Business
Lawmaker Seeks Quick Passage Of Pending Bills
Member of the House of Representatives for Degema/Bonny Federal Consistency, Hon Sokonte Davies, has stressed the need for the amendment of the House rules to enable bills pending in the House to be passed with ease before the present Assembly runs its course.
Hon Davies who made the suggestion in an interview with The Tide in Port Harcourt at the weekend said amending the House rules would facilitate the passage of the bills without allowing them to pass through all the laid down procedures.
He said doing so would go a long way to reduce the pressure being piled on the House by members of the public seeking the passage of the bills, acknowledging that such pressure had become enormous, overwhelming and unbearable.
The lawmaker who also acknowledged that several bills were still pending in the House despite the present Assembly having barely a few weeks to wind up its activities suggested that urgent measures should be put in place to ensure that such bills were not carried over to the next Assembly expected to be inaugurated next month.
According to him, carrying the bills over to the next Assembly would amount to a colossal waste of public funds since the processes leading to their passage would start all over again.
To this end, Hon Davies said the greatest challenge facing the present National Assembly was to pass the bills before the expiration of the tenure of the sixth Assembly, stressing, however, that there was the need to properly pass the bills despite the pressure on the House. “People are saying pass these bills, pass these bills. It is not proper to pass the bills in a hurry because most times if the bills are passed, there are certain areas that are not part of the bills. So, it will also be important that we pass a proper bill because it is said that what is worth doing is worth doing well,” he said
The parliamentarian, however, disclosed that the Freedom of Information Bill had already been passed by both the Senate and House of Representatives while a Conference Committee had been set up to harmonise what had been passed by the two chambers of the National Assembly.
He noted that processes for the passage of the Petroleum Industry Bill had reached an advanced stage, and pleaded for understanding.
Hon Davies who also admitted that the N10billion loan scandal involving the Speaker of the House of Representatives, Mr Dimeji Bankole had divided members of the House assured that the members would at the end of the day come up with a decision that would not rub off on the credibility ad integrity of the House.
Hon Davies who said the presentation of a certificate of return to him by INEC symbolised the end of the electioneering period appealed to members of other political parties who contested the April 9 National Assembly elections with him to join hands in taking the Degema/Bonny Federal Constituency to the next level, expressing delight that they accepted the outcome of the elections in good faith.
He said the fact that his opponents did not challenge his victory in court had put him in a better stead to concentrate on the task ahead in the next four years and provide the much-needed dividends of democracy to his constituents.
The lawmaker also extended his hands of fellowship to members of the Peoples Democratic Party (PDP) who contested the primaries of the party with him, urging them to come on board because as he put it, “I don’t believe that anybody is a loser”..
He said he needed the support of everybody in the constituency in the same way he would have supported the candidate of the party if he had lost the primaries, and thanked his constituents for their support.
Donatus Ebi
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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