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Agriculture must get ‘rightful place’ in financial system – CBN

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The Central Bank of Nigeria (CBN) hopes to lift agricultural lending above the current level of less than five per cent of banks’ credit, with Governor Olayemi Cardoso declaring that agriculture must receive its “rightful place in our financial system and national priorities.”

Cardoso spoke in Abuja on Tuesday at the inauguration of the newly constituted Board of the Agricultural Credit Guarantee Scheme Fund.

He told the audience that the event marked “a defining moment — a bold statement of intent that signals a new dawn for agricultural financing in Nigeria.”

He said agriculture remained the backbone of the economy, contributing more than one-fifth of GDP and employing most Nigerians, yet “it receives only a small fraction of formal credit — less than 5 per cent of banks’ lending goes to the agricultural sector.

According to him, this chronic underfunding has stifled productivity and expansion for millions of farmers.

“It is a reassessment of norms: we will no longer accept business-as-usual,” he said. “Instead, we embrace a future where agriculture is accorded its rightful place.”

Cardoso said the fund, which guarantees up to 75 per cent of the value of agricultural loans, had helped banks lend to farmers for decades, including those considered “unbankable.”

He noted that the scheme had been strengthened following a 2019 amendment that expanded its share capital from N3bn to N50bn and broadened its mandate.

He said the reform was designed to deepen inclusivity, adding that the revised Act now provides for a board composed not only of government officials but also of farmers’ representatives.

“Such inclusivity is strategic: it enshrines partnership between policymakers, financiers, and the farming community in guiding the Scheme’s activities,” he said.

Cardoso described the sector as standing at the “crossroads of unprecedented opportunity” under the Federal Government’s Renewed Hope agenda.

He said the vision was to build a resilient, technologically advanced and inclusive agricultural economy that “ensures food security, reduces poverty, and creates wealth for millions of Nigerians.”

According to him, smallholder farmers constitute 80 per cent of Nigeria’s farmers and produce about 90 per cent of food, yet they continue to face high barriers to credit.

“Many lack collateral or credit history — a situation we can no longer afford, given that these same smallholders feed our nation and drive our rural economy,” he said.

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He urged the new board to focus on strategic priorities that could unlock value quickly.

He called for deeper financial inclusion to reach women and young farmers, noting that rural women were key actors in agriculture but often had less access to credit and technology.

“Studies indicate nearly 60 per cent of rural women do not use mobile internet, limiting their access to emerging digital services,” he said.

He asked the board to collaborate with microfinance banks, cooperatives, and fintech firms, and to use group lending, mobile money, and agent banking to ensure that “a lack of collateral or a remote location is no longer an insurmountable barrier to financing.”

Cardoso also tasked the board with establishing stronger oversight, monitoring, and evaluation systems using technology and data.

He said modern tools, including satellite imagery and digital dashboards, should be deployed to track loan performance, crop progress and emerging risks.

“Every naira guaranteed must deliver real value on the farm and in the marketplace,” he said.

The governor warned that the task ahead may appear daunting, given the size and complexity of agricultural value chains.

But he insisted that success depended on “innovation, integrity, and unyielding dedication.”

“With today’s inauguration, we have filled a void and renewed our commitment to a prosperous, food‑secure Nigeria,” he said. “Let us cultivate a future where every farmer can easily access the financing they need, every field yields its full potential, and every Nigerian can enjoy affordable, plentiful food on their table.”

Cardoso congratulated the newly inaugurated board and assured them of the central bank’s support.

Also speaking, the chairman of the newly inaugurated board, Dr Olusegun Oshin, said the scheme must focus on the grassroots, where the majority of farmers struggle without credit or storage facilities.

He told the gathering that “those that feed us are those weak, poor farmers very far away in the villages and who don’t have access to credit,” adding that even when they manage to raise funds, “they don’t even store it properly because they don’t have the capacity for storage.”

Oshin said the board would ensure the fund was impactful at the level of peasant farmers and smallholders.

“This fund… will be focused on ensuring that it is impactful at the grassroots level, at that level where Nigeria is faced, the level of the peasant farmers,” he said.

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He also welcomed the inclusion of agribusiness and allied sectors, noting that technology and accountability would be central to implementation.

Oshin noted that proper reporting must show that money given to clusters of farmers produced measurable results.

He added that detailed monitoring and evaluation would strengthen the case for more resources, while stressing that reaching more farmers efficiently would improve food supply nationwide.

Oshin thanked the apex bank for the opportunity and assured that board members would uphold ethical standards.

The PUNCH earlier reported that the agricultural sector contributed N30.5tn, in nominal terms, to the Gross Domestic Product in the third quarter of 2025.

Crop production drove the agro-sector’s growth, which stakeholders attributed to improved investor confidence.

The figure from the National Bureau of Statistics represents one of the sector’s strongest quarterly showings in recent years, with crop production alone accounting for N20.13tn or 65.99 per cent.

The sector also posted a real GDP growth rate of 3.79 per cent year-on-year, surpassing its Q3 2024 performance of 2.55 per cent by 1.24 percentage points, and outperforming its 2.82 per cent growth in Q2 2025 by 0.97 points amid poor access to bank credit.New Nigeria People’s Party, Femi Aina, has been re-elected for another term of four years.

Aina, according to a statement on Tuesday, was elected alongside other executives during the state party’s congress held at the party’s secretariat at Adatan, Abeokuta, the capital of the state.

Prof Tajudeen Gambo, Chairman of the Organising Committee of the state congress, alongside the Secretary of the committee, Abdullahi Dogonnama, as well as Alhaji Ibrahim Sai Kure, and Alhaji Hamza Masu, who are members of the committee, supervised the congress.

The congress was also monitored by INEC officials and security agents.

Aina, in his acceptance speech, said that his re-election marked a new dispensation for the state chapter of the party to begin massive mobilisation ahead of the 2027 elections.

The party chairman pledged to foster unity, bringing everyone on board irrespective of tribes, tongues and religion, with the sole aim of strengthening the party membership in the state.

Aina said, “This is no doubt a new dispensation for Ogun NNPP. We are going to ensure equal representation of various groups within the party. We are going to kick off massive mobilisation ahead of 2027 because everyone is important to our resolve to chase APC out in 2027.

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“We will reach out to the Kwa Kwa Siya group, we will reach out to women, and we will make sure that women decide issues affecting women. It will be a new leadership with renewed dedication and vigour to serve and deliver Nigerians from the incompetent government of the APC.”

He thanked the delegates for the confidence reposed in him and other executive members promising to provide a leadership that will further help deepen democratic ideals of fairness, justice and good governance.

Other executive members include  Alhaja Sakirat Arowolo, the Deputy Chairman, Rasaq Segun Sofowora as Secretary, as well as Mrs Yetunde Akindele, Women Leader, among others.

Speaking earlier, Gambo commended the resilience of  NNPP members in the state despite challenges, urging the newly elected and sworn-in executives to be determined to push NNPP stronger come 2027.

He disclosed that the intention of the party to take over the leadership of Nigeria across all levels comes 2027, lamenting that the present APC administration is not mass-oriented

Gambo said, “Our strong intention is to take over Nigeria in 2027.  We are determined, and we are working very hard, because the present government is running the affairs of the country to address the needs of the masses.

“Whereas NNPP is for the masses, it is free education for everybody; everybody must be educated, so we are really confident that we are going to succeed in 2027 by the special grace of God. That’s our dream and vision, and we call on all Nigerians to team up with us on this rescue mission.”

Opposition parties have always faulted the APC-led government, accusing it of foisting hardship on Nigerians, particularly with the subsidy removal, as well as the rising wave of insecurity across the country.

They have always threatened massive mobilisation ahead of 2027, with the sole aim of getting the party out of power.

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Bank recapitalisation: Local investors provide 72% of N4.6tn

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The Central Bank of Nigeria (CBN) on Wednesday said domestic investors accounted for the bulk of funds raised under its banking sector recapitalisation programme, contributing 72.55 per cent of the N4.65tn total capital secured by lenders.

The apex bank disclosed this in a statement marking the conclusion of the exercise, which began in March 2024 and saw 33 banks meet the new minimum capital requirements.

The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, Nigerian investors provided about N3.37tn of the total capital raised, underscoring strong domestic confidence in the banking sector, while foreign investors accounted for the remaining 27.45 per cent.

“Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

The bank confirmed that 33 lenders had met the revised capital thresholds, while a few others were still undergoing regulatory and judicial processes.

“The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme,” it stated.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

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The regulator stressed that the recapitalisation exercise was completed without disrupting banking operations nationwide, noting that key prudential indicators, particularly capital adequacy ratios, had improved and remained above global Basel benchmarks.

Minimum capital adequacy ratios were pegged at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The CBN added that the exercise coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall system stability.

To sustain the gains, the apex bank said it had strengthened its risk-based supervision framework, including periodic stress tests and requirements for adequate capital buffers.

It added that supervisory and prudential guidelines would be reviewed regularly to improve governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement added.

Meanwhile, data from the National Bureau of Statistics showed that foreign capital inflows into the banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025 from $7.00bn in 2024, reflecting strong investor interest during the recapitalisation drive.

However, the Centre for the Promotion of Private Enterprise has cautioned that despite the strengthened banking system, credit to small businesses remains weak, warning that the benefits of the reforms are yet to fully impact the real economy.

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Court freezes N448m assets in Keystone Bank debt recovery suit

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The Federal High Court in Lagos has ordered the freezing of funds and assets valued at N448,263,172.41 in a debt recovery suit instituted by Keystone Bank Limited against five defendants.

The order was made on March 26, 2026, by Justice Chukwujekwu Aneke following an ex parte application moved by Keystone Bank’s counsel Mofesomo Tayo-Oyetibo (SAN), against Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

In his ruling, Justice Aneke granted a Mareva injunction restraining the defendants, whether by themselves, their agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, and other financial instruments standing to their credit in any bank or financial institution in Nigeria, up to the sum in dispute.

The court further directed all banks and financial institutions within the jurisdiction to forthwith preserve any funds belonging to the defendants upon being served with the order.

The said institutions were also ordered to depose to affidavits within seven days of service, disclosing the balances in all accounts maintained by the defendants, together with the relevant statements of account.

In addition, the court granted a preservative order restraining the defendants from disposing of, alienating, or otherwise encumbering any movable or immovable property, including any future or contingent interests, up to the value of the alleged indebtedness.

The court also granted leave for substituted service of the originating and other court processes on the second and third defendants by courier delivery to their last known addresses.

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The matter was adjourned to April 9, 2026, for mention.

According to the originating processes before the court, the suit arises from a N500 million overdraft facility granted by the claimant to the first defendant on March 28, 2023, for a tenure of 365 days at an interest rate of 32 per cent per annum.

The claimant averred that the facility, initially secured by a $200,000 cash collateral and subsequently by a mortgaged property located at Itunu City, Epe, Lagos, expired on March 27, 2024, leaving an outstanding indebtedness of N448,263,172.41 as at October 31, 2024.

In the affidavit in support of the application, the claimant alleged that the facility was diverted for personal use by the third defendant and channelled through the fourth and fifth defendant companies.

It further contended that the first defendant is no longer a going concern and has failed, refused, and neglected to liquidate the outstanding indebtedness despite several demands made between May and October 2025.

The claimant also expressed apprehension that the defendants may dissipate or conceal their assets, thereby rendering nugatory any judgment that may be obtained in the suit, and consequently urged the court to grant the reliefs sought in the interest of justice.

After considering the application and submissions of learned silk, Justice Aneke granted all the reliefs sought and adjourned the matter to April 9, 2026, for further proceedings.

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Sanwo-Olu unveils Lagos 2026 economic blueprint, vows inclusive growth

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The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday unveiled the 2026 edition of the Lagos Economic Development Update, reaffirming his administration’s commitment to driving inclusive growth and ensuring that economic progress translates into tangible benefits for all residents of the state.

The unveiling of this year’s outlook, held in Ikeja, provides an in-depth analysis of the state’s economic trajectory, capturing global, national, and local developments shaping Lagos’ growth outlook.

Represented by his deputy, Obafemi Hamzat, the governor described the report as more than a policy document, noting that it serves as a strategic compass for guiding economic direction and strengthening decision-making.

He added that despite global economic headwinds — including post-pandemic recovery challenges, inflationary pressures, and exchange rate fluctuations — the state has remained resilient through deliberate policies, fiscal discipline, and sustained investment in critical infrastructure.

“It is with a deep sense of responsibility and optimism that I join you today to officially launch the third edition of the Lagos Economic Development Update — LEDU 2026.

“This platform has evolved beyond a mere policy document; it has become a compass guiding our economic direction, shaping decisions, and reinforcing our commitment to building a resilient, inclusive, and prosperous Lagos,” he said.

He noted that while the global economic environment has remained unpredictable, Lagos has stayed on course through “clarity, discipline, and foresight,” anchored on the T.H.E.M.E.S+ Agenda.

According to him, the state had strengthened its fiscal framework, improved revenue generation, and invested in infrastructure critical to long-term growth.

Sanwo-Olu further highlighted progress recorded since the inception of LEDU, including the expansion of the state’s economic base driven by innovation, entrepreneurship, and digitalisation; improved efficiency in revenue systems; and sustained infrastructure development spanning roads, ports, energy, and urban planning.

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He added that continued investment in human capital remains central, as “people are the true engine of growth.”

Speaking on the theme of this year’s report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” the governor said it reflects Lagos’ current economic priorities.

He explained that consolidating resilience involves strengthening institutions and fiscal discipline, while advancing competitiveness requires boosting productivity, innovation, and investment.

Delivering shared prosperity, he added, means ensuring growth translates into jobs, expanded opportunities, and improved livelihoods for residents.

Looking ahead, he reaffirmed the administration’s commitment to economic diversification, private sector-led growth, data-driven governance, sustainable urban development, and social inclusion.

He also stressed the importance of partnerships with the private sector, development institutions, civil society, and the international community in achieving the state’s development goals.

“As we launch this edition of LEDU, I urge all stakeholders to engage actively, strengthen collaboration, and align with our shared vision.

“We have built resilience; now we must translate it into sustained competitiveness and ensure that growth delivers tangible prosperity for every Lagosian,” he said.

Also speaking, the state Commissioner for Economic Planning and Budget, Ope George, said Lagos has demonstrated remarkable resilience in navigating both global and domestic economic challenges.

“Lagos is not just responding to economic shocks — we are building systems that make us stronger because of them,” he said, noting that deliberate policies, disciplined fiscal management, and strategic investments have reinforced the state’s position as a leading subnational economy in Africa.

He added that the state would continue to prioritise economic diversification, private sector growth, sustainable urban development, and social inclusion, stressing that growth must be measured not only by numbers but also by its impact on people’s lives.

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In his goodwill message, Chief Consultant at B. Adedipe Associates Limited, Biodun Adedipe, described the LEDU initiative as a credible framework for tracking economic performance and refining development strategies.

He noted that Lagos remains central to Nigeria’s economy, adding that its continued growth signals broader national progress.

“If Lagos works, a significant share of Nigeria’s commerce works,” he said, expressing optimism about the state’s economic future.

Meanwhile, the Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Adeloju, urged the state government to prioritise affordable housing as a critical driver of shared prosperity.

He noted that high housing costs could limit upward mobility for low-income earners, stressing that making housing more accessible would enhance living standards and support inclusive growth.

Adeloju added that sustained fiscal discipline, improved service delivery, and a broader productive base would further strengthen Lagos’ position among Africa’s leading megacity economies.

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