By Nick Ibe

Bassey Otu, Cross River State governor, has pledged to bring Tinapa Business and Leisure Resort back to life before the end of 2026.

The promise was made while fielding questions from newsmen in Calabar last Thursday. He revealed that his administration had engaged in lengthy negotiations to recover and reposition the business resort that the state recently recovered from Asset Management Corporation of Nigeria (AMCON).

Otu explained the imperative to focus on reviving Tinapa due to the state’s financial realities and the need to protect existing public investments. In his words:

“The state has invested more than 400 million US dollars in Tinapa over the years, making it impossible for his administration to abandon the facility.

“Leaving it unattended would have led to further deterioration of the infrastructure and a waste of the huge public investment already committed to the project.

“I am confident that before the end of the year, Cross River residents would begin to witness a transformed Tinapa.”

He revealed that rehabilitation works were already ongoing at the retail emporiums and other commercial facilities within Tinapa complex.

Otu added that government has restored the power generation segment to guarantee stable electricity for businesses operating there.

He further announced that an anchor tenant has already committed to operating in Tinapa, a move he believed would attract more investors and increase commercial activities.

He also disclosed plans to construct a jetty to improve access to the resort and create more opportunities for local businesses.

He noted that Cross River remained one of the states receiving the lowest federal allocations and that many inherited projects were initiated based on revenue projections that never materialised.

He explained that his government’s priority was to complete and revive abandoned investments before embarking on new mega-projects.

According to him, once those projects become fully operational and begin generating value, the state will be better positioned to pursue initiatives such as the gas project.

Otu also highlighted progress made in completing abandoned government infrastructure across the state. He cited the completion of buildings now occupied by the Local Government Service Commission, noting that several ministries and agencies were gradually relocating into modern office facilities.

“The administration’s goal is to provide a better working environment for civil servants, improve morale within the public service and strengthen service delivery.

“We will also ensure that government operates more efficiently for the benefit of Cross River residents.”

Tinapa was taken over by Asset Management Corporation of Nigeria in 2011 when the state had difficulties in meeting loan repayment agreements.

However, in 2025, Cross River negotiated and repossessed it.

By Felix Umande

The Central Bank of Nigeria has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026, citing breaches of prudential and operational requirements.

The action, announced in a press statement signed by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali, on Tuesday, was approved by CBN Governor, Mr. Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

According to the revocation order, the affected banks failed to meet one or more regulatory conditions, including: insufficient assets to meet liabilities; closure of operations without CBN approval; inactivity and cessation of financial intermediation; failure to commence operations within 12 months of licence approval; and failure to maintain minimum capital funds unimpaired by losses.

The institutions span Tier 1, Tier 2 and State microfinance banks across 19 states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.

Among the lenders affected are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW Digital Microfinance Bank.

Several Kano-based banks were also on the list, namely Bompai, Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, TOFA, Kanopoly and Esteem Microfinance Banks. The affected banks are expected to be delisted from the CBN’s register of licensed microfinance banks with immediate effect.

The CBN said the revocation is part of broader efforts “to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.”

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement added.

The move comes as the Nigeria Deposit Insurance Corporation, NDIC, reaffirmed that more than 281 million depositors in the country’s banking system are covered against bank failure.

NDIC Managing Director and Chief Executive Officer, Thompson Sunday, disclosed this during the Federal Ministry of Finance’s second quarter 2026 Citizens and Stakeholders’ Engagement Session in Abuja.

According to Sunday, the corporation now provides deposit insurance coverage across 914 licensed financial institutions. Following the upward review of deposit insurance limits in May 2024, over 98 per cent of depositors are fully insured for their entire balances.

By Son Tertsea, Abuja

The Bola Tinubu Government has drawn down $1.5bn from a $5bn financing facility arranged with First Abu Dhabi Bank, United Arab Emirates’ largest lender. This is despite concerns from local and global financial institutions over the increasing use of complex derivative financing by African countries.

On Friday, the latest drawdown was reported by Bloomberg as the first tranche of a $5bn Total Return Swap facility approved by the National Assembly on March 31, 2026, and is expected to augment the 2026 budget, finance infrastructure projects, and meet existing debt obligations.

The Bloomberg report quoted sources versed with the transaction, that pledged not to be identified because they were not authorised to speak publicly about it.

“Nigeria has accessed the first tranche of a $5bn derivatives deal with the United Arab Emirates’ largest lender, pressing ahead with a transaction that has been scrutinised for being opaque.

“The West African nation drew about $1.5bn in the last couple of weeks from a total return swap transaction with First Abu Dhabi Bank PJSC, according to people familiar with the transaction, who asked not to be identified because they were not authorised to speak to the media.”

The transaction comes at a time when Nigeria is facing higher borrowing costs in international capital markets, forcing the government to seek alternative financing arrangements to shore up its fiscal position and improve access to foreign exchange liquidity.

Under the arrangement, Nigeria is required to pledge Federal Government securities worth about 133 per cent of any amount drawn under the facility. The implication is, for the $5bn facility, the government would have to post approximately $6.65bn worth of naira-denominated bonds as collateral.

In return, the Abu Dhabi-based lender provides dollar liquidity to the Nigerian government. The Federal Government will pay a floating interest rate benchmark plus about four percentage points, while the lender receives the returns generated by the underlying government securities.

The transaction effectively allows Nigeria to unlock immediate dollar funding without issuing new Eurobonds or taking traditional external loans at prevailing market rates, which have become increasingly expensive for frontier economies.

However, the financing arrangement has attracted criticism from international financial institutions and market analysts over transparency concerns and potential hidden liabilities.

In its June 2026 assessment of African sovereign debt markets, the International Monetary Fund, IMF, cautioned that derivative financing structures such as total return swaps are often opaque and difficult for investors and creditors to monitor.

The IMF noted that such arrangements are “hard to track, hard to value in real time, and can obscure the true extent of a country’s financial obligations.”

Relatedly, Fitch Ratings, 3 days ago, had advised against Nigeria’s $5bn financing arrangement with First Abu Dhabi Bank arguing it could increase sovereign debt risks that reduce transparency in public debt reporting.