Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Senate President Godswill Akpabio has declared that Nigeria's banking sector is now stronger and more resilient, while assuring Nigerians that the insecurity confronting the country will soon be defeated. He made the declarations while rallying citizens behind President Bola Tinubu's Renewed Hope reforms, stressing that financial-sector reforms, security operations and citizens' cooperation were critical to economic recovery and national development. The remarks were made on Friday, September 18, 2026, in Abuja, at an event where the Senate President addressed a cross-section of stakeholders on the state of the nation.
Akpabio said the era when banks could suddenly collapse and depositors lose their money was over, attributing the development to reforms under the Tinubu administration. He described the sector as one of the safest, most resilient and technologically advanced banking systems in Africa. "Today, thanks to the bold vision and strategic foresight of President Bola Ahmed Tinubu's Renewed Hope Agenda, our banking sector has transitioned from survival to absolute dominance," Akpabio said. He attributed the transformation to ongoing consolidation and recapitalisation, arguing that the administration's economic policies were yielding results. According to him, the reforms had helped restore investor confidence, protect depositors' funds and position the economy for long-term growth. The Central Bank of Nigeria has similarly described the banking sector as resilient, while noting that the ongoing recapitalisation exercise is expected to further strengthen banks and enhance their capacity to support credit growth.
Turning to insecurity, the Senate President acknowledged that security challenges remained a major obstacle to Nigeria's development. "Insecurity is a direct enemy of development," he said. "No foreign investor will build in an atmosphere of chaos, and no local business can thrive without safety." He said security agencies had shifted from a reactive approach to a more proactive confrontation of criminal elements. "The security forces are taking the fight directly to the enclaves of criminals, bandits, and insurgents. The strategy has shifted from reaction to proactive confrontation, and I assure Nigerians that insecurity will be defeated," he declared. Akpabio also called for greater cooperation between citizens and security agencies, saying military hardware alone could not end criminality. He urged Nigerians to provide credible and timely information to security authorities, describing citizens as a critical source of intelligence. "Security is a collective civic responsibility. Our security personnel are working tirelessly on the frontlines, but they rely on actionable intelligence from the communities they protect," he said. He urged citizens to end the culture of silence and report suspicious activities to the appropriate authorities, adding: "If you see something, say something to the proper authorities."
The Senate President acknowledged the temporary economic challenges faced by Nigerians, saying the sacrifices being made were part of efforts to address structural problems and build a stronger economy. "We acknowledge the sacrifices of the Nigerian people," he said. "President Bola Ahmed Tinubu and his cabinet members are not resting on their oars." He said the administration remained committed to implementing policies aimed at creating a more prosperous future for Nigerians.
Akpabio's assurances come amid a mixed economic reality. While the banking sector has indeed shown resilience, with the Central Bank of Nigeria reporting strong capital adequacy ratios and improved asset quality, the broader economy continues to grapple with high inflation, a weakening naira and widespread hardship. The security situation remains dire, with banditry, kidnapping and insurgency persisting across multiple regions. In August alone, bandits killed dozens of residents in Plateau, Sokoto and Niger states, abducted more than 60 worshippers from a mosque in Borgu, and ambushed travellers on highways. In Kogi State, 15 NYSC members were abducted while travelling from Bayelsa to Abuja. The military has recorded operational successes, including the rescue of 21 abducted victims and the neutralisation of hundreds of terrorists, but the attacks have continued unabated.
The Senate President has made similar assurances on insecurity earlier in 2026, including a June declaration that Nigeria would overcome its security challenges and a February pledge that banditry and insurgency would end during the year. In April, he linked the surge in insecurity to the build-up to the 2027 elections, claiming that the violence was being sponsored by people who did not know what to do. "Immediately after the election, two weeks after the election, the insecurity will stop," he said at the time. Whether that prediction holds remains to be seen.
For now, Akpabio's message is clear: the banking sector has been rescued, and the security challenges, though severe, are being confronted with a new strategy. The question on the minds of many Nigerians is whether these assurances will translate into tangible improvements in their daily lives, or whether they will remain what they have been for years—promises of a better tomorrow that never quite arrives.
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