Business
FG To Enforce Electricity Materials, Installations Standardisation
Minister of Statefor
Power, Mr Mohammed Wakil, has said that Federal Government was set to enforce quality control and standard of electricity materials and installations.
Wakil gave the assurance during the commissioning of the Remodeled National Meter Test Station and opening of the Technical Inspectorate Service Field Office in Lagos, recently.
The minister said that President Goodluck Jonathan had successfully reformed the generation, transmission and distribution sub-sectors, adding that government now focused on effective delivery of safe and reliable electricity supply to Nigerians.
According to him, “we are resolved to enhance consumers and investors’ confidence and certification through sustained inspection, testing and certification of electrical materials and equipment.
“Electricity materials should be of the high quality and specification; all categories of electrical installations, power systems and network must be properly planned, designed and exulted before use.
“Gone are the days of sub-standard equipment and installations which compromised safety of Nigerians. More pointedly manufacturers of fake power equipment are hereby put on notice.
“The long arm of law shall catch-up with those endangering lives of innocent citizens. Nigerians not only want adequate power supply but also safety and reliability”.
Wakil said that the significance of safety and quality control informed the establishment of Electricity Management Services Limited (EMSL), one of the successor companies established by law.
He added that the agency had grown from nothing to an emerging giant.
“I am happy to note that EMSL has, within this short period, achieved remarkable successes which included the re-modeled meter test station and others at Kaduna and Port Harcourt.
“The technical inspectorate service field offices of EMSL has detected defective power equipment in many zones,” he added.
The Managing Director, EMSL, Mr Peter Ewesor, said that the remodeled national meter testing station would be saddled with the roles and responsibilities of enforcement of technical and safety standard.
Ewesor said that others were technical inspection, testing and certification of all categories of electrical materials and equipment and electrical installations.
He said that in line with EMSL mandate and regulations, no electrical installation or network could be used unless it had been tested and certified fit for use by their engineers and technical officers of EMSL.
“Over 10,000 substandard meters have been rejected for not having anti-energy-theft protection. These types would have led to high commercial and collection losses for the investors.
“We have rejected over 5,000 meters having terminal connections that were out of specifications; this would have led to risk to workers and staff of the utility companies and possible burning of the meters on installations,” he said.
The Tide source reports that EMSL is a pivot part of the power sector that provides technical support service of enforcement of technical standard, safety and specification in the power sector.
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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