Business
33 Nigerian Banks Beat CBN’s Recapialisation with ₦4.65trn Combined Capital Base
The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is wellpositioned to support economic growth and withstand domestic and external shocks.”
•Governor of CBN, Olayemi Cardoso
The Central Bank of Nigeria (CBN) has wrapped up the banking sector recapitalisation programme it introduced two years ago (March 2024-March 31, 2026) with 33 banks successfully met the requirements deadline.
The banks raised a total of ₦4.65 trillion in new capital, according to a statement signed by Olubukola A. Akinwunmi, the Director, Banking Supervision and Hakama Sidi Ali (Mrs.), the Ag. Director, Corporate Communications.
It said that the recapialisation exercises recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting sustained confidence in the Nigerian banking sector.
The statement noted that the Governor of CBN, Olayemi Cardoso said “the recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is wellpositioned to support economic growth and withstand domestic and external shocks.”
“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.
Business
Enugu Air Begins London Gatwick flights From December 10, 2026
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
Enugu Air will begin direct flights to London Gatwick on December 10, 2026, with four services weekly.
Tickets are already available for booking.
The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.
The service is being delivered through a strategic partnership with Omni-Blu Aviation (OBA).
The airline said the service will improve international travel connectivity for passengers departing from Lagos, Enugu and other parts of Nigeria.
Passengers from Enugu will be able to begin their international journey to London from their home airport, Akanu Ibiam International Airport.
The four weekly flights are expected to give travellers greater flexibility between Nigeria and the United Kingdom.
Enugu Air Chief Executive Officer Captain Tolu Ita said: “The commencement of our London Gatwick service reflects our commitment to expanding international connectivity and the vision of His Excellency, Governor Peter Mbah, to connect Enugu to more opportunities across the world.”
He added: “Of particular importance is ensuring that passengers from Enugu can begin their international journey to London from their home airport, Akanu Ibiam International Airport. We are proud to make the journey from Enugu to London Gatwick a reality for our passengers.”
Business
Naira Exchange Rates Thursday, 5 Nov 2026
BLACK/ PARALLEL MARKET RATES
₦1400DOLLAR (USD)
₦1830POUND (GBP)
₦1515 EURO (EUR)
₦950 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED
₦190 Chinese YUAN (CNY)
₦100 Ghanaian CEDI (GHS)
West African CFA ₦2240 (XOF)
Central African CFA ₦2180 (XAF)
₦820 Australian Dollar AUSSIE (AUD)
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
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