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30 banks meet CBN’s recapitalisation requirement

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The Central Bank of Nigeria (CBN) has clarified the status of some banks in Nigeria.
Earlier in the year, there was fear that some banks might be liquidated.
A relief came on Friday when the Central Bank of Nigeria declared that  30 banks had already met the new minimum capital requirements introduced under its ongoing banking sector recapitalisation programme.
The apex bank also assured Nigerians that the country’s banking system remains stable and secure.
The apex bank said the exercise was moving forward as planned and remains on course to strengthen Nigeria’s banking system.
In a statement issued on Friday by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, the bank said the latest figures show further progress compared to the update given last month.
According to the CBN, “As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty (30) banks have met the new minimum capital requirements applicable to their respective licence authorisations.”
The new figure shows an improvement from the position announced earlier by the CBN Governor, Mr Olayemi Cardoso. On February 24, Cardoso had told the public that 20 banks had already met the recapitalisation requirements set by the regulator.
The CBN explained that many banks across the country have been raising fresh funds to strengthen their capital base as part of the exercise.
Mrs Sidi Ali said a total of 33 banks have so far raised new capital through different funding methods in order to meet the regulatory requirements. “In total, thirty-three (33) banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” she said.
Rights issues allow existing shareholders to buy additional shares in their banks, while initial public offerings involve selling shares to the public for the first time. Private placements involve raising funds from selected investors.
According to the CBN, the capital positions of the remaining banks are still being reviewed as part of the regulator’s standard verification process.
Sidi Ali said, “The capital positions of the remaining banks are currently undergoing the Central Bank’s routine verification process ahead of final confirmation of compliance within the recapitalisation timeline.”
The recapitalisation programme was introduced by the CBN in 2024 as part of broader efforts to strengthen Nigeria’s banking sector and ensure that banks have enough financial strength to support the country’s economic growth.
Under the programme, banks are required to raise additional capital depending on the type of licence they hold. The policy is designed to make banks stronger, more stable, and better positioned to finance businesses, households, and large projects in the economy.
Since the announcement of the policy, many banks have approached the capital market to raise fresh funds from investors, while others have relied on existing shareholders or institutional investors to increase their capital base.
The CBN said the exercise is already improving the financial strength of banks and will further enhance the ability of the sector to support economic activities across the country.
The apex bank also assured Nigerians that the country’s banking system remains stable and secure.
According to the statement, “The Central Bank of Nigeria reiterates that the Nigerian banking system remains stable and sound. The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.”
The regulator also said it will continue to closely monitor banks to ensure that they fully meet the required standards.
Mrs Sidi Ali said the CBN would maintain close supervision of financial institutions throughout the recapitalisation process.
“The Central Bank of Nigeria will continue to maintain close supervisory engagement with regulated institutions to ensure full compliance with prudential and capital requirements,” she said.
The recapitalisation exercise is seen by financial experts as an important step in preparing Nigerian banks for a larger and more competitive economy, especially as the country seeks to attract more investment and expand business opportunities in the years ahead.
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Electric vehicles in Nigeria set for growth, says Tim Motors CEO

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Zhan

The Chief Executive Officer of Tim Motors, Mr Leon Zhan, has expressed optimism about the future of new energy vehicles in Nigeria, saying their acquisition and use will increase significantly in the coming years in line with global trends.

Speaking during an interactive session with journalists in Lagos on Friday, Zhan identified high acquisition costs and inadequate infrastructure as major challenges facing prospective buyers of electric and other new energy vehicles in the country.

Despite these constraints, he said ongoing improvements in the economy and rising purchasing power among Nigerians would help address the obstacles and accelerate the adoption of cleaner transportation technologies.

According to him, Nigeria’s relatively low electric vehicle penetration presents a significant opportunity for investors seeking to tap into the growing market for sustainable mobility solutions.

Zhan noted that increasing concerns over rising fuel prices could further drive interest in electric vehicles, making the sector an attractive area for future investment and expansion.

He expressed confidence that as awareness grows and supporting infrastructure improves, Nigeria will witness increased demand for new energy vehicles across various segments of the transportation industry.

“If you are deciding on an investment, you have to see the trend and space to grow. This is very important. Currently, electric vehicles have just about one or two per cent penetration in this market. In other markets like China, the penetration is about 70 per cent. So, if you look at the trend, you see the potential for growth in Nigeria,” he stated.

The CEO added that Chinese car companies are investing in Nigeria due to the size of the market, and they will be increasingly affordable.

He said: “Your country, Nigeria, is growing. So your purchasing power is also growing, and so, I’m sure years later, more and more people can afford Chinese cars with better and better prices.”

Tim Motors, he stated, would establish stations in several cities across the country to provide after-sales support for electric vehicles. This follows its recent introduction of Geely Galaxy new energy vehicles into Nigeria, under a sole distributorship arrangement with Geely Auto, one of China’s major forces in the country’s transition to new-energy mobility.

He also revealed that the company has put infrastructure in place in Abeokuta to facilitate local vehicle assembly in the country.

According to him, the decision by the company to introduce electric vehicles has been properly thought through, and it includes providing robust after-sales support to customers across the country.

He added that the company was aware of customers’ concerns about after-sales support, local availability of parts and access to power to charge their vehicles.

These issues, he explained, informed its decision to establish a special partnership arrangement to address customer issues and provide support centres across major cities in Nigeria.

“Many people ask how long and how far it is for them to get support if their EV cars have issues. This is why we have designed a system whereby we work with partners who will handle such. We have 10 already. We will have some in major cities like Abuja, Kano and Port-Harcourt in the coming months,” he said.

Zhan further revealed that Tim Motors has a plan whereby people who purchase their vehicles can easily get support within a five-kilometre radius of their residence or offices.

He added that the company has a professional team in China that is dedicated to sourcing and delivering parts for their vehicles in Nigeria.

He further revealed that more Geely Galaxy brands would be introduced in the coming months, stating that the EX2, EX5 and EX5 EM-I were just the first brands being brought into the market.

He added that the technology of Chinese electric vehicles was better than that of many other major auto manufacturers, and yet they are 20 to 30 per cent more affordable.

It will be recalled that Tim Motors recently introduced three Geely Galaxy models, the EX5 EM-i, the EX5, and the EX2, designed to meet diverse customer needs across the Nigerian market.

The EX5 EM- i is a smart family SUV that combines petrol and electric power for an extended driving range of more than 1000km, reduced fuel consumption, and lower emissions. For Nigerian families who want to spend less time at the fuel station and more time on the road, the EX5 EM-i delivers.

The EX5 is a value-focused mid-size SUV with a premium, tech-forward interior and over 430 km of driving range.

The EX2 is an all-electric subcompact hatchback built for the realities of city life. Affordable, intuitive to drive, and remarkably efficient, it is the answer for commuters tired of fuel queues and rising running costs.

Geely, which owns globally recognised brands including Volvo Cars, Polestar, and Lotus, has built a strong reputation for innovation, quality, and intelligent vehicle technologies across both New Energy Vehicle (NEV) and Internal Combustion Engine (ICE) markets. It ranks seventh globally by annual vehicle sales, with over 3.4 million units sold, placing it among the world’s most successful automotive manufacturers. Its footprint continues to grow across international markets.

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Glo rolls out enhanced borrowing solutions for customers

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Telecommunications company Globacom has enhanced its ‘Borrow Me Credit’ service, introducing new features aimed at ensuring subscribers remain connected even when they have insufficient airtime or data balance.

The company disclosed this in a statement issued in Lagos, noting that the eligibility requirements for the service have been simplified to enable millions of active prepaid customers to access instant airtime and data support when needed.

According to Globacom, the upgraded service now allows customers to borrow special data bundles as well as airtime and data on behalf of other subscribers. The new feature is designed to help users support friends and family members who may be unable to recharge immediately or are temporarily unreachable.

The company said the initiative reinforces its commitment to keeping customers connected during critical moments.

“Whether it is an urgent business call, a late-night research project, or staying in touch with loved ones during an emergency, Glo’s ‘Borrow Me Credit’ ensures that a low balance never results in a communication blackout,” the company stated.

Globacom clarified that while the service attracts a service charge, its primary objective is to provide immediate assistance to subscribers facing low or exhausted balances.

The telecom operator further stated that customers can access airtime and data loans ranging from N25 to N4,000, offering flexible options to meet varying communication needs.

It added that borrowing limits are determined by customers’ usage patterns and level of engagement on the network, with higher limits available to subscribers who maintain stronger usage profiles.

The enhanced service forms part of Globacom’s broader strategy to improve customer experience and expand access to digital communication solutions across the country.

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Geely Galaxy unveils EV vehicles in Nigeria, partners TIM Motors

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Geely Galaxy, the premium new-energy vehicle brand under Geely Auto Group, has made an official entry into the Nigerian market through a strategic partnership with TIM Motors.

Geely, which also owns globally recognised brands including Volvo Cars, Polestar, and Lotus, is one of China’s leading automotive manufacturers and a major force in the country’s transition to new-energy mobility.

In a special event in Lagos on Friday, the company unveiled three Geely Galaxy models, the EX5 EM-i, the EX5, and the EX2, designed to meet diverse customer needs across the Nigerian market.

The EX5 EM-i is a smart family SUV that combines petrol and electric power for extended driving range of more than 1000km, reduced fuel consumption, and lower emissions. For Nigerian families who want to spend less time at the fuel station and more time on the road, the EX5 EM-i delivers. The EX5 is a value-focused mid-size SUV with a premium, tech-forward interior and over 430 km of driving range. The EX2 is an all-electric subcompact hatchback built for the realities of city life. Affordable, intuitive to drive, and remarkably efficient, it is the answer for commuters tired of fuel queues and rising running costs.

Geely has built a strong reputation for innovation, quality, and intelligent vehicle technologies across both New Energy Vehicle (NEV) and Internal Combustion Engine (ICE) markets. It ranks seventh globally by annual vehicle sales, with over 3.4 million units sold, placing it among the world’s most successful automotive manufacturers. Its footprint continues to grow across international markets.

Thew General Manager of the Passenger Vehicle Business Unit at TIM International, Leon Zhan, expressed excitement about the brand’s arrival, confirming that the company is fully prepared to support ease of ownership and deliver reliable aftersales service through its nationwide network of service centres, spare parts availability, and warranty coverage.

“Electric vehicles represent the future of driving in Nigeria, and we are proud to bring that future closer to Nigerian consumers as the exclusive local partner of Geely Galaxy, a brand built on EV innovation, technology, and performance. We have a product that is a solution for the present challenges and future that people crave for. We are here not just to sell these brands, but to provide a full aftersales support structure covering spare parts and warranty servicing,” Zhan said.

Sales Lead, TIM Motors Abuja Office, Stephanie Odia, stated that the vehicles are fitted with many advanced safety technologies including a Level 2 Advanced Driver Assistance System. This feature, she explained has several functions such as the automatic emergency braking, adaptive cruise control, lane keeping assist, blind spot detection and 360-degree surround cameras.

She added that Geely Galaxy’s products were engineered to address what customers have long been asking for: lower fuel costs and vehicles that work within local infrastructure realities. The brand’s offerings, she opined, were designed to balance performance, affordability, and efficiency across its model range.

TIM Motors was appointed as Geely Galaxy’s exclusive general distributor in Nigeria on the strength of its continental sales network and its track record of customer support across Africa, giving Nigerian buyers the assurance of a partner who understands the local market.

The appointment reflects a commitment to making every customer interaction, from purchase to aftersales, seamless and reliable. TIM Motors’ proven experience across the African auto industry and its understanding of local customer needs are seen as central to Geely Galaxy’s success in Nigeria.

The launch event was held under the theme “Powering the Future,” reflecting Geely Galaxy’s vision of making intelligent, sustainable mobility more accessible to Nigerian consumers.

 

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