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Of Insecurity And Economic Dev In Etche

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Etche Local Government
Area of Rivers State is regarded as the food basket of the state.
This elevated status accorded the area is mainly due to its rich agricultural potentials-large expanse of fertile land suitable  for the cultivation of various crops, energetic farmers, big markets, attracting traders from all parts of the state and neighbouring states, atmosphere of peace and love from the people known to be one of the most hospitable in the oil-rice Rivers State.
In a bid to enhance these enviable potentials, various administrations in the state sited agric projects in Etche land. The School-to-Land project, Risonpalm plantations, Delta Rubber Company and not excluding the avowed interest of the present administration led by Governor Rotimi Amaechi in developing farms across many clans in the area in partnership with an Israeli agro-allied company, are few examples.
Unfortunately however, insecurity in the area is dangerously upturning these socio-economic fortunes of the people as armed youths allegedly empowered by politicians  are robbing and attacking innocent farmers, traders and investors.
Only recently, armed youths struck at Eketa market located at Igbodo, the traditional headquarters of Etche land. They scared away innocent traders and disposed some of their money, valuables and injured so many.
An Aba-based trader who is a regular articles seller in the market was disposed of his N480,000.00 with his wares also stolen.
An eye witness told The Tide correspondent that a lot of people lost their money and goods when the gun-totting youths struck.
“I have been patronizing the market for more than 25 years and I have never seen a thing like that, a trader who identified himself as Egeonu Mathew narrated adding  that his colleague did not only lose all his sales for the day but had a broken head while running to save his life.
“So many people were also seriously injured by the heartless armed youths who took over the market for over 45 minutes,” he stated.
At Mba Market, over eighteen (18) armed youths also besieged the market in the similar manner as that of Eketa. The Tide gathered that poor traders were scared off when the robbers struck.
“It had never happened before. They came on motorcycles and shot severally into the air and as people ran for safety, they stole most of their goods and those they caught, were disposed of all the money on them,” said a trader who was  her self a victim of the dangerous drama.
The fish-seller who identified herself as Charity Nwankwoala said, “the robbers stole some motorcycles belonging to traders and many people were wounded while many lost their money to the gang of young robbers.
Apart from operating in markets, the robbers who many see as political thugs also ambush traders on their way to the local markets. Many a times the traders have been robbed of the money with which to buy their stocks.
One of the victims, Mary Akpan told The Tide that they were robbed on a Monday morning, on their way to Obite market.
“The robbers numbering about twelve (12)  intercepted our vehicles at Egwi/Nihi junction and robbed all of us in the vehicle. We were confused whether to proceed to the market or get back to Port Harcourt because we had no money to buy things. It was when we phoned some of our customers who promised to sell to us on credit (deferred payment) that we decided to proceed”, Akpan narrated.
“This is not my first experience. The operations of the robbers had forced some of our colleagues to stop coming to Etche markets for the fear of either losing their lives or valuebles to the heartless robbers”, she continued alleging that there was attempt to rape some of the ladies in one of such raids.
Investigations carried out by The Tide showed that vigilante groups providing security to some communities in Etche land have devised means of checking operations of the robbers.
The vigilante groups now escort vehicles carrying the traders to their various communities to ward off the incursions of the armed robbers.
A youngman who is one of the vigilante members confirmed the development. “We arrive early at Egwi Etche and wait for the traders and accompany them to our market every market days, said the man.
On regular basis, traders travelling to Aba in Abia State from Etche are robbed either on their way going or returning.
A transporter who plies Ulakwo/Odogwa/ Owasa road narrated his ordeals to The Tide. The driver who gave his name as Chimuanya Amakalam said, “on more than three occasions, I had been robbed with my passengers who are mainly provision store dealers. Each time the robbers subjected us to serious beating and disposed us of every thing on us.”
The driver said, “the road which is one of the easiest routes to Aba has become a traveler’s nightmare. Good number of the drivers who ply the route have since changed route, he said.
Another respondent, Chief Ebere Njoku, said he has decided to close his provision store business because, “it is either you are robbed on your way to the market or the robbers come to your store mainly in the day time to remove your money and take whatever things they wish to, from your store. So, when I discovered that I was no longer in any reasonable business, I closed down and relocated to Oyigbo where I am at present”.
The Okehi/Eberi Road which had separated the people of Etche local government from Omuma local Government was celebrated when some years ago, the government constructed the road and built a link bridge joining the two local government areas. However, the road later turned to be a death trap to those plying it because robbers operate on the route daily.
The situation became so worrisome that Etche ethnic Practising Journalists Association met with the Caretaker Committee Chairman of Omuma Local Government Area, Chief Emeka Nwogu and complained of the ugly experiences of people plying the route. The council boss who confirmed the situation disclosed that he was discussing with his counterparts in Etche Local Government Area on the possibility of establishing a police post at the bridge for better security on the road. So far, the police post is yet to be established.
The fear of deadly armed youths who daily kill and maim innocent indigenes of the area has become everybody’s concern. Farmers, fishermen, traders and innocent travelers have one ugly story or the other to tell about Etche land today. Some women had been reported raped at various parts of Etche by these robbers.
The police and other security agents in the area, are working hard and doing their best to provide better security but the situation remains dangerous for socio-economic life of the people.
Investigation revealed that a good number of Etche sons and daughters avoided going home during the past Christmas and New Year celebrations because of the insecurity in the area.
Even Okada ridders in the area operate with fear because the robbers daily snatch their motorbikes from them including their money.
Certainly, the situation would affect negatively the availability of adequate food supply more as the fear in the land would also affect farming operations which has just started, unless some serious security steps are taken to check the excesses of the armed youths.
Unconfirmed report indicates that some of the robbers come in from the neighbouring local government areas and even states to operate freely  in Etche land.
There is need for the chiefs and Traditional rulers in Etche to step up collaboration with security agents in the areas to contain the problem, since majority of these youths themselves are from Etche communities.
The churches, women groups and opinion leaders in Etche also have serous roles to play in any serious effort to return the area to its past state as one of the most peaceful local government areas and the food basket of Rivers State.

 

Chris Oluoh

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33 Banks Raise N4.65tn As Recapitalisation Ends

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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.

 

 

 

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SMEs Dev: Firms Launch N100m Loan Scheme 

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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.

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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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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
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