Business
NEW Rivers: Building The Future Through Quality Education
Improving the quality of education in Rivers State has always been a major focus of Governor Nyesom Wike’s administration. When he took over leadership in 2015, the education sector was in comatose. The immediate past administration had adopted a cosmetic approach that destroyed the foundation of education in the state.
All through his first term, Wike diligently revived the education sector. From the basic, to the senior secondary up to the tertiary education level, he upgraded facilities. The impact has been felt up to the rural communities.
All the 23 Local Government Areas of Rivers State felt the impact of the educational programmes and policies of Governor Wike during his first term. He promised to do more for Rivers people.
His second term has been a continuation of the wonderful revival of the education sector. The basic education sector is witnessing the massive upgrade and reconstruction of schools.
In the last one year, about 100 basic education schools have been upgraded and reconstructed by the Wike administration.
The objective of the administration is to ensure that Rivers children have access to quality learning facilities.
Through the Rivers State Universal Basic Education Board and the Rivers State Ministry of Education, the Wike administration has empowered teachers with modern teaching skills.
The training and retraining of teachers has been upscaled by the administration. Governor Wike believes that when teachers are empowered with higher knowledge and skills, they will deliver more to Rivers children.
Within the first one year of his second term, Governor Wike has reconstructed and equipped three major schools in the state. They are: Government Secondary School, Ubima, (formerly Community Secondary School, Ubima), Seabed Model School , Port Harcourt and Government Craft Development Centre, Port Harcourt.
Major secondary schools spread across the three senatorial districts of the state are witnessing upgrade and general restoration. This is a continuation of the phased reconstruction of iconic schools started by the Wike administration during his first term.
Governor Wike is also embarking on the reconstruction and remodeling of the following secondary schools: Enitonia High School, Port Harcourt in Port Harcourt City Local Government Area; Government Secondary School, Ogu in Ogu/Bolo Local Government Area, Community Secondary School, Rumuolumeni in Obio/Akpor Local Government Area ,Community Secondary School, Rumuepirikom in Obio/Akpor Local Government Area, Bonny National Grammar School, Bonny in Bonny Local Government Area and Government Secondary School, Okarki in Ahoada West Local Government Area.
Others are: Western Ahoada Central High School, Ahoada in Ahoada East Local Government Area, Government Secondary School, Abua in Abua/Odual Local Government Area, Government Secondary School, Okporowo -Ogbakiri, Emohua Local Government Area, Government Secondary School, Obuama in Degema Local Government Area, Community Secondary School, Omuanwa in Ikwerre Local Government Area, Model Secondary School Bakana in Degema Local Government Area and Model Secondary School, Tombia in Degema Local Government Area .
The Rivers State Government under the leadership of Governor Wike, has improved the funding of tertiary institutions in the state, developing the right facilities that have led to the accreditation of courses.
The Rivers State University, the Ignatius Ajuru University of Education, Kenule Beeson Saro-Wiwa Polytechnic, Bori and the Elechi Amadi Polytechnic, Port Harcourt have been well-funded by the administration. They have become national reference points.
To ensure access to education for the less privileged, Governor Wike abolished all forms of fees and levies in public primary, junior and senior secondary schools in Rivers State.
This was a major second-term action. He has since released funds for the running of the schools for the 2019/2020 academic session.
The funds released by the Rivers State Governor would be used by the schools for registers, chalks, dusters, markers, notebooks, pens and other consumables.
Governor Wike approved that the state government will henceforth bankroll the form fees for the Unified Tertiary Matriculation Examination (UTME) of the Joint Admissions and Matriculation Board(JAMB) for all indigenes and non-indigenes in the state.
This approval by Governor Wike has been implemented for the 2020 UTME conducted by JAMB.
All across the state, parents and guardians have continued to sing the praises of Governor Nyesom Ezenwo Wike for supporting education in very practical ways. With the abolition of fees and the payment of UTME fees, the less privileged for the first time are feeling the direct positive impact of government.
Delivering the 2020 budget to the Rivers State House of Assembly, Governor Wike made a solemn commitment to use education as a tool for empowerment and education.
He said: “Building on the progress of the last four and half years, we will continue to ensure adequate funding for education in Rivers State. It is for this reason that we are proposing the sum of N49.471 billion to fund the education sector for 2020. This sum represents 20% of the total budget and is the highest ever budgetary allocation to education, reflecting the level of our commitment to investing in the future of our children.
“ In 2020, we will continue to ensure the systematic rehabilitation, upgrade and transformation of our primary, secondary and tertiary institutions and build new ones where the population demands to deliver a more conducive learning environment across schools in Rivers State.”
Governor Wike has kept this promise. The results are everywhere across the state. The results from WAEC and NECO examinations justify the quality investments in the education sector by Governor Wike.
Nwakaudu is Special Assistant to Rivers State Governor on Electronic Media.
Simeon Nwakaudu
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.
