Business
FAAN Ejects Concessionaires At PH Airport
Representative of IGPand Force Public Relations Officer, Mr Frank Mba (left), inaugurating counter-terrorism campaign factsheet in Abuja recently. With him is the Deputy Force Public Relations Officer, Mr Abayomi Shogunle. hoto: NAN
The Federal Airport Authority of Nigeria (FAAN), Port Harcourt management has ejected about four of its concessionaires and their properties scattered outside the airport premises.
The concessionaires who cried out against the FAAN’s action accused the management of intimidation.
Speaking with newsmen recently one of the effected concessionaires, Rev. Francisca Omele, lamented that her goods and cash worth over N50 million were destroyed by the actions of the authority which she claimed was to allow for a popular fast food outfit to take her place.
Omelet alleged that she was asked to greece the palms of top managers at the Port Harcourt International Airport, her refusal to dance to their tune was the reason for throwing her property outside the terminal building.
She claimed that the General Manager, Commercial, at the headquarters had given them assurance after they applied for renewal of their tenancy, but that was yet to come before the ejection.
Omelet called on the Federal Government, particularly the Minister of Aviation to look into the issue, stating that she is a widow with eight children and helpless.
“I have an agreement with FAAN for the past 18 years, during the construction, they asked us to quit and to return after the completion of the work which he did.
They built canopies round the area and asked us to continue operation. After the completion, we were asked to transfer our properties to the terminal building which we did. We pay our rent regularly. By the agreement we have with FAAN, after two or three months, if nobody asked for rent from you, you should re apply which we did. We met the manager, she directed us to meet with the Commercial manager, who asked us to list the names of the concessionairs, we were waiting to hear from them before the sudden ejection on Tuesday”, she lamented.
Also speaking, Chief Kerian Olocha, said he has been operating at the airport since 1979 when the airport was established but regretted that since the current manager was posted to the Port Harcourt International Airport, it has been from one trouble to another.
Olocha noted that he and other concessionairs do pay their rent as at when due but wonder why the regional manager has decided to eject them while the headquarters were working on how to reallocate space to them.
He also accused the management of some shady deals in the reallocation, noting his properties destroyed were worth millions of Naira.
The Ikwerre-born traditional ruler threatened to go to court if FAAN did not retreat its moves.
According to him, “since the Regional Manager was posted to the airport, it has been, park out, park in”.
He further narrated that during the construction of the airport, they were asked to quit, but were asked to come back after tents were built.
Since then, we have being paying our fees. The Regional manager later asked us to reapply to the general manager, Commercial in Lagos which we did, the GM, Commercial, had assured us that we shall be given a space since we are old tenants, but surprisingly, yesterday (Tuesday) we were told that our goods are outside”, he said.
The Head of Department, Corporate Communications, Port Harcourt International Airport, Omagwa, Mr. Ola Ogundalapo dismissed that the concessionairs were not their tenants.
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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