Business
NIMASA, Police Partner On Waterways Security
The Nigerians Administration and Safety Agency (NIMASA) says, it is set to forge a strategic alliance with the Nigerian Police to curb the escalation of armed bandit and other criminal attacks against visiting ship within the nation’s port access channel and inland waters.
Director General of the agency, Mr. Temisan Omatseye, who was on a courtesy visit to the newly appointed inspector general of Police Mr. Hafiz Ringim, at the force headquarters in Abuja, expressed the willingness to work closely with the Nigerian Police to check criminal activities in the waterways in particular within the port area as well as in the creck of the Niger Delta.
Mr. Omatseye told the police chief that in line with the agency’s mandate to make the country’s waterways safe and secure for maritime commerce, we have had engagement with organisations like the Nigerian Navy and the Nigerian Airforce to Safeguard the nation’s maritime assets and arrest the piracy scourge in our waters.
A statement by the Deputy Director of NIMASA, Mrs. Ego Nwakocha quoted Mr. Omatseye as saying that the Agency is seeking a Similar collaboration with the Nigerian Police on Security of Ships at anchorage in the Ports and in the crecks. He disclosed that the agency has been receiving reports on largo ships being attacked by the armed bandits at Apapa Port, a development, he further said was of great concern to the Agency due to the negative impact of the incidents on the cost of shipping service, just as it puts the country in bad light.
The NIMASA also disclosed that the menace has attracted the attention of president Goodluck Jonathan, saying that the agency is determined to flush out the criminals from the Nigerian waterways.
It would be recalled that the federal government early this year handed over 59 specialised security combat patrol boats to the Nigerians police to boost their patrol of the nation’s inland waterways. The flects which is to be managed by the police marine unit, consist of four unit of 20-meter specialised landing craft, fully armed with heavy and light machine guns and hand held grenades, 15 units of 16 meter patrol personnel launches with ballistic protected wheel houses, and 40-units of 12-meter patrol personnel launchers with full complement of security combat equipment.
Omatseye was also quoted to have told the inspector general of police that NIMASA’s proposal which enjoys that backing of the federal ministry of transport would assist the Nigerian Police to sustain regular patrol of the nation’s port access, channels and creeks, saying that the agency is prepared to support the Nigerians police in the area of logistics, manpower, development, intelligence and the requisite hardware to effectively police the inland waters and creeks.
According to NIMASA’S image maker, the D.G further suggested that the two agencies consider the adoption of a Memorandum of Understanding (MoU) that would guide the relationship between them.
Nwokocha said the police chief to his guest that the Nigeria police is interested in the proposal as he believes it would add value to current efforts by the police to improve security in the country whether on land or sea.
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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