Business
PH Airport: FAAN Throws Light On Cab Operators’ Rift
Following continuous fracas among car hire operators at the Port Harcourt International Airport, Omagwa, the Federal Airports Authority of Nigeria (FAAN) has said that only groups authorized by the management will henceforth, be permitted to carry passengers from the airport.
FAAN also said that online booking car hire operators that are not registered with FAAN would henceforth, drop off departure passengers at the airport without interfering with the arrival passengers.
Acting Head of Corporate Affairs of FAAN at the airport, Kunle Akinbode, who made the clarifications in an interview with The Tide, last Friday, said that it would be unfair for some car hire operators to pay to carry passengers at the airport, while others pick passengers without paying anything to FAAN.
According to him, FAAN only recognises the accredited car hire operators and the car rental group, who are duly registered for passengers service at the airport.
He said other online booking operators like bolt operators are not registered with FAAN and are not permitted to carry passengers at the moment.
“The reason why there is always quarrels and flexing of muscles between them is that bolt operators would like to pick passengers, while the car hire operators feel cheated for their coming to disrupt what they have paid heavily for.
“For now, only those who have paid for the service will carry passengers, while others will not. FAAN is working out something for them in a short period, but it is with a cost.
“In the FAAN operations guideline, such issues of online booking and digital operations were not envisaged, but we have to do some things to accommodate them, since it is in operations in this modern day”, he said.
The Tide reports that the Accredited Car Hire Association of Nigeria at the airport recently launched an offensive against unregistered taxi operators at the airport.
The onslaught has led to the impoundment of an average of 15 to 25 vehicles that are not registered with FAAN, on daily basis.
Accredited car hire operators have consistently monitored the activities of bolt operators and others through the use of data application.
The chairman of the Car Hire Task Force, Mr Chimezie Amadi, popularly known as ‘Machine’, described taxi operators that are not registered with FAAN as opportunists who want to ground their business.
According to him, these intruders come to the airport to pick passengers at very low charges that are not favourable to those those who registered with FAAN.
“How can we allow these people, particularly the so called ‘Bolt’ operators, to come here and spoil work for us. We have taken their matter to FAAN for them to register, if they want to operate here, but they refused, and they want to carry passengers here. It will not work.
“We can’t be paying such huge amount to the airport management, and then bolt operators and others will come here to carry passengers, while our members will have non, that we will not allow again.
“If they want to operate here, there is no problem, let them register and pay for it, but not to operate in their own area, and also come to operate here at the airport”, he said.
By: Corlins Walter
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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