Finance
Seme-Mile2 express multiply checkpoints, a diplomatic nuisance
Despite the out cry and condemnation that has greeted the continuous retention of multiply checkpoints along the Mile2 – Seme expressway, the practice has remained persistence and has continue to cause the nation unquantifiable level of diplomatic embarrassment.
Efforts in the past to raid the road of these illegal checkpoints have proved abortive. There has been several directives by various police, Customs and other paramilitary chiefs, instruction such road block to be dismantled but the practice has become a culture that has eaten deep into the fabrics of those involved.
So endemic is the practice that even a directive by former President Olusegun Obasanjo, with all his dictatorial tendencies was tendencies could not stop it as his directive that the road blocks be dismantled was fragrantly disregarded few months later.
Since then, the number of checkpoints along that route has grown over the years and there are presently about 30 of them. A drive by Vanguard from Ghana to Nigeria revealed that they are only five from Ghana to the Benin – Nigeria border while from the Nigerian side of the border to Mile 2, had a total of 30 such checkpoints.
Speaking to Vanguard on the issue at the Nigerian House in Accra Ghana recently, the Nigerian Deputy High Commissioner to Ghana, Abdullahi Salibu, said that issue is causing the nation and Nigerians leaving in the sub-region a whole lot of embarrassment. According to him, “There are about 49 checkpoints at the Seme border alone, from Customs, to Quarantine, to Police, to the SSS and God knows what. It is a shame; it is a very big shame. They are tarnishing our image and we have to wake up and do something drastic about it.”
Salibu explained that a journey from Ghana to Benin – Nigeria border takes about four to five hours while it takes about 14 hours to drive from Seme to Mile 2. He noted that former President Olusegun Obasanjo gave the order to the checkpoints to be dismantled but after just a week, there were back.
He expressed regret that the Nigerian security agencies are gradually introducing the same practice to officials of Benin Republic. He suggested that the only way to bring the problem to an end is for government to show the political will and desire to eliminate the scourge.
Evidence that most of the checkpoints are illegal was the visit of the Comptroller General of Customs, Dikko Inde Abdullahi, to Seme early this year, almost all of them disappeared remaining about three or four. Commenting on the numerous road blocks, Customs Area Controller (CAC) of Seme border station, G.O Aliu, said recently in Seme that there are only three approved checkpoints by the Customs authority along the route which according to him are those in Gbagi, Agbara and Aradagun.
This also is collaborated by the CAC of the Federal Operations Unit (FOU), Zone “A”, Comptroller Kane, who said recently that the FOU is only present at two points, Gbaji which is about 40 kilometers from the Seme border and Agbara that could be connected by other illegal routes away from the border.
Aliu had accused some officials of these agencies of coming from as far Ibadan and Abiokuta to mantle illegal checkpoints and Nigerians as usually give in to them. He advised that the time has come for Nigerians using the route to challenge officials of any of these agencies that are not in the approved ones mentioned above.
He said in some cases people who are not even security personnel also mantles road block and extorts money from people plying that route and stressed that need for drastic action to be taken on the matter.
However, Vanguard can say authoritatively that there about seven to nine illegal road blocks mantled by officials of the NCS up till tomorrow. In the other hand, the police have the highest number of checkpoints amounting to between 15 and 20 on a daily basis. Mr. Dominic Ukpemi who plies that route daily told Vanguard that Police checkpoints are more along that route. Ukpemi, There is the Inspector General’s (IG) squad, the Deputy Inspector General’s (DIG) Squad, the Festac and Mowe squad etc.
He also explained that all the Police Divisions along the route, Seme, Badagry, Oguafun, Morogbo and Ijanike, has three each. He also disclosed that the Anti-Terrorist squad sent to the border has two road blocks while the squad set up by the Police authorities to checkmate the activities of its officers has also set two check points along the route.
Responding on behalf of the Lagos State Police Command, the Police Public Relations Officer Mr. Frank Mba said he is not aware of any checkpoint but only police presence along the route. He noted that what the officers do is stop and search to checkmate car theft along international routes.
The Police image maker said those officers along that route are expected to maintain “strict professional call, decency and decorum in the discharge of their duty.” To this end he continued, a monitoring unit was set up to curb all such vices not just along that route but across the state.
He further noted that monitoring unit is also expected to checkmate officers posted to that route to ensure that they do not engage in practices that are becoming of police officers.
According to him, “It will be wrong to sacrifice the security of Lagosians because of the wrong doing of a few officers by moving out officers posted along the route out.” On the allegation that the monitoring unit itself has set up two road blocks along the route, Mba said, “It is not to the best of my knowledge.”
It would be recalled that the Customs helmsman in November last year set up a committee to check all form of bribery and corruption in the service. The committee known as the Monitoring and Quick Response Team was charged with the responsibility of ensuring that the Service is raided of all vices which has resulted in the bad image presently associated with it.
Deputy Public Relations Officer of the Service, Joseph Attah, who disclosed this recently, noted that the squad is divided into two teams, is to monitor compliance with Headquarters directive on check points and inland ports, monitor and report all cases of non compliance and arrest Officers and stakeholders who engage in any form of bribe giving or taking.
The squad is also expected to embark on surprise attacks on smugglers and make seizures and operate incognito in snuffing out information on new smuggling routes and methodology.
The statement further noted that “The CG emphasized that the squad should not be taken for a task force as they are only put together to compliment the efforts of the Area commands and the Federal Operations Units in ensuring compliance.”
“The Squad is divided into two teams, headed by Assistant Comptroller, Daniya Abdullahi and Chief Superintendent of Customs, Abubakar Argungu. The teams are to cover in rotation all parts of the country.” Despite the operations of the committee six months after, the problem of checkpoints along that route has persisted contrary to the directive of the CGC.
Other security agencies present along the route are the Quarantine that has two, Nigeria Immigration Service (NIS) two, Federal Road Safety Commission (FRSC), not permanent and National Drug Law Enforcement Agency (NDLEA) which also has two road blocks. Similarly, the Port Health Control has two check points, Standard Organization of Nigeria (SON), State Security Service (SSS) and others.
Finance
Afreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
African Export-Import Bank said it has successfully closed its second Samurai bond transaction, securing a total of JPY 81.8 billion (approx. USD 527 million) through Regular and Retail Samurai Bonds offerings.
The execution surpasses the Bank’s 2024 debut issuance size, attracting orders from more than 100 institutional and retail investors, marking a renewed demonstration of strong Japanese investor confidence in the Bank’s credit and its growing presence in the yen capital markets.
On 18 November, Afreximbank priced a JPY 45.8 billion 3-year tranche in the Regular Samurai market following a comprehensive sequence of investor engagement activities leveraging Tokyo International Conference on African Development (TICAD9), including Non-Deal Roadshows (NDRs) in Tokyo, Kanazawa, Kyoto, Shiga and Osaka, a Global Investor Call, and a two-day soft-sounding process which tested investor appetite across 2.5-, 3-, 5-, 7-, and 10-year maturities.
With market expectations of a Bank of Japan interest rate increase, investor demand concentrated in shorter tenors, resulting in a focused 3-year tranche during official marketing.
The tranche attracted strong participation from asset managers (22.3%), life insurers (15.3%), regional corporates, and high-net-worth investors (39.7%).
Concurrently, Afreximbank priced its second Retail Samurai bond on 18 November, a JPY 36.0 billion 3-year tranche, more than double the inaugural JPY 14.1 billion Retail Samurai issuance completed in November 2024.
The 2025 Retail Samurai bond also marks the first Retail Samurai bond issued in Japan in 2025.
Following the amendment to Afreximbank’s shelf registration on 7 November 2025, SMBC Nikko conducted an extensive seven-business-day demand survey through its nationwide branch network, followed by a six-business-day bond offering period.
The offering benefited from strong visibility supported by Afreximbank’s investor engagement across the country, including the Bank’s participation at TICAD9, where Afreximbank hosted the Africa Finance Seminar to introduce Multinational Development Bank’s mandate in Africa and its credit profile to key Japanese institutional investors.
MBC Nikko Securities Inc. acted as Sole Lead Manager and Bookrunner for both the Regular and Retail Samurai transactions. Chandi Mwenebungu, Afreximbank’s Managing Director, Treasury & Markets and Group Treasurer, commented:
“We are pleased with the successful completion of our second Samurai bond transactions, which marked a significant increase from our inaugural Retail Samurai bond in 2024, and which reflect the growing depth of our relationship with Japanese investors.
The strong demand, both in the Regular and Retail offerings, demonstrates sustained confidence in Afreximbank’s credit and mandate.
We remain committed to deepening our engagement in the Samurai market through regular investor activities and continued collaboration with our Japanese partners.”
Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has announced the launch of the Ecobank SME Bazaar—a two-weekend festive marketplace designed to celebrate local creativity, empower entrepreneurs, and give Lagos residents a premium shopping experience this Detty December. The Bazaar will hold on 29–30 November and 6–7 December at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Road, Victoria Island, Lagos. Speaking ahead of the event, Omoboye Odu, Head of SMEs, Ecobank Nigeria, reaffirmed the bank’s commitment to supporting small and medium-sized businesses, describing them as the heartbeat of Nigeria’s economy. She explained that the Ecobank SME Bazaar was created to enhance visibility for entrepreneurs, expand market access, and support sustainable business growth.
According to her, “This isn’t just a market—it’s a vibrant hub of culture, commerce, and connection. From fresh farm produce to trendy fashion, handcrafted pieces, lifestyle products, and delicious food and drinks, the Ecobank SME Bazaar promises an unforgettable experience for both shoppers and participating SMEs. Whether you’re shopping for festive gifts, hunting for unique finds, or soaking in the Detty December energy, this is the place to be.” Ms. Odu added that participating businesses will enjoy increased brand exposure, deeper customer engagement, and meaningful networking opportunities—making the Bazaar a strong platform for both festive-season sales and long-term business growth. The event is powered by Ecobank in partnership with TKD Farms, Eko Marche, Leyyow, and other SME-focused organisations committed to building sustainable enterprises.
The Central Bank of Nigeria (CBN) has said that16 banks have so far met the new capital requirements for their various licences, some four months before the March 31, 2026 deadline. The apex bank also indicated that 27 other banks have raised capital through various methods in one of the most extensive financial sector reforms since 2004. Addressing journalists at the end of the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Mr Olayemi Cardoso said the banking recapitalisation was going on orderly, consistent with the regulator’s expectations. He said, “We are monitoring developments, and indications show the process is moving in the right direction.” Nigeria has 44 deposit-taking banks, including seven commercial banks with international authorisation, 15 with national authorisation, four with regional authorisation, four non-interest banks, six merchant banks, seven financial holding companies and one representative office.
Cardoso explained that eight commercial banks had met the N500 billion capital requirement as of July 22, 2024, rising to 14 by September of the same year. The number has now increased to 16 as the industry continues to race toward full compliance. He said that the reforms would reinforce the resilience of Nigerian banks both within the country and across the continent. “We are building a financial system that will be fit for purpose for the years ahead. Many Nigerian banks now operate across Africa and have been innovative across different markets. These new buffers will better equip them to manage risks in the multiple jurisdictions where they operate,” Cardoso said. According to him, the reforms would strengthen the financial sector’s capability to support households and businesses. He said, “Ultimately, this benefits Nigerians—our traders, our businesses and our citizens—who operate across those regions. “It should give everyone comfort to know that Nigerian banks with deep local understanding are present to support them. Commercial banks are also creating their own buffers through the ongoing recapitalisation.”
He added that the apex bank considered several factors in determining the new capital thresholds, including prevailing macroeconomic conditions, stress test results and the need for stronger risk buffers. He reassured on the regulator’s commitment to strict oversight as the consolidation progresses. “We will rigorously enforce our ‘fit and proper’ criteria for prospective new shareholders, senior management, and board members of banks, and proactively monitor the integrity of financial statements, adequacy of financial resources, and fair valuation of banks’ post-merger balance sheets,” Cardoso said. He said the CBN remained confident that the banking system would emerge stronger at the conclusion of the recapitalization exercise, with institutions better prepared to support Nigeria’s economic transformation Banks have up till March 31, 2026 to beef up their minimum capital base to the new standard set by the apex bank. Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.
While most banks have shareholders’ funds in excess of the new minimum capital base, their share premium and share capital significantly fall short of the new minimum definition. The CBN had in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion. Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026. Under the guidelines for the recapitalisation exercise, banks are expected to subject their new equity funds to capital verification before the clearance of the allotment proposal and release of the funds to the bank for onwards completion of the offer process and addition of the new capital to its capital base. The CBN is the final signatory in a tripartite capital verification committee that included the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC). The committee is saddled with scrutinising new funds being raised by banks under the ongoing banking sector recapitalisation exercise.
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