News
Rep Ottah Agbo Congratulates NDLEA Gen. Marwa on Seizure & Smashing of International Drug Syndicate
…..Calls on the Federal Government to Bestow the NDLEA Czar with a GCFR Honour
The Honourable Member representing Ado/Ogbadibo/Okpokwu Federal Constituency, Dr. Francis Ottah Agbo Congratulates Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Mohammed Buba Marwa (retd), on the seizure of 1,855 kilograms of cocaine and the busting of an international drug syndicate recently.
Dr. Ottah Agbo in a statement by his Media Adviser, Mr Andrew Agbese, said the development agrees with his position that the NDLEA under Marwa has remained one of the shining lights of the Buhari administration which has brought positive image to Nigeria.
While urging other agencies to borrow a leaf from the NDLEA, the Feed Back Lawmaker who Chairs the House Committee on Narcotic Drugs calls on the Federal Government to crown Marwa with the highest honour of GCFR!
The statement reads:
“In spite of the security and economic challenges in the country, the NDLEA under General Buba Marwa (retd) stands out as one of the bright spots of the President Muhammadu Buhari administration, bringing glory and shoring up the image of Nigeria.
“I have previously described Gen. Marwa as the new Sheriff in town who knows his onions going by the series of successes he has recorded in fighting the menace of drug abuse/ trafficking but this recent feat which has been described as the highest cocaine seizure with a worth of over 278 million dollars has proven that his past achievements were not by accident but through thorough planning, clinical execution and due to his incorruptible disposition.
“Marwa’s leadership of the NDLEA is a typical case of having a round peg in a round hole and I must say that we at the House of Representatives are proud to be associated with the good work the NDLEA chairman and his team are doing.
“It it based on these feats that I shall move a motion on the floor of the House for the NDLEA chairman to be specially recognised and commended for the good work he is doing which has not only served to shore up the image of the current administration but that of the country as well.
“I also call on the Federal Government to crown Marwa with the highest honour of GCFR to encourage other agencies to borrow a leaf from the NDLEA boss to put in their best in the discharge of their duties.
“The NDLEA is once again assured of the cooperation of my committee, the House Committee on Narcotic Drugs, to see that it gets better funding and other logistical support to make it more efficient and effective in the discharge of its duties.”
“Congratulations Sir, for this wonderful gift you have chosen to give Nigeria just a few days after your birthday anniversary.”
News
CIBN backs bank recapitalisation for enhanced economic growth
The Chartered Institute of Bankers of Nigeria (CIBN) has expressed support for the planned recapitalisation exercise for banks in the country.
Ken Opara, President/Chairman of Council, CIBN, expressed this during the 2024 annual lecture of the institute on Tuesday in Lagos.
Opara said adequate liquidity within the banking system was fundamental to fostering sustainable economic growth and development.
He said that the recapitalisation would further help banks to deepen liquidity and guarantee access to credit needed for economic growth and prosperity.
He said that CIBN and the Nigeria Exchange Group (NGX) had formed collaborations toward building capacity for the recapitalisation of banks.
Opara added that the institute was also collaborating with Africa Guarantee Fund (AGF) for capacity building for SMEs, preparing them and building their capacity to access finance.
He called for more allocation of credit to the real sector, which was the foundation of the nation’s economic activities for increased liquidity.
Opara stressed the need for addressing challenges faced by the sector to enhance its competitiveness against foreign counterparts.
To resolve the challenges, he urged the government to improve further the ease of doing business and infrastructural development, such as power, roads, and rail networks.
The CIBN president also called for industrial centres where companies could co-habit and share common infrastructure,
harmonise and reduce the various taxes and levies, including locating them in a single hub.
He said the theme, “Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity”, was timely to address current challenges in the nation.
“As we navigate the complexities of our current economic landscape, it has become increasingly evident that ensuring adequate liquidity within the banking system is fundamental to fostering sustainable economic growth and development.
“The real economy comprises the agriculture, manufacturing, construction, and services sectors and serves as the tangible foundation of the nation’s economic activity.
“These sectors collectively represent the intricate web of goods and services that drive economic growth, create employment opportunities, and enhance the overall standard of living.
“Despite the significant relevance of the real sector, access to credit for such key sectors compared to other climes is relatively low,” he said.
He said a survey conducted in more than 40 economies and released by Statista in 2024 revealed that nearly 141 trillion dollars worth of credit was lent to the real sector in advanced economies in the second quarter of 2022.
He added that the figures were twice as high as the volume of credit to the same sector in emerging markets.
He commended improvements in liquidity within Nigeria’s real sector but called for increased credit to sector, particularly agriculture.
“According to data from the Central Bank of Nigeria (CBN), the Net Domestic Credit stood at 66.4 trillion Naira as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.
“This figure experienced a significant surge to 96.1 trillion Naira by December 2023, highlighting the tremendous potential for growth and development in the real sector,” he said.
He listed credit volume allocated to the key sectors, saying the Agricultural sector had N5.8 trillion representing about six per cent of the total credit.
He said the manufacturing sector had N19.7 trillion, representing approximately 21 per cent of the total credit, while the services sector had N36 trillion, representing 37.4 per cent of the total credit.
“I humbly propose that we consider offering more credit to these key sectors and particularly the agriculture sector.
“It is for this reason, ladies and gentlemen, that the recapitalisation exercise is a welcome development.
“The recently announced upward review of the Minimum Capital Requirements of Nigeria by the Central Bank of Nigeria would further empower banks to extend more credit to the economy’s productive sectors,” he said.
The Guest Speaker, Prof. Graham Penn, speaking on the theme, explained how other developed countries were leveraging on credit and the need for Nigeria to increase liquidity for economic prosperity.
Penn, a professor of International Finance Law at University College London, listed challenges and measures Nigerian banks, regulators and businesses could adopt to implement laws and regulations to facilitate true sale securitisation.
News
NERC transfers regulatory oversight of electricity market in Ekiti to state govt
The Nigerian Electricity Regulatory Commission (NERC), says it has transfered regulatory oversight of electricity market in Ekiti State to the state Electricity Regulatory Bureau (EERB).
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