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A New Nigeria Is Possible, Obi Assures Enugu People

By
The Source
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0
Peter Obi

The Labour Party Presidential Candidate Mr. Peter Obi campaign rally in Enugu, the capital of Eastern region was unprecedented in all ramifications as supporters overwhelmed him in all the points he visited with security operatives having a hectic day controlling crying and cheering supporters who struggled to have a glimpse of him.

Addressing a rally of mammoth supporters at Michael Okpala square, Obi declared to the jubilant organic crowd that a new Nigeria is possible, noting however that we first have to remove failed leaders.

“A new Nigeria is possible. You can’t drive from here to Onitsha. After 24 years they can’t complete Enugu to Onitsha , 200 kilometres road.  24 years they can’t complete Enugu to PortHarcout, 159 kilometers. And they still want power again, to do what?”.

Obi said he is in the race to rescue Nigeria. “Some one called my attention to a publication that says my company has been frozen in United Kingdom, I laughed because I left UK since 2006. I told the white man that I am done with your country, I am going back to my country. I don’t have any residence permit of any other country.

The former Anambra state governor said that  if given the mandate he and his Vice Yusuf Baba- Ahmad ,“will secure and unite Nigeria, we will ensure that police will become your friend. We will recruit more people at all levels of our security agencies, we will look after them and we will insure them in case anything happens to them or their families. So they will do their work. We will ensure there is rule of law in Nigeria

Obi assured the people that his government will restructure the international airports in Enugu, Abuja, Lagos, Kano and Porthacourt to make it competitive with others across the globe.

“If we are in government, if you are in South East, you don’t need to go anywhere to fly to any part of the world. People will fly from Abuja to any part of the world. They will from Lagos, Kano, Port Harcout to every part of the world because the country will be booming again”

The VP Candidate in his own remarks at the rally said that beside, “Peter Obi, any other person contesting election in 2023 is deceiving himself. Peter Obi is one exemplary Nigerian who is moving Nigeria from disunity to unity.  He will take Nigeria from consumption to production.”

2023:  APC Jittery, As North East Youth Threatens To Dump Shettima; Keyamo Kicks

By
Akinwale Kasali
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0

By Akinwale Kasali

The All Progressives Congress, APC and its Presidential Candidate, Asiwaju Bola Ahmed Tinubu are jittery and presently in a dilemma following the threat by North Eastern Youths to dump Kashim Shettima, the Vice Presidential Candidate of the APC.

The leadership of the North East Youth and Stakeholders in the region who are one of the  dominant voices drumming support for Shettima are angry with the former governor of Borno State for continually undermining its effort.

The Group, at a Press Conference in Abuja, addressed by the Acting Chairman of the APC North-East Youth and Stakeholders Forum, Shaibu Tilde, said Shetima’s snub of the Group, shortly after his victory, has led to the loss of some foundational members of the structure including the Zonal Women Leader, Amina Manga of Bauchi, who defected to the opposition Peoples Democratic Party with over one million women.

Tilde lamented that another loyalist of Shettima and Treasurer of the group, Yusuf Banki, left for the PDP with over 500,000 youths.

He said, “We are saddened to be in the news for what others will interpret as a negative reason at this time, but we are also obligated by our love for our great party, the All Progressive Congress, to make this timely intervention before our party’s fortunes in the region sink.

“We do not need to emphasise that this is an injury time for the game because the general elections are less than two months away, leaving no room for error, but instead attention must be focused on tightening all loose ends, which is not the case with our party in the northeast.

“Ladies and gentlemen, it is with deep regret and concern that we report that the fortunes of our great party in the Northeast are on the verge of collapse due to the obstinate, careless, and exclusive leadership style of our Vice Presidential Candidate, Hon. Kashim Shettima.

“The Northeast APC Youth Forum has watched with tears as its many supporters continue to defect to the PDP. Unfortunately, the trend in the Northeast zone is worsening by the day, with Sen. Kashim seemingly turning a blind eye to these heinous developments in our party in the region.

“We the Youths in the Northeast have lost our Zonal Treasurer from his home state of Borno, Hon. Yusuf Shariff Banki, due to his failure to support youth in the region to launch massive mobilisation. It is worth noting, gentlemen, that Sheriff led over five hundred thousand youth to the PDP.

He stressed that as if that was not enough, our Zonal Organising Secretary, Hon. Murtala Gamji of Taraba led over two hundred youths to the NNPP, and our Zonal Women Leader, Amina Manga of Bauchi led one million women to the PDP.

“Out of the eight million youth votes we have already mobilized for Asiwaju Bola Ahmed Tinubu, our Presidential Candidate, for the Presidential Polls, Senator Kashim Shettima has already plundered over three million through his actions with the wave of defections from our party. This is simply unacceptable!

“In the light of this, we urge our party’s Vice Presidential Candidate,  Senator Kashim Shettima, to immediately reverse his steps and correct his error for the sake of the party, the region, and the teaming youth.

“It is on record that this group, then led by its Current Acting Chairman, Hon. Shaibu Baffa Tilde, threw their support behind Sen. Kashim Shettima and committed massive resources, both human and financial, to ensure he emerged as the APC’s Vice Presidential Candidate.

“We do not seek compensation from Sen. Shettima, but our resentment stems from Sen. Kashim’s failure to recognize a formidable Youth force of the party that stood by him through thick and thin after realising his ambition to become reality as Vice Presidential Candidate from the northeast region.

“As a result, the Northeast APC Youth Forum wishes to withdraw its unequivocal support for Sen. Shettima.

Our actions should not be misinterpreted, but rather judged by our affection for our dear party.

“While we intend to take our next steps regarding his candidacy in the coming days, we would like to express our unwavering support for our Presidential Candidate, Asiwaju Bola Tinubu, and the APC. We will continue to work for the advancement and victory of our beloved party in the upcoming general elections.”

Meanwhile, in reacting to the threat, Festus Keyamo, the spokesman for Tinubu-Shettima Presidential Campaign Council,  disclosed such misunderstanding is bound to happen in the build-up to a major election.

While contesting the alleged number of members who had dumped the party in the North East, Keyamo noted their grievances would be addressed.

Keyamo cautioned that it would also be wrong for the support group to attempt to resort to subtle blackmail to have their way.

“It is an election season. Everybody is important. No doubt about that. We can assure them that whatever grievances they have will be addressed.

“However, there is a need to point out corrections on some things they said. There are so many support groups working for the party in the North East and we will try to give all equal attention. While I agree that we need everybody, we don’t see recognise some people as greater than others. Everybody is important.

“If some groups think they are the most important or deserve to be pampered more than others, we will not accept it. That would be subtle blackmail. The vice presidential candidate is the one who wants to treat all of them as equal as possible. He is obviously not going to pamper some over others. All groups are important.

“Again, the numbers quoted in their statement are over-exaggerated in order to draw attention. They don’t control those figures and no such numbers have left the party.

“Firstly, going by the APC register, how many registered members do we have in the North East as a party? So that means they are taking everybody at the party away, isn’t it?

Anambra:  Gunmen Behead Security Officer

By
The Source
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0

By Charles Igbo

Rampaging gunmen who have literally held Anambra State hostage, were not satisfied with killing a Security man and three of his colleagues, they had enough time to behead him before the Police, who were alerted, arrived.

The Police arrived 55 minutes later. But they were able to neutralise one of the gunmen, and recovered a number of sophisticated arms and ammunition.

The gruesome incident took place at the headquarters of the Ihiala Local Government Area. Villagers said the gunmen arrived at about 2.00am on Friday. Their arrival was announced by dozens of gunshots which took four members of the local vigilante, stationed to keep watch over the Secretariat, unawares. The gunmen, instantly, shot dead the four of them, and for reasons best known to them, beheaded one of them.

Thereafter, they proceeded to wreak havoc on the buildings. They razed a number of them using Improvised  Explosive Devises, IEDs. “Everywhere was on fire”, noted a villager who pleaded not to be named. Five buildings were completed razed down.

They include the Administrative block, the Primary Health Care block, office of the Independent National Electoral Commission, that of the National Youth Service Corp, and that of the National Civil Defence.

Tochukwu Ikenga, DSP, and Spokesperson for the Anambra Police Command, confirmed the incident to Reporters. He said a number of the gunmen escaped with gun shot wounds.

He disclosed what were recovered at the scene include: Two locally made IED launchers, seven undecorated IEDs, 40 pieces of live cartridges, 15 live 7.62 MM AK47 ammunition, knives and charms.

At the time of filing this story, the State Government was yet to issue a statement.

Ihiala, a semi-urban Local Government, which shares a boundary with Imo State, has, for about one year, been a hot bed for violence, and gunmen and cult activities. It is gradually, but surely becoming a no-go area.

Abia: Protesting Medical Personnel Threaten To Block Govt. House Gate With Corpses Over 24 Months Debt

By
Ayodele Oni
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By Ayodele Oni

For celebrating last Christmas and New Year in hunger, medical personnel in public service in Abia state, took a step forward to press for payment of their 24 months salaries.

Medical and para medical staff of Abia State University Teaching Hospital, Aba (ABSUTH) on Thursday barricaded the gate leading to the Government House Umuahia.

Aside backlog of salaries, report has it that another 13 months arrears for doctors and other staff of Health Management Board are outstanding.

The protesters took off from the Federal Medical Centre, Umuahia before proceeding to the Government House Gate, with placard and chanting solidarity songs.

The chairman of the state chapter of the Nigerian Medical Association (NMA), Dr Isaiah Abali, who led the explained that the doctors in the employ of the State Government are facing a lot of hardship due to  many months of unpaid wages.

Speaking earlier, NMA Secretary, Dr Daniel Ekeleme, stated that “Land lords no longer accept Abia doctors because we can’t pay house rent any more.

“Some of us can no longer pay our children ‘s school fees. Feeding has become a big challenge now, all because Abia State Government has refused to pay us.

“Abia doctors are the least paid in the country. Out of the 36 states, Abia is the only state where doctors are owed for years.

“We have begged, we have made appeals but they fell on deaf ears; now we are here so the world can hear us. Doctors are dying in Abia.

“Next time we will come with the bodies of some of our members who have died as a result of hardship. Is it a curse to be a doctor in Abia?”

For the records, along with four of his colleagues, Governor Okezie Ikpeazu has been junketing Europe and other States in Nigeria for many months.

“Don’t Handover A Sick Country To A Sick Man” – Peter Obi; Adds: We Don’t Want Those Who Can’t Stand For 30 Minutes

By
The Source
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Peter Obi at UNN

Labour Party Presidential Candidate, Mr. Peter Obi, in Enugu, in continuation of his countrywide campaigns arrived his alma mater, the University of Nigeria, Nsukka, UNN, with a warning to Nigerians. “Don’t handover over a sick country to a sick man”, he told the excited crowd of Academics who trooped out  to see and listen to him.

Obi, during his interaction with the UNN business School and other egg heads of the great institution warned, “This country is sick and should not be handed over to a sick person. I am not saying that anyone is sick. We have been here for over two hours, we don’t want people who can’t stand for 30 minutes”

He also said that character and trust should be things to look out for in this recruitment era to avoid plunging this country into further mess, pointing out that the identity of whoever wants to lead this country must be thoroughly examined with nothing to hide.

“In United States during election, they go for debates, somebody once asked Barack Obama questions that are personal and he answered. But here in Nigeria, somebody wants to contest election, we don’t know his real age, we don’t know his name, we don’t know the schools he attended. Nobody knows his real identity and he is pushing to lead everybody”

The former Anambra state Governor said that what we need for the job of Nigeria’s President are character and people we can trust.

“My name is Peter Obi, I can say I went to CKC, went to University of Nigeria, Nsukka. Both the VC today, the DVC today, these are my school mates. We came into University the same year and left the same year. The people I went to school, I can see them here today, my seniors and my juniors. How come we now have people who do not have classmate. This is very important”

The LP standard bearer said that everybody shouldn’t have to go to formal education but their record must be straight. “Afe Babalola once told me he never had the opportunity of going to a formal school. There is nothing wrong in that. There are so many people who have done well in life and never went to formal school”.

Obi spoke on the issue of corruption and said Nigerians should watch out for person’s antecedents not on what they claim they will do. “If you say you will fight corruption, let’s go to the road you have passed and see what is remaining there after you left”

He reiterated his earlier position that, “this year’s election must be based on competence as it requires physical and mental energy, not a retirement job.”

We Shall Help Nigeria Fight Insecurity – Spanish Government

By
Akinwale Kasali
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Jose Manuel Albares

By Akinwale Kasali

The Government of Spain has pledged its commitment to assist Nigeria in tackling the insecurity in the country.

Its Foreign Affairs Minister, Jose Manuel Albares, said that the rising state of insecurity in Nigeria is pathetic, stressing that the Spanish Government will not leave any stone unturned in assisting the most populous Black Nation in tackling the menace.

Albares, led a delegation to the Nigeria Minister of Foreign Affairs, Geoffrey Onyeama, in Abuja,  on Thursday. He noted that his first visit evolves around bilateral and economic cooperation, and  added that the existing relationship between both countries will be improved upon.

The Spanish Minister commended the efforts so far by the Federal government in curbing insecurity, stating that it is ready to extend a helping hand to address the root causes of insecurity.

He said “Nigeria is one of the great regional actors, the first economy of the continent and an absolute pillar to ECOWAS. My visit is to give a new impetus to the relationship that is already strong and restate the visit of President Muhammadu Buhari to Spain in which five Memorandum of Understandings were signed and three treaties on judicial cooperation. Thanks to the Nigerian Minister of Foreign Affairs as the visit was a success.

“My visit today, firstly, is on bilateral cooperation in which we have been working successfully. The economic field and cooperation is the absolute centre of our relationship. Spain is one of the best clients of Nigeria in the world. Very specifically, we are the second client of Nigeria in the world. We have been one of the largest clients in gas and petroleum for a long time. We want to continue to strengthen that energy relationship but the bilateral relationship is getting deeper. Most aspects have been covered.

“Security, is a common challenge to Nigeria and as a country, we want to offer our support to Nigeria in this challenge. We want to express officially our solidarity with Nigeria in the fight against terrorism. We commend Nigeria’s efforts in the fight against violence and terrorism and at the same time, we want to help Nigeria address the root causes of these conflicts. We are improving our relationship for the interests of the two countries in many other fields.”

Onyema in his response appreciated his counterpart, saying that both countries will continue to work together, especially in the area of the economy.

“We are very close and deep economic partners. Nigeria is one of the primary suppliers of oil and gas and petroleum to Spain. We want to diversify our economic cooperation. Spain is a big player in the European Union and globally, so we want to see increased trade. We are particularly delighted as you spoke on insecurity. Not just military security but food security.

“Spain is a huge investor in Africa in the agricultural sector. Food security and agriculture are major priorities of the Nigerian government. We are delighted to see the cooperation in that area.

“We are delighted in the cooperation that we have in addressing insurgency and terrorism in the Sahel. We will continue to work together alongside the global community to address the security challenges we are facing in our sub-region.”

Gov Akeredolu Suspends Ondo Poly Governing Council Chairman

By
Ayodele Oni
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Banji Alabi

By Ayodele Oni

For dishonouring constituted authority, Ondo State Governor, Oluwarotimi Akeredolu, SAN, has directed the Chairman, Governing Council of Rufus Giwa Polytechnic, Owo, Mr. Banji Alabi, to vacate office temporarily until he is ready to tow line of honour.

The order followed the report of the Visitation Panel that Alabi refused to honour its invitation on several occasions.

Chief Press Secretary to the Governor, Richard Olatunde in a statement on Thursday disclosed that the Governor announced the suspension while receiving the report of the seven- member Visitation Panel to the Polytechnic.

According to the Governor, “the Chairman stands suspended until I hear from him.”

Submitting the Panel report in Akure, the Chairman, Prof Olabode  Koriko, appreciated Governor Akeredolu for finding it necessary to constitute the Panel.

Prof. Koriko applauded Governor Akeredolu for releasing about N1.6bn bailout to the Polytechnic, adding that the commitment of the Governor to reposition the Polytechnic and restore its lost glory is commendable.

The Chairman revealed that the Panel in the course of its assignment, held meetings and had interactions with relevant stakeholders from the Polytechnic and the host community at different locations in Owo before arriving at its recommendations.

“Rufus Giwa Polytechnic until recently remains a model of institution in the South-West over the year, however, poor management of human and material resources appears to have eroded the gains of the past and turned the once famous citadel of learning that has produced very successful men and women in the society to a shadow of its self.

“Your decision to set up the Visitation Panel at this auspicious moment could therefore not have come at a better time and is no doubt altruistic.

“It is expected that at the end, your desire to emplace probity and accountability in the management of this great citadel of learning would be realized.

“The assignment which spanned a period of three months, commenced with the inauguration of the Visitation Panel by your good self on 21st September, 2022.

“The Panel in the course of the exercise met at different locations in Owo and Akure during the three months duration of its assignment, critically perused all the items listed in the 7-point Terms of Reference , met with the relevant stakeholders, collected Memoranda from Staff, students and the Community.

“It also executed an extensive verification of staff and accounts of the Polytechnic, reviewed the laws of the Polytechnic, critically analyzed the content of the submitted Memoranda, other materials and oral evidence available to it to arrive at its recommendations.

“The Panel also had extensive interaction and meetings with Principal Officers of the Polytechnic, union bodies, Chiefs of the host community, and of course the petitioners who were often invited to the Panel sitting for interrogation while a comprehensive inspection of facilities of the Polytechnic (including buildings, vehicles, ventures etc) diligently executed.”

Receiving the report, Governor Akeredolu appreciated all members of the Panel for their labour, with a promise to look into the report.

The Governor, who expressed worry over what he called downward slide being observed in the Polytechnic, said the report would guide government on what to do.

“Coincidentally, I am from Owo, I was inundated with several complaints here and there. A number of them I am not able to solve. I asked questions and got answers that probably were not correct, I can’t understand.

“I got information that several people have been recruited and when I ask, they will say no. Then why is your wages going up? Why can’t you pay?

“We have intervened on one or two occasions and we gave money with specific instruction to pay salaries. At the end of the day you cannot still complete salary payment. I’m sure your report will contain this.

“Management, yes, there might be some problems with human and material resources but as I always say when they come and meet me, I know from verifiable facts that  the Rector has attracted enormous funding to that place either through TETFUND or others, because of his connection. You can’t take that away from him.”

The Governor also declared that it has become more desirable now to turn the Polytechnic to university, noting that there is no going back.

He stressed that the Polytechnic has all it takes in terms of facilities to become a university.

I ‘ve Accepted Pressures To Return As Leader Of Yoruba Group – Prof Banjo Akintoye

By
Ayodele Oni
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0
Professor Banji Akintoye

By Ayodele Oni

Prof. Banji Akintoye is back as leader of Ilana Yoruba Group after withdrawing his letter of resignation.

Prof Akintoye resigned his position last week, claiming old age and that some politicians from south west are frustrating efforts to make dreams of the group come to reality.

According to the professor of history and former senator, he withdrew his resignation letter following interventions by some Yoruba leaders.

Ilana Omo Oodua has been in the forefront of agitation for the Yoruba Nation both in Nigeria and in the Diaspora.

Akintoye had earlier resigned and handed over the baton to his deputy, Prof. Wale Adeniran.

A few days after, Adeniran also resigned, citing “credibility issues based on finances.”

Some concerned leaders of the group also issued a statement rejecting the resignation letters of both Prof. Akintoye and Prof. Adeniran.

But in a letter, on Wednesday, entitled: “MY HUMBLE RESPONSE TO THE REQUESTS THAT I SHOULD WITHDRAW MY LETTER OF RESIGNATION”, he said he accepted to withdraw the letter.

“Three weeks ago, I wrote to inform Ilana Omo Oduduwa that I was resigning from my leadership position in the organization.

“I made it clear that my resignation was due only to the need for me at my advanced age to trim off my responsibilities in Ilana in order to devote my energies to pressing challenges in the higher spheres of our Yoruba Self-determination Struggle.

“Since then, I have received from all sections of Ilana messages or letters rejecting my resignation and urging me to continue to make the sacrifice of leading Ilana.

“In the course of the past week, I have been visited for the same purpose by leading persons representing the Elders Advisory Council, the Ilana Secretariat, and the two formerly differing sections of Ilana.

“I have also had the honour of being visited by Prince Peter Bamgbade who is recognized in the whole Yoruba Nation as a major influence for reconciliation and harmony among Yoruba people.

“Further to the above, a coalition of Ilana Omo Oodua Worldwide (IOOW) affiliates groups both in the diaspora and homeland converged in Ibadan a few days ago to revalidate and reaffirm my leadership of Ilana Omo Oodua Worldwide (IOOW) and also urged me to withdraw my resignation as leader.

“I thank Prince Bamigbade for his goodwill interventions in the family of Ilana. In this circumstance, I hereby give up my earlier resignation decision and announce my return to my leadership position and role in Ilana.

“I appreciate the fact that in the course of appealing to me to return to my Ilana position, various sections of Ilana have accepted the need for greater harmony in Ilana, so that Ilana may return to its well-known unity and strength in our nation’s self-determination Struggle.

“This has made me very happy indeed, and it has given me serious encouragement to return fully to Ilana.

“As I now return, I expect cooperation, mutual respect, brotherliness and disciplined conduct from all our members at home and in the Diaspora.

“As a disciplined self-determination organization crucial to the realization of our collective resolve to exit the contraption called Nigeria, there is an immediate need to harmonize and unify all the tendencies in IOOW.

“I hereby use this opportunity to announce the dissolution of all IOOW factions largely brought about by infiltration of our rank and file by adversaries within and without.

“To the glory of God, the Yoruba quest for self-determination is now in its final step towards victory. As is common to struggles in the final stages, the tensions are high, and the need for responsibility and discipline are very high.

“I am confident that Ilana will be a leading contributor to the discipline that will move our nation’s whole struggle to ultimate victory.

“We shall soon welcome our ORILEEDE YORUBA, where our Yoruba people will live in peace and security, and where our Yoruba Nation will quickly become a nation of prosperity, power and beauty in the world.

“Let us give thanks to God for giving us His light and strength for these final steps of our journey to our ORILEEDE YORUBA.”

2023: Tinubu Is Old, But Better Than Atiku, Obi- Fashola

By
James Orji
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0

Raji Fashola, Minister of Works and Housing has dismissed suggestion that the presidential candidate of his party, the All Progressives Congress, APC, Bola Tinubu is too old to be the president of Nigeria.

Tinubu, a former Lagos state governor, believed to be over 70 years old , is a frontrunner in next month’s presidential election. Other top runners in the February 25 poll are Atiku Abubakar, and Peter Obi of the PDP and Labour Party, LP, respectively.

Apart from Obi who just clocked 61, the other top candidates are above 70, which their critics say make them ineligible for the country’s top job after the incumbent exits office in May this year.

Speaking on TVC on Thursday, Fashola, a former Lagos Governor said Tinubu’s age should not be a constraint for him to be president, noting that in spite of his age he’s still better than other candidates who he said have no solid record to show from their public service.

Responding to a question on whether the APC pesidential candidate is the best person to occupy the Nigrian presidency, the minister said “I have no doubt about that.”

Fashola said he “worked with him for 14 hours everyday as his chief of staff,” and can testify to his capacity to rule the country .

“He’s much older now but when compared with what is obtainable on the other sides,” Tinubu is better.
The minister said Tinubu is being underrated by only mentioning his achievements as Lagos Governor, saying that his legacies in the area of Transportation, internal revenue etc have been replicated by many state governments in the country.

“All his policies have gained resonance among his utmost critics. Which among the other candidates have these records? Fashola said.

As governor of Lagos state, Fashola was almost dropped from running for a second term in office, following his alleged clash with Tinubu, who singlehandedly made him governor amidst protest by other parties leaders in the state the time.

Following the appointment of Fashola as Minister by President Muhammadu Buhari, he was rumoured to have joined some hawks in the presidency who worked against Tinubu’s interests, to ensure that he did not get the APC ticket to vie for the presidency.

Fashola has since become one of the ardent supporter of Tinubu for the pesidency after the former Lagos helmsman declared his interest to run, and later won the APC presidential ticket.

“I will vote and campaign for him,” the minister said in today’s interview with TVC.

First Bank MD Warns Of Spike In NPLs From N1.5trn

By
James Orji
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0

The managing director/ chief executive officer of First Bank Nigeria, FBN Limited, Dr Adesola Adeduntan, has warned that bank customers are likely to default in their loan payment this year if they are not closely monitored by their banks.

Adeduntan told Thisday that the situation could pushup the Non-performing loan, NPL, figures as businesses are hit with  economic headwinds in the new year.

According to the Central Bank of Nigeria, CBN, figures the value of 12 banks NPL stood at over N1.5 trillion as at June 2022.

The First Bank chief executive said more collaborative effort is needed between commercial banks and customers to mitigate the problem of NPL amidst economic uncertainty projections for the country this year by those closely monitoring the nation economy.

According to Adeduntan “To prevent rising NPLs, businesses and their bankers will have to collaborate more and ensure timely flow of information to prevent surprises.

“Banks on their part will have to improve monitoring of their loan portfolio to quickly identify early warning signals for attention before a full-scale loan deterioration.

“Overall, businesses and their bankers must approach 2023 with a partnership mindset to ensure that a win-win outcome is achieved despite the anticipated macroeconomic challenges.”

He pointed out that expectedly, rising cost of debt and contracting demand would exacerbate the challenges that businesses would face this year, particularly for players operating in small-margins sectors of the economy.

He expalined that macro economic problem such as surging inflation, reduction in disposable income, fall in demand for essential commodities and services will further dip leaving most customers frustrated.
In spite of this, Adeduntan said more business opportunities will open in the financial sector for keen players to be exploited.

Such areas, he said include payments, digital security, mergers and acquisition, M&A, opportunities, partnership across segments and consumer lending.

“The Central Bank of Nigeria’s renewed drive on cashless policy has provided an opportunity for players in the financial services industry to enhance existing digital product offerings and create more attractive product offerings that will further reduce frictions in the payment process. This will help to reduce the financial exclusion gap, increase fees and commissions revenues, and improve overall viability and stability of the financial system,” he said.

“Increasing adoption of digital payments platforms will necessitate increased requirement for the security of payment channels. Thus, opportunities exist for players in the financial services industry to leverage robotics and artificial intelligence to improve security protocols on digital payment channels.”

“With the anticipated pressures on earnings, opportunities exist for big and liquid players to gain additional scale and market share through outright acquisition of fringe players with the right strategic fit.

“There is also an opportunity for two or more small and/or medium size players to merge their operations/businesses to obtain scale advantage.

“The growing number of Fintechs and licensed Payment Service Banks also presents an opportunity for improved partnerships across various categories of players in the financial services industry for both mutual and industry-wide benefits.

“Tightening financial conditions of the average household will create opportunities for consumer loans in several variants such as buy-now-pay-later (BNPL), salary advance, consumer asset finance, etc. The industry is already witnessing a rising trend in the creation of digital consumer loan product offerings. This is likely to intensify in 2023,” Adeduntan said.

NPLs has remained the bane of many banks in the country. For instance, financial analysts had blamed the collapse of defunct Diamond Bank majorly on huge NPL, which stood at over N700 billion by the time it desolved into Access Bank Plc.

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