Out of the N65.21trillion loans granted by Deposit Money Banks in 2019, about N5.28trillion of them are non-performing loans.
The figure is contained in the Banking Sector Data report which was released, yesterday by the National Bureau of Statistics (NBS).
The Bureau in the report said that for the first quarter, the banking sector gave out loans of N15.54trillion out of which N1.67trillion was classified as non-performing loans.
For the second quarter, about N15.48trillion was provided as loans to the economy, from which NPL was put at N1.44trillion.
In the third quarter of last year, about N16.62trillion loan was advanced by banks to the economy out of which N1.1trillion was categorised as NPL.
For the fourth quarter, the sum of N17.56trillion was granted as loans to the real sector.
From this amount, the sum of N1.05trillion was yet to be repaid.
In terms of volume of transactions, the NBS report said that 893.68million transactions valued at N48.54trillion were recorded in the fourth quarter of last year.
The transactions occurred on electronic payment channels in the Nigeria Banking Sector.
The report stated that NIBSS Instant Payments transactions dominated the volume of transactions recording 342.63million volume of NIP transactions valued at N29.69trillion.
As at the fourth quarter of last year, it put the total number of banks’ staff increased by 2.14 per cent from 101,435 in Q3 2019 to 103,610.
Anambra Guber: APGA Chieftain Assures On Victory
Embattled National Chairman of the All Progressives Grand Alliance, Chief Victor Oye, has said despite the contrived crisis within the party, APGA remains the party to beat in the November 6 Governorship Election, in Anambra State.
Oye who said this in an interview in Abuja, on Friday explained that his purported sack by some individuals parading themselves as the National Executive Committee of the party was a threat to Nigeria’s democracy.
“Since 2006 when APGA came to power in Anambra, it has continued to deliver on its election promises year in year out. Peter Obi came in then, and performed superlatively, Willie Obiano has come now and he is doing better, all to the glory of God and the betterment of the people of Anambra State.”
According to him, a comprehensive amendment to the Electoral Act was required to forestall a repeat of the illegality which wanted to be passed off as a NEC meeting of his party.
The APGA chairman said, “Go to INEC to ascertain who is the rightful National Chairman of the party. It is not a contention, I and my executives were elected on the 31st of May, 2019, through a nationally recognized convention, witnessed by INEC and since 2019, we have been doing our businesses without any let or hindrance, but every four years people come up to cause confusion in the party.
“But it is not peculiar to APGA, it is in every political party, but it is like, that of APGA, is becoming very notorious and this is one thing that we have to stop.
“What happened, if not properly handled, can give room to more serious national embarrassment. People can now be emboldened to go on air, once you can pay a fee. Then you can go on air and announce whatever you like, then the social media will spread it, you know the thing spreads in seconds. Now, what I believe could be done is to make the situation and the conditions tighter and stricter.”
Sustaining Existing Peace In ONELGA
Security is one area that leaders of all tiers of government must address their minds to. This is because government originated from the desire of the bourgeoisie to secure their property from the commoners.
Consequently, one of the fundamental responsibilities of government is to ensure the security of lives and property of the citizenry.
Most importantly, the present situation in the country calls for concerted efforts by all and sundry to ensure that law-abiding citizens of the federation were safe.
Interestingly, less than 24 hours from now, chief security officers of the 23 local government councils executive in the Rivers State will be sworn in by the executive governor of the state, Chief Nyesom Wike.
It is expected that the council chairmen will complement the robust security architecture already fixed by the governor. The proactiveness of the state chief executive has paid handsomely as the level of security in the state has been beefed up. This is exemplified by the short fall in security challenges.
Many people who spoke with The Tide on their expectations from the council chairman across the state harped on the need to battle insecurity.
Speaking with newsmen in Port Harcourt on Monday, a business operator and resident of Omoku, Mrs Patience Ndidi (Nee Obuah), who spoke on behalf of the business community urged the incoming chairman to sustain the existing peace in Ogba/Egbema/Ndoni Local Government Area of the State.
She described the chairman-elect, Hon. Vincent Job as a trusted leader as well as epitome of what a leader should be.
Mrs Ndidi expressed hope that the incoming chairman would sustain the existing peace in the area. According to her, “the peace we are enjoying today must be sustained even as we pray for him”.
Also speaking, an elder statesman in the area, Chief Ono Eze Obi, said, “my expectation is for the chairman elect to accord the security of lives and property a priority because our people must stay alive to enjoy the dividends of democracy.”
He noted that insecurity had relegated the local government to the background which they did not want to recur.
“We expect the incoming chairman to tackle security holistically by partnering with relevant stakeholders, security operatives, especially the local government vigilante called ONELGA Security Planning and Advisory Committee (OSPAC),” he stated
“Hon Vincent Job understands administration especially at this level. He is assuming this exalted office at this critical time in our history, when insecurity has been a great source of worry to all and sundry.”
Hon Azubuike Awuya, a youth leader in Obrikom stated.
“He should act like a desired messiah in this regard. I can assure you our people will be pleased with his administration; Hon. Awuya noted.
Another person, who spoke with The Tide, the female youth leader, Hon. Sarah Woko, said the blueprint conveyed by Hon Vincent Job during his electoral campaign received wide acceptance.
She averred that the blueprint had given them the assurance of peace and tranquility in the area.
She said, “the security architecture must be adequately strengthened to further boost both economic and social activities of our people.
Also speaking, a farmer residing in ONELGA, Mr Ossai Tony, noted ,” I join other farmers to plead with the incoming chairman to ensure farmers could conveniently go to their farms without security threats. We give kudos to ONELGA OSPAC. They are the reason farmers can carry out their legitimate business, so we expect him to sustain it.
A trader, Mr Okechukwu Nwokocha who spoke with The Tide noted,” I must thank you for this opportunity. A lot of expectations but the one that concerns us is that of security. Since the arrival of OSPAC business activities have grown steadily. We operate freely without molestation. The only thing he can do for us is the sustenance of security, peace and order. We will be grateful to him”, he said.
It would be recalled that ONELGA was the hotbed of crisis during the era of late Don Wani, the cult kingpin that relegated the LGA to the background. The killing of Don Wani and the formation of OSPAC were two things that brought a new lease of life to residents of the area.
The issue of reliving the horrible and ugly experiences of the pre-OSPAC days has often assailed the minds of ONELGA residents, little wonder then that everyone craves for the sustenance of the security apparatus in the area.
Before OSPAC was formed, many ONELGA communities had been deserted. Raping of women and girls was commonplace. Killings, decapitation and selling of body parts were the order of the day.
Don Wani was the notorious dictator in the entire local government area.
It would be pertinent therefore for successive council administrations in the area to sustain peace so that there should be no relapse into the horrors of the past.
Ralph Echefu is a public affairs analyst, based in Port Harcourt.
Whether Rent Is Refundable
A Tenancy Agreement is a contract between a landlord and the tenant which sets out the rights and obligations of both the landlord and the tenant when renting property in Nigeria. Both landlord and tenant have something called implied rights in all tenancy relationships whether or not a tenancy agreement exists. However, a tenancy agreement is important because it provides further protection for both the landlord and the tenant, and it expands on the implied rights.
As the tenancy agreement is a contract between two parties, the landlord and the tenant, the tenant has the right to review the terms of the tenancy agreement to determine whether or not the agreement protects his/her interests.
As a landlord or a tenant, you need to ensure that your tenancy agreement includes the following terms and information at a minimum:
- The names and addresses of the landlord and the Tenant and the address of the property
- The start date and end date of the tenancy
- How much the rent will be
- Other applicable amounts including legal fees, agency fees, security deposits, service charges/fees etc as applicable.
- The obligation of both the landlord and the tenant.
- An outline of bills the tenant is responsible for.
The above list is not exhaustive, these and more terms that are frequently included in well-drafted tenancy Aaeements. It is advisable therefore, that a well drafted tenancy agreement is signed by both parties.
Having established the fact that a tenancy is a contract, it must be noted that breaking it at will does not entitle the tenant any refund. In simple terms, there is no refund of rent after payment. If the tenancy surrenders before the contract is executed, the Landlord may return the amount gained which was let out during the subsistence of the tenancy which was surrendered, apart from that; a tenant is not entitled to refund. See Abdurahman V. Thomas (2019) 12 NWLR (PT 1685) 107 SC @ 129, Nig Con Holding Com. Ltd V. Owayele (1988) 4 NWLR (PT 90) 588 @ 603.
The mere fact that the tenant returned key does not mean rescission of the tenancy. When tenants returns key before the expiration of his tent, he is not entitled to refund of rent except the property was let out, and it is only for the remainder of the period let out and paid for by the new tenant within the period under by the old tenant.
In other words, your tenancy will continue to subsist in the apartment until it is let to a new tenant. Once the place is let after you have vacated (and before the expiration of your tenancy), you are then refunded for the unexpired term.
- By: Nkechi Bright-Ewere
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