Business
Equitorial Guinea Votes To Extend Nguema’s Rule ….After 30 Years
Elections in Equatorial Guinea yesterday were certain to extend the 30-year rule of Teodoro Obiang Nguema, a man accused of draining his nation’s oil wealth to fabulously enrich family and cronies while his people suffer in slums.
Western governments that have promised to fight corruption so far have done little as companies compete for concessions for petroleum and a burgeoning natural gas industry currently dominated by US multinationals.
Obiang, 67, denies all charges and his government said in a statement released by an expensive US lobbying firm that Equatorial Guinea “is committed to holding fair and democratic elections.”
Opposition parties complain campaigners have been attacked and harassed, Obiang gave only six weeks’ notice for the election and coverage in the state-controlled media is skewed.
The National Electoral Commission is also headed by the interior minister and weighted with Obiang supporters, and the government has refused to publish the voters’ roll.
Foreign journalists including those from The Associated Press have not been granted visas and African observers by presidential decree are barred from making “disparaging remarks” and must follow a government program.
Opposition leaders have said that means observers will be kept away from villagers where they charge government-appointed headmen and electoral officials cast votes for all residents.
Some 290,000 voters are registered and Obiang has boasted at rallies that he will win with more than the 97.1 percent garnered in a 2002 poll widely criticized as fraudulent. Then, he ran unchallenged as opposition leaders pulled out citing harassment. Yesterday, four men challenged Obiang, though none doubt who will win.
“People will vote for Obiang so that they can survive, so that they can keep their jobs,” said John E. Bennett, a retired diplomat who was US ambassador there from 1991, left briefly after receiving government-sponsored death threats in 1993 and ended his term in 1994. The government also accused Bennett of dancing on graves in a black magic ritual.
Through government jobs and private companies from hotels to Internet service providers, Obiang and his clique control everything in the small country, Bennett said.
Dr. Wenceslao Mansogo Alo of the main opposition Convergence for Social Democracy said he lost his government hospital job, had all his property expropriated and has been thrown out of a rented home by a frightened landlord since he joined the opposition in 1994.
Bennett said that is why an estimated quarter of the population live in nearby Gabon, Cameroon or Nigeria, or in Spain, the former colonizer. About 600,000 people live in the country.
Bennett said Obiang flies in a $50 million Boeing jet while those needing to get from Malabo, the capital on an island, to Bata, the biggest town on the African mainland, are crammed into a secondhand Russian turboprop that cost $200,000.
“The national airline sells the seats, then they sell floor space, and people have to sprawl on top of piles of baggage,” he said.
Equatorial Guinea has become Africa’s third largest oil producer with income per capita swelling to some $37,000, making the World Bank classify it as a developed nation. But according to UN figures, 60 percent of people try to live on less than $1 a day.
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.
-
News4 days ago
Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns
-
Politics4 days agoAPC Resumes Electronic Membership Registration Nationwide
-
Rivers4 days agoCourt Rules Out Interim Administration In Jumbo House, Bonny
-
Business4 days ago
33 Banks Raise N4.65tn As Recapitalisation Ends
-
Politics4 days agoAlleged Coup: Protests Rock N’Assembly As Detained Officers’ Children, Wives Demand Justice
-
Nation4 days agoNile University Hosts ICA Nigeria First National Confab On Global Communication
-
Sports4 days ago
Lewandowski Leads Top Stars Missing From W/Cup Roll Call
-
Sports4 days agoPara Games: Team Rivers Wins 53 Medals On Day 5 … Director Praise Athletes