Business
Motorists Task FG On Benin-Auchi-Okene Road
Motorists plying the Benin-Auchi-Okene Highway have urged the Federal Government to declare a state of emergency on the busy highway.
Some of the motorists told newsmen on Saturday that the call became necessary owing to the situation of the road.
The motorists, who decried the loss of man-hour and human lives on the road linking the Southern and Northern parts of the country, said the highway had totally collapsed due to years of neglect.
Our source observed that motorists have completely abandoned the road and have resorted to taking longer alternative routes to connect from Edo Central to the Northern part of the country.
The motorists stressed that if nothing was done to urgently address the situation, the alternative routes which are also not in good condition may soon become unmotorable.
A motorist, Maxwel Idigie, who expressed concern, said drivers had no option other than to bear untold hardship to get to their destinations via the highway.
“We have never a time experienced a situation like this on the route.
“We complained when it was not even as bad as it is now, but as we speak, nobody uses that route again.
“For some time now, we have been taking longer routes to cut off those roads that have totally collapsed.
“Those going to Ekpoma, Auchi or North of the county go through Agbor Road to connect to Ugoneki and Ujogba and then to the road at Irrua in Esan Central Local Government Area of Edo,” he said.
According to him, same goes for motorists going to Sabongidda Ora, Afuze and Akoko-Edo that now links the communities through Ifon in Ondo State.
“It will interest you to know also that those going to Abuja also connect Okene through Igarra and Ososo in Akoko-Edo.
“This long and toutorous journey has not only greatly affected our income but also other associated inconveniences,” he said.
Also, Abel Osageduwa, a motorist, said the alternative routes were wearing off owing to its use by articulated vehicles that were not designed for the road.
Osageduwa, therefore, appealed to government to declare a state of emergency on the Benin-Auchi-Okene highway.
He said that the declaration would pave way for a solution to the problem.
“Last Friday, we spent over three hours on a particular spot near Ujogba because articulated vehicles that have rendered the road bad, got stuck on the bad spot on that alternative route.
“Friday was another trying time for us on that route; this would not have been if the major road was in order.
“The Ujogba road which was constructed by Oshiomhole’s government was not meant for heavy duty vehicles,” he said.
Another motorist, Andrew Momodu, appealed to the government to fix the highway, saying that the situation was compelling motorists to increase transport fare.
“We do not spend more now only on fuel, but also on the maintenance of our vehicles and it is a pity that commuters are the ones bearing the burden,” he said.
A commuter who simply identified herself as Nana, said that the cost of transportation to Auchi was hiked to N1500 from N1000 on Friday owing to traffic congestion that was experienced on the alternative route.
Our correspondent reports that Governor Godwin Obaseki of Edo and members of the state legislature had recently under taken separate assessment tours of the Benin-Auchi-Okene highway.
They all condemned the state of the road and called on the Federal Government to urgently fix it.
It would be recalled also that Babatunde Fashola, the Minister of Works, Power and Housing, had said that remedial work on the highway would begin as soon as the rains subsided.
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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