Business

Zenith, Wema Bank Lead Kast Week Recapitalisation Drive As Banking Sector Sees Strong Growth

Published

11 months ago

February 3, 2025

The Nigerian banking sector witnessed significant developments last week, with Zenith Bank and Wema Bank making notable strides in their recapitalization efforts.

As banks adapt to evolving regulatory requirements, both financial institutions have taken strategic steps to bolster their capital bases, ensuring long-term stability and competitiveness.

Zenith Bank Plc announced that it had received full regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its recently concluded hybrid offer. The offer included:

A Rights Issue of 5,232,748,964 ordinary shares at N36.00 per share, which was fully subscribed at 100.18 percent.

A Public Offer of 2,767,251,036 ordinary shares at N36.50 per share, which saw an overwhelming 160.47 percent subscription rate. Following the CBN’s capital verification exercise, 4,440,587,250 shares were allotted.

Wema Bank also announced plans to raise N200 billion in fresh capital through a Rights Issue and a Special Placement Exercise, set to commence on April 1, 2025. This represents the second and final tranche of its capital-raising initiative, following the N40 billion raised in the first tranche. The additional capital will position Wema Bank above the CBN’s minimum capital requirements for a national banking license.

The banking sector’s strong performance was reflected in the NGX Banking Index, which surged by 6.74 percent week-on-week (W-o-W) to close at 1,190.35.

Tier 1 Banks: Zenith Bank led the week’s gainers with an 11.21% increase, followed by UBA (10.88%) and AccessCorp (9.01%).

Tier 2 Banks: Wema Bank recorded the highest gain in its category, rising by 25.82 percent, followed by FCMB (17.55%) and Stanbic IBTC (11.72%).

The recapitalization efforts of both Zenith Bank and Wema Bank reflect a broader trend of strengthening financial institutions in Nigeria’s banking sector as lenders prepare for increased regulatory demands and future economic growth.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

1 day ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.