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Eleme Bridge Collapse: The Untold Story

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Eleme, like other Niger Delta Communities, stands on a Pinnacle of Wealth, but the natural disposition of the area as the hub of hydrocarbon exploration and development in Nigeria seems to have turned a mirage for the people.
The height of this ironical situation was the recent collapse of the Alode bridge which has resulted in untold suffering for the people and other users of that axis of the East-West Road.
Since the collapse of the bridge, three days ago, tension and anxieties have continued to mount, as life is now unbearable for the teeming road users.
Commercial motorists, tanker drivers and private vehicles owners that ply the route are presently cut off, as the major link road is now shut down.
Angered by the prevailing circumstance, youths from Eleme communities now besiege the road on daily basis in protest, calling for a total shut down of vehicular movement until permanent solution is put to the problem.
The protesting youths in a voiced discontent, said they have consistently raised alarm over the deplorable condition of the road, but such appeals seem to fall on deaf ears.
The aggrieved youths pointed out that before the final collapse of the bridge, users of that axis of the East-West Road, experienced grave difficulties trying to get to their destinations.
Rather than give urgent attention to the deplorable state of the road, the youth, said tankers loaded with   petroleum products and other heavy lorries belonging to the various multi-nationals operating in the area continued to stretch the aging bridge until it collapsed.
With the mounting tensions, an orgy of violence is imminent, as the youths have vowed to continue with the protest even in the face of military resistance.
A visit to the road last weekend revealed shootings by soldiers to disperse the protesting youths, leading to a pandemonium, as pedestrians scampered for safety from stray bullets.
Travelling the route is now nightmares as a long file of pedestrians was spotted trekking from Akpajo junction to Refinery Junction where vehicular movement is a little bit freer.
The languid spectacle of line-up of stationary heavy trucks and tankers and the spectacle of pedestrians in long files trying to meet up their appointments painted an odious scene of organised chaos.
Some of the road users who spoke with The Tide, during a visit to the road, bemoaned what they considered the “total neglect of the road, despite the fact that it was the major access route to the two federal terminals, a Mega Petrochemical Plant, Port Harcourt Refinery and myriads of other multi-nationals that prospect for the economic fortune of the Oil and Gas Free Zone Authority”.
A commercial bus driver, Mr Akanimo Udosen, lamented the sufferings to which the road users are subjected as a result of the collapse of the bridge.
Akanimo, who decried the loss of man hour as a result of the collapse of the bridge, thanked God for ensuring that no life was lost in the unfortunate incident.
He called on the Federal Government to construct the road and save the road users from further sufferings.
A private car owner, Engr Festus Tor, said the road has become a death trap for drivers. Tor said the total breakdown of the road had caused severe difficulties to him as he now parks his car and uses Okada, which takes advantage of the situation to swindle the public with exorbitant fares.
Another commercial bus driver, simply known as Mr David, who plies Port Harcourt-Bori route, said the bad road has severely affected his business.
He said commercial drivers now pass through Ban Ogo 1, in Tai Local Government Area through a meandering track route to Afam, Oyigbo before getting to Port Harcourt. This development, he said, has resulted in the increase in Transport fare from Bori to Port Harcourt, while a journey of two hours is now five hours, according to him, the fare which was previously N400, is now N700.
Apart from the increase in the transport fare, he said, the journey has become risky because of the narrow bush track, which is now also used by heavy trailers.
Also in apparent protest to the bad road, tanker drivers in the state have also embarked on an indefinite strike action.
According to the Zonal Chairman of National Union of Petroleum and Natural Gas Workers, NUPENG, Comrade Charles Aleto, the strike is not an industrial action intended to bring hardship to the people but to save the lives of its members.
Aleto said the continuous movement of tanker drivers on the road was dangerous, adding that the strike may be sustained if the Federal Government failed to fix the road.  Aleto called on the Federal Government to treat the road as a matter of national emergency, as companies have also, within the past few days, suffered incalculable losses which “vehicles cannot carry products to their target destinations as a result of poor shape of the road”.
A stakeholder in the Oil and Gas Sector, Mr Ali Nyobana, has warned that if the road is not fixed  as a matter of urgency, it may result to scarcity of petroleum products in the state.
“It is regrettable that, the road had been abandoned to declay to its present state of disrepair, it is the major route for tankers to carry petroleum products for distribution.
If nothing is done, then there may be fuel scarcity”, he stated.
A social activist, Mr Christain Lekia, described the situation as “the height of political gimmickry and insensitivity to the plight of the people. It is something of a puzzle that the federal government would neglect the major road that leads to its economic nerve wire”.
According to Lekia, the situation amounts to “snuffering of life out of the proverbial goose that lays the golden egg”.
Also in apparent reaction to the bad road, the Ogoni Youth Federation (OYF), has expressed dismay at the state of events in the area.
Coordinator of the Eleme Chapter of the Organisation, Comrade Nwigbalor Gideon Gad, expressed shock over the abandonment of the road, despite its strategic importance to the Nigerian economy. He said the government should urgently swing into action to avert further disaster on the road. He said “the sacrifice of Eleme to the Nigerian economy has turned awry for the people who are now cut off from the rest of the world”.
Apart from serving as a major route to the various companies in the area, the collapsed bridge is also a major route to adjoining L.G.As like Khana, Gokana, Andoni, Okrika, Tai, Opobo/Nkoro and states like Akwa Ibom and Cross River.
The said road had been a major subject of public concern and criticism.  Many pundits blame the state of the road on partisan intrigues and lack of political will.
With apparent failure of remediation and palliative measures in fixing the road, it has now become a national emergency to put the road in proper shape to ameliorate the plight of the people. It could be recalled that recently, the Acting President of Nigeria, Prof Yemi Osinbajo, commissioned the world’s largest single-line Urea fertilizer plant, estimated at over $4 billion in Eleme.
The months ahead will, therefore, determine the seriousness or otherwise of government to create a sustainable access route to the mega plant, with 1.5 million tonnes per annum capacity, which places Nigeria on a vantage economic position of being the largest exporter of urea  in the world.

Taneh Beemene

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33 Banks Raise N4.65tn As Recapitalisation Ends

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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.

 

 

 

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SMEs Dev: Firms Launch N100m Loan Scheme 

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The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

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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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
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