screening and hygiene measures amid heightened concerns over Ebola virus disease, as the Nigeria Economic Summit Group (NESG) prepares to host its 32nd summit in the Federal Capital Territory.

A visit by BusinessDay to some shopping centres and hotels in Abuja on Sunday showed that precautionary measures, including the use of face masks, hand sanitisers and temperature-checking equipment, were being deployed at some public facilities.

At Abuja Continental Hotel, attendants were observed wearing face masks and using hand sanitisers, while individuals entering event halls were subjected to checks.

The measures come as the NESG’s 32nd meeting is scheduled to begin on Monday, with a large number of participants expected to attend the summit.

The heightened vigilance also follows the Nigeria Centre for Disease Control and Prevention’s (NCDC) disclosure that it had identified two additional suspected Ebola cases and 53 primary contacts linked to the outbreak response.

Jide Idris, director-general of the NCDC, disclosed this at a press briefing in Abuja on Sunday, saying public health authorities had established facilities for isolating and quarantining suspected cases where necessary.

‘We have established two additional suspected cases and 53 primary contact links. They are primary contacts. We have an isolation centre and a quarantine centre,’ Idris said.

He said about 12 public and private laboratories were available to test for Ebola, adding that the agency had strengthened its laboratory capacity to support prompt investigation and testing of suspected cases.

Idris said the NCDC was maintaining heightened surveillance and strengthening laboratory capacity to prevent further spread of the disease.

He also urged public and private healthcare facilities nationwide to strengthen screening, triage and infection prevention measures, while ensuring that healthcare workers had adequate personal protective equipment.

According to the agency, public health teams were identifying and monitoring people who might have been exposed to the confirmed case for 21 days after their last possible exposure.

Idris urged Nigerians contacted by public health officials to cooperate with contact-tracing teams and provide accurate information about their movements, contacts and symptoms.

The developments have raised questions about the preparedness of hotels, conference centres and other venues expected to receive large numbers of people, particularly as Abuja hosts major business and public events.

However, the Federal Government has also said there is no immediate need to cancel conferences, public gatherings, campaigns or other large events following the confirmation of an Ebola case in the FCT.

Muhammad Pate, coordinating minister of health and social welfare, gave the assurance at a press briefing in Abuja on Thursday, saying the confirmed patient was reportedly showing signs of improvement.

‘At this moment, there is no indication that requires us to alter the course of large gatherings that have been planned,’ Pate said.

He added that the government would review its position if the situation changed, based on scientific evidence and advice from public health experts.

‘But if the situation changes, we’ll make a determination; we’ll consult broadly with the right experts and make that determination,’ he said.

The government’s position leaves public event organisers and venue operators responsible for maintaining appropriate precautions while health authorities continue surveillance and contact tracing.

For hotels, conference centres and other public facilities, measures such as screening, access control, hand hygiene and the availability of protective equipment can form part of efforts to reduce infection risks. Their effectiveness, however, depends on consistent implementation and adherence to public health guidance.

The NCDC has urged healthcare facilities to remain vigilant and members of the public to cooperate with health officials, while the government says any decision to restrict gatherings will depend on how the outbreak evolves.

Better access to irrigation and roads is opening possibilities for farming communities in Kano. Turning those opportunities into dependable livelihoods will require sustained training, effective maintenance and fair access to water.

Faruku Musa Haruna and other farmers in Kumfada used to pool their money to buy plastic sheets, trapping enough water to irrigate small patches of land. They wanted to keep farming after the rains, but their ambitions depended on how much water they could save.

‘We always had the desire to farm, but we lacked the means,’ Haruna said.

When the rainy season was poor, dry-season cultivation could become impossible. The consequences extended beyond an unplanted field: fewer opportunities to work, fewer crops to sell, and another period of uncertainty before the next rains.

Now, Haruna describes a different experience. Water reaches the farms without the need to run a generator.

‘You just turn the valve, and water flows right into your field.’

He grows carrots, followed by onions, tomatoes, and peppers on the same land. With a more reliable supply, he hopes to add rice and wheat-crops he previously considered beyond reach because of water shortages.

For Haruna, irrigation offers greater freedom to decide what to plant and when. For the communities around Tiga, Challawa Gorge, and the Kafin Chiri dams, the larger question is whether that freedom can become a dependable livelihood.

More than water

The federal intervention around the three dams combines irrigation rehabilitation and expansion with erosion control, road improvements, and agricultural support. The Ecological Project Office, under the Office of the Secretary to the Government of the Federation, under the President Bola Ahmed Tinubu’s Renewed Hope Agenda, oversees the intervention, while contractors undertake civil works, and the International Institute of Tropical Agriculture provides agricultural technical support.

Its importance reaches beyond Kano. Producing beyond the rainy season could help farmers supply markets more consistently and extend rural employment. But additional harvests must cover their costs before they can improve household finances.

Haruna says the improved water supply has reduced the need to leave his community in search of work. His experience illustrates what irrigation could mean for seasonal employment, although it does not establish a wider decline in migration.

Access to water may also change production expenses. Haruna no longer needs a generator to deliver irrigation water to his field. Yet seed, fertiliser, labour and transport remain part of the calculation, as does the price a buyer eventually offers.

The distinction is essential: growing more food and earning more money are connected, but one does not automatically guarantee the other.

Professor Lucky Osabuohien Omoigui, a plant breeding and genetics specialist at IITA’s Kano station, argues that farmers need support to make productive use of the infrastructure.

‘But you need to train them on how to use the water effectively, productively,’ he said.

IITA’s intervention covers water management, crop management, soil fertility and improved farming practices across 16 local government areas. The institute reports 1,890 beneficiaries overall, including 501 smallholder farmers who received training. Eight farmer field schools and 86 demonstration plots provide opportunities for practical learning.

These activities establish that agricultural support is taking place. Whether the lessons are adopted widely-and remain useful after the initial intervention-will determine their lasting value.

Making another season count

Omoigui describes initial reluctance among some farmers to make land available for demonstrations. That hesitation is understandable: a household relying on its harvest must weigh the risks of committing land and labour to an unfamiliar practice.

Demonstration plots can help farmers assess those risks. They allow techniques and varieties to be tested under local conditions, giving participants something more concrete than a promise of higher yields.

Omoigui also stresses the importance of farmers’ preferences. Improved varieties must suit the environment and the people expected to grow them. Technical performance alone cannot settle whether a farmer will adopt a new crop or change an established practice.

Even then, the assessment takes time.

‘So, you will see the effect, may be, in two or three years,’ he said.

His caution puts the early enthusiasm in perspective. Some participants report benefits already, but dependable conclusions about adoption, productivity, and income require evidence across successive seasons.

That includes understanding what happens to the soil when cultivation becomes more frequent.

Omoigui warns that repeatedly growing cereals on the same field can deplete soil fertility. He advocates cereal-legume rotations and appropriate fertiliser management to help sustain production.

For farmers, this is a practical concern. The opportunity to plant again after harvesting has limited value if declining soil fertility makes each subsequent crop pricier or less productive.

Training therefore needs to extend beyond the arrival of water. Farmers require advice on planting decisions, suitable varieties, fertiliser use, and land management over time. They also need access to the inputs required to apply that advice.

The measure of success will be what farmers can continue doing when organised demonstrations and initial support have ended.

A harvest still needs a road

Water is only one part of the journey from planting to payment.

Abdullahi Hamza, a farmer in Gana, recalls how poor road conditions complicated trips to Bakin-Fa, particularly during rain. Onions could fall, become damaged, or spoil on the way to market.

‘By the time we reached the market, they would be crushed and spoiled,’ he said.

He revealed that repairs have made it easier to transport produce by motorcycle or car. His account shows how transport difficulties can undermine a successful harvest before a farmer reaches a buyer.

For rural businesses, access works can matter just as much.

Hafsat Yakubu, a businesswoman in Kwanar-Dangora, says flooding previously prevented customers from reaching her street. Drainage improvements, she states, have made access easier and helped her business.

Neither account provides a measured change in sales or losses. Both, however, identify a clear connection between infrastructure and everyday commerce: farmers need to move produce, and businesses need customers to reach them.

At Darki, Adamu Salisu of Firm and Resolute Engineering describes a 1.5-kilometre market bypass intended to ease Thursday congestion. Road markings remained outstanding when he spoke.

The bypass illustrates why transport belongs in the irrigation discussion. More production creates additional demand for movement, storage, and buyers. A canal can help grow a crop; it cannot ensure that the crop arrives at market in excellent condition or commands a worthwhile price.

Roads and drainage also affect journeys beyond trading. Their condition shapes how easily residents can reach farms, services, and neighbouring communities. Those benefits deserve attention alongside construction milestones.

In Sumaila town, residents describe how gully erosion threatened homes while inaccessible roads forced car owners to park outside their neighbourhood. Ado Ibrahim, a resident, remembers carrying household goods by hand because vehicles could not enter.

However, through President Bola Ahmed Tinubu’s Renewed Hope Agenda, implemented by the Ecological Project Office under the leadership of Permanent Secretary Aishetu Gogo Ndayako, the construction of roads and erosion-control infrastructure has improved accessibility, allowing residents to move more freely.

Who keeps the water flowing?

At Kafin Chiri, Jibril Muhammad Ibrahim, lead site engineer for ECL Construction Limited, describes a completed main canal alongside continuing work on distribution and field channels.

His assessment that rehabilitation was 80 percent complete applied to the embankment section. This figure does not represent the total completion status for the entire intervention.

For farmers, the difference matters. A completed main canal does not establish that every intended plot receives enough water when it is needed. The smaller channels carrying water onward and the arrangements governing its distribution are equally important.

Maintenance will become a recurring obligation. Channels need clearing, damaged structures need repair, and faults need a timely response. Responsibility for that work-and how it will be financed-must be understood before deterioration interrupts supply.

The Hadejia Jama’are River Basin Development Authority has supported engagement with water user associations and dam managers on operations and maintenance. The practical test will be whether these arrangements continue to function over successive seasons.

Fair access is another condition for lasting gains. Farmers need workable rules for sharing water and resolving disputes, including arrangements that protect those cultivating plots farther along a canal.

Women’s participation also warrants closer attention. IITA reports that women comprise 20 percent of its overall beneficiaries and 97 of the 501 trained farmers. Those numbers show participation but do not explain who controls irrigated land, receives reliable water, and makes decisions about crop income.

A durable intervention must be judged by those experiences as well as its physical reach.

Back in Kumfada, Haruna’s immediate concern is simpler: the water that once constrained his farming is now more accessible. He can consider another crop and envision more work within his community.

What remains uncertain is how consistently that opportunity will pay. Success will depend on reliable supply, healthy soil, useful advice, maintained infrastructure, and a market return that justifies the effort.

Haruna has described what it means to turn a valve and see water enter his field. The more demanding test will come after repeated harvests, when farming families can judge whether another planting season has brought dependable earnings.

Development agencies have expressed interest in adopting a memoir by Dr Ifeoma Esther Charles-Monwuba, a development specialist and former senior leader in international organisations with more than three decades of experience. She publicly presented her memoir, Grace and Grit: My Journey of Faith, Purpose and Leadership, on Wednesday, 21 October 2026.

Dr Ifeoma Charles-Monwuba reading from the memoir.

The presentation was held at RovingHeights Bookshop in Garki, Abuja. The Social Development Action Trust (SDA Trust) organised it as part of activities marking the 2026 International Day of the Girl Child. The event aligned with the official 2026 International Day of the Girl Child theme: ‘End child marriage and invest in girls’ rights!’ The gathering brought together colleagues from the development sector, advertising and the media, as well as family and friends.

The event featured a reading from the memoir and an interactive session with the author. The discussions went beyond one family’s story to examine the systemic drivers of child marriage and the barriers to girls’ education in Nigeria, with stakeholders calling for stronger implementation of existing laws and greater investment in safe, accessible schools.

The Memoir and Its Author

Grace and Grit, published in 2026 by May Publishing Limited in Lagos, is a candid and inspirational memoir structured around a preface, a prologue (‘The Becoming’), and eleven chapters. It traces Charles-Monwuba’s journey from her birth in Nnewi during the Nigerian-Biafran Civil War, as the eldest of ten children raised by parents of modest means, to senior leadership roles in international development and diplomacy across West Africa and beyond.

She holds a PhD in Development Communication from Caleb University, Lagos (a thesis on Nollywood and the representation of gender roles, particularly women’s unpaid care work); a BSc in Mass Communication from Anambra State University of Science and Technology; an MSc in Communication and Language Arts from the University of Ibadan; a master’s in International Law and Diplomacy from the University of Lagos; and a certificate in International Health from the University of Washington.

Her career spanned advertising at Sunrise, public health communication at the Society for Family Health, leadership roles at WaterAid Nigeria and ActionAid (including transformative work in Haiti and Senegal), and service as Ghana Multi-Country Director/Representative of the United Nations Office for Project Services (UNOPS), covering Nigeria, The Gambia, Liberia and Sierra Leone.

The book’s governing premise is that grace sustains, but grit must answer it. Leadership is portrayed not as a crown but as a humble calling rooted in service. Charles-Monwuba wrote the memoir to give back, especially to young people who feel locked out of big careers because of their backgrounds, and to parents making decisions for their children. She urges readers to be intentional about their children’s lives and encourages girls to pursue their ambitions.

A Narrow Escape from Child Marriage

At the heart of the memoir is Charles-Monwuba’s narrow escape from child marriage. At 16, as she prepared for university, her father’s struggling business attracted an offer from prospective partners who would provide capital if she married a younger brother in their family. Her late father, Sir J.O.S. Ufondu-a mechanic and Biafran Corps of Engineers veteran-refused to trade her future for money. He insisted she would go to university, declaring that education is the only inheritance no one can take from you.

That decision opened the way to higher education and a distinguished career. At the launch, speakers repeatedly returned to this story as a powerful illustration that educating girls does not prevent them from becoming wives, mothers and contributors to society. Dr Charles Usie, Country Director of Plan International Nigeria, highlighted the father’s role and asked: ‘What role are you playing in the life of girls? Either your daughter, your sister, your friend, what role are you playing? Are you enabling this problem or are you part of the solution?’

Voices from the Launch

Amina Baba-Manu, Director of Strategy, Innovation and Impact at SDA Trust, noted that poverty, culture, insecurity, and a lack of nearby schools drive early marriage. She cited a community in Sokoto State where the nearest senior secondary school is about two hours away on foot, deterring families because of the distance and safety concerns. ‘We have the policies. We have the laws in place. But it’s just the implementation of those policies,’ she said, calling for better enforcement and government investment in educational infrastructure.

Dr Charles Usie urged fathers to be part of the solution and highlighted the fathers’ support groups his organisation backs in Sokoto and Bauchi, recommending their expansion nationwide. He emphasised that men must actively protect girls’ rights and ensure they complete their education before marriage.

Dr Andrew (Andre) Mamedu, Country Director of ActionAid Nigeria, said the memoir aligns with ActionAid’s Girls initiative and expressed a desire to partner with the author to empower girls.

Dr Charles-Monwuba added that schools must be safe, within reach, and properly equipped-with appropriate sanitation for girls, qualified teachers, and digital resources. She called on states to adopt and enforce protections against marriage before 18 and urged parents to be intentional about their children’s lives.

Broader Context and Calls to Action

The 2026 International Day of the Girl Child, observed globally on 11 October, has the official theme ‘End child marriage and invest in girls’ rights!’ The theme calls for urgent action to protect girls from early marriage and to invest in their education, health, and rights. According to UN and UNICEF data, more than 12 million girls are married before adulthood each year-roughly one every three seconds-with the highest prevalence in sub-Saharan Africa. In Nigeria, stakeholders stressed that civil society efforts alone cannot succeed without coordinated government action on safe schools, poverty reduction, and security.

Key calls emerging from the launch include:

Stronger implementation and enforcement of laws and policies prohibiting marriage before 18.

Invest in safe, accessible, well-equipped schools, including sanitation facilities and qualified teachers, particularly in rural and insecure areas.

Active engagement of fathers and male allies through support groups and community mobilisation.

Stronger partnerships among development organisations, government, and communities to address poverty, culture, and insecurity as root drivers.

Parents and caregivers to make deliberate choices that prioritise girls’ education and long-term futures.

One woman’s story of resilience as a symbol

By presenting Grace and Grit in the context of the International Day of the Girl Child, SDA Trust and the development community have framed one woman’s story of resilience as a symbol and a call to action for the millions of girls in Nigeria still at risk of child marriage and educational exclusion. The memoir serves as both personal testimony and practical instruction: purpose is refined through disciplined choices, and leadership is earned through service.

As Charles-Monwuba has written, finding the delicate balance between grace and grit-where strength is not the absence of fear but the resolve to press forward-offers a path for young people, parents and policymakers alike. The event reinforced that ending child marriage requires more than awareness; it demands intentional action from families, communities and governments.

Nigeria’s banking industry has spent years rebuilding capital, restructuring institutions and celebrating stronger financial performance. Amidst all these developments, one fundamental question remains unanswered. The concern is how much of this financial strength is translating into productive investment, affordable credit, business expansion and employment.

The worry has grown more urgent after the Central Bank of Nigeria’s recapitalisation exercise, which brought in N4.65 trillion in equity. By the end of March 2026, 33 of the country’s 37 banks had met the updated capital requirements. The exercise aimed to strengthen the system, improve resilience, and boost banks’ ability to finance economic growth.

But raising capital is not the same as expanding productive credit. A stronger balance sheet is not automatically a stronger economy.

One thing that is certain is that Nigeria’s banking industry is not short of institutions, financial expertise or regulatory reforms. As reality stares at Nigerians, the more difficult question is whether its growing financial capacity is being converted into financing for businesses that produce goods, create jobs, process local raw materials and expand the country’s export base.

Experiences from Morocco’s Attijariwafa Bank, Kenya’s Equity Group Holdings and Togo-headquartered Ecobank Transnational Incorporated offer useful benchmarks. Their institutional development, customer reach and regional operations provide different perspectives on the possibilities of modern African banking. They are not perfect models, and their operating environments differ from Nigeria’s. Nevertheless, their experiences offer a basis for asking whether Nigerian banking reform is delivering enough economic value beyond financial-sector growth.

The real test of recapitalisation is not simply how much capital banks have raised. It is what that capital ultimately enables them to do.

The first question is straightforward: what does a stronger capital base mean or the benefit of strengthening banks’ capital if productive businesses still struggle to obtain credit?

Capital is essential to and the backbone of banking. Amidst its many functions, it helps banks absorb losses, meet regulatory requirements, handle larger transactions and maintain customers’ confidence in their ability to keep their money safe. Nigeria’s recapitalisation exercise was therefore important. But its economic benefits depend partly on how banks deploy their expanded capacity.

The IMF’s May 2026 assessment, with clarity reviewed developments through the first quarter of 2026, found that private-sector credit remained relatively low, at approximately 12 per cent of GDP in 2025. It also observed that, despite growth in lending, which was obviously a huge contradiction, Nigeria’s financial markets were not adequately intermediating domestic savings into productive investment.

This is a more revealing measure of the challenge than the amount of capital raised alone. From the playout of activities, it is obvious that the banking industry can expand its balance sheets without financing a sufficiently broad range of businesses. Established and bigger corporations may obtain credit while smaller manufacturers, agricultural processors and emerging enterprises struggle with high interest rates, collateral requirements and short repayment periods.

The question is not whether Nigerian banks lend. They do. The question is whether the scale, cost and distribution of that lending adequately serve an economy seeking to diversify beyond oil, expand manufacturing and create sustainable employment.

Kenya’s Equity Group Holdings provides a useful point of comparison as this is discussed further. In a real sense, its success in attracting customers, using digital channels and supporting small businesses shows how banks can serve more people while keeping lending risks under control.

The lesson is not that Nigerian banks should simply copy Kenya. No doubt, Nigeria has different economic conditions, regulatory requirements and credit risks that may not apply to Kenya. Rather, the point is that recapitalisation should create opportunities to deepen lending, develop better products and improve the effectiveness of financial intermediation. It should not become a regulatory milestone celebrated independently of its economic consequences.

The second question is perhaps the most consequential: are Nigerian banks financing enough small businesses to make a measurable difference to the real economy? Here, the evidence deserves particular attention.

Findings showed that Equity Bank Kenya’s third-quarter 2025 investor booklet reported that the bank disbursed KSh90.7 billion ($701,255,970) in MSME loans between January and July 2025. Meanwhile, the amount represented 45 per cent of the KSh201 billion ($1,554,044,999) in MSME loan disbursements reported across the Kenyan banks included in its comparison. The booklet attributed the industry comparison to the Kenya Bankers Association.

This is a significant indicator of Equity Bank’s participation in Kenya’s MSME financing market. It suggests that a bank can make small-business lending a prominent part of its commercial activities while operating in a competitive banking system. Whilst Nigeria’s figures raise a different concern.

A research note published in October 2026 by the Development Bank of Nigeria, citing the CBN statistical data, noted that credit classified to small-scale enterprises amounted to a meager and paltry N177.44 billion in 2025, when compared with enormous total private-sector credit of N47.10 trillion. The small-scale-enterprise category consequently represented approximately 0.38 per cent of private-sector credit. The same research note showed that the category’s share had declined substantially from its historical levels.

The figures deserve serious scrutiny. They suggest that Nigeria’s banking system has expanded enormously without a corresponding increase in the relative weight of credit recorded for small-scale enterprises.

However, the comparison requires an important qualification. Equity’s KSh90.7 billion ($701,255,970) represents loan disbursements over seven months, whereas Nigeria’s N177.44 billion ($132,417,910.45) represents an outstanding-credit measure for a narrower statistical category. The figures are not directly comparable, and they cannot establish that Equity’s lending performance is superior to that of every Nigerian bank. Nor should Nigeria’s small-scale-enterprise category automatically be treated as equivalent to the entire MSME sector.

That limitation does not invalidate the question. It makes the case for better Nigerian data even more compelling.

Why should a country with a large banking market lack sufficiently clear, consistently reported evidence of how much commercial-bank credit reaches smaller productive enterprises? Why should the industry’s recapitalisation achievements get more attention than giving credit to businesses that keep people working and create jobs?

Small businesses really struggle to get financing. They often don’t have things like collateral, checked financial records, long credit histories or steady income. Banks need to think about these risks. Lending without checking can lead to loans not being paid back, hurting the bank’s money and putting depositors in danger.

But risk management should not become a permanent justification for leaving viable businesses outside formal credit.

The fact is that Nigerian banks could use cash-flow-based lending, supply-chain finance, invoice discounting, purchase-order finance, movable-asset collateral and credit guarantees. Nigerian banks would benefit from using verified transaction data to spot businesses that’re truly strong instead of borrowers whose repayment ability is very weak.

The objective is not to compel banks to lend recklessly. It is to make responsible lending to smaller businesses more commercially viable.

The CBN must also ask for reports on SME lending, such as how many borrowers are active, how many new loans are given, how much money is still owed, what the typical loan size is, what interest rates are used, when loans are due and how well payments are made. Without this data, the country cannot properly determine whether recapitalisation is truly helping people get credit. The CBN needs data to see if the plan is working.

The third question follows naturally: if Nigerian banks are profitable, why is their success not more visible in the productive economy?

Bank profitability is essential. Shareholders put in money to get returns. Depositors want their money to stay safe. Regulators want institutions that can handle economic times. There is nothing bad about banks investing in government securities or other easy-to-sell assets.

The real worry is how the financial system’s rewards and rules shape where capital goes. It’s about whether money flows toward government borrowing or toward private businesses. That balance matters. How the system rewards choices can tilt capital one way or the other. That can affect economic growth and opportunity.

The CBN’s official Money and Credit Statistics provide a useful snapshot. In July 2026, private-sector credit stood at approximately N83.43 trillion, compared with N83.26 trillion in June. Net credit to government declined from approximately N40.03 trillion in June to N33.92 trillion in July. These are the latest monthly observations displayed in the official CBN series retrieved for this article, rather than figures extrapolated from media reports.

The figures do not establish that banks deliberately abandoned businesses or that every reduction in government credit necessarily results in additional private lending. They show that the composition of domestic credit changes over time and should be examined using consistent data.

The IMF’s 2026 assessment identified banks’ holdings of government securities, high cash reserve requirements and structural constraints as factors limiting private credit. When looking at the data, it is clear that government securities made up 22 percent of banks’ total assets. Government securities can give banks liquidity, steady income and a risk-return profile that is fairly attractive. Lending to businesses can bring credit risk, expensive monitoring and uncertainty about repayment. Where government borrowing offers attractive returns, banks have commercial reasons to allocate resources towards sovereign instruments.

The policy concern is not that banks should abandon government securities. It is whether the overall balance of incentives enables enough financing to reach viable private businesses.

Monetary policy also matters. High reserve requirements can constrain the funds available for other uses, although reducing them would not guarantee that the released funds would become productive loans. Credit risk, inflation, the cost of funds and the condition of individual businesses would continue to influence lending decisions.

This is why the CBN and the fiscal authorities must examine the combined effect of monetary policy, government borrowing and prudential requirements on credit allocation.

Morocco’s Attijariwafa Bank is another reference point. Its published 2025 consolidated figures show assets of approximately MAD795.5 billion ($80,580,000,000) and customer loans of MAD447.9 billion ($45,370,000,000). The group operates across markets and has built a large customer base over time.

Those figures do not prove that Morocco has eliminated its financing challenges. They provide a basis for studying how a bank grows a lending franchise, builds customer relationships and expands its operations across markets.

For Nigeria, the concern is whether banking-sector growth is matched by a corresponding expansion in lending rather than being judged mainly by profits, assets and capital raised.

The fourth question concerns regional influence: why should Nigeria’s banking scale not translate into greater financial leadership across Africa?

Nigeria has a large domestic market, internationally connected businesses and banks with experience in corporate finance, digital banking and cross-border transactions. Some Nigerian institutions have established substantial international operations. Suggesting that the industry has no regional achievements would be inaccurate. Building a domestic banking franchise and creating a durable pan-African institution are separate challenges.

Ecobank Transnational Incorporated is another example because its history is strongly connected to regional banking integration. Founded in 1985, Ecobank Transnational Incorporated started as an effort and became a bank that supports many African markets.

With this, in 2025, Ecobank Transnational Incorporated also reported a profit before tax of $801 million up 21 percent year-on-year and net revenue of $2.45 billion, which went up by 17 percent. Ecobank Transnational Incorporated also reported a capital adequacy ratio of 16.7 percent and a cost-to-income ratio of 48.3 percent.

Meanwhile, it should be known that these results show the scale of Ecobank Transnational Incorporated’s operating model, but they do not prove that the bank’s operations are free from challenges. Nor should its dollar-denominated figures be compared directly with the naira results of an individual Nigerian bank without accounting for exchange rates, business mix and reporting differences.

Ecobank’s relevance lies in the development of capabilities that support banking across national boundaries. As African countries pursue deeper economic integration, efficient cross-border payments, trade finance and regional supply-chain financing will become increasingly important.

Nigeria’s banks should be evaluated on how effectively they support these activities. The reality is that a stronger Nigerian banking industry should not only finance large domestic transactions, but it should also help Nigerian businesses compete across Africa.

The fifth question brings the argument back to the regulator: what should the CBN demand from banks after recapitalisation?

The first requirement is to recognise that stronger capital does not automatically eliminate financial vulnerabilities.

The IMF said Nigeria’s capital adequacy ratio fell to 11.7 percent in the quarter of 2025. It also indicated that Nigeria’s non-performing loans rose to 8 percent, which’s above the prudential ceiling. These figures are from Q3 2025, not from the position in October 2026. The IMF blamed this decline on factors, including the effect of naira depreciation on risk-weighted assets, higher provisioning and the migration of restructured exposures, after the end of COVID-era regulatory forbearance.

The figures illustrate why capital raising must be accompanied by sustained attention to asset quality. They should not be used to suggest that the industry’s current capital adequacy ratio or non-performing-loan ratio stays at those levels without evidence.

The CBN must continue to focus on sound underwriting, proper provisioning, effective governance and clear reporting. Financial stability cannot be ignored to push for fast credit growth.

At the same time, prudential supervision should go hand in hand with better information about the real economic impact of growth in the banking sector. The CBN could share consistent data across the industry on lending to small and medium enterprises, manufacturing, agriculture and other productive areas. It should also show how loans are spread across borrower sizes along with details on loan maturities and interest rates. It would also help to include data on the link between banks’ holdings of government securities and their lending to the sector.

Such information would allow policymakers and the public to judge whether recapitalisation is strengthening financial intermediation as well as balance sheets.

The government must also take responsibility for the conditions under which banks operate. Unreliable electricity, poor transport infrastructure, uncertain policies, weak contract enforcement and high operating costs make it harder for businesses to get financing. When companies that could otherwise succeed cannot produce cash flows, banks will naturally become more cautious.

The government needs to improve the investment environment. It must manage its borrowing needs carefully. It should not create incentives that consistently favour government borrowing over private investment. The CBN must strike a balance. It must control inflation. Ensure financial stability while still making sure the credit channel works effectively. Neither institution can solve the problem independently.

The experiences of Attijariwafa Bank, Equity Group and Ecobank do not provide a ready-made blueprint for Nigeria. They offer different examples of institutional development, customer reach, small-business financing and regional expansion.

Their value lies in helping Nigeria ask better questions about what a strong banking industry should deliver.

Nigeria’s banks have contributed to financial sophistication, payments infrastructure, capital formation and corporate financing. Their achievements deserve recognition. But financial success must also be distinguished from the wider economic benefits that a strong banking system is expected to support.

The next phase of banking reform should be measured against three tests. First, do banks have sufficient capital and sound assets to withstand shocks? Second, is credit reaching viable businesses at sustainable terms? Third, is financial intermediation contributing to productive investment, employment and regional trade?

These tests would not require banks to abandon commercial discipline. They would require the industry, its regulator and the government to demonstrate that financial strength is translating into broader economic capacity.

The SME evidence makes this challenge particularly urgent. Nigeria needs better, comparable data on small-business lending, but the available figures already justify a serious investigation into why credit classified to small-scale enterprises represents such a small proportion of total private-sector credit.

Recapitalisation was necessary to strengthen Nigeria’s banks. It should not become the final measure of banking reform. Nigeria has strengthened its banks. The next challenge is to make that strength count more visibly for businesses, jobs and the productive economy.

District Governor, Rotary District 9112 Olayioye Abidoye, has described sports as a vital tool for driving Rotary’s mission of service to humanity.

Abidoye stated this at a media parley in Lagos, heralding the Rotary Sports Festival (RoSFest) 2027, emphasising that sports foster unity, teamwork and healthy living, which align with the organisation’s core value of impacting society,

Rotary Sports Festival is an annual event, a six-month fitness and fellowship fiesta designed to keep Rotarians mentally and physically sound to carry out humanitarian service.

According to the Rotary District Governor, ‘When you participate in sports, you are mentally sound, you are physically sound and your health is in the right frame to do service and to function in your family. We Rotarians who have dedicated our lives to serving humanity must be fit mentally, physically and health-wise,’

While stating that District 9112 currently has over 2,700 members across 96 Rotary Clubs, which he supervises, he said that RoSFest was one way of taking care of those who take care of others.

Enumerating some of the interventions that his organisation had embarked on, he said it included: donation of learning materials to Ojuwoye Inclusive Nursery and Primary School for children with visual and hearing impairments, observance of Disaster Relief Day, and screening of public primary school pupils for sight and hearing defects under the Legacy Programme to prevent mislabelling poor performance as dullness.

On the other hand, he appealed to Rotarians to ensure effective participation at RosFest 2027, quoting WHO’s definition of health: ‘Health is wealth. When you are not healthy, that is the only thing you think about. We can only mind other people’s business when we are healthy.’

On her part, Chairman of the RoSFest 2027 Committee, who is also the past president, Chinyere Madueke-Onwo, described RoSFest 2027 as a platform for strengthening the relationship between Rotarians and Rotaractors, adding, ‘We recognise the energy, creativity and enthusiasm that Rotaractors bring to the Rotary family, and we look forward to meaningful collaboration that will promote unity, leadership, development and active participation”

She further explained that the RoSFest 2027 edition would feature12 sporting activities, six indoor games which include Ayyolopon, draughts, Scrabble, chess, table tennis and snooker.

While the six outdoor games, she said include: 100m dash for both male and women, relay race, tug of war, football, volley ball and golf.

The objective, Chairman of RoSFest 2027 Committee said was to create opportunities for participation, healthy competition fellowship while encouraging Rotarians and other participants to embrace physical fitness and an active lifestyle.

‘We intend to make this edition more inclusive, engaging and competitive, with every participating Club having the opportunity to demonstrate its sporting strength and team spirit. Medals and points shall also be awarded to Clubs according to merits.

‘RoSFest 2027 presents a valuable opportunity for corporate organisations, institutions, individuals and Clubs to associate with an initiative that promotes health, youth development, community engagement and excellence.

On his part, Augustine Irabor of Rotary Club of Ikoyi and member of RoSFest Committee, explained that the media parley aimed to announce dates and mobilise Rotarians and the public.

Irabor, who was among those honoured for their roles in the last edition for participating in football, tug of war and golf, said RoSFest awareness is growing.

While recalling that last year’s RoSFest recorded huge success, he said that this year’s edition would be more impactful.

It is interesting to note that the qualifying games/tournaments will run from 31st January to 31st March 2027. While 2nd April would witness the opening ceremony of RoSFest Week.

As the Presidential campaign rallies for the re-election of President Bola Ahmed Tinubu kicked off Saturday, the Deputy Governor of the State, Olayide Adelami, has tasked stakeholders in the All Progressives Congress (APC) to work tirelessly for the victory of the President and the party in next year’s general election.

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The deputy governor made the call at the weekend while addressing party faithful during the APC ward meetings at Igboroko 1 Ward 2 and Igboroko 2 Ward 3 in his hometown of Owo.

Adelami emphasised the landmark achievements of the President and the unprecedented record of the APC in critical areas of the economy, asking the people to choose progress over retrogression.

According to him, ‘The President had taken some bold steps to make life better for our people in his first term. The student loans for our young ones have made education easier and more available to children of the poor; the money saved from the removal of the fuel subsidy is being put back into the economy, especially at the sub-national. It is in our best interest to give the President our votes so he can finish the good work he has started’.

The deputy governor charged leaders of the party to embark on a house-to-house campaign to further deepen the renewed hope message of the current administration.

He said that Governor Lucky Aiyedatiwa has expressly directed all APC leaders and members to deliver overwhelming votes for the president and every candidate of the party in the state.

Speaking at Igboroko 1 Ward 2, a former commissioner for women affairs and social development in Ondo State, Yemi Mahmoud, thanked the governor and his deputy for appointing political leaders from Owo into the state executive council and other portfolios within the government.

She expressed the readiness of the party leaders to go all out to mobilise massively for the APC.

Similarly, Jamiu Ekungba, who spoke at Igboroko 2 Ward 3, charged the leaders to give their maximum support to the governor and his deputy to enable them to record a resounding victory for the president and the party.