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Lekki Seaport To Be Regional Hub – ICRC Boss
The Acting Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr Chidi Izuwah says the Lekki Deep Water Port, once completed will become a regional hub for port operations in West Africa.
Izuwah said this on the sidelines of the commission’s monitoring visit to the Lekki Deep Water Port on Saturday in Lagos to have an on-the-spot assessment of the ongoing project.
He said the project was expected to grow to about 4.5 million Twenty-foot Equivalent Units (TEUs) container capacity annually upon its commencement, from the current 1.5 million target.
“With this feat, Lekki port will no doubt become one of the largest water ports in the region, and serve as a hub for port operations in the whole of West Africa,” Izuwah said.
He said that the promoter, the Lekki Port Enterprise Ltd., also planned to dredge the port channel to about 16 metres draught, currently not obtainable in any seaport in the country.
Izuwah also said that was an indication that ships of large sizes would visit the port, and greater efficiency and lead economy of scale would drive and generate revenues for the economy with government earning a significant portion of it.
The ICRC boss, however, said that the commission was worried that several years after the execution of the contract, the concessioner had yet to attain a financial close on the project as a result of certain contingent challenges.
According to him, the project promoters had earlier planned to attain financial close by second quarter, 2016 and commence full operations by second quarter, 2019, thereby giving a period of three years for the construction work.
He encouraged the promoters to do their best to ensure that the project comes on stream, saying the ICRC would continue to give its support toward the attainment of the objective.
“We at the ICRC firmly believe that if all the parties to this contract demonstrate utmost commitment toward this project, the goals and wonderful picture painted above will become a reality in less then three years.
“I have said this, bearing in mind the enormous work which has already been done by the project promoters and the quantum of resources committed to this cause.
“I promise you that the ICRC under my leadership will go above and beyond the call of duty to assist you reach the financial close,” Izuwah said.
He also said the commission was willing to join the promoters on focuses lender and investor roadshows to seek additional debt and equity capital and among others.
Izuwah said, “We will also play a key role in driving the creation of inter government and agency high impact team to solve some of the project’s immediate problems like high capacity’s evacuation route from the port site.
“This is to assure investors and lenders that all containers and goods arriving at the ports will be evacuated flawlessly and efficiently.
“We have gone too far on the project, so we can’t afford to fail or slow down.
“If we fail to lay a good foundation for the upcoming generation, not only will posterity hold us accountable, but you and I will not be able to sleep peacefully at night with our eyes closed.”
The ICRC is charged with the responsibility of monitoring and ensuring the efficient execution of all Public-Private Partnership (PPP) projects entered into by MDAs on behalf of the Federal Government.
The concession agreement for Lekki Port was signed on April 21, 2011 by Nigerian Ports Authority, (NPA), the Lagos State Government and Lekki Port LFTZ Enterprise.
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.
