Business
Senate To Delay NPA’s 2014 Budget
The Senate committee on marine transport has vowed not to pass the 2014 budget of the Nigeria Ports Authority (NPA) in the National Assembly until the agency satisfactorily convinces the committee about the success level of projects embarked upon with the previous budget.
This was disclosed by the chairman of the Committee, Hajia Zaynab Kure at the authority’s Headquarters during the oversight visit of the senators to the agency over the performance of the 20 13 budge, recently.
It was gathered that the committee Chairman’s threat was due to the absence of the Managing Director of NP A, Mallam Habib Abdullahi during the visit of the committee to the agency.
Senator Kure disclosed that the committee members came down to Lagos to see things for themselves before passing the agency’s 2014 budget, but was disappointed with the level of reception given to them by the Management of NPA.
Kure said, “We feel it is pertinent that we appraise NPA’s performance with the 2013 budget before passing the 2014 budget of the agency. But now that nobody is here to give us brief of what has been done with the 2013 budget, our hands are tied on what to do with the 2014 appropriation budget.
“If we wanted just the budget performance appraisal, we could do it in Abuja. But we wanted to come and see on-going projects, that is why we came down to Lagos,” she stated.
The wife of the former governor of Niger State tagged Abdulahi’s absence during their statutory oversight visit to the agency as a sign of disrespect to her and other members of the committee.
Reacting, Hajia Zaynab Kure said, “on behalf of my distinguished colleagues, I want to express my disappointment and displeasure, and of cause embarrassment of the Committee at the inability of your MD to receive an esteemed committee made up of distinguished senators that have come on an oversight function to the NP A.”
She further stated that, “this honourable committee wrote about two weeks ago to NPA that we are coming on a constitutional and statutory assignment. If for any reason the MD, who must have received the letter, knew he won’t be around to receive us, he should have written back to us that he has another assignment that he feels is much more important than receiving this committee”, she lamented.
She continued, “But there was no communication. I only got a call from the NP A MD on my way to the airport, by which time all my other colleagues have even boarded the aircraft, informing me that he won’t be able to receive us.”
“I did not tell my other colleagues because I thought that if I had done that, I won’t be doing justice to what has brought us here. I wanted everybody to come and see things for themselves. Except for one of us, every other member of this committee is here for this oversight visit.”
“We are all here because we have taken our job so seriously. Most of us left other important assignment back home because we want to discharge our responsibilities as a committee that is concerned about the maritime sector of this country.
“But for us to get here and the MD is not here, i must tell you that the committee is seriously disappointed and we are not happy at all. We want you to communicate same to your MD.
“We know that you are working as a team but the MD has no right, whatsoever, to have treated us the way we are treated today. We should have known that he won’t be here and would have possibly rescheduled our trip.”
Corroborating her, another member of the committee, Senator Ben Ayade called the action of the NPA MD as an absolute disrespect to the National Assembly.
In his words, “the last time we were here, the NP A MD was eager to receive us, but, that enthusiasm has dwindled.
“If feel highly compromised. I thing there is an absolute disrespect for the National Assembly. This conduct is deliberate. I find it very insulting.
L-R: Permanent Secretary, Lagos State Ministry of Housing, Mr Tunji Odunlami, Executive Director, Lagos Home Ownership Mortgage Scheme, Mr Bayowa Foresythe, Commissioner for Housing, Mr Bosun Jeje and Managing Director, Lagos State Property Development Corporation, Mr Biodun Oni, at the handing over of Shitta Housing Estate, Surulere, by Lagos Ministry of Housing to Lagos Home Ownership Mortgage Scheme in Lagos yesterday.
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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