Business
IGP Orders Manhunt For SAN’s Abductors
Inspector General of Police, Muhammed Abubakar, has ordered the Edo State Commissioner of Police, Foluso Adebanjo, to immediately fish out the suspects, who allegedly kidnapped human rights activist and Senior Advocate of Nigeria, Mike Ozekhome and his driver, last Saturday in Edo State, just as he directed the rescue of the victims unhurt.
Mohammed has also vowed to ensure that the suspects are brought to justice.
Force Public Relations Officers, Frank Mba, told journalists in a telephone interview that the IGP had directed the Edo commissioner of police to commence immediate and vigorous manhunt for the hoodlums “who must be arrested and brought to justice and the kidnapped victims rescued”.
Mba quoted the Inspector General of Police as having said,”we, therefore, once again call on the general public not to relent in their partnership with the police to fish out the criminals as common enemy to our society and report anyone found with the bullet wounds to the nearest police station.”
It would be recalled that four police officers were killed Saturday in Benin-City, the Edo State capital while attempting to foil an abduction bid on human rights activist and lawyer, Chief Mike Ozekhome (SAN).
The officers of the Edo Police Command were killed in their failed attempt to stop the kidnappers from escaping with the human rights activist.
It was learnt that Ozekhome was kidnapped along with his driver while they were travelling along the Benin-Auchi Road.
Narrating the development to newsmen in Benin last Saturday, Edo State Commissioner of Police, Foluso Adebanjo had said: “Operatives of the command led by DPO Ehor Division responded swiftly to a distress call at about 3:30 pm that an unspecified number of armed men had blocked the Benin-Auchi Road by Ehor axis”.
According to him, “but while on their way to the scene, the hoodlums ambushed the police patrol vehicle and opened fire on them.
“At the end of the gun duel, the hoodlums escaped with bullet wounds but not without their victim who was later identified, upon search on his abandoned vehicle, as Chief Mike Ozekhome (SAN) and his driver. Regrettably, the command lost four officers in the encounter”, he said.
There were, however, indications yesterday that the police personally led by the Police Commissioner, Adebanjo, were on the trail of the suspected kidnappers of Ozekhome.
This is the second high profile abduction to have taken place in Edo State in recent times.
In May, unknown gunmen kidnapped the wife and daughter of Supreme Court Justice, Bode Rhodes-Vivour.
The ladies, along with their driver, were intercepted as they were about to enter Benin.
They were later released about three weeks later, presumably on the payment of some ransom to the kidnappers.
Meanwhile, some prominent lawyers in Lagos yesterday condemned the abduction of a human rights lawyer, Mr Mike Ozekhome (SAN), describing the spate of kidnappings across the country as worrisome.
The lawyers, who spoke to newsmen, expressed grave concern about security situation in the country and urged security agencies to intensify their efforts toward apprehending the kidnappers.
Ozekhome was reportedly abducted on August 23 at Ehor near Benin City in Edo State by some unknown persons.
Chairman, Nigerian Bar Association (NBA), Ikeja Branch, Mr Onyekachi Ubani, said the spate of kidnappings in Nigeria was worrisome.
“It is very appalling; both low and high profile individuals are being kidnapped across the country. It shows that there is a problem,” he said.
Also speaking, a human rights activist, Mr Adetokunbo Mumuni, said Ozekhome’s abduction was a reflection of the security situation in the country.
Mumuni, who is the executive director, Socio-Economic Rights and Accountability Project (SERAP), a human rights group, attributed the wave of kidnappings by some unscrupulous elements to poverty and unemployment.
He said: “Until socio-economic injustices are tackled, we may continue to have these security challenges.
“Kidnapping is now rampant because of the limited opportunities available to Nigerians due to poverty and unemployment.”
On his part, another human rights activist, Mr Fred Agbaje, said it was regrettable that Edo had become a hotbed of high profile kidnappings.
Agbaje urged government at all levels to ensure that citizens had access to adequate welfare packages in line with the social contract theory in governance.
Under the social contract theory, it is imperative that lives and properties should be protected, he said.
Business
33 Banks Raise N4.65tn As Recapitalisation Ends
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.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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