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Improve Regulatory Capacity, LCCI Urges CBN

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The Lagos Chamber of Commerce and Industry (LCCI) has said that due to the significant growth in Nigeria’s banking industry in recent times, that there was need for the apex regulatory body, the Central Bank of Nigeria (CBN) to also scale up its supervisory capacity.

This it said is necessary if the Central Bank would do its work of supervision well.

The Chamber, which spoke through Asiwaju Solomon Kayode Onafowokan, its President, said the accompanying sophistication in the operation of the bank, disversity and complexity of their operations require that the CBN also raises its bar of supervision.

According to him, the CBN should as a starting point, examine critically capacity issues within its operations while also ensure improvement of in- house capacity through training and related programmes.

He said the bank should also ensure recruitment of experienced hands from the industry; and engagement of consultants through outsourcing.

He observed an astronomical growth in the rate of credit, alongside rise in non-performing loans over the last five years, saying this has credited serious difficulties for banks in accessing assets used as collaterals for most of the non-performing loans.

He said it has created serious risk management for many banks, adding: “The legal processes involved in debt recovery are cumbersome, awkward and frustrating. The new CBN leadership, in collaboration with the National Assembly, should put in place enabling legislations to protect creditors from debtors who deliberately want to avoid repayment of loans. The CBN should be part of the courts that would deal swiftly with debt recovery issues, among other commercial disputes.”

He made reference to the current global financial meltdown, saying the huge exposure of Nigerian banks to the capital market and resultant adverse impact on asset quality was mainly a failure of risk management.

Onafowokan said the chamber is pleased to note that risk management is an area of core competence of the new governor of the CBN and that they were expecting him to bring this to bear on the quality and standards of risk management in the industry.

He said compliance with the best practice standards outlined in the Basle 11 Acord should be rigorously enforced for operators in the industry, and that the CBN should ensure full disclosure by banks with regard to their exposure and also full provisioning.

According to the LCCI President, this will help preserve the stability of the financial system, protect the depositors’ funds and safeguard the investments of the shareholders.

He said the pressure on the financial sector at times like this is quite high, and that the capital market window for the boosting of capital and liquidity is no longer as robust as it used to be.

He said given that investors’ confidences had dwindled considerably, there is need to create a conducive environment for market driven consolidation to create accommodation for the weak banks.

According to him, this would encourage voluntary mergers and acquisition which would result in stronger banking institutions and a more stable financial system.

“One of the major initiatives to lessen the impact of toxic assets on the financial system was the move to create asset management company to manage toxic assets. This has been in a drawing board for over five years. We appreciate that there should be an enabling legislation for this to happen. We urged the governor to work closely and quickly with the national assembly to fast-track the process for the creation of the asset management company to bring relief to banks which are burdened with loans” the LCCI President said.

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Delta Attorney-General Laments Hike In Human Trafficking

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Delta State Attorney-General and Commissioner for Justice, Ekemejero Ohwovoriole (SAN) has lamented the increasing rate of human trafficking, especially the girl child in the state.
Ohwovoriole decried the increase in his office in Asaba when the zonal commander of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Mr Nduka Nwawenne paid him a courtesy visit.
The Attorney-General stated that it was against the dignity of the state and disheartening to see that Delta State now ranked first in human trafficking, overtaking Edo State.
He stressed the need for stakeholders to tackle the menace, adding that if it was one single victim that was rescued, they would be rewarded for their efforts.
Ohwovoriole stated that young girls were the most vulnerable ones in the issue of human trafficking, stressing that children from poor family backgrounds also fall victim to human trafficking.
While saying that their request for an office space in the state would be looked into, to see how the government could be of assistance to them, he assured them of his ministry’s partnership in the fight against human trafficking.
He said that the Task Force on human trafficking and irregular migration, which he chairs, should be having regular meetings.
Earlier, the Zonal Commander of Naptip, Mr. Nwawenne informed the commissioner that Delta state had overtaken Edo state as the foremost state in human trafficking in nigeria.
He told the Attorney-General that their Zonal Command was the first to be established in Nigeria because of the prevailing issues of human trafficking in the area, noting that ika south was the highest in cases of human trafficking as a result of its proximity with edo state.
Nwawenne appealed to the Commissioner and the State Government to provide office accommodation for their officials to operate in Asaba.

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Army Arrests 50 Foreigners, Others For Job Racketeering

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The Nigerian Army said it has arrested 50 suspects, including foreigners, for alleged international job racketeering in Lagos.
The Director, Army Public Relations, Brig. Gen. Onyema Nwachukwu, who addressed journalists in Abuja, on Wednesday, said the suspects were arrested during an operation jointly conducted by the Army and the Nigeria Immigration Service.
He also disclosed that no fewer than 13 criminals were killed and 88 arrested during various operations across 20 states of the federation.
Among those arrested include 50 suspects comprising foreigners who were nabbed for alleged International job racketeering.
Onyema said, “In the South-West region, on November 2, 2023, troops of 9 Brigade Nigerian Army in conjunction with personnel of Nigerian Immigration Service, Lagos State Command, conducted a raid operation on a suspected criminal hideout at Ifako Ijaye.
“During the operation, 50 suspects, including foreigners who specialise in international job racketeering, were arrested. In a similar development same day, the same troops arrested two suspects at a hotel in Ogba in the Ikeja LGA.
“The arrest was in connection with the murder of one Mallam Idris Ardo, the Ardo of Panya Village in Plateau State. Preliminary investigation revealed that one of the arrested suspects masterminded the killing of Ardo and fled the community since the incident occurred.”

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Elder Statesman Charges FG On Judges, Magistrates’ Security

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An elders statesman and advocate of oil rights in the Niger Delta, Rev Sokari Soberekon, has called on the Federal Government to beef up security for High Court Judges and Magistrates in the country. The iconoclastic doctor of humanities made this plea while addressing newsmen during the just concluded 2023/2024 rededication of the legal year of the Rivers State Judiciary held at the St. Cyprian’s Anglican Church in Port Harcourt last Thursday.
Soberekon stressed the essence of maximised security for Judges and Magistrates in Nigeria to ensure prompt and fearless dispensation of justice, equity and fairplay. He, maintained that apart from armed Police orderlies, the Judges and Magistrates should be legally authorised to keep personal arms for self defence when necessary, adding that this innovative policy would enhance the desired environment for an independent judiciary.
According to the octogenarian minority rights activist, the judiciary is the sanctuary of justice and equity.
He recalled the circumstances surrounding the gruesome murder of the former Federal Attorney General and Minister of Justice, Late. Chief Bola Ige.
Soberekon noted that, in spite of the retinue of official security aides attached to the late former Governor of Oyo State, Ige would not have been murdered if he was personally armed on that fateful day of his demise.
Soberekon emphasised the need to shun eye service in the nation’s polity.
He, however, maintained that the only Oga in politics is God Almighty, who he said uses people to install others in office.
Soberekon recalled the meeting he had with King Alfred Diete-Spiff in Lagos from where the pioneer Governor of the State started planning the blueprint of the old Rivers State.
He said what Rivers State needs now is peace, and applauded the placard with the description, ‘Peace’, displayed during the rededication ceremony.
He noted with delight that while delivering a sermon at the occasion, the Vicar of the church advised Nigerians to give peace a chance and also to build a nation where peace and justice reign.

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