Business

Nigerian Banks Raise ₦4.65 Trillion as CBN Ends Recapitalisation Drive

Published

5 months ago

April 4, 2026

Preport

Nigerian banks have successfully raised a total of ₦4.65 trillion in fresh capital following the conclusion of the Central Bank of Nigeria’s (CBN) 24-month recapitalisation programme.

The exercise, which began in March 2024, was designed to strengthen the banking sector’s resilience, improve capital adequacy, and enhance the capacity of financial institutions to support economic growth amid domestic and global economic uncertainties.

The programme recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting

sustained confidence in the Nigerian banking sector.

Governor Olayemi Cardoso commented: “The recapitalisation w has strengthened

the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is wellpositioned to support economic growth and withstand domestic and external shocks.

Capital Strengthening and Financial System Resilience.

The post Nigerian Banks Raise ₦4.65 Trillion as CBN Ends Recapitalisation Drive appeared first on Business Today NG.

Business

Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos

Published

2 hours ago

August 18, 2026

Preport

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Monday, August 17, 2026 recovered 2.3 million litres of Automotive Gas Oil, AGO, valued at N4.485 billion from Mamemo Ibru of Ibafon Oil and Gas, during an investigation into an alleged case of stealing and criminal conversion.

The recovery followed a petition submitted by Prudent Energy and Services Limited, alleging that petroleum products entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, resulting in a significant shortfall in the company’s stock.

The petitioner also alleged that periodic withdrawals were made from the stored products until the outstanding balance stood at 2,574,031 litres.

However, during a subsequent physical measurement and reconciliation exercise, only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.

Investigation revealed that Ibafon Oil and Gas is involved in the purchase and sale of Automotive Gas Oil (AGO) and also stores its petroleum products at the same depot alongside products belonging to its customers.

It was further revealed that Ibru allegedly used his position as the owner of Ibafon Oil and Gas to truck out petroleum products in excess of the quantity owned by the company, thereby converting the petitioner’s products for his own use.

Following the Commission’s intervention, the suspect handed over the recovered products to the petitioner, Prudent Energy and Services Limited.

The post Alleged Criminal Conversion: EFCC Recovers N4.4bn Worth of AGO in Lagos appeared first on Business Today NG.

Business

May & Baker disowns ‘fraudulent M&B Equity Stake’ investment scheme

Published

10 hours ago

August 18, 2026

Preport

May & Baker Nigeria Plc has dissociated itself from the ‘M&B Equity Stake’ investment scheme, noting that the purported investment opportunity is fraudulent and unauthorised by the company.

The company disclosed this in a regulatory filing signed by Adetoun Abiru, Secretary of Marina Nominees Limited, on Tuesday, urging the investing public to disregard promotional materials that promise daily or guaranteed returns for the equity stake.

This followed the circulation of “fraudulent materials” through social media, messaging applications and other online platforms, purporting to offer an investment opportunity described as an “M&B Equity Stake.”

“The company hereby unequivocally dissociates itself, its subsidiaries and affiliates from the purported ‘M&B Equity Stake’ investment scheme and any person, platform, website, group, publication or other communication promoting or soliciting funds in connection with the scheme,” May & Baker said.

The consumer foods manufacturer stated that any person, platform, flier, message, website or other communication soliciting funds under the guise of May & Baker Nigeria Plc is unauthorised and was not issued by or on behalf of the company.

It advised Nigerians to disregard the communications, refrain from making any payment or disclosing personal information in response to the ‘M&B Equity Stake’ investment materials.

“Report any such fraudulent activity to the appropriate authorities,” the pharmaceutical and beverage company said, urging the investing public not to disclose their financial information to anyone.

The company confirmed that it is not currently undertaking any Rights Issue, Public Offer or other capital-raising exercise involving the solicitation of investments from the public.

ALSO READ: May & Baker posts 215% profit growth in mid 2017 result

“Any future capital-raising exercise will be formally communicated through the Company’s authorised communication channels and conducted in accordance with applicable laws, regulations and the requirements of the Nigerian Exchange Limited and other relevant regulatory authorities,” the company added.

It further urged its shareholders, customers, employees and members of the general public to remain vigilant and verify any purported investment opportunity or communication relating to the company through its official communication channels before taking any action.