Business
How Robbers Frustrate Petty Traders In PH
Miss Mercy Attah,
a 19-year-old orphan relocated from Uyo, Akwa Ibom State capital to Obidianso Street in Mile II Diobu, Port Harcourt, to occupy a one-room rented apartment where her father, Mr Joseph Attah, lived and died few months ago. The poor orphan, in search of survival, decided to engage herself on petty trading.
She woke up as early as 5.00am and was heading towards one of the bakeries to buy some bread for sale later in the morning. But as she walked a few poles away from her residence, three fierce-looking young men surrounded her. Two of the youngmen were wielding shot guns and the third, a matchette. As poor Mercy made to run away from the armed robbers, she was caught. She struggled with them wailing and shouting, hoping that help would come from the neighbourhood, but none came and the thieves dispossessed her of her handset and N3,500 with which she planned to pay for the bread.
According to her, “the robbers were not in a hurry as they merely strolled away from the scene and moved towards the adjacent street”.
“My greatest surprise was that nobody in the neighbourhood showed any concern or interest in coming to my rescue. This could not have happened in Uyo where I lived and schooled for years”, said the poor orphan.
Miss Attah’s case is even better compared to some other experiences narrated by one of the sympathizers who came out after an hour. “There was even a recent incidence in the same area” said an elderly woman who sells ‘Akamu’ within the neighbourhood.
“Two young girls were also going to buy bread. These bread hawkers were held up by the rascal thieves two weeks ago. The robbers did not only snatch their money, but they also raped them and left them with their torn dresses,” said the elderly woman who pleaded anonymity apparently for her safety.
This ugly drama has become rampant in the densely populated Diobu axis of Port Harcourt, the Rivers State capital.
Almost on daily basis, petty traders and ‘bush market’ women whose trades demand that they leave their homes early in the morning to enable they sell to their customers who need the bread for their families’ breakfast or the bush market women who must leave early to the hinterlands where they buy their stocks pass through this dangerous situations.
In the process of carrying out their petty trading business majority are dispossessed of their hard-earned money while the more unfortunate ones get raped by the street robbers who even inflict injuries on them.
The activities of these street robbers is fast scarring a lot of the traders.
“As a result of this, if you need to go to buy your bread or supply goods early morning to your customers in the Mile I or Mile III markets, you have to wait till say from six O’clock or much later, so also those who wake up early to go to the bush markets”, advised one of the petty traders.
This underscores the need for a return of the spirit of being one’s neighbours’ keeper. Men living in the streets can mobilize and come for the rescue of such victims especially when they hear them crying helplessly instead of feeling unconcerned.
The law enforcement agents, especially the police, could step up their patrol strategies especially early in the morning when such incidents normally take place.
Moreso, as the security agencies move to reduce the alleged high volume of arms in the wrong hands, it is recommendable that the law enforcement agencies could resort to house-to-house search especially in areas where these suspected youths reside, like Diobu.
A good number of the young boys and girls involved in petty trading may have got some level of education but owing to the high unemployment rate in the country, they have little or no option than to engage in petty trading for survival.
While the government initiate some empowerment programmes, petty trading should as well be encouraged since it is legitimate and one major way of encouraging them is by making the environment safe for their operations.
The consequence of not giving proper attention to the poor petty traders could mean forcing them into armed robbery, prostitution and other anti-social activities.
It is true that provision of employment opportunities for the youths could reduce armed robbery and its attendant consequences. But experience has shown that while government cannot provide for all in the society, most of the youths that have chosen robbery are themselves not employable.
This dangerous trend demands more proactive measures from the law enforcement agents and the only way to succeed in this bid is to involve the people who live within and have good understanding of how the street robbers operate.
Flushing the street robbers would not only boost petty businesses but would make the environment more secured for the people especially as the nation prepares for the forthcoming general elections where past experiences have shown that armed youths work against free and fair elections in the country.
Past experience has also shown that armed robbers hid their guns inside abandoned vehicles in the streets. Consequent upon this revelation, there is the need for the government to ensure that a lot of abandoned vehicles on the streets in Diobu be evacuated by their owners.
Chris Oluoh
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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