Business
Stakeholders Decry Slow Pace Of Ogoni Clean-Up
Some prominent sons of Ogoniland in Rivers State have expressed reservations over the ongoing clean-up of oil spill impacted sites in the area by the Hydrocarbon Pollution Remediation Project (HYPREP), saying, clean-up exercise is yet to meet the yearnings and expectations of the Ogoni people, following hiccups that have trailed it so far.
The Ogoni stakeholders, who bared their minds in separate interviews with newsmen during a free medical outreach organised by HYPREP in Taabaa Community in Khana Local Government Area recently said the clean-up exercise has been hampered by a number of factors.
A lecturer with the University of Port Harcourt and member of HYPREP’s Governing Council, Prof Ben Naane said he was not satisfied with the progress made so far by the agency on the clean-up exercise, essentially because of the processes involved in accessing funds for the remediation project.
He said one year after HYPREP started work, the money lodged in the Escrow Account which he noted comes in foreign currencies, to enable the agency to fast-track the project, was yet to be accessed, adding that the procurement processes, rather than facilitating HYPREP’s work had equally been a major setback.
Naane, however, indicated that both HYPREP and the Governing Council had fashioned a way out of such setbacks, as they had continued to pursue the agency’s core mandate in providing livelihoods and healthcare to the Ogoni people by relying on its own resources.
On his part, the President of the Movement for the Survival of Ogoni People (MOSOP) and member HYPREP’s Governing Council, Mr Legborsi Pyaagbara said the major challenge affecting the clean-up exercise is bureaucracy, saying, he would prefer a situation where HYPREP is given a free hand to operate to enable it access funds for the remediation project with ease.
While describing the ongoing medical outreach as a welcome development, the MOSOP President appealed to Ogoni people to exercise patience to ensure that the entire remediation project becomes a huge success at the end of the day.
The Chairman of the Conference of Ogoni Traditional Rulers and Gbenemene Bua Baghua Kingdom, HRH Mene Suanu Baridam also lamented the slow pace of the clean-up project and urged the Federal Government to do more for the full implementation of the UNEP Report on Ogoniland.
The traditional ruler while commending HYPREP for the medical outreach stressed the need for provision of potable water to the people.
Meanwhile, the Project Coordinator of HYPREP, Dr Marvin Dekil has promised that remediation of impacted sites in Ogoniland would commence in a couple of months, as invitation for pre-qualification of contractors for the exercise had been advertised in some national and international dailies, assuring that the project would be handled only by experienced and best contractors to achieve the desired results.
Dekil, who dropped the hint while declaring open the second phase of the medical outreach, said HYPREP was in the process of providing potable water to Ogoniland and promised that the agency would in the coming weeks launch its livelihoods intervention programme to give new sets of skills to Ogoni women and youths.
Over 1,000 Ogonis benefited from the medical outreach in Taabaa community last Saturday.
Donatus Ebi
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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