Business
Elder Statesman Hails Fubara Over Supreme Court Victory Faults Privatisation Of NNPC
An elder statesman and prominent Niger Delta activist, Rev Sokari Soberekon, has expressed excitement over the judgment of the Supreme Court which affirmed the election of Governor Siminalayi Fubara, describing it as good omen for the State.
This is even as he picked holes in the privatisation of the Nigerian National Petroleum Corporation(NNPC) by the Muhammadu Buhari administration.
Soberekon, who bared his mind in an interview in Port Harcourt said the victory of Governor Fubara at the Supreme Court was one of the best things that have happened in the State, describing the Governor as God-sent and a leader who has come to the Brick House to liberate the State and Rivers people from the shackles of poverty.
According to him, Governor Fubara’s victory at the Supreme Court was divinely inspired and a strong indication that God has not forgotten the people.
He said as a child of good luck going by his name, Governor Fubara would not only bring good luck to the State but also wipe away the tears of the people whom he noted had been subjected to excruciating pains and hardship for several years.
The Niger Delta activist posited that the name, ‘Fubara’ is known as ‘IbiFubara’ in Kalabari land, which he said means good luck, and urged the Governor to remain focused and committed in delivering the dividends of democracy and good governance to the people.
According to him, he would love the Fubara administration to channel its attention to the resuscitation of the School-to-land programme of the Fidelis Oyakhilome administration, as this would not only create employment opportunities for the teeming youths of the State but also pave the way for massive production of food in the State.
He also indicated that paying bursary allowances to students in tertiary institutions; and introduction of free feeding programmes in primary and secondary schools in the State by the current administration would be lofty initiatives to cushion the effects of hardship currently faced by the people of the State.
While wishing the Governor well and applauding him for the Supreme Court victory, Soberekon advised him to continue to tread the path of peace in order to place on the pedestal of uncommon growth, development and prosperity in the next four years.
Commenting on the privatisation of the NNPC, Soberekon described it as fraudulent and unconstitutional, insisting that the Federal Government is supposed to only privatise what it produces and manufactures in its own factory and not products and resources God has given to the people of the Niger Delta to use and better their lives.
He said God gave crude oil to the people of the Niger Delta, adding that it is not fair the government to hijack and privatise the NNPC without the consent of the people, lamenting that the 13 percent oil derivation funds which are supposed to be paid to oil producing host communities are not accounted for.
Soberekon also gave knocks to the Federal Government for its inability to build a museum in Oloibiri Community in Bayless State as promised, contending that the government has abandoned the people of the area to suffer in poverty and neglect.
He, however, called on President Bola Ahmed Tinubu to intervene to correct the injustice by building a University of Petroleum Technology in the community where oil was first struck in commercial quantity in the country.
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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