Business
Firm Restates Commitment To Quality Product
Friesland Campina WAMCO, over the weekend reiterated its commitment to nourishing Nigerians with quality dairy products to ensure a healthy nation.
The Company disclosed this in a statement signed by Mrs Ore Famurewa, Corporate Affairs Director, FrieslandCampina WAMCO Nigeria, in Lagos .
It said that Mr Ben Langat, Managing Director, FrieslandCampina WAMCO assured during the company’s celebration of the World Milk Day 2019 with farmers at Iseyin, Oyo State, this is celebrated globally on June 1.
World Milk Day was established by the United Nations Food and Agriculture Organization (FAO) to recognise the importance of milk as a global food. Langat said that FrieslandCampina WAMCO since 2011, had been working in collaboration
with the Federal Ministry of Agriculture and Rural Development (FMARD) on its Dairy Development Programme (DDP).
He said that this was to improve local sourcing of milk in alignment with national development goals.
According to him, through the DDP in Nigeria, the company has enhanced the technical capacity and knowledge of over 3,500 local dairy farmers which include 900 women.
Langat said it had also helped to develop new institutional capacities, policies and practices around dairy development that benefit both small holder farmers and pastoralists for a sustainable local dairy sector.
He commended the dairy farmers under its DDP across 90 communities on the progress made thus far, especially their recent record of supplying 27,045 liters of milk in one day.
“FrieslandCampina WAMCO continues to invest in local milk production, we recorded the highest milk collection of 27,045 litres daily production on May 28, years after the first 400 litres daily collection in 2011.
“We have improved raw milk quality by 500,000 colony forming units (cfu) per milliliter and held 1331 training sessions for farmers and extension staff on topics with regard to milk quality and productivity, implementation of Good Dairy Farming Practices,” he said.
Langat, however, charged the farmers to increase their raw milk yield to justify the company’s plan to set up a Milk Processing Centre within the community.
“We are not only committed to providing affordable dairy products, we are also charged with the responsibility of increasing local milk sourcing,” he said.
The company, he said, was also to ensure consumers, children and dairy farmers enjoy the goodness of milk every day.
He noted that the company had five milk collection centres, 10 milk collection points and 10 currently under construction across various communities in Oyo State.
According to him, as part of activities to celebrate the World Milk Day, the company treated over 1000 dairy farmers to a surprise Peak Breakfast.
“We bring to focus milk as an important nutritional source, and we engaged consumers at all levels, including our dairy farmers, with the theme #EnjoyDairy with a #Peak breakfast.
“We do this because we believe that our products have a higher purpose than just being delicious and nutritious.
“They are ultimately the catalyst and facilitators of development in every sense of the word and contribute to our overarching mission of nourishing Nigerians with quality dairy nutrition,” he said.
The Food and Agriculture Organisation (FAO) data shows that more than one billion people’s livelihoods are supported by the dairy sector and that dairy is consumed by more than six billion people globally.
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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