Business
Revoke PHED Contract, FG Urged
Hon. Belema Okpokiri (left), member representing Okrika Constituency, Rivers State House of Assembly explaining a point to HRH Emmanuel Obudibo (JP) Amayanabo of Ogoloma (right) during the commissioning ceremony of an ultra modern market in Okrika recently, while Chief E. A. G. Inimgbatuboni III, Head Chief, Amadi-Ama Community and others watch. Photo: Ibioye Diama
Consumers of electricity
in Port Harcourt and its environs have called on the Federal Government to revoke the contact with the Port Harcourt Electricity Distribution Company (PHED) as a result of poor power supply to the people of Rivers State.
Some of the consumers who spoke to our correspondent in an interview on Friday said the former contractors, Power holding Company (PHC) are far better than the current ones, and alleged sabotage and incompetence on the job.
They said that all what the PHEDC is after had been exorbitant and frivolous bills without corresponding electricity supply, pointing out that the situation is fast becoming alarming that if no action is taken, the Federal Government would be blamed for the failed project.
According to them, it is unfortunate and disheartening that despite the full and concrete assurance by the Federal Government on constant or improved Power Supply, it is even the worst with the current Port Harcourt Electricity Distribution Company.
The consumers lamented that for the Federal Government to redeem its image and promises of improved electricity Power Supply in the states, they should revoke the contract and award it to more competent hand that could satisfy the yearnings of the taxpaying masses, as they have a right to enjoy constant electricity supply as one of the social amenities by the Government.
Senibo Allwell hart in his comment said people are no longer enjoying electricity in Port Harcourt unlike before, and that since PHED came on board, it is exorbitant bill only.
Hart however called for improved Services so that people could do business and relax with the Power Supply.
Mrs Florence Johnbull has this to say, “If the Government is sincere enough to the electricity supply to the masses, let them call PHED to order or cancel the contract, because we are not benefiting from the light which they promised to improve upon.
They should do something on the light because the situation is worst with the Port Harcourt electricity Distribution Company (PHEDC). Let them try”.
Monday Eni also decried the poor electricity supply in Port Harcourt, saying that as a welder, he could not do his business except to buy diesel to power his plant when at the end of the month, PHED brought bill that no one could understand.
According to Eni, “if they cannot give the masses light, let them tell the government and the people of the state for a better company to take over”.
A liquor dealer, Mrs Priest-ba-Soberekon said the situation was getting worst every day. She could not freeze her dinks for sale except when she used the generator, which is not suppose to be as a taxpayer as well as electricity bill every month, and called on government to take action before the consumers lose their temper.
In his reaction, the Manager Public Communication of PHED, Jonah Iboma said customers dismay over poor electricity supply is normal, but that honestly, they could not improve on their distribution when the Federal Government power generation is less than 3,000 mega watts in the country.
Iboma however appealed to the consumers to understand and to expect some improvement this year as the government and the company are intensify in plans to satisfy the public with improved electricity supply.
Collins Barasimeye
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.
