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Skye Bank, 9 others banks may be in distress

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By ANDREW OJIEZEL
Unless there is recapitalization, more banks may go under as the Central Bank of Nigeria (CBN) said it has discreetly worked on stress tests in which at least nine commercial banks have demonstrated a level of distress that requires they recapitalize in order to avert the banks’ possibly falling into distress.
The CBN stated that the banks require recapitalization to save them from bankruptcy. Emphasizing that none of the affected banks was “in imminent danger of collapsing,” a source at the Central Bank of Nigeria (CBN) stated  that the regulatory bank’s action was meant to pre-empt any bank collapses in the near future. Central Bank of Nigeria.
According to the source, the affected banks include United Bank for Africa (UBA), First Bank, Diamond Bank, Sterling Bank, Skye Bank, and Heritage Bank, Wema Bank, Unity Bank and Fidelity Bank.
The worst hit bank is Skye bank where is facing a serious level of distress that could lead to its total collapse.

According to the source, several of the affected banks have neglected to maintain healthy capital liquidity levels. As a result, some of the banks were described as tethering on the brink of collapse.

The regulatory source stressed that First Bank was also one of the most precarious positions since the bank made several bad loans to two oil tycoons, Jide Omokore and Kola Aluko. The bad loans amounted to N120 billion.
According to our source, the loans were given without any collateral but on the basis of a guarantee by former Petroleum Minister, Diezani Alison-Madueke, that both businessmen would enjoy strong state patronage in the oil industry in the form of production sharing agreements with the Nigerian National Petroleum Corporation (NNPC).
First Bank recently changed its chief executive as the bank tries to revamp its operations.
Our source described UBA as financially strong, but added that its chairman, Tony Elumelu, exerts too unhealthy an influence in the bank. When former Central Bank Governor, Sanusi Lamido Sanusi, ordered chief executives of certain commercial banks to quit for bringing their banks to severe crises, Mr. Elumelu maneuvered to retain control of the UBA and reportedly continues to treat it as a personal estate.

Mr. Elumelu bankrolled his younger brother, Ndudi Elumelu’s, failed governorship race in Delta State with as much as N1 billion, according to sources close to the campaign. “He [Tony Elumelu] tried to ‘purchase’ the governorship for Ndudi,” said one of the sources. He alleged that the billion-naira war chest was an unsecured loan from UBA that Ndudi Elumelu, a former member of the House of Representatives, has not repaid.

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SPORTS

CAF announces free e-visas for fans attending AFCON Morocco 2025

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CAF announces free e-visas for fans attending AFCON Morocco 2025
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The Confederation of African Football and the AFCON Morocco 2025 Local Organising Committee on Friday announced that fans travelling to the tournament will be eligible for free electronic visas.

The policy benefits citizens of countries that normally require a visa to enter Morocco.

“Electronic visas to enter Morocco — obtained through the YALLA app — are now free of charge for supporters attending the competition, which runs from 21 December 2025 to 18 January 2026,” CAF said in a statement on its website.

The governing body said the announcement comes amid growing global demand for Africa’s biggest football event, with more fans booking tickets.

It explained that fans need two documents, a fan identification and an e-visa, to stay in Morocco and enter football stadiums throughout the tournament.

“A Fan ID is mandatory for entry to all stadiums and official Fan Areas. Supporters can apply for both the Fan ID and e-visa in one place inside the YALLA app, streamlining travel and stadium access.

“The Fan ID application and e-visa request are completed seamlessly within the YALLA app, ensuring a faster, easier and secure experience for international visitors and local fans alike,” the statement added.

To apply, fans are urged to download the YALLA app on Google Play or the App Store, or visit the official YALLA website, complete the Fan ID form, and, if required, submit the e-visa request.

Once approved, supporters can purchase match tickets on the CAF ticketing platform.

“The new measures are designed to deliver a seamless, secure fan experience for Africa’s showpiece event that will be played across nine stadiums in six cities,” CAF said.

With Morocco hosting for the first time since 1988, the continent’s biggest football festival returns to North Africa amid high expectations, fierce rivalries, and a new generation of African stars ready to make their mark.

A total of 24 teams are expected to participate.

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CBN unveils phased overhaul of fixed income market to boost transparency

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The Central Bank of Nigeria (CBN) has announced a phased restructuring of the Nigerian Fixed Income Market as part of sweeping reforms to strengthen transparency, improve efficiency, and reinforce regulatory oversight across the country’s financial ecosystem.

In a circular signed by Okey Umeano, Acting Director of the Financial Markets Department, the apex bank disclosed that it will assume full control of both the settlement process and the trading platform for fixed income transactions beginning November 2025.

According to the CBN, this transition will allow the Bank to manage the trading environment directly while handling end-to-end settlement of fixed income instruments within its established financial market settlement system.

“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the Bank’s established settlement system for financial market transactions,” the statement read.

To minimize disruption and ensure market stability, the reform will be implemented in carefully sequenced stages, with active involvement of key market stakeholders, particularly the Financial Markets Dealers Association (FMDA). The milestones for the first phase include:

READ ALSO: Fifth straight inflation drop sparks calls for CBN interest rate reduction

User Acceptance Testing (UAT): Scheduled for the second week of October 2025, to test the proposed settlement infrastructure.

Pilot Phase: A transitional phase to run alongside the current system, ensuring operational stability and user adaptation.

Go-Live 1 (Settlement Process): Full migration of fixed income activities to the new CBN settlement system, starting November 3, 2025.

Go-Live 2 (Trading Platform): Launch of the new CBN-sponsored trading environment for Primary Dealers, Market Makers (PDMM), Pension Fund Administrators (PFAs), and other approved market participants on December 1, 2025.

The apex bank emphasized that the reforms are designed to “strengthen market integrity, streamline operations, and establish a unified regulatory framework that ensures end-to-end visibility and supervisory oversight of fixed income transactions.”

Acknowledging the FMDA’s central role in market development, the CBN called for continued collaboration, stressing that stakeholder input would remain critical throughout the transition.

 

“We look forward to your continued partnership as we work together to deliver a more efficient, transparent, and resilient fixed income market,” the Bank stated.

The CBN assured participants that the transition would be coordinated to avoid disruptions and would ultimately serve the broader interests of market stability and economic growth.

The overhaul of the fixed income market is the latest in a series of regulatory reforms introduced by the CBN to strengthen Nigeria’s financial system. Just last month, the apex bank directed all Domestic Systemically Important Banks (DSIBs) to adopt early succession planning for Managing Directors/Chief Executive Officers (MD/CEOs) and top executives.

Under that directive, signed by Dr. Rita Sike, Director of the Financial Policy and Regulation Department, DSIBs must secure regulatory approval for the appointment of a successor MD/CEO at least six months before the expiration of the incumbent’s tenure. The move, according to the CBN, is aimed at bolstering corporate governance and reducing leadership uncertainties that could undermine financial stability.

By consolidating oversight of the fixed income market, analysts say the CBN is positioning itself to better support monetary policy transmission, strengthen market resilience, and drive long-term economic growth.

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NEWS

Jandor joins 2027 Lagos governorship race, pledges loyalty to Tinubu’s leadership

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Olajide Adediran, popularly known as Jandor, has formally announced his intention to contest the 2027 governorship election in Lagos State, this time under the platform of the ruling All Progressives Congress (APC).

Jandor, who was the Peoples Democratic Party (PDP) governorship candidate in the 2023 polls, made the declaration on Wednesday, October 1, 2025, during an Independence Day address in Lagos.

The media entrepreneur-turned-politician emphasized that his ambition remains rooted in the drive to serve the people of Lagos, noting that he is determined to bring new energy into the state’s leadership.

“As for Lagos State, I am offering myself once again to serve. I’m indeed running for the Lagos governorship race in 2027,” he said.

Reflecting on his previous campaign, Jandor recalled the momentum he generated during the 2023 elections, which marked his first major political outing.

READ ALSO: JANDOR pays homage to Olubadan-elect, Oba Rasheed Adewolu Ladoja

He expressed optimism that, with the APC platform and the support of President Bola Ahmed Tinubu, he would be better positioned to actualize his vision for Lagos.

“When it was time for me to truly leave, I came all out, and we took Lagos by storm. Very soon, activities will begin to galvanize support from Mr. President and the party to ensure that whoever picks the APC governorship ticket in Lagos will have a strong run. Let me put this to rest: I am running in 2027,” he declared.

Jandor also used the occasion to openly endorse President Tinubu’s leadership, calling on Lagosians and Nigerians at large to rally behind the President for a second term in 2027.

“President Bola Ahmed Tinubu has proven his capacity to lead this country with vision and courage. I call on Lagosians and Nigerians at large to ensure he gets a second term in 2027 so we can all continue to benefit from his progressive leadership,” Jandor said.

His defection to the APC and fresh declaration are expected to reshape the political landscape in Lagos, setting the stage for what could become a highly competitive race ahead of the 2027 elections.

 

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