Category: 📃Supers News

  • Man accidentally kills neighbor’s 250 chickens over football

    Man accidentally kills neighbor’s 250 chickens over football

    A young Nigerian man confesses to a childhood act that led to the accidental death of 250 chickens from a neighbour’s poultry farm.

    The individual, identified on social media platform X as @JohnOlisa, shared his story in response to a viral post asking users to reveal the most “diabolical or evil” thing they’ve ever done.

    Narrating the incident, he recalled how a football went over a neighbour’s fence and was seized by the man. In a bid to retaliate, he decided to poison one or two chickens, but things quickly spiralled out of control.

    His post read:

    “Our ball went over de fence so he seized the ball. Next day I mixed rat poison with some rice and throw them in his poultry. My intention was to kpia just 1 or 2 chickens but bro 250 chickens gone within 3 hours. Fear grip me. His wife cried so much. No one knew the truth till date.”

    Revenge Gone Wrong: Man accidentally kills neighbor’s 250 chicken
    Screenshot

    The shocking revelation has drawn a wave of reactions, with some users expressing horror and disbelief at the outcome.

    A social media user @jibrilumar41065 reacted, “Omoh i jst de imagine make person come de get em own karma now wey one broilers day old chicken na 1800 for chicken wey u kill at 250 naira per one feed sef one bag na 3500 by then … Omoh i jst de imagine sha.”

    Another user @Dannygrant_1 added, “You are really evil and should be dragging seat with those evil uncle at the villa infact you are not supposed to live in the city people life is at stake.. what have you done because of football?”

  • Cardoso reaffirms CBN’s commitment to monetary reforms

    Cardoso reaffirms CBN’s commitment to monetary reforms

    The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Friday, engaged in a thought-provoking conversation with Nobel Prize-winning economist, Dr. James Robinson, the Reverend Richard L.

    Pearson Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts in the United States..

    According to a statement on the apex bank’s official X handle on Saturday, the high-level discussion spotlighted Nigeria’s monetary policy direction.

    Cardoso reaffirmed the CBN’s steadfast commitment to transparency, consistency, and restoring public confidence through orthodox monetary policy reforms.

    “We inherited a crisis of confidence, but we chose a different path. We’re not turning back,” Cardoso declared during the conversation, drawing applause from an audience of economic stakeholders, policymakers, and financial experts.

    The statement added, “The event was opened by Tal Cohen, President of Nasdaq, and featured a strong representation of Nigerian professionals and global financial leaders.

    “It was anchored by CBN’s Adviser on Stakeholder Engagement, Dr. Nkiru Balonwu, while the Question and Answer session was moderated by the Group CEO of the Nigerian Exchange Group, Temi Popoola.

    “The Director of the CBN’s Banking Supervision Department, Dr. Olubukola Akinniyi Akinwunmi, provided closing remarks.”

    The fireside chat also emphasised the CBN’s global reach and strategic collaboration with the Nigerian diaspora, as members of the CBN Board and Monetary Policy Committee — Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu — were in attendance.

    Their presence underscored the apex bank’s growing engagement with Nigerian professionals abroad and its commitment to leveraging homegrown talent to drive economic transformation.

     

     

  • American salesman married to Cross River woman, Why I may relocate to Nigeria

    American salesman married to Cross River woman, Why I may relocate to Nigeria

    An American citizen, Aaron Price, speaks with BIODUN BUSARI about his love for his Nigerian wife, Blessing, and his desire to live in Nigeria for 15 years in exchange for citizenship by naturalisation, among other issues 

    Where are you from?

    I was born in California, United States, but my family and I now live in Utah. I’m 33 years old. I came to the state of Utah to study, and I’ve stayed here for 12 years. That’s where I met my wife, Blessing. In terms of what I do, my background was as a professional musician, but I’ve since transitioned my career into software sales.

    Are you a content creator going by many posts on your TikTok account?

    My wife is the content creator, but I’ve participated and been involved. She dragged me into content creation as we say in America ‘kicking and screaming.’ So, I’m a content creator by force.

    How did you both meet? 

    I always tell people it was a COVID love story. We met in June 2020. A lot of things were locked down and there were no social gatherings of more than 10 people. So, it was very hard to meet people. I got on a dating app and there was one used by members of my faith.

    So, we met on a dating app; we met for a date after a while. Though I almost screwed it up and she was ready to block me after the first date. I persuaded her and honestly, even within a few weeks, I knew I wanted to marry her. She has tremendous character. She loves God; she’s a very strong, kind, and intelligent person.

    She’s the kind of person that I knew I wanted to build a life with when I learnt about some of the struggles she went through. She was going to school and working full-time in the United States while maintaining a high-grade point average. She did this to pay for her father’s medical treatment at home because he was dying of cancer. That impressed me about her.

    Did you face challenges from either of the families when both of you planned to get married?

    Some people would face that, but it wasn’t my experience. I’m fortunate that I was raised by a family that taught us to treat people the same regardless of their nationalities. I share the same faith with my wife and that is the most important to my parents and my family as a whole.

    They knew we would raise our children with the same values. So, we didn’t experience any opposition or objection. Her family has been incredibly welcoming and treated me beautifully. I couldn’t have asked for better treatment from my in-laws.

    Why did you go online about the requirement that male foreigners have to live in Nigeria for 15 years before getting Nigerian citizenship despite marrying Nigerian women?

    I had just learnt about it. I was trying to read as much as I could about it on the Ministry of Interior’s website. I saw different types of statuses for applying for citizenship. I was just very surprised to learn that men who marry Nigerian women are treated differently than foreign women who marry Nigerian men.

    Can you live in Nigeria for 15 years to get a Nigerian passport?

    It’s hard but possible at the same time. Though it’s a great commitment to live in Nigeria for 15 years, I would certainly be willing to try. My wife and I have talked in great depth about the possibility of living in Nigeria. Personally, some other considerations are making us need to wait before we do that.

    It might be a few years before we move to Nigeria. However, I’m very interested in the idea, especially if I could continue to work for an American company remotely. I would like to consider it because it’s attractive and the quality of life in Nigeria.

    What did you mean by the quality of life in Nigeria? 

    Well, I’m not a special person; so, I wouldn’t ask for a request to be made on my behalf. But, the only reason I think this issue is important is based on equality and fairness in the treatment of Nigerian people. Nevertheless, I would say making such a request is not only about me but also about providing equal access for people to take part in Nigerian traditions and culture.

    My wife and I thought about this because we want our kids to grow up learning about their mother’s culture and traditions. We, male foreigners, should be treated the same as a female foreigner is treated when she marries a Nigerian man. There shouldn’t be discrimination against Nigerian women simply because they were born women and for marrying male foreigners.

    In the video, you made some remarks in Nigerian Pidgin, how long have you been learning?

    It’s funny that some Nigerians like to speak like Americans when they move to the US but my wife is not like that. She is a very proud Nigerian. She loves her culture and traditions and is proud of them. She loves Nigeria and its people. She loves the way she speaks, so she doesn’t feel the need to adjust just because she doesn’t sound the same as I do,

    So, it wasn’t so much that she taught me Pidgin so much as speaking in Pidgin to her friends and I wanted to know what she was saying. I just paid attention; I paid very close attention and I picked it up over time but I’m still learning Pidgin. I would say I understand much better than I speak but I just think it’s very impressive that my wife speaks many languages.

    When we visited Calabar where my wife is from, I heard her speak Akwa Ibom, I heard her speak Efik. I heard her speak her native language. And she speaks amazing English. So, I just think it’s very impressive I look up to her ability to speak many languages because that’s something that Americans don’t do so much.

    It’s something I think we should try to do more. We Americans are so great and I think I should speak our language and any other language other than what I studied in school.  I’ve forgotten everything but I want to learn how to speak Pidgin well so that I can say a lot of things without people around me knowing what we’re saying with my wife in America or abroad.

    What other languages can you speak apart from Pidgin? 

    I just learned a couple of phrases of Assiga language where she comes from when we visited the village. I could say a couple of small things. Apart from that, I don’t speak any other language, and I wouldn’t even say I speak Pidgin well. But I want to learn it.

    When was the last time you visited Nigeria? 

    We visited the Calabar Carnival in December of 2023. We were there for over a month.

    What were the things you liked about Nigeria when you visited?

    Well, the first thing that surprised me was just how welcoming the people were. I couldn’t believe how much attention they paid to me, because I’m a nobody. It was fun. They were very curious to learn about us and to learn about Americans. I loved the food. I chop rice, soups, and akara (bean cake). Every night we go out for suya (pepper-sprayed grilled beef). I think it was my favourite.

    Do you know what they call japa in Nigeria? 

    I’ve heard the term, but if you can remind me of what it is.

    It’s a brain drain where there is a mass exodus of Nigerians to developed countries in search of greener pastures. So, what’s your perspective of Nigerians coming to America for better opportunities?

    Yes, there is opportunity in countries like America because of the strength of the economy. There are so many jobs. But I don’t think that the quality of life is necessarily better here (US). There are maybe a few areas where that’s true. But the problem, whether it’s America or the UK or countries in Europe, it’s very expensive to live in these countries. So many people come here and they struggle.

    They hustle and sweat their life out only to find out that they haven’t got ahead. They don’t have savings. They don’t have a retirement. They can’t take a break from working without financial ruin.

    So, I think that is very true that sometimes people think life will magically be easier in America or the UK, but it’s not really true. I think the only real reason that this happens is because of the strength of currencies. It’s because the dollar is strong.

     

     

     

     

  • How CBEX promoters used EFCC, CAC certificates to deceive 600,000 investors

    How CBEX promoters used EFCC, CAC certificates to deceive 600,000 investors

    More details have emerged on how promoters of the fraudulent Ponzi scheme, Crypto Bridge Exchange, aka CBEX, convinced hundreds of thousands of investors to put money into the trading platform.

    CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading.

    No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed on Monday.

    Findings by Saturday PUNCH revealed that the promoters of the platform operated under a company registered as ST Technologies International Limited.

    ST Technologies was registered with the Corporate Affairs Commission on September 25, 2024, and the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering on January 16, 2025.

    Copies of the certificates were obtained by our correspondents.

    One of the documents was titled, ‘Certificate of Increase in Issued Share Capital of ST Technologies International Limited Company Registration No. 7955973.’

    It read, “The Registrar-General of the Corporate Affairs Commission hereby certifies that pursuant to the resolution and notice of increase in share capital dated 4th December 2024, and presented for filing on 5th December 2024, in respect of the above-named company, the increase in share capital from N1,000,000 to N201,000,000—by the creation of 200,000,000 ordinary shares of N1 each and preference shares of N0 each—has been registered with the commission. Given under my hand at Abuja this 17th day of December 2024.”

    Similarly, the EFCC’s certificate of January 16, 2025, stated, “ST Technologies International Limited has been duly registered in accordance with the provisions of Section 17(2)(a) of the Money Laundering (Prevention and Prohibition) Act 2022, and any other applicable law or regulation.”

    Some of the victims, who spoke to Saturday PUNCH, said the registration certificates gave them confidence that the scheme was authentic.

    “They were also doing charity, hospital outreach, paying hospital bills… it was a coordinated approach,” an investor who asked not to be identified said.

    The video was recorded on February 10, 2025 during the inauguration of the firm’s Abuja office attended by a crowd.

    The Telegram groups

    Findings by Saturday PUNCH showed that promoters of the scheme maintained different Telegram groups for users.

    Our correspondents had access to three.

    The first group, ‘ST Customer Support,’ had 144,460 members.

    The other group, ‘Newcomer Advance Group,’ had 58,186, while the third platform, ‘ST Signal Group IV,’ had 87,864 members as of the first day of the crash.

    However, all the Telegram accounts were locked following the crash of the platform on Monday.

    Saturday PUNCH observed that the administrators of the groups used mostly UK mobile numbers with animated pictures for their profiles. They did not use their real photos.

    Two of the administrators’ usernames were @Mentor_LaurafxWilsonn, @Maiy_Aditiii).

    As of the time of filing this report, members of the ST Signal Group IV had reduced to 83,792, while those of ST Customer Support and Newcomer Advance Group had reduced to 137,085 and 54,809, respectively.

    Also, the accounts had been flagged ‘Scam’ by Telegram following reports of fraud from the victims.

    EFCC begins de-registration

    The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed that the Ponzi scheme was registered under the name of ST Technologies.

    He noted that the company listed consultancy services as its line of business, noting that the commission had begun the process to revoke its registration after discovering that it deviated from its stated operations.

    “It wasn’t registered as CBEX. It was registered as ST Technologies. What they offered as a service was consultancy. When the Special Control Unit Against Money Laundering discovered that the entity had veered off its registered line of business, modalities were initiated to withdraw that registration,” Oyewale said.

    Asked whether the commission was closing in on the main perpetrators, he responded, “Work is ongoing. Our international partners have also begun investigations. I can assure you we will get to the root of the matter.”

    The Securities and Exchange Commission also confirmed that “CBEX operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology.”

    In a statement, the SEC said, “Preliminary investigations carried out by the commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe. CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.”

    CBEX marketing strategies

    Sources who spoke to Saturday PUNCH said promoters of the trading platform recruited some influencers and radio presenters as brand ambassadors.

    The team also established offices in some major parts of the country, including Abuja, Lagos, and Ibadan, and embarked on marketing via radio and social media platforms.

    Some of the radio stations that aired the Ponzi scheme programme included Orisun FM, Ile-Ife, Osun State, and three other radio stations in Ibadan, Oyo State.

    The Nigerian investors also embarked on marketing in schools and churches and held giveaways.

    These marketing strategies enabled the trading platform representatives to convince even the poor and illiterate individuals to invest in the scheme.

    In a five-minute programme promoting CBEX on Orisun FM, one of the officials claimed that the platform could lift many Nigerians out of poverty.

    “This scheme is for everyone. Even those selling herbal mixtures, those selling on the roadside, and the petty traders can invest with us. Those selling pepper and those selling vegetables in the market can also join us,” he said.

    “We want everyone to join us because our intention is to make life easier for Nigerian people. We want to take them from suffering and hardships,” another stated on the programme.

    Acting on the backlash from netizens, the OSBC management issued a statement, saying the presenter of the programme had been sanctioned.

    Top Nigerians lose money

    On Friday, a video clip of popular Fuji musician, Alhaji Taye Adebisi, aka Taye Currency, lamenting his hard luck with CBEX went viral.

    In the clip, Adebisi said he lost N10m to the platform and heaped curses on his associates who introduced him to it.

    The Fuji star said, “On April 1, Sodiq came to my house and said Lateef, the brand manager, had collected some money and also introduced Alaba and Small London had also collected their money, and Brother Muca

    “Alaba used N1.2m he stole from the stage to invest in CBEX. Brother Muca also put in his work fee of N500,000. Sodiq used the money he was saving in the band, N850,000. Lateef invested N1.4 million.”

    The singer revealed that it was the success of his associates in the scheme that made him invest in it as well.

    “Lateef said he used N200,000 to collect N600,000, and I got motivated. I withdrew the money I had saved with insurance, see my life in the open. I invested N10m in CBEX on April 1, but everything vanished,” he stated.

    But aside from Taye Currency, Saturday PUNCH gathered that several other celebrities invested in the scheme but could not come open with their losses.

    A source claimed he introduced a Divisional Police Officer to the scheme, adding that the senior police officer had been inconsolable since the collapse of the platform.

    We sold property, took loans for CBEX – Victims

    CBEX accepted only dollar-denominated transactions and provided referral bonuses to encourage user growth.

    Saturday PUNCH gathered from some investors that the minimum trading amount was $100, which matured for cash-out with profit after 30 days.

    A victim said after he opened an account with CBEX, he was asked to copy and paste the account ID and that of the person who introduced him to the Ponzi scheme into the ST Customer Support and ST Signal support groups on Telegram.

    According to him, he was asked to link his CBEX account with Bybit under the pretext of preventing hackers from clearing his asset.

    “I invested $312 on April 3, and as of April 15, I already had $623 in my wallet. They were giving us bonuses and the money kept increasing. I still don’t believe my money is gone,” he stated.

    A serving policeman in Osun State said he sold his car and invested the proceeds, amounting to N3.2m, into CBEX.

    The police inspector had earlier in March invested $300 and cashed out N783,000 after six weeks.

    Gripped by the turnover, he gathered more money, sold his car, and invested the proceeds in the scheme two weeks before the crash.

    “It was a stupid mistake I would never make again,” the distressed cop said.

    He noted that he received bonuses in dollars for every new joiner he introduced to the platform, which made him market the scheme to many others.

    “The more people I registered on CBEX, the more bonuses I got, and I wanted to continue making more money. So, I encouraged a lot of people to join. Before it crashed, nine people had joined CBEX through me. It is a shame I can’t bear now.”

    Another police officer serving with the Lagos State Command disclosed that he lost N4.8m to the Ponzi scheme.

    “Is it a good thing to talk about? The person who referred you to me already told you I lost N4.8m, so what else do you want to know?” said the angry policeman.

    It was gathered that the police sergeant collected rent from his tenants in his house at Ikorodu and invested it in CBEX.

    Also, a skit maker in Ilorin attempted suicide after it dawned on him that the platform had crashed.

    According to him, he invested N23m with the hope of making N50m in six weeks.

    Speaking with Saturday PUNCH through TikTok on Thursday, the skit maker said, “I was convinced by my friend who joined CBEX last year and had been cashing out big time. He had made a lot of money there. I joined the platform three weeks ago and invested N23m with the hope of getting N50m in six weeks.

    “CBEX used to give us bonuses every Sunday, depending on the amount you had. There was also a bonus for bringing new members.

    “But the platform crashed and I don’t know how I considered taking poison. I thank God I survived because when there is life, there is hope.

    “The most painful thing is that I wanted to use about N15m out of the money to buy a car, but everything is gone now.”

    Another victim, who identified himself as Shola, said he took a N500,000 loan to invest in CBEX.

    “CBEX was introduced to me by my friend, and I felt I stood a chance to become a millionaire within a short period. I obtained a loan from one of the money lenders, believing that I would make enough profit to pay the debt and also continue my investment after a month. I am now in debt,” Shola stated.

    “I thought it wasn’t a bad idea if I sold my car, which had already developed a mechanical fault, and invested the proceeds in CBEX. I was expecting a return of about N7m, which I planned to use to buy a new car,” another investor said.

    Built to fail

    A United States-based Nigerian crypto investor, Ojukwu Emmanuel, said the collapse of the digital asset platform was a stark reminder of the persistent economic and regulatory vulnerabilities in Nigeria’s fintech ecosystem.

    In an interview with Saturday PUNCH, Emmanuel said he had warned his family about CBEX’s unsustainable model before its eventual collapse.

    He described the platform’s promises as “too good to be true,” and said its trading operations were built on deception.

    “From the moment I studied CBEX’s system, I knew it was a ticking time bomb. My parents reached out to me about it, and after reviewing the platform’s processes, it was clear the system was being manipulated behind the scenes,” he said.

    According to him, while some users initially made profits, the underlying structure remained a Ponzi scheme.

    “They claimed an AI was trading on behalf of users, but the results were too perfect and consistent. No real market works that way. Returns were fixed—10 per cent daily—regardless of market volatility. That’s a major red flag. Someone was manipulating the system,” he added.

    Emmanuel said CBEX’s polished digital interface and false claims of registration misled many Nigerians into trusting the platform.

    It also shared a name with a legitimate Chinese government-backed equity exchange, further compounding the deception.

    “The entire setup was designed to mimic legitimacy. From its branding to how the trades were presented, everything looked sophisticated, but it was a façade engineered to mislead.”

    Emmanuel argued that Nigeria’s recurring susceptibility to such scams lay in deeper systemic problems.

    EFCC knocked

    Meanwhile, some Nigerians have knocked the EFCC for not alerting the public to the fraud being perpetrated by the platform.

    They argued that the anti-graft agency should have listed it as one of the Ponzi companies before the platform vanished with Nigerians’ money.

    On March 11, the commission released a list of 58 companies operating Ponzi schemes in Nigeria, warning the public to avoid investing with them.

    But CBEX was not part of the list.

    Commenting on the omission, a human rights lawyer, Inibehe Effiong, described it as a serious failure on the part of regulatory and security agencies tasked with protecting citizens from fraudulent entities.

    “I believe Nigeria has enough institutions that should checkmate that kind of fraud,” he said.

    Effiong questioned the capacity of agencies to identify and halt such schemes before they spiral out of control.

    He urged the EFCC and other relevant agencies to act without delay, calling for international cooperation in tracking down the perpetrators.

    The lawyer also emphasised the need for preventive frameworks, stating that the incident should prompt a comprehensive overhaul of how investment firms and schemes were monitored in Nigeria.

     

  • Easter: Fubara preaches reconciliation, unity, support for Tinubu

    Easter: Fubara preaches reconciliation, unity, support for Tinubu

    Rivers State Governor, Siminalayi Fubara, has reiterated his commitment to delivering the evidence of democracy and good governance to the people of the state.

    Also, the governor reminded that the period of Easter affords the opportunity of reconciliation and unity.

    Fubara stated this in his Easter message to the people of the state contained in a statement issued in Port Harcourt on Saturday.

    The governor stated this in a message he personally signed and obtained by newsmen.

    The statement was titled ‘Renewed By The Resurrection: Advancing Peace, Unity and Good Governance’.

    The statement partly reads, “As we celebrate the resurrection of our Lord and Saviour, Jesus Christ, this Easter, I bring you warm greetings and heartfelt felicitations.

    “Easter is a sacred season of reconciliation and unity. It is a time when the peace of Christ dwells richly in our hearts, restoring relationships, comforting the afflicted, feeding the hungry, and healing the brokenhearted.

    “It is a time to reaffirm our shared belief that peace shall overcome war, and that even shattered dreams can find new life in the light of the resurrection.”

    Fubara continued, “This season renews our confidence that nothing — neither hardship, nor adversity, nor even death — can separate us from the love of God in Christ. In Him, we remain victorious.

    “I reiterate my unwavering commitment to delivering good governance to the resilient and dignified people of Rivers State.”

    While expressing hope for a better Nigeria, the governor urged people of the state to continue to support President Bola Tinubu.

    “Therefore, I call on the good people of Rivers State to continue to support and align with the Renewed Hope Agenda of our dear President, His Excellency, Senator Bola Ahmed Tinubu, while looking forward to a better tomorrow.

    “Let us not lose sight of our collective strength. The transformation we all desire is achievable when we act together as one people under God, committed to peace, unity, and progress.

    “May the Risen Christ bless every home in Rivers State and beyond with peace, love, good health, and renewed strength as we continue our journey to a greater future.

    “Happy Easter to you all!”

  • Recapitalisation: CBN cautions banks against illicit funds

    Recapitalisation: CBN cautions banks against illicit funds

    The Central Bank of Nigeria CBN has warned deposit money banks to avoid raising capital from illicit sources as part of the ongoing recapitalisation exercise.

    The apex bank said the measure was necessary to preserve financial system stability and ensure that the banking sector remains strong enough to support the country’s $1tn economic target.

    Speaking at the 36th Finance Correspondents Association of Nigeria and Business Editors seminar in Abuja on Monday, the Director of Banking Supervision at the CBN, Dr Olubukola Akinwunmi, said while the recapitalisation exercise is designed to reposition the sector for bigger responsibilities, the bank will not compromise its regulatory oversight.

    Akinwunmi said, “We ensure there is proper verification. And the verification is to ensure that we do not encourage illicit funds into our banking system. Illicit funds can only destabilise the banking system.”

    He explained that the new minimum capital thresholds announced by the bank on March 28, 2024, were introduced to address the structural imbalances in the economy and prepare banks to absorb shocks from both domestic and global headwinds.

    Under the new requirements, international commercial banks are expected to meet a minimum capital of N500bn, while national commercial banks are to raise theirs to N200bn.

    Regional commercial and merchant banks are expected to raise a minimum of N50bn each, while non-interest banks at the national and regional levels are to meet capital bases of N20bn and N10bn, respectively.

    According to Akinwunmi, the recapitalisation exercise, which took effect on April 1, 2024, will run for a period of 24 months, ending on March 31, 2026.

    He added that the capital requirement is already in effect for new banking licence applications.

    The banking sector, he noted, has shown resilience over the years and remains sound across key prudential indicators.

    “We have just completed certain examinations and research to give us the reassurance that our banks are on a strong footing. Our banks are standing on sound footing when it comes to liquidity, capital adequacy and non-performing loans,” he said.

    He added that the exercise would place banks in a stronger position to withstand rising global tensions and macroeconomic uncertainties.

    “The recapitalisation is also about strengthening the financial system for the future. Larger capital bases translate to greater capacity to fund high-impact sectors such as infrastructure, manufacturing, and agriculture. Banks must be ready for the emerging global order,” he said.

    The CBN, he noted, has adopted a phased implementation to ensure that banks continue to operate effectively while raising capital.

    He also stated that flexible funding options such as public offers, rights issues, mergers, acquisitions and strategic foreign investments were available to banks.

    He added that banks could choose to scale down their licence types where necessary without losing regulatory standing.

    On corporate governance, he said stronger capital would naturally invite more investors who would in turn demand improved transparency and compliance with anti-money laundering and terrorism financing laws.

    Akinwunmi clarified that the bank had returned to its original definition of share capital—comprising paid-up capital and share premium—stressing that this was in line with the legal provisions under the Banks and Other Financial Institutions Act.

    He maintained that the recapitalisation programme would enhance banks’ ability to power the growth of SMEs, support job creation, and improve access to credit for critical sectors that contribute directly to GDP growth.

    He said the exercise would deepen financial inclusion, promote innovation and consolidate the banking system in a manner that makes it more globally competitive.

    “Our banks are ready for the emerging challenges that the global economy faces. With stronger capital buffers, they will be better positioned to navigate external shocks and support the trillion-dollar vision of this administration,” Akinwunmi said.

    Also speaking, the Deputy Governor of the CBN, Ms Emem Usoro, has said that Nigeria must ensure a strong, stable, and well-capitalised banking sector if it hopes to attain its goal of becoming a one-trillion-dollar economy.

    Delivering the keynote address at the seminar in Abuja, Usoro described the recapitalisation exercise as a critical policy response to global financial changes and one that would enhance the banking system’s capacity to fund and power the economy effectively.

    She noted that the last major recapitalisation exercise in 2004, which raised the minimum capital base for banks to N25bn, had reduced the number of banks from 89 to 25 and helped stabilise the sector.

    However, with increasing global financial flows, evolving risks, and Nigeria’s renewed development ambition, a more robust financial intermediation framework was now required.

    “As we aspire to build a $1tn economy, all hands must be on deck,” she said.

    According to the deputy governor, the recapitalisation drive is not just about raising capital but also about improving financial system resilience, fostering competition, and positioning Nigerian banks to support development financing.

    “We must consider the recapitalisation of our banks to be able to fund, finance and power the economy and favourably compete globally with its peers in other climes,” she said, urging stakeholders to provide sustained support through policy clarity, implementation discipline, and strategic communication.

    Usoro also commended the role of the media in shaping public understanding of monetary policy reforms, calling for more collaboration between regulators, financial operators, and journalists.

    The Group Managing Director of United Bank for Africa Plc, Mr Oliver Alawuba, has said that Nigeria must grow its economy at a minimum rate of 10 per cent annually if it hopes to achieve the $1tn gross domestic product target set by the Federal Government.

    Speaking at the seminar, Alawuba warned that the country’s current growth rate of 3.84 per cent was not sufficient to achieve the ambitious target by 2030.

    He said, “If we continue to grow at the current rate, we will not be able to meet the $1tn GDP target. To achieve it, the economy must grow in double digits, and a minimum of 10 per cent is required. This is achievable, considering that the economy still grew by 3.84 per cent in 2024 despite inflation, exchange rate volatility and insecurity.”

    Alawuba noted that many African countries with smaller economies were already achieving stronger growth rates. He cited examples such as Kenya, Rwanda and Tanzania in East Africa, as well as Côte d’Ivoire and the Benin Republic in West Africa, all of whom are experiencing growth of 6–7 per cent.

    He commended the Central Bank of Nigeria’s decision to commence another recapitalisation exercise, describing it as a proactive move aligned with the government’s long-term economic vision.

    He said the exercise, announced in March 2024 and effective from April 1, 2024, was not due to weakness in the banking sector but to strengthen its capacity to support the country’s transformation.

    According to him, the banking industry has evolved significantly since the last recapitalisation in 2005, both in terms of asset size and the complexity of financial transactions.

    As such, he said banks needed to be well-capitalised to absorb shocks from inflation, exchange rate depreciation, political risks, and global economic headwinds.

    Alawuba stressed the need for stronger collaboration between banks, regulators, the media, and the government to successfully drive growth.

    He called for clear policy incentives, effective regulation, and a national reorientation agenda that fosters confidence in the Nigerian economy and its institutions.

    He said, “Strong economies are built on the foundation of strong banks. This transformation will depend on how well the financial sector mobilises capital, supports infrastructure, strengthens the real sector, and accelerates digital innovation.”

    Highlighting key challenges, Alawuba pointed to regulatory inconsistencies, low ease of doing business, weak contract enforcement, insecurity, limited access to finance, and inadequate infrastructure—especially power—as major constraints.

    He added that high inflation, volatile exchange rates, and interest rate pressure continued to weigh heavily on growth projections.

    He said, “Nigeria cannot develop if a majority of its population remains outside the financial system. We must drive financial inclusion aggressively, especially in rural areas. Every adult Nigerian should be part of the financial system.”

    Alawuba also urged banks and government institutions to work together to address infrastructure financing gaps, especially in sectors like power, roads and housing.

    He maintained that Nigerian banks were capable of funding national development and managing reserves, noting that UBA and other Nigerian banks already manage parts of central bank reserves for several African countries.

    Commenting on cybersecurity risks, the UBA GMD disclosed that Nigerian banks lost over ₦42bn to cyber fraud in 2023.

    He stressed the importance of collaboration between banks, security agencies and the CBN to combat digital fraud and strengthen public trust in the financial system.

    He added, “Banks must be safe places for Nigerians. We need to invest in platforms that protect depositor funds, ensure cyber resilience, and maintain confidence in the banking sector.”

    On the recapitalisation itself, Alawuba said Nigerian banks had begun submitting their capital plans and some had made significant progress.

    He stated that while the recapitalisation drive was not about forcing consolidation, all banks—large and small—must be supported to grow because of their different roles in the economy.

    In her welcome address, the Acting Director of Corporate Communications at the Central Bank of Nigeria, Mrs Sidi Ali Hakama, said the annual Finance Correspondents and Business Editors seminar has become a critical platform for deepening media understanding of monetary policy and banking regulation.

    According to her, the CBN remains committed to engaging journalists in capacity-building forums that will improve the quality of financial reportage and foster mutual understanding.

    She said the ongoing recapitalisation programme was not only central to financial system stability but also to realising Nigeria’s ambition of achieving a $1tn GDP by 2030.

     

  • FG insists on ending N200bn solar panel imports

    FG insists on ending N200bn solar panel imports

    The Federal Government FG has maintained the need to end the importation of photovoltaic solar panels into Nigeria, saying this has cost N200bn so far.

    The Managing Director/Chief Executive Officer of the Rural Electrification Agency, Abba Aliyu, stated this Monday at a roundtable held in Victoria Island between the REA and the Lagos State Government.

    The REA and Lagos State Government were in Lagos to sign a Memorandum of Understanding for the electrification of rural communities in Lagos.

    According to Aliyu, efforts are ongoing to change the narrative and domesticate the manufacturing of renewable equipment in the country.

    He said he believed that Lagos, being the centre of excellence, is going to lead that domestication drive.

    “Over N200bn has been spent on the importation of PV panels into the country.

    “While there is a need for that importation, one of the key things our agency is striving for is domesticating the manufacturing of this renewable equipment. Lagos, being the centre of excellence, is going to lead a total war in that domestication,” he said.

    To this end, he said the agency has already crystallised the emergence of PV panel manufacturing plants in Lagos.

    “There was a PV panel manufacturing assembly plant in Ikotun, Lagos.

    “They started with 10 megawatts, but with the collaboration with REA, they have moved and increased their capacity to an additional 100 megawatts,” he said.

    The REA boss also hinted that the agency is in the process of signing a joint development agreement with Green World for a lithium battery assembly plant in Lagos.

    According to him, this is a $150m investment taking place in Lagos.

    Recently, the Minister of Science and Technology, Uche Nnaji, said the Federal Government is willing to support local manufacturing of solar panels while restricting imports.

    Nnaji highlighted Nigeria’s capacity to produce solar panels through the National Agency for Science and Engineering Infrastructure.

    “With NASENI here, you know that we have panels. It has a factory that has started producing solar panels, and other private individuals are also producing solar panels as we speak. So, all we need to do is, even through science and technology, through our Presidential Executive Order No. 5, we will stop all these importations of solar panels. We will support our local industries to grow,” he said.

    But the REAN kicked in, saying solar energy has become a beacon of hope for millions of Nigerians who remain underserved by the national grid.

    “Businesses, communities, and individuals rely on solar solutions to power homes, schools, hospitals, and enterprises. The renewable energy sector has grown significantly, attracting investment and fostering innovation. A ban on solar imports, without first strengthening local production capabilities, risks derailing this progress, “the REAN argued.

     

     

     

  • Tinubu orders offensive as fresh Plateau attack leaves 51 dead

    Tinubu orders offensive as fresh Plateau attack leaves 51 dead

    President Bola Tinubu has strongly condemned the violence in Plateau State, urging the state’s leadership to find a lasting solution to persistent communal conflicts.

    This comes after at least 51 people were again killed by gunmen with scores injured in the early hours of Monday in the Zikke and Kakpa communities in Bassa Local Government Area of the North Central state, two weeks after deadly clashes in another part of the state left several people dead.

    Last week, the National Emergency Agency said gunmen had killed at least 52 people and displaced nearly 2,000 others over several days of attacks in Plateau, which has had a history of violence between farmers and cattle herders.

    On Monday, residents said 51 bodies had been recovered in the Zikke and Kimakpa villages in Plateau’s Bassa district, while several more were reportedly injured.

    The cause of the attack was not immediately known.

    “We cannot allow this devastation and the tit-for-tat attacks to continue. Enough is enough,” Tinubu said in a statement signed Monday by his Special Adviser on Information and Strategy, Bayo Onanuga.

    The statement is titled ‘President Tinubu condemns latest attack in Plateau, charges Governor Mutfwang to resolve underlying communal issues.’

    Tinubu expressed profound sorrow over the bloodshed and extended his condolences to Governor Caleb Mutfwang, the state government, and the people of Plateau.

    The President argued that “The ongoing violence between communities in Plateau State, rooted in misunderstandings between different ethnic and religious groups, must cease.”

    Therefore, he called on the governor to demonstrate political resolve in addressing the underlying communal issues fueling the violence and establishing enduring peace.

    “Beyond dealing with the criminal elements of these incessant killings, the political leadership in Plateau State, led by Governor Caleb Mutfwang, must address the root cause of this age-long problem.

    “These problems have been with us for more than two decades. We can no longer ignore the underlying issues.

    “It is time to tackle them fairly and find a lasting solution. I have discussed these problems with the governor over time and offered suggestions for lasting peace,” Tinubu asserted.

    He emphasised the importance of fostering unity and harmony across ethnic and religious lines.

    Tinubu also appealed to community, spiritual, and political leaders both within and outside Plateau State to work together to halt the cycle of retaliatory attacks devastating affected communities.

    He said, “I have instructed security agencies to thoroughly investigate this crisis and identify those responsible for orchestrating these violent acts.”

    President Tinubu reiterated the Federal Government’s commitment to supporting the Plateau State government in fostering dialogue, social cohesion, and accountability, crucial steps towards permanently resolving the conflict.

    “The Federal Government remains committed to supporting Governor Mutfwang and the Plateau State government in promoting dialogue, fostering social cohesion, and ensuring accountability—crucial steps towards permanently resolving the conflict in Plateau,” he concluded.

    Meanwhile, a youth leader in the community, Joseph Chudu, confirmed the attack, which began around 12am Monday to The PUNCH in Jos.

    Chudu said that the gunmen invaded the  community in large numbers shooting and burning their houses.

    Chudu said, “The attack lasted for more than one hour. Many who sustained injuries have been evacuated to the Jos University Teaching Hospital .Please, we need blood  for the injured.”

    Amnesty International Nigeria said the gunmen also razed and looted homes.

    “The inexcusable security lapses that enabled this horrific attack, two weeks after the killing of 52 people, must be investigated,” Amnesty said in a statement.

    Plateau is one of several ethnically and religiously diverse hinterland states known as Nigeria’s Middle Belt, where inter-communal conflict has claimed hundreds of lives in recent years.

    The violence is often painted as ethno-religious conflict between Muslim herders and mainly Christian farmers. But climate change and the reduction of grazing land through agricultural expansion are also major factors.

    Youths condemn killings

    Meanwhile, the Berom Youth Moulders Association called on the Federal Government to declare Fulani militants a terrorist organisation, citing the persistent  attacks on Plateau communities.

    The group condemned the killings in Hurti, Bokkos, and Irigwe Kimakpa, as well as Monday’s attack on Zikke and Kakpa villages in Bassa Local Government Area, which claimed over 50 lives.

    In a statement issued in Jos on Monday and jointly signed by its National President, Solomon Mwantiri, and General Secretary, Bature Adazaram, the BYM stated, “The BYM is saddened by the systemic premeditated killings of unsuspecting residents of Bokkos and Bassa, especially another round of bloodbath witnessed last night,  12th April,  2025 that claimed no fewer than 50 innocent villagers, including women and children in Bassa LGA without any just cause known to the armless populace.

    “According to information available to us, the armed Fulani militants, who attacked Kimakpa and Zike villages of Kwall in Iriggwe Chiefdom last night,  at about 8pm of Sunday was carried out while Plateau State is yet to recover from the genocide meted out on villages of Hurti community,  Bokkos LGA on the 2nd April,  2025 which is unarguably an act of terrorism that confirms a virally circulated video credited to the terror actors, who vowed to make the security situation unbearable in the state.

    The group also called for legislation allowing Nigerians to acquire arms for self-defence.

    Soldiers rescue passengers

    Troops of the 3 Division, Nigerian Army, and Operation Safe Haven in Plateau State have  rescued 16 passengers who were kidnapped along the Jos-Mangu road.

    It was learnt that the rescue operation was initiated on Sunday night, around 9pm, after troops discovered an abandoned vehicle at Mararaban Kantoma in Mangu Local Government Area of the state.

    The spokesman for the Operation Safe Haven, Major Samson Zhakom who confirmed the development in a statement on Monday said upon discovering the abandoned vehicle, troops immediately searched the nearby bushes and found the kidnappers holding the passengers captive.

    According to him  the kidnappers opened fire but were overwhelmed by the troops’ superior firepower, forcing them to flee while the kidnapped victims were successfully rescued

    The statement read, “Troops of 3 Division Nigerian Army and Operation Safe Haven (OPSH) have rescued 16 passengers kidnapped along Jos-Mangu road in Plateau State. The rescue operation began when troops conducting Operation LAFIYAN JAMA’A discovered an empty vehicle abandoned by the roadside at Mararaban Kantoma in Mangu Local Government Area of the state at about 9pm local time on 13 April 2025.

    “The troops immediately searched the nearby bushes to trace the occupants of the vehicle suspected to have been kidnapped. The kidnappers, on sighting the troops opened fire, but our troops overwhelmed the criminals with superior firepower forcing them to abandon the victims and flee. Troops exploited the general area and rescued all 16 abducted passengers, which included six children.

    “Troops administered first aid to some of the rescued victims who sustained minor injuries during the incident. Thereafter, troops escorted the victims to safety to continue their journey to Jos metropolis. Meanwhile, troops are on the lookout for the fleeing kidnappers suspected to have sustained gunshot wounds during the encounter.

     

  • 2027: PDP governors reject merger talks

    2027: PDP governors reject merger talks

    Governors elected under the Peoples Democratic Party PDP on Monday dismissed speculations of a possible merger of parties ahead of the 2027 general elections.

    The Forum also lamented the alarming worsening security situation in Nigeria as evidenced in parts of the country, especially in Borno, Katsina and Edo States.

    The Chairman of the PDP Governors’ Forum and Governor of Bauchi State, Bala Mohammed, who read the communique after the 2025/4th meeting, held in Ibadan, the Oyo State capital, said, “The Forum has resolved that the PDP will not join any coalition or merger.”

    He said PDP, as a major opposition party, will welcome any party, persons or groups that are willing to join the party with a view to wrestling power and enthroning good leadership in 2027.

    The communique read in part, “Noting the nationwide speculations about possible merger of parties, groups and/or associations, the Forum resolved that the PDP will not join any coalition or merger.

    “However, the PDP, as a major opposition party, welcomes any party, persons or groups that are willing to join with a view to wrestling power and enthroning good leadership in 2027.

    “The Forum reiterates its position taken in Asaba on the issue of the National Secretary of the party, but in the wake of the Supreme Court judgment, Forum resolved to recommend that the Deputy Secretary acts as National Secretary, pending the nomination and ratification of a Substantive Secretary from the South East Zone by INEC at its next meeting.

    “The Forum reasserts our collective determination to avert a rape of our constitutional democracy hence the decision of approaching the Supreme Court to give a clear-cut verdict on the interpretation of the provisions of the law on the declaration of State of Emergency in any state.

    “The Forum restates its solidarity with the Governor of Rivers State, Siminalayi Fubara, on the ordeal into which his state and people are being plunged by the declaration of a state of emergency. And we reiterate our commitment to stand with him till the end.”

    The governors also condemned what they described as the worsening security crisis across Nigeria, citing recent attacks in Borno, Katsina, Edo and Plateau States. They called for a revised national security strategy that empowers state governments to form an effective line of defence.

    The statement added, “The Forum resolves that working in conjunction with the National Working Committee and other relevant organs of the party, to hold a NEC meeting on May 27, 2025; constitute a Zoning Committee that will address all issues relating to zoning of party offices and hold an early convention in August 2025, precisely on the 28th, 29th and 30th in the ancient city of Kano.

    “The Forum equally recommends the constitution of the Zoning and National Convention Committees for ratification by the NWC and NEC as follows;

    “Zoning Committee: Gov. Douye Diri Chairman; Gov. Dauda Lawal – Vice Chairman and Gov. Caleb Mutfwang-Secretary, while the National Convention Committee has Gov. Ahmadu Fintiri as Chairman; Gov. Ademola Adeleke as Vice Chairman and Gov. Peter Mbah as Secretary.”

    The Forum expressed its gratitude to the host governor, Seyi Makinde, the government and the people of the state for their hospitality.

    Present at the meeting were the PDP National Chairman, Elia Damagum, Governors of Oyo, Seyi Makinde, Bauchi, Bala Mohammed, Adamawa, Umar Fintiri, Osun, Ademola Adeleke, Enugu, Peter Mbah, Taraba, Agbu Cephas, Zamfara, Dauda Lawal, Plateau, Caleb Mutfwang, Akwa Ibom, Umo Eno, represented by his Deputy and Delta, Sheriff Oborevwori represented by his deputy, Sir Omodes, and the Oyo State PDP Chairman, Wasiu Adeleke, among others.

     

     

     

  • Seyi Tinubu trends online over alleged resemblance to late Ojukwu

    Seyi Tinubu trends online over alleged resemblance to late Ojukwu

    Popular Seyi Tinubu, the son of Nigerian President Bola Ahmed Tinubu, has gone viral online after a post surfaced comparing his appearance to the late Biafran warlord, Chukwuemeka Odumegwu Ojukwu.

    The post, which made its rounds on the popular social media platform X (formerly Twitter), featured side-by-side photos of Seyi Tinubu and Ojukwu.

    The comparison immediately caught the attention of netizens, sparking a wave of reactions.

    Many fans and social media users couldn’t help but point out the striking resemblance between the two figures, with some suggesting that Seyi could be the son of Ojukwu.

    Some users took to the comment section, humorously questioning Seyi’s paternity.

    Netizens Reactions…

    Abdulkarim reacted; “It’s difficult to trust a woman sha. My own be say make Tinubu no see this post.”

    Wealthy Wealthy said: “Nigerians will shock u.”

    Eze Infinity said; “DNA wahala will soon rock the presidency

    Izubest Olumba wrote; “NEVER HE CAN NEVER BE HIS SON..IKEMBA.”

    Chinedu Icha Nwoga Mark said; “We too dey joke for this country upon all the hardship.”

    Decency Samuel commented; “This is an insult to the memory of late Odumejwu Ojukwu’s memory.”

    Tricia Amaka Iroha said; “He doesn’t behave 1 percent like Igbos, so he can’t be. This nah insult to late Chukwuemeka Odumegwu Ojukwu. I know he can’t make such mistake.”

    See below;