Business
Insurgents, Drought, Pests Destroy Farms In Borno
Boko Haram militants, drought and pests have combined to wreak havoc on farmlands in Borno State, leading to low output and huge losses to the farmers.
About 1, 800 hectares of rice for instance wilted due to drought in some parts of the state, according to the farmers.
The Tide source reports that some of the rice farms were also affected by pest infestation.
A cross section of the farmers who spoke to newsmen at the Biriri and Koshebe rice plantations, said that the destruction, by the combined forces, dashed their hope of bumper harvest.
Hajja Amina Isa, a rice grower, blamed the pests and drought for her woeful cropping season.
Isa said that she planted her crops several weeks into the rainy season, adding that the rain stopped before the plants matured.
“There were delays in the distribution of farm inputs to enable us cultivate our land on time.
“Few weeks after planting the fields; the rain stopped. We complained, water pumps and tube wells were provided to enable us save the plants through irrigation. Nonetheless the plants wilted.
“Ravaging quelea birds further destroyed what remained of the plantations”.
Another farmer, Malam Bashir Gwoni-Ali, alleged that about 400 hectares of rice was destroyed by Boko Haram insurgents at various plantations in Mafa local government area of the state.
Gwoni-Ali said that the insurgents burnt and destroyed the produce at their farms.
He listed the affected farmlands to include Koshebe, Kachemari, Juwano and Dinge.
“I and other farmers cultivated rice and recorded bumper harvest despite threats by the insurgents.
“Unfortunately the insurgents destroyed the produce and we are left with nothing,” Gwoni-Ali alleged.
Also commenting, Grema Musa, the Secretary of the Coordinating Team, Walwane Agricultural Supply Company, one of the Anchor Borrower clients, disclosed that the company registered about 13, 000 rice farmers in the state.
Grema disclosed that fertilisers, seeds, chemicals, knapsack sprayers, tube wells and water pumps were distributed to the farmers.
He added that funds were also disbursed to the farmers to facilitate farm labour activities such as tractor services, ploughs, harrowing and processing.
The secretary revealed that the company had so far mopped up 35, 000 tonnes of paddy rice from the benefiting farmers.
He said: “We took stock of 27, 000 tonnes of the commodities in Maiduguri and another 8, 000 tonnes in Biu.
“More than 1, 800 hectares of farmlands were destroyed due to drought and pest infestation”.
Grema listed the affected plantations as Juwano, Koshebe, Moloi, Auno, Jimtolo, Azia, Gongolon, Biriri and Masiya.
According to him, the company had filed a formal complaint to the Nigeria Agricultural Insurance Corporation (NAIC), to enable it assess the damage.
He called on farmers to repay their loans to enhance participation and ensure sustainability of the programme
According to our source, about 18, 000 registered farmers were supported under the Anchor Borrower scheme during the 2016/2017 raining season activity in the state.
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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