Business
Amaechi Hails Skye Bank Over Investment In Transport Reforms
The Rivers State Governor, Rt. Hon Chibuike Amaechi has commended the Skye Bank for the huge investment it has undertaken in the transport sector reforms in the state.
The governor, who was very much excited over transport infrastructure that Skye Bank has put in place to transform transportation in the state, said that the bank’s efforts so far has given challenge to the people of Rivers State who mostly depend on government patronage without investing.
Amaechi made the commendation while speaking at the second Rivers State Transport Summit recently with the theme “The Rivers State Transport Sector Reform; the Journey so far”,
According to him, “over 20 per cent success of the transport system reforms is from partnership and funding by Skye Bank Plc”.
He therefore urged private individuals to also key into the transport sector reforms in the state by investing in the sector, and as well appealed to the Skye Bank management to increase the funding of the scheme by providing more vehicles to meet up with the high demand of commuters.
Also, the wife of the governor, Dame Judith Amaechi, who also is the founder of Empowerment Support Initiative (ESI) in the paper she presented at the summit titled “ Emerging Role of Women in Commercial Transportation; prospects and challenges” pointed out that Lady Cabbies scheme she pioneered is one of the intervention programmes of her NGO, aimed at creating women participation in the transport sector to enable them generate regular income.
She said “the ESI Lady Cabbies is one of the foremost gender commercial transport co-operative group in Nigeria and is managed by ESI”.
Mrs Amaechi also pointed out that the scheme is a boost to the commercial transportation of the state, and in line with the transport reforms programme of the present administration, and that the scheme is also financed by the Skye Bank in partnership with ESI.
On his part, the Commissioner for Transport, Hon George Tolofari said the partnership with Skye Bank Plc has been rewarding, adding that they have been able to build new and modern bus shelters and lay-bys, as well as acquire over 106 buses, currently plying the roads, and over 200 taxis to ease transportation in the city.
Speaking earlier, the Executive Director, Risk Management and South – South operations of Skye Bank Plc, Mr Ibiye Ekonye has said that the Bank has invested over N3 billion on the transport scheme, adding that the bank will continue to partner with Rivers State Government.
He said the bank has introduced a new face of transportation in Port Harcourt; the Port Harcourt City Bus Service (PHCBS) which was launched on June 2nd 2008 to reduce the suffering of Port Harcourt dwellers and also create employment.
The Skye Bank risk management director described the bank as the financier of the transport sector reform in the paper he presented titled “Conceptualisation and the PPP strategy driving the transport sector reform”.
He said that the bank has evolved a reliable and efficient mass transit system in three phases’ medium term (bus), Marin in the medium term and rail for median and larger.
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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