The Executive Chairman of Ifo Local Government, Hon. Idris Olalekan Kusimo, on Monday, April 20, 2026, presented a proposed budget of N13.69 billion for the 2026 fiscal year to the Legislative Council, with a call for its prompt consideration and approval.

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‎Tagged the “Budget of Renewed Hope,” the proposal was formally laid before the Council during a plenary session held at the Council Secretariat.
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‎The Chairman described the budget as a strategic roadmap aimed at deepening development, strengthening the local economy, and improving the overall wellbeing of residents across the council area.
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‎In his address, Hon. Kusimo expressed appreciation to the Executive Governor of Ogun State, Prince Dapo Abiodun, CON, for his continued support towards grassroots development.
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‎He noted that the proposed budget goes beyond fulfilling a statutory requirement, emphasizing that it represents a shared vision focused on sustainable development, infrastructure renewal, economic empowerment, and improved service delivery.
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‎The Chairman disclosed that the budget is balanced, with a total sum of N13,690,777,742.45 (Thirteen Billion, Six Hundred and Ninety Million, Seven Hundred and Seventy-Seven Thousand, Seven Hundred and Forty-Two Naira, Forty-Five Kobo), aligning projected revenues with anticipated expenditures.
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‎Reviewing the performance of the 2025 budget, Hon. Kusimo highlighted key achievements recorded by his administration despite prevailing economic challenges. These include the rehabilitation of rural roads, notable improvements in primary healthcare delivery, sustained support for small and medium-scale enterprises (SMEs), and enhanced internally generated revenue.
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‎He explained that the 2026 budget is designed to consolidate these gains while accelerating development across critical sectors of the local government.
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‎Responding on behalf of the Legislative Council, the Leader, Hon. Samuel Bamgboye, assured that the proposal would receive thorough scrutiny and expedited consideration to ensure timely passage.
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‎He reaffirmed the Council’s commitment to fiscal discipline, transparency, and responsible governance.
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‎The budget presentation was attended by the Vice Chairman, Hon. Abibat Ojo; Secretary to the Local Government, Mrs. Temitope Adegboyega; Head of Local Government Administration, Mr. Fatai Ogundele; Supervisors; Special Advisers; Directors; Heads of Departments; and other key stakeholders.

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Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank.

This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.

The milestone follows the Bank’s successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing its Total Qualifying Capital to ₦264.7 billion, well above the regulatory minimum. This achievement was concluded six months ahead of the CBN’s stipulated deadline, further reinforcing the Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.

Earlier in April 2026, the Central Bank of Nigeria also formally confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully concluded the recapitalisation process. Notably, Wema stands among only ten national banks that met and surpassed the minimum required capital threshold, thereby sustaining its national banking license.

This milestone not only affirms regulatory compliance but also signals a new phase of accelerated growth for the Bank; one defined by stronger capital base, increased capacity to support customers, and a reinforced position within Nigeria’s competitive banking landscape.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, stated, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank.

It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision. We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead.”

In March 2024, the Central Bank of Nigeria announced the recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion. The initiative was designed to strengthen the resilience of financial institutions, enhance their capacity to absorb economic shocks, and position them to drive sustainable economic growth.

In response, Wema Bank embarked on a strategic capital raise through the stock market, successfully strengthening its shareholder base and securing the required capital through strong participation from existing investors. The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in this journey.

This was subsequently complemented by a ₦50 billion special placement later in the year, ensuring the Bank not only met but exceeded the regulatory threshold well ahead of schedule.

For Wema Bank, this journey is a testament to its transformation. After regaining its national license in 2015, the Bank has consistently demonstrated financial discipline and strategic foresight. By raising the necessary capital primarily from existing shareholders, the Bank has underscored a deep-seated mutual trust between the institution and its investors.

Speaking further on what this achievement means for the Bank’s future and its customers, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders.

Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”

The successful conclusion of the recapitalisation process underscores Wema Bank’s financial strength, disciplined execution, and unwavering commitment to regulatory compliance as it continues to expand its footprint across Nigeria. With a significantly strengthened capital base, the Bank is now positioned to do more – support more customers, enable more businesses, and unlock more opportunities across every segment it serves.

As it enters this new phase, Wema Bank is not only reaffirming its status as a National Bank; it is stepping forward with greater scale, sharper ambition, and a clear intent to lead. The Bank remains firmly committed to powering progress, driving innovation through ALAT, and delivering sustained value; powering a future of possibilities for all its stakeholders.

CBN Recapitalisation: Wema Bank Secures National Banking Status

‎A 13-year-old teenager in India tragically lost his life after his family kept him immersed in the Ganges River for 12 hours following a snake bite instead of seeking medical help, the country’s media reported.

‎The death of the young boy recently caused outrage throughout India and reignited the heated debate regarding the potentially deadly consequences of superstition and the denial of proper medical care.

‎Acting on the instructions of a ‘witch doctor,’ a rural family kept their 13-year-old son immersed in the holy Ganges River for 12 hours, instead of taking him to a hospital after he got bitten by the poisonous snake.

‎The boy, whose name was given simply as Amit, a Class 4 student from Pitampur village in Uttar Pradesh, was bitten by the snake last week Thursday.

‎He immediately told his family what happened, but instead of rushing him to a hospital, they decided to consult a witch doctor.

‎The man reportedly told the family to tie Amit to bamboo poles and keep his body immersed in the Ganges River, so that the holy water of the river could cure him.

‎Indian media reported after 12 hours, the family noticed that Amit had become unconscious, and then they finally decided to take him to a medical doctor, but by that time, there was nothing to be done.

‎Even after learning of Amit’s death, the family allegedly tried to throw his body into the Ganges, hoping for a miracle.

‎Dr. Shashank Chaudhary of the health centre in the village told reporters that he and his colleagues routinely conduct awareness-raising campaigns, urging people to come to the hospital immediately after getting bitten by snakes, as every minute counts.

‎Amit’s preventable death sparked outrage on social media, with many asking that his parents should face consequences for their negligence.