Business
Criminal Gangs Make Fortunes At Lagos Diplomatic Zone
Criminal gangs have taken
over the diplomatic district at Walter Carrington Crescent on Victoria Island, Lagos, extorting money from people besieging the area to transact consular businesses.
The Tide source reports that unscrupulous young men have turned the area, popularly known as Eleke Crescent into a goldmine, collecting money from visitors for various services.
The gangs often compel visitors to pay as much as N1, 000 before they could be allowed to urinate in bushes on the lagoon coastline.
Visitors desiring to use shanties erected by the gangs to ease themselves were forced to pay N200 before they could be allowed to use the facilities.
A company executive, Mr Andrew Ekpah, told reporters that he was man-handled for daring to resist paying the gangs after he urinated at the lagoon coastline.
“The guys swooped on me and insisted that I must pay them one hundred naira after I finished urinating at the refuse heap at the lagoon coastline.
“I didn’t see why I should pay them because the place I urinated belonged to nobody. It is bush.
“More so, the boys are not local government officials. I argued that people should not be extorting money from innocent people simply because they can fight and intimidate.
“Has government abandoned its citizens to be exploited by unscrupulous elements?’’, he asked, displaying wounds inflicted on him by the hoodlums.
Investigations showed that motorists paid as much as N1, 000 to park on the road adjacent the Indian High Commission on Walter Carrington Crescent.
The toll collectors told our correspondent that they were collecting the money for Capital Oil Ltd, whom they said, “owned the road.’’
One of the collectors, who pleaded for anonymity told our source that “the road belongs to Capital Oil not local government; we have been collecting tolls here for many years’’.
But motorists are wondering why such tolls should be paid to a private company, instead of the Eti-Osa Local Government Council, the statutory owner of the road.
Eti-Osa Local Government Council officials kept sealed lips on the matter when a our correspondent sought their view on the issue.
A visa seeker, Mr Johnson Oye, told reporters that the activities of criminal gangs at the diplomatic area could be sending wrong signals on the level of lawlessness in Nigeria.
“How can some unscrupulous elements take it upon themselves to collect revenues for themselves that should ordinarily be collected by government?
“Government should arrest persons or gangs extorting money from people who come to Eleke Crescent to do legitimate businesses,’’ Oye said.
Another visa seeker, Mr Obasegun Olaoye, described Eleke Crescent as a goldmine that had provided limitless income to unscrupulous people over the years.
“Something must be done to curb the excesses of boys around the embassy areas. What they do here is not just good for our country because foreigners see these things every day.’’
A photographer, Mr Vincent Ogbonna, who runs a shop at one of the car parks, said that some people had been making their living from illegal businesses at the diplomatic area.
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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