Nigeria Roundup: Bank recapitalisation, $330,000 drug bust, oil reserve dip

Banks raise $3bn as recapitalisation exercise ends

Nigeria’s banking sector has received a major boost after 33 banks raised a combined ₦4.65 trillion (about $3 billion) under the Central Bank of Nigeria’s recapitalisation programme. The CBN said the funds, sourced from both local and international investors, will strengthen the financial system and improve its ability to support economic growth. Governor Olayemi Cardoso said the exercise “has strengthened the capital base of Nigerian banks,” ensuring resilience against domestic and external shocks, while a few institutions remain under regulatory processes. “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 Punch quotes Cardoso.

Nigerian arrested in India over $330,000 drug network

A Nigerian national has been arrested in Bengaluru, India, for allegedly running a drug distribution network involving substances worth an estimated $330,000. Police said Samuel Ikkena operated the network under the cover of a clothing business, procuring and distributing MDMA and other drugs. Authorities recovered large quantities of narcotics, including cannabis and heroin, with the total street value estimated at over $650,000. The arrest forms part of a crackdown that led to multiple arrests across the city.

$960bn revenue as port modernisation begins

The Nigerian Ports Authority (NPA) says it is set to begin modernisation of the Apapa and Tin Can Island ports to improve efficiency and competitiveness. The agency is targeting ₦1.489 trillion (about $960 billion) in revenue for 2026, slightly higher than the previous year’s target. Managing Director Abubakar Dantsoho said the upgrades will help redistribute cargo traffic to other ports during construction and boost overall activity. “Apapa and Tin Can Island ports are very old and small for the required global competitors in the ports business. Apapa Port is about 100 years old, while Tin Can is over 50 years old, with inadequate capacities in size and vessel containments for modernized operations. Groundbreaking of projects on their modernization will commence in two or three weeks," he said. A significant portion of the projected revenue is earmarked for capital projects and operational expenses.

Oil reserves dip as gas reserves grow

Nigeria’s crude oil and condensate reserves have declined marginally by 0.74 percent to 37.01 billion barrels as of January 2026. However, gas reserves rose by 2.21 percent to 215.19 trillion cubic feet, reflecting new discoveries and improved reservoir studies. The regulator said the changes were largely due to production levels and updated technical evaluations, noting that the country still maintains long-term reserve life projections.

Tourism sector gets boost after regulatory suspension lifted

Nigeria’s hospitality and tourism sector are set for revitalisation following the federal government’s decision to lift a suspension on regulatory activities. The Director-General of NIHOTOUR, Abisoye Fagade, described the move as a “forward-thinking strategy” aimed at strengthening industry participation, improving standards, and driving economic diversification. Stakeholders say the policy shift could unlock new investments and position tourism as a key contributor to national development.