Left in the race with the option of either meeting up, merging or closing shop are Keystone Bank, Parallex Bank, Polaris Bank, Signature Bank, TAJBank and Citibank Nigeria.

Others are FBN Quest Merchant Bank, Coronation Merchant Bank and Rand Merchant Bank.

Meanwhile, First Bank Nigeria, Fidelity Bank and FSDH Merchant Bank have joined the league of recapitalised banks.

This is as analysts say they expect more banks to conclude their recapitalisation plans between next week and the end of this month.

Earlier report shows that 17 banks met the new capital requirements  for their respective licence categories last year.

These included Access Holdings, Zenith Bank, GTBank, Ecobank, Stanbic IBTC, Wema Bank, Jaiz Bank, Lotus Bank, Providus Bank, Greenwich Merchant Bank and PremiumTrust Bank, alongside Globus Bank, Citibank Nigeria, United Bank for Africa, Nova Bank, Sterling Bank and Standard Chartered Bank Nigeria.

More recently, First Bank, Fidelity Bank and FSDH Merchant Bank also joined the list.

Fidelity Bank Plc has raised approximately N250 billion through a private placement. This offer opened and closed on December 31, 2025, driven by substantial investor demand fuelled by the bank’s impressive financial performance and solid track record.

A source close to the lender stated that this swift completion is a notable achievement for Nigeria’s stock market.

NGX regulations typically allow up to 10 days for such private placements.

Fidelity Bank aims to meet the Central Bank of Nigeria’s N500 billion minimum capital requirement for banks with international authorisation by the March 31, 2026 deadline.

Reportedly, participation was limited to a small circle of pre-qualified institutional investors, many with global investment footprints.

Market intelligence estimates the proceeds at roughly N250 billion, comfortably exceeding the bank’s estimated capital gap of N194.5 billion.

This fully subscribed offer places Fidelity Bank among the more strongly capitalised Nigerian banks with international operations.

While the CBN is yet to ratify the new capital base of some of these banks, they seem to have scaled the hurdle, with some others set to scale it soon.

A player in the industry who craved anonymity noted that many of the banks yet to clear the hurdle are expected to do so before the end of the month, with announcements expected from next week.

CBN Governor Olayemi Cardoso had late last year confirmed the progress of banks in their race to meet the deadline.

Cardoso had stated that “several banks have already met the new capital thresholds, while others are advancing steadily and are well positioned to comfortably meet the March 31, 2026 deadline.”

He disclosed that 27 banks had accessed the capital market through public offers and rights issues, with 16 already meeting or exceeding the new benchmarks, adding that beyond headline figures, stress tests conducted in 2025 showed that the banking system remained fundamentally robust, with key financial soundness indicators meeting prudential standards across the board.

Despite the progress, several lenders are still fine-tuning their capital plans.

The First City Monument Bank (FCMB) Group is among those in advanced stages of capital raising and regulatory verification.

Shareholders of FCMB Group Plc at an Extraordinary General Meeting (EGM) recently approved an increase in capital raise of up to N400 billion to enable it to retain its international banking licence ahead of the March 2026 deadline.

Group chief executive officer of the bank, Ladi Balogun, noted that “the additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth.”

Analysts say mergers and acquisitions remain limited for now, but ownership changes are becoming increasingly likely as banks court new investors.

Head of Financial Institutions Ratings at Agusto and Co, Ayokunle Olubunmi, said only a few institutions remain under real pressure.

“Nothing dramatic has happened yet on the mergers front, but by January or February, we could see clearer outcomes. Capital raising through private placements and rights issues will inevitably lead to dilution for shareholders who do not participate,” he said.

The race for capital has also triggered a wave of strategic realignments.

Nova Bank opted to downgrade its licence to a regional banking status, significantly lowering its requirement to N50 billion to beat the deadline.

Meanwhile, consolidation is picking up steam; Union Bank has merged with Titan Trust Bank, and Providus Bank is set to merge with Unity Bank, a move that would create Nigeria’s ninth-largest lender by assets.

The post UPDATED: New CBN Capital Requirements Put 10 Nigerian Banks Under Pressure appeared first on Tech | Business | Economy.

This was said during the 2025 EDC SMEs conference in Lagos recently, with the theme: “Catalyzing the Future: Empowering Small Businesses for Impact and Inclusive Growth”.

Dr. Nneka Okekearu, Director of the Enterprises Development Center (EDC), highlighted the organization’s focus on sustainable and impact-driven entrepreneurship growth as the conference explores compliance, exports, and tax regulations, offering a platform for entrepreneurs to learn, connect, and collaborate.

However, while praising Tripoint Academy’s work in empowering over 30,000 women in 10 years, she reiterated that EDC’s partnership with Tripoint Academy to promote inclusive growth and support women entrepreneurs also aligns with Keystone Bank’s commitment to impact-driven growth and entrepreneurship development.

Thus, during her keynote speech, Rosy Fynn, Country Director of MasterCard Foundation, praised EDC’s milestone 18-year conference, highlighting the significant impact of its programs on society.

She noted that SMEs are the economy’s driving force, facing obstacles such as access to finance, market access, and tools for efficiency, and that MasterCard Foundation partners with EDC to address these challenges, empowering SMEs nationwide through targeted programs.

Fynn further emphasized that 2026 should prioritize collaboration over competition, highlighting MasterCard Foundation’s partnership-driven approach.

She thereby urges SMEs to leverage platforms like this to showcase products and expand customer bases.

“Having that hope and resilience, and that right mindset is a key part in ensuring that 2026 is very different and a successful year for many SMEs,” Fynn said.

Also speaking at the event, Keystone Bank’s Executive Director, Nnenna Anyim Okoro, emphasized the crucial role SMEs play in Nigeria’s economy and the bank’s comprehensive approach to supporting them.

Okoro announced plans to increase the frequency of the SME clinic, providing insights and thought leadership to entrepreneurs. This initiative addresses the needs of SMEs beyond funding, aiming to equip them with the necessary tools for success.

Shuhda Muhammad, Founder of Tripoint Travels Academy and Tourism and representative of all northern entrepreneurs, praised the initiative and thanked the organizers.

She emphasized empowering entrepreneurs in northern Nigeria, particularly women, with over 11,000 entrepreneurs supported, 80% of whom are women.

She claims that the initiative is an enabler that aims to shift mindsets and promote financial independence, enabling women to overcome barriers and showcase their products and services.

The post EDC, Keystone Bank Urge SMEs to Pursue Sustainable Growth appeared first on Tech | Business | Economy.

An Ikeja Special Offences Court on Tuesday ordered forfeiture to the Federal Government, of Sigma Golf Nig. Ltd. rights, title and interest in 6,250,000,000 units of the Keystone Bank Ltd. ordinary shares of N1.00 each.

Following this forfeiture of shares, there have been uncertainties regarding the operation of the Keystone Bank, especially the safety of depositors’ funds.

To disabuse the agitated minds of the customers, the apex bank in Nigeria reassured citizens of the bank’s continued operation.

A statement signed by Hakama Sidi Alli, the acting director, Corporate Communications at the Central Bank, reads:

“Following the court order that the shares of Keystone Bank Limited previously held by the shareholders be forfeited to the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) wishes to reassure the public that Keystone Bank Limited remains safe, sound, and fully operational.”

“We acknowledge that this development may have triggered customer concerns, however, we wish to underscore that the stability of the banking system and the safety of depositors’ funds remain our top priority. Keystone Bank’s operations are entirely secure, and there is no need for concern.”

The apex bank assures the customers that their funds remain intact and no need for concern.

It further emphasizes its commitment to safeguarding the interests of customers, depositors, and stakeholders.

The post CBN Speaks on Stability of Keystone Bank appeared first on Tech | Business | Economy.

The court also ordered winding up of the company.

The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi gave the order in a judgment in Lagos.

The judgment followed guilty plea by Umaru Hamidu-Modibbo, the chairman of the company, who represented the company.

The chairman pleaded guilty to an amended six-count charge brought against Sigma Golf by the Economic and Financial Crimes Commission (EFCC).

The charge bothered on conspiracy to steal, stealing, transfer of property derived from stealing with the aim of concealing the origin and evade the legal consequences.

Sigma Golf had entered a plea bargain agreement with the EFCC.

The company was arraigned alongside a former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru.

While Sigma Golf pleaded guilty to the six-count charge, Kuru pleaded not guilty.

Oshodi held that he was satisfied that Sigma Golf admitted guilt of its own volition.

He said:

“I am satisfied that the second defendant was aware of the nature of the amended information and the consequences of the plea.

“All its rights, title and interest in the 6,250,000,000 units of Keystone Bank’s ordinary shares of N1.00 each shall be forfeited to the Federal Government of Nigeria represented by the Economic and Financial Crimes Commission.

“In respect of the facts and circumstances of the instant case, the complainant agrees not to pursue criminal charges both now and in the future against Alhaji Umaru Hamidu-Modibbo and Sigma Golf Nig. Ltd.”

The judge also held that Hamidu-Modibbo agreed to fully cooperate with EFCC in any ongoing or future investigations relating to the matter, including providing truthful testimony if required.

The EFCC had stated that Kuru, Hamidu-Modibbo, Ifie Sekino (still at large) and Sigma Golf, sometime in 2016, conspired to steal by dishonestly converting N20 billion, property of AMCON, through Heritage Bank Ltd. to the use of Sigma Golf for acquisition of Keystone Bank Ltd.

The commission also stated that Sigma Golf and the others transfered N10 billion derived directly from stealing with the aim of concealing the origin of the said sum and evade the legal consequences.

EFCC lead counsel, Mr Rotimi Oyedepo (SAN), told the court that the commission agreed with Sigma Golf on the plea bargain in accordance with legal principles, justice and public policy.

Oyedepo submitted that the terms of the plea bargain agreement included the company pleading guilty to all the six counts and winding up.

The chairman and the legal representative of Sigma Golf, Mr David Idemu, confirmed to the court that the plea bargain agreement was made voluntarily.

Kuru’s lawyer, Mr Olasupo Shasore (SAN), did not oppose the agreement.

Oshodi consequently convicted Sigma Golf and adopted the terms of the agreement.

The judge earlier granted Kuru bail in the sum of N50 million with two sureties, who must swear to an affidavit of means.

The sureties must also provide evidence of tax payment in the last three years, according to the judge.

The post Court Orders Forfeiture of Sigma’s Keystone Bank Shares to FG appeared first on Tech | Business | Economy.

The five other non-executive directors include Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Sen. Farouk Bello.

According to a statement from the financial institution on Wednesday, the Central Bank of Nigeria (CBN) constituted a new board of directors for Keystone Bank Limited to strengthen the bank’s operations for sustained business growth.

The two new executive directors appointed by the CBN are Ladi Oluwole and Abubakar Usman Bello.

The new board chair, Lady Ada Chukwudozie, is a leading figure in Nigeria’s corporate world, with nearly 30 years of experience in business strategy, management, and administration.

Her expertise spans multiple industries and institutions, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria (MAN), and Vogue Afrique Magazine.

Abdul-Rahman Esene has over 43 years of experience in banking, investment management, corporate finance, and advisory services. He has made significant contributions to the financial sector in Nigeria and beyond through his accomplishments and leadership roles at renowned global institutions, including Afrinvest, Global Arbitrage International Inc., Fidelity Bank PLC, the Nigeria Air Force, and Louisiana-Pacific Corporation.

Mrs. Fola Akande brings over 25 years of exceptional experience in navigating the complex fields of legal, regulatory compliance, risk management, and corporate governance across various local and international markets, including Cadbury, Stanbic Chartered Bank, and Shell.

Akintola Ayodeji Olusoji has over 30 years of experience in accounting, finance, business development, risk asset creation, and performance monitoring, with a distinguished career spanning financial institutions such as Sterling Bank, Access Bank, Intercontinental Bank, and Global Bank.

Obijiaku Samuel has over 35 years of expertise in financial consulting, banking, and treasury operations. He has significantly impacted Nigeria’s financial sector through his achievements and leadership roles at prominent institutions such as Fidelity Bank Plc, Zenith Bank Plc, and PricewaterhouseCoopers.

Sen. Farouk Bello is a seasoned banker with over 20 years of experience and remarkable financial and banking operations achievements. His leadership roles have spanned both the public and private sectors, including regulatory bodies and private enterprises. With a strong track record, he has successfully shaped and delivered business processes and financial solutions across various institutions, including the National Assembly and Guaranty Trust Bank (now GTCO), among others.

Furthermore, Abubakar Usman Bello, Executive Director of the Northern Directorate, has acquired considerable experience in banking and management, which spans various areas of banking, managing commercial, retail, corporate, and public sector clients. He has served in strategic leadership and management roles.

Ladi Oluwole, Executive Director of Risk Management, brings with him over 20 years of expertise in Enterprise and Credit Risk Management and a proven track record in the financial services industry. Previously, he served as Senior Vice President and Senior Credit Officer at Bank of America, North America, where he managed an extensive credit portfolio within the Corporate, Investment, and Commercial Bank.

Commenting on the appointments, Mr. Hassan Imam, the Managing Director and Chief Executive Officer of the bank, expressed strong confidence in the new appointees, stressing that the bank will benefit from their vast experience.

He said, “We are pleased to welcome the new chairman, non-executive directors, and executive directors to the Board of Keystone Bank. We are confident that their extensive experience will be invaluable to us as we continue to reposition the bank to make the most of emerging economic opportunities, hinged on strong corporate governance, and to provide our customers with a secure and reliable banking experience.”

The post Just in: CBN Appoints Lady Ada Chukwudozie as Chair of Keystone Bank Board appeared first on Tech | Business | Economy.

His innovative approach and dedication have made him a leader in the industry, pushing the boundaries of what’s possible in public relations.

His vision and expertise are shaping the future of the field, and his impact is undeniable. Let’s explore the journey that led to his success.

Olanrewaju Alaka, also known as Laerryblue, is a seasoned professional with a background in public relations and brand management.

Boasting over 8 years of hands-on experience, he has earned widespread recognition and numerous awards in the industry, to date, he has penned and successfully published more than 3,000 press releases and orchestrated over 300 media campaigns.

Olanrewaju embarked on his journey at Obafemi Awolowo University in Nigeria, where he began organizing parties and promoting clubs.

It was there that he discovered his passion for solving communication problems in whichever industry he finds himself. He’s been able to effectively and strategically use PR to build mutually beneficial relationships between organizations and their audiences.

With a diverse background that spans various industries, Olanrewaju has enriched his profile with an abundance of practical knowledge.

His portfolio includes leading high-profile projects with organizations such as Providus Bank, Keystone Bank, MTN, Veritasi Homes, Landwey Investment, Axon Analytics, Tenece Group, and Poshglowskincare.

Academically, he holds an MA in Public Relations from Sheffield Hallam University, United Kingdom, complemented by a BCS in Business Analysis.

Further enhancing his academic portfolio is a BA in German Language which he acquired from Obafemi Awolowo University and the Institute of International Communication in Berlin, Germany.

Equipped with expertise in public relations strategies, brand and talent management, Olanrewaju is primed to make significant contributions to company development in his forthcoming endeavors.

He has been featured on both local and international platforms, showcasing his expertise in the industry.

Olanrewaju specializes in public relations and brand management, offering tailored strategies for both B2B and B2C clients.

His impressive track record includes over 3,000 press releases and 300 media campaigns.

He is committed to delivering powerful strategies that enhance brand communication both online and offline, leveraging PR, content marketing, and social media to maximum effect.

The post Meet Olanrewaju Alaka; a PR Expert Managing the Reputation of Nigerian Brands appeared first on Tech | Business | Economy.