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The management of Rivers Transport Company (RTC) is to introduce new routes to ease transport difficulties in the remote areas of the state,including riverine communities.
The Board chairman of the Company, Chief Ibe Eresia-Eke, disclosed this when the National Executive Committee of Egi People’s Assembly (EPA) led by its President-General, Apostle Magus Elemele, paid a courtesy visit to his office in Port Harcourt, recently
Eresia-Eke said when the plan materialized, Egi community would not be left, say that apart from relieving the people from transport difficulties it would also serve as source of job creations for teeming youths of Rivers.
“Towards this end, it is expected that Rivers people will support and encourage the state governor, Chief Nyesom Wike as he gradually unfolds welfare package for the people”.
Speaking on Egi People’s Assembly, the chairman said it was formed to address the issue of backwardness and development of Egi ethnic group, therefore those elected to pilot its affairs should remain focused.
He said for “ you to remain relevant, you should remain focused, articulate, straightforward, and cohesive strategically identifying those issues that destroyed fast organisations in Egiland and tactically avoid them.
When you have done this, “as a preliminary ground work in your service to the people, be assured that the elders and elites of the clan would be ready to offer their supports.”
Eresia-Eke who is also a trustee of the organisation, pointed out that the clan is encumbered with numerous challenges which could only be solved through sincerity of purposes and effective administration.
He advised them not to be daunted by critics and opposition as that would provide the leeway to success but stressed the need to be accountable to the people, and avoid selfish ventures.
Earlier, Apostle Magnus Elemele had said, the visit was to congratulated Chief Eresia-Eke on his new appointment and also to give a brief on the activities of the national executives which was elected a few months ago.
Elemele said the major challenge when the Exco came on board was insecurity and the unpatriotic activities of those who erroneously “believed that without them the clan will not move forward”.
He outlined some achievements recorded so far to include reconciliation process among some aggrieved groups, the release of signed MOU of 2012 gas eruption with TOTAL, and provison. relief materials to displaced people of Egi.
In another development, a foremost educationist, Elder Isaac Izeogu has urged the leadership of Egi People’s Assembly not to betray the trust placed on them by the generality of Egi people..
Izeogu, a retired school principal, who spoke to the National Executive Council of Egi People’s Assembly led by Apostle Magnus Elemele who visited him in his residence in PortHarcourt, said “the dream, and principles behind the formation of the organisation by the founding fathers must be upheld”.
“Don’t allow this noble project to die in your hands, because without coming together, abandoning personal interest, and reasoning together for the progress and development of our clan, generations to come will not be happy with you”.
He commended the efforts and sacrifice being put in place to restore the lost glory of Egi clan, wishing them God’s guidance and protection saying “I will always attend all your programmes and your activities when informed.
Earlier, Apostle Elemele had told him that the visit was to tap from his wealth of knowledge, and to seek his advice on numerous problems confronting the clan, saying a forum is in the pipeline where all the boards of trustees in which he is a member would be invited to a formal meeting with the executives.
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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