Business
Northern Traders End Food Blockade To South
The Amalgamated Union of Foodstuff and Cattle Dealers in Nigeria has called off its nationwide strike after an engagement with the Kogi State Governor, Yahaya Bello.
The AUFCDN President, Muhammad Tahir, said the strike was called off following the Federal Government’s promise to pay N4.75 billion compensation, ensure protection of its members and stop all forms of multiple taxation and intimidation from security officials on the highways.
The group had demanded N4.75 billion compensation for the alleged killing of its members and property lost during the #EndSARS protests and the Slasha market crisis.
Briefing journalists after the parley in Abuja on Wednesday, Tahir stated that Bello begged the cattle dealers on behalf of the Federal Government to suspend the food blockade which kicked off five days ago.
He stated, “All the stakeholders and members of AUFCDN involved in our nationwide strike are glad; we achieved what we wanted to achieve.
“They agreed to pay the compensation and stop multiple taxation on federal highways and allow us to engage in our business activities peacefully nationwide”.
Addressing the union members during the reconciliatory meeting, Governor Bello said the strike had increased the hardship majority of Nigerians were already going through, including members of the aggrieved cattle and foodstuff dealers.
The governor said, “We must make life easy for ourselves; since you embarked on this action, there has been a lot of hardship on Nigerians across board; not only in the South or West”.
A former Minister of Aviation, Femi Fani-Kayode, who spoke on behalf of the West and Southern geo-political regions, said the impact of the strike was too heavy to ignore, adding that the killing of any Hausa-Fulani or traders engaged in legal business activities would no longer be tolerated or accepted.
“On behalf of the so many people in the South-West, especially Sunday Igboho (Yoruba activist), our commitment to you today is that people of the Hausa-Fulani extraction cannot and will not be attacked in the south”.
Fani-Kayode, however, appealed to the Federal Government to address the menace of armed Fulani herdsmen in the forests, whom he said, were known to perpetrate all forms of evil, including killing, raping and maiming of Nigerians.
Meanwhile, Bello and Fani-Kayode on Wednesday evening led the leaders of the cattle dealers to a meeting with the Chief of Staff to the President, Ibrahim Gambari.
Gambari told State House correspondents at the end of the meeting that that demands would be presented to the President, Muhammadu Buhari.
Bello also told reporters that union members had made some demands that must be met by government to forestall a recurrence.
He said, “I have the commitment of the union, in order for us not to continue to have this hardship across the country , to lift the ban on food and livestock transportation to the South.
“I have also received major commitment from people from the South not to attack people of Hausa /Fulani and the traders in the South and that the criminals among them, irrespective of tribe and religion, should be handed over to law enforcement agents.
“I have also received the commitment that their lives and property will be protected also”.
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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