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.
Army Arrests 50 Foreigners, Others For Job Racketeering
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.”
Elder Statesman Charges FG On Judges, Magistrates’ Security
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.
Bayelsa Poll: Party Chieftain Tips Sylva For Victory
A chieftain of the All Progressives Congress (APC), Chief Fente Thomas Abrakasa, has said the Bayelsa State governorship candidate of the party in the forthcoming governorship election, Chief Timipre Sylva, would win landslide in the Nembe Local Government Area of the State and in other parts of the state.
Abrakasa stated this recently in Yenagoa, the State capital, while speaking with newsmen following a close door meeting with stakeholders of the constituency in Nembe Government Area of the State.
At the meeting, Abrakassa was unanimously selected as the new leader of the APC for the Nembe Constituency one.
He noted that though over the years, he had deliberately led a passive political life, he has been an ardent supporter of good causes in politics with patriotic and development friendly politicians.
The Tide also learnt that Chief Abrakasa has vested interest in the oil and gas industry, especially in oil pipelines surveillance and related contracts.
“All those parading themselves as die-hard members of the Peoples Democratic Party (PDP) in Nembe constituency one should note that the APC candidate, Chief Sylva, would win completely in Nembe constituency one and beyond.
“I’ve told our party faithfuls to be prepared to peacefully deliver our governorship candidate in the forthcoming November 11 polls. We’d work together and partner for the victory of Chief Timipre Sylva and victory for the APC in Nembe Constituency one, and, by God’s grace beyond the Constituency”, he said.
Also speaking, the new Deputy leader of the party in the constituency, Chief (Hon) Omie Derri Agbazule called on party faithful to unite together for the victory of the party’s gubernatorial candidate.
He stated that the APC was the best party, and Chief Sylva was the most qualified amongst all candidates from all the parties contesting for the State’s Governorship election.
Agbazule also noted that the leadership of the party at the Nembe constituency one under Abrakasa and himself in collaboration with the party’s faithfuls were willing to return the former Minister of State for Petroleum elected as Governor of the State, come November 11, 2023.
By: Ariwera Ibibo-Howells,
Rivers4 days ago
MOSIEND Charges Kalabari Monarchs On Peace, Unity
Niger Delta3 days ago
PAP: Kuku Urges Ndiomu To Revive, Complete Vocational Centers In N’Delta
Niger Delta2 days ago
PAP: Kuku Urges Ndiomu To Revive, Complete Vocational Centres
Featured4 days ago
Stop Attacking Judges, CJN, NBA Tell Politicians …Say Public Sentiments Can’t Displace Law
SMEs4 days ago
Banker Tasks Entrepreneurs On Risk-Taking
News2 days ago
Fighter Plane Missing Since WW11 Found 80 Years Later
News4 days ago
Court Upholds Fubara’s Victory, Dismisses Cole, Others’ Suits
Opinion4 days ago
Driving Food Sufficiency In Unfriendly Economy