Business
Senate Passes Labour Safety Bill
The Senate yesterday passed a bill seeking to cater for the
safety, health and welfare of Nigerian workers.
The bill, which is sponsored by Sen. Chris Anyanwu
(APGA-Imo), was read for the third time and passed at the Senate on Thursday.
The bill seeks to repeal and re-enact the Factory Act, 2004
to make comprehensive provisions for securing the safety, health and welfare of
persons at work.
It also seeks to protect others against risks to safety and
health with regard to activities of persons at work in addition to establishing
the National Council for Occupational Safety and Health.
The amended bill contains 111 clauses and clause 83 deals
with offences and penalties.
It read in part; ‘’ Any employer who fails to comply with
any of the provisions of clauses 29,30,31,32,33,34,35,36 and 37 of this bill
relating to the duty of the employer commits an offence.
“The person shall be liable on conviction to imprisonment
for a term not less than one year or to a fine of not less than N500,000.
“Both fine and imprisonment in case of an individual and a
fine of not less than N2 million for a corporate body and in addition each
director or manager of the body shall be liable to imprisonment for a term not
less than one year.
“Clause 31 (1)of the Bill also states that an employer shall
after being notified by a female employee that she is pregnant, adapt the
working conditions of the female employee in such manner as to prevent
occupational exposure.
“This is to ensure that the embryo is afforded the same
level of protection as required for members of the public and the employer
shall not consider the notification of pregnancy as a reason to exclude the
employee from work.
“The employer is also required by this law to ensure that
any female employee that is pregnant or nursing a baby is not exposed to
ionising radiation at the work place.
On the construction and disposal of machinery, the bill in
clause 52 stipulates that any person who manufactures, assemblies, sells or
lets on hire any machine that does not comply with the requirement of this
clause commits an offence.
The person shall be liable to a penalty of N50,000 for the
first case of non compliance and N100,000 for every subsequent case of non
compliance or N50 million for the first case of non compliance and N500 million
for every subsequent case.
The Senate President, David Mark, who presided over the
plenary session noted that the bill had already been passed in the House of
Representatives.
Mark advised that a conference committee be set up as soon
as possible so as to harmonise the Bill and forward it to the President for his
assent.
Our correspondent reports that the Bill had initially come
to the Senate as an executive bill but was represented as a private member bill
by Anyanwu.
The Bill, which had passed second reading on May 17, was was
referred to the joint committees on Employment, Labour and Productivity, Health
and Establishment and Public Services for further legislative action.
The Senate President also wished the Senators and indeed all
Nigerians a Happy Independence Anniversary coming up on Monday.
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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