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INEC Deploys 108 Staff For Imo Guber Poll, Today

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No fewer than 108 staff of Independent Nationa Electoral Commission (INEC) from Enugu State will be deployed for the conduct of the Imo governorship supplementary election rescheduled to hold, today.

Mr Josiah Uwazuruonye, INEC Resident Electoral Commissioner (REC) in Enugu State told newsmen yesterday in Enugu that the directive came from INEC headquarters in Abuja.

Uwazuruonye said: “As a result of what happened in the country concerning youth corps members, most of them are no longer eager to continue  as ad-hoc staff in respect of the election.

“Most of them still nurse the morbid fear that what happened in the North might also be extended to them in the East.

“INEC does not want to take chances in case we do not have full complement of corps members.

“We were given directive to deploy our competent staff to conduct the supplementary election in Imo State.’’

“If the situation arises where the corpers are not eager to participate, so INEC can as well make use of its staff.

“That is why staff from Enugu and other neighbouring states are being invited to report at Owerri for the exercise, if we do not have full complement of corps members to take part in the supplementary election.’’

The REC said that deployment of the staff to different local government areas in Imo rested solely on the INEC office in Owerri.

Uwazuruonye, however, enjoined INEC staff in Enugu State to live up to expectations and replicate a peaceful election just as they did in Enugu.

“We conducted a peaceful election in Enugu State. They should go and showcase that thing they did in Enugu,’’ he said.

Meanwhile, Peoples Democratic Party (PDP) Chairman in Imo State, Chief Eze Duruiheoma, said yesterday that the governorship position in the state was still open.

“The party is working hard to retain it,” Duruiheoma further said in an interview with newsmen in Owerri.

The chairman was speaking on the party’s level of preparedness for the May 6 supplementary governorship election in four local government areas and a ward in the state.

“The governorship position in Imo is still open and that is why all hands are on deck for PDP to win the seat,” Duruiheoma said.

He added that the party was fully prepared for the exercise, adding that the resolve by INEC to organise the supplementary election in the affected areas was at the behest of the party.

“The decision for a supplementary election was canvassed by PDP.

“We demanded for an election in local government areas where it did not take place and that is what democracy is all about.

“You cannot say that a local government like Ngor Okpuala with 70,000 registered voters does not have a say.

“So, we canvassed that election must be conducted in the area. Good a thing, the INEC listened to the voice of reason,” Duruiheoma said.

He said the party could not have been ill-prepared for the supplementary election when its members demanded for it.

He further explained that as a law-abiding party, PDP would accept the result of the governorship election, provided it satisfied the basic requirements of the Electoral Act.

“PDP is a law-abiding party, we believe in due process, we believe in legal process and the rule of law.

“So, if the outcome of the election satisfies all these beliefs of ours, we will happily accept the result,” Duruiheoma said.

He argued that PDP remained the most popular political party in the state, adding that it acquitted itself creditably in the presidential, national and state assembly elections in the state.

The chairman said that the party won the majority of seats allotted to the state in the National Assembly and won 15 seats out of the 27 House of Assembly seats in the results already declared by INEC.

Duruiheoma described as “unfortunate” the protest by some APGA supporters, who demanded the release of the governorship results, shortly after the Collation Officer, Prof. Enoch Akobundu, declared the election inconclusive.

“”The action was unfortunate and antithetical to democracy,” he said.

He said that it was wrong for anybody or group to pre-empt the result of an election that was yet to be concluded.

He described the violent protest and threat to the peace in Owerri, the state capital, by some youths, who threatened to burn down houses of some prominent politicians in the state as “unnecessary”.

“It is not necessary to resort to violence. Four years are not eternity.

“And, of course, we are all qualified to govern Imo but the person that will govern the state is already ordained by God,” he said.

He argued that even though “there are people we wished to be winners of the election, we should not elevate our wishes that it must come through.”

“If wishes were horses, beggars would ride,” Duruiheoma said.

He also took a swipe at “any leader that encourages that type of attitude,” saying that such a person “is doing a great disservice to the people of the state.

“Every candidate contested to win, you do not have to proclaim yourself a winner.

“This is very wrong,” he said, while appealing for calm and restraint by politicians ahead of the outstanding polls.

In a related development, INEC says it has put everything in place to ensure that the supplementary governorship and State House of Assembly elections in some parts of Imo today are free, fair and credible.

The new Supervisory Resident Electoral Commissioner (REC) in the State, Mr Aniedi Ikoiwak, gave the assurance in Owerri on Wednesday.

Ikoiwak addressed a meeting with representatives of the participating parties, security agencies and other stakeholders.

It will be recalled that INEC ordered the supplementary polls in four local government areas and a ward in Imo because the April 26 elections in the state were inconclusive.

“We are here to conduct elections in Ohaji/Egbema, Oguta, Mbaitoli and Ngor Okpala local government areas as well as Orji Ward in Owerri North Local Government area and we have set upon ourselves to do just that.

“It is not our duty to elect who should govern the state or represent the people; it is the duty of the Imo electorate to do that”, he said.

Ikoiwak said that to ensure a level playing field for all the parties, the commission had drafted four new RECs, national commissioners, electoral officers, collation officers and Returning officers to organise the elections.

He appealed to the candidates to caution their supporters against violence during the exercise, adding, “INEC alone cannot make the election credible; we need the support of everyone to succeed.”

He noted that some youths lost their lives in the course of the general elections, saying that such people paid the supreme sacrifice for the sustenance of democracy in the country.

“Their death is enough for us to agree that there will be no more bloodshed during elections,” he said.

The supervisory REC told the parties that materials for the elections would arrive in the state yesterday and that their representatives would be invited to inspect them.

He restated that the parties were allowed to be represented by only one agent in a polling unit during the elections.

INEC Chairman, Prof. Attahiru Jega, also gave the assurance that the today’s rescheduled polls would be free, fair and credible.

Jega, represented by a National Commissioner in INEC, Mr Ishmael Igbani, said the commission attached importance to the supplementary election in Imo.

The Commissioner of Police in charge of election in the state, Mr Tambori Mohammed, said security agencies were fully prepared to ensure security before, during and after the elections.

Mohammed warned that any person caught violating the electoral laws would be arrested and prosecuted, no matter how highly placed.

Heads of security agencies, party chieftains, APGA governorship candidate, Owelle Rochas Okorocha and PDP Chairman in the state, Mr Eze Duruiheoma (SAN) attended the meeting.

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33 Banks Raise N4.65tn As Recapitalisation Ends

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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.

 

 

 

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SMEs Dev: Firms Launch N100m Loan Scheme 

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The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

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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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
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