The Money Market Association of Nigeria (MMAN) has commended the Central Bank of Nigeria (CBN) over its reform policies which have helped to boost inter-bank track, saying that the increase in participation by banks at the track was an indication of renewed confidence in the industry compared to the past when banks were not lending to each other due to financial crisis. Secretary to MMAN, Wale Abbe while speaking to media correspondents in Lagos recently said, the N657 billion bank intervention by the CBN would further guarantee safer and sounder banking institution in the country. He said, “The inter-bank market was not as active as it used to be in the past due to lack of trust among the banks, but presently, participation by banks at the inter-bank market is at its highest ebb”. Disclosing that the banking sector had its own ups and down just like any one, industry in the country. Abbe stated that the industry had done respectively well inspite of the periodic stress it experienced in the last 49 years. “For the banking industry to meet the yearnings of Nigerians, government and the private sector must collaborate to develop the country’s infrastructure. The economy is a reflection of the development in the banking industry because if the banking industry thrives, so also will the economy”, he said. He went on to say that the banking industry was far ahead of the real sector. Adding that inspite of challenges facing the banking industry, it had remained the largest employer of labour and the best in the application of information technology. Abbe said that the sector had been able to bring the banking system through the microfinance bank sub-sector. In a similar development, CBN governor Sanusi Lamido, lamented the comatose state of the nation’s real sector, noting that while the banking sector had record some upswings, the reverse has been the case in the other sector which is equally important to the Nigeria economy. Speaking at a seminar, organised by the Nigerian Economic Summit Group (NESG) in Lagos recently he decried the dwindling fortunes of the sector despite the country’s enormous human and material resources. Government must work and the banks must support the sector to grow the economy. Jack Kelly Ruth
Multiple Fibre Cuts Bar MTN’s 87m Customers From Calls, Data
MTN Nigeria has blamed the recent network issue experienced by its customers nationwide on multiple fibre cuts.
Recall that MTN customers were unable to make calls or use their data last Wednesday.
According to the company, the problem started at about 1.39 PM on Wednesday.
In its reaction via X, MTN Nigeria blamed the network issue on multiple fibre cuts, even as it assured that its engineers are working assiduously to restore normal services.
The statement reads: “Dear Customer, you have been experiencing challenges connecting to the network due to a major service outage caused by multiple fibre cuts, affecting voice and data services.
“Our engineers are working hard to resolve this with services gradually being restored in some areas.
Alake Confident Nigeria’ll Overcome Economic Hardship
The Minister of Solid Minerals Development, Dr Dele Alake has said that Nigeria would soon overcome its current economic hardship.
Alake gave the assurance in a statement by his Special Assistant on Media, Segun Tomori on Wednesday in Abuja.
He said the hardship was because Nigeria was going through a gestation period of economic restructuring and reforms.
He said that President Bola Tinubu was determined to revamp Nigeria’s economy and put on a pedestal for sustainable growth through his Renewed Hope agenda.
According to him, the President has a track record of changing the economic tides of a region, just as he did when he was the governor of Lagos State.
“Going down memory lane to the experience in Lagos state, the then governor Tinubu in 1999, met a state that was almost insolvent, with a monthly Internally Generated Revenue (IGR) of N600 million.
“ And a wage bill of over N1.1 billion monthly, with little or no resources to cater to infrastructure and other sectors of the economy.
“President Tinubu took similar measures in Lagos as he is taking in Nigeria, to turn the tide and financially re-engineer the state. Today, the state is the fifth largest economy in Africa, bigger than most African countries.
“What we are going through is the gestation period of reforms and policies for economic restructuring and like the President will say, it is like throes of pregnancy, that a pregnant woman goes through.
“After delivery, she heaves a sigh of relief,” he said.
The minister urged Nigerians to be patient with the government as the current economic situation would soon stabilise with positive results from on going reforms.
“For the first time, Nigeria has a president well-versed in public finance. I am confident in this administration’s capacity to diversify the economy, plug leakages, and redirect the economy to a path of sustainable growth.
“ The future of this country is extremely very bright. What we need to do is to exude confidence in our ability and capacity to weather the storm of restructuring, economic and societal restructuring.
“As we restructure our economy, putting in physical infrastructure, we must also restructure our minds and mental capacity to be at par with physical development.
“ So that we can efficiently and judiciously enjoy the benefits of physical development.
“With the cooperation of Nigerians, the tide will turn very soon, and we all will be proud, he
Only Professional Builders’ll Handle Global Centre’s Modern Cities – President
The President/ Chief Executive Officer (CEO) of Global Centre for Empowerment and Care for Life Challenges (GCECLC), Amb. Vincent Ejikeme Agbo has said that only professionals would be used for the massive global center real estate housing and industrial development in the country.
The CEO who said this in a chat with the media shortly after their press conference in Port Harcourt recently, reiterated that the group will not compromise standard both in the use of standard building materials or professionals in the building sector.
Amb. Agbo noted that the use of quacks builders and building materials are the major causes of building collapse in the country, adding, “the 5,000 housing units that would be built in the 36 states of the federation and the federal capital territory in the first phase of the GCECLC building project would be the same quality with that of the developed countries”.
He said the building materials would be supplied directly by the main companies, adding, “GCECLC, a non governmental organizations (NGO) has already gotten the license from Dangote group of companies to supply cement at a giveaway price for the building project, seeing the importance of the project to the masses.
“We want to bridge the gap in the Nigerian building sector and this would enable everyone in the country to own a quality building in an environment where the system is working”.
In his contribution, the Vice President of the NGO, Amb. Shittu Isiaka Salami said the group is working with all the building construction agencies to ensure that quality jobs are delivered because, “we have zero tolerance for building collapse”.
Amb Isiaka called on qualified building engineers and contractors to come and do business with the NGO in the project that is aimed at fulfilling United Nations Sustainable Development Goals (UN SDGs) 9 & 11.
The Public Relation Personel/ the marketing contact person for the building project, Amb. Larry Goodwill Ajiola advised interested building engineers and contractors to register for the project, adding that non professional contractors would not be given a chance to build.
Amb Ajiola said contractors should give priority attention to the project when money is given to them as, “no excuse would be tolerated in the first and second phases of the building project aimed at decongesting the urban settlement.
Amb. Ajiola who is also the CEO of I Cnntact- Connect Limited, Port Harcourt, said the project is a welcomed development, especially to the less privileged ones that never thought they could own a house of their own.
He noted that the long span of payment between 10- 30 years makes it affordable to all serious minded citizens, adding, “GCECLC has risen to give hope to the hopeless in the country, especially now that Nigerians are passing through hardship.
“It is a welcomed development to Rivers state and the other 36 States. It is contributing to the welfare of the masses. Everyone will benefit since you will pay small small. I have confidence that the project is already a success”.
One of the invitees, Mrs Ifeoma Usoro commended the NGO for moving into this financial intensive area for their love to help the poor masses and requested for the building engineers to be given more time to conclude registration modalities.
Rivers2 days ago
Hardship: Elder Statesman Urges Niger Deltans To Shun Protests
Sports4 hours ago
Nwabali Receives Hero’s Welcome At Chippa United
News2 hours ago
Nigeria Has Made Positive Contributions To OPEC – Secretary-General
Rivers2 days ago
Body Of New Born Baby Dumped At University Campus
Rivers2 days ago
New Book, ‘Spiritual Instructions’ Launched In Rivers Community
Agriculture3 hours ago
Deploy Inmates To Farms For Agric Revival -Social Crusader
Featured2 days ago
Economic Hardship: Protests Rock S’West, Rivers, Bayelsa, Anambra, Kaduna, Others …NLC Presents Demands To N’Assembly
News4 hours ago
Rivers Women Hold Praise, Thanksgiving Prayer For Fubara, RSG