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  • No more non-performing loans, CBN warns banks

    There is no room for money changers in the banking sector of the financial economy, the Central Bank of Nigeria (CBN), told banks on Tuesday.

    CBN Governor Godwin Emefiele said the banks should be major players in growing the economy, and warned that the era of armchair banking was over.

    According to him, the days of non-performing loans (NPLs) had become history in the country “as anyone who benefits from any facility must pay back”.

    Adding bite to the NPL issue, Emefiele appealed to the judiciary to support efforts towards ensuring that bank debtors pay back what they owe.

    Read Also: CBN cashless policy’ll benefit Nigerians, says PayAttitude founder Apochi

    Speaking at the opening of the 12th Annual Banking and Finance Conference, in Abuja yesterday, the CBN governor, represented by the Deputy Governor, Economic Policy, Dr. Joseph Nnanna, said: “We do not want the banks to be money changers. Banking is not banking if you only play in the government fixed income space.

    “Banking becomes meaningful when you take liquidity excesses from your surplus centres and channel them into scarce areas, that way you are transforming liquidity into assets and you are growing the economy and creating employment.”

    The era when banks deployed their assets in fixed income instruments particularly Treasury Bills (TBs) and Bonds at the expense of the real sector “is over”.

    He charged the banking sector to live up to its core responsibility of stimulating the economy by advancing credit to the real sector to create jobs for teeming population.

    Emefiele, who noted that the days of brick and mortar banking were gone, urged the banks to digitalise their operations.

    He identified unemployment as the biggest challenge in the country and appealed to the banking industry to assist government in tackling the challenge.

    Emefiele said: “Today, with our new generation banks, the players of this space are digital in nature. We have gone beyond armchair banking where players play safe. Today, the CBN is calling on the banking system to be alive to its responsibility. We cannot conceive an economy without banks and neither can we conceive banks without an economy.

    “What do I mean by this?  What I am simply saying is that the days of armchair banking, playing in the treasury bills space- those days are right behind us. The CBN is bullish and we have in fact, taken our responsibility very seriously.

    “In the past months, we have come with new initiatives. The loans to deposit ratio is aimed at transforming liquidity management into risk asset management and asset transformation.”

    Describing unemployment as the most serious issue, Emefiele urged the banks to play a crucial role by supporting government in asset creation.

    “We must support the government in creating jobs for the teeming population,” he said.

    He implored banks to redirect their idle liquidity by transforming them into asset creation tools.

    “We have also tried to de-risk the banking industry. The days of non-performing loans are behind us and we call upon the judiciary to assist us in this regard,” Emefiele said.

    Going forward, he said: “We shall learn to borrow in the old fashion way; by paying back when we have accessed facility from the banks. As Nigerians, the future of our country is in our hands and that future must be defined by the banking industry. Without money, we go nowhere in any economy in the world: with money we can go places.”

  • Protesters demand Ambode’s probe

    SCORES of protesters under the aegis of Lagos Youth Vanguard (LYV) on Tuesday protested at the Lagos State House of Assembly complex demanding the probe of former governor Akinwunmi Ambode.

    The protesters, who chanted solidarity songs, were led by the Patron of LYV, Mr. Rasak Olokooba, and the President of the Group, Mr. Ibrahim Ekundina.

    Some of the placards carried by the protesters read: “Ambode, submit yourself for probe,” “Ambode must be probed,” “EFCC, do your job.”

    The LYV stated in its leaflets distributed to journalists that Ambode “deliberately laid landmine through the obvious improper, inappropriate and insufficient content in his handover note that should serve as a guide to the incoming administration in the tradition of every civilised public officer.”

    The group accused Ambode of flouting official procedures, saying that he refused to abide by the procurement laws.

    He was accused of wrong priority in policies and programmes as well as abandoning the track that could bring about development in the state.

    Read Also: Alleged misdeeds: EFCC searches Ambode’s home

    The LYV said: “We call for his probe and investigation with a view to apportioning appropriate penalties.

    “We want to assure the good people of Lagos State, and all the people that care about Lagos that we will continue to pursue every legitimate means until justice is done.”

    The group’s Patron Olokooba said it was good to be fair to every administration.

    Olokooba added that they had watched events for 90 days and that there were clear indications that the former governor had been making attempts to sabotage the current administration.

    He said: “For every government that is going out, you leave a template for the coming government to succeed. Ambode handed over a very rickety handing over note that cannot assist the current administration.

    “If you go round the state today, you will see that there is no governor that would inherit such state and the people of the state would be happy with him, but thank God the goodwill enjoyed by Governor Babajide Sanwo-Olu is still intact, if not, by now the people of Lagos State would have been complaining bitterly.”

     

     

  • Court orders DSS to release Sowore to Falana

    A FEDERAL High Court in Abuja has ordered the Department of State Services (DSS) to release detained Convener of #RevolutionNow protest, Omoyele Sowore.

    Justice Taiwo Taiwo, in a ruling yesterday, directed that Sowore, who was also the presidential candidate of African Action Congress (AAC) in the last general election, be handed to his lawyer, Mr. Femi Falana (SAN).

    The activist lawyer is to produce Sowore for arraignment whenever he is required.

    Justice Taiwo also directed that since a charge had been filed against the Sahara Reporters publisher, he should deposit his passport and other travel documents to ensure his availability for trial.

    The judge held that the court’s earlier order, made on August 8, which permitted the DSS to detain Sowore for 45 days in the first instance, expired on September 21.

    He added that since the DSS withdrew its application, in which it had sought the renewal of the detention order for another 20 days, there was no longer any existing order of court for the publisher’s continued detention by the DSS.

    The ruling followed an application filed yesterday by Falana for Sowore’s freedom.

    The Office of the Attorney General of the Federation (AGF) filed a seven-count of treasonable felony and money laundering against Sowore and Olawale Adebayo Bakare (aka Mandate) last Friday.

    Read Also: On Sowore’s travails

    Falana, at the beginning of proceedings, withdrew the application he had filed for his client’s bail, on the grounds that it was overtaken by events.

    The lawyer averred that since Sowore had not been charged with terrorism, there was no basis for the application to be moved.

    He prayed the court to order his client’s release from DSS custody since its earlier order, which permitted the DSS to detain him for 45 days, expired by since September 21.

    Falana averred that since the DSS also withdrew its application for the renewal of the detention order, there was no competent subsisting order of court for Sowore’s continued detention.

    “Since the application for the renewal of the detention of the respondent has been withdrawn and struck out by the court, we urge the court to make an order for the immediate release of the respondent from custody, in line with Section 35 of the 1999 Constitution.

    “In addition, since the order of this court, made on August 8, 2019, for the detention of the respondent by the DSS for 45 days has expired by exclusion of time, the implication is that as from today (yesterday), there is no order of a competent court for the remand or further detention of the applic

  • Yoruba Youth Coalition rejects Akintoye as Yoruba leader

    The Yoruba Youth Coalition Group has rejected and denounced the process that led to the emergence of Prof. Banji Akintoye as the leader of the Yoruba.

    A communiqué made available to reporters on Tuesday in Akure by the Yoruba Youth National Leader, Mr Eric Oluwole and the coalition spokesperson, Mr Ojo Bright, said: “Following the current trend of events within the leadership of Yoruba race, we wish to state without mincing words that the youth of Yoruba extraction vehemently denounce the declaration of Prof. Banji Akintoye as the leader of the race.

    Read Also: Prof Akintoye and Yoruba leadership

    “While we note the essence and need for a Yoruba leader at a critical time like this, we, however, frown at a backyard and lopsided process to produce a leader for the race.

    “We consider this fire brigade approach as one capable of achieving the total opposite of the desired result for the unification of the Yoruba race. This desecration must stop now,” the communiqué read in parts.”

    The group urged the youth to rise up and graduate from being referred to as mere future leaders to leaders of today and tomorrow, saying “hence we cannot afford to mortgage our future by maintaining criminal silence on this pertinent issue.”

  • Killing of python caused cows’ death on sacred hill, say indigenes

    MORE facts emerged on Tuesday concerning the mysterious death of 36 cows on Okeowa hill in Ijare, Ifedore Local Government Area of Ondo State.

    It was learnt from indigenes of the town that the herders killed a big python on the Okeowa hill.

    The killing of the snake, according to them, is a taboo and against the tradition of the community.

    Thirty-Six cows owned by some herders died mysteriously in the community after they were said to have been struck by lightning on Saturday.

    The traditional ruler and people of the community confirmed that the cows died after they desecrated the Okeowa hill, where sacrifice is made every year by their monarch.

    But a source in the town said the cows died because the people abandoned the annual ritual at Okeowa hills.

    “When you get to the palace, ask them when last they worshipped on Okeowa,” he said.

    Read Also: Ondo PDP loses Woman Leader, 13 days after auto crash

    The Miyetti Attah Cattle Breeders Association of Nigeria in the state described the death of the 36 cows as an act of God.

    Its Chairman, Bello Garba, said members of the association had visited the area to ascertain what was responsible for the death of the cows.

    He noted that their findings showed that the cows were not poisoned, as being insinuated in some quarters.

    Garba said his members would always live in peace with the host communities.

    He added that the association would continue to sensitise its members on the need to avoid sacred areas when grazing animals, to prevent a recurrence.

  • Buhari gives Budget Office marching order on Budget 2020

    Barring the unforeseen, the 2020 Appropriation Bill would be transmitted to the National Assembly for consideration next week, it was learnt on Tuesday.

    President Muhammadu Buhari, a source told The Nation, has ordered the Budget Office of the Federation to expedite work on the budget so that he can lay it before the National Assembly before the end of this month.

    The month ends next Monday.

    The Nation learnt that a letter was on Monday dispatched from the President’s Office to the Director-General Budget Office to ensure that the budget gets to the President’s desk for vetting and approval ahead of the transmission to the National Assembly.

    According to a source, the Director-General, Budget Office, Ben Akabueze “has gone into closed door sessions with Schedule Officers in the Budget Office to come up with a clean copy of the budget that will be taken to the President.”

    The source was optimistic that the 2020 Budget will be submitted to the National Assembly in the coming week.

    Read Also: Federal Govt proposes N9.789tr budget for 2020

    Details of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) 2020-2022 show that capital expenditure would suffer successive cuts for the three-year period to N1.76 trillion in 2020, despite increases in total expenditure.

    On the other hand, recurrent was billed to rise from N3.41 trillion in 2018 to N4.7 trillion in 2019.

    The key assumptions of the 2020 Budget Framework, include oil production (2.18 mbpd); oil price ($55/pb); exchange rate N305/$; inflation rate 10.81 per cent; nominal consumption (N122.75) trillion; nominal GDP (N142.96 trillion) and a 2.93 per cent GDP growth rate.

    A lower benchmark of oil price of $55/b (against $60/b for 2019) is assumed considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

    Also yesterday, Senate President Ahmad Lawan said the National Assembly was awaiting the presentation of the budget proposals and MTEF/FSP documents by President Muhammadu Buhari.

    Lawan had last Friday expressed the eagerness of the National Assembly to get the 2020 budget proposals.

    The Senate had urged the President Buhari-led Federal Executive to ensure that the 2020 Appropriation Bill was made ready before the federal lawmakers resume from their recess.

    Buhari, Lawan and House of Representatives Speaker Femi Gbajabiamila, have been calling  for the country’s return to the January-December budget cycle.

    Lawan, specifically told all the ministers-designate, after their confirmation, to cooperate with the parliament to ensure speedy submission, consideration and passage of the budget once they were inaugurated.

    On September 4, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had, 2019 announced that, “the 2020 Budget preparation process is well-underway, and we intend to finalise and submit the 2020 appropriation bill to the National Assembly by the end of this month.”

    Mrs. Ahmed repeated herself at the presentation of the 2020-2023 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) in Abuja.

    At the presentation, Mrs. Ahmed said that the next fiscal year would be challenging.

    Earlier in the year, as the 2020 budget preparation commenced, all Ministries Departments and Agencies (MDAs) of government were ordered to get clearance from the Budget office of the Federation (BoF) before they make any new hires or recruitments.

    A circular from the BoF tagged: “2020 personnel cost budget call circular BD/2000/EXP/S.651/)” and issued to all MDAs ahead of the submission of the budget, noted that consultants, contract staff, Youth Corps members, industrial attaches, legionnaires and the likes should not be included in the nominal roll as they are not permanent/pensionable staff of the Federal Government.”

    The circular, which is another mechanism for easing out ghost workers on government payroll, reads: “Allowances due to Youth Corpers are provided centrally through the National Youth Service Corps (NYSC) which is the body charged with the responsibility for paying allowances to Corpers. MDAs are not required to include allowances for Youth Corpers in their personnel cost estimates.”

    “With regards to the impending new minimum wage payout by government, the circular maintained that “the personnel cost template for all employees currently earning below N30, 000 will be immediately amended and used in preparing the budget for affected grade levels.”

    However, for other grade levels, it was revealed that “the existing personnel cost will be used. An omnibus service wide provision will be made to cover the estimated cost of the consequential adjustment as and when negotiations are concluded.”

  • Adebayo, Dangote to speak on AfCFTA at IoD confab

    THE Minister of Industry, Trade & Investment, Otunba Adeniyi Adebayo is the keynote speaker and will lead other top speakers as the Institute of Directors (IoD) Nigeria 2019 Annual Director’s Conference in Abuja.

    The conference, according to a statement endorsed by the DG/CEO of the Institute, Bamidele Alimi, is scheduled for September 26 2019 at Transcorp Hilton, Abuja.

    The event, which would be declared open by the Vice President, Prof. Yemi Osinbajo has the President of the Dangote Group, Alhaji Aliko Dangote, as Chairman.

    With  African Continental Free Trade Agreement (AfCFTA) as its theme, the conference also has other top participants such as Chairman, Economic Advisory Committee, Dr Doyin Salami,  Special Adviser to the President on Ease of Doing Business, Dr Jumoke Oduwole, President, Manufacturers Association of Nigeria (MAN) Engr Ahmed Mansur,  Partner, The Law Union, Mr Desmond Guobadia; Engr Chidi Izuwah, Director-General, Infrastructure Concession Regulatory Commission, Ambassador Chiedu Osakwe, Director-General, National Office for Trade Negotiation and Engr Terhemba Nongo, Ag. Managing Director of NEPZA.

    Alimi said the conference, which will host no fewer than 500 Directors from various sectors of the economy who are members and non-members of IoD, is expected to examine the country’s preparation for AfCFTA and the opportunities that the development presents for the economy.

    The speakers and discussants would provide insight into these areas. The event would be closed with a Special Business Meets Government Dinner, where the Kaduna State Governor, Mallam Nasir El Rufai is the Guest Speaker and the Senate President, Sen. Ahmed Lawan is Special Guest of Honour.

     

  • Atiku heads for Supreme Court as APC files counter appeal

    PEOPLES Democratic Party (PDP) candidate in the last presidential election, Atiku Abubakar, and his party have asked the Supreme Court to reverse the decision of the Presidential Election Petition Court (PEPC) which upheld President Muhammadu Buhari’s victory.

    Atiku and the PDP made the request in a notice of appeal containing 66 grounds which they filed on Monday.

    They said PEPC erred in law in its resolution of the five issues it identified for the determination of their petition.

    The PEPC, in its judgment on September 11, resolved the five issues against the petitioners and in favour of the respondents – the Independent National Electoral Commission (INEC), President Buhari and his party, the All Progressives Congress (APC).

    The All Progressives Congress (APC) has also filed motions challenging sections of the September 11 judgment.

    In a cross appeal, the party is asking the Supreme Court to reconsider PEPC’s decision to accept evidence by three witnesses (numbers 40, 59 and 60).

    They are Atiku’s spokesperson Segun Showunmi, a data expert David Njorga and a data analyst Joseph Gbenga.

    The APC, through its lawyer Lateef Fagbemi (SAN), also wants the court to remove at least 42 paragraphs from PDP’s petition.

    Atiku and the PDP faulted the PEPC for holding that President Buhari did not need to attach his academic qualifications to the form CF 001 submitted to INEC to secure clearance to participate in the election.

    On ground one of the appeal, the appellants argued that the learned Justices of the Court of Appeal erred in law when they relied on “overall interest of justice” to hold that the second respondent’s Exhibits R1 to R26, P85 and P86 were properly admitted in evidence.

    They also faulted the Justices of the Court of Appeal on the other grounds.

    In pointing out the errors, the appellants submitted that the Appellate Court gave restrictive interpretation to Section 76 of the Electoral Act 2010 (as amended) in order to exclude Form CF001 from its provisions.

    Read Also: Why I am pursuing judicial option for my mandate — Atiku

    “The conduct of election by INEC, which is the first respondent, starts with the screening of candidates. No candidate can be screened unless he completes Form CF001 (Exhibit P1).

    “In Form CF001, under the column for ‘Schools Attended/Educational Qualification(s) With Dates’, there is the clear provision: ‘Attach evidence of all educational qualifications.’

    “Certificates are evidence of educational qualifications.”

    The appellants submitted that “Form CF001 is designed to take care of the provision in Section 31(2) of the Electoral Act (as amended)” regarding the “list or information” a candidate is expected to submit and verify by an affidavit.

    “The prescription in Form CF001 for a candidate to attach evidence of all educational qualifications is part of statutory requirements. Form CF001 is made pursuant to statutory provisions.”

    On ground four, Atiku submitted that the learned Justices of the Court of Appeal erred in law when they held thus: “There was/is no pleadings in the petition to the effect that the second respondent’s failure to attach his certificates to Form CF001 amounts to lack of educational qualification to contest the election.

     

     

     

  • No NIN, no UTME in 2020, JAMB tells candidates

    THE Joint Admissions and Matriculation Board (JAMB) has advised candidates wishing to write the 2020 Unified Tertiary Matriculation Examination (UTME) to register with the National Identity Management Commission (NIMC) to enable them obtain the National Identification Number (NIN).

    The board said the NIN would be compulsory for UTME registration next year.

    It insisted that only candidates with NIN would be allowed to sit for the examination next year.

    JAMB said it would no longer capture the biometrics of candidates as information required by the board would be uploaded from the data captured by the NIMC for registration.

    Its Head of Information, Dr. Fabian Benjamin, explained the board’s position on NIN in an interview on Wednesday in Abuja.

    Read Also: JAMB to prosecute exam cheats, impersonators

    Benjamin said the NIN would guard against all forms of registration infractions.

    He said: “Henceforth, the National Identification Number  (NIN) would be compulsory for the UTME registration.

    “All candidates desiring to register for the 2020 UTME, other JAMB processes, are urged to visit the nearest NIMC centre or its licensed agents for the NIN registration ahead of the UTME registration, if they have not done so.”

    Dr. Benjamin stressed that candidates would be required to present their NIN at the point of registration.

    He said the board has made arrangements with NIMC for candidates who do not have the NIN to be registered at the centre by NIMC or its licensed agents.

    The JAMB spokesperson advised candidates who had registered and acquired the NIN before attaining the age of 16 to update their NIN registration status before proceeding for the UTME registration.

    “If a candidate has NIN but has misplaced the number, he/she can retrieve the NIN by either going to any NIMC office/its licensed agents or dialling *346# (USSD Code) on the SIM number earlier used to register for the NIN and the NIN would be sent to the candidate.

    “If he/she does not have the SIM number used for the NIN registration, such a candidate should visit the nearest NIMC centre or any of its licensed agents.

    “Candidate’s name, as arranged on the NIMC data base, would be same on JAMB data after registration.

    “If any candidate has complaints of name arrangement such a candidate should first rectify such issue with NIMC before proceeding for registration,” he added.

     

  • Senate urges economic diversification to boost forex

    THE Senate has advised the Federal Government to accelerate the diversification of the economy to improve the country’s foreign exchange (forex) earnings.

    The call was made in resolutions reached by the Senate following consideration of a motion titled: Urgent need to revive the Palm Oil industry in Nigeria.

    The motion was sponsored by Senator Francis Onyewuchi (PDP, Imo East) and co-sponsored by 15 other senators.

    The Senate, which resumed its plenary session on yesterday, urged the Federal Government to revive the moribund Nigerian Institute for Oil Palm Research (NIFOR) in Benin, Edo State as well as  boost  oil production in order to meet the domestic needs of the market.

    On NIFOR, the motion urged the government to support investment in research and production of quality oil palm seeds. The upper chamber said that the discovery of crude oil in commercial quantity has resulted in the gradual neglect of agriculture by successive governments.

    Senator Onyewuchi said: “Nigeria spends $500 million on oil palm importation annually despite being the largest producer and exporter of the product in the 50s and 60s. “The country is now the net importer of palm oil, importing 400,000 – 600,000 metric tons of palm oil in order to meet local demand.”

    In his contribution to the debate, the Senate Leader, Senator Yahaya Abdullahi, bemoaned the lack of discipline and implementation in the agricultural sector.

    Read Also: Lawan: Senate awaits MTEF, budget

    Abdullahi said: “Until this is done, there can be no meaningful development to be achieved economically from the sector.” In his remarks, Senate President, Ahmad Lawan, underscored the need and importance to finance the growth of the agricultural sector in Nigeria.

    “In 2005, I was Chairman, House Committee on Agriculture. We funded the Institutes; 22 of them and they did very well. I agree completely that we have not been funding these institutes.

    “So, if we need an economy that will work for everyone, then we must invest in the agricultural sector.

    “Our committee should engage with the ministries departments and agencies (MDAs) so that at the end of the day, we can contribute meaningfully to take agriculture to the next level,” the Senate president said.