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Agbakoba Urges Buhari To Review Banks’ Lending Policy

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10 years ago

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A maritime lawyer and rights
activist, Dr Olisa Agbakoba (SAN), has urged the President-elect, Muhammadu Buhari, to review the lending policy of banks.
Agbakoba made the plea in an interview with newsmen in Lagos on Thursday.
“The heartbeat of any economy is the financial services sector, but because the financial services sector is pursuing the wrong agenda, it is not growing.
The financial services sector namely banks, lend money to big men but banks are known to lend money to the average Nigerian.
“The lending policy of banks is something the Nigerian president must correct. It is not enough to identify two or three billionaires and one bank gives all the money.
“The country cannot grow that way. It will just simply make one man rich, but when lending is done on a consumer basis, what we call consumer banking, then, 175 million Nigerians potentially can be borrowing and that is the only way that the banks can really, truly grow and become giant.
“This is the model that banks follow abroad. Lend money to everybody across the board, but the problem with lending money across the board here is that the banks are interested in getting their money back.
“Which means that the institutions supporting the financial services sector, the laws, must be strong.
“No bank would give money; you cannot pay and then to take you 10 years in court.
“The two things in the financial services sector would be a change in the lending procedure but strengthen the recovery procedure.’’
According to him, banks prefer to give secured credits.
Agbakoba said the incoming administration should be bothered about how to raise revenues in view of dwindling resources.
He said that the business community had a lot of business ideas, but no financial capacity.
“Development is driven by national guarantees. You will find that the business community would have a lot of ideas but no financial capacity.
“It is the government that provides the guarantee. This is standard practice everywhere across the world. You would have an Export-Import Guarantee Bank (NEXIM).
“So, if they approve what you are doing; so, I want to set up an airline. It will cost me 100 million dollars.
“I don’t have it, I have this.
“The government looks at my papers; they give Boeing a guarantee. So, Boeing knows that if there is a default, they go against the government.
The maritime lawyer said the final challenge for the president-elect “is planning’’.
According to Agbakoba, without planning, all these suggestions will not be achieved as the president-elect needs professionals and right pegs in the right hole in his cabinet.
He suggested that the Federal Executive Council (FEC) should now revert to its real function of development agenda for Nigerians and not a contract-awarding body.
The maritime lawyer said that if all the measures “are put in place, government will be looking toward saving between 30 to 40 per cent of the national income’’.
Agbakoba said the savings could be ploughed into sectors like education, infrastructure and housing, among others.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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