Connect with us

Business

Sounds Heard In China Mine With 153 Trapped

Published

on

Rescuers heard tapping sounds Friday from the pipes in a flooded Chinese coal mine where 153 workers were trapped more than five days earlier, and another rescue team reportedly heard shouts, an official said.

The sounds at the Wangjialing mine in the northern province of Shanxi were the first signs of life since the mine was flooded Sunday afternoon, rescue official Zhao Chuan said.

“I’m so happy to hear the news, and I think everybody is,” Tang Yinfeng, whose brother-in-law is trapped, said Friday night. “The rescue work is much faster than before. We’re grateful for their effort.”

Footage on the state broadcaster also showed rescuers tapping on pipes with a wrench, and then cheering and jumping for joy when they heard a response. One man wiped tears from his eyes.

Government officials say the flood was triggered when workers digging tunnels broke through into an old shaft filled with water. About 3,000 rescuers were working around the clock to pump water out of the mine Friday. Earlier, relatives had complained the work was proceeding too slowly.

Wen Changjin, an official from the news center set up at the site, said rescuers tapping on the pipes began to hear tapping responses from about 820 feet (250 meters) below ground at around 2 p.m.

Zhao told the associated press by telephone that he had heard from colleagues that another rescue team reported hearing people shouting underground as well but he could not immediately confirm that account. Wen said officials at the news centre had not heard reports of shouting.

He said rescuers have started sending glucose and milk down the pipes to the spot where the tapping was heard.

Zhao was quoted by state-run China Central Television as saying that an iron wire was found tied to a drill rod and rescuers think it may have been attached by one of the trapped miners. Images of the iron wire showed it had been shaped into a circle, with its ends twisted together.

The 153 workers were believed to be trapped on nine different platforms in the mine, which was flooded with up to 37 million gallons (140,000 cubic meters) of water, the equivalent of more than 55 Olympic swimming pools, state television has reported.

Rescuers said four of the platforms were not totally submerged, the state-run Xinhua News Agency reported Friday evening.

“It is believed that some workers may have a chance of survival,” a spokesman for the rescue headquarters, Liu Dezheng, told state media Wednesday. “We will go all out to save them.”

The water level underground had dropped by 2.6 yards (meters) as of noon Friday, our source reported.

David Creedy, a former mine consultant who now works in China as coal mine methane director for Sindicatum Carbon Capital, said if the mine’s tunnels remain open with no cave-ins, rescuers should be able to reach the miners by pumping out the water or sending a diver through.

He said the survival of those trapped depends on several factors, including how cold and wet they are and how much air is available.

“Certainly for the current time, a week or so, there’s a good chance,” he said.

Another mine safety expert said the quality of the air below ground was a concern.

“It’s not only the oxygen but whether the air has poisonous gases and whether the miners can drink the water or if it’s polluted, since it came from an abandoned mine,” added David Feickert, who advises the Chinese government.

A preliminary investigation found that the Wangjialing mine’s managers caused overcrowding in the shaft by assigning extra tunneling crews in a rush to finish the work, and ignored warning signs, the State Administration of Work Safety said.

“Water leaks were found numerous times on underground shafts,” but the mine’s managers “did not take the actions necessary to evacuate people,” it said.

It could prove to be the deadliest mine accident in China since a coal mine flood in eastern Shandong province in August 2007 killed 172 miners.

China’s coal mines are the world’s deadliest, despite a multiyear government effort to reduce fatalities. Most accidents are blamed on failure to follow safety rules or lack of required ventilation, fire controls and equipment.

Accidents killed 2,631 coal miners in China last year, down from 6,995 deaths in 2002, the most dangerous year on record, according to the State Administration of Coal Mine Safety.

Also Friday, officials said the death toll from an explosion at another mine in central China had risen to 19 people, with 24 still trapped underground.

A gas leak caused Wednesday night’s blast, according to a report on the Web site for Luoyang city in the central province of Henan.

In a third accident, a coal mine fire in the northwestern province of Shaanxi killed nine people Thursday evening, Xinhua said. Another 17 miners escaped. Xinhua did not say what caused the accident.

Continue Reading

Business

33 Banks Raise N4.65tn As Recapitalisation Ends

Published

on

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.

 

 

 

Continue Reading

Business

SMEs Dev: Firms Launch N100m Loan Scheme 

Published

on

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

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.

Continue Reading

Business

Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

Published

on

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
Continue Reading

Trending