Business
Extortion: Truck Owners Threaten To Sue NPA, FRSC
As the withdrawal of service by clearing agents and other stakeholders continue at the nation’s seaports, a body of truck owners under the auspices of Joint Council of Seaport Truckers (JCOST) has threatened to sue the Nigerian Ports Authority (NPA) and the Federal Road Safety Corps (FRSC) over alleged extortion by officials of the agencies.
The group also said that the 2016 sticker permit on truck standardisation issued by NPA to every truck plying the ports at N10,000 each was illegal, saying the group is set to challenge that in court.
Speaking at a round table meeting with journalists under the aegis of Association of Maritime Journalists of Nigeria (AMJON) in Lagos yesterday, Chairman of JCOST, Alhaji Kayode Odunowo alleged that too many levies were paid by truckers to government agencies, which in turn have rendered most transporters jobless.
Odunowo maintained that” any moment from now we will be in court with the NPA over issue of sticker permit and obnoxious levies and fines by FRSC ”
He disclosed that the matter is already with the Federal High Court and the case would likely come up for mentioning soon.
According to him, the regulatory agencies have contributed negatively to truckers operations ,stressing the need for government to reduce the number of agencies on the roads.
The truck owner, however, stated that apart from the Nigeria Airforce every other paramilitary agencies of government, including the Nigeria Navy, Army, Police, etc have allegedly extorted transporters operating within the seaports
Odunowo who was accompanied by the Secretary General of the council, Chief Godwin Ikeji called on the government to create an enabling environment to enlighten government agencies deployed on the highways and truck operators.
Speaking on some of the challenges faced by transporters operating within the ports corridors,the truck owners noted that it takes five days for a truck to access the seaport in Lagos,pointing out that the roads linking the ports are in deplorable condition.
The chairman however accused truck owners in the dry cargo section of haulage business due to lack of co-ordination in their operations.
He commended operators in the wet cargo section for a better coordinated operations in the oil and gas industry urging maritime truck owners to work together in achieving success in the business environment.
On the ongoing service withdrawal by transporters and freight agents across the country, the council lamented that the body was not carried along and the organizer did not adequately mobilise the all the stakeholders.
He explained that the moves and ideas on the action was commendable but it has no role to play in the ongoing strike
JCOST Chairman said that the council is not against the strike but added that the “council had been involved in the issue of the poor port access roads which prompted withdrawal of service sometimes last year and we spend more than N4 million to fill some of the bad spots on Apapa road that year.
“We are not part of the strike but we are interested in what brought about the strike. We have documents to show that we have written to the government concerning the bad condition of the ports access roads,” he said.
Odunowo however appealed to the government to expedite action to fix the bad roads saying it would help to forestall incessant falling of trucks along the port roads as well as help to cushion the effect on the trucks.
He said, “We want government to repair the ports access roads, we have been calling on the government to try their best as our truck with containers are falling down every day and that mean loss of business for the truck owners and the containers too.
“If the roads are in good condition, it will be easy for the trucks to move the goods faster and do about three trips in a day”, he added.
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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