Business
Banks’ Non-Performing Loans Hit N692bn
The Central Bank of Nigeria (CBN), has put the non-performing loans of banks in the country at N692 billion as at August.
Dr, Kingsley Moghalu, CBN Deputy Governor (Financial System Stability), disclosed this in Lagos on Monday.
Moghalu said that the amount represented a reduction of N418 billion or 37.66 per cent against the N1.11 trillion non-performing loans recorded in 2010.
He said that the average banking industry’s non-performing loan, as a percentage to total credit, currently stood at N9.37 per cent, adding that this was below the maximum prudential threshold of 12.5 per cent.
He said that CBN had identified a strategy to respond to future threat from the consequences of the last financial crisis.
Moghalu said that CBN would pursue the strategy in the next 12 months to develop and establish a framework for the resolution of the banking crisis in future with “strong scenario planning”.
He said that the strategy would develop and implement a strong macro-prudential framework that would anticipate and address macroeconomic imbalances and shocks.
Moghalu said that it would prevent the systemic exposure to which the banking and wider financial system in Nigeria were vulnerable, including global economic dynamics.
He said that as part of the strategy, the CBN would continue to strengthen the micro-prudential regulation and supervision of individual banks and promote their safety and soundness.
“Banks need to move away from the swashbuckling, deal-making accent it has acquired in recent decades, back to the traditional, conservative ethics that emphasise trust between banks and their customers, as well as prudence.
“Let the future of banking in Nigeria be well informed and shaped by the experiences of the past 25 years.
“If that experience is any guide, all stakeholders- operators, regulators and the banking public have a key role to play in the sound growth of the banking sector.
“Banking is too important to any society to be left to bankers alone,” Moghalu said.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.