Business
Flooding: Nigerians Bemoan Devastation Of Farmlands
Nigerians in several parts of the country are lamenting the devastation of farmlands which affected agricultural production last year.
The flooding, which inundated several farmlands across the country, destroyed property worth millions of naira, even as thousands of people, including farmers, were displaced and rendered homeless.
A survey, in some states of the country, revealed that the heavy rainfall and resultant flooding also destroyed agricultural produce running into billions of naira.
Coordinator, All Farmers Association of Nigeria (AFAN), in Edo North, Alhaji Abdulahi Mohammed, attributed the current scarcity of vegetables in Auchi and its environs to the flood that inundated the Omeme River bank.
He said that the flood destroyed over 50 hectares of farmlands near the river bank and also affected cocoa yield.
He appealed to the Federal Government to rehabilitate parts of Jattu town and some areas of Auchi ravaged by the flood.
Mohammed said the economic impact of the destruction caused by the flood was immense, adding that it prevented vegetables farmers in the area from planting.
He said the flood carried with it a type of soil that was not suitable to grow any type of crop.
“It was a serious flood. It washed off cocoa and plantain farms. Farmers near the riverbank were all affected and this led to scarcity of vegetables within Auchi and environs”.
“Cocoa trees in the area were covered with a type of mud that prevented them from yielding this season,” he said.
Mohammed explained that the effects of the flooding aborted all agricultural activities along the river belt and he urged the Federal Government to fulfill its promise to send relief materials to farmers who lost their crops as a result of the flood.
He said the flood also caused the collapse of the bridge linking Auchi and Akoko-Edo local government area of Edo.
In Kano and Jigawa states, respondents lamented that torrential rains and the ensuing flood, led to the displacement of thousands of people.
The downpour also forced the management of two dams- Challawa and Tiga, to open their spillways to release water from their overflowing reservoirs to prevent them from collapsing.
Jigawa State Commissioner for Information, Alhaji Aminu Mohammed, noted that several families were displaced by flood waters which also washed away several houses and farm lands.
A large-scale female farmer in Kwari in Wudil local government area of Kano State, Malama Aishatu Haru, said several farmlands were destroyed by flood.
To make up for the loss of their farm produce, Haru said she and other female farmers in the area would embark on large-scale irrigation farming this farming season.
Another female farmer in the area, Harira Musa, said irrigation farming would help them reduce the immense loss they suffered from the flood in 2010.
A farmer in Kwara State, Alhaji Rauf Ogene, noted that the 2010 farming season would be remembered by the flood disaster, which wreaked havoc on 15 agrarian communities in Edu local government area.
He said that no fewer than 500 hectares of farm plantations were submerged by the flood, while properties worth millions of naira were destroyed.
He named some of the communities affected by the flooding to include Kpatairingi, Tada, Emaji, Kpilegi, Kusogi, Kpatako, Kochegi and Bafinta.
Others, he said, incuded Chiji, Tunga Dady, Tunga Alhaji Haruna, Tunga Shayau, Tunga Mallam Sanni and Ogudu.
The Emir of Shonga, Dr Haliru Yahaya, said the flood waters destroyed property worth hundreds of millions of naira.
“The flood, which however, claimed no life, left the victims with no food to eat, no sleeping materials and there was lack of other basic necessities of life,’’ he said.
Ogene said the release of water from Kainji Dam exacerbated the impact of the flood on people in Kwara and Niger states.
The Emir of Shonga described the flood as “very devastating’’ as it swept away farm plantations and property worth millions of Naira.
A spokesman of farmers in the area, Malam Muhammed Subair, described the flooding as a “great loss” while Mr Ayotunde Oyeniyi, the Permanent Secretary in the Ministry of Agriculture and Natural Resources, described it as “unfortunate’’ and “tragic’’.
Oyeniyi said the government assisted the victims by providing them with emergency relief materials.
“When the incident happened, government realised that the people needed urgent assistance as their crops were submerged in large quantities,” he said.
He said the government had put in place necessary measures to check the recurrence of the incident.
To mitigate the impact of the flooding that devastated the state last year, the Sokoto State Executive Council approved the construction of 1,000 houses for flood victims in three local governments of the state at a cost of over N3.69 billion.
The Commissioner for Information, Malam Dahiru Maishanu, who disclosed this, listed the benefiting local government areas as Goronyo, Silame and Gada.
“This is just the first phase of the project; other communities in the other six local government areas affected by the flooding are being sensitized on the need for them to relocate to safe havens,” he said.
Maishanu said construction of the houses was expected to be completed in one year, adding that payment of 30 per cent advance fee for the contractors had been approved on the provision of a bank guarantee.
Meanwhile, Governor Aliyu Wamakko, has had commended the Federal Government for donating N1 billion to the Sokoto State Government to reduce the impact of the flood which devastated more than half of the state in September 2010.
He made the commendation when he inaugurated the rehabilitated Usmanu Danfodiyo University Bridge, which was washed away by the flood waters.
“I commend the President, Dr Goodluck Jonathan, for personally visiting the state to inspect the damage caused by the flood as well as commiserate with the people and government of the state on the disaster, ’’ he said.
The governor also hailed the president for deploying military engineers who installed a temporary foldable floating bridge, which was still being used at the site of the collapsed bridge.
He said all the roads and bridges destroyed by the flood had been repaired by his government.
In Kebbi State, about 171 tonnes of seedlings valued at about N33.4 million, representing 80 per cent harvest loss, were destroyed by flooding that occurred in the state last year.
The Chairman of the state’s Flood Relief Committee, Alhaji Bello Tugga, said more than 10 communities were displaced by the flood that affected 11 local government areas.
Tugga, who is also the state Commissioner for Finance, said the Federal Government donated N750 million to the victims after the visit of President Goodluck Jonathan to the affected areas.
He said the government had spent about N30 million for the purchase of relief materials in addition to N25 million spent to procure drugs and water treatment chemicals in the affected areas.
He said that out of the millions of naira pledged made by individuals, corporate organisations and some state governments, only N59 million had been redeemed.
Tugga said the flooding occurred as a result of the collapse of Gwatanyo Dam shortly after farmers had planted their crops.
The sole administrator of Argungu Local Government Area, Alhaji Ahmed Salihu, said property and houses valued at N36 million were destroyed by the flood.
His counterpart in Arewa Local Government Area, Alhaji Nurudeen Kangiwa, said property worth N18 million were destroyed by rainfall.
Governor Saidu Dakingari of Kebbi State, who inspected farmlands affected by the flood, said they would be used to expand dry season farming, while people residing on the farmlands would be relocated.
Business
33 Banks Raise N4.65tn As Recapitalisation Ends
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.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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