Business
‘Peace Sustains Rivers Economy’
Rivers State Governor, Rt. Hon. Chibuike Rotimi Amaechi, has described the prevailing peace in the state as what sustains the Rivers economy.
Governor Amaechi recalled that when he became governor, the state economy was at its lowest as companies and expatriates relocated to other parts of the country on account of insecurity in the state. But he said with steady efforts to tackle insecurity, his administration was able to restore peace to the state as the economy also bounced back. He assured that he would continue to maintain the peace in the state.
Governor Amaechi spoke during a town hall meeting with the people of Okrika at Okrika Local Government council headquarters last Thursday.
The governor said, “I will discuss security in line with what I consider my contribution to the growth of the state. When I became governor of Rivers State, you all know how Rivers State was. You know that it was bad. I hardly had time to sleep because if one group is not attacking here, another group is attacking there. They were all everywhere and it was like a war zone. And it occurred to me that as a young man if you don’t confront these young boys or young men, we would not have a state called Rivers State. Our economy was crashing, people had left the city, companies had folded up, whitemen had gone, we had no business again. When I took over, they used to pay them to come and bury somebody in either Okrika or Buguma or Abonnema. You must pay money. They will give you one or two hours to come and bury and go. So the micro-economy was going, that economy had crashed in the riverine areas. We sat back, we discussed with the military, we discussed with the police, we argued and argued and at the end of the day we took one decision – we will not pay anybody anymore. From today henceforth no more payment, because before I became governor, government was paying kidnappers N250million, N500million, so people were even arranging kidnapping”.
“I am a Christian, so I sat back and I prayed to God that this war is not mine, it is yours and you must fight to redeem your people and the people are Rivers people and that includes Okrika people and the first place we attacked was Okochiri(in Okrika). We needed to do that to be able to let everybody know that there is a government. So I felt that there was the need to come out and address that issue if the economy of Rivers State must kick-start again. So we started the battle to make everybody accountable for their actions. People were being killed every day. Young boys at 15, 18 were parading the streets with guns, people were scared. We were told that some people were buried alive here in Okochiri. We moved in. Today, what do we have? We have peace. We must thank God that we have peace. Now our parents can go about their business. Our mothers can go about their business. Our young girls who had run away before, now they are coming back home, nobody is being molested anymore. We will not allow this peace we are enjoying now to escape from us again, never again. We must hold it tenaciously”, he said.
Amaechi said his administration had constructed 10 model primary schools in Okrika Local Government Area with six others to be completed soon. He named the completed ones to include State School, Ibuluya, Government State School, Okrika, Town School, Ogoloma, Town School, Isiaka, Government State School, Abam-Ama, State School, Kalio-Ama. Others include State School, Ndubuisi-Ama, B.S.S. Okrika, State School, Oba-Ama, State Primary School, Azubie and Ibaka Town School, Ibaka.
For the model primary healthcare centres, Amaechi named the completed ones already in use to include the one at ATC Ibaka, Anyungu Biri, Okochiri, Ogoloma and Ogan-Ama, disclosing that his administration has also constructed the Okrika ring road named after a former governor in the state, Rufus Ada-George. The governor disclosed that there is also ongoing land reclamation project at Oba-Ama community.
Amaechi promised to establish a fish farm in Okuma-Ama, Okrika which will also create employment for the people. The State government, according to him, will put in place a temporary water scheme in Okrika to provide potable water for the people, while waiting for the federal government that has promised to do a comprehensive scheme in Okrika. He also said his administration has offered scholarship to students from Okrika to study in universities abroad.
The governor equally said the state has disbursed N2billion to the Rivers State Microfinance Agency (RIMA) to boost microeconomic activities in the state by giving Rivers people business loans.
Earlier, the Chairman of Okrika Local Government Area, Barr Tamuno Williams in his address of welcome, commended Governor Amaechi for keeping his promises to Rivers people.
“Your visit is auspicious, your visit is an impeccable demonstration of a government that is alive to its duties and responsibilities. You are a faithful leader, a leader who keeps his promises, who is steadfast, who tenaciously holds unto ideals”, the Okrika chairman said.
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.
