Business
Cameron Prepares New EU Policy After Lisbon Treaty Decision
David Cameron yesterday began to outline his new Europe policy following a decision from the Czech constitutional court that is likely to lead to the Lisbon treaty being implemented throughout the European Union within days.
The Conservative leader said he was “very disappointed” by the Czech court decision.
He also implied that, if the treaty does come into force, the Tories will drop their proposal to put it to a referendum. He said he would announce details of his new policy “probably later this week”.
All EU countries apart from the Czech Republic have already ratified the Lisbon treaty and the only person stopping it coming into force has been the Eurosceptic Czech president, Václav Klaus, who said he would not sign while the treaty was still being challenged in the Prague courts.
But this morning the Czech constitutional court dismissed objections lodged by a group of Czech senators who claimed the treaty launches a European superstate and is incompatible with the Czech constitution.
Klaus did not issue an immediate response, but he has previously said that he would not continue to oppose the treaty if it won the approval of the constitutional court and he is now expected to sign the treaty shortly.
In an interview on LBC yesterday , Cameron said he was “disappointed” by the Czech court’s decision.
“I hope, of course, [Klaus] doesn’t sign the treaty but I suspect time is running out,” the Conservative leader said.
Tory Eurosceptics have been alarmed at reports that the party may sidestep its pledge to hold a referendum if the Czech Republic agrees to ratify Lisbon. But Cameron told LBC that he would be entitled to drop his referendum pledge after ratification because the treaty would cease to exist and instead be part of European law.
“I believe we should have a referendum, and we’ve campaigned for it, we’ve fought for it, we’ve put it up front and centre at election campaign after election campaign, we’ve challenged the prime minister about his broken promise in the Commons, we’ve tried to persuade other European countries not to sign the treaty, because we think the British people should be allowed a referendum,” Cameron said.
“But if the treaty is signed, if it is implemented, if it is put in place by all 27 countries, then clearly the situation will have changed and we’ll have to address that changed situation. It won’t be a treaty any more; it will be part of European law.”
Cameron added: “If this treaty becomes law, it becomes law along with all the other treaties that have been passed into European law and we’ll have to explain what a Conservative government would do to try and make sure that Britain had her rights protected and defended properly.”
Cameron said that he would announce his next step “later this week”, although the influential Tory website ConservativeHome said that Cameron ought to respond yesterday to prevent a backlash from Eurosceptics gaining momentum.
There have been reports that Cameron would promise that a Conservative government would change the law to ensure that any new EU treaty needed to be approved by a referendum.
Gordon Brown said today that he hoped that the Lisbon treaty would be ratified by the Czechs “very soon” in the light of yesterday ’s court decision.
Brown also said that he hoped ratification would allow the EU to stop arguing about constitutional issues and to instead focus on issues such as employment, growth and security.
“I hope that we can set aside years of constitutional and institutional debate and years of having to deal with institutional issues and that we can move forward and deal with the main issues that the European Union must now face,” Brown said.
The treaty will streamline EU decision-making procedures and create the post of EU president, which Brown wants to go to Tony Blair.
Yesterday Chris Bryant, the Europe minister, told BBC News that Cameron would be “fibbing” if he promised to renegotiate Britain’s relationship with the EU because there was no support from other EU countries for a move of this kind.
“One cast-iron guarantee has already rusted,” said Bryant, referring to Cameron’s promise to hold a referendum. “Any other guarantee that he issues this week won’t be worth the paper it’s written on.”
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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