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When RSG Showcased Investment Oportunities At NBA Confab…

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The present administration in Rivers State under the watch of Governor Nyesom Wike has never missed an opportunity of promoting and marketing the corporate image of the state in any forum in terms of its boundless investment opportunities.
This is usually done inspite of the hullabaloo and desperate conspiracy of few to the contrary to demark the state to potential investors.
The State Government in its commitment and keeping to its avowal pledge to the people  in terms of brining development, dividends of good governance and creating enabling environment for wealth creating seized the singular opportunity at the recently concluded Nigerian Bar Association (NBA) Annual General Conference (AGC) 2017 held at landmark centre, Lagos as a platform to showcase investment opportunities in the state to potential investors.
The event was held on Wednesday, August 23, at the HardRock Café of the Landmark centre. As early as 7am Rivers Lawyers and potential investors had all arrived for the event due to commence by 9.00am.
On the part of the Lawyers, NBA Port Harcourt had initially informed her members that the first 300 lawyers to arrive for the event would receive a special package. This promise the chairman of the occasion and Leader of the Bar in the state, OCJ Okocha, SAN ensured the organizers  gave out the items promised without delay.
The event eventually started with the Hall Filled to Capacity., The State Government His Excellency E.N. Wike was unavoidably absent but was ably represented by the State Attoerney General and Commissioner of Justice, Chief Emmanuel Aguma, SAN.
The event became more lividly and excited with the presence of NBA National President, Abubakar Mahmoud and his team, chairman of Zenith Bank Plc, Mr Jim Ovia, Former Governor of Cross River State, Donald Duke and his amiable wife, (a Rivers daughter) Director General of the Infrastructural Concessioning Commission  in the Presidency and notable investors.
Governor Wike set the ball rolling by describing himself, the Chief Marketer of the state, stressing further that Rivers State is one of the few pivotal states sustaining the Nigeria nation with its boundless blessings. That the state is truly blessed.
He said that the state has surivived the worst forms of partisan attacks and de-marketing and despite all these attacks, the state continues to not only blossom but to sustain the country’s economy.
He proudly beat his chest that inspite of the state hosting a sizeable proportion of the nation’s oil assets, there have never been any known and reported attack of any of the Nation’s oil assets located in Rivers State under his administration.
He explained that the people of the state are hospitable and that hospitality truly reflects Rivers experience.
The Governor emphasized that his administration is committed to the Nigerian Federation and the large market the federation provides for investment and trade.
He said his administration has achieved a lot within two years due to peace in the state, conceding to the fact that no society is free of crime and assured investors that the security architecture put in place by the state government to protect their lives and investments is solid as nothing is taken for granted.
He Further assured investors that the obnoxious tax regime that had hitherto been a bottleneck for businesses and potential investors had been sanitised, certificates of occupancy, and consents for both land and transactions and mortgages are now obtained with ease.
No doubt, Rivers State is the second largest economy after Lagos in Nigeria. The state is the centre of the oil and gas industry in the West Africa sub region with a total gross domestic product (GDP) of about US $21.07 billion annually, a population of about six million people, has a large area of land under agricultural cultivation including oil palm plantations and a very high literacy level.
Speaking later, the Executive Director, Bureau of Public Private Partnership(PPP) Hon Nimi Walson-Jack Esq told investors that Port Harcourt is being restored to its former glory as the “Garden City” of Nigeria.
Walson-Jack explained that the present administration in the State has under taken ambitious reforms to transform the state.
The reforms were focused on providing and rehabilitating infrastructure such as road networks to facilitate movement and case traffic congestion in the state, hospitals, schools, power facilitates, tax reforms, improved public sector performance and service delivery.
He explained that the state government policy of tax holidays for new industries, (excluding federal taxes,) abundant natural resources and the broadly improving economic infrastructure have all combined to make the state a highly attractive investment destination.
The Executive Director PPP added that the state government has enacted laws through the state House of Assembly to protect investments by the investors, that one of such laws is the Rivers State Public – Private Partnership Participation in Infrastructure Development Law 2009 (PPP Law) with the objectives to strengthen institutional governance, enhance private investments, attract private funds for investments and provide an enabling environment for private sector participation among other objectives.
He stressed that the state government PPP agenda is to create opportunities for the private sector to participate in the Infrastructural Development of the state, increase the value chain in agriculture and other sectors of the economy and seek genuine opportunities for economic growth. He listed the ongoing PPP projects to include Rivers Adama, Riv metal Recycling plant, Raddison Blu Hotel, Riv Taf hold Estate, the Reserve at Golf Estate, Sterling Ridge Estate, Reef Court Estate, Garden City Villa, Ikm Toll Road and other unregistered projects.
Walson-Jack further stated that the state PPP is currently negotiating the following projects, Port Harcourt shopping mall, Songhai Rivers Initiation Farms, Eligmbu poultry farm, poultry farm at Atali, construction of Abattoirs, Housing development, provision of site and services at Greater Port Harcourt City and Golden Jubilee Hostels and Mall. The old zoo at slaughter round about will be turned into amusement park with the building of five stars Hotel there while Greater Port Harcourt hosts the new zoo.
However, without pontification, but with accurate statistical data he said that the present administration of His Excellency E.N. Wike within two years two months in office has signed and issued 680 Certificates of Occupancy (C of O) to not only individuals but corporate organizations and potential investors in the state as compared with the immediate past Administration of Rt. Hon Rotimi Amaechi  that signed and issued 461 C of O within  the  period of eight years.
He said that, this is a great achievement by the present administration to assure investors that their investments are safe.
In his remarks, Jim Ovia, Chairman Zenith Bank Plc said that the state is very very investors friendly, stressing that the per capital income of the indigenes is over $3 dollars as against the national income of $2 dollars per capital.
He said if the state was to been rated as a country, its economy could have be rated favourably among 15 growing economy of countries in Africa such as Rwanda, Kenya and Ghana, adding that the state has abundant talented young well educated personalities.
Ovia who is also the Chairman of the Nigerian Software Development Initiative stated that the state is safe and remains the envy of investors to invest their resources.
He commended the state Governor E. N. Wike for his administration’s determination, commitment, developmental strides, sagacity, boldness and courage to confront the challenging insecurity.
Also speaking Donald Duke Jokingly added that he is the greatest by investor in Rivers State marrying a Rivers daughter.
President of the NBA, Abubakar Mahmoud, SAN also commended the state government for organizing the event to showcase the investment opportunities in Rivers State to investors and urged other states to emulate the state in subsequent NBA activities to showcase their abundant potentials for investors to invest their resources thereby creating wealth and hard currently for such states.
In his remarks, the state Hourable Attorney General and Commissioner of Justice Emmanuel  Aguma, SAN, assured potential investors that the state regulatory framework is good and urged them to share in the boundless blessings of the state.
In his closing remarks, Chairman of the occasion, OCJ Okocha, SAN, expressed happiness over the well organized event and assured investors of their safe investments in the state.
Group of lawyers at the event who spoke also commended the State Government for organizing the interaction session  to showcase the abundant investment opportunities in the state that will no doubt creates wealth for the state, and job opportunities not only for the lawyers with new clients but the unemployed youths.

Philip Okparaji

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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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