Business
NSITF, NECA Inaugurate Committee On Safety
The Nigeria Social Insurance Trust Fund (NSITF) in collaboration with the Nigeria Employers Consultative Association (NECA), on Wednesday in Abuja, inaugurated a joint committee on safety in the workplace.
Inaugurating the committee, the Chairman Board of Directors of NSITF, Dr Mrs Ngozi Olejeme said the committee would effectively implement the safe work intervention project of the fund.
She said the committee would ensure compliance with the Employees’ Compensation Act (ECA) and acceptance of the scheme by employers of labour.
Olejeme said that NSITF and NECA would work together on the project to conduct regular audit of Occupational Health and Safety Infrastructure to ascertain the level of compliance with existing laws.
She explained that the two organisations, through the committee, would no longer take lightly issues bothering on non-compliance with the ECA.
“The joint committee is to identify and intervene appropriately in improving the health and safety infrastructure of companies/employers, which facilities fall below acceptable standards.
“The committee is to execute capacity building programmes on an on-going basis for contributors to the scheme.
“It will also conduct annual employer/NSITF interactive forum in the six geo-political zones of the federation to facilitate compliance and prompt payment of contributions.”
She disclosed that an annual employers’ forum would henceforth be organised and employers who complied with the scheme would be recognised and rewarded.
Olejeme said that NACA would function as the project’s manager and would spearhead the implementation of the scheme.
She blamed the inability of the project to take off in the first quarter of 2012 as scheduled on budgetary constraints and urged the committee to ensure that they made up for the time lost.
In his remark, the Director-General of NECA, Mr Olusegun Oshinowo, said that the project was inspired by the realisation that human capacity was the most valuable asset in any business.
He stressed that the focus of NECA and NSITF was now more on the safety of workers and prevention of accidents, rather than on the payment of compensations in the event of accidents.
He said it was based on the understanding that no amount of money could replace a lost limb or life lost.
“To any business, the human capital is the most valuable asset and as your most valuable asset, common sense and enlightened self-interest dictates that you pay special attention to that very valuable asset.
“That is what has informed NECA’s interest in this project.
“Under this new dispensation of employees compensation act, our focus should be on safety: the objective of this programme is for us to make sure that we reduce to the barest minimum the incidence of injuries in the workplace.”
Oshinowo said that there shall be no hiding place for employers who failed to comply with the ECA.
“This project would make sure that it conducts audits on a regular basis of factory facilities that are on ground.
“There will be no hiding place for any employer that that has not prepared to either comply with the employees’ compensation Act or comply with the factory act.”
The Managing Director of NSITF, Alhaji Umar Abubakar, on his part, pledged the commitment of members of the committee to the success of the scheme.
Also speaking, Mr Tunji Olaopa, the Permanent Secretary in the ministry of labour, emphasised the importance of human capital development to the development of any nation.
He pledged the commitment of the ministry to ensuring the successful completion of the project.
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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