Business
RSG Tasks Hoteliers, Businessmen On NAFEST 2018
The Rivers State Government has called on hoteliers, fun spots and other business owners operating in the state to key into the forthcoming National Festival for Arts and Culture (NAFEST) 2018 billed to kick off in Port Harcourt, this weekend.
The State Commissioner for Information, Barrister Emma Okah, who made the call in Port Harcourt said the event has been scheduled between 20th and 27th of October, this year.
Okah who is also the Chairman, Publicity and Media Sub-Committee, NAFEST Rivers 2018, stated that despite stiff interests from other states in the country to host the event, Rivers was able show a more impressive record and capacity to be able to once again host this year’s edition of the arts and culture festival.
He said, “This is the second time Rivers State will be hosting this event. It has become very interesting at this time, particularly in 2018 to look at the competition and the stiff desires by other states in the country to host the event.
“But at the end of the day, Rivers State was able to show a better impressive record and capacity to be able to host the nation in the festival for arts and culture 2018. So that is a good one for the people of Rivers State”.
The Commissioner further said that the state government has put everything in place to ensure comfort, the safety and the success of the event, saying the state was putting finishing touches to preparations and plans as the event draws closer.
“As a matter of fact, we just hosted the National Convention of the Peoples’ Democratic Party, PDP and the economic significance and good image it gave to Rivers State cannot be quantified in terms of money.
“So, we are happy that the people keyed into the economic activities that came with that convention. So, in the same way we are calling on the people of Rivers State especially those who own hotels, those who run social outfits, night clubs, bars, restaurants, pleasure parks and all sorts to get ready again and key into this National Festival for Arts and Culture which will host all contingents from the various States from the Federal Republic of Nigeria, including Abuja.
“So, it is a huge challenge. It is also a very fantastic opportunity to tell Nigerians once again that we are Rivers State and we are different and we have capacity to host them,” Okah said.
The commissioner noted that aside promoting the arts and culture of Rivers State, the event would also enhance national cohesion, inclusiveness and an accommodating spirit which the NAFEST brings to bare on the people of the Federal Republic, saying, “it is difficult for anybody to write it off as not very important.”
“You never can tell where this takes us to outside the shores of Nigeria. So, it is as important as any other segment of our life as a people and as a state”.
He expressed happiness that practically every ethnic group and every Local Government in the state has something of great significance that any tourist would like to see, such as the King Jaja of Opobo Palace and Monuments and the first Anglican Church in Bonny and so on, adding that Team Rivers was already gearing up to clinch the Gold Medal at the week-long event.
“We (Rivers State) have rich food which we can showcase to other parts of the country and be proud of to do so. We have very formidable costume and cultural identification that are unique to the people of Rivers State and that is our pride and heritage that we shall be showcasing to the world.
“Everybody is given the opportunity to participate. Local entertainers are also in the same bracket. They have opportunity to participate and showcase what they can do. I know as it were that the ‘Team Rivers’ which is the umbrella body that is packaging what Rivers State will be showcasing to the world is an amalgamation of different talents and people who have something to showcase to the world in terms of arts and culture. So, anybody who has what it takes to be different is given the opportunity to do so,” Okah said.
Dennis Naku
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.
