Business
NDBDA Crisis: MD Steps Aside, As FG Sets Up Committee …NLC Calls For Truce
Following the ongoing stand-off between the management of the Niger Delta Basin Development Authority (NDBDA) and its workers, the Federal Government has ordered investigation into the crisis.
The Federal Government has also directed the NDBDA Managing Director, Engr. Tonye David-West and his team to step aside with immediate effect.
The order came yesterday after a four-day face-off between workers and management of the Authority.
The Tide reliably learnt that the Federal Government has agreed to set up a committee to investigate all the allegations against the NDBDA management.
Our correspondents report that the protesting workers who had brought the operations at the NDBDA to a standstill since Monday, were accusing the management of the Authority of embezzling N1.5 billion meant for the establishment of Songhai farms across the three River Basin Development Authorities in the Niger Delta.
The Tide, however, gathered that the crisis came to a head when the David-West led management attempted to work its way back to the company after the expiration of the three year tenure of its executive directors.
Although the MD’s four year tenure ends next year, workers claimed that his continued stay in the company would cause several damages and low production due to his highhandedness.
According to them, the management had refused to pay what they called ‘Kilometer and Disengagement allowances’ to workers who had retired since two years ago, as contained in the Federal Government of Nigeria Public Service Rules, Chapter 13, Numbers 130103, 130104 of 2008 and 2009.
They also alleged that the David-West administration had neglected workers welfare in the last three years.
Engr David-West has, however, denied the allegations, saying all the monies released for the Songhai farm project were judiciously utilised.
Meanwhile, the Nigeria Labour Congress has waded into the face-off, appealing to the protesting workers to shield their swords.
Vice chairman, NLC, and chairman of the Joint Public Negotiation Council, Rivers State, Emecheta Chukwu, who addressed newsmen shortly after a closed door meeting with aggrieved workers and management of NDBDA, appealed for truce between the two warring factions.
According to him,’’ we want to use all the instruments of the law with a view to making sure that what is worth doing is worth doing well. I have made an appeal to the protesting workers of the NDBDA and the executive to dismantle every road block they have mounted on the office while we make the necessary documentation with a view to engaging the management and whoever that is responsible’’.
On some of the issues raised by the workers especially the demand that the Managing Director, Tonye David-West be removed, Chukwu said, it was not within the purview of industrial unions.
Chukwu said,’’ retention of the Managing Director has nothing to do with us as a union, it’s always from the Presidency; and I know, having gotten the brief from my members he’s still having one year disengage, but they are saying they’ re not satisfied with his operations’’.
He explained that, there were ordinances of government responsible for addressing matters of misappropriation of public funds, including the EFCC and ICPC and in this case, the supervising Ministry, the Ministry of Water Resources.
Tonye Nria-Dappa & King Onunwor
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.
