Business
Agency Spends N474m On 106 Micro Projects In Imo
The Imo State Agency for Community and Social Development on Tuesday said it spent N474 million on 106 projects between 2010 and 2013.
The agency’s General Manger, Mr Amah Uwalaka, said this when he received a federal monitoring team in Owerri to inspect the agency’s projects in the state.
The agency was established as part of a World Bank-assisted programme to reduce poverty and to improve access to services for human development.
“The project is currently intervening in 84 communities out of the 435 communities that have so far applied for assistance.
“The sum of N474 million has been disbursed to beneficiary communities for implementation of micro projects contained in their community development plans.
” About 106 micro-projects have been completed in various sectors while 58 micro projects are ongoing; total number of funded micro-projects is 164,” he said.
Uwalaka said nine micro projects were completed in the education sector, 14 in health, 11 in water, 31 in rural electrification, 11 in transportation, 25 in socio-economic and five in environment.
He listed building of classroom blocks, health centres, construction of boreholes, town halls and market stalls as some of the projects undertaken by the communities under the supervision of the agency.
The manager further said that a recent project outcome study conducted in participating communities showed a 35 per cent reduction in the average distance to health centres.
“Attendance to ante-natal and post-natal clinics increased by 95 per cent from 215 to 420 attendance while access to immunisation service has also increased by 318 per cent from 1,019 to 4,825.
“Number of vehicles plying rehabilitated roads increased by 33 per cent per week.
“Travel time on rehabilitated roads reduced by 38 per cent thus reducing the cost of transportation by 42 per cent in the communities of our intervention,’’ he said.
Uwalaka said that not less than 7,304 square metres erosion and flood sites had been reclaimed in two local government areas through the programme.
Meanwhile, Uwalaka said that the communities affected by erosion in Ahiazu Mbaise and Ideato South Local Government Areas had approached the agency for assistance.
He mentioned Otulu Ahiara and Umuaghobe as some of the communities where the land reclamation took place.
“Land in these communities have been reclaimed and protected from erosion and flood through our communities’ efforts.
“The number of households connected to public power supply increased from 1,356 to 5,725, while the number of small scale businesses increased from 51 to 129, an increase of 153 per cent,” he said.
The General manager, however, listed the challenges of the agency to include inadequate funds to intervene in more communities which have indicated interest in the programme.
Another was the delay by the state government in paying its annual counterpart funding for the programme, which hindered resource availability.
He also mentioned the absence of a governing board to enhance linkage between the agency and the state government.
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.
