News
UK Govt turned down our request to repatriate Diezani- INTERPOL Nigeria
An Assistant Inspector-General of Police and Head of the National Central Bureau, INTERPOL Nigeria, Garba Umar, on Thursday, disclosed why the Federal Government has failed to extradite a former Minister of Petroleum Resources, Diezani Alison-Madueke, over corruption allegations and trial.
Umar, while appearing before the House of Representatives Ad Hoc Committee to Investigate Alleged Loss of Over $2.4bn in Revenue from Illegal Sale of 48 Million Barrels of Crude in 2015 Including Crude Oil Exports from 2014 Till Date, alleged that the British Government turned down the request to extradite Alison-Madueke.
The AIG, while being grilled by members of the committee, noted that the Nigerian government followed due process in seeking mutual legal assistance from the United Kingdom but the demand was ignored as the ex-minister also went to court in the UK to frustrate the process.
Responding to questions from the lawmakers, Umar explained why the move was successful in the cases of a former Chairman of the defunct Pension Reform Task Team, Abdulrasheed Maina; and a former Attorney-General of the Federation, Bello Adoke (SAN).
“In respect of assistance – seeking for assistance, if you remember, we repatriated many Nigerians who were alleged to have swindled the Nigerian Government. I went personally and brought Maina from (Republic of Niger).
“I brought the former Attorney-General of the Federation from Dubai and many other Nigerians who absconded. We brought them back to face justice and those who are in Nigeria, hiding, we took them back to their various countries to face justice,” he said.
A member of the committee, Jude Ngaji, who is representing Ogoja/Yala Federal Constituency in Cross River State at the House, specifically asked why the Nigerian authorities had been unable to bring Alison-Madueke back to the country to face trial.
Responding to Ngaji’s question, Umar said, “The issue of Diezani, a warrant of arrest was issued. I am sorry to say the government of the UK turned down our request. We followed the MLA – you can check, that is Mutual Legal Assistance – to bring her back home. She went to court because, according to them, they have a system where they check our…let me not go there.”
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).
News
Minister summons Lead British Int. School over bullying allegation
-
Finance3 months ago
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
-
Abuja Update2 months ago
UNDP, FG partnership needed to achieve inclusion, equity- Minister
-
Abuja Update4 weeks ago
Banks drive stock market performance with N147bn gain
-
Infotech3 weeks ago
World Backup Day: NITDA urges Nigerians to ensure backup of data
-
capital market2 years ago
Rt.briscoe, FBNH, Others halts negative performance of stock market
-
Health2 weeks ago
Immunisation: FG, GAVI seek synergy with Sokoto Govt.
-
Infotech2 weeks ago
Forex for Beginners: Unveiling the currency exchange and how to trade it
-
Submission Guidelines4 months ago
CALL FOR SUBMISSIONS: POETRY COLUMN-NND