Business
NLC President Inaugurates Eight-Member Reconciliation Committee
The District Head of Gabasawa, Alhaji Jibrin Mohammed, presenting keys of a motorcycle to one of the beneficiaries of Umar Sani Foundation’s 2nd Youth Empowerment Programme in Kaduna, yesterday. With them are Governor Ramalan Yero of Kaduna State (2nd left) and the sponsor and Senior Special Assistant to the Vice President on Media and Publicity, Umar Sani.
The President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba, has in Abuja inaugurated an eight-member reconciliation committee to look into issues arising from the 11th Delegates’ Conference.
It would be recalled that during the conference, Wabba of Medical and Health Workers Union and the immediate past treasurer of the union emerged as the new NLC president.
He defeated Joe Ajaero of the Nigeria Union of Electricity Employees (NUEE) by polling 1, 695 votes of the 3,115 total votes cast.
Ajaero, who polled 1, 140 votes and delegates from 23 unions contested the outcome of the election held in Abuja.
They went to Lagos and organized another election that led to the emergence of Ajaero as the factional president of the NLC.
The eight members committee is headed by Mr Aliyu Dangiwa.
The other members are: Mr Peters Adeyemi, Mr Amaechi Asugwuni, Mrs Comfort Oko, Mrs Amina Danesi, Mr Ero Philips and S.O.Z Ejiofor.
The committee has two weeks to complete its assignment.
Inaugurating the committee, Wabba urged the members to bring back the aggrieved members and their unions to the mainstream of the congress.
“I had earlier said that the new executive will use internal and external means to reconcile the aggrieved parties.
“This is one of the mechanisms adopted by the National Administrative Council (NAC), to achieve that.
“The NLC needs to forge ahead and we cannot achieve that with a divided house,” he said.
Wabba stressed the need for the committee to convince the aggrieved members especially Mr Joe Ajaero, Mr Issa Aremu and Mr Igwe Achese to join forces with the new leadership.
He said that the peace and progress of the Nigerian labour movement would only be guaranteed when members look beyond personal interests.
In his response, Dangiwa commended the National Administrative Council for finding them worthy of handling the task assigned to them.
He promised to bring the aggrieved members to a round table with a view to ironing out the identified differences.
Dangiwar, who was the pioneer General Secretary of the NLC, urged the new executive to steer the affairs of labour movement in Nigeria with the fear of God in the next four years.
Meanwhile, the newly elected president of the Joint Health Sector Union Mr Olawale Ogundele, on Wednesday paid a solidarity visit to the new NLC President Mr Ayuba Wabba.
He urged Wabba to remain focused in his determination to take the congress to an enviable height within the shortest time and promised to mobilise his members in support of the new NLC executive.
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.
-
Opinion3 days ago
Ozoro Festival: Tradition or Tyranny?
-
News3 days agoRSG Reiterates Commitment To Youth Dev
-
Rivers8 hours agoCourt Rules Out Interim Administration In Jumbo House, Bonny
-
Politics9 hours agoAPC Resumes Electronic Membership Registration Nationwide
-
Oil & Energy3 days agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Politics3 days ago
RIVERS WOMEN RALLY SUPPORT, CONTINUOUS PRAYERS FOR TINUBU
-
Politics3 days ago
AKPABIO, DIRI, OBOREVWORI, OTHERS VOW TO REELECT TINUBU …AS GIADOM RETAINS APC ZONAL CHAIR
-
Business3 days agoNSCDC Discloses Illegal Dump Site In Ikwerre Community