News
Banking Tsunami: Lawmakers Sleep as Chaos Looms
The banking tsunami is a phenomenon that holds a double-edge sword capable of reshaping the country for the better or presenting grave danger if not pursued to a logical conclusion, Nigeria CommunicationsWeek can now reveal.
Supporters of the recent fundamental change in power and organizational structures of some banks in the country, said, that there is need to resuscitate the values that country’s unborn children will be proud of and instill professionalism in financial system.
But claims and counter-charges have greeted the sweeping reforms; while some said it is totally expected given known oppositions to revolutions, others warn of preventable chaos citing selective justice.
Unfortunately as the argument swung left and right, the National Assembly which should have been the bastion of hope, appear to lack the technical depth to analyze in real terms the gains and losses by the banking revolution.
As the lawmakers look elsewhere, the ripple effects of the banking tsunami on financial industry, businesses and Nigerians is colossal and has resulted in confidence crisis, loss of credit lines, diminishing international trust and confidence, jobs losses and general hardship.
Attention has also been diverted from the subject and object of the tsunami with some Nigerians including members of the National Assembly applauding as sacked banks chief executives are paraded as thieves.
Nigeria CommunicationsWeek gathered that in place of the ineffectual National Assembly, different interpretations have been given to the revolution.
Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN), claim that the apex bank is acting with the framework of the powers granted it by its Act.
But some mischief makers have hijacked the entanglement to fuel discord
Recalcitrant debtors and critics are already calling for the head of the CBN’s boss, a man of uncommon depth and capacity. They said that his eclectic disposition gives him up easily.
Love or loathe him, he has profoundly disrupted the status quo. He is the most talked about person in the country today because of the sweeping reforms he embarked upon since assumption of office as governor of the apex bank.
Such phrases like “banking reforms”, “banking crisis”, “rot in the banking system” are now common buzz words even among the rich and poor, learned and illiterates.
He has a rich pedigree and robust record including one as the past group managing director/chief executive officer of First Bank Plc, Nigeria’s oldest bank and one of the biggest financial institutions in Africa.
Sanusi rose to the position of CEO having held the position of executive director, Risk & Management Control from where he championed remarkable developments in the bank’s enterprise risk and management control mechanisms.
Nigeria CommunicationsWeek gathered that the CBN governor now wears a revolutionary toga sown by his supporters since August 14, when he sacked the chief executives of five banks; Intercontinental, Oceanic, Afribank, Union Bank and FinBank – for allegedly awarding non-performing loans to the tune of about N780 billion. Another intervention in five other banks; Spring Bank, Wema Bank, BankPHB and Unity Bank generated equally the same cheers and jeers.
His critics said the reforms could have been handled better. They are quick to conjure up ethnic and religious agenda to discredit him.
Some said that the governor is a victim of ethnic and sectional prejudice with the belief that people from certain sections of the country are lower in the intelligence hierarchy.
Nigeria CommunicationsWeek gathered that most critics of Sanusi accuse him of replacing inefficiency with incompetence and wastefulness with profligacy.
Only mature handling of the revolution can starve distrust and widening of sectional divide in the country.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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