Business
Ministry, NLC Tango Over Filling Stations Monitoring
The Nigeria Labour Congress (NLC) in Rivers State, has set up a taskforce to identify the causes of the scarcity of petroleum products in the state, even as the state Ministry of Energy and Natural Resources has warned labour against the move.
The 10-man petroleum monitoring taskforce was to help put a stop to the apparent artificial scarcity said to be caused by filling stations managers and petroleum independent markets.
State Chairman of the NLC, Chief Chris Oruge, said that the taskforce was charged with the responsibility of among others, monitoring filling stations and arresting managers of those of them found to be hoarding the products.
The taskforce was also to close down such filling stations in partnership with other government agencies to ensure the availability of the products in the state.
Oruge said that members of the taskforce also had the power to close down filling stations selling fuel above the Federal Government’s approved pump price of N97.00.
The NLC chairman said the organised labour has the power to protect the interest and welfare of the masses against unjust policies.
“Labour has the statutory power to protect Nigerians and we derive our power thereto from such statutory legislation by setting up taskforce in the interest of Nigerians”, he said.
However, the state Commissioner for Energy and Natural Resources, Hon Okey Amadi has threatened to arrest any taskforce member of the organised labour seen harassing filling stations owners in the state, saying that petroleum was on the exclusive list of the 1999 Constitution’s second scheduled and therefore outside the purview of labour.
A source from the ministry who expressed the commissioner’s position shortly after the inauguration of the NLC taskforce said the NLC had no constitutional power to set up any petroleum taskforce to regulate the dealing of petroleum products in the state.
The source queried, “can the state chairman of NLC provide the relevant sections of the constitution where the organised labour derived their power to set up petroleum taskforce?”. According to him, “we are in a democratic setting, our behaviours and actions must be regulated by laws of the country”.
But the NLC while reacting to the comments credited to the commissioner said the setting up of the petroleum taskforce by labour had woken the commissioner from his slumber and inaction to his social contract responsibility with the people of the state.
In a statement, the NLC chairman said recently, the Commissioner had done nothing to check the long queues occasioned by the shortage of petroleum products in the state, “it is only when labour took the bull by the horn to set up a taskforce with the intention to unravel the reason behind the artificial scarcity, that he now said NLC had no power to set up a taskforce”.
Oruge said, “it is not out of place for organised labour to set up a petroleum monitoring taskforce to check the ugly trend of artificial scarcity of fuel”.
Comrade Oruge stated that the NLC fought the Federal Government which brought down the pump price to N97.00 against the Federal Government initial N141.
According to him, labour has the right to ensure that there is no economic sabotage in all ramifications to engender hardship in the country.
Oruge said that it was not the first time labour was setting up a petroleum monitoring taskforce to monitor filling stations in the state, insisting that a precedent had been set over the years.
The NLC boss further stated that the commissioner had no right to challenge the statutory power of labour to monitor the dealing in petroleum products, adding that the organised labour could not fold its arms to see the masses suffer.
Also speaking, the state Chairman, Trade Union Congress (TUC), Comrade Chika Onuegbu expressed the support of TUC over the NLC petroleum taskforce.
The TUC chairman expressed surprise and dissatisfaction over the threat of the commissioner to arrest the taskforce members.
Comrade Onuegbu said the organised labour was in doubt as to whether the commissioner has a better constitutional power than the NLC or TUC in this matter especially considering that petroleum is on the exclusive list of the 1999 Constitution.
The TUC boss said that the ordinary people of Rivers State who are victims of the fuel crisis expect the NLC and TUC to ensure that they are not denied the benefits of the January 2012 general strike which gave rise to the regime of N97.00 pump price.
He further said, “the NLC and TUC have a moral duty to ensure the benefits get to the ordinary people by setting up a taskforce for that purpose”.
According to him, if the fuel crisis did not persist as it is now, there would be no need for any taskforce, stressing that the organised labour had observed that the concern of all Rivers people was how to end the fuel crisis.
He said the TUC welcomed all efforts by the various stakeholders to end the fuel crisis.
Meanwhile, a constitutional lawyer, Jab Awanen has cautioned the organised labour to always ensure that their actions were in conformity with the constitution.
He said, “NLC or TUC has no constitutional power on the issue of petroleum as it is an issue under the exclusive list of the constitution.
He said that the petroleum taskforce of the organised labour was an illegal taskforce, insisting that the state government through the commissioner has the right to arrest members of the taskforce harassing filling stations dealing in petroleum products which is under the Federal Government. Others, however, said that despite the constitutional limitation of NLC, there was need for synergy between the state government and the organised labour to ensure constant availability of petroleum products in the state to cushion the hardship currently experienced by the people.
This synergy, they said would also put an end to the unscrupulous profiteering activities of petroleum independent marketers and their cohorts at the expense of the ordinary Nigerians.
Philip-Wuwu Okparaji
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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