Economy
UBA Plc Meets Central Bank’s Requirement As Capital Base Surpasses N500bn
UBA Plc Meets Central Bank’s Requirement As Capital Base Surpasses N500bn
UBA Plc meets Central Bank’s requirement as capital base surpasses N500bn. United Bank for Africa Plc has met the Central Bank of Nigeria’s N500 billion minimum capital requirement, following the successful completion of the second tranche of its rights issue, thereby strengthening its balance sheet well ahead of the March 2026 recapitalisation deadline.
As at the bank’s 2025 half-year audited results, UBA’s share capital and share premium stood at about N350 billion. This rose sharply after the Securities and Exchange Commission approved the allotment of N157 billion to shareholders from the second tranche of the rights issue, pushing the bank’s total share capital above the regulatory threshold for commercial banks with international authorisation.
The milestone affirms UBA’s compliance with applicable capital requirements and reflects what the bank described as prudent capital planning in response to the CBN’s recapitalisation programme.
Speaking earlier at UBA’s 65th Annual General Meeting in Abuja, the chairman, Tony Elumelu, had assured shareholders that the bank would meet the N500 billion requirement before the third quarter of 2025.
“Our current capital in the year 2024 was N116 billion. However, following the rights issue that we launched in November last year, which was oversubscribed, N251 billion has been verified and approved by the Central Bank of Nigeria,” Elumelu said.
The rights issue, which closed in December, involved the offer of 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. Elumelu disclosed that although the offer was oversubscribed by N11.6 billion, the bank took up only N240 billion, with the balance returned to shareholders.
This brought UBA’s capital base at the time to N355.2 billion, with plans already in motion to raise the outstanding amount before the end of the year. With the SEC-approved N157 billion from the second tranche now added, the bank has effectively surpassed the CBN benchmark.
He explained that the decision to raise fresh capital through the rights issue rather than a public offer was deliberate and aimed at protecting shareholder value. “If we were selfish, we would do a public offering. But we said, let’s allow existing shareholders. So, we pay dividends, and some of you use it to invest. The investment you’re making means you are sharing in the N3.4 trillion wealth that your investment has helped create,” he said.

UBA Plc Meets Central Bank’s Requirement
Elumelu also highlighted UBA’s long-standing strategy of reinvesting retained earnings as a key driver of its robust capital position.
“Our paid-up share capital is N116 billion, and our shareholders’ fund is N3.4 trillion. That is over $3.2 billion. Why should we bring in new investors to take what you have already built?” he said.
According to the chairman, proceeds from the capital raise will be deployed to deepen the bank’s digital infrastructure and support expansion across Nigeria, Africa and other global markets, positioning UBA for the next phase of growth under the new regulatory capital regime.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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