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Post COVID-19: CBN Gives Banks 10 Days Deadline to Submit Capital Plans

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By Tony Obiechina, Abuja

As part of its broader strategy to stabilise the financial system and phase out pandemic-era reliefs, the Central Bank of Nigeria (CBN) has directed all banks to submit a detailed Capital Restoration Plan within 10 working days after the close of each quarter, beginning with June 30, 2025.

Each bank’s capital restoration plan must spell out how it intends to return to full regulatory compliance, the CBN said, stressing that it wants to see cost-cutting plans, asset quality improvements, possible risk transfers, and longer-term business strategy tweaks.

The new directives were outlined in a circular signed by the Director of Banking Supervision, Dr.

Olubukola Akinwunmi, published on the CBN’s website yesterday, are part of the central bank’s ongoing efforts to wind down the regulatory forbearance framework put in place during the COVID-19 crisis.

The transitional framework, according to the CBN, is designed to support affected banks in restoring full prudential compliance while promoting macro-financial stability.

The circular announced the termination of all COVID-19-era regulatory forbearance and waivers on Single Obligor Limits (SOL), effective June 30, 2025. This, it said, is aimed at restoring risk sensitivity in credit classification and provisioning.

To support asset quality clean-up, the apex bank has temporarily waived the requirement that banks retain fully provisioned loans for one year before write-off, enabling faster Non-Performing Loan (NPL) reduction for affected banks.

Additionally, the regulatory caps on Additional Tier 1 (AT1) capital recognition in the computation of Capital Adequacy Ratio (CAR) have been temporarily lifted from June 30, 2025, to March 31, 2026.

 The CBN clarified, however, that this move is “not a substitute” for the ongoing recapitalisation programme announced in March.

The circular stated: “In continuation of its commitment to safeguarding financial system stability and ensuring a credible and orderly exit from the regulatory forbearance regime introduced during the COVID-19 crisis, the Central Bank of Nigeria (CBN) hereby communicates a coordinated set of transitional measures. These measures are designed to support affected banks in complying with prudential requirements while facilitating a smooth exit from temporary regulatory concessions.”

On the capital restoration plan, it stated: “To complement the above measures and ensure forward-looking capital planning, all affected banks are required to prepare and submit a comprehensive Capital Restoration Plan to the CBN on or before the 10th working day, following the end of the quarter with effect from June 30, 2025.

“The plan should detail the management’s proposed strategies to restore full regulatory compliance, including (but not limited to) cost optimisation initiatives, risk asset reduction, significant risk transfers, and necessary business model adaptations.

“The plan must cover the entire period until full normalisation of capital and asset quality indicators are achieved. Plans submitted will be subject to regulatory review and approval, and will form the basis for continuous supervisory monitoring and engagement throughout the transition.”

Furthermore, on guidelines issued for immediate implementation and full compliance, it stated: “ Effective June 30, 2025, all COVID-19-related regulatory forbearance and waivers on Single Obligor Limits (SOL) shall be terminated. This step is aimed at restoring risk sensitivity in credit classification, provisioning, and asset quality assessments.

“Affected banks must align all impacted credit exposures with existing CBN Prudential Guidelines and other relevant regulations.

“To support asset quality clean-up, the requirement to retain fully provisioned loans for one year before write-off is temporarily waived for forbearance related facilities Banks may proceed with write-offs to reduce their Non-Performing Loan (NPL) ratios, provided internal governance requirements for such write-offs are met.”

Also, on restrictions on use of transitional reliefs, it stated that to ensure that retained earnings are conserved for capital strengthening and systemic risk mitigation, banks benefiting from these transitional concessions must adhere strictly to suspension of dividend payments.

Besides, it listed that bonuses to directors and senior management, and investments in foreign subsidiaries, as outlined in the CBN’s circular dated June 13, 2025, should be suspended.

These restrictions, it said, remain in force until capital levels and provisioning are fully restored to regulatory compliance.

“To promote regulatory transparency and support supervisory oversight, all banks are required to submit the following quarterly disclosures, effective June 30, 2025: Detailed provisioning status and reconciliation of affected credit exposures.

“CAR calculations with and without transitional reliefs. Classification migration data for restructured or impacted loan facilities. Comprehensive disclosure of AT1 instruments, including issuance terms, usage, and related conditions. The submission should reach the Director of Banking Supervision, not later than 10 working days following the end of the quarter with effect from June 30, 2025,” the CBN added.

The CBN urged all affected banks to stay closely engaged with its Banking Supervision Department for guidance as they navigate the transition. It also said it expects banks to fully embrace the measures, stick to strong risk management practices, and help strengthen confidence and stability in the financial system

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Mbah Reshuffles Cabinet, Swears-in Head of Service, Six Commissioners

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From Sylvia Udegbunam, Enugu

Enugu State Governor, Dr. Peter Mbah has recently rejigged his cabinet, swearing in a new Head of Service, six new Commissioners, and reassigning three others.

Mbah also assigned portfolios to the new appointees following the administration of Oath of Office on them by a representative of the Ministry of Justice, Chizoba Ogbodo, at the State Executive Council Chamber, Government House, Enugu.

The newly sworn-in appointees are: Dr.

Godwin Anigbo, Head of Service; Engr. Benjamin Osita Okoh, Commissioner for Works and Infrastructure; Prof. Benedett Ekwutosi Okoli, Commissioner for Human Development and Poverty Eradication; Enyinna Franklin Ogbonna, Commissioner for Energy and Mineral Resources; and Dr.
Samuel Ogbu-Nwobodo, Commissioner for Trade, Investment, and Industry.

Others are Prof. George Ugwu, Commissioner for Health and Engr. Ben Collins Ndu Jr., who was designated as the Commissioner for Water Resources.

Dr. Felix Nnamani was reassigned from the Ministry of Water Resources to the Ministry of Labour and Employment as Commissioner, Dr. Malachy Agbo was reassigned from the Ministry of Human Development and Poverty Eradication to the Ministry of Information, while the former Commissioner for Works and Infrastructure, Engr. Gerald Otiji, is now the Commissioner for Housing.

Speaking on the occasion, Mbah charged the appointees to hit the ground running, stressing that there would be no honeymoon period for them.

He said the administration had in two years steered high expectations among the people of the state as well as Nigerians in general and could not lower its performance across sectors.

“You would soon notice that here in Enugu, we have steered such a high expectation among our people. And every day it feels as though we are presenting a scorecard.

“Therefore, you have to hit the ground running, as there will be no honeymoon period for you, unfortunately.

mongous goals that we have outlined. And your various Ministries will play critical roles in accomplishing those goals.

“We set targets, we set goals, and we have key performance indicators, we have measurable indicators, hence, we have to measure and we have to constantly take analysis of where you are in respect to the set goals and what your results are. Those key performance indicators are key to us and we will measure you based on these outcomes and results,” the governor stated.

He further charged the appointees to work as a team, in line with the established cultures of the administration.

“We also recognise teamwork champions. We do not encourage working in silos. You have to work as a team, we believe that by working as a team, we are able to accomplish our collective goals. You should not see your colleagues as rivals. They should actually complement your efforts instead.

“Our modest accomplishment in the state so far is not done by a single champion. We like to recognise our successes as team efforts,” he added.

Speaking on behalf of other appointees, Dr. Ogbu-Nwobodo thanked the governor for finding them worthy out of the many other highly qualified Enugu citizens and beyond, assuring that they would not let him down.

“Since you chose to entrust us with this sacred duty as you make history on a daily basis. We will keep faith with our Oath of Office. We will be loyal and dedicated in the discharge of our duties. We will strive to contribute to the nationally acknowledged success that your government has become,” he said.

The swearing-in ceremony was witnessed by the Deputy Governor, Barr. Ifeanyi Ossai; Secretary to the State Government, Prof. Chidiebere Onyia; Chief of Staff to the Governor, Victor Udeh, several commissioners and senior appointees of government as well as the spouses of the appointees.

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NCS Strengths Tie with China Customs

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By Tony Obiechina Abuja

The Nigeria Customs Service (NCS) has deepened its strategic engagement with the General Administration of Customs of China (GACC) through a high-level meeting held in Beijing on July 25, 2025.

According to NCS Spokesman, Abdullahi Maiwada in a statement on Sunday, Assistant Comptroller of Customs, the meeting aimed to explore bilateral knowledge exchange and capacity development in customs administration.

The NCS delegation, led by Assistant Comptroller-General of Customs Oluyomi Adebakin, discussed customs training methodologies, modernization models, and technology-driven solutions with GACC officials.

The Chinese Customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches.

The meeting highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers trained since 2023. The Chinese Customs officials commended Nigeria’s growing leadership in international customs platforms and appreciated the election of the Comptroller-General of Customs, Bashir Adewale Adeniyi, as Chairperson of the World Customs Organisation (WCO) Council.

Both parties expressed mutual interest in exploring technical exchange programs, joint research initiatives, and officer exchange schemes. The NCS aims to strengthen its human capital, advance intergovernmental partnerships, and modernize customs operations in accordance with global standards.

The engagement aligns with promoting knowledge sharing, harmonizing customs procedures, and building an integrated trade infrastructure for sustainable development, particularly under the African Continental Free Trade Area (AfCFTA).

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Ex-NALDA Executive Secretary, Prince Ikonne Congratulates Super Falcons on Remarkable Victory

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…Urges Revitalization of Enyimba FC, Sports Development in Abia State

By Mike Odiakose, Abuja’s

The immediate past Executive Secretary of the National Agricultural Lands Development Authority (NALDA), Prince Paul Ikonne, has extended his heartfelt congratulations to the Super Falcons of Nigeria for their outstanding performance and triumph at the just concluded Africa Women’s Nations Cup.

Prince Ikonne described the victory as not only a celebration of athletic excellence but also a powerful reminder of the potential within Nigeria’s sports sector, especially women’s football.

In a statement by Dr Ujo justice, Chief press secretary, he lauded the determination, discipline, and patriotic spirit displayed by the Super Falcons, which, according to him, serves as a source of pride and unity for all Nigerians.

“This remarkable victory has once again placed Nigeria at the pinnacle of African women’s football. It is a testament to the resilience and world-class talent our nation continues to produce. The Super Falcons have proven that with the right support, Nigerian sports can dominate the global stage,” he said.

While rejoicing with Nigerians over the historic win, Prince Ikonne also used the occasion to draw attention to the declining state of sports development in Abia State, particularly the deplorable condition of Enyimba Football Club of Aba — once the pride of Nigerian club football and two-time back-to-back champions of the CAF Confederation Cup.

He expressed deep concern that Enyimba Football Club, a club that once inspired millions and put Aba and Abia State on the global sports map, has become a shadow of its glorious past due to poor management, political interference, and a lack of visionary investment.

“Enyimba FC is not just a football club; it is a cultural and economic asset to the people of Aba and Abia State. Sadly, what we now see is a politicized and struggling club that no longer commands the respect it once did across Africa. We must return Enyimba to the days of continental glory,” he stated.

Prince Ikonne called on the Abia State Government to take urgent, apolitical steps to reposition Enyimba FC by investing in modern infrastructure, hiring competent football administrators, and creating a professional ecosystem that allows the club to thrive independently of partisan politics.

He emphasized that sports development, if properly harnessed, can serve as a tool for youth engagement, crime reduction, job creation, and international recognition.

He further urged stakeholders in Abia to treat sports as serious business, worthy of the same strategic planning and investment given to other sectors.

“As we celebrate the Super Falcons, let us also look inwards and address the rot that has stifled our local sports institutions. Enyimba FC deserves better.

“The young talents in Abia deserve a platform to dream and achieve. Sports should unite and develop, not divide and frustrate,” he added.

Prince Ikonne reaffirmed his commitment to championing youth and sports development in Abia State, expressing hope that the government will rise to the occasion and restore Enyimba Football Club to its rightful place among Africa’s elite.
End

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