The attention of the Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has been drawn to an Instagram video claiming that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.

The video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, was clearly produced with the intent to mislead the public, stoke unnecessary panic and exploit alarmist misinformation for personal gain while advertising some miserable wares. The content creator demonstrated a fundamental lack of understanding of banking recapitalisation, making several erroneous and misleading assertions that are easily disprovable by anyone with basic knowledge of the Nigerian banking sector.

As repeatedly explained by the CBN, the recapitalisation exercise is a forward-looking, proactive policy designed to strengthen the banking system and position it to support the Federal Government’s aspiration of a $1 trillion economy by 2030. It is not a crisis response, nor is it an indication of distress. Rather, it is a patriotic call for banks to scale up their capacity to drive economic growth and development.

Contrary to the false claims circulating online, Nigerian banks are currently safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet both customer obligations and regulatory requirements. The recapitalisation initiative focuses specifically on strengthening core ownership capital—namely share capital and share premium—rather than total shareholders’ funds or other capital instruments such as bonds and preference shares.

The CBN has consistently emphasised that the exercise is aimed at growth and stability, not forced consolidation. All banks have a fair and realistic chance of meeting their recapitalisation targets, with more than one-third already having met theirs and most others at advanced stages of implementation. All banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved for feasibility before execution commenced. In its most recent assessment, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines.

The misinformation being peddled is therefore entirely baseless and appears driven by mischief, ignorance and a reckless disregard for the economic consequences of false narratives. ACAMB will draw the attention of relevant law-enforcement agencies to this and similar content, particularly where it borders on false representation, economic sabotage and violations of the Cybercrime Act. While freedom of expression is guaranteed, it carries corresponding responsibilities of truthfulness, accuracy and fairness.

Although the entire content of the video is misleading and click-bait driven, specific claims against certain banks deserve clarification. FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that have made significant progress in their recapitalisation programmes and are well positioned to complete them ahead of schedule. They have exceeded the capital thresholds for national banks and face no risk of undercapitalisation.

Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their respective global parents, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues. Polaris Bank and other institutions mentioned also have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress.

As the CBN Governor, Mr Olayemi Cardoso, stated at his November 2025 briefing, the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations.” He further noted: “We are monitoring developments, and indications show the process is moving in the right direction.”
Nigeria currently has 44 deposit-taking banks across various licence categories, all operating under strict regulatory oversight. Nigerians remain the ultimate beneficiaries of a resilient and well-regulated banking system, and the public is urged to continue their banking activities with confidence and without fear.

ACAMB also cautions content creators and media organisations against chasing click-bait, trends or sensationalism around reputable financial institutions. Accurate, responsible reporting is welcome and protected; however, deliberate misinformation or panic-inducing narratives around the banking sector will be reported to the appropriate authorities in the interest of financial stability and public trust.

Amaka Obiefuna

The future of women-led enterprises in Nigeria took center stage on
November 21, 2025, as the Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD), and Sterling One Foundation convened investors, ecosystem leaders, and high-potential women entrepreneurs for the Women Investment Readiness Accelerator (WIRA) Demo Day in Ilupeju, Lagos.

The event underscored DBN’s central role in strengthening Nigeria’s MSME ecosystem,
particularly for women founders who remain critical drivers of economic growth.

The Demo Day marked the culmination of an intensive accelerator cycle funded and championed by DBN, featuring capacity-building, mentorship, and hands-on business development support for women entrepreneurs across agriculture, food processing, waste management, retail,
technology, fashion, and other impact-driven sectors.

A highlight of the day was the pitch showcase, where entrepreneurs presented their refined, scalable business models to investors, financial institutions, and business support organizations.

For many, this moment represented a direct pathway to funding, partnerships, and expansion, opportunities made possible through DBN’s sustained investment in building a stronger, more equitable entrepreneurial landscape.

The WIRA program was launched to address systemic challenges that continue to limit the growth of women-owned enterprises in Nigeria, including restricted access to finance, limited structured mentorship, and insufficient market entry support.

Through WIRA, DBN and Sterling One Foundation are directly tackling these barriers by ensuring women entrepreneurs gain the resources, capacity, and visibility they need to thrive.

Speaking during the Demo Day, Dr. Tony Okpanachi, Managing Director/CEO of
Development Bank of Nigeria Plc, emphasized the importance of sustained investment in women-led enterprises: “What we witnessed here today confirms that investing in women entrepreneurs yields measurable economic and social impact.

Their businesses are innovative, resilient, and positioned for scale. At DBN, we remain committed to ensuring that women-led MSMEs have access not just to financing, but to the knowledge, networks, and market opportunities that enable sustainability and growth. This Demo Day is a clear step
forward in strengthening Nigeria’s entrepreneurial landscape.”

Also speaking at the event, Olapeju Ibekwe, CEO of Sterling One Foundation, highlighted the significance of creating platforms that elevate women’s business leadership and visibility: “The women we celebrated today are solutions-builders. They are tackling real challenges with creativity and determination. But potential alone is not enough, support, connections,and capital are essential.

Through WIRA, our goal has been to close the financing and opportunity gap by providing more than training — we provided guidance, confidence, andaccess. Today’s pitches are proof of what happens when women are empowered to take up space and lead boldly.”

Investor partners and business support organizations present acknowledged the quality and viability of the enterprises showcased, with several founders advancing to follow-up funding and advisory discussions.

The WIRA program remains aligned with broader national and global goals to accelerate gender-inclusive development. With women owning nearly 60% of Nigeria’s SMEs yet receiving disproportionately lower access to capital, DBN’s sustained investment in programs like WIRA demonstrates its commitment to unlocking the full economic potential of women entrepreneurs and advancing inclusive growth across Nigeria.

About the Sterling One Foundation
Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.

Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).

For more information visit onefoundation.ng
About the Development Bank of Nigeria
Development Bank of Nigeria was set up by the Federal Government of Nigeria (FGN) in
collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

Its objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis. For more information visit:

The Central Securities Clearing System Plc (CSCS or the Company) today announces the appointment of Mr. Shehu Yahaya Shantali as its new Chief Executive Officer, effective 1 January 2026, following the receipt of regulatory no-objection.

Mr. Shantali succeeds Mr. Haruna Jalo-Waziri, who will be stepping down after a successful eight-year tenure marked by strong leadership, strategic growth, and significant contributions to the development of Nigeria’s capital market infrastructure.

During his tenure, Mr. Jalo-Waziri provided visionary and results-driven leadership that delivered sustained growth and far-reaching transformation across the organization. He led the successful execution of critical strategic initiatives, strengthened governance and operational effectiveness, and modernized the company’s systems and processes, positioning the organization for long-term resilience and competitiveness. His leadership significantly enhanced stakeholder confidence deepened the organization’s market relevance both domestically and internationally, and established a strong, future-ready foundation for continued success.

Commenting on the appointment, the Chairman of the Board, Mr. Temi Popoola, said:

“On behalf of the Board, I would like to express our profound appreciation to Haruna Jalo-Waziri for his outstanding service to CSCS. Under his leadership, the Company recorded notable milestones and built an impressive legacy of operational excellence, innovation, and stakeholder confidence. We thank him sincerely for his dedication and impact.

We are equally delighted to welcome Shehu Shantali as the new Chief Executive Officer of CSCS. He brings a wealth of experience, deep industry knowledge, and a strong strategic vision. The Board is confident that he will build on the solid foundation laid by his predecessor and lead the Company into its next phase of growth.”

Mr. Shehu Yahaya Shantali holds a Bachelor of Science degree in Accounting from Ahmadu Bello University, Zaria, and an Executive MBA from Kingster Business School. He has over two decades of experience in accounting, finance, and financial services across Nigeria and the United Kingdom, with expertise spanning investment and asset management, financial advisory, and International Financial Reporting Standards (IFRS). His career cuts across capital markets, investment banking, real estate, and financial services, and is underpinned by a decade at the Securities and Exchange Commission (SEC) Nigeria, where he championed the migration of publicly listed and significant public interest entities from Nigerian GAAP to IFRS and led the Commission’s transition to the contributory pension scheme in 2012.

Mr. Shantali has built deep experience in financial inclusion, digital financial infrastructure, and the development of scalable, market-wide platforms that expand access to regulated financial services. As Managing Director and Chief Executive Officer of Apricot Investments Limited, he led the development of the MicroWorld platform, enabling the distribution of structured financial products including micro-health, micro-pension, micro-housing, micro-insurance, and micro-investment solutions. Earlier in his career, his team developed Nigeria’s first contactless payment solution, and he played a pioneering role in POS-based agency banking and early mobile-money interoperability on the NIBSS NIP platform, supporting efficient payments, settlement, and system-wide connectivity.

Reflecting on his tenure, the outgoing CEO, Mr. Haruna Jalo-Waziri, stated:

“It has been an honour to serve as the Chief Executive Officer of CSCS. I am proud of what we have achieved together as a team and grateful for the support of the Board, management, regulators, and all our stakeholders. I am confident that CSCS is well positioned for the future, and I wish my successor every success as he takes the Company forward.”

In his remarks, the incoming CEO, Mr. Shehu Shantali, said:

“I am deeply honoured by the confidence the Board has placed in me with this appointment. CSCS plays a critical role in Nigeria’s capital market ecosystem, and I look forward to working with the Board, management, staff, regulators, and market participants to further strengthen the Company’s leadership position, deliver value to stakeholders, and support the continued growth and stability of the capital market.”

CSCS Plc remains committed to the highest standards of corporate governance, operational excellence, and stakeholder engagement as it continues to support the Nigerian capital market.

Retired employees of Shell Nigeria celebrating a reunion at an annual golf tournament held in their honour by Shell Exploration and Production Company Limited (SNEPCo) at the picturesque Lakowe Golf Course in Lekki, Lagos. A total of 47 former employees teed off at the 4th annual golf tournament and were joined by SNEPCo leadership led by Managing Director, Ronald Adams and his wife, Pleashette Adams.

The tee-off was jointly performed by Ehis Uzenabor, Managing Director of the Shell Closed Pension Fund, alongside former Shell leaders: Egbert Imomoh, former Deputy Managing Director of SPDC; Jimmy Ahmed, former Business and Government Director; and Simbi Wabote, former Shell Director and immediate past Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB).

On the course, competitive spirit met seasoned skill. Dr Okuns Ohiosimuan emerged as the Overall Male Winner, playing off a handicap of 35 to return an impressive net score of 63 (-9). In the ladies’ category, Justina Dibua claimed the Overall Female Winner title with a handicap of 31 and a net score of 77 (+5). These awards were presented by Ron.

The Male and Female Runner-up prizes went to Claude Esekody and Kate Iyamu respectively, presented by Mutiu Sunmonu, former Managing Director of SPDC and Country Chair, Shell Companies in Nigeria.

“This event is not just about golf; it’s about celebrating the people who laid the foundation of our success,” Ron said. “Our retirees remain an integral part of the Shell family, and initiatives like this reflect our commitment to wellness, inclusion, and enduring relationships.”

Mutiu Sunmonu described the tournament as “awesome and refreshing,” praising the opportunity for retirees to reconnect. “It was heartwarming to see former colleagues share memories and enjoy healthy competition. The bonds built over decades clearly endure,” he noted.

In his closing remarks, retiree Rowland Ukpedor said: “Even in retirement, the spirit of golf and the friendships it fosters never fade,” and thanked Shell “for creating such a memorable experience and continued support in promoting wellbeing of retirees, sportsmanship and comradeship”

Amaka Obiefuna

The Takaful Advisory Council (TAC) on Thursday, December 18, 2025, paid a courtesy visit to the National Insurance Commission (NAICOM) to engage the Commission on issues relating to the growth and development of the Takaful insurance business in Nigeria.

Welcoming Members of the Council, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, commended TAC for its commitment and contributions to the development of Takaful insurance in the country. He described the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful insurance sub-sector.

Mr. Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries. He emphasized that the key challenge lies in harnessing this potential through increased participation and awareness. The Commissioner further praised the Council for its efforts in strengthening the Takaful insurance business.

The Commissioner further explained the structural background and core mandate of NAICOM, highlighting its responsibility to ensure industry stability, protect policyholders, and promote sustainable growth. He noted that the ongoing reforms in the insurance industry is aimed at strengthening operators and safeguarding consumers.

Mr. Omosehin also underscored the Commission’s developmental role, describing it as critical to the growth of the industry. He recalled that on July 31, 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Reform Act (NIIRA) 2025, which formally recognizes Takaful insurance as part of Nigeria’s insurance business framework, describing the development as a major milestone for the industry.

Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Abdulmajeed Alaro -MNI, congratulated NAICOM’s Management on the enactment of the NIIRA 2025, describing it as unprecedented. He disclosed that the Council had formally written to the Commission to express its appreciation upon receiving the news of the new law. He described the meeting as the first of its kind, bringing together the TAC and NAICOM management to exchange ideas and perspectives.

Professor Abdulrazzaq called on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful insurance, which he identified as a major challenge facing the sector. He advocated for the organization of retreats, workshops, and capacity-building programmes for stakeholders across the entire insurance industry, not limited to Takaful operators.

Concluding the meeting, Mr. Omosehin expressed his conviction that future growth in the insurance sector would be driven by financial inclusion-focused segments such as microinsurance, Takaful insurance, and web aggregators. He added that the engagement between NAICOM and TAC would be institutionalized as an annual meeting to further unlock the sector’s vast potential.