Business
UN Seeks ECOWAS Partnership On Security
The United Nations has called on Economic Community of West African States (ECOWAS) to strengthen its partnership with it in enhancing early warning mechanisms to address security challenges in the region.
UN Special Representative of the Secretary-General for West Africa, Ambassador Said Djinnit, made the call at the 9th ECOWAS Development Partners Annual Conference in Abuja on Monday.
Djinnit expressed the readiness of the UN Office for West Africa (UNOWA) to undertake joint missions with ECOWAS.
He said this is in order to develop joint analysis and assessments in line with the respective mandates of both parties on conflict prevention and early warning.
“Another area where the ECOWAS-UNOWA partnership should be firmed up is in the early response mechanism.
“The cross-border threat to peace and security in West Africa exposing the region to threats such as drug trafficking, organised crime, including piracy and terrorism constitutes areas where the coordination between the UN and ECOWAS will continue to expand in the end.”
The special representative also commended the efforts of the regional bloc in its decision to extend the Regional Action Plan on drug trafficking, abuse and organised crime.
In his address, Head of Delegation of the European Union to Nigeria and ECOWAS, Amb David MacRae, called on the commission to strengthen “long term capacities in conflict prevention and resolution”.
MacRae said the EU was committed to supporting the process of addressing conflict prevention and resolution in West Africa.
“The EU and its member states are contributing substantially to this objective by supporting the ECOWAS Peace and Security mandate.
“The EU is also supporting the fight against human and drug trafficking in support of the ECOWAS declaration on drugs and crime and migration management,” MacRae said.
He also reiterated its determination to support the peace process in Mali “at all levels, including political, military and developmental while maintaining humanitarian aid and demanding respect for human rights.”
He commended the efforts of ECOWAS in it economic integration agenda toward the adoption of a Common External Tariff (CET) which would support the transition to a common market in West Africa.
He also said that the adoption of a CET would facilitate the conclusion of the ECOWAS Economic partnership Agreement with the EU.
He also urged ECOWAS to play a decisive role in the implementation of the economic integration protocols.
The EU envoy said that mechanisms should be put in place to monitor, evaluate and report the implementation of regional policies at national levels.
“ECOWAS commission is in need of strengthening. There is a recruitment process that has to be gone through for positions to be filled and an audit of activities required.
“What we have called for is a greater transparency in the budget as a whole because we need a report to show the results being made with the funds being put in by the EU,” he said.
Corlins Walter
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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