Economy
CAC issues guidelines for banks recapitalisation, merger
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The Corporate Affairs Commission has issued fresh guidelines to assist Deposit Money Banks in the ongoing recapitalisation.
The commission, in a statement signed by its management and posted on its Facebook account on Friday, said the new directive is pursuant to its powers under Section 8 (1) (e) of the Companies and Allied Matters Act No. 3 of 2020, stressing immediate adherence to the policy.
It said the new guidelines were issued to guide proper filing for new incorporations, increase in share capitals, mergers and upgrade or downgrade of licence authorisation.
For new incorporations, the CAC stated that intending applicants must submit necessary requirements including, “An approved name reservation or availability, approval-in-principle from sector regulator, duly completed on-line incorporation form and payment of stamp duty and filing fees for the category of license authorisation.”
It added that a certificate of incorporation shall be issued within 24 hours for applications that satisfy all requirements for incorporation of companies prescribed in the, “Commission’s operations checklists available at www.cac.gov.ng/resources.”
Also, banking institutions seeking to increase their share capital through private placements, rights issues and/or offers for subscription must submit a duly signed company resolution, return of allotment and other statutory declaration by directors verifying that the issued share capital is fully paid- up
Other requirements include, “Notice of the fact that regulatory approval is required, an affidavit deposed to by a director of the company to the effect that regulatory approval is required for the increase, an amended memorandum of association reflecting the new share capital.
“Payment of stamp duties and filing fees, Issuance of a letter acknowledging notice of increase and requirement of regulatory approval, filing of regulatory approval and the issuance of a certificate of increase.”
Under this category, the commission warned that the notice of the fact that regulatory approval is required must be filed in accordance with the provisions of Section 127 (3), (4) & (5) of CAMA.
“Annual returns and information on persons with significant control must be filed up-to-date and certificate of increase shall be issued within 24 hours of filing of regulatory approval,” it said.
Similarly, small and medium banking institutions seeking to merge must submit duly signed special resolution for merger by each of the merging companies.
Other requirements are “the scheme of merger duly approved by the Securities and Exchange Commission.
“A certified true copy of court order authorising Extraordinary General Meeting of each of the merging companies. Evidence of publication of court ordered meeting in two newspapers and the Federal Gazette and a CTC of Court order sanctioning the Scheme of Merger.
“All enquiries and complaints on these guidelines and applications submitted in pursuance of the recapitalisation exercise should call +234 816 920 9551,” the statement added.
Recall that the Central Bank of Nigeria in March 2024 directed all banks to increase their capital base for improved productivity.
The apex bank had directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn.
It also said commercial banks with national licences must meet a N200bn threshold, while those with regional authorisation are expected to achieve a N50bn capital floor.
This process has commenced fully with banks issuing public offers and rights issues to meet the two year target.
The Nigerian naira strengthened further against the United States dollar at the official foreign exchange market, reaching a five-month high of about ₦1,338.59 per dollar on Thursday, August 27, 2026.
The latest movement places the naira among the stronger-performing currencies in Nigeria’s foreign exchange market as improved dollar liquidity and rising external reserves continue to support the local currency.
For Friday, August 28, the latest available market data puts the dollar at around ₦1,341.66 per dollar, although the NFEM closing rate for the day will depend on trading activity and may differ from live indicative rates.
Recent official-market data had shown the naira at ₦1,343.59 per dollar on Wednesday, August 26, before strengthening further on Thursday. The improvement has been linked to sustained dollar liquidity and stronger external buffers.
In the parallel market, the dollar remained substantially higher than the official rate. AbokiFX-related market reports showed the greenback quoted around ₦1,400 to buy and ₦1,410 to sell on Thursday, August 27.
This means Nigerians looking to buy $1 in the parallel market would need about ₦1,410, while those selling $1 could receive around ₦1,400, depending on the dealer and location.
The gap between the official and parallel markets remains significant. Based on the latest indicative official rate of about ₦1,341.66 and a parallel-market selling rate of ₦1,410, the difference is approximately ₦68 per dollar.
The naira’s recent gains have coincided with a sharp improvement in Nigeria’s foreign-exchange reserves. It was reported that external reserves had risen to about $53.34 billion, an 18-year high, while improved dollar liquidity has helped ease pressure on the local currency.
For importers, travellers, students paying overseas tuition and businesses with dollar obligations, the exchange rate remains an important factor in determining the naira cost of foreign transactions.
However, the actual rate available to customers may differ from the NFEM benchmark or parallel-market quotation. Banks, Bureau de Change operators and other authorised dealers may apply different rates depending on the transaction, amount, location and prevailing market conditions.
Parallel-market rates are unofficial and can change several times during the day. The Central Bank of Nigeria does not recognise the parallel market as an official foreign-exchange market.
As of the morning of August 28, 2026, the dollar is therefore trading around ₦1,341.66 on the latest indicative market data, while parallel-market quotations remain around ₦1,400–₦1,410 per dollar.
The Personal Pension Plan recorded a total of 219,316 registrations from inception to the first quarter of 2026, with only 18,811 accounts funded.
This is according to the first-quarter pension industry data released by the National Pension Commission.
The data showed that funded Retirement Savings Accounts accounted for 8.6 per cent of total PPP registrations, while 200,505 accounts, representing 91.4 per cent, remained unfunded.
The figures highlighted the significant challenge facing the PPP, particularly the need to convert registrations into active accounts with sustained pension contributions.
The data further showed that total contributions under the PPP stood at N1.66 billion from inception to the first quarter of 2026.
It also indicated a significant increase in quarterly contributions, with contributions rising from N103.30 million in the fourth quarter of 2025 to N147.16 million in the first quarter of 2026.
This represented an increase of N43.86 million or 42.46 per cent during the period.
The Personal Pension Plan is designed to enable self-employed persons and workers in the informal sector to participate in the Contributory Pension Scheme and build retirement savings.
NAN
The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of petrol at its retail stations in Abuja and nearby areas from ₦1,250 to ₦1,270 per litre.
The Genius Media Nigeria understands that the latest adjustment means customers buying Premium Motor Spirit (PMS) from NNPCL stations now pay ₦20 more for each litre than they did previously.
According to report, retailers such as MRS, Geregu, Ranoil, Emedab and Mobil are selling below the new NNPCL price.
MRS stations adjusted their price upward by ₦20, but their petrol was still being sold at about ₦1,230 per litre. This leaves a ₦40 difference between the MRS price and the new NNPCL rate.
However, not all filling stations are selling below NNPCL.
Some outlets, including Empire and AA Rano, were reported to be charging between ₦1,275 and ₦1,299 per litre, putting their prices above the state-owned company’s latest rate.
The latest NNPCL price also comes as international crude oil prices have been moving lower.
Brent crude was trading around $88.80 per barrel, while West Texas Intermediate (WTI) stood at about $81.86 per barrel at the time of the report.
In other news, the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been commended for “remarkable progress” in restoring confidence, increasing production and attracting fresh investment into Nigeria’s oil and gas sector.
The Citizens Forum for Energy Accountability and Development (CFEAD) said the recent achievements announced by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, demonstrated that sustained institutional reforms and stronger operational discipline could reposition the petroleum industry as a major driver of economic growth.
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