Business
Science, Vehicle For Development – NLNG …Concludes 2023 Schools Science Quiz Competition
The Nigeria Liquified Natural Gas, (NLNG) has described science as the most credible vehicle for future development, saying that the functionality of science must be demystified.
The General Manager, External Relations and Sustainable Development, NLNG, Andy Odeh, made this assertion at the grand finale of this year’s NLNG sponsored science quiz competition for public schools in Rivers State.
According to him, “for us at NLNG, science is far from being a subject in the classroom, it is the most credible vehicle to take us from where we are today to where we wish to be tomorrow.
“Like I said before, we must demystify science to make it accessible to every child in this state. One way of doing this is to create a buzz around it. This time, the buzz is a quiz competition around the subject matter. This way the young and curious can be interested in it, can be familiar with it”.
He noted with delight that this year’s competition with the theme, “NET-ZERO”, open only to Senior Secondary Schools 1 and 2 levels in Rivers State. focused on critical global issues, climate change, expressing the hope that the competition would help raise awareness among young people and inspire them into action as change agents.
Odeh said, “We are delighted that this year’s science quiz competition is focussed on climate change and net-zero emissions. This is a critical issue that we all need to be aware of, and we believe that this competition will help to raise awareness among young people and inspire them to take action and become agents of change”.
Explaining the pervasiveness of science, the NLNG point man at the science quiz competition, stated that there was hardly anything on life that could not be traced back to science, observing that at NLNG, science was more than just a classroom subject.
He said, “Science is so pervasive that there is hardly anyone in the four corners of Rivers State that hasn’t today counted on science to achieve one elementary task on the other.
“The fisherman who wakes up, takes his net, enters his boat, and paddles it to that part of the sea where he hopes to make his big catch has depended heavily on science.
“So is the teacher who woke up this morning, checked his time, his emails and updates on the phone, entered his car and drove to this place. We all depend on science to improve our lives and the way we live it.
“We depend on science to plan our days and do our tasks. Every new day with new discoveries and inventions, science’s hold on us becomes even stronger and tighter”.
Odeh commended the students who participated in the competition, saying, “We are very proud of the students who participated in this competition. They showed great enthusiasm and knowledge, and they are a credit to their schools and to Rivers State.
“We hope that this competition will inspire other young people to learn about science and to pursue careers in science-related fields, adding that NLNG recognises the importance of science in achieving the company’s vision of being a globally competitive LNG company, helping to build a better Nigeria”.
Representing the Rivers State Ministry of Education, Director of Science and Education at the ministry, Dr. Ataisi Ngerebara, said NLNG has given opportunity to children who, before now, had no opportunity to showcase their talents.
She said science was driving development in the world and that there was a need for young scientists and science enthusiasts in Nigeria to be encouraged in innovativeness and creativity.
She stated that the Rivers State Ministry of Education was fully behind the NLNG Science Quiz Competition.
This year’s finalists were, Niger Delta Science School, Oginigba; Comprehensive Secondary, and Enitonna High School, Borikiri; Community Senior Secondary School, Rumuomasi; Model Secondary School, GRA; Community Secondary School, Aleto Eleme; and County Grammar School, Ikwerre/Etche; with Niger Delta Science School clinching the top spot, while Oginigba Comprehensive Secondary and Enitonna High School, Borikiri, took the second and third positions, respectively.
By: Tonye Nria-Dappa
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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