Business
RSSDA, RSNC Seek Synergy To Boost Business Opportunities
As part of government
strategy to diversify the economy by maximising available resources to increase revenue base, the Rivers State Sustainable Development Agency (RSSDA) and the Rivers State Newspaper Corporation (RSNC) have begun exploring viable partnerships to boost business opportunities and accelerate profit inflows.
To this end, the Business Development Units of both Rivers State Government-owned organisations are to initiate engagement sessions to enable experts fine-tune mutually beneficial business collaborations to open windows for enhanced revenue into their financial dragnets.
Executive Director, RSSDA, Larry Pepple, said during a working visit to the RSNC, publishers of The Tide Group of Newspapers, Wednesday that a range of opportunities existed for viable partnerships that could turn around the fortunes of both government business outfits.
The chief executive officer said that at a time when government revenue allocation was grossly dwindling and chronically inadequate to meet ever-increasing needs, departments and agencies of government needed to think out-of-the-box with creative and innovative new ideas to broaden and enliven operational environment in order to open fresh sources to boost internally generated revenue.
Pepple said that in line with the vision of the founding fathers, the commercial printing arm of the corporation should have amassed a large chunk of the bustling business environment, but lamented the dearth of modern equipment to drive profit in a highly competitive climate.
He promised that professionals from RSSDA would work with RSNC staff to ensure that manageable facilities are overhauled and revived while efforts would be made to see how those that require complete replacement may be retooled, particularly the Exercise Book Printing Machine, and the Oldenburg commercial printing machines.
On the near-dormant Goss Rotary Machine, the RSSDA boss said that the agency’s experts would work with The Tide to procure and install the CTTP component of the hi-tech printing machine, so as to set the stage for a whole new era in state-of-the-art printing in Port Harcourt, and directed the Communications Unit of RSSDA to explore strategies to ensure that new printing requirements of the agency are domiciled with the corporation.
In his remarks, General Manager, RSNC, Celestine Ogolo, expressed gratitude to the executive director for the visit and the pledge to partner the corporation with a view to increasing its revenue profile, and assured that his management would synergise with any inward-looking government agency to explore alternative means of boosting revenue sources.
Ogolo pointed out that the corporation could not put the new Rotary Machine to effective use because the CTTP, a critical component of the facility, which enhances speedy return on investment, was not available, adding that if the CTTP is procured and installed, the corporation would be hub of commercial printing business East of the Niger.
The general manager further said that if the Exercise Book Printing Machine is overhauled and made to respond to the needs of modern environment, the corporation would reposition itself as the epicentre of commercial exercise books printing business and major supplier of the essential need for educational institutions, among others, in Rivers State and beyond.
He also regretted that the corporation could not compete favourably in the competitive commercial printing environment because all printing machines procured by the Alfred Diette-Spiff administration at the inception of the newspaper outfit in 1971, were now obsolete, easily breaking down, and expensive to maintain, adding that with new or rejigged printing machines, business would boom again, and revenue inflow would rebound.
Susan Serekara-Nwikhana
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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