Business
Surrender Explosives, Anti-Bomb Squad Tells Militants
The Commissioner of Police in-charge of Anti-Bomb Squad, Mr. Chris Olakpe has urged the Federal Government’s Amnesty team to extend its operations to the recovery of explosives in illegal possession.
Mr. Olakpe, who made the call Friday, during a courtesy call on Rivers State Governor, Chibuike Amaechi, described explosives as a most devastating instrument which must be recovered from illegal use to ensure the safety of the environment.
The Commissioner said already men of the Anti-bomb unit have been dispatched to Maiduguri to detonate explosives recovered from the Boko Haram sect, while efforts were been made to recover and detonate those from Bauchi State and other parts of the country.
On the new charge to fish out and detonate explosives in Rivers State, the Anti Bomb Police Commissioner said the disarmament process would soon commence and called for the cooperation of the people of the state in ridding the environment of explosives.
The Police Commissioner said the state got two brand new tiger 4×4 vehicles, equipped with explosive antidote configuration, while his visit is also part of effects to beef up all aspects of EOD unit in the state to meet present realities.
The Police Commissioner said he had already visited the Port Harcourt Refinery to educate workers on steps to be taken in an event of explosion and how to envisage dynamite or a bomb.
The Anti Bomb Police boss said he is also using part of his visit to launch an awareness campaign in the state and thanked the state government for its assistance to the unit, particularly for the provision of brand new pick up vehicle to ease its job.
Responding, Governor Chibuike Rotimi Amaechi assured the Police Commissioner in-charge of Explosive Ordinance Dispcsal (EOD) that members of the Amnesty Committee would be reminded to request those surrendering arms to also hand over explosives in their possession.
“Thank you for drawing our attention to the issue of explosives, having reminded me, I will bring it to the attention of the Amnesty Committee to also request them to surrender their explosives like dynamites etc” Governor assured.
He congratulated the Police EOD Unit for benefitting from the new equipment, noting that Nigerians have started taking the lives of her citizens seriously, and reminded the Police of their responsibility to maintain law and order in the society.
In a related development the police commissioner in charge of anti Bomb squad, Mr Chris Olakpe, has said that Explosive Ordinance Disposal (EOD) Unit of t~ State Police Command has been strengthened for better performance.
Mr Alakpe who disclosed this Friday during a courtesy call on the State Governor Rt. Hon. Chibuike Rotimi Amaechi at Government House, Port Harcourt, said the State Anti Bomb Unit benefitted from the 28 new vehicles fully equipped with accessories provided by the Inspector General of Police (IGP).
The Police Commissioner said the state got two brand new tiger 4×4 vehicles equipped with explosive antidote configuration while his visit is also part of effects to beef up all aspects of EOD unit in the state to meet present realities.
According to him, Rivers people would begin to see more Anti bomb vehicles parading the streets because they have instruction to fish out those involved in illegal use of explosives and to get them disarmed as well as render the area safe.
He used the opportunity to appeal to the State Governor to remind the Amnesty Committee through the Federal Government that while the Committee is looking for guns they should also look for the most devastating instrument which is the explosives to ensure safe environment.
Mr Alakpe said already his men from Lagos has gone to Maiduguri to demolish over 20 explosives recovered from the Boko Haram while work is going on in Bauchi State to demolish those recovered from the sect in the state.
The Police Commissioner said he had already visited the Port Harcourt Refinery to educate workers on steps to be taken in an event of explosion and how to envisage dynamite or a bomb.
The Anti Bomb Police boss said he is also using part of his visit to launch an awareness campaign in the state and thanked the state government for its assistance to the unit particularly for the provision of brand new pick-up vehicle to ease its job.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “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.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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