Business
NoisePollution:Lagos Tackles Churches, Others
Ahead of efforts of the state government to reduce noise pollution in the state, the Lagos State Government has appealed to various religious organisations and other concerned groups like musical centres and video clubs to minimise the volume of noise emanating from their activities in the interest of public health.
According to the state authorities, the health and convenience of other people it was noted, should be put into consideration in the course of their religious or business activities.
The warning was contained in a communiqué issued at the weekend after a 3 day Performance Review Retreat organised by the State Ministry of the Environment at the Peninsula Resort, Ajah to appraise the performance of the ministry in 2009 and reposition it for the challenges of 2010.
Earlier in his welcome address, Commissioner for the Environment, Dr Muiz Banire explained that the 3 day retreat was designed to assess performance so as to see areas that would need improvement to enhance efficient service delivery.
He stated further that the on going re-engineering of the environment is a fundamental factor in the Mega city project of the state government, stressing that the environment must be totally rejuvenated and protected against any form of degradation.
Banire disclosed that the state government has adopted a holistic and sustainable approach in recovering the environment from the rot it was to its enviable status through a systematic implementation of various programmes on beautification, effective waste management and sanitation.
Participants noted at the retreat that following enlightenment campaign on the negative consequences of noise pollution on the health of the people such as human hearing impairment, restlessness, high blood pressure, lack of concentration, body fatigue, loss of sleep, resultant hypertension and subsequent death, the ministry had been inundated with complaints from the public about noise pollution.
Surveys conducted by the state government, in some public schools in the state indicated that more than 60 percent of pupils in schools have their hearing impaired as a result of their daily exposure to noisy environment.
While condemning the current degenerating level of noise pollution in the state and its implications on the health of the citizens, the participants urged the state government to urgently put the level of noise generated in the state under check to reduce the health bill incurred by the government on the over 15 million residents on daily basis.
On the constant perennial flooding in some parts of the state despite government’s huge investment in the Flood Free Lagos (FFL) programme, participants decried the encroachment and degradation of the wetlands in the state.
“A situation where the wet land which serves as buffer for storm water when the tides are high in the lagoon are sand filled, compounds the flood management problems of the state.
The communique therefore “implored the government to do everything possible to protect the wetlands and separate any illegal structures or contraventions from its drainage alignments or on wetland areas that could undermine the current de-flooding effort of the government”.
On global warming and climate change, the state government said “it was taking the campaign against desertification to the international arena by sponsoring an expedition to London through the Sahara Desert”.
“The expedition tagged Desert Warriors will see 15 people embark on the journey to London by road. They will be educating communities along the route on the importance of planting trees to protect the environment and curb desertification. They will also plant trees as they go on.
The flood-free campaign of the state government, Banire noted has been very successful as it was evidenced in the less flooding experienced last year despite the intensity of the rain. He assured that the year 2010 would be more interesting as his Ministry has lined up various activities and programmes to further make Lagos environment more conducive for economic growth, healthy living and exploration of its tourism potentials.
Considering the enormity of the task that must be done on daily basis and the need to manage stress effectively, the commissioner advocated that gymnasiums and fitness facilities should be put in strategic locations in the high blood pressure and sudden death Secretariat to give workers enough time to rest while at work. This he said would help to reduce incidence of high blood pressure and sudden death often occasioned by restlessness.
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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