COVER
Recapitalisation: SEC Charges Banks to Strengthen Corporate Governance

Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN
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Nigeria Customs Generates over N1.75trn Revenue in 2025

By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.
COVER
IMF Lowers Nigeria Economic Growth Forecast to 3.0%

By David Torough, Abuja
The International Monetary Fund (IMF) has downgraded its economic growth forecast for Nigeria in 2025 to 3.0%, citing a decline in global crude oil prices.
The revised projection was contained in the IMF’s April 2025 World Economic Outlook (WEO) report, released on the sidelines of the ongoing Spring Meetings of the IMF and the World Bank in Washington, DC.
The new forecast represents a 0.
2 percentage point reduction from the Fund’s previous projection of 3.2%.“For sub-Saharan Africa, growth is expected to decline slightly from 4.0% in 2024 to 3.8% in 2025, before recovering modestly to 4.2% in 2026.
“Among the larger economies, the growth forecast for Nigeria is revised downward by 0.
2 percentage point for 2025 and 0.3 percentage point for 2026, owing to lower oil prices,” according to the report.The IMF also noted similar economic pressures affecting other major African economies: “In South Africa, the growth forecast is revised downward by 0.5 percentage point for 2025 and 0.3 percentage point for 2026, reflecting slowing momentum from a weaker-than-expected 2024 performance, deteriorating sentiment due to heightened uncertainty, intensification of protectionist policies, and a deeper slowdown in major economies.”
In a more drastic revision, the IMF also slashed South Sudan’s 2025 forecast: “South Sudan has a downward revision of 31.5 percentage points for 2025 due to delays in resuming oil production following damage to a key pipeline.”
COVER
Fresh Attack on Benue Community Claims 11 More Lives

From Attah Ede, Makurdi and Dan Amasingha, Minna
Fresh attack in Afia, Ukum local government area of Benue state yesterday left no fewer than 11 more persons killed by suspected armed herders.
This is coming few days after a similar attack killed over 72 persons in Ukum, Logo and Katsina-Ala local government areas of the state.
Tor Sankera, rue First Class King in the area, Chief David Sevav disclosed this while addressing the NSA at Government House Makurdi.
The Tor, Sankera, who was represented by the Ter Ukum, Chief Iyorkyaa Kaave said ‘the number is still counting’.
He asked the President to ensure that the killer herdsmen are chased away as they do not want to live murderers.
Meanwhile, the National Security Adviser to President Bola Tinubu, Mallam Nuhu Ribadu yesterday said his principal, inherited an extremely bad nation and government coupled with insecurity.
Ribadu however, maintained that, despite the situation, Tinubu administration is working very hard to fix the damage done by the previous administrations.
He stated this while speaking at Government House Makurdi during his official visit to the State to commiserate with the people and government over the recent killing of over 72 persons by suspected armed herders in Ukum Logo and Katsina-Ala local government areas of the state
The NSA, who frowned at the incessant killings, describing it as a tragedy and evil that has befell the state and the country at large.
“When such evil occurs, good people must come together and fight it.
“We will defeat it. The entire country is with Benue. I commiserate with Benue People and assure you this is a trying period for all of us, we are 100 percent with you.
“We will confront it. Benue is an extremely important state to Nigeria. We must fight and maintain Benue as a peaceful state. The Governor is doing well and we will support him. It is unfortunate but it happens sometime.
“Our armed forces are doing well. It is impossible to post soldiers or police to every hamlet. Give us chance and stop politicizing the killings. This will help us to restore peace. Issue of security is relative.
“We inherited an extremely bad government and things have improved and we will address all these issue cropping up. It is a matter of time, to do the harm is easy but to solve it is difficult. We have reduced considerably the number of violence we met. This one too, we will confront it”.
“We acknowledge the Governor’s efforts to combat insecurity. However, those exploiting this situation for personal gain should cease their actions.
“We’re committed to supporting the Governor in tackling insecurity and we promise to continue our support to defeat this menace. The President has instructed me to convey his determination to bring an end to insecurity”, Ribadu stated.
On his part, Benue State Governor Rev. Fr. Hyacinth Alia said it is a sobering moment for the state as it has come under intense siege with loss of lives of unimaginable figure since 2011.
He noted that there have been skirmishes of killings from these terrorists, bandits and militia who have destroyed the economy of ‘our land’.
“These people do not have any reason to live with normal people. We are faced with series of loss of lives, farmlands and property. We have 17 IDPs camps in the State. It becomes difficult to get our IDPs back to their ancestral homes.
“Sankera is our headquarter of food. The attacks have been persistent and continous. Instead of a good Friday, we have a black Friday with venomous attack on Katsina-Ala, Ukum and Logo.
“It is quite devastating. It is telling on us. 72 lives lost. It is a terrible moment for us. I have always established contact with the NSA. Our security agencies have worked assiduously to curtail the attacks. We need help like yesterday. The President have been very supportive and hope that support will come.
“We have bought 100 hilux to support conventional security agencies, bought 600 motorcycle. This is a carnage. Attack is more of onion layer, it is vicious. We ask that support should be upped.
“We will collaborate with the FG to stop the killings. It is evident that what we are experiencing is a bare face attack as the attackers speak Fulani and Hausa. It is a troubling trend. It is deliberate attempt, they disbalance the people, kill a good number of them and occupy.
“The attacks are not under reported. We are helpless. We do not have AK47. We are defenseless. We tell the people to be law abiding and the attackers take advantage of this. We are not in a banana Republic,” the governor said.
Bago Imposes Dusk-to-dawn Curfew in Minna
From the unabated breach of public peace within Minna metropolis, Governor Mohammed Umar Bago has imposed curfew on the operation of Okada and Keke from 6am to 6pm.
The curfew which is to take effect yesterday was personally announced by the Governor after an expanded security and state executive council meeting at Government house in Minna.
The Governor who was flanked by the Emir of Minna, Alhaji Umar Farouk Bahago and Deputy Governor, Yakubu Garba was aimed at curtailing the escalating security challenge and thuggery plaguing Minna.
The Governor stated that “Let me warn nobody is above the law, the responsibility of Government is to enhance and restore security.
“I will lead the operation to out into the streets and fish out all the miscreants troubling the peace of our state.”
He identified some flash point within the State capital to include Maitumbi, Sabongari and Barkinsale areas.
Bago while calling on the people to partner his administration to restore peace to the street s of Minna reminded them that security is a collective responsibility, but vowed that government has zero tolerance for what he called “Rascality in Niger State”
“Anyone found with weapon should be dealt with, parents should warn their wards, it is now fire for fire and anyone whose child becomes a casualty will pay for the bullet before being allowed to claim the body.
“Let me sound it clear, we are coming with full force, anyone who harasses security agents will have himself to blame,” Bago stated.
Bago said the take back the street operation will also target drug peddlers and thugs, warning that any premises that is found to be harboring such individuals risk been demolished.
“We are clamping down on drug dealers as well, Minna and Niger State is not for useless people, we are setting up special court to deal with them
“If (parents) you cannot take care of your Children, we will take care of them for you”
On Barkin-Sale community, the Governor threatened to demolish the settlement and relocate them if youths from the axis do not desist from Acts of criminality and thuggery.
“If Barkin-Sale is the problem, mark, demolish and relocate them to the outskirts and if we found you are not from Niger State and you are troubling us we will take you back to your State.”