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49th Independence Anniversary: Nothing To Celebrate – Princewill
The Action Congress (AC) leader in Rivers State, Prince Tonye Princewill has left to Turkey to conclude plans with a joint venture partner for a revolutionary waste management and disposal project.
Speaking to newsmen at the Murtala Mohammed International Airport, Ikeja last Monday, Princewill said the project when concluded would place Rivers State in the enviable position of cleanest state in the country.
The AC leader used the opportunity of the media parley to comment on a number of issues including the 49th Nigerian Independence anniversary which he said was noting to celebrate about.
He expressed sadness that the leadership of the country in the past ten years failed to yield the much needed dividends of democracy while being fraught with anti-people polices that have destroyed the livelihood and psyche of majority of its citizens.
The AC leader noted that corruption has become he bane of our nation, while our roads death traps and destroyers of vehicles and our education killed and buried as kidnapping has been introduced and established into our system.
He, however, commend the quality leadership offered by the great AC governors in the persons of Fashola and Oshionmole of Lagos and Edo State respectively and also gave kudos to the exceptional quality leadership of two PDP governor, Rt Hon Chibuike Amaechi of Rivers State and Alhaji Goje of Gombe State who despite their party have been able to provide remarkable dividends of democracy for their people.
Whilst fielding questions on the viability of the Soberekon Case to oust Amaechi from the Government House and the implications of the 28th September Supreme Court ousting Amaechi’s case before her on the polity of the State. The AC leader stated that Soberekon’s effort so far I am concerned is an exercise in futility. He reasoned that except Soberekon is being used as a tool to re-elect and probably prolong the tenure of Governor Amaechi, with the much work and the quality of leadership so far offered by Amaechi it will be very difficult to remove him from office.
He stated clearly, that if ever there was a clear case to remove PDP from office, it would have been during the AC’s battle against the legality of Omehia’s victory at the polls in 2007. According to Princewill, AC had a water tight case prepared by five SANs led by Kola Awodi. This he said, informed PDP’s resolve at the time to offer him a N1.2B to drop his case at the election tribunal, a request he promptly turned down. That AC’s case would have made Barr Osima Ginah our then Legal Adviser and currently the Commissioner of Urban Ministry in the State a SAN if we had progressed with it.
He went on to inform the press that his decision to withdraw his case at the tribunal came after he had closely observed Amaechi for two weeks following his Supreme Court victory. He debunked any claims that he had received any financial prodding in this regard. The AC leader went on to make some startling revelations concerning the intrigues that played out immediately after Amaechi’s Supreme Court victory. He stated that shortly after the announcement, Odili and his cohorts with financial incentives and evidence to substantiate the fact of PDP’s rigging of the 2007 polls approached him. All this is in the bid to keep Amaechi out of the Brick House and perpetrate an Odili Dynasty.
Reminded that Odili and Sekibo have concluded plots to hijack the AC Structure in the State to fight Amaechi in the forth-coming election; the Prince amazed at the short memory span of Nigerian politicians, wondered why Odili who in alliance with Obasanjo frustrated, hunted, humiliated Atiku Abubakar and forced him out of PDP in order for Odili, Obasanjo’s ‘godson’ to purse his deluded dream of becoming the President of Nigeria, will now want to use the Political structure founded by Atiku Abubakar to fight a populist Governor of Rivers State. “Though this attempt will be the biggest joke in Nigerian politics recently. We are waiting, let them come into AC and we will see who will give them the structure and once we indentify their accomplices in the party we will expose them to the world”.
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.
