Business
A’ Ibom Constructs 402 Roads In 3 Years
Gov. Godswill Akpabio of Akwa Ibom says his administration has constructed 402 new roads in the state within the last three years.
Speaking in Abuja on Thursday at the maiden edition of the Nigerian Union of Journalist (NUJ) Peoples’ Forum, Akpabio said that 188 federal roads were also reconstructed within the period.
According to reports, the NUJ initiated the forum to bring public office holders to give account of their stewardshipp to the people.
Akpabio added that 862 villages and communities were also connected to electricity within the period while a robust plan had been made to connect others.
He told the panelist that his administration was in a hurry to develop the state, which he said, was referred to as a pedestrian state for more than 50 years.
“Our dream is to make the state a destination to heaven where Nigerians would want to come for holiday as an alternative to travelling abroad.
“We are building a state not for people to praise us, but to prove that with the right political will, government can work in this country.
“We want to show the people that the dividends of democracy can indeed be delivered to them if the government so desires.
“I am a promises keeper, all the things I promised my people, I have done and even more,” Akpabio said.
He noted that a government could either move a state forward or backward, adding that his administration collected a monthly allocation of between N7 billion and N10 billion from the federal account.
The governor said that his administration was the only one in the country with 82 per cent capital budget and 18 per cent recurrent expenditure.
Akpabio said that though his administration inherited a state without necessary infrastructure, he would not blame his predecessors for it because they might have their own priorities.
“I will not blame the past governments of the state for the neglect of some developmental issues in the state because every government has its own priority,” the governor said.
He said that his administration since its inception had made deliberate efforts to revamp the health and education sectors, adding that while new health facilities were built, existing ones were upgraded and equipped.
Akpabio said that free medical treatment had been put in place for women, children and the aged in the state.
On education, the governor said that several schools that were dilapidated had been renovated while new ones were also being built and equipped with science laboratories.
Akpabio added that his administration had also put in place a deliberate policy to train indigenous students on professional courses abroad.
“As I speak to you, 245 indigenous students are currently studying aviation technology abroad under the state government’s scholarship arrangement to enhance effective management of Ibom Airport.
“We have also introduced free and compulsory education from primary to secondary school levels. This has changed the story of the state known before for giving children out as domestic servants.
“Our children now go to school and we are building them to take up future challenges,” the governor said.
Akpabio said that his administration had also established a state university to absorb students that would be turned out from the various secondary schools, adding that some indigenes were being trained abroad as its academic staff.
Speaking on the negative media perception of his administration, Akpabio said that it was the handiwork of his opposition.
The governor said: “I want to be judged by what I have on ground and I will not be distracted by what my opposition is saying.”
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.
