Business
Ogoni Clean-Up: Youth Accuse HYPREP Of Sabotage
A Pan Ogoni Youth Organisation known as Ogoni Youth Federation (OYF), has accused the management of the Hydrocarbons Pollution Remediation Project, (HYPREP) of using the Federal Government as a cover up to sabotage the Ogoni clean-up process.
The group which expressed this in a petition to the Office of the Vice President of the Federal Republic of Nigeria, said what is on ground in Ogoni regarding the clean up process was a complete deviation of the UNEP report recommendation on the clean-up of the polluted environment.
The petition which was signed by the president of the body, Comrade Legborsi Yaamabana read in part;
”During the flag-off event,of the Ogoni clean-up, the Federal Government stated that the implementation of the Report will be done holistically and in a manner that ensures transparency, accountability, genuine partnership and proper representation of the people at the grassroots as well as guarantee job creation for young people and that Angro-allied industries required for processing agricultural. produce will be put in place.”
“More than three years after the flag-off and the laudable assurances given, we regret to state that the manner and processes for the implementation of the recommendations of the UNEP Report run completely against the assurances given by the Federal Government and more importantly, the very recommendations of the UNEP Report.”
The group regretted that the palliative measures identified by UNEP in their recommendations to alleviate the plight of the Ogoni people have been flawed which includes,
Provision of adequate sources of drinking water to the affected people, posting signs, in areas where hydrocarbons were observed on surface water, warning people not to fish, swim or bathe in those areas, ensuring that everyone who has consumed water from contaminated sources undertakes a comprehensive medical examination by physicians knowledgeable about the possible adverse effects of the hydrocarbons detected.
Comprehensive debommissioning of oil facilities that fail an ‘Asset Integrity Management Plan for Ogoni, setting up of an Integrated Contaminated Soil Management Centre comprisilig an Incinerator, Themial Unit, Soil Washing Unit and a Contaminated Water Treatment Unit. The centre, which should drive the clean-up, is expected to be a modern industrial enterprise in Ogoniland that would employ hundreds of people
Bringing all sources 0f ongoing contamination, including artisanal refining, to a swift end before the clean-up, and for the purpose, the sum of $10 million is recommended for the provison of alternative employment for those in artisanal refining, among others.
The body, in the petition also said; “ We consider it very sad and barbaric that, as we speak, not only has nothing being done about any of these emergency measures but also the national and international visibility of the Ogoni issue have been fraudulently exploited to score cheap political points at every opportunity.”
The body frowned against what it described as, the” complete alienation of the Ogonis indiginenes in the participation of the clean-up exercise, which sends a dangerous signal to the world that the clean up process is another gimmick designed to frustrate the Ogoni clean-up and send Ogoni to economic extinction.
While expressing confidence in the commitment of the Federal Government to implement the Ogoni clean-up to specification, the group called on the Federal Government to investigate the activities of HYPREP and save the Ogoni people from institutional sabotage by HYPREP.
Taneh Beemene
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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