Business

Recapitalisation Of Banks Has Become Imperative -Economist

Published

7 years ago

July 24, 2019

An economist, Dr Ifediora Amobi says recapitalisation of banks has become imperative in order to strengthen the banking sector to tackle challenges of critical national infrastructure.
Amobi, a former Senior Special Assistant to the President on National Development Matters, said this in an interview withThe Tide source yesterday in Enugu.
Reports say that the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele had at a briefing in June said banks would be recapitalised in order for them to have strong capital base.
The CBN governor said recapitalisation of the banks was long overdue as it was last done in 2004 by Prof. Charles Soludo, the then governor of the apex bank.
According to Amobi, most of the banks in the country are presently weak and cannot finance critical infrastructure projects that require long term loan credit facilities.
“It is always helpful to the economy when banks and other businesses are highly or heavily capitalised or re-capitalised.
“What it means is that you have a stronger leverage to actually go into bigger transactions.
“If you recall the banks recapitalisation of 2006/2007 by Prof. Chukwuma Soludo, then CBN Governor helped our banking sector. Then, the banks recapitalised to a tune of N25 billion.
“So, if you rank the first 100 banks in Africa, banks in Nigeria are not even up to the first 20 banks on the continent.
“We have banks in Egypt and even Mozambique that are bigger than our big four banks,’’ Amobi, the Executive Secretary of Anambra State Investment Promotion and Protection Agency (ANSIPPA) said.
According to him, when you are now looking at capital projects, national infrastructure projects like power, roads, you need banks that can actually give you that heavy capital.
“It is imperative that we raise the standard of Nigerian banks capital-wise to be able to play their role within the critical infrastructure projects space.
“In the absence of heavy capitalisation of our banks, they will only continue with their Form M shipping and import-export businesses,’’ Amobi, who is the immediate past Executive Director of African Heritage Institution (Afri-Heritage) noted.

Labour

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Published

8 hours ago

July 21, 2026

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Business

Pipeline Explosion In Abua Odua, LGA Chair Calls For Calm

Published

3 weeks ago

July 3, 2026

The Tide

Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.

The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.

This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.

In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.

According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.

Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.

The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.

“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.

The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.

The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.

The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.

Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.

Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.

Enoch Epelle

Business

Fidelity Bank Collaborates YEIDEP To Empower Nigerian Students

Published

3 weeks ago

July 3, 2026

The Tide

Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.

Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.

The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.

The exercise is expected to reach more than 60,000 regular undergraduate students.

Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.

He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.

According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.

He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.

The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.

Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.

Nkpemenyie Mcdominic, Lagos