Business
FAAN Introduces Passengers’ Bill Of Rights
The Federal Airports Au
thority of Nigeria (FAAN), says that a passenger’s Bill of Rights has been introduced to protect the rights of air travellers in the country.
The Managing Director of FAAN, Mr George Uriesi, made the disclosure when he featured at a media forum in Abuja where he urged passengers to know their rights.
“The airline business is a time-based business; that is why they have schedules; if it was not, it will be a motor park thing where the airplane will wait until it is full.
“So, you who want to go to Abuja by 7 O’clock, if the airplane is not full, by 10 a.m., you still have to be on the ground waiting; so, if a deal is made and I promise you I will take you to Abuja by 7 a.m.; at 7 a.m., you must depart whether there are only five passengers or more; whether you are the only one on board, you must depart.
“In the real sense of the word, the Nigeria Civil Aviation Authority (NCAA) is the regulator of the airline in this respect, FAAN is just a service provider like the airline but it is a government-owned service provider.
“The NCAA has recently introduced the passenger Bill of Rights and I encourage everybody; you can access it anywhere, you access on the NCAA’s website; you access it at the airport; go to the NCAA’s desk and take a copy of the Bill of Rights.
According to him, “It stipulates all the rights the passenger has with respect to the contract he has with the airline.
“If the airline says it will fly you at 7 a.m., it has a number of hours against which it can delay you before you are entitled to a meal first and a number of hours in which it can delay before you are taken to a hotel; then a number of hours within which it is expected to pay you a penalty plus refund of your money if you don’t want to fly anymore. “And these are things that never existed before.’’
Uriesi explained that penalties in the Bill of Rights would make airlines to sit up and assess their schedules and passengers knew they could demand for compensation when their rights were violated.
He said that airports were status symbols which said much about a country and expressed regret that Nigerian airports were abandoned for a long time while things got messy.
According to him countries like South Africa, Egypt, Kenya, Senegal, among others had repositioned their airports, but Nigeria delayed the repositioning of it airports.
“We have been sleeping for a long time and our airports got dilapidated but we are dealing with it, though late, because using the airports should be a dignifying experience.’’
He expressed optimism that the state of Nigerian airports would be turned around with the massive repositioning going on.
Uriesi said that FAAN was remodeling all federal airports to raise their status to a level where all would be proud of.
FAAN has the mandate to develop and profitably manage customer centric airport facilities for safe, secure and efficient carriage of passengers and goods at world class standards.
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.
