Business
Ebonyi Demands 11-Year-Financial Statements From Banks
The Ebonyi Government has directed banks that have financial dealings with it to immediately submit its accounts statements from 2007 to September, 2018.
The state Accountant-General, Mrs Queen Agwu, made the call in Abakaliki last Monday, during a joint state Executive Council (EXCO) briefing.
The accountant general noted that it should cover functional, dormant and closed accounts of the government.
Agwu further remarked that the statements should cover accounts of Ministries, Departments and Agencies (MDA) and Local Government Areas.
“The fact that we did not start from 1999 does not mean that we are indicting the past administration but we are searching for our trapped funds to be used for developmental purposes.
“We are starting from 2007 because it was the year the Federal Government through the Central Bank of Nigeria (CBN) directed banks to stop charging Commission on Turnover (COT) on corporate organisations of which the government is among.
“Several banks complied with the directive but some did not and in our case, some banks claimed that they had agreement with my predecessor to continue making the charges.
“We are aware that the Federal Government’s law overrides all laws in the country and for such to emanate through the apex financial regulator, the CBN, it is unacceptable for the banks to continue charging us at two per cent rate which culminates into huge amounts,” she said.
The accountant general noted that the government, therefore, directs the banks to make the statements cover its correspondences, agreements and transactions for the given period.
“We are optimistic that the affected banks would comply with this directive and further make necessary repayments because the governor has said that Ebonyi should no longer be treated as it used to in the past.
“It is sad that while some of the banks have started refunding, others smartly transferred their managers whom we reconciled the accounts with, to other places.
“The new managers offer defensive tactics of consulting their headquarters before taking any action and this is not palatable to the government,” she said.
She expressed optimism that the banks would comply, noting that failure to do so means they were no longer interested in having transactions with the state government.
“I recently received statement of accounts from different banks though on a different matter as no bank would deny its customers, their rights of accessing their statement of accounts,” she said.
The state Commissioner for Finance, Mr Obinna Nwachukwu, said that the governor would convene a critical meeting with the leadership of the Nigerian Labour Congress (NLC) on ways of utilising the last tranche of the Paris Club refund, accessed by the state.
“The meeting will also include affiliate unions such as the Trade Union Congress (TUC) and management of tertiary institutions in the state.
“Contrary to insinuations that the meeting was convened due to the 2019 elections panic as it concerns workers, I state categorically that we do not owe workers.
“The meeting is not to negotiate salaries with workers but evolve ways of judiciously utilising the funds to uplift workers’ welfare and ascertain their areas of need.
“The governor would in the meeting, announce the amount received by the state in the latest tranche, the amount received so far in all the tranches and other relevant information the public would like to know,” he said.
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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