Business
Calabar Consumers Berate PHED Over Poor Service
No fewer than 1000 Electricity consumers from Efut Musaha Lower, Calabar South Local Government Area of Cross River State weekend stormed the Customer Care Centre of the Calabar branch of the Port Harcourt Electricity Distribution Company (PHED) to express their grievances over poor services being rendered to them by the management of PHED.
Part of the issues that angered the consumers was that they pay bills even when they live in darkness.
The protesters carried placards with different inscriptions such as, “we no go agree ooh, we no go agree ooh, PHED we say no to estimated billing system.”
Others chanted several songs as if they were going to stage a war singing, “No load shading, we need metering and nothing else”.
Among several demands made by the aggrieved youth and elders of the Musaha Lower Clan Council consumers were that they were being shortchanged and exploited by management of PHED.
Spokeperson for the protesters, Engr. Daniel Denis, lamented how consumers in the community had suffered exploitation in the hands of the company, stressing that henceforth residents of the community will no longer pay any dime into the coffers of PHED unless light is quickly restored in the area.
Other demands made by the protesters were the issue of “No light, no pay.”
“God himself does not dwell in darkness and anybody who wants the people to live in darkness is an agent of darkness?” Denis queried.
The protesters stated that they had over suffered in black out despite the fact that they make payment to the coffers of PHED with estimated bill.
The protesters lamented that there was something sinister happening in the ICT unit leading to inflation of the tariff that is given to consumers in the area.
The protesters charged the Business manager to caution the ICT personnel to do the normal calculation to ensure that normal electricity bills are given to consumers.
One of the protesters Otobong Bassey who spoke bitterly to our correspondent on the issue decried how he got N12,000 from PHED as estimated bill for January even when he got light for only hours.
According to Bassey, in February, the light was reduced to seven hours with N17,000 bill.
The protesters charged PHED to stop the production and distribution of bill to the consumers pending when shading of light will be restored.
Also speaking on the issue, HRH Muri Mkpang Bassey Edet, Clan Head Efut Musagha Lower Clan Calabar South said that henceforth he and his subject would no longer entertain or welcome electricity bills from the PHED because of the maltreatment that the people have gotten from the electricity company.
The monarch maintained even when they pay their bills as at when due PHED still shortchanged the people by doing load shading which is not favourable to the people.
Responding Business Manager to PHED in Cross River, Mr George Chinwo thanked the protesters for conducting themselves in a peaceful manner stressing that arrangement is in top gear to solve the problem.
Friday Nwagbara, Calabar
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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