Business
How Andoni-Opobo-Nkoro Development Summit Will Transform Zone – Miller
Andoni-Opobo-Nkoro Economic Zone development summit, “shared
responsibility, shared prosperity” a brainchild of Hon. Senibo Dakuku Adol
Peterside, member Federal House of Representatives, representing
Andoni-Opobo-Nkoro Federal Constituency is being launched tomorrow. The
launching of this Economic Zone development summit will not have come at a time
other than this. It is now a common knowledge that governance is all about the
well being of the citizens and in realisation of this ultimate goal of modern
governments, this economic summit is very imperative.
The whole idea of economic zone development summit gives us
the opportunity to highlight some economic potentials in the area of focus:
Andoni-Opobo-Nkoro Federal Constituency. Andoni and Opobo/Nkoro Local
Government Areas are riverine Local Government Areas of the state. It is
pertinent to point out that the economic zone development summit will give us
opportunity to harness the riches of the rivers and creeks (water) around us to
the economic benefit of the people. There is no single individual that is not
endowed with potentials, if adequately tapped makes the person very useful
member of the society. It is obvious that this economic zone development summit
is desirous to expose such potentialities.
Government at different times have embarked upon skills
acquisition programmes which is a very audible strategy of economic empowerment
of the individual. It is disheartening to observe that these goal intention
programmes have been marred at the implementation stage. In as much as skills
acquisition remains a veritable tool in the economic development of the
individual, it should be carried out vigorously. Persons interested in this
programme should be encouraged to venture into skills relevant to their areas
of abode.
We can also encourage people to form groups such as
co-operatives to qualify them for loans from financial institutions which will
enable them set up businesses of their own. These businesses will grant
economic independence to the concerned persons. This is achievable through
prudent management of available resources which is of great interest to the
economic zone development summit.
The bottom-line of our existence in the contemporary society
is to acquire relevant education as prerequisite to escape poverty. Even the
highly educated professionals can dabble into business ventures that can uplift
others who are not so privileged to limelight. These persons will be able to
tap the benefits of this economic zone development summit.
By the geographical location we find ourselves, our people
are predominantly aquatic in their traditional means of earning a living. We
are fishermen and women. Operating mostly at subsistence level. The gains of
this economic zone development summit will enable us to improve on our kind and
level of fishing. This will imply a shift from the use of crude methods of
fishing with obsolete implements to modem methods with mechanised implements.
This will also catapult us from subsistence fishing to commercial fishing. The
would-be investors that are woed by this economic zone development summit will
collaborate with the people and government to turn the fortune of our people
around in this way. We can make the best use of the Atlantic Ocean, rivers and
creeks that surround us.
The Nipapalm trees in our waters have not been fully
utilised. Investigations have revealed that Nipapalm can be beneficial to the
people more than the local use we make of it. This economic zone development
summit will certainly highlight such latent economic benefits to the people.
The economic zone development summit will also expose to the
world the abundant sand and gravels, we use to erect our concrete buildings
over the years from our water. This economic zone development summit will, like
any other economic summit, expose us to the outside world. This is the more
reason why all and sundry must come out to support the launching of this
summit. Hon. Senibo Dakuku Adol Peterside – member, Federal House of
Representatives, thank you for this vision.
Hon. Senibo Andrew Anderson Miller is the member
representing Opobo/Nkoro in the Rivers State House of Assembly
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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