Business
Leboku 2009: C’River Woos Private Investors
The Cross River State Government has called on private investors to key in into the Leboku international festival in order to use it showcase the rich culture of the people to the international world.
Mr. Gab Onah, the special adviser to the Cross River State Governor on Tourism Development, who made the call at the weekend, said the Senator Liyel Imoke led administration intends to make the Leboku festival a money spinning industry.
Onah explained that Leboku festival was an event for events management department of governor’s office as it was listed in the calendar of the state’s events, stressing that all the promises Senator Imoke made last year as regards making the festival an icon of events and world class have been fulfilled.
According to him, the state government has chosen three local government areas, Yakurr, Bekwara and Akamkpa to key into the state’s tourism plan in order to showcase the rich culture of the people to the international community through their various new yam festivals.
He commended the telecommunication giant MTN for identifying with the celebration and its selflessness, expressing optimism that the company would have better collaboration and understanding so as to continue to impact on the people as part of its corporate social responsibility.
The special adviser promised that despite the government’s involvement in creating a conducive environment for the promotion of tradition and culture in the state, efforts are made to ensure that the culture of the people is not adulterated and always remain intact.
Also speaking, chairman of Obol Opol Traditional Council, Ojor Clement Iwara who stood in for the Obol Opol disclosed that all security arrangements for the success of this year’s Leboku festival have been put in place and commended the state government for all the promises made to the community which he said have all been fulfilled.
He said the government has encouraged the people to be serious with agriculture which has started producing bumper harvest at the end of every planting season.
He said his people were fully prepared and in high spirit to take the festival to a greater height, adding that there was a difference in this year’s celebration as a festival market has been created on the day of grand finale so that people could buy as much yams as they want.
Also speaking, the MTN representative, Mr Charles Uwota, said MTN decided to come together with the Cross River State Government in order to take Leboku festival to a greater height.
Uwota said MTN believes that the festival will boost the culture and tradition of Africa to higher level.
“MTN has actually come together with Cross River State Government to promote Leboku and take Leboku to a greater height. And again, for us to understand one more thing, Leboku is a festival that is actually in everywhere in Nigeria. People appreciate the festival so much”.
He further contended that, “MTN is a brand that has come to identify itself with a very good culture which is Leboku new yam festival, so MTN has come to boost Leboku as a culture to a higher level”.
Commenting on the celebration, the Special Adviser to the Governor on Culture and Heritage, Mrs. Edisua Usang Iso, said that the department of culture and heritage was trying as much as possible to introduce a variety of activities to boost this year’s Leboku new yam festival.
Her words, “of course the maidens that are from Yakuur are going to parade during this program and as you even see as we walk in the community right now that the costumes and the beads and the top if you walk bit closely to them you see that it just have a little thing in form of bra that covers their breast we are trying to be sure that this content of the culture of the people will not be tampered with”.
She said that though culture is dynamic, “but in as much as we want to build in some costumes we won’t destroy the real culture of the people. We can change their fabric attires to African make made to give us the look or what we are expecting”.
It is a cultural celebration that is how this department is coming in why tourism is coming in to promote the culture to an international level and of course event management come in to play to make sure that the event is properly managed to an international standard.
Our correspondent reports that the annual cultural festival in central part of Cross River holds on Saturday, August 22 for this year.
Business
33 Banks Raise N4.65tn As Recapitalisation Ends
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.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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