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Nigeria @ 57: What The People Say

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Exactly 57 years ago, the colonial rule of the Great Britain in Nigeria came to an end after years of struggle by some of our past heroes.
As always, today October 1, the country marks the anniversary of the great event.
But how has the country fared in these past 57 years? What can the citizens say about Nigeria at 57? Our Deputy Editor (Features), Calista Ezeaku sought answers to these questions from some Port Harcourt residents.
Excerpt:

Barr Emeka Onyeka: It is really good we are celebrating. It is really good we’ve come this far, but it is not yet an Eldorado. I think it calls for more of sober reflection than bonfire in the sense that it is really a good time for us to do a stock keeping, checking ourselves from 1960 till date, so far, how far? What have we done? What have we achieved? Are we making progress? Are we actually on a steady decline?
So for me, it’s neither here nor there.
Sincerely,  I don’t think this is a time to merry, given the present condition of the country. What really calls for rolling out of the drum is the happy mood of the people. When a greater number of the people are hungry, what are we rolling out the drum for? By doing so you will be irritating them. You will be angering them and if you don’t take time, the anger might translate to action. I think what we need to do is for us to check ourselves, look at our people, which is the primary responsibility of the leaders and know wether the leaders have actually been fair to the citizens.
There are so many things that we have not gotten right in the past 57 years. The first one is fairness. Sincerely, people are not treated fairly.  I believe strongly that people should be treated fairly. Our resources should be distributed fairly. You know that fairness is justice. Appointment of individuals or groups to government positions should be done fairly to reflect the true federalism that we claim to have in practice. A situation where you see people in leadership acting with some sectional colouration, does not augur well for the nation.
Going forward,  for me I think it is a wonderful opportunity that we are one. I strongly believe that we should remain one. Being one is of great advantage.The greater advantage is there when everybody is treated fairly.
What I recommend is this, irrespective of where the president or  even the governor comes from, he should see every citizen of the nation or his state as one and the same and treat them as their children.  When you start treating some of the children as outsiders, naturally, you can never be fair to them. The President and the Governors should treat their subjects better than they are doing at the moment.
The strike and agitations that have been going on in the country for sometime now are anger in action. They are anger demonstrated, animosity displayed. People are not happy for one thing or the other.
You see a situation where those at the federal level are spending money as if others simply escorted them to the nation,  without having any stake in the nation called Nigeria. I mean it is annoying! Every person feels so bad. The workers are not paid adequately, and those who are elected to serve us are taking all and at the end of the day, we are all going to the same market. So how do you think the workers will feel? Naturally they will feel bad. The resources are not fairly distributed. Naturally the people, especially those from whose areas the resources are being generated, will feel bad.
So as a person, I strongly support restructuring. True federalism is what will make people sit up.

Mr Monday Johnson – Driver:
What I can say about Nigeria at 57 is that things are not moving on well in the country.  There is bad leadership.  Just look at the roads we ply here in Rivers State,  they are bad . The  East/West road is very bad. There is hardship every where.
Our hope is that with the Independence day celebration, there should be some positive changes.
We will be very happy if they can fix the roads and make life better for us.  Government should invest  in the education sector and also the health sector so that the poor people will have reasons to rejoice.

Miss Mercy Kaneh- Young School Leaver:
Nigeria today is a very difficult place to live in. Cost of living is so high, business is not flurishing. I help my elder sister with her business and I know how hard it is for her to sell her goods and even make profit. Look at me, I’m supposed to be in a higher institution but because of economic  hardship I couldn’t go. So we want a change in this country.  I want better leadership that will make things easy for the people.

Mr Franklyn Obiene –  Public Servant/ Youth Leader:
There are many good reasons why we should celebrate Nigeria at 57. Because it is Nigeria’s birthday, because we are alive, because we are a united country, we should celebrate. But the growing insecurity in the country is a big concern. People are no longer free to move around because of fear of the police, militants or political party fanatics. In other parts of the country, we have the IPOB challenge, the boko haram and other agitating groups. All these create tension in the country and make people feel unsafe.
So let government think of measures to tackle the problem of insecurity and what is making people to agitate. Let our leaders lead us well and then the people will follow.
They said, they are fighting corruption abi? Let them do it without fear or favour. Any corrupt person, no matter how highly placed, should be fished out and brought to book. Let government at various levels empower the youth.  It is said that the future of any country is in the youth but I don’t see any attention being given to these future leaders.
Every administration that comes on board will tell you they will do this and that for the youth but at the end of the day, nothing is done. The situation still remains the same. Let them empower the youth, please.

Mr Salisu Musa – Businessman:
We thank God for keeping us alive to celebrate Nigeria at 57.  For me, l like as the country is now. The fighting has reduced. The tribalism issues are coming down. In Rivers State here, our roads are better. As Federal Government dey fight corruption, l like am. Government should create job opportunities for the people.
Many companies are laying off their staff, that  is not good. Government should build industries that will employ the jobless people. They should equip public hospitals.  Before now, they use to give us free drugs at the hospitals. Today, there is nothing like that anymore.

Mrs Ngozi Amadi – Teacher:

The country has come a long way. Struggling with challenges ranging from insurgency, militancy, Ebola, corruption and others.
A country where leaders have emerged with the sole motive of enriching their pockets and saving for their generations unborn. Being the most populous country in Africa coupled with the instigations from outside and within the continent, to mention but a few.
Regardless of these numerous challenges, Nigeria has remained integrated. Nigeria is a great country, I am proud to be a Nigerian. My advice to fellow Nigerians is to come together and let’s fight all appearances of corruption at all levels and make this country an envy to the rest of the world.

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33 Banks Raise N4.65tn As Recapitalisation Ends

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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.

 

 

 

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SMEs Dev: Firms Launch N100m Loan Scheme 

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The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

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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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
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