Business
Wage Increase: Delta Workers Shelve Strike
The Joint Negotiating Council (JNC) of Delta State Public Service has suspended its strike action, one day into the indefinite strike called over some issues with the State Government.
The chairman of the Council (Union Side) Comrade Tony Toki, who announced the suspension of the strikes Saturday shortly after a meeting with the State Governor, Dr. Emmanuel Uduaghan, directed workers to resume work on Monday.
Workers in the state had embarked on strike over non payment of the new harmonised and consolidated public service salary structure (relativity salary), contributory pension scheme, and failure by the state government to absorb casual workers among other issues.
The chairman disclosed that a committee has been set up to work out the details of the agreement, but warned that the strike will resume if government and the negotiating team failed to reach an agreement.
His words “we have suspended the strike and workers in the state should resume work on Monday”
Speaking in the same vein the vice chairman of the Delta State Public Service Joint Negotiating Council Comrade Oweijifogha Menone said the strike was suspended to allow Government and labour meet and come out with positive action.
Comrade Menone said the period will be used to work out the nitty gritty and document properly the agreement reached.
He commended the workforce for demonstrating solidarity, maturity and peaceful disposition towards the strike.
The vice chairman also expressed appreciation to the State Government for its labour friendly attitude.
Government’s official activity in the Delta State public service had been paralysed as workers in the state embarked on an indefinite strike action as schools, public offices, including ministries and parastatals were closed down.
Delta State governor, Dr. Emmanuel Uduaghan had complained that funds accruing to the state was meagre and would seek for funds from the capital market to meet the new salary structure for workers in the state.
“I don’t know what to do. The funds coming to the state are not enough. It is even worse now that salaries are being increased at will. When I became governor in 2007, the wage bill was not up to N3 billion but now, for the state and its 25 LGAs to function, there must be a review of the formula, so that we can pay the new salary.”
The workers’ strike action, which was indefinite, commenced on Friday 4th March 2011, following failure of the state governor, Dr. Emmanuel Uduaghan or his agents to meet with labour unions to address the lingering and unresolved issues of workers’ welfare in the state.
The JNC/JAC statement had said, “We wish to refer to the various fruitless efforts made by the Delta State Public Service Joint Negotiating Council (JNC) to meet with His Excellency, the Governor with a view to resolving the grievances of workers which border on a number of welfare issues and to inform His Excellency the Governor that JNC has met and finally resolved that the Delta State Government should meet the demands of the workers of the Delta State public service.”
The Joint Negotiating Council (JNC) had earlier issued an ultimatum to the Governor of Delta State, Dr. Emmanuel Uduaghan to hasten the processes of ensuring that the demands of every worker in the state public service are met within 14 days from Friday 18th February 2011.
The ultimatum issued by nine affiliate unions warned that “in the event of the state Government’s inability to meet the demands, JNC will not be able to restrain the restive workers from proceeding on an indefinite strike action with effect from Friday 4th March 2011″.
The suspended strike action was called at the instance of the Joint Action Congress (JAC) and the Joint Negotiating Council (JNC) of labour unions in the state, which include the Association of Senior Civil Servants of Nigeria (ASCSN), Nigeria Civil Service Union (NCSU), Amalgamated Union of Public Corporations Civil Service Technical and Recreational Employees (AUPCCTRE), Agricultural and Allied Employees Union (AAEU), Medical and Health Workers Union of Nigeria (MHWUN), National Union of Printing Publishing and Paper Products Workers (NUPPPPROW), National Union of Civil Service Secretarial and Allied Workers (NUCSSAW), Radio Television Theatre and Arts Workers Union (RATTAWU) as well as the Nigeria Union of Journalists (NUJ).
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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