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Improve Regulatory Capacity, LCCI Urges CBN
The Lagos Chamber of Commerce and Industry (LCCI) has said that due to the significant growth in Nigeria’s banking industry in recent times, that there was need for the apex regulatory body, the Central Bank of Nigeria (CBN) to also scale up its supervisory capacity.
This it said is necessary if the Central Bank would do its work of supervision well.
The Chamber, which spoke through Asiwaju Solomon Kayode Onafowokan, its President, said the accompanying sophistication in the operation of the bank, disversity and complexity of their operations require that the CBN also raises its bar of supervision.
According to him, the CBN should as a starting point, examine critically capacity issues within its operations while also ensure improvement of in- house capacity through training and related programmes.
He said the bank should also ensure recruitment of experienced hands from the industry; and engagement of consultants through outsourcing.
He observed an astronomical growth in the rate of credit, alongside rise in non-performing loans over the last five years, saying this has credited serious difficulties for banks in accessing assets used as collaterals for most of the non-performing loans.
He said it has created serious risk management for many banks, adding: “The legal processes involved in debt recovery are cumbersome, awkward and frustrating. The new CBN leadership, in collaboration with the National Assembly, should put in place enabling legislations to protect creditors from debtors who deliberately want to avoid repayment of loans. The CBN should be part of the courts that would deal swiftly with debt recovery issues, among other commercial disputes.”
He made reference to the current global financial meltdown, saying the huge exposure of Nigerian banks to the capital market and resultant adverse impact on asset quality was mainly a failure of risk management.
Onafowokan said the chamber is pleased to note that risk management is an area of core competence of the new governor of the CBN and that they were expecting him to bring this to bear on the quality and standards of risk management in the industry.
He said compliance with the best practice standards outlined in the Basle 11 Acord should be rigorously enforced for operators in the industry, and that the CBN should ensure full disclosure by banks with regard to their exposure and also full provisioning.
According to the LCCI President, this will help preserve the stability of the financial system, protect the depositors’ funds and safeguard the investments of the shareholders.
He said the pressure on the financial sector at times like this is quite high, and that the capital market window for the boosting of capital and liquidity is no longer as robust as it used to be.
He said given that investors’ confidences had dwindled considerably, there is need to create a conducive environment for market driven consolidation to create accommodation for the weak banks.
According to him, this would encourage voluntary mergers and acquisition which would result in stronger banking institutions and a more stable financial system.
“One of the major initiatives to lessen the impact of toxic assets on the financial system was the move to create asset management company to manage toxic assets. This has been in a drawing board for over five years. We appreciate that there should be an enabling legislation for this to happen. We urged the governor to work closely and quickly with the national assembly to fast-track the process for the creation of the asset management company to bring relief to banks which are burdened with loans” the LCCI President said.
Rivers State Governor, Sir Siminalayi Fubara, has explained that he is guided by the commitment to deliver projects that are strategic and significant towards improving the lives of people in the State on an enduring scale.
The Governor made the explanation during the inauguration of the remodelled Government Girls’ Secondary School in Ahoada Town, Ahoada East Local Government Area on Friday.
At the event, Governor Fubara was conferred with the traditional title of Eze Yawe Ugo of Ekpeye land (The King who brings happiness and joy to Ekpeye land) by the Ekpeye Council of Traditional Rulers.
Governor Fubara stated that he inherited the school project when he assumed office on May 29, 2024, and decided to continue with the three contractors because education issue is a top priority in his administration.
He said that the investment made will definitely translate into providing quality educational training for the girl-child in the area to become bold, resourceful and responsible citizens.
The Governor noted, “So, we will not celebrate things that will not have meaning. That is why we are here today to inaugurate this school, a special school for people that are going to be mothers in this great nation.
“They are people that will be wives to great men. And if you don’t produce a quality girl-child, it means the nation is gone. So, you can see, everybody can attest that we are strategic; it is not just doing, but doing what is right.
“I assure our people that we will not do anything that we cannot stand and be proud of ourselves that we did something right.”
Governor Fubara said when he declared, last Wednesday, that he will be the first Governor, in the last eight years, to deliver pro-people projects in Omuma Local Government Area, most people did not understand the import of his revelation.
But Governor Fubara insisted that what his administration is doing is separate from what has happened in the past, as according to him, projects’ delivery is not for mere fanfare but strategically provided to address critical development needs of the people.
He added, “I stand here to say that even if there was a project commissioned at that time (in Omuma), it was a farm road. It has no connection to anything.
“The project we are commissioning has significance, and that is what we should be talking about… We are talking about projects that will add value to the lives of the people that you have decided to govern with the support of your people.”
Governor Fubara took a swipe at someone he described as ‘a data boy and an online dog seller’ who knows nothing about governance despite being close to a Governor for eight years.
He wondered the impetus of the ‘data boy’ who, reportedly, reacted to the projects delivered in Etche-Omuma, without understanding the overarching impact of the project on the people.
He said, “On Wednesday this week, we inaugurated a project: an 11.8km Okehi-Umuola-Eberi link road. It is a road that connects Omuma and Etche Local Government Areas.
“And we made very bold statement there to say that, very soon, we will be going to Omuma to also inaugurate another project. And we challenged them that the project we are going to commission in Omuma will be the first project that they are seeing.
“A few days later, those people who felt that the only thing that they can do to survive is social media and to sell dogs. I wonder why you will go to school, your parents will spend money, and the only profession you chose is to be a data boy and to sell dogs.
“If they love you, the appointment they gave to one boy the other day, if you were good, why didn’t they give you that appointment? Go and check yourself, something is wrong with you.
“It is not about coming (on social media) to abuse people; think about your life. Are you living a quality life? Even if you are asked to abuse people, at times, you should ask: what will people talk about me, knowing fully well that what I will say is not true?”
Governor Fubara expressed appreciation to Ekpeye people for their unalloyed support to his administration in the face of harassment and intimidation.
He said that some of their traditional rulers: Eze Ekpeye Logbo, His Imperial Majesty, Eze Kelvin Anugwo; and Eze Cassidy Ikegbidi were harassed and arrested while the Chief of Staff, Government House, Dr Edison Ehie, was declared wanted by the Nigeria Police Force on trumped up charges.
He said, “When the Eze Ekpeye was talking, a lot of you didn’t understand what happened. Because of their support for me, he was arrested, charged on false accusations. He stayed in police custody for more than four months; himself and Cassidy.
“We are not even talking about my Chief of Staff. Because of the support that he has publicly displayed, he was even declared wanted so that they can, maybe, reduce our influence.
“But the truth is always very clear: enemy has a time, his team cannot last forever. And I can assure you with all boldness today that they are gradually coming to an end.
“What we just need is to be patient. We have promised that our tactics will be following this process with patience and the fear of God. And we will get there.”
Governor Fubara promised to grant the request made by the Eze Ekpeye Logbo and other traditional rulers to recognise some designated traditional stools.
He also said that when he drove on the access road during project inspection tour, he decided to reconstruct the road, which has started, and assured that with availability of funds, the remaining 1km and the bridge will be attended to.
Governor Fubara said the contract for the internal roads will be revoked and re-awarded to a competent contractor who will deliver the project in line with the mantra of the administration.
Providing the project description, Rivers State Commissioner for Education, Dr Ovy Chinedum Chukwuma, said there are three distinct buildings handled separately by three contractors: Mcaretrace Nigeria Limited – Lot A; Azunda International Company Nigeria Limited – Lot B; and Ketdeg Ventures – Lot C.
Dr Chukwuma explained that there are two blocks of 12 classrooms, making a total of 24 classrooms; common rooms; science laboratories fitted with computers for chemistry, physics, agriculture and biology.
There is a library; he said, an Assembly Hall; offices; stores; Principal Quarters of 3-bedroom semi- detached bungalow; Vice Principal Quarters of 2-bedroom block of 4 flats of one-storey building.
Dr Chukwuma also listed an administrative block of offices, staff common rooms and conveniences, generator house with 2 nos 40KVA sound proof generator, gatehouse, roads and landscaping, perimeter fencing, overhead water tank for supply, and sports facilities.
In his welcome address, Executive Chairman of Ahoada East Local Government Area, Chibudom Ezu, said that as the only girls secondary school, it had suffered neglect over the years with the structures becoming dilapidated, hideout for miscreants and unfit for academic activities, and thanked the Governor for his intervention.
Speaking on behalf of the three separate indigenous contractors, Engr Azubuike Odum of Azunda International Company Nigeria Limited, said in October, 2023, Governor Fubara had charged them to speed up the work while adhering to agreed specifications, and thanked the Governor for the opportunity given them to serve the State.
The Rivers State Government says the administration of Governor Siminalayi Fubara is taking practical steps to revitalize the tourism sector in the State and promote its rich cultural heritage to make Rivers State a premier destination for investment in culture and tourism.
The Commissioner for Culture and Tourism, Hon. Israel Lebura Ngbuelo stated this at the opening ceremony of the Abuja International Carnival 2024.
He said beside the huge investment on security and critical infrastructure, Fubara is determined to fully harness the tourism potentials and rich cultural heritage of the State for the sustainable growth and economic prosperity of Rivers State.
Dr. Ngbuelo said several initiatives by the governor are ongoing to make Rivers State a choice tourism destination, thereby fostering social cohesion and making tourism a viable alternative revenue source in Rivers State, to boost the revenue of the State and promote sustainable development.
He said the initiatives include the current move to activate the long-abandoned Port Harcourt Tourist Beach to become a treasure center for the promotion of arts, culture and tourism.
Dr. Ngbuelo said concrete steps are also being taken by the governor to resuscitate the abandoned Rex Lawson Cultural Centre in the old Port Harcourt Township with the goal of maximizing its utilization including establishing an Art and Culture Training School at the center.
The Commissioner said investments in culture and tourism are not only safe in Rivers State but also guaranteed to thrive due to the sustained peace and security in the State as a result of the commendable efforts of the governor in the area of security of lives and properties in the State.
The Commissioner led the Rivers State contingent to a scintillating, spectacular and superlative outing at the Abuja International Carnival 2024.
The contingent which comprised diverse cultural troupes from across the 23 local government areas of Rivers State, showcased colourful and stunning Rivers costumes as they marched through the major streets of Abuja to the Eagle Square, venue of the Carnival where they mesmerized the audience with their phenomenon performances.
Dr. Ngbuelo expressed optimism that Rivers State would emerge victorious in all categories of competition at the Carnival due to the level of preparedness of the State as well as its rich and unique culture.
He said besides personally rehearsing with the troupes and supervising them to ensure a good outing, Fubara graciously provided all that they requested.
The Federal Lawmaker representing Andoni/Opobo/Nkoro Federal Constituency Hon. Dr. Awaji-Inombek Abiante, the Rivers State Commissioner for Physical and Urban Development Rt. Hon. Evans Bipi, Local Government Chairmen, political appointees and other Stakeholders were among dignitaries and guests from Rivers State who graced the Abuja International Carnival 2024.
The Rivers State Government has vowed to enforce strict compliance with approved building plans by property owners and developers in the State to guarantee safety and adherence to regulatory standards.
The Commissioner for Physical Planning and Urban Development, Rt. Hon. Evans Bipi, in his inaugural meeting with the Permanent Secretary, Directors and staff of the Ministry, said he would ensure full implementation of the Physical Planning Development Law of the State.
He warned that the Rivers State Government will no longer condone a situation where developers make deliberate adjustment or completely deviate from approved building plan in the execution of their projects without recourse to the Ministry.
Hon. Bipi solicited the cooperation of the civil servants of the Ministry while promising to run an open door policy and be easily accessible.
He also promised to right the wrongs, make a positive impact and leave an enduring legacy in the Ministry.
He promised to enhance the physical landscape and aesthetic of Old and New GRA as well as other parts of Port Harcourt.
In his remarks, the Permanent Secretary of the Ministry of Physical Planning and Urban Development, Surv. Wisdom Hebron, assured the Commissioner of maximum cooperation to foster a harmonious working environment.