Business
S’ Africa Denies Nigerian Passengers Entry
Many Nigerians passengers aboard Arik Air and South Africa Airways flights were refused entry to South Africa last Friday.
The Tide source reports that the passengers were denied entry by the South Africa Port Health authority and the immigration service on the ground that they had invalid yellow fever vaccination cards.
One of the passengers, Olaminde Olaofe, told reporters that they obtained their cards from government authorised health agencies in Nigeria and added: “This is very embarrassing and dehumanising. “It is an embarrassment not to us as passengers alone but to the Federal Government of Nigeria that another country will say the document we, as Nigerians, obtained in our country is fake. “We had arrived here about 5.30 a.m. and until now we are still kept at the airport by the immigration officer under the claim that our yellow fever cards are not recognised. “Some of us are not first time travellers to South Africa and we had used the same yellow card before to enter the country. “I obtained my card from Eti-Osa Local Government along with my brother. While I am allowed entry, my brother is held by the immigration people.’’
Olaofe said 33 school children on execution were also affected. Arik Airline Zonal Manager in South Africa, Kinsley Uzor, said 28 of the airline’s passengers were returned to Nigeria on Thursday. “It is an unfortunate incident, 28 of our passengers who came on Thursday were returned back to Nigeria today by the immigration and the Port Health authorities.’’
He added: “50 of our passenger in today’s flight are still at the airport right now, we are still trying to sort out the problem. “The South Africa Immigration and Port Health are saying that they don’t recognise the yellow cards and that signature on the cards are irregular. “We are not the issuing authority for yellow cards; our responsibility is to carry our passengers once they are cleared by the Nigeria port authorities. “Before now, even if a passenger does not possess yellow card, at the airport he or she will be given vaccination, with payment of 50 dollars. “But the new South Africa law says there should not be entry into the country without the vaccination card. “Their argument is that the law stipulates that intending travellers must get vaccination 10 days before they travel.’’ Uzor said the Nigerian High Commission and the Consulate were already intervening in the matter. A Nigeria consulate staff, who spoke with our source on condition of anonymity, confirmed that Nigerian authorities were aware of the matter. “We are aware of the incident and we are working with the High Commission to resolve the matter,’’ the official said.
Meanwhile, Arik Air issued a statement on Friday temporarily suspending all flight operations between Nigeria and South Africa with immediate effect. A statement signed by Isla Moffett, sales and marketing manager of the company, stated that the decision to suspend the daily B737-800 service between the two countries was taken due to the ongoing dispute with South African Port Health authorities on yellow fever documentation. “Many of our Nigerian passengers have been detained and refused entry into the country in the recent month. “The Port Health authorities cite as being incorrect or unrecognised batch number on the documentation which is mandatory proof before entrance to the country.’’
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.
-
Opinion3 days ago
Ozoro Festival: Tradition or Tyranny?
-
News4 days agoRSG Reiterates Commitment To Youth Dev
-
Rivers18 hours agoCourt Rules Out Interim Administration In Jumbo House, Bonny
-
Politics19 hours agoAPC Resumes Electronic Membership Registration Nationwide
-
News16 hours ago
Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns
-
Politics3 days ago
RIVERS WOMEN RALLY SUPPORT, CONTINUOUS PRAYERS FOR TINUBU
-
Oil & Energy4 days agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Politics3 days ago
AKPABIO, DIRI, OBOREVWORI, OTHERS VOW TO REELECT TINUBU …AS GIADOM RETAINS APC ZONAL CHAIR