Business
Minister Wants Laws To Protect Workers’ Future
The minister of State for Aviation, Senator Hadi Sirika has advised union leaders to pursue an act of parliament that will protect workers against uncertainties in the event of collapse of organisation
Sirika gave the advice at a one-day union retreat organised by the Joint Union Negotiating Council (JUNC), Federal Ministry of Transportation in Abuja, Tuesday.
The theme of the retreat is, ‘’Dynamic Labour Leader: An Asset to Organisational Growth.’’
The minister was represented at the occasion by Mr Akin Olateru, Commissioner, Accident Investigation Bureau (AIB).
He urged the union leaders to lobby the National Assembly to come up with an enabling act that would protect workers against uncertainties in their establishments.
The minister stressed the need for leadership of organised labour to develop strategy that could secure the future of Nigerian workers through Act of parliament.
He also urged the unions to continue to work together in unity towards fighting a common cause and their welfare.
He added that unions should go beyond mere negotiations and asking for salary increase to secure the future of their members in the work place.
The minister said that when the defunct Nigerian Airways was liquidated, the airlines’ staff in UK got their full entitlements, while those in Nigeria could not because of lack of strong laws that protect workers.
According to him, it is good to fight for money but it is better to look inward towards solving problems and developing workers’ skills.
“The unions should come together in fighting for the same course and look at how to solve this constant problem.
“Today, a company goes down, an employee is left high and dry. Yesterday was NITEL, yesterday was Nigerian Airways but do you know who is next?
“So, something fundamental has to be done to prevent such things from reoccurring.
“Unions need to come together and lobby National Assembly to come up with the right enabling act that will protect workers in the event of collapse of any company.
“It is a common thing in Nigeria because company comes, company goes, and employers are just there,’’ he said.
Sirika said that the contributions of trade union to the growth of every organisation was very important, saying that the outcome of the retreat would serve as springboard to addressing labour matters in the industry.
Alhaji Sabiu Zakari, Permanent Secretary, Ministry of Transportation, said that unions are partners and key players in the decision-making process of both government and corporate bodies.
Zakari said that the workable and realistic working relationship with the unions in the ministry had yielded desired results, urging them to sustain and consolidate on the success.
According to him, management will always work closely with the unions with the objective of sustaining the existing harmonious industrial atmosphere in the ministry.
The Co-Joint Council Chairman of JUNC, Mr Hector Nnadi, said that the challenge of the labour unions in the country was the absence of proactive and dynamic labour leaders.
Nnadi said the essence of the retreat was to do an appraisal of their activities in 2017, know where they were and produce a communiqué that would be useful to their progress.
He said that if the Federal Government could give bail out to state governments, it should also consider the federal workers with the same bail out to uplift them from adverse economic situations.
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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