Business
Amaechi: The Govt House Correspondent’s Perspective
The mere mention of
the name Chibuike Rotimi Amaechi sparks different images in the minds of Rivers people and Nigerians in general. A vibrant, bold and fearless man, Amaechi is a shrewd but blunt politician, who combines activism with governance.
Often times, the amiable governor has said that he wants to demystify governance. He frowns at every bit of protocol and bureaucracy. He views simplicity as a far side of complexity. But the more one seeks to study the simplicity that surrounds him, the more one is confounded by his altruistic nature.
Naturally, the governor is blunt, straight-forward and open to a fault. It is these attributes that imbue him with some element of mystery. He confounds his political opponents and thinks ahead of them, an attribute that has made him survive the treacherous Nigerian political landscape.
Rt Hon Amaechi has, over the years, learnt the political rope fast and adeptly. One phoney aspect of his political journey is that the governor has always leaned to the left. He is a tough Marxist who believes governance should serve the general good of society based on a welfarist policy of free education, health and provision of employment.
For instance, at a time when majority of Rivers men and women were tilted to the Social Democratic Party (SDP), the governor was in the National Republican Convention (NRC).His minority stand later paid off, when Dr Peter Odili became deputy governor and he was appointed a Special Assistant on Student Matters. He later joined the Democratic Party of Nigeria (DPN) along with his political mentor, Odili who was then angling for the governorship of the state.
As if nature was ever smiling to him, Dr. Odili won the governorship in 1999 and Amaechi again trounced his opponents and later emerged as the first Ikwerre man to become the Speaker of the State House of Assembly. Eight years later, he became the first Ikwerre man to become governor of the state. A man of many firsts that is! And now, the governor has joined other progressives in the All Progressives Congress (APC), considered to be a leftist party.
Recently, he told traditional rulers who visited him under the banner of Supreme Council of Ikwerre Traditional Rulers Council that though his kinsmen had considered him a sell-out and working against the Ikwerre interest at that time, now it has paid off.
Amaechi began to nurture a socialist prism which was honed by Marxist university academics like late Prof Claude Ake, Prof Ndemili, Nkem Okoh and others at the University of Port Harcourt where he studied English and Literary Studies. He saw the university environment as a preparatory ground to launch into full time politics to pursue his quest for an egalitarian society. He became a student activist, first as a member of the Students Coalition Against Apartheid in South Africa and later President of National Union of Rivers State Students (NURSS). It was the presidency of NURSS that actually exposed him to actual political currents.
Whatever prism one views the chief executive of Rivers State, one thing is glaringly true of him: he is not a pretender and he embodies simplicity.
Two weeks ago , the young and vibrant governor drove off without any security detail in the early morning of Friday, 16th May, 2014 to go and buy fruits at the Fruit Garden Market in D-Line, Port Harcourt. On reaching there, he was nearly mobbed by women who were excited by the rare opportunity of engaging in business transaction with the governor.
Later same day, while playing host to women politicians of the APC, he explained why he took the action. “ I had told the kitchen to buy me fruits and vegetables because I was told by my doctor friend that if I take fruits and vegetables morning and evening without eating anything, this stomach will go down. So when I told them to buy me fruits and vegetables for three weeks, they did nothing. So, this morning, I asked for fruits and vegetables and nobody gave me anything.
“ A week ago, I had talked to my wife and said you are not the wife of the governor, you are the wife of Amaechi, can you buy me fruits and vegetables? She said no problem, I will buy for you. But this morning, there were no fruits and vegetables and without her knowing, I went to the fruits market. So I have bought fruits and vegetables for myself. If they don’t want to wash it, I will wash it myself because at the end of the day, first and foremost, the governor is a human being”, Amaechi stated.
That indeed is Rt. Hon Amaechi; blunt, active and ‘response-able’. Unlike most governors, he inspects projects, points out specifications and chides contractors who fail to meet expectations. During one of the inspection tours to Artillery, he ordered a contractor to pull down the drains and start afresh. He also arrested a top politician along Aba Road for traffic offence. He, on several occasions, stops his convoy and controls traffic. He also drives himself. A great enigma indeed!
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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