The Jigawa State Executive Council has approved the injection of ₦1 billion into the Jigawa State Savings and Loans Limited to meet the Central Bank of Nigeria’s (CBN) new capitalization requirements.
The approval was granted on Wednesday, January 21, 2026, during the Council’s first meeting of the year, presided over by Governor Malam Umar A. Namadi, FCA.
According to the Council, the recapitalisation is a strategic move to strengthen the financial position of the state-owned Primary Mortgage Bank.
The funds will ensure the institution meets the minimum capital base prescribed by the CBN, preventing the revocation of its license and ensuring continued operations.
In a statement signed by the Commissioner for Information, Youth, Sport and Culture, Sagir Musa Ahmed, the government emphasized that this intervention is critical for safeguarding depositors’ funds and enhancing access to affordable mortgage and housing finance for Jigawa citizens.
“The Executive Council reaffirmed its resolve to promote prudent financial management, institutional reform, and regulatory compliance across all state-owned enterprises,” the statement read.
In a separate development aimed at revolutionizing the state’s agricultural sector, the Council also approved the sum of ₦172.3 million (₦172,300,000.00) for the Jigawa–Russia Agricultural Capacity Cooperation Programme 2026/2027.
This funding covers the sponsorship of indigenous candidates for advanced academic training at the Master’s and PhD levels in Russia.
The programme is designed to equip beneficiaries with modern agricultural knowledge and advanced research skills.
The Council noted that with agriculture acting as the backbone of Jigawa’s economy, investing in high-level research and international cooperation is essential for driving productivity and innovation.
The meeting concluded with a reaffirmation of Governor Namadi’s administration to pursue policies that improve the welfare of citizens through economic development and the creation of a skilled, future-ready workforce.
