Business
BREAKING: CBN Unveils New Minimum Capital Requirements For Banks …Gives Banks 24 months To Recapitalise

…… This comes 20 years (2004) when a similar exercise of NGN25 billion was announced by the CBN under Governor Chukwuma Soludo.
The Central Bank of Nigeria (CBN) has on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.
This comes days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system.
Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali confirmed the unveiling saying thaty the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.
Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.
A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026
According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.
To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.
Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.
“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.
“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.
The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.
It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted.
However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.
Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.
The CBN also disclosed that it would monitor and ensure compliance with the new requirements within the specified timeline.
Business
Dangote Group Sponsors Nasarawa Trade Fair
The fair is a collaboration between NASSI and the Nasarawa State Chamber of Commerce Agriculture and Industries.

The Dangote Group is sponsoring the 2025 Nasarawa Trade Fair Exhibition, which officially opens this Wednesday in Lafia, the state capital.
The Theme for this year’s Fair is: Investing in Nasarawa’s Future: Fostering Economic Development Through Mineral and Agricultural Cottage Industrialisation
The trade fair, according to the Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State Chapter, Nidan Sambo Manasseh, will be declared open by the state governor, Abdullahi Sule.
He said the fair is a collaboration between NASSI and the Nasarawa State Chamber of Commerce Agriculture and Industries.
Business
Rite Foods Drags Mamuda Beverages to Court Over Products Semblance
Justice Nwite has scheduled a hearing for May 28, where the court will deliberate on Mamuda Beverages’ objection to the case and determine whether Rite Foods’ lawsuit can proceed.

Rite Foods Ltd, the manufacturer of Fearless Energy Drinks, has filed a N1.6 billion lawsuit against Mamuda Beverages Nig. Ltd, producer of Pop Power Energy Drinks, citing trademark infringement and unauthorized replication of its product design.
The lawsuit seeks both damages and an injunction to prevent Mamuda Beverages from continuing to manufacture energy drinks that bear a striking resemblance to Rite Foods’ registered products.
In the writ of summons filed on April 14 before Justice Emeka Nwite of the Federal High Court in Abuja, Rite Foods claims that Mamuda Beverages has violated its intellectual property rights by introducing a nearly identical design for its Pop Power Energy Drinks.
The plaintiff alleges that the defendant has copied its distinctive bottle design, ornamental features, and brand identity, leading to consumer confusion.
Rite Foods Ltd, stated that its Fearless Energy Drinks feature a unique 500ml plastic bottle design incorporating a lion head logo, a specific shape, and color scheme, all of which were officially registered under the Patents and Designs Act on August 24, 2020.
The plaintiff argues that Mamuda Beverages’ 330ml Pop Power Energy Drinks replicate the shape, color, and overall aesthetic of the Fearless brand, with some consumers referring to it as “small Fearless” due to its resemblance.
The lawsuit demands an order of perpetual injunction restraining Mamuda Beverages, its distributors, and associates from further infringing on Rite Foods’ trademark, including manufacturing, distributing, or selling energy drinks that imitate its design.
The plaintiff also seeks N1 billion in damages for losses incurred due to the alleged unlawful use of its registered design, as well as N60 million in legal costs.
Previous injunction Rite Foods had previously secured an injunction against Mamuda Beverages in January 2025 before Justice Inyang Ekwo, restraining the defendant from continuing the production and distribution of Pop Power Energy Drinks.
The parties later reached a settlement agreement , which required Mamuda Beverages to alter elements of its product design to ensure differentiation from Fearless Energy Drinks.
However, Rite Foods claims that Mamuda Beverages has since violated the terms of the settlement, reintroducing a “remodeled” version of the Pop Power Energy Drinks that remains substantially identical to the original design.
This alleged breach prompted the fresh lawsuit, as Rite Foods insists that court intervention is necessary to protect its exclusive rights over its registered trademark and product design.
Mamuda Beverages has responded with a preliminary objection, urging the court to dismiss the case because the lawsuit constitutes an abuse of the court process.
The defendant argues that the matter was already litigated and resolved in an earlier consent judgment, rendering the court functus officio—a legal principle preventing the relitigation of settled disputes.
Justice Nwite has scheduled a hearing for May 28, where the court will deliberate on Mamuda Beverages’ objection to the case and determine whether Rite Foods’ lawsuit can proceed.
Business
Apprehension Over Hints of Facebook, Instagram Accounts Closure in Nigeria By Meta
Interestingly, Meta had been fined for similar breaches in Texas ($1.5b) and only recently was asked to pay $1.3 Billion for violating E.U. Data Privacy Rules.

The government of Nigeria has given Meta (owners of Facebook , Instagram and WhatsApp) until the end of June 2025, to pay huge fines totalling $290. 3 million for alleged regulatory breaches.Facebook is by far the most popular social media platform in Nigeria and is used by tens of millions in the country for daily communication and sharing news. Facebook is also a vital tool for many of Nigeria’s small online businesses.Ohibaba.com reports that the details of the fines imposed on the company last year are below:The Federal Competition and Consumer Protection Commission (FCCPC) $220 million fine imposed for alleged anti-competitive practices.The advertising regulator fined the company $37.5m over unapproved advertisingAnd the Nigerian Data Protection Commission (NDPC) alleged Meta had violated data privacy laws and fined it $32.8m.
Last week, the Competition and Consumer Protection Tribunal, delivered judgment in favour of the FCCPC, insiting that Meta pay the $220 fine.
In reaction to the judgment, Meta said tha it may be forced to shut down the Facebook and Instagram services in Nigeria in order to mitigate the risk of enforcement measures, describing the fines as ” unrealistic demand.”
Reacting to the development, Ondaje Ijagwu Director, Corporate Affairs at FCCPC, noted:” WhatsApp’s claim that it may be forced to exit Nigeria due to FCCPC’s recent order appears to be a calculated move aimed at inducing negative public reaction and potentially pressuring the FCCPC to reconsider its decision.
Interestingly, Meta had been fined for similar breaches in Texas ($1.5b) and only recently was asked to pay $1.3 Billion for violating E.U. Data Privacy Rules.
Elsewhere in India, South Korea, France and Australia, Meta had faced varying penalties for similar breaches.
But Meta never resorted to the blackmail of threatening to exit those countries. They obeyed.
The recent affirmation of FCCPC’s final order by the Competition and Consumer Protection Tribunal requires Meta Parties to take steps to comply with Nigerian law, stop exploiting Nigerian consumers, change their practices to meet Nigerian standards, and respect consumer rights, consistent with international best practices.
Threatening to leave Nigeria does not absolve Meta of liabilities for the outcome of a judicial process.
For the avoidance of doubt, the FCCPC remains committed to its pursuit of consumer protection and data privacy towards ensuring a fairer digital market in Nigeria.”
-
Crime3 days ago
$3bn refinery fraud: N80bn found in sacked MD’s bank accounts
-
Business3 days ago
JUST IN: NNPCL reduces fuel price to N910 per litre
-
News3 days ago
2025 World Press Freedon Day: NHRC seeks AI alignment with human rights principles
-
Crime3 days ago
JUST IN: Defence Headquarters nab two security personnel aiding terrorists in North-East
-
Crime3 days ago
JUST IN: 11 feared dead in bandit attacks across Sokoto villages
-
Business22 hours ago
Rite Foods Drags Mamuda Beverages to Court Over Products Semblance
-
Business23 hours ago
Apprehension Over Hints of Facebook, Instagram Accounts Closure in Nigeria By Meta
-
Business1 day ago
Dangote Says Oil Cabals Still Fighting Against His Refinery