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50 Debtors Owe Banks N5.6trn

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The challenge of defaulting credits, which has put the banking system under pressure, may not end soon as financial institutions’ top 50 debtors owe N5.59 trillion (34 per cent) of total industry credit exposure of N16.29 trillion.
But an adverse economic impact on the borrowers and their businesses, resulting in rising default, additional provisioning by banks and consequent reduction in banks’ Capital Adequacy Ratio (CAR), has been blamed for the default.
The N5.59 trillion represents 77 per cent of the nation’s 2017 federal budget proposal at N7.3 trillion, and would comfortably fund the non-debt recurrent expenditure at N2.98 trillion, as well as capital expenditure of N2.24 trillion.
It also amounts to the size of three large banks; six medium size banks; the entire small size banks; and the entire capital base requirements of all the banks and other financial institutions in the country. What this effectively says is that administration of credit by the banks has not been widespread. It is restrictive, leaving unserviced a large chunk of small and mid-scale operators who need financial lifelines to remain afloat.
The revelation came just as the banking industry Non-Performing Loans (NPLs) moved up from 11.7 per cent to 12.8 per cent at the end of 2016 to N2.1 trillion at the end of December 2016 from N1.67 trillion in June of the same year.
But despite the NPL challenges, Nigerian banks have been adjudged stable in a six-month financial stability test, amid declining economic growth, rising credit risks and default that have affected the operations.
The stability of the banking sector has been attributed to the regulatory foresight in adopting prudential ratios that are far above international thresholds, which now serve as a buffer for the operators in difficult times.
Credit default has become a lingering challenge in the banking sector, with the Asset Management Corporation of Nigeria (AMCON), battling non-responsive debtors that liquidated some lenders since 2010, while fresh ones are now piling up, creating an operational and survival dilemma.
The Managing Director of First Registrar, Bayo Olugbemi, said the problem of credit was not about the volume, but the level of performance. He sees nothing to worry about in the number of people involved in the debt but cautioned that financial institutions no longer have excuse for not checking up the background of creditors before proceeding, as it has become easier with emerging policies and technologies.
Frontline economist, Bismarck Rewane, said it was not totally unexpected given the challenging macroeconomic situation in the country, but admitted that increase in industry NPL, with such debt concentration, must be watched.
As at December 2016, loans to the oil and gas sector constituted 30.02 per cent of the gross loan portfolio of the banking system as credit to that sector grew from N4.5 trillion to N4.9 trillion.
The development showed that despite the economic misfortunes of crude oil, banks are still lending heavily to the sector operators, and perhaps in efforts to aid further their operations or to other related sub-sector.
“Overall, credit risk remains tangible in 2017 as obligors remain constrained in servicing both naira and foreign currency-denominated loans due to the low level of economic activities, low international oil prices and the depreciation of the naira,” the Financial Stability Report of the Central Bank of Nigeria noted.
The liquidity ratio for the banking industry increased by 1.35 percentage points to 43.96 per cent, above the prudential minimum limit of 30 per cent, as they all raised stake in government’s assets with the increased Monetary Policy Rates from 12 per cent to 14 per cent.
Specifically, the stress test covering 23 commercial and merchant banks, to evaluate their resilience to credit, liquidity, interest rate and contagion risks, showed that capital adequacy indicators declined marginally, but remained above the regulatory thresholds,

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CAN President Tasks Christians On Unity

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Against the backdrop of rising economic challenges and global uncertainties, the President of the Christian Association of Nigeria (CAN), Archbishop Daniel Okoh, has called for calm, unity, and responsible leadership as Christians across the country mark Palm Sunday, yesterday.
In a statement released yesterday, Okoh reflected on the significance of Palm Sunday, saying that it is a moment that symbolises peace, humility, and hope, even in times of tension and uncertainty.
He further explained that Jesus entered Jerusalem with calm resolve, not as a display of force, but with a message of peace and purpose.
The CAN President noted, “The message of the Christian observance is particularly relevant as many Nigerians grapple with economic hardship, including rising cost of living, increasing fuel prices, and escalating food costs.”
He attributed part of the economic pressure to global developments, especially geopolitical tensions involving Iran, Israel, and the United States that are already impacting energy markets and, by extension, everyday life in Nigeria.
He stressed that across the country, families are feeling the weight of these times, with transport costs rising, food prices climbing, and daily life becoming more difficult.
He stated that Nigerians are primarily concerned with survival and stability, appealing to leaders at all levels to be mindful of the tone and impact of their words and actions.

According to him, when life feels uncertain, people need reassurance, they need stability and the confidence that those in authority understand their struggles. He stressed that the lessons of Palm Sunday should guide leadership, as true leadership is defined not by force or rhetoric, but by empathy, restraint, and a commitment to the common good.
He stressed that it is a time for decisions that ease burdens, calm anxieties, and bring people together, and called on the Church and Nigerians of all faiths to embrace their responsibility in promoting peace and unity.
He said Palm Sunday serves as a reminder of a time when people from diverse backgrounds came together in shared hope and purpose, pointing out that the same spirit is needed now to stand for peace, strengthen unity, and support one another, especially in a season that could easily tilt towards tension.
Okoh encouraged young Nigerians and those most affected by the current economic realities not to lose hope, acknowledging that while the challenges are real, they are not insurmountable.

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Acting Provost Dismisses Alleged Missing Equipment Claims At Rivers Health College

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The Acting Provost of the Rivers State College of Health Science and Management Technology, Dr. (Mrs.) Peace Chigozirim Amadi has refuted claims circulating in the media suggesting that laboratory equipment went missing from the college.
In a recent statement, Dr. Amadi described the reports—particularly those attributed to certain publications—as false and misleading. She emphasized that all laboratory equipment at the college remain intact.
“I am here to set the record straight. No laboratory equipment disappeared from my college. Nothing is missing,” Dr. Amadi said, challenging anyone with contrary claims to provide evidence, including the names of the equipment and their supposed locations.
She further noted that the college recently underwent an accreditation exercise, during which significant investments were made in laboratory equipment. According to Dr. Amadi, these items are fully accounted for, and the college maintains a robust security system to protect its assets.
“Everything is intact. Nothing disappeared. The information being circulated is false and should be discarded,” she reiterated.
Beyond addressing the allegations, Dr. Amadi also called on media practitioners to exercise professionalism and verify stories before publication. “I want to plead with journalists to always verify their stories. Junk journalism does not help anyone. No matter the information you receive, it is important to hear the other side before publishing,” she said.
While social media posts have occasionally raised concerns about various issues in the region’s health education sector, including extortion and examination malpractice at related institutions, there is no independent evidence from credible news sources confirming that equipment went missing from Rivers State College of Health Science and Management Technology.
The college, a public tertiary institution based in Port Harcourt, Rivers State, is accredited to offer a variety of health-related programs, including Nursing, Midwifery, Laboratory Technology, and Environmental Health. It has consistently emphasised integrity, safety, and transparency in its operations.
Dr. Amadi’s statement seeks to reassure the public, students, and stakeholders that the college remains secure, well-managed, and free from the alleged equipment losses, while urging journalists to prioritise accuracy in reporting.

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Hausa Leader Lauds Fubara For Sustaining Peace, Security In Rivers

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The Chairman of the Arewa Traditional Council of Chiefs in Rivers State, Alhaji Hussaini Isa Madaki, has commended Governor Siminalayi Fubara of Rivers State for his efforts in sustaining peace and security of lives and property across the state.
Madaki, who is also the Sarkin Hausawa in Rivers State, described the governor as a leader who has embraced the Hausa community as part of the larger family in the state.
Speaking with journalists at his office in Port Harcourt during the 2026 Eid al-Fitr celebration, Madaki noted that Governor Fubara has demonstrated fairness and inclusiveness by not segregating any ethnic group, particularly the Hausa community.
He added that the governor’s peaceful disposition has positioned Rivers State as one of the most accommodating and peaceful states in the country.
Madaki further assured that the Hausa community would continue to give maximum support to the Fubara-led administration until the end of its tenure.
He also urged members of the community to remain peaceful and law-abiding as they go about their lawful activities.
On community development, Madaki disclosed that district and ward heads have been appointed and crowned across Hausa settlements in the State to ensure proper coordination and profiling of residents. According to him, the initiative is aimed at strengthening security, enhancing identification, and improving crisis management at the grassroots level.
He explained that the move became necessary due to recurring security concerns, including disturbances allegedly caused by some scavengers and cart pushers.
Madaki called on the newly appointed leaders to promote inclusiveness, harmony, and peaceful coexistence in the discharge of their responsibilities.
Those appointed include Alhaji Abubakar as Port Harcourt City District Head; Alhaji Buba Usman (Eleme axis); Malam Adamu (Eagle Island); Alhaji Tanlasuki (Gborokiri Yam Zone); Abdullahi (Rumukwurushi); Adamu Suleiman (Aboloma); and Useni Umaru (D-Line).
He appealed to Governor Fubara to formally recognise the efforts of the Hausa leadership structure in the State and extend further support in the spirit of inclusivity and unity.

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