The Central Bank of Nigeria (CBN), has said the recapitalisation of Nigerian banks is crucial to the march towards achieving a one-trillion dollar economy.

CBN’s Deputy Governor, Corporate Services, Emem Usoro, said this on Monday in Abuja, at the ongoing 36th edition of the Finance Correspondents Association of Nigeria (FICAN).

The theme of the seminar is, “Banking Recapitalisation Towards a One Trillion Dollar Economy ”.

Usoro’s address was delivered by Mrs Hakama Sidi-Ali, CBN’s, the Acting Director, Corporate Communications Department.

According to her, the global financial system and architecture have assumed a new dimension even before the new administration of Donald Trump in the United States of America.

She said that globalisation had broken the limits of financial flows , and investors have inadvertently taken full advantage of the opportunities.

“However, countries and their financial systems must be prepared to utilise opportunities created by financial globalisation through appropriate policy support and actions.

“The Nigerian banking system has also undergone reforms, including recapitalisation and consolidation exercises.

“The 2004 banking sector consolidation and recapitalisation exercise, which set a limit of N25 billion minimum capital base for banks, brought the Nigerian banks from 89 to 25,” she said.

She said that as the country worked towards building a one-trillion dollar economy, it must consider recapitalisation of its banks to be able to finance the economy and favourably compete globally with its peers.

“We should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient and stable enough to carry our financial intermediation.

“Building a one-trillion dollar economy is not as easy task. It will require careful planning, robust and clear policy direction, dutiful implementation and averred commitment from stakeholders that would galvanise various sectors of the economy.

“Today, our economy is valued at approximately 25 billion dollars. As we aspire to build a trillion-dollar economy, all hands must be on deck, ” she said. (NAN)

A former aide to the erstwhile Zamfara State Governor, Bello Matawalle, Comrade Anas Abdullahi Kaura, has accused the current governor, Dauda Lawal, of disseminating falsehoods regarding the state’s finances to tarnish his predecessor’s reputation.

Kaura claimed that Matawalle left over N25.9 billion in the state’s treasury when he handed over power to Lawal in May 2023.

In a statement issued in Abuja, Kaura, who also served as special adviser on urban and regional planning during Matawalle’s tenure, described Governor Lawal as a “pathological liar” for alleging that the previous administration left the state’s coffers empty.

He insisted that the funds were available and documented, challenging Lawal to provide evidence to the contrary.

The controversy stems from an exclusive interview Lawal gave to Arise News on Sunday, where he alleged he inherited a mere N4 million in the state account, alongside widespread dysfunction and crippling debts.

Lawal described the state as being in “complete disarray,” with every sector in crisis and no functioning systems in place.

Kaura dismissed Lawal’s claims as those of a “pathological liar” and accused him of manipulating facts to paint Matawalle as a failure.

Providing a breakdown of the alleged funds, Kaura stated that Matawalle left N2.65 billion in the ACRESAL account, N14.33 billion in bond balance, N6.3 billion in UBE grants, and N2.7 billion in NG-Cares funds.

“If he claims he met only N4 million, where did he get the money to pay workers and offset debts as he boasted during the interview?” Kaura questioned.

The former aide further alleged that Lawal lacks commitment to Zamfara’s people, describing him as a power-hungry leader more interested in the title of governor than in delivering results.

Kaura pointed to worsening hunger, insecurity, and unpaid salaries that have left students out of school, accusing Lawal of failing to commission a single project since taking office.

“His counterparts, like Uba Sani in Kaduna and the Sokoto State governor, are commissioning projects, while he is busy flying to Abuja and abroad, enjoying himself,” Kaura said.

Kaura also defended Matawalle, now the Minister of State for Defence, saying he is focused on national projects assigned by President Bola Tinubu and is unconcerned with Lawal’s accusations.

“How can anyone with a right sense of reasoning believe a governor would leave just N4 million in the state account? Lawal has turned himself into a laughingstock,” he added.