Connect with us

News

2019 Elections: CBN To Monitor Banks’ Lending To Politicians

Published

on

The Central Bank of Nigeria on Thursday said it would monitor the rate at which banks provide loans to politicians to finance their campaign spending ahead of the 2019 general elections.

The Governor of the CBN, Mr Godwin Emefiele, disclosed this while briefing journalists shortly after a two-day Monetary Policy Committee meeting which were held at the headquarters of the apex bank in Abuja.

Responding to a question on what steps the apex bank was taking to check excessive lending by banks to politicians, the governor said that the CBN would be monitoring their activities with a view to intervening when things are about to go wrong.

He expressed optimism that due to past experiences, Deposit Money Banks would not want to take excessive risks by increasing their lending exposure to politicians.

Emefiele said that while banks have their own risk assessment criteria, the apex bank would be closely monitoring their activities so as to protect the banking sector.

He said that the CBN had met with chief executives of banks and during the meeting; they were warned on the dangers of involving in money laundering activities.

The CBN boss said that for any bank that is caught in money laundering activities; the apex bank would not hesitate to impose the appropriate sanction on such bank.

He said, “We have had meetings with the banks and we have asked them to be very careful on money laundering issues, and I believe they will be careful themselves because they know that if they are caught, it means that they will be heavily penalised.

“When you talk about lending to politicians, banks have their risk acceptance criteria and I don’t think that the banks would do that at this time. Everybody must have learnt their lessons.

“We at the Central Bank we are watching. When things go wrong or about to go wrong, we will deal with it as appropriately as possible.”

On the MTN $8.1bn controversy, he said that apex bank had met with top executives of the company who came in from South Africa on the issue.

He said very soon, a final decision of the apex bank on the matter would be announced.

Emefiele said apart from MTN, no other company in Nigeria was under investigation for irregular Certificates of Capital Importation.

He said, “We are in a process where we are saying this matter will be resolved. We have held meetings with the MTN Group.

“They flew in from South Africa and we have held meetings and we are at the verge of making announcement on what the agreements are. I am very optimistic that we have reached the end of the road on this subject.

He added, “The sanctity of our CCI is sacrosanct and no other company is being investigated on the issue of CCI. No other person is being investigated on the issue of CCI. This is an isolated matter.”

On the Monetary Policy Rate, the governor said the Monetary Policy Committee left the rate unchanged at 14 per cent.

He explained that all the 11 members of the committee that attended the meeting agreed to maintain the current monetary policy stance

He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent. Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

Explaining the rationale to hold the MPR at 14 per cent, the governor said, “The committee continues to hold the view that although loosening will encourage the flow of credit to the real sector, help in the reduction of aggregate cost of credit on small business spending and investment, it, however, believes that doing so will reverse more rapidly the gains of pro and exchange rate stability achieved so far.”

He said while the rate of inflation had been trending downward, there were still some risks in the short term.

He gave some of these risks as destruction of agricultural products from flooding, insurgency in the North-East, herdsmen and farmers’ crises, high cost of energy, anticipated spending in the run up to the Christmas festivities and campaign relates spending towards the upcoming general elections.

He said there was need to come up with measures to address these challenges as well as to ensure speedy implementation of the budget.

On the issue of minimum wage, the CBN governor explained that the increase in wages would boost aggregate demand in the economy.

Emefiele also said the apex bank was working on a new initiative to channel the flow of credit to small businesses in the rural areas.

He said, “The committee urged the bank to deepen and broaden access to finance to high employment elastic sector with particular emphasis on small and medium enterprises.

“The committee called on the bank to extend the success recorded under the Anchor Borrowers’ Programme to other items including fish and palm oil by introducing more stringent measures to curb access to foreign exchange for products that can be produced in Nigeria.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Overriding Public Interest: Delta warns against impeding govt projects

Published

on

Overriding Public Interest: Delta warns against impeding govt projects

DAN DENT (ASABA)

SPONSORED BY: H&H

Delta State Government has cautioned citizens against impeding projects meant to serve the general public, saying such actions were illegal and constituted an abuse of the law.

Commissioner for Works, Highways and Urban Roads, Comrade Reuben Izeze (middle)  discussing with the Chief Press Secretary to the Governor, Sir. Festus Ahon (right) shortly after Inspecting the maintaininers of Uti Road on Wednesday,  while the Project Manager Mr. Milad Boutros (left) look on. PIX: SAMUEL JIBUNOR.

The State Commissioner for Works (Highways and Urban Roads), Comrade Reuben Izeze, gave the warning in Effurun on Wednesday during an inspection of the DSC Roundabout Link Road to PTI Junction.

According to him, “no citizen is bigger than the state; I learnt that a citizen has said a particular portion of the road that has been approved cannot be constructed because that is his private property.

“I want to sound it to our people as a note of warning, that, to impede government project in the name of private property is an abuse of the law.

“If your property is on the right of way and we know it is not a road,  this administration has made it a point of duty to pay compensation for the use of such properties in the overriding public interest.

“This project has an overriding public interest; if your property is in the right of way and your property has approval, the best we can do, as we have always done, is to give you compensation.

“But to say you stop government officials from doing their job because you feel you are bigger than the government or you are bigger than the law is absolutely unacceptable.”

Commissioner for Works, Highways and Urban Roads, Comrade Reuben Izeze (right) taking the measurements of the Rod while the zonal Chief Engineer Uvwie and Opke local government Area, Engr. Kporon Ennah (left) look on. PIX: SAMUELm JIBUNOR.

Speaking further,  he said; “so, we are constructing a drainage that would discharge all the water on this road. If you look at this place, it was originally a swamp.

“Meanwhile, this place had all along been intended to be a road that should take traffic from the East-West Road to reduce the volume of traffic on DSC Roundabout and PTI Junction straight to the Eku highway.

“We have come to see what the contractors are doing and I must express my displeasure at the poor quality of engineering work that I have observed here in this drainage.

“In fact, as things stand, considering the volume of water that will be coming from the Julius Berger projects, the existing volume of water from the swamp.

“What is being done here, therefore, necessitates that this drain be done according to the engineering specifications because the volume of water we will be dealing with is enormous.

“However, on getting down here and measuring the distance between the reinforcements, we discovered that the contractor apparently did not pay attention to details.

“So, I have instructed them to remove everything, start afresh and we will come back. They should not put the reinforcement until I have come to inspect what they have done to be sure that they have complied with the spacing as provided for in the Bills of Engineering Measurement and Evaluation.”

Continue Reading

News

Brutality Victim: Anambra State Executive Council Approves Medical Expenses of Victim

Published

on

Brutality Victim: Anambra State Executive Council Approves Medical Expenses of Victim

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Governor Chukwuma Charles Soludo undertakes the medical expenses of a victim of brutality by some contractors of the Anambra State Waste Management Authority (ASWAMA), Mr. Okechukwu Akaneme.

The governor took this humanitarian decision to relieve the victim while strongly denouncing such despicable conduct. In addition to the governor’s gesture, the contractor has been relieved of his engagement with the state agency (ASWAMA) immediately, to serve as a deterrent to others.

In a statement by the Commissioner for Information, Law Mefor, the victim who was assaulted is being hospitalised.

The Council has resolved to pick up his medical overheads, while sympathising with Akaneme ‘s family and prays for his quick recovery.

This profound empathy reflects Soludo’s sincere dedication to offering not just solutions but also a genuine commitment to providing helping hands, support, and hope to the people whenever and wherever required in the state.

                                                                    END

 Press Release

Anambra State Executive Council Awards More Road Contracts

The 37th Anambra State Executive Council (ANSEC) has awarded the contracts for the construction of new roads in the state in preparation for the yuletide season.

 This is aimed at ensuring a memorable Christmas for Ndi Anambra, who will be celebrating the season in the state, from across the country and other parts of the globe.

In a release by the Commissioner for Information, Law Mefor, ANSEC at its 37th Meeting, approved the construction of the 3.75 km Igwe Orizu Road, in Nnewi, to New Idea Construction Company Ltd, and to be completed within six months.

The 10.8 km Nkwor Nnewi to Nkwor Oraifite was awarded to Infratech Construction Ltd at N7.2 billion, with a 12-month completion timeline, while the Oraukwu-Abatete-Nimo bypass in Idemili North measuring 4.922km was awarded to GMG Global Construction and Development Company Ltd, with a delivery date of six months.

At the meeting, the Council observed that many roads awarded at the last executive council meeting, including the New Tarzan Road and the three roads whose contracts were revoked and re-awarded, have not been reported.

Recently, Governor Soludo kept his promise with the completion of the 12.5km Ezira-Umuomaku-Enugu Umuonyia-Achina Road, linking several communities, and the 11.9km Mmiata-Anam-Nzam road, linking the headquarters of Anambra West Local Government Area (LGA).

With the ongoing and completed road projects in the state, Governor Soludo has literally turned Anambra into a construction site in his pursuit of transforming the state into a country-wide destination brand.

Continue Reading

News

LAWMA HOLDS 2024 CHRISTMAS CAROL/END OF THE YEAR THANKS-GIVING

Published

on

LAWMA HOLDS 2024 CHRISTMAS CAROL/END OF THE YEAR THANKS-GIVING

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos Waste Management Authority (LAWMA), has held its annual Christmas Carol and End of the year thanksgiving service, to appreciate God for his goodness and blessings in the out-going year.

The event took place at the authority’s headquarters, Ijora-Olopa, witnessed by LAWMA’s management team, staff, neighbours, friends and well-wishers.

In his welcome address, the Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, thanked God for his mercies and blessings upon the workers of the authority in the out-going year despite challenges.

He said “Today is not a day for speeches but a day for praises and thanksgiving. I appreciate God for his mercies and blessings upon the staff of LAWMA, and I pray he will continue to preserve us as we dedicate our time to service.”

Also, he appreciated members of staff for their support, encouraging them to keep up the good work.

While wishing Lagos residents a merry Christmas and a prosperous new year, he urged residents to always carry out their own obligations towards the environment, and to support the efforts of the authority, in maintaining a clean and liveable Lagos city.

The Executive Director, Finance, Mr. Kunle Adebiyi, thanked God for preserving the lives of LAWMA staff, and for making them witness this year’s thanks-giving service, noting that it was important to keep praising God.

He acknowledged the efforts of Dr. Muyiwa Gbadegesin towards improving waste management operations in the state, to achieve a people-friendly environment.

Delivering a sermon on the event’s theme, “With a grateful heart”, the chapel’s president, Mr. Olawumi Oluwaseyi, urged people to always express gratitude to God, for consistent protection from danger, as he committed every member of the authority into God’s hands, seeking for his grace and mercy.

The first Bible reading of the day was by the LAWMA boss, taken from the book of Genesis 3:8-15, while the second reading was from Genesis 22:15-18,  by the executive director Finance.

Other management staff who read Bible passages included Mrs. Folashade Kadiri, head, Public Affairs; Mr. Adewumi Adetona, head, Advocacy; Dr. Essien Nsuabia, head, Waste Management Development Research; Mrs. Opayemi Abimbola,  head, Commercial Services; Mrs. Bola Adewumi, head, LAWMA Academy; Dr. Modupe Okoh, head, Medical Services, Health and Safety; among others.

The high point of the event was the special song ministration by the guest minister, Sarah Apekeola; rendition of hymns and songs by the Emmanuel Chapel choir, as well as choreographic ministration by the chapel’s children.

Continue Reading

Trending

Copyright © 2021 All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from August24news.com
This Website is designed and Managed by: August 24 Communications Nigerian Limited (RC: 798585)