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Tambuwal Rejects SSS Overture On $620,000 Bribe
House Speaker Aminu Tambuwal, has rejected a plea by security agents to help retrieve the $620,000 cash businessman Femi Otedola gave a lawmaker, Farouk Lawan.
The police have asked Lawan, chairman of the ad hoc committee which probed the multi-billion naira fuel subsidy scandal, to surrender the cash, which he admitted collecting. But the lawmaker says he will not give up the evidence that Otedola bribed him against his wish.
Besides, he has not shown up at the police Special Task Force (STF) probing the matter to say all he knows about the bribe.
Tambuwal is said to have rejected the request because, according to sources, “he does not want to be roped in”.
The Speaker was said to have been suspicious of why security agencies were mounting pressure on him to get the cash from Lawan.
A legislative aide said: “The Speaker turned down the request because security agencies might come up with a theory that Lawan kept the bribe with Tambuwal.
“Although the security agencies were not happy with the Speaker’s attitude, the man said as a lawyer he has enough experience to know what could happen when you are turning in evidence.
“He has fears that with a little shred of evidence, he might be roped in.”
The police yesterday reached out to principal officers of the House and influential members of the ruling Peoples Democratic Party (PDP) to prevail on Lawan to appear before it today or face the consequences.
The House and the Police were involved in a hide and seek game yesterday.
The House said on June 6 it struck an unwritten agreement with the police hierarchy that Lawan could only be available in two weeks after it might have concluded its internal investigation into the matter.
A source said in the presence of the principal officers of the House, the police hierarchy communicated the agreement to the investigating desk.
Ahead of the police final decision on Lawan today, there were indications that five to 10 more lawmakers might be invited by the police based on audio tape of the conversation between Otedola and Lawan.
The Tide source learnt that the police may crack down on Lawan today, if he refuses to honour police invitation.
A source said: “We have sent emissaries to Lawan; they are talking to him to honour police invitation. We are hopeful that this persuasion will work.
“Let us see how it will go, but I think by the end of Thursday, Farouk must have chatted with the Police. We are just trying to be civil.”
But a member of the House said: “When some of our principal officers met with the police team on June 6, they asked the hierarchy to give them two weeks to investigate the allegation before asking Lawan to report for interrogation by the STF.
“The principal officers were obliged the two-week request. That is why Lawan has not appeared before the STF. We are only honouring our own part of the unwritten agreement.”
The source went on: “That claim by some lawmakers appears strange because Lawan is in the country for his recess. We are not aware of any agreement. With the international dimension the matter has taken, does he need two weeks to report to the police to make a statement?
“We have reached out to the House leadership through eminent Nigerians to allow Farouk to come to the police. That is the latest on this matter; let Farouk Lawan honour the police.”
It was learnt that the House leadership was battling last night to find a solution to the issue between it and the police.
A member of the House from the North East said: “For hours, Farouk Lawan met with Tambuwal and principal officers at the Speaker’s residence on Wednesday on how to handle police invitation.
“A solution is being found in such a manner that it will not affect our relationship with the police. Let them be patient.”
It was also learnt that five to 10 members of the House might also be invited by the police based on the audio and video tapes which were being shown some key House members yesterday.
The police source added: “Yes, we may invite more lawmakers, but we want to hear from Lawan first; that is the logical order. Let everybody talk to him to report by Thursday or else it may be a different story.”
The ongoing investigation has, however, created panic among House members following the rush to watch the video tape of the Otedola-Lawan game and listening to the audio tape by lawmakers
A source said: “From the tape, the negotiation was higher Otedola did not start video-taping, until when the rate was reduced to $5million. Later Otedola reduced it to $3million.
“There was another interesting aspect where Otedola told Lawan that the balance of the $3million was ready and the oil baron was asked to fly in the balance.
“Otedola said as soon as he got to Abuja , he would call Lawan but the lawmaker could be heard loudly saying: ‘It is possible we might be in the chamber but I will give you the number of a trusted hand… (A member of the House).
“The said member, who was a union activist before his election, was said to have come from a Yoruba speaking area in the North-Central zone of 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.
