Business
Fresh recapitalisation: Banks in merger, talks, CBN Gov warned
Indications emerged on Saturday that the chief executive officers and other top executives of Deposit Money Banks had begun moves to raise fresh capital to bolster their respective institutions’ capital base in line with the pronouncement of the Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso.
Top sources in the banking industry that the top executives might have also commenced preliminary merger and acquisition talks, as some of the big banks are eyeing some weaker ones for possible acquisition, while some middle strength and weak ones are looking for alliances that may result in mergers.
Cardoso had said in Lagos on Friday that the apex bank would be asking the DMBs to increase their capital base in order to service the $1tn economy projected by President Bola Tinubu.
Speaking at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria where he was the special guest of honour, Cardoso said, “In my recent speech at the 370th Bankers’ Committee meeting, I highlighted the economic agenda of the President. The administration has set an ambitious goal of achieving a GDP of $1tn over the next seven years.
“Attaining this target necessitates sustainable and inclusive economic growth at a significantly higher pace than current levels. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy.
“It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needs in servicing a $1tn economy in the near future, in my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital.
“Therefore, we must make difficult decisions regarding capital adequacy. As the first step, the CBN will be directing banks to increase their capital.”
He added, “The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to have a positive effect on the economy in the medium term.
“These measures are expected to enhance investors’ confidence, attract capital inflow, stimulate domestic investors and ultimately improve the level of external reserves. Additionally, they are expected to contribute to the stability of the local economy.
“Despite the challenging global and local economic environment, Nigeria’s financial sector has demonstrated resilience in 2023 with key indications of financial soundness largely meeting regulatory benchmarks.
“Stress test conducted on the banking industry also indicates its strength under mild to moderate scenario on sustained economic and financial stress. Although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much to be done in fortifying the industry for future challenges.”
A bank CEO, who spoke to Sunday PUNCH, welcomed the CBN policy direction regarding the recapitalisation of the banks and said his institution was ready to raise fresh capital though it had yet to conclude the modality.
“Even before the CBN governor made the pronouncement, our bank was already considering raising fresh capital to significantly increase the capital base. This should happen in the first quarter of 2024. So, we are in tune with the CBN governor,” the CEO of a Tier-1 lender told one of our correspondents on Saturday.
In the last few months, First Bank of Nigeria Holdings, Wema Bank and Jaiz Bank have proposed Rights Issues, while Fidelity Bank announced plans to raise additional capital via the issuance of 13,200 billion ordinary shares via public offer and rights issue.
An executive director in a bank with regional presence said that the announcement by Cardoso did not come as a surprise, but said the current state of the economy might make raising adequate capital a bit of a challenge, adding that his institution was planning to talk to others for possible merger.
When asked when the talks would begin, the executive director said preliminary discussions would begin this week, but such would be accelerated when the CBN releases the guidelines for the new capital base and how much would be considered as adequate.
Another top bank executive told one of our correspondents that lenders had been exploring merger talks on the periphery before now, but that would be escalated now and that the banks might look more towards institutional investors rather than raise money through public listing due to the current economic situation in the country.
The President, Association of Corporate and Marketing Communications Professionals in Banks, Rasheed Bolarinwa, advised members of the public to wait for the formal unveiling of the recapitalisation plan so as to know the detail.
“Why don’t you wait until this get actualised? Let us wait for a formal announcement with clear guidelines; until then, why not hold your breath.”
On insinuations that a fresh capital raise might shrink the industry, he said, “This observation may happen or not depending on how investors react when the banks go to the market. What is not in contention is that going by the performance of bank stocks on the Nigerian bourse, investors will be receptive to the banks if they approach the market to recapitalise.
“If you look at the capitalise base of some banks, are they not already overcapitalised? And what if those who choose to approach the market perform creditably due to investor confidence in bank stocks?
“The regulator is well resourced and knows what it needs to do at any point in time in managing Nigeria’s banking sector, including the recapitalisation process, which was mulled yesterday (Friday) in Lagos.”
Experts advise banks
The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, welcome the move to increase banks’ capital base, adding that the current capital base was grossly inadequate.
He said, “The minimum capital requirements of the banking industry need to be reviewed in the light of the considerable loss of value amid depreciating domestic currency. During the banking consolidation of 2004, the minimum capital requirement for banks was raised from N2bn to N25bn. The revised capital requirement was an equivalent of $187m. Today, the same N25bn is an equivalent of just $32.5m.
“This is a clear indication of the phenomenal erosion of the capital base of the banks. Recapitalisation of the banks has therefore become imperative. It is important to ensure that the capital base of banks can support their current exposures in the interest of the stability of the financial system.”
A professor of Capital Market at the Nasarawa State University, Uche Uwaleke, urged the CBN not to coerce banks into increasing their capital base as was the case during the last recapitalisation drive; rather, they should be incentivised.
“The idea of recapitalisation of banks is a welcome one. It goes without saying that capital is needed to finance big-ticket projects, especially when the government is targeting a $1tn economy in a few years’ time. But I think the strategy should be somewhat different from the approach adopted in 2005. It should be more about incentives than coercion,” he said.
Uwaleke, who is also the President of the Association of Capital Market Academics of Nigeria, added that a number of Deposit Money Banks were already making moves to increase their capital base.
He said, “Some DMBs (especially many in the FUGAZ category) are already making efforts to increase their capital base. The CBN can use prudential guidelines to strengthen the present tiered arrangements. The use of the CAR (the ratio of a bank’s capital to risk weighted assets) is a good example.
“The apex bank can also use differential cash reserve requirements as well as preferential participation in the forex market for well-capitalised banks as some of the incentives. For whatever it is worth, smaller banks playing at the regional level should not be regulated out of existence.”
Echoing Uwaleke’s stance, an economist and former Vice-Chancellor of the University of Uyo, Prof Akpan Ekpo, warned that the planned move might lead to mergers and acquisitions, creating unemployment, economic uncertainty and discouraging investors.
Rather, Ekpo said the banks should be incentivised to stay vibrant, adding, “Well, the central bank has to be careful because you don’t force banks to recapitalise. The last time this happened, there was a serious problem. You will have to give them incentives for those who will want to go through that process, but never should the apex bank force them to recapitalise.
“Otherwise, it will result in mergers and acquisitions, and that will create unemployment, adding to the already high rate in the country, which will send uncertainty and anxiety into the system. That is not good for the economy. The CBN governor talked about the plan by the current administration to create a $1tn economy, but don’t hound banks to recapitalise; rather, give them incentives.
“The last CBN governor printed so much money through Ways and Means. What they have to do is stick to the rule, which says that the CBN can only give the government five per cent of the previous year’s annual revenue. Once that is adhered to, there will be no issues, but I don’t think it’s a good idea to force banks to recapitalise.”
Another economist, Leo Ukpong, said bank recapitalisation meant raising the capital base through more borrowing or the issue of new equity of banks.
He said, “If additional funds are acquired from borrowing more debt, the debt level of the company will rise compared to equity. This could raise the default riskiness of such banks. If it’s done through the issuance of new stocks to investors, this will raise the equity ratio of the bank and spread future profit or loss among more investors. In other words, raising additional capital through new equity could reduce the default risk of banks.”
Listing the advantages of such a move, the financial economist stated that a raise in capital would imply more available funds for loans and private investments.
He explained, “More loans could be made to the private sector investors and the public sector for national infrastructural development, and for household consumer loans. It will help spread the lending or default risks among several investors and risks diversification.
“Also, it could be more of a window dressing to give the investors the impression that the bank is now larger and more stable.”
He, however, added a caveat that “all banks must channel the additional funds raised through recapitalisation to the capital projects and not lend the funds to state and federal governments to be used for buying SUVs for legislators and presidential yachts.”
A former Chief Economist at Zenith Bank Plc, Marcel Okeke, argued that before looking at the banks, the apex bank needed to look inwards at some of its policies, those of the Federal Government and their unintended consequences, which were casting a shadow over the economy.
Okeke said, “All that the CBN governor has said is right and he also acknowledged some of the policies, which will have unintended consequences on the economy. If care is not taken, that will preoccupy them for a long time. As we speak the government is battling with what we call the palliatives. Before the present government came in place, who was talking about palliatives? It shows that something is fundamentally wrong and they are just trying to patch things up.
“The journey to achieve a $1tn economy has not even started. The productive sector is dying. Look at the GDP growth rate for example. The real sector is functioning sub-optimally because of the policies that have been put in place. The CBN governor also mentioned the level of insecurity in the land. Has that been tackled? Handling insecurity is a precondition for other sectors to thrive in Nigeria. He also mentioned agriculture. Many of the farmlands are left desolate because of insecurity and other social ills. These things are tied together. It’s not just talking about the $1tn economy. The question is, how do you get there?”
Okeke also raised concerns as to how the economy would be able to support a recapitalisation drive.
He said, “On recapitalisation, banks are supposed to be sources of funding for activities or projects that will drive that $1tn economy. If the banks are financially strong, they will drive and contribute seriously to it. You can also imagine when all the banks are trying to meet capital in today’s economy.
“He (Cardoso) didn’t mention a timeline or set any deadline, so the race has started. I don’t know where the market will go with it. The economy has a trust deficit already. There are question marks all over the place. The CBN should be encouraging export and it has to be policy-driven.”
A professor of Development Economics, Abayomi Adebayo, faulted the recapitalisation plan, saying Cardoso should rather be worried about the foreign exchange market and concentrate more on how to facilitate productivity in the economy.
He further advised the CBN governor to engage intelligent people in the country on how to develop productivity, and an active financing of the economy, adding that entrepreneurship should be encouraged in order to solve the petrol problem by building internal refineries to tackle the crisis.
Adebayo stated, “I don’t know what he wants to achieve with that. Is it that the banks are distressed now? Where is he going to get the capital from? Is it the people who are still struggling to eat that will put money in the account now? What was our experience with the shares that we bought? All of us see it as not better than ordinary paper because of the amount that each clocked for that share and what they command in the market today. Who is the right-thinking person in this economy who will think of buying shares that cannot be guaranteed how it will turn out in the future buy what we have experienced before?
“Every step in economics has assumptions around it, but to me as a person, I feel he should bother about facilitating real sector productivity. Motivating and cultivating how the refined rate will wipe off the importation of refined fuel in Nigeria. These are issues that could remove pressure on dollars and others rather than looking for paper function on the table. You know there were some people speculating about redenomination. If you remove two zeros, is it the one that will produce in the economy? Is it decimalisation causing the naira to be falling? Is it the psychological feeling that the naira is big that you want?”
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
The new pricing template, which took effect on July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and Aviation Turbine Kerosene (ATK) at $0.942 per litre, while coastal deliveries of PMS have been fixed at $1,044.62 per metric tonne.
The development marks the end of naira payments for refined petroleum products, a policy introduced after the commencement of the Federal Government’s naira-for-crude initiative on October 1, 2024.
In a notice issued to petroleum marketers and customers, the refinery announced that all previously issued naira-denominated Proforma Invoices and Deal Recaps for both gantry and coastal transactions had become invalid.
The notice, signed by the refinery’s Group Commercial Operations, directed customers not to make payments against the cancelled invoices, stating that all transactions would now be conducted in United States dollars.
Under the revised pricing schedule, petrol supplied through the gantry will sell for $0.779 per litre, diesel for $1.087 per litre, aviation fuel for $0.942 per litre, while coastal PMS supplies will cost $1,044.62 per metric tonne.
The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG), which will continue under its existing payment arrangement.
Industry sources said the decision followed a growing imbalance between the currency used to procure crude oil and that used to sell refined products.
According to the sources, the refinery now receives a larger share of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a significant volume of its refined products had continued to be sold locally in naira.
The resulting mismatch, coupled with exchange-rate volatility and fluctuations in global crude oil prices, reportedly increased the refinery’s foreign exchange exposure and prompted the adoption of a uniform dollar-based pricing framework.
A source familiar with the development explained that the shift became necessary as the volume of naira-denominated crude supplies declined relative to dollar-based crude cargoes.
“The refinery is receiving fewer naira-denominated crude cargoes while a larger proportion of its refined products has continued to be sold in naira. That imbalance, combined with foreign exchange volatility, made the transition to dollar pricing inevitable,” the source said.
The decision is expected to have significant implications for petroleum marketers who source products directly from the refinery for nationwide distribution. It could also influence retail pump prices, depending on movements in the exchange rate, international crude oil prices, logistics costs and marketers’ operating expenses.
The Federal Government had introduced the naira-for-crude policy to encourage domestic refining, reduce pressure on foreign exchange demand and stabilise fuel prices. However, industry stakeholders have recently reported implementation challenges, noting that a growing proportion of crude supplies to local refiners has reverted to dollar-based transactions.
Analysts believe the latest development underscores the continued foreign exchange challenges facing Nigeria’s downstream petroleum sector despite efforts to deepen local refining and reduce dependence on imported fuel.
Independent petroleum marketers on Monday pushed for the restoration of importation rights and projected that the pump price of Premium Motor Spirit, popularly called petrol, could fall below N800 per litre as the Federal Government intensified efforts to force down the cost of petrol.
The development came as the Federal Government met with major operators in the downstream petroleum sector, including representatives of the Dangote Petroleum Refinery, over what it described as the disconnect between falling global crude oil prices and the relatively high pump prices of petrol in the domestic market.
The stakeholders’ meeting on cost-reflective pricing of PMS, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, brought together the Federal Competition and Consumer Protection Commission, the Independent Petroleum Marketers Association of Nigeria, the Major Energy Marketers Association of Nigeria, the Depot and Petroleum Products Retailers Association of Nigeria, the Depot and Petroleum Products Marketers Association of Nigeria, the Nigerian Association of Road Transport Owners, and other major operators in the sector.
Also in attendance were chief executives and representatives of TotalEnergies, Eterna Plc, Matrix Energy Group, officials of the NMDPRA, and delegates from the Dangote refinery.
Petrol prices have remained a major source of hardship for households and businesses in Nigeria, with pump prices surging following the spike in global crude oil prices triggered by tensions in the Middle East, particularly between Iran and the United States.
Although crude prices have moderated after diplomatic efforts eased the tensions, the reduction has yet to be fully reflected in domestic petrol prices, prompting the Federal Government to convene a stakeholders’ meeting aimed at driving a fair reduction in pump prices.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, urged the government to permit independent marketers to import petroleum products directly, saying greater competition would ultimately reduce prices.
Maigandi also called for support for local refineries, particularly the Dangote Petroleum Refinery, while stressing the need to allow marketers to import products whenever necessary.
“Our major concern is that if products are to be distributed, let IPMAN buy products directly from the Dangote refinery and then, if we request importation, let IPMAN import by themselves. What we are trying to encourage is our local refinery. Let the government allow the local refinery to function properly and assist those who intend to refine products too,” he said.
The IPMAN president assured Nigerians that independent marketers were prepared to slash petrol prices significantly and projected that pump prices could fall below N800 per litre under the right market conditions.
“The price of the product is coming down bit by bit. Even when the price was increased, it was not increased at the same time. Likewise, now, as the price is coming down, we too are bringing the price down. If you check prices all over the country, you will see that independent petroleum marketers are reducing their prices gradually. Presently, we have reduced by N125 per litre nationwide,” he stated.
Miagandi added, “At any time when there is a reduction in price, we are ready to reduce the price to even below N800 per litre, not even N900. It depends on the way we buy the product from the private depot owners and the Dangote refinery.
“I thank God that the Dangote refinery has accepted independent petroleum marketers to start purchasing products directly. It is a plus, and very soon the populace will see the change in terms of price.”
The renewed push for importation comes amid an intense pricing battle in the downstream sector following the commencement of large-scale production at the Dangote refinery and the deregulation of the petrol market.
Speaking to journalists after a closed-door session with the stakeholders, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the government remained concerned that current petrol prices were not reflective of prevailing crude oil prices in the international market.
According to him, the government had engaged marketers in frank discussions aimed at ensuring that the reduction in global crude prices translates into lower pump prices for Nigerians.
Lokpobiri said, “The engagements are ongoing. We had very fruitful and frank discussions with the marketers and the leaders of the downstream sector of the petroleum industry with a view to driving down the price of PMS.
“My own opinion is that the petrol prices are not cost-reflective; they are not reflective of the cost of crude oil. But the marketers are also saying that crude oil prices are still high.
“In fact, somebody told us right there that the crude oil price for a month is still over $90 per barrel. But we are saying that when Brent crude was over $118 per barrel, the price was rapidly going up. Now that the price has come down drastically, why has petrol not come down correspondingly? That is a worry.”
The minister said the government had communicated the concerns of consumers to operators and directed them to return with practical measures that would lead to lower petrol prices.
“We have said that these are the issues of concern to the government. They have also said they will go back and think about what they can put together with a view to addressing the issue of the high cost of PMS that is not reflective of the price of crude in the market.
“We told them the concern of the Nigerian consumer, and they have also said they will go back and think of what concrete steps can be taken with a view to ensuring that the price drops,” he stated.
On when Nigerians should expect a reduction in petrol prices, Lokpobiri said discussions were still ongoing and declined to give a deadline. “As we called you today, we will call you as soon as possible. But the important thing is that discussions are ongoing,” he added.
Before the closed-door meeting, Lokpobiri warned petroleum marketers against using profits from previously acquired expensive fuel inventories as justification for maintaining high petrol prices, insisting that the benefits of lower replacement costs must be passed on to consumers.
The government said the continued disconnect between falling international crude oil prices and domestic petrol prices had become a source of concern, warning petroleum marketers against sustaining high pump prices of Premium Motor Spirit despite declining global crude prices and insisting that Nigerians should enjoy the benefits of lower replacement costs in a deregulated market.
The Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated ₦757 billion, surpassing shipments from the United States and becoming Europe’s largest supplier during the month.
According to an S&P Global Commodity Insights market report, Nigeria’s jet fuel exports to Europe rose sharply from 232,000 metric tonnes in May to 466,000 metric tonnes in June—the highest monthly volume since the country became a net exporter of aviation fuel in 2024 following the commencement of production at the Dangote refinery.
The June shipment is equivalent to about 582.5 million litres of aviation fuel. At an estimated domestic value of ₦1,300 per litre, the exports are worth approximately ₦757.25 billion.
In contrast, US jet fuel exports to Europe declined significantly, dropping from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May, before falling further to 399,000 metric tonnes in June, leaving Nigeria as the continent’s biggest supplier during the period.
A trader attributed the oversupply in the European market to increased shipments from both Dangote and the US.
“Jet fuel is oversupplied because of high local refinery production. Refineries delayed maintenance to benefit from high prices. The US and Dangote also shipped large volumes. Some flows are also resuming through the Suez Canal from the UAE,” the trader said.
The report noted that the European jet fuel market turned increasingly bearish after prices retreated sharply from the highs recorded during the recent Middle East conflict.
According to Platts, part of S&P Global Commodity Insights, the Northwest Europe jet CIF cargo assessment for July fell to $981.75 per metric tonne on June 30, down from a record $1,694.25 per metric tonne recorded on March 30. The August contract also declined from $1,507.50 to $968.25 per metric tonne over the same period.
Analysts said Europe could receive even more jet fuel supplies in the coming months as the East-West arbitrage remains favourable, encouraging exporters in the Middle East and India to ship cargoes westward.
Although no jet fuel shipments arrived from the United Arab Emirates and Kuwait in June, exports from Saudi Arabia increased to about 106,000 metric tonnes, up from 7,000 metric tonnes in May. Exports from India also rose from 129,000 metric tonnes to 197,000 metric tonnes.
Despite the current oversupply, traders told Platts that market conditions would largely depend on developments in the Strait of Hormuz, the recovery of Middle Eastern refineries affected by recent conflicts, stronger summer travel demand, and refiners’ decisions to prioritise diesel production over jet fuel.
Meanwhile, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that the Dangote refinery exported about 1.66 billion litres of refined petroleum products in April 2026.
The exports included 513 million litres of petrol, 534 million litres of diesel, and 615 million litres of aviation fuel, highlighting the refinery’s growing role in supplying both domestic and international markets.
Dangote Refinery remains Nigeria’s only major refinery currently producing refined petroleum products at volumes sufficient for local consumption and export. Rising output has also made Nigeria a net exporter of petrol for the first time in decades, reinforcing the country’s emergence as a major refining and petroleum export hub in Africa.
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