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Nigeria And World News ~ News from Nigeria >> 25/01/2018 - 26 Jan 2018 00:38

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Describing it as among the world’s highest, he also lamented that banks have become engrossed in "quick wins," supporting trade and commerce without having important focus to the development of the true sectors of the economy.The President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, made the observations at the third inaugural lecture of Caleb University, Imota, Ikorodu, Lagos State.The don noted that fraud and other malpractices are on the rise on a every day basis via collusion and insider’s abuse, a predicament that depicts loss of integrity amongst practitioners and tends towards self-confidence crisis."The failure of banks to lend to agriculture, modest and medium scale enterprises and micro businesses account for the weak overall performance of the economy over the years. Bankers demonstrate ostentatious lifestyles, largely at variance with the dictate of the time," he mentioned.Speaking on the theme: "Rhythms and Riddles of Bank Credit: Synergies and Dislocations in Nigeria’s Financial Development," he pointed out that criticisms have trailed banking company, banks and bankers in Nigeria.Noting that banking originated as a noble profession with trust as a important ingredient, he mentioned: "The ecumenical origin of banking is nicely known to most of us. The Goldsmiths of old have been entrusted with precious metals and with time, the receipts evidencing the protected maintaining of gold with them became an instrument of exchange for commercial transactions, replacing the age-long trade by barter."Banking thrives on trust and these early progenitors of the modern day-day banking architecture never ever betrayed the trust and self-confidence reposed in them," he stated.He added that banks’ competition with one particular a further in pursuit of higher income, is normally at the expense of the consumers, reiterating that economic intermediation occupies the center stage in the organization of banking and finance."When properly carried out, it assures the realisation of the oft-talked about Keynesian multiplier effects in the economy," he stated. According to him, bank credit is a pre-requisite, vital, although not sufficient condition for sustained financial growth in Nigeria, hence, banks must continue to play this vital intermediating part in the economy by developing a veritable hyperlink involving the surplus funds units and deficit funds units of the economy.He warned that the present apathy towards lending to the actual sector in favour of brief-term high yield investments is not beneficial for the lengthy run growth and improvement of the economy, advising banks to redefine their lending behavior to favour longer tenor loans."Indeed, lengthy-tenored loans are more impactful to the actual sector like agriculture and manufacturing. cnet.png Banks ought to restructure their operations and company templates to straight supply longer-term funds in the form of equity, debentures, bonds, tenured deposits to enable them to lend for a longer duration. - Comments: 0

Buhari, Fashola Hailed Over Improvements In Energy Provide, Infrastructure * Nigeria News *. - 25 Jan 2018 23:23

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President Muhammadu Buhari and Minister of Power, Operates and Housing, Mr. Babatunde Fashola, SAN, have each been hailed more than the improvement in the energy generation and electricity provide, and provision of infrastructure about the nation as signs of optimistic improvement under the existing administration.The improved power scenario, premised on the electricity provide system in Lagos State, was tipped to be broadly replicated around the nation, which will ultimately translate to positive changes in other sectors and regions, with resultant good effect on the services sector and each the industrial and informal sectors of the economy.The commendation was created by Lagos-based former President, Catholic Young Males Association (CYMA) now known as Catholic Brothers United (CBU), Mr. Vincent Uba, in a statement he issued and sent to THISDAY, titled ‘Nigeria o ni Baje’. 20140612-143037.jpg The above title, when translated into English signifies ‘Nigeria need to not spoil’ a title coined from the ‘Eko o ni Baje’ slogan which was the catchphrase for the Lagos State Government during the tenure of Fashola, though he was developing on the legacy of his predecessor, Senator Bola Tinubu.Uba, who extolled the virtues of the former Lagos governor for his activities in the transformation of the state in the places of energy provide, road networks, water provision and physical infrastructure, asserted that Fashola has brought the very same drive for development into the sectors below his portfolio.According to him, "In 2006/2007, Alhaji Babatunde Fashola came out to contest the governorship election of Lagos State with the slogan ‘Eko o nibaje’, which implies ‘Lagos should not spoil’. The slogan didn’t sound captivating as a campaign slogan."However, in May 2007, he won election and took more than from his former boss, Asiwaju Bola Ahmed Tinubu. No sooner did he take more than than that slogan started to make sense to me. When his instant predecessor left a visible legacy of transformation of Lagos, Fashola swiftly showed that he is a man who has come to function and to serve, by keying into the transformation agenda of Tinubu and assiduously working to boost on it."He began to show that Lagos should not only stay the centre of excellence in the genuine sense of the word but also ‘must not spoil’. He began to make the not possible feasible. Recall the dreaded visitors situation of some components of Lagos just before he took over as governor Oshodi, Mushin, Ojuelegba, CMS bus stop, Iyana Oba, Mile two, Agric following Trade Fair, to mention only a handful of."Fashola initiated action plans that sooner or later produced these locations notorious for horrible visitors congestions, have totally free flow of visitors. Yes, the visitors jams in these areas magically disappeared and decency and discipline returned to these roads. Testimonies upon testimonies continued to mount on how visitors conditions at other areas equally drastically improved."Recall that refuse dumps dotted virtually just about every corner of Lagos, hence creating Lagos to be rated amongst one of the dirtiest cities in Nigeria. Lagosians complained bitterly. When Fashola took over, these refuse dumps and heaps started to disappear. Now ‘filthy Lagos’ has provided way to beautiful scenes and sceneries."Just two months ago, for the very first time given that the BRT came into operation, I boarded one particular of the buses. From the time I boarded to the time I reached my location, I had an thrilling expertise. I saw a replica of European buses-neat and air conditioned interior. In fact I have had to abandon my auto and started patronising the BRT bus due to the fact then."This man transformed Lagos roads. You can't count the attractive dual carriage roads at each and every aspect of Lagos. From Bank Anthony way (reconstructed and converted by Fashola), Iba, Iyana Oba to Idimu, Ogba, Surulere, Mushin, Ijesha, Cele, Orile Coker, Mile 12 to Ikorodu, I can only mention these couple of locations."Then the large one, the Lagos Badagry ten-lane road which he started and was still below building ahead of he left office, will be yet another interesting landmark achievement he (Fashola) initiated", Uba added.According to him, "Fashola made Lagos the genuine centre of Excellence. He produced Lagos to turn out to be the pride of Nigeria and those of us who are not indigenes of Lagos wished that the identical sort of development be replicated in our respective states of origin. 1m6a673059051CBA-6287-3202-7AD9-91E66B28794F.jpg In fact Fashola was the most effective and most hardworking governor from 2007 to 2015."When in 2015, President Mohammadu Buhari appointed him as the Minister of Power, Functions and housing, I jumped up in joy. I did not know that Buhari, like I did, knew and saw what Fashola was produced of. It was at that point I was convinced beyond affordable doubt that President Mohammed Buhari signifies effectively for this country."For President Buhari to appoint Fashola to be in charge of three ministries, gave credence to the reality that President is indeed out to rescue this nation. That singular act by the president need to make us know that he is not sectional as individuals now suggest."As I was rejoicing more than his appointment, I remember top a delegation as the President of Catholic Young Males Association (CYMA), now known as Catholic Brothers United (CBU), to the then Initial Lady of Lagos State, Dame Abimbola Fashola at State property Marina in her capacity as a Patroness of CYMA now CBU."In my address to her, I acknowledged the excellent works of her husband (Fashola) and wished and prayed for the time when ‘Eko o nibaje’ will be taken to the next level - ‘Nigeria o nibaje’. For me that comment made in 2012 was not only a want but also prophetic."Today it seems that that comment is becoming a reality. As a minister, in charge of works, we are beginning to see the hands of Fashola in Nigerian roads, regardless of the present recession in the country. Road constructions and rehabilitations are now on going."Also, currently, there is marked improvement of energy in approaches by no means witnessed in the history of this nation. Everywhere in Nigeria now, it is normally known that energy availability has improved tremendously. Before now, I utilised to invest about N54,000 a month on fuel to run the generator with the damaging overall health implications occasioned by air/noise pollutions. Now I save much more than N40,000 month-to-month with added well being advantage."In my village, we hardly had electricity, but now my village can have a day of uninterrupted electricity provide. Nigeria is without having doubt witnessing the hand of Fashola in energy. Thanks to the President for placing a round peg in a round hole. Even even though we are not but there, we’re heading to the time when if there had been to be a power failure, it would be uncommon as is obtainable in created nations."I am convinced that by the time Buhari would have completed his two terms as the President of this country, we would be there. We should applaud Fashola for this feat and also applaud Buhari for picking him", Uba stated. According to the statement, "Unfortunately, we Nigerians are not identified to have imbibed this culture of praising 1 when he or she has excelled. We are only known for complaining when scenarios are bad. But if situations come to be superior, we easily overlook the previous. LSLB_1960_bet_7.jpg The improvement we have recorded in energy sector so far, I think is a tip of the iceberg."Power as the most vital sector in this country is beginning to witness good alterations which will ultimately translate to good alterations in other sectors and areas. Then, ‘Eko o nibaje’ will have been taken to the next level - ‘Nigeria o nibaje’. Yes, it is my firm belief that the foundation of ‘Nigeria o nibaje’ would have been laid by the time Buhari completes second tenure as the president of this country", Uba added. - Comments: 0

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