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Tag: Samuel Nzekwe

  • Ex-ANAN president urges FG to expedite action on 2019 budget

    Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), has advised the Federal Government to expedite action in presenting the 2019 budget proposal to the National Assembly.

    Nzekwe gave the advice in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun on Thursday.

    According to him, the advice became necessary in order not to create panic in the economy.

    He further said that taking decisions and direction where the economy should go would be difficult to predict since the Federal Government was the biggest spender in the country.

    Read Also: 2019 budget: Special FEC session to hold Friday

    The former ANAN president noted that delay in passing annual budget was a major challenge confronting the country.

    “Annual budget should be ready as early as possible so that the National  Assembly can contribute their own part to the budget, ‘’ Nzekwe said.

    The accountant said that budget delay was not good for an economy just coming out of recession.

    He, however, urged the Federal Government to redouble its efforts in preparing the  2019 budget and ensure that the budget is passed as early as possible to increase  activities in the economy.

  • Skye Bank: Expert advises CBN to strictly enforce financial guidelines on banks

    A financial expert, Dr Samuel Nzekwe, has advised the Central Bank of Nigeria (CBN) to intensify efforts to  enforce  the implementation of  its  financial guidelines  in banks,  to forestall collapse of the financial sector  in the  country.

    Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with our reporters on Sunday in Ota. Ogun.

    He was reacting to the announcement  of CBN that Skye Bank had been taken over by Polaris Bank.

    Mr Godwin Emefiele, the CBN Governor,  announced on Friday  that Polaris Bank had taken over the assets and liabilities of Skye Bank.

    According to him, if Skye Bank had strictly followed and looked into the CBN financial guidelines on granting loans to investors, the bank would not have problems.

    Nzekwe said that it could have been devastating and terrible if  depositors of the troubled bank lost all their money.

    “We have to appreciate the apex bank for not allowing people’s money to go down with the troubled bank because when bank has problems like this, it is the customers that bear the burdens and the loss, ” he said.

    Read Also: CBN revokes Skye Bank’s licence

    The former ANAN president noted that the action of the CBN would make people to have confidence in the financial sector since customers were safe when there in times of crises in the banking sector.

    Nzekwe further said that it would boost financial inclusion in the financial sector as people would be willing to bring their money to the banks.

    “When people brought more funds into the financial sector, the banks would be able to perform their financial roles which would make the economy to develop,” he said.

    The expert, however, said that the direct effect of the troubled bank would be on the shareholders as they would lose all their shares in the bank.

    Nzekwe explained that this would make investors to reduce purchasing banks’ shares on the floor of Nigeria Stock Market as people would begin to lose confidence in banking stocks.

    The former ANAN president also advised shareholders to always vote out non-directors at the Annual General Meetings (AGM), to avert collapse of such company.

    He, however, said that CBN should not have changed the name of the Skye Bank so as not to scare investors away from the bank.

    NAN

     

  • Expert tasks FG to utilize rising oil price for economic growth

    Expert tasks FG to utilize rising oil price for economic growth

    A financial expert, Dr Samuel Nzekwe, has advised the Federal Government to utilise the rising oil price in the international market to achieve sustainable economic growth for the country.

    Nzekwe, who was the former President, Association of National Accountants of Nigeria (ANAN), gave the advice on Thursday in Ota, Ogun.

    He made the comment while reacting to the increase in the nation’s external reserves.

    Mr. Isaac Okorafor, the Director of Communication, CBN, on Monday in Abuja, said the nation’s external reserves increased from 38.2 billion dollars in December to 40.4 billion dollars in January.

    According to Nzekwe, the increase in the reserves due to rise in the price of oil at the international market is encouraging because it will support the country’s export for some time.

    The former ANAN president also said the international community would now be willing to do business with the country because it now had adequate financial back up.

    Read Also: Oil price slips below $65/bbl

    Nzekwe, however, warned that the nation’s external reserve was still fragile because any volatility in the petroleum sector would negatively affect it.

    “Any informal shock in the international market would hit the country, and the external reserves would not be able to move forward, rather it would decrease,” he said.

    The expert urged the Federal Government to focus on massive infrastructure development to support the productive sector.

    He said investment in infrastructure would attract more revenues.

    “The ability of the Federal Government to leverage on this development would attract foreign investors as well as achieve sustainable economic growth for the country.

    NAN

     

  • Ex-ANAN Chief advises FG on early passage of 2018 budget

    Ex-ANAN Chief advises FG on early passage of 2018 budget

    Dr Samuel Nzekwe,  a former President, Association of National Accountants of Nigeria ( ANAN ) has advised the Federal Government to push for early passage of the 2018 budget.

    Nzekwe said in Ota, Ogun, on Wednesday that the early passage of the budget would facilitate rapid infrastructure  development.

    He urged the National Assembly to pass the budget on time to allow the government undertake massive infrastructure development in power, roads and rail sector in 2018.

    “There is the need for the Federal Government to work according to the budget so that it could achieve most of its goals in 2018. ” he added.

    Read also: 2018 budget: Expert advises Govt, NASS on early passage

    Nzekwe noted that the late passage of the 2017 budget led to the non payment of local contractors and imposing hardship on the people.

    The former ANAN president said that infrastructure deficit was the major problem facing the nation.

    “Stable power supply and other amenities are the backbone of any nation because no economy can thrive and move forward positively without infrastructure development. ” he said.

    Nzekwe also said that power supply was imperative for the nation’s industries to thrive and provide employment opportunities for youths in order to eradicate poverty in the country.

    The former ANAN boss, however, implored the government to formulate people’s-oriented policies that would benefit all Nigerians in 2018.

    NAN