Business
Immigration Service Issues Three million Electronic Passports
The Nigeria Immigration Service (NIS) has issued about three million electronic passports to Nigerians between 2007, when the new passport was introduced, and February 2011.
Comptroller-General of NIS, Mrs Rose Uzoma, made the disclosure yesterday in Abuja while speaking with our correspondent.
“I know we have issued a little less than three million electronic passports from 2007 to date. As we speak we are also giving permits to foreigners.
“Recently we have started registration of Africans and ECOWAS nationals. We didn’t have their data, but they are also foreigners.
“ We had to borrow the equipment from INEC that they used in the previous voter registration; re-programmed them and we gave them to all our local government area officers for them to take biometric data of all those Africans in our midst.
“At the last count we had about 400,000 non-Africans residing legally in Nigeria.’’
The NIS Comptroller-General said that one of the major challenges confronting the service was the attitude of some Nigerians as regards the processing of the passports.
She said that the challenge derived from the fact that most Nigerians didn’t like to fill forms either for their passports, or for other necessary documents.
“Many prefer to use middlemen to do something as simple as filling a form and in a lot of cases the middlemen fill the forms incorrectly, missing out some details.
Uzoma added that Nigerians also didn’t like to take responsibility for processing their travel documents and preferred to use middlemen, which often times, led to the problem of visa refusals at embassies.
She advised that Nigerians should be sensitised to understand that they had to conform with international best practices, especially when they planned to travel to other parts of the world.
Uzoma also said that the NIS had acquired the best technology to detect falsified age declaration and some other details, including the change of names when a dishonest applicant applied for a passport while claiming that he or she never took one in the past.
She said that when the immigration service took fingerprints in its machines, the computer would bring out the name of the original owner of those fingerprints and when they matched those of the applicant, such person would be revealed as having once obtained a passport.
The Comptroller-General also disclosed that the service apprehended 67 immigrants who registered as potential voters at the just-concluded voters registration and handed them over to the police.
“About 67 on the whole were arrested and handed over to the police. We have this ECOWAS protocol on free movement of persons which allows member state citizens to enter our country, get visa at the port of entry and leave amongst us provided they have their valid documents.
“Those member citizens, when once they have followed due process, they enjoy equal rights with Nigerians and if they choose to go against the law, they should be looked at just as we look at fellow citizens.
“Those who manage to register and who the watchful immigration officers arrested, we handed over to the police just like any Nigerian who did something against the INEC laws were also handed over to the police,’’ she said.
Uzoma assured that immigration officers would continue to work assiduously to ensure that the country’s borders remained impregnable by illegal immigrants.
She explained that officers posted to the various borders had been trained to effectively discharge their duties.
She said that it wouldn’t help to say that all immigration officers had done excellently well, but it was noteworthy that they had stopped many would-be illegal immigrants and this would continue to be the case.
“The officers are posted at the borders to be stopping people who want to come in through irregular routes and processing the documents of those who want to come in through the manned post,’’ she said.
Uzoma commended the Nigeria Customs Service for stopping the shipment of arms through the borders, particularly on Oct. 23, 2010 when its officers impounded a cache of arms of ammunition that was routed through the Apapa port in Lagos.
She said that, together, all security agencies at the border posts had been cooperating to ensure that Nigeria was not vulnerable to people who would constitute a nuisance or become national security risks.
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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