The Nation Newspaper

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  • Youths vow to work for Diri’s victory

    Mike Odiegwu, Yenagoa

     

    YOUTHS in Bayelsa State have vowed to work for the victory of the People’s Democratic Party (PDP) candidate, Senator Douye Diri and his running mate, Senator Lawrence Ewrujakpor in the November 16 governorship election.

    The youths, who blocked major roads in Yenagoa, the state capital, yesterday at a rally to declare support for the PDP, insisted that Bayelsa remained the stronghold of the party.

    They described other parties as opportunists.

    The youths, who inaugurated a platform, Douye Diri Youth Network (DDYN), under the leadership of Ebilade Ekerefe, said the PDP would win the coming election because of the character of the party’s candidate and its achievements in the state.

    Diri, his running mate, the Director-General of his campaign outfit, Dr. Nimibofa Ayawei, Deputy Director-General, Collins Cocodia and the Speaker of the  House of Assembly, Monday Obolo, attended the inauguration.

    Ekerefe said the crowd of youths that turned up for the inauguration was a clear demonstration that the PDP would retain Bayelsa without deploying violence.

    He said the youths were ready to defend their votes  and ensure that the state was not surrendered to rudderless people.

    Read Also: DSS quizzes Bayelsa activist on Assembly crisis

    He said the membership of their network was widely spread cutting across all the wards, constituencies and local governments promising to mobilise all the youths to identify with the vision of Diri.

    He said: “What you see here is a clear demostration that we will win this election and we will win without violence. It is a clear demostration that the people are ready, the youths are ready to defend their votes. It is a clear demostration that we will never surrender our state into the hands of people who do not mean well for us”.

    In his remarks, Diri said he and his running mate possessed the requisite capacity, intelligence, experience and educational qualifications to govern Bayelsa.

    Diri said: “We have a profile in leadership. You must first of all follow, and we have followed. If you look at the profile of my running mate, it is intimidating. He was a former commissioner, a lawyer, a former legislative aide in the National Assembly and a Senator”.

    The candidate referred to himself as a teacher, who taught in public schools and brought up professors and doctors.

    He said having championed the cause of the Ijaw nation as an active member of the Ijaw National Congress (INC), he would deploy his experience to tackle the problems of oil exploration and sustain the agitation for resource control.

    He said the opposition candidate lacked the required knowledge to govern a complex state like Bayelsa and urged the people not to elect him.

    Diri said: “So, we are here to continue and to add to what the current governor has done and the only way is that Bayelsans will no longer go back to Egypt, forward ever backward never. We want to see our youths having skills and running businesses.”

     

     

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  • Akinfenwa dies at 89

    Emmanuel Oladesu

     

    SENATOR Mojisoluwa Akinfenwa is dead.

    The elder statesman passed on at a private hospital in Ibadan, the Oyo State capital. He was 89.

    One of his daughters  confirmed his demise on telephone last night.

    She said: “It is not a rumour. He has passed on. He died in a private hospital in Ibadan. He was 89.”

    Akinfenwa was a progressive politician. As a teacher, he joined the Action Group (AG) Youth Association, led by the late Chief Remi Fani-Kayode, and later, Ayo Fasanmi, along with his bosom friend, the late Chief Adebayo Adefarati.

    He was among the activist teachers who mobilised pupils against Premier Ladoke Akintola, when he came to Atakumosa Grammar School, Osu, to commission the school laboratory.

    He nearly lost his life thereafter when political thugs, sympathetic to the defunct Nigeria National Democratic Party (NNDP), attacked him.

    The former school principal joined the Committee of Friends, which metamorphosed into the Unity Party of Nigeria (UPN), led by the late Chief Obafemi Awolowo.

    Akinfenwa was appointed Commissioner for Education in 1979 by second Republic Old Oyo State Governor Bola Ige.

    In 1998, he wanted to be governor of Osun State, but was advised to step down during the selection process moderated by Afenifere.

    In 1999, Akinfenwa was elected into the Senate from Ife/Ijesa District on the platform of the Alliance for Democracy (AD). He was the AD Senate Leader. However, he lost re-election in 2003.

    Akinfenwa and his compatriot, Chief Bisi Akande, competed for the national chairman of the party. The contest split the party and the pan-Yoruba organisation.

  • Gbajabiamila to members: you can’t walk away after signing register

    THE days when members sign attendance register in the Chamber and walk away is gone for good, House of Representatives Speaker Femi Gbajabiamila told his colleagues on Thursday.

    Gbajabiamila spoke while ruling on a Point of Order by a member,  Haruna Dederi, who observed that the quorum was not formed on the floor as members debated a motion on drug abuse.

    Dederi, while speaking on the Point of Order, noted that members were very few in the Chamber and a quorum of 120 members was not formed.

    But, Minority Leader Ndudi Elumelu said a quorum cannot be determined by the number of members in the Chamber.

    According to him, “some members have come, signed in the chamber and left for committee assignments and oversight.”

    House Leader Ado Doguwa said it is an established tradition, admitting that the number of members in the Chamber did not reflect quorum.

    Gbajabiamila, who said the House would have to suspend its rules, if the debate would continue, noted that the usual excuse to continue plenary when the quorum is not formed is wrong.

    He referred members to Order 4 Rule 2, saying the House should keep to the spirit of the rule.

    Read Also: Gbajabiamila, Sanwo-Olu, Adebule mourn Oniru

    The order says:

    • The quorum of the House shalt be: one-third of all the members of the House.
    • If any member draws the attention of the Speaker to the fact that a quorum of the House is not present, or if, from the number of members taking part in a division, including those members who declined to vote, it appears that a quorum is not constituted, the Speaker shall cause members to be summoned as if for a division.
    • At the expiration of 15 minutes from such order, the Speaker shalt count the House and, if a quorum is not then constituted, shall adjourn the House forthwith.”

    Gbajabiamila said that things should be done in conformity with the rules of the House.

    “If the intention was that people should come at 10am, sign and go; then, we’re kidding ourselves. We cannot be conducting sitting with 10 members. Hon. Elemelu, I hereby rule you out of order.

    “On the issue of committee work, I’m inclined to agree with that. That’s important and part of sitting of the House. But just to play safe and for future, move for suspension of the rule so we can continue.”

    Also yesterday, the House resolved to probe all the roads constructed by the Federal Government across the country since 2007 to date

    The decision followed the passage of a motion by Dachung Musa Bagus, titled: “Motion on the daily death of Nigerians as result of bad roads in Nigeria” under Matters of Urgent Public Importance at the plenary.

    The House mandated the Richard Olufemi Bamisile-led Committee on Federal Roads Maintenance Agency (FERMA), to investigate all roads constructed by the Federal Government since 2007 till date and report by to House within few weeks for further legislative action.

    The House urged the Federal Government, through the Federal Ministry of Works and Federal Road Maintenance Agency (FERMA), to include the construction and rehabilitation of the bad roads in the country in the priority list for the 2020 budget.

    Bagus, while moving the motion , said: “Notes the challenges caused by poor nature of our roads in the country, which are in  deplorable condition which make it difficult for road users and commuters to without recording avoidable loss of life and enormous damage to  vehicles.

    “Also notes that, most Federal Highways were constructed in the 1970’s and since then, no major quality construction or rehabilitation has been carried out on these important links.

    “Further note that these federal highways have been death traps, most of the routes that link the states to the Federal Capital Territory (FCT), Abuja, are on the verge of being cut off from being part of the federating units of Nigeria.

    “We are concerned that, if urgent measures are not taken to rehabilitate roads to improve the economic and commercial activities of the people in terms of infrastructural development, they will continue to wallow in abject poverty which can lead to the total collapse of the social infrastructure.

    “This can threaten the existence of some States as federating units of the Federal Republic of Nigeria if severed from the road network to the FCT.”

    Bagus raised concerns over the avoidable deaths being recorded on the highways due to the deplorable conditions of the roads.

    According to him, despite the billions of naira invested on repair, road accidents have claimed more lives than the dreaded Book Haram insurgency.

     

  • Homeless

    IN a sense, it isn’t an exaggeration to say that the Senate President, the Speaker of the House of Representatives and their deputies are homeless. According to an October 3 report, President of the Senate Ahmad Lawan, and Speaker of the House of Representatives Femi Gbajabiamila, live in their private homes, instead of official residences, five months after the inauguration of the 9th National Assembly.

    According to the report, “While Lawan still resides in his house in Maitama area of Abuja, Omo-Agege remains in his Guzape home also in the FCT.” Omo-Agege is the Deputy Senate President.

    The report also said: “It was gathered that Gbajabiamila still lives in one of the former official residences in the Apo Legislative Quarters, which were sold to members of the 6th National Assembly by the Federal Government. Wase lives in the Gwarimpa area of the nation’s capital.” Ahmed Idris Wase is the Deputy Speaker of the House of Representatives.

    These presiding officers of the National Assembly are entitled to official residences like the heads of the other arms of the Federal Government, but their official residences are still under construction, more than eight years after construction work began. The cost of the official residences is “estimated at N27.1bn upon completion.”

    The presiding officers of the 9th National Assembly are in this situation because ex-President Goodluck Jonathan’s administration had, on November 30, 2010, approved the sale of the official residences of the presiding officers of the sixth National Assembly in the Apo Legislative Quarters. The beneficiaries at the time were former senate president David Mark; former deputy senate president, Ike Ekweremadu; former Speaker of the House, Dimeji Bankole; and former Deputy Speaker, Usman Nafada.

    Those who sold these official residences and those who bought them were unthinking people in power.  By privatising these official residences, they showed that they could sell and buy anything.

    Since then, the construction of new official residences for the leadership of the National Assembly has been work in progress. “It was reliably gathered that construction of the official residences of the presiding officers of the National Assembly was slowed down for financial reasons,” the report said.

    It’s nearly a decade since the former official residences of the leadership of the National Assembly were privatised. They shouldn’t have been sold in the first place; and they shouldn’t have been bought.  The selling and the buying amounted to corruption. The sellers and the buyers were corrupt.

  • Gen Akinrinade at 80: Courage, commitment, consistency

    FEDERALISM is the combination of self-rule and shared rule in compound polities…. While government in large unitary states is to some extent decentralized, it is non-centralized in federal ones. The powers of regional governments are not delegated by a central government but are directly derived from democratic representations.” — Rainer Baubock, “Why Stay Together? A Pluralist Approach to Secession and Federation” in Citizenship in Diverse Societies edited by Will Kymlicka and Wayne Norman (2000: Oxford University Press), p. 368.

    ‘No country in the world, where people are forced to co-exist on disagreeable terms lasts. Nigeria will not be an exception, if “true federalism” is not entrenched as a national principle of coexistence. It was clear from the beginning that a unitary system will not work in Nigeria as Lugard’s attempt to construct Nigerian unity through an amalgamation failed.’—General Ipoola Alani Akinrinade, “Which Way Nigeria?” A Lecture Delivered at the Inauguration of the New President of The Challenge Club, Ibadan, 2017

    General Ipoola Alani Akinrinade, CFR, GCON, just turned 80 yesterday and, served in his honor was an intellectual menu worthy of his consistency of principle and courageous commitment to national greatness. Ten years ago, on his 70th birthday, I described General Akinrinade as “a one soldier integrity squad.” He remains so.

    Twenty years ago, on General Akinrinade’s 60th birthday, The Moremi Foundation held a symposium in his honor at the Blackburn Center, Howard University, in Washington DC. The theme of that symposium was “Nigeria and the future of federalism”. It was a fitting tribute to the courage and commitment of an officer and gentleman in the best of that tradition, who, having served at the highest levels of the military in professional and political appointments, has not minced words, and has not shied away from speaking truth to power about the  fundamental challenges that we face as a nation. That the powers that be turn deaf ears doesn’t take away from the clarity of his thoughts and the forthrightness of his warnings.

    My interest in this piece is to salute General Akinrinade’s intellectual endowment which he has consistently deployed for more than 25 years in pursuit of true democratic federation in Nigeria. I do this by revisiting his constructive critique of the wobbly structure that the military imposed on the nation by fiat, and his thoughtful alternative for the resolution of the crisis of democracy in our land.

    If Rainer Baubock is right in my opening epigram, that the powers of regional governments are not delegated by the central government but are derived from democratic representation as fashioned in the constitution, we must admit that Nigeria has been practicing a fake variant of federalism since 1966. This is the fundamental problem with our system of governance. It is the root of our crises of identity.

    General Akinrinade is one of those who first saw in the military annulment of the 1993 presidential elections more than a personality disorder on the part of the principal architect of the annulment. He saw the foundation of that blatant disrespect for the rule of law something more sinister lurking in the inner recesses of a group, not just an individual.

    It is well known that Akinrinade refused to join the train of democratic transition in 1999 because it was clear to him that a solid foundation had not been laid for the democratic experiment. He expressed his disappointment that our people had not learnt from their recent history. Thus, in the interview he gave Wahab Gbadamosi of The News in Washington DC in June 1999, it bothered him that the political class decided to accept the military imposed constitution without raising a voice of protest:

    “If you have a political class that knows what the interests of the people and the political system ought to be, they ought to get together and call a conference of their own, outside this their parliamentary system, which is for a selected few who had been put there and declare that they don’t have a constitution….And therefore the political class should reject that (1999) constitution en masse…. They should then declare that they want to make a constitution for the people in their way. And they will win.”

    Of course, they will win because it would be a battle between the military and the people, and the military had just then been disgraced out of office. And the trajectory of our politics would have taken a whole different turn.

    The seed of that 1999 remark was already embedded in the text of General Akinrinade’s speech at the official launching of the Yoruba Autonomy Certificate in Washington DC in May 1998.  That speech underscored the importance of a true federal system which respects the internal autonomy of its constituent units:

    “…But let us suppose that we have managed to establish a Nigeria where there is recognition of equality of rights and privileges for all our people with whatever constitutional restrictions are necessary. Will that guarantee the stability of the commonwealth of Nigeria? …. Is it not quixotic to hope that a democracy of one man one vote will be enough to guarantee the stability of the state?”

    His answer is, of course, No. He then asks if it is not in our interest “to look now beyond the military and try to find our own home grown method of creating a stable Nigeria from the ashes of the military jackboot, a nation that will endure, a nation where no man (or woman) is or feel oppressed.”

    His emphasis then and now for the solution of our democracy crises is to find a political formula that enhances a sense of fairness and justice between the component nationalities so that an Ogoni citizen doesn’t feel oppressed by decisions taken based on majority votes of Fulani or Yoruba citizens. This is the nationality question for liberal democracy. We deceive ourselves if we believe that the principle of one man one vote is the be-all and end-all of democracy.

    In his 2017 Challenge Club lecture quoted in my second epigram above, General Akinrinade canvassed for a restructured Nigeria as solution to the threat of instability and the plague of underdevelopment with its attendant symptoms. He cited the unanimous agreement of the founding fathers for federalism in the 1951 and 1954 constitutional conferences when the emphasis was on “achieving unity at the center through strength in the regions.” This was the principle that formed the bedrock of the 1960 federal constitution and the 1963 republican constitution. It was the principle put into practice between 1955 and 1966 with good visible results that we still reminisce today.

    This takes me again to the quotation in my first epigram. Rainer Baubock distinguishes between unitary states and federal states based on the division of powers between them. Whereas unitary states decentralize powers from the center to the regions, in federal states power is not centralized to start with. Therefore, decentralization is a misnomer. Second, in a federation, the powers of the regional government are not delegated to them from a central government. Those regional powers are derived from democratic representation based on the constitution. Again, this was our system of government prior to the military era.

    Talk about devolution presupposes a pre-existing unitary government doling out excess powers to the regions. Based on the history of the country since 1966, we cannot fault anyone thinking that Nigeria is a unitary state, and that what we need is devolution of power from the center to the states. Incidentally, this is what APC manifesto promises. However, the depth of our structural challenges requires more than doling of powers from the center. It requires a new beginning that takes account of the defining mark of Nigeria as a multinational state. As Baubock also observes, in multinational states, “ a common grievance of national minorities is that “the terms of federation are either unfair or have been violated by the majority” (367).

    Redressing that grievance requires fundamental restructuring that recognizes the primacy of constituent units as was the case in 1951 and 1954.

    Happy 80th, General! Looking forward to the 100th!

     

  • IPOB claims Pretoria protesters

    The outlawed Indigenous People of Biafra (IPOB) on Thursday claimed responsibility for protests outside the Union Buildings in Pretoria, South Africa’s seat of presidency, during President Muhammadu Buhari’s visit.

    It claimed that its members were attacked by South African police.

    Policemen reportedly fired rubber bullets at a small group of Nigerians who were protesting against the state visit.

    According to South Africa’s Sunday Times, at least three people were injured when police fired the rubber bullets.

    It said the protesters claimed that South African President Cyril Ramaphosa was not meeting the real President of Nigeria.

    The protesters were said to have claimed the man meeting Ramaphosa was not Buhari but an impostor.

    Read Also: ‘IPOB members’ attack in South Africa disgraceful’

    Outlawed IPOB Secretary Emma Powerful, in a statement, accused Nigeria and South African governments of sponsoring the attack.

    He said the group’s leader Nnamdi Kanu would hold an emergency broadcast to “expose the real reason” for Buhari’s visit which “was kept away from the public”.

    IPOB said the alleged attack was “a thoroughly ugly and distasteful development that pales the white apartheid regime into insignificance in terms of its brutality and incredulity”.

  • Buhari ready for transparent negotiation, says VP

    Augustine Ehikioya, Abuja

     

    VICE President Yemi Osinbajo last night assured that the Buhari administration will honestly and transparently resolve the request by labour in the implementation of the new national minimum wage.

    Prof. Osinbajo told the leadership of the Trade Union Congress (TUC) led by its President Quadri Olaleye.that they should consider the President as someone committed to the welfare of workers. One of the first things he did when we came in was to give states a series of bailouts to help repay backlog of salaries.”

    The Vice President also noted according to a statement by his Senior Special Assistant on Media and publicity, Laolu Akande, that the Buhari administration refused to ignore the situation, and instead provided different facilities including Paris club refunds and budget support loans to provide immediate succour for States.

    Read Also: Osinbajo pledges ‘uncompromised loyalty’ to Buhari

    He urged Labour to “find ways to work with a government that is honest and wants to work to resolve the issue transparently.

    “Let us give ourselves room to negotiate properly. The President wants an honest, open process, we will be transparent and honest about it. Labour leaders should give us the benefit of the doubt.”

    Dr. Ngige said the new national minimum wage was already being paid by the Federal Government, noting that arrears would also be settled.

  • Buhari, Ramaphosa sign 32 agreements

    Vincent Ikuomola and Augustine Ehikioya, Abuja 

     

    WEEKS after xenophobic attacks in South Africa stirred tension between Africa’s leading economies, President Muhammadu Buhari and his South African counterpart, Cyril Ramaphosa, met yesterday to explore solutions.

    They agreed to set up “early warning mechanisms” to detect hostility between South Africans and Nigerians to avoid recurrence of violence.

    Buhari travelled to South Africa following diplomatic tension between Pretoria and Abuja, a situation that forced the evacuation of about 600 Nigerians.

    While the President expressed his condemnation for the violence against Nigerians, Ramaphosa said Nigerians living in South Africa should respect the law.

    He vowed to ensure there is no recurrence.

    Ramaphosa said: “We have expressed our deep regret at the events of the past few weeks that manifested themselves through attacks that were directed at foreign nationals and our condemnation of all forms of intolerance and acts of violence remains very, very firm.”

    Nigeria recalled its high commissioner and evacuated some of its citizens last month after a spate of attacks left at least 12 people dead, sparking protests in Nigeria that targeted South African companies, including MTN and Shoprite, which were forced to temporarily close shop.

    Buhari condemned “the very few incidents of retaliatory attacks”, saying: “We took strong and decisive measures to stop the attacks and prevent any recurrences.”

    He deplored “in the strongest terms, attacks against Nigerians and other African nationals living in South Africa, the looting of their shops and businesses and burning of their properties”.

    The President added: “We call for the strengthening and implementation of all the necessary measures to prevent the re-occurrence of such action which threatens to undermine, not only our strong bilateral relations but also, what we stand for in the context of our vision for a strong and prosperous Africa we want.”

    Buhari agreed to set up a committee to address the issue of compensation to the victims, though South Africa was yet to formally agree to Nigeria’s reparation request, it was learnt.

    The issue was not mentioned in the joint communique issued at the end of the meeting, but a source who was part of the delegation but prefers not to be named said it was agreed that a committee on compensation is set up.

    In the communique, both leaders condemned the violent incidents and the destruction of property. They reiterated their call for heightened law enforcement.

    Read Also: I’m not interested in third term – Buhari

    The two presidents endorsed the establishment of an Early Warning Mechanism and directed the two Foreign Ministers to give practical expression to it.

    They endorsed the reestablishment of the Republic of South Africa and the Federal Republic of Nigeria Consular Forum to meet twice a year.

    Buhari arrived in South Africa on Wednesday on Ramaphosa’s invitation.

    He attended the inaugural elevated Bi-National Commission (BNC) session, which he co-chaired, as part of continuing bilateral engagements aimed at deepening cooperation.

    The communique says Ramaphosa alluded to the fact that the unfortunate incidents were not consistent with the values and principles underpinning South Africa’s constitutional democracy.

    He dispelled the notion that incidents of violence affecting foreign nationals were targeted at Nigerian nationals, as other foreign nationals and indeed South Africans were also affected.

    Ramaphosa assured his counterpart that the South African government was fully in control of the situation and that several interventions and engagements with the diplomatic community were underway.

    Speaking at the ninth BNC at the Union Building, the seat of the presidency in the capital of Pretoria, Buhari urged the South African government to open up its economy for more Nigerian businesses and to protect them.

    Buhari said: “We are pleased to inform you that our government has made doing business in Nigeria easier through the Ease of Doing Business Initiative to open up more opportunities for investors in Nigeria.

    “We call on the Government of South Africa to also take steps to ease the doing of business in the country, and open up its market space for Nigerian businessmen and women.”

    According to Buhari, Nigeria would continue to value its relationship with South Africa.

    No fewer than 32 agreements and Memoranda of Understanding (MoUs) were signed during the visit.

    Buhari said: “We, in Nigeria, value the warm fraternal relations binding our two countries and cherish our Special relationship. We consider South Africa an ally and a strategic partner.”

    He called for increased collaboration against arms and drug/human trafficking and money laundering.

    Ramaphosa said the attacks were regrettable, assuring that his government would do more to safeguard lives and property.

    He said: “We will always be grateful to Nigeria for the support we received during the dark days of apartheid. We shall never forget the role you played to ensure that our people get the freedom we are enjoying today.”

    Ramaphosa said the 32 bilateral agreements and MoUs cover trade and industry, science and technology, defence, agriculture and energy.

    He said South Africa would create a more enabling environment for Nigerian businesses to thrive, acknowledging that more South African companies operate in Nigeria, while Nigerians were mostly in small and medium scale sectors in his country.

    He promised to deepen the reforms in his country to open the space for more Nigerian business to “address the imbalance”.

    Ramaphosa said: “The rule of law must be obeyed by all citizens. Nigerians in South Africa must obey the rule of law, while South Africans in Nigeria must obey the rule of law.”

    Nigeria is South Africa’s largest trading partner on the continent, with trade flows estimated at $4.48billion in 2018.

    According to data from the Stellenbosch-based Trade Law Centre, only nine per cent of Nigeria’s total trade is intra-African, and almost half of that is with South Africa.

    Nigeria is said to account for 64 per cent of South Africa’s total trade with the West African sub-Region.

  • 12 banks to lose N67.4b return on N499.17b LDR cash

     Nduka Chiejina and Collins Nweze

     

    THE 12 banks sanctioned by the Central Bank of Nigeria (CBN) for failing to meet the 60 per cent Loan to Deposit Ratio (LDR) by September 30, will lose at least N67.4 billion annual interest on the sterilised N499.17 billion cash.

    President, Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, who stated this yesterday, said the amount represents 13.5 per cent minimum interest on the deposits, which is the CBN Monetary Policy Rate (MPR).

    He said by using the stick approach, the regulator has also shown the banks that it can bite.

    “The sanction is an indication that when the CBN tells banks to do something, it must be taken seriously. I still believe that the CBN may release the funds to the banks when they meet the new 65 per cent LDR target. The good thing is that the funds still counts for the banks’ liquidity ratio,” Olowu said.

    Former Executive Director, Keystone Bank, Richard Obire, said getting the banks to lend more requires certain policy decisions on the part of the CBN, including crashing the Treasury Bills (T-Bills) rates.

    He said: “If the banks do not find the T-Bills attractive investment plan, they will be forced to lend to the real sector.”

    The 12 affected banks are: Citibank (N100,743,055, 321); First Bank of Nigeria (N74,668,880,480); FBNQuest Merchant Bank (N2, 697,456,144); First City Monument Bank (FCMB), (N14, 371,064, 742) and Guaranty Trust Bank (N25, 147, 933, 628).

    Others are Jaiz Bank (N7, 525, 165,552); Keystone Bank (N4, 162, 938, 879); Rand Merchant Bank (N2, 823,177,399); Standard Chartered Bank (N30,027,137,984); SunTrust Bank (N1,703,205,427); United Bank for Africa (N99,676,181,916) and Zenith Bank (N135,629,337,625).

    The CRR is a portion of the banks’ deposits kept with the CBN for regulatory reasons.

    The apex bank, on July 3, 2019, directed banks to maintain a minimum Loan Deposit Ratio (LDR) of 60 per cent by September 30, 2019.

    The LDR, which was being reviewed quarterly to improve lending to the real sector, was 58.5 per cent as at May. It has now been raised to 65 per cent for the last quarter of the year.

    Banks say they have increased lending to their customers by N860 billion within the last 11 weeks.

    Speaking at the Bankers’ Committee meeting in Abuja, Managing Director of Zenith Bank, Ebenezer Onyeagwu, hinted that the bulk of the banks’ lending was to retail and mortgage sectors.

    Read Also: CBN order on cash deposit may be revised

    Managing Director of Citi Bank, Akin Daudu, said banks have increased lending by N860 billion in 11 months to support economic growth and investments.

    The bankers, when asked how they managed to be debited N499 billion for not meeting the lending threshold, said the debit was not a punishment but a nudge by the Central Bank of Nigeria (CBN) to get them to lend to more businesses.

    The bankers said they were delighted that “there is an increase in the flow of credit to preferred sectors of the economy as a result of the policies of CBN that compels banks to raise their LDR to at least 60 per cent before the end of September 2019.”

    According to them, they were able to secure CBN’s support to guarantee recovery of loans to some vulnerable sectors.

    They said: “We are mindful of the fact that there are some vulnerable sectors that we would be lending to. It is important for us to make sure that we mitigate our risks and have a credit fault default clause that allows us to set off the obligations of defaulting party against any other monies that defaulting party has in the industry.

    “It is important for all of us to include that provision in our loan agreements and the CBN is supportive in ensuring that where there is a need for us to enforce that clause, it would be enforceable.”

  • Bureau de Change operator arraigned for N17.9m ‘fraud’

    Adebisi Onanuga

     

    A BUREAU de change operator, Arinze Onwudiwe, was on Thursday arraigned before an an Igbosere Magistrates’ Court for alleged N17.9 million fraud.

    Onwudiwe was alleged to have obtained N17.9 million from a businessman,  Mr Chinonso Nnebedum under the pretext of changing the money to US dollar equivalent.

    Onwudiwe,  40, of no fixed address  is facing a three-count charge of conspiracy, fraud and stealing  before Magistrate,  Mrs A. A. Famobiwo.

    Prosecuting Insp. Ibrahim Haruna told the court that the defendant committed the alleged offences on September 11, at 11.00a.m, at No. 5, Ganiyat Street, Monkey Village Maza-Maza, Lagos.

    The prosecutor said that the defendant fraudulently obtained the sum of N17.9 million from the complainant, Nnebedum, under the guise of giving him its dollar equivalent.

    He said the defendant, instead converted the money to  personal use.

    Onwudiwe pleaded not guilty.

    Magistrate Famobiwo granted him bail in the sum of N1million with two sureties in like sum.

    She ordered that the sureties must be gainfully employed and should show evidence of two years tax payments to the Lagos State Government.

    She adjourned the case until November 5.