Business
Civil Service Reforms: Customs Sacks 30 Comptrollers
This year may have started on a gloomy note for 30 Comptrollers of Customs and their dependants as the Customs Board has confirmed their retirement from service.
According to competent sources at Customs headquarters, Abuja, the Federal Civil Service Commission has published names of 32 Comptrollers of Customs alongside 51 directors from various Federal Ministries.
Details of the lists sighted by our correspondent revealed that the federal civil service commission cited redundancy and stagnation in one rank for ten years and above as the reason why the officers must quit the service.
Ordinarily, the public service rule prescribes three years as the maturity period for officers to earn their promotion to the next grade level, between GL 08 and GL 14, while the maturity period to move between GL 14 and GL 17 is four years, our source revealed.
“If following simple logic, therefore, an officer entering the civil service with a first degree would require a minimum of 27years to attain the post of a director, “he said.
This invocation of the civil service rules, according to our source, was all that is needed to send these comptrollers back to their homes.
However, reports indicate that two comptrollers (names withheld) who hitherto fell among the retirees have been promoted to Assistant Comptrollers – General of Customs leaving 30 others, unlike 2004, were 75 comptrollers were sacked in what is today known as the Customs coup of 2004.
Some senior Customs officers who do not want their names in print perceive this as an ethnic cleansing. According to them, the premature sack of comptrollers is a plot to do away with a crop of officers who are seen as power mongers and aggrieved due to the maltreatment the service has meted to them.
An assistant comptroller who led the array of critics against the sack said, “it is a deliberate plot by the present Comptroller – General of Customs to sack because he is afraid of these officers some of whom have attained the rank of comptroller while he (Dikko) was still a Chief Superintendent of Customs (CSC).
While some of the critics accused the president of demystifying the strength of the North in the scheme of allocation of officers in the major parastatals, one of the affected retirees told our correspondent on phone that the present C.G., Alhaji Dikko plotted the coup to retire them in order to pave way for young and dynamic officers whom he will be able to control and manage without confrontation and insubordination having learned from the previous administration.
The Tide finding can authoritatively reveal that a look at the date of first appointment of the affected comptrollers shows that they joined the service in 1982 while the list of ages of the affected officers stand at 49,50,52 as provided by records sighted by our correspondent.
According to an inside source, there is a serious trouble brewing in the service due to this sack saga, adding that before the final ratification by the Customs board, the said officers had been lobbying to be posted to juicy commands to make something before their retirement but for those who don’t have political fathers or emirs and obas, they were left either in redundancy at the Customs headquarters or posted to unviable commands.
But on the sack of the 30 comptrollers, a maritime analysts Chief Chibuzor Ebere, noted that changes are usually meant for good, but when the changes come as a result of what could be avoided in the name of crisis, then the reason for the change is not genuine.
“It becomes more painful when these fellows are still very young (in their 50s) and below, very healthy and active. It means that over time you lose very useful materials in the name of changes,” Chief Ebere said.
He further remarked that what maritime experts want is modernization for efficiency, reinforcing the manpower by giving them more training to cope with the global changes in the maritime industry and not throwing the effective manpower.
A source confided in our correspondent that the 30 affected and aggrieved comptrollers may join the 75 comptrollers retired in 2004 and over15 ACGs and DCGs to challenge their premature sack in a law court and shore up support for their determination for re-instatement.
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.
