MoneybyZikoko: Are You Too Young to Have a Will?

Hey. Happy new month.

Three things are certain in Nigeria: Death, taxes, and a circular from the Central Bank of Nigeria (CBN). The latest one is big for Nigerian banks because the CBN wants them to look for more money to remain in business.

The thing is that banks exist because the CBN wills it. A significant ask the banks have to satisfy here is something called “capital base” — think of it as the banks’ proof that they have enough money to support their operations. The CBN sets the capital requirement, and banks must meet this number to obtain a banking license. The CBN has now asked the banks to “recapitalise” — raise more capital between now and April 30, 2026.

But why is the CBN doing this? The CBN is working towards building a 1 trillion dollar economy by 2030 and wants the bank to be strong enough to support this drive. A line in the circular reads, “Bigger banks with larger capital base and capacity can underwrite larger levels of credit which is critical to lubricate and catalyze the growth of the economy.”

As it stands, the banks have three options to raise this capital: Mergers and acquisitions, “inject fresh equity capital through private placements, rights issues, and/or offers for subscription”, or downgrade to a license they can afford with their capital base.

Now, what does all of this mean for you as a customer? Not much, to be honest. The question most people will have here is about the safety of their funds. The short answer is that your deposit will remain safe and won’t be affected by this process. The CBN and the Nigeria Deposit Insurance Corporation (NDIC) will work together to protect your interests.

It’s time to look at this week’s stories.

In this letter:

• #NairaLife:The Researcher Who Had to Start Afresh After Getting Disowned
• 6 Nigerians Under 35 Talk About Writing Wills
• #ZikokoMoneyVideo: I hate spending my own money
• QUIZ: Only Rich Nigerians Will Get More Than 7/11 On This Naira Quiz
• Where The Money At?!

The 32-year-old customer experience researcher in this #NairaLife was forced to start afresh in 2016 due to an unplanned pregnancy that led to her father cutting her off. Eight years later, she’s now a financially stable mother of two — thanks to her ₦1.5m/month salary. How did she get here and what’s next for her?

Read her rollercoaster #NairaLife here

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How old is “old enough” to write a will? There is no definite answer, but this article proves one thing: you cannot be too young to have a will.

We asked young people who have (or are planning to have) wills why they wrote one and what they think about the premise of wills.

This is what they said

We all have questions about how to manage money, work and career we’d like clarity on, don’t we?

This is where Aunty M. Let’s call her the experienced older sibling you can come to for answers and actionable money and career advice.

All you need to do is send your questions below, and we’ll take it from there.

Submit your questions here

Gabriel* (28) has millions of naira in savings. But he refuses to spend more than ₦20k/month, instead choosing to live on handouts from his friends.
Watch the video here