Business
GPHCDA Assures On Clean, Green Mega City
The Management of Greater Port Harcourt City Development Authority (GPHCDA) has said that it is determined to ensure full compliance with the environmental requirements stipulated in the master plan.
The Health, Safety and Environment (HSE) Manager of the Authority, Mrs. Phyllis Ohochuku, said this in Port Harcourt last Monday at a lecture organised by GPHCDA preceding this year’s World Environment Day celebration.
Ohochuku, who represented the Adminis-trator, Dame Aleruchi Cookey-Gam, used the opportunity to highlight some of the activities of the Authority, particularly as they relate to its mandate of ensuring that approved standards are maintained in the development of the new Port Harcourt city as to minimise impact on the environment.
Drawing from the theme of this year’s celebration: Green Economy – Does It Include You?, she said that the Authority endeavours to use the opportunity presented by World Environment Days to celebrate improved environmental practices and educate people, particularly secondary school students and university undergraduates, on the need to go green.
Ohochuku also pointed out that HSE performance is one of the major evaluation criteria for selecting GPHCDA contractors and commended DSC International Company for having a good HSE plan.
“We have a partnership with a company that is building our housing project, DSC International. They are a low-impact construction company. So, our houses are going to be affordable and the materials for the buildings will be green materials. And also in our projects, we have embedded in the contract, environmental penalties, so that if the contractor fails to comply with the environmental requirement, they are penalised,” she said.
In his lecture entitled “Green Economy: What Is GPHCDA Doing About It?”, the Environmental Impact Assessment (EIA) Manager of the Authority, Mr. Anwaini Osuamkpe, identified the key aspects of the Greater Port Harcourt master plan which include: the preservation of environmentally sensitive areas such as wetlands; creating a nature conservation area to encourage the preservation of native flora and fauna; provision of basic utilities like potable water, electricity, integrated sewage and solid waste management facilities, good roads and other infrastructure as necessary for the functioning of a modern city; among others.
In carrying out these responsibilities, he said that GPHCDA has carved out layouts and development zones for the Phase 1 area; awarded contracts for the construction of roads and services in the Phase 1A area in which environmental sustainability is enshrined; awarded contracts for the building of residential units in lots with appropriate landscaping and green sections; and also developed a requests-to-develop approval process using a one-stop approach.
Also speaking, chairman of the event, Prof Stanley Opunabo Abell, urged students to undertake urban gardening activities in their campuses.
He cited a case where city and environmental departments within a municipality encouraged students to maintain gardens.
Abell, who is a representative of BraidArch (consultants to GPHCDA), particularly charged the Authority to not only encourage students in this regard by providing them with seeds, fertilizers and pest control but also make it competitive by awarding prizes.
The occasion included a drama presentation by students of Rivers State Polytechnic, Bori which centered on the dangers of land speculation within the Greater Port Harcourt area.
The 2012 World Environment Day celebration was put off nationwide following the three-day national mourning for victims of the Dana Air plane crash in Lagos.
Ibelema Jumbo
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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