Banking
Okada/Keke Ban: Lagos to Flood Roads With Buses in April
Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, has disclosed that from next month, the state government would be assuaging the pain being felt by residents by injecting buses of different sizes and capacities into the public transportation space to serve as alternative to Okada and Keke.
“We are using this opportunity to inform Lagosians that the palliatives promised by the Government will be coming very soon, most likely in April,” the Commissioner said after a security meeting held at the State House in Marina on Wednesday.
The meeting was chaired by Governor Babajide Sanwo-Olu, who chaired the gathering was attended by Commanders of all security formations in the state.
Mr Omotoso said the government was not resting on its oars in providing required infrastructure that would improve traffic situation and transportation across the state.
He disclosed that the government would be holding a ground-breaking ceremony on the long-awaited Red Line rail project, which, he said, would be held on March 25. He added that updates would also be shared on the ongoing Blue Line rail project handling by Lagos Metropolitan Area Transport Authority (LAMATA).
On the closure of Eko Bridge, the Commissioner said the government would work assiduously to lessen the pain of commuters plying the route. He, however, noted that the closure of the bridge was a necessary precautionary measure taken to avert an incident that may result into loss of lives.
The commissioner urged residents to continue to support the government’s efforts at securing the state, stressing that the Mr Sanwo-Olu administration would deploy all resources to ensure safety of lives and property in Lagos.
“About security, Lagosians should be rest assured that Government is on top of the situation and that all is well. Every action we take is to show that we put the interest of Lagosians at heart and their welfare is on the front burner at all times,” Mr Omotoso said.
Also, the Commissioner said the state government has warned uniform men, especially those in the police and the military, to desist from flouting the Lagos State Transport Sector Reform Laws.
He emphasised that it is illegal for any security operative in mufti to ride commercial motorcycles on routes where Okada and tricycles have been restricted, noting that the enforcement of the restriction order would be executed with more force to completely keep Okada and tricycles away from the restricted routes.
Members of the Security Council, the Commissioner said, frowned at a situation in which uniform men flouted the State’s Transport Sector Reform Laws, warning security operatives, especially police officers and military personnel, to stop taking passengers on their motorcycles on restricted routes.
Mr Omotoso said, “We have just concluded the State Security Council meeting, where we reviewed the ongoing enforcement of Okada and Keke restriction order in the six Local Government Areas. Matters concerning uniform men engaging in commercial motorcycle operation came up in our discussion and there has been an order restricting them from doing that.
“Only a uniform man who is fully kitted and who rides motorcycle as his own personal mode of transportation is allowed. If any uniform man ventures into commercial motorcycle operation or Keke, the action of such a person is illegal and such persons are going to be arrested if they are caught.”
The Commissioner reiterated that the State would not relax the laws restricting Okada and tricycles on the highways, praising Lagosians for standing firm behind the Government in the ongoing enforcement of the restriction order.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) is considering the recapitalisation and restructuring of Development Finance Institutions (DFIs) to address the significant financing gap facing micro, small, and medium-sized enterprises (MSMEs).
The Deputy Governor of the apex bank in charge of Economic Policy, Mr Muhammad Abdullahi, disclosed this during a panel session at the launch of the Nigeria Development Update by the World Bank in Abuja on Tuesday.
He explained that a recent review by the apex bank found that existing DFIs were too small to meet the credit needs of businesses.
DFIs are specialised, government-backed financial entities designed to promote economic growth by funding critical sectors like agriculture, infrastructure, and SMEs. Key institutions include the Bank of Industry (BOI), Development Bank of Nigeria (DBN), Nigeria Export Import Bank (NEXIM Bank), Bank of Agriculture (BOA), National Credit Guarantee Company Limited, and Nigerian Consumer Credit Corporation, among others.
“We conducted a review last year of the development finance space. Across all the DFIs in Nigeria, the total asset base is slightly above N8 trillion, whereas what is required in development finance for MSMEs is over N130 trillion,” he said.
He said that simply injecting capital would not solve the problem.
“The only way to address this is not only through public sector capital injections into these institutions, but also by making them bankable and investable,” he said.
Abdullahi said the CBN and the Ministry of Finance are reviewing DFI structures to improve their efficiency and risk appetite.
“We are reviewing the entire sector to ensure that we can correct the incentives, improve risk appetite, and also strengthen capital levels,” the deputy governor added.
He also said the reforms aim to introduce stronger market-based principles.
“We are looking at the structure to see how more market fundamentals can be incorporated, because the way it has been done in the past has not delivered the desired results,” Mr Abdullahi said.
On the persistent financing challenge for MSMEs, he said lending to the real sector has always been one of the structural challenges “Nigeria’s economy faces in terms of ensuring that credit reaches businesses that require it”.
Business Post reports that the CBN recently concluded the recapitalisation of the Nigerian banking sector, while the insurance sector is ongoing.
By Modupe Gbadeyanka
The women-focused initiative by Sterling Bank, OneWoman, is already yielding positive results, especially in promoting financial inclusion and empowering female-led enterprises in Nigeria.
Business Post reports that the programme was created to support women through three key pillars of capital, capacity, and community.
In 2025, according to the Head of the OneWoman Initiative, Ms Ezinne Nwokafor, the initiative gave out N43.9 billion loans to 2,450 female entrepreneurs, trained 6,000 of them, served about 380,000 women across three sectors of career women, women in business and freshers, and their vision 2030 is to give out N500 billion loans to one million women across their three sectors.
She noted that a significant majority of Nigerian women remain excluded from formal credit, with only a small percentage able to access structured financing. Despite improvements in financial inclusion, women continue to face systemic barriers that limit their ability to secure funding.
Ms Nwokafor pointed out that women account for a substantial share of micro, small, and medium enterprises and contribute meaningfully to the economy, yet face a financing gap estimated at $42 billion annually, according to the International Finance Corporation.
She also referenced data showing that more than half of women-led businesses identify access to finance as a major constraint, while rejection rates for loan applications remain significantly higher for women than for men.
According to her, these challenges are often linked to structural issues such as gaps in asset ownership, social norms, and limited access to financial data and visibility.
“Sterling’s OneWoman initiative is positioned to bridge this gap by combining financial solutions, mentorship, capacity building, and community support for women across different stages of their journey,” she said at the Funding Her Future Breakfast Dialogue in Lagos.
The session brought together voices from across sectors for a focused and necessary conversation on how to unlock more inclusive and effective financing pathways for women-led businesses in Nigeria.
On his part, the chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience.”
By Modupe Gbadeyanka
Alpha Morgan Bank has reaffirmed its commitment to supporting institutions that drive intellectual growth and national development.
The lender gave this reassurance at the commissioning of the Redeemer’s University Business School by Pastor (Mrs) Folu Adeboye, the wife of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye.
Speaking at the event, the Managing Director of Alpha Morgan Bank, Mr Ade Buraimo, said the company was proud to be associated with the school, noting its commitment to education and institutional development.
As part of its broader focus on knowledge sharing and thought leadership, Alpha Morgan Bank will host its Economic Review Webinar in May 2026, bringing together experts to share insights on key economic trends and opportunities.
The commissioning of the business school was witnessed by distinguished guests, including the Pro-Chancellor and Chairman of the Governing Council of Redeemers University, Professor Oluwatoyin Ogundipe; the Vice Chancellor, Professor Shadrach Olufemi Akindele; Mrs Bola Obasanjo; and other notable dignitaries.
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