14 banks fully met new capital requirement – Cardoso

In the current recapitalisation exercise, commercial banks with international authorisation now have a new capital requirement of N500 billion.

Published

11 months ago

September 23, 2025

OCHEFA

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The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says that out of 25 Nigerian banks, 14 have fully met the new capital requirements in the ongoing recapitalisation exercise.

Cardoso disclosed this on Tuesday in Abuja, whe he presented a communiqué from the 302nd meeting of Monetary Policy Committee (MPC) of the CBN.

Before then, the last major bank recapitalisation exercise in Nigeria was in 2004, when the CBN raised the minimum capital requirement for all banks from two billion Naira to N25 billion.

This was a significant increase that led to a major consolidation in the banking sector, as the number of banks was reduced from 89 to 25 through a series of mergers and acquisitions.

In the current recapitalisation exercise, commercial banks with international authorisation now have a new capital requirement of N500 billion.

Commercial banks with national authorisation have N200 billion as capital requirement, and commercial banks with regional authorisation have N50 billion.

Merchant banks have a requirement of N50 billion, non-interest banks (national) N20 billion and non-interest banks (regional), N10 billion.

Related Topics:CBN N500bn banks recapitulation Featured

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BREAKING: Uber winds down operations in Nigeria, effective September 2

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.”

Published

20 hours ago

September 2, 2026

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• An Uber driver at work

Ride-hailing company, Uber, has shut down its operations in Nigeria.

In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.

“After a thorough review, we have taken the difficult decision to wind down operations in Nigeria, effective September 2, 2026.”

“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.

“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”

Uber said said its plan is to support drivers, riders and local team members through the transition.

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Allawee shutting down operations by December 1, warns customers must withdraw by November 30

Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.

Published

1 day ago

September 2, 2026

OCHEFA

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• Allawee logo

Nigerian card-issuing fintech Allawee is shutting down its business and personal account services from December 1, 2026.

This follows its acquisition by Pay Stack.

Accordingly, customers have been given until November 30 to withdraw their funds and make alternative arrangements.

The company disclosed the decision in emails sent to customers, according to TechCabal, explaining that its technology now operates within Paystack following the latter’s acquisition of Allawee in 2025.

Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.

Customers have been advised to withdraw their balances before the deadline, provide new bank details to people or businesses that regularly pay them, and replace saved Allawee card information on subscriptions and other recurring payments.Allawee said customers would not lose their money because of the shutdown. “Your money will remain yours,” the company said.