Business
ASUU Strike: FG, Union To Continue Negotiations
The Minister of Education, Malam Adamu Adamu, has said that government would continue its negotiations with ASUU to fulfill their demands except that of exemption from Treasury Single Account (TSA).
Adamu, who disclosed this after the Federal Executive Council meeting last Wednesday, admitted that government had not fulfilled its own part of the agreements with the university lecturers.
He acknowledged that ASUU had late last year issued a one-week strike notice leading to a meeting where agreements were reached but noted that the Association did not follow due process for the current strike.
“The issues we agreed on, there are eight of them.
“Already, let’s say there was the issue of negotiation which is the only one they agreed that government has done what it promised because we set up the negotiation team and the negotiation is already ongoing.
“There is the issue of their earned allowances and I think that because of some miscommunication what was promised could not be done but I am assuring ASUU and the nation that this is going to be done.
“There is the issue of registration for the Nigerian Universities’ Pension Commission.
“I think in that one, there are few issues that they need to sort out with the Nigerian Pension Commission and I believe that there will be no problem there.
“The other is the issue of their staff school which I think the court has given them the verdict to go ahead with it.
“They have requested that they should be allowed off TSA and I think government will not do this.
“But there are some peculiar funds in the universities, like endowments, which are money kept and out of interests they generate prizes and so on are given.
“Government will exempt that one,’’ Adamu said.
Adamu stated that he expected that government and the striking lecturers would reach trusted agreements on the demands.
Explaining further on the TSA, he said that because the Central Bank of Nigeria (CBN) does not give interest on it, that was why endowments was exempted but other payments could be made into it.
He said that ASUU had been paid N30 billion of the allowances requested but because they were unable to render account of its disbursement it was stopped.
“The figures that I know, they have been paid N30 billion and the problem actually arose because they were not able to account for this N30 billion.
“And we said we will only give them the balance if they are able to account and the balance is N23 billion,’’ he said
The minister noted that the total demand was N53 billion, adding that government had the money to pay.
The minister re-affirmed his belief that ASSUU “is composed of patriotic people, very responsible’’, noting that it was one of the fruits of their struggle that led to the creation of the TETFUND.
He noted that without TETFUND today the university system could have collapsed, adding that he was not supporting ASUU but what was good.
Information Minister Lai Mohammed who also briefed on the memoranda submitted by the minister of Transport, Rotimi Amaechi, said that council approved contract for the rehabilitation of Ajaokuta-Itakpe rail line.
He said that it involved track laying, permanent way works and ancillary facilities area and completion of 12 railway stations in favour of Messr CCECC Nig Ltd in the sum of $122.62 million.
He said the amount was inclusive of all taxes at the prevailing CBN exchange rate of one dollar to N305 with a completion period of 15 months.
According to him, Ajaokuta to Warri track is in good condition and when the new contract is completed, access to the seaport is achieved for the evacuation of goods.
Mohammed added that Amaechi also submitted a memo for the interim phase arrangement for the concession of the Nigeria’s narrow gauge railway system which was approved.
He said that the approval was to issue a letter of comfort to General Electric so that by October 2017 there would be full utilisation of Lagos–Kano and Port Harcourt-Calabar–Maiduguri line.
He said it was part of the efforts to rehabilitate the 30,000 km narrow guage line and make it ready for haulage of goods and services.
According to him, from October there will be new 17 wagons to move at least a million tonnes of goods from the roads.
Mohammed added that council also approved the variation cost for the construction of one 150 MVA 330/133 KVA transformer at Birnin Kebbi and the reinforcement of a sub-station in Kumbutso, Kano for the transmission company of Nigeria.
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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