Recapitalisation: Access Bank, Zenith, Fidelity, FCMB Reject N4.8bn Subscriptions in Compliance with CBN’s Guidelines Kayode Tokede
In continuation of the ongoing recapitalisation exercise in the banking sector, four Deposit Money Banks (DMBs) have rejected a total of N4.8 billion subscriptions from
investors due to multiple rights subscriptions, non-qualified shareholders, and failure to pass the Capital Verification Exercise (CVE) of the Central Bank of Nigeria (CBN), among other reasons, THISDAY has learnt.
CVE is an initiative by the CBN aimed at ensuring that banks operating within the country comply with the required minimum capital thresholds set by the apex bank. This exercise is usually a part of the CBN's regulatory and
supervisory activities to maintain a sound and stable financial system in Nigeria. Under the ongoing recapitalisation exercise, Zenith Bank Plc, Access Holdings Plc, FCMB Group Plc, and Fidelity
Bank Plc have so far announced the result of their rights issue and public offer to the investing public on the Nigerian Exchange Limited (NGX). The four banks raised an estimated N1.02 trillion from
the bourse and rejected N4.8 billion subscriptions. THISDAY gathered that Access Holdings raised N351.01 billion via rights issue, and rejected N1.88 Continued on page 6
South-east Must Connect to Central Govt Through APC, I'll Connect Anambra in November, Says Ganduje… Page 12 Sunday, February 9, 2025 Vol 30. No 10899
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Kwankwaso, Aregbesola Hold ‘Strategic Meeting’ in Lagos Ahead of 2027 Ex-Kano governor’s faction remains expelled, says NNPP factional national chairman
Chuks Okocha in Abuja The presidential candidate of the
New Nigeria People’s Party (NNPP) in the 2023 general election, Rabiu Kwankwaso, and former Minister of
Interior, Rauf Aregbesola, yesterday met in Lagos, to “strategise” ahead of the 2027 general election.
This is just as the National Chairman of the NNPP, Agbo Major, has stated that the faction
of the party led by Kwankwaso remains expelled from the party. However, details of what the two
men discussed at the meeting held Continued on page 6
CNS: Military Has No Excuse Not to Defeat Terrorism, Banditry, Oil Theft, Other Threats
Linus Aleke in Abuja
The Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla, has stated that the Nigerian military has no excuse not to defeat terrorism, banditry, oil theft, kidnapping, secessionist agitations, and other emerging security threats in the country. This is just as the Chief of Air Staff (CAS), Air Marshal Hassan Abubakar, disclosed that the Nigerian Navy would require about $11 million to overhaul each of its attack helicopters. Also, the Chief of Army Staff (COAS), Lieutenant General Olufemi Oluyede, has accused the media of portraying the military in a bad light before the international community. He, however, noted that the issue is gradually being addressed. Speaking during the closing of the Chief of Defence Staff Joint Task Force Commanders Conference 2025, at the Defence Headquarters (DHQ) in Abuja, Ogalla said the nation is currently waging irregular warfare, which requires the whole-of-society approach to defeat. "We must understand that these threats are evolving and have remained dynamic over the years. Continued on page 6
REMEMBERING HERBERT, CHIZOBA AND CHIZI WIGWE ONE YEAR AFTER…
L-R: Late Herbert Wigwe’s cousin and lawyer, Mr. Uche Wigwe; Son, David Wigwe; Daughters, Hannah Wigwe; Tochi Wiwge; Elder Sister to late Chizoba Wigwe, Paulina Nwuba; Chairman of Access Holdings Plc and Herbert Wigwe’s partner, Aigboje Aig-Imoukhuede; and a sister to Chizoba, at the family tomb where Herbert, Chizoba and Chizi Wigwe are buried at the Wigwe University, Isiokpo, Rivers State…yesterday