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Category: Economy

  • Exercise patience over hike in food prices, FCCPC tells Nigerians

    Exercise patience over hike in food prices, FCCPC tells Nigerians

    Prices
    By Ramatu Garba
    Kano, June 25, 2024(NAN) The Federal Competition and Consumer Protection Commission (FCCPC) has advised Nigerians to exercise patience over the increase in food prices across the nation.

    The commission said that the Federal Government is making appropriate efforts to address the problem.

    The acting Executive Vice Chairman of the commission, Dr Adamu Ahmed-Abdullahi, gave the assurance during an interactive session with traders at Dawanau and Galadima Markets in Kano on Tuesday.

    He said the visit to the markets was to interact with traders to ascertain factors responsible for the continuous hike in food prices.

    He added that “the hike in food prices has been a major worry to the present administration of the Renewed Hope Agenda of President Bola Tinubu and government is making efforts to ensure things get better for Nigerians.

    “After our interactions with traders, we have been able to gather some facts that will guide the commission in advising Federal Government, in line with Section 17(b) of the FCCPC Act.

    “The commission’s concern is to tackle issues affecting consumers, especially prices of commodities to ensure fair market practices.”

    On their parts, some market union leaders and consumers attributed the continuous hike in food commodities to cost of transportation and insecurity.

    Malam Abdullahi Kasarkabasu, the Chairman of Yam Sellers in Galadima Market, Kano, said the high cost of diesel resulted to rise in transportation, which affected yam price and other food items.

    He also blamed the activities of cattle rustlers and insecurity, which discourages farming activities as other factors fuelling hike in food prices.

    Alhaji Abdulkadir Umar, the Chairman, Rice Dealers Association, Dawanau Market in Kano, said paddy rice source from villages to rice mills now cost more due to the problem of insecurity.

    He said that the hike in the cost of procurement and processing of rice resulted to low patronage as a `mudu’ (measurement plate) of rice is now sold for between N3,900 and N4,200, which is getting expensive for most consumers.

    He urged government to invest more in farming, especially by providing enough fertilizer and other inputs, as well as ensure adequate provision of security to farmers.

    A consumer, Mrs Justina Ogedo, appealed to government to act fast to save Nigerians from hunger, saying that “most consumers can no longer afford a tuber of yam due to the high price.

    “Before now, a tuber of yam was sold for between N500 and N800, but now, it is as high as N4,000 and because of the situation, we now eat twice daily.”

    Another consumer, Tunji Oyedotun, called on government to come up with fixed prices of commodities to control food prices in the country.

    “Things are becoming unbearable, government should urgently take action to save the lives of ordinary Nigerians,’’ Oyedotun appealed.(NAN)(www.nannews.ng)

    RG/FEO/HA
    ==========
    Edited by Francis Onyeukwu/Hadiza Mohammed-Aliyu

  • Nigeria’s public debt stock increases to N121.67trn in Q1 2024 – NBS

    Nigeria’s public debt stock increases to N121.67trn in Q1 2024 – NBS

    Debt

    By Okeoghene Akubuike

    Abuja, June 25, 2024 (NAN) Nigeria’s public debt stock increased from N97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023 to N121.67 trillion (91.46 billion dollars ) in the first quarter of 2024.

    The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report for Q1 2024 released in Abuja.

    The report said Nigeria’s public debt stock, which included external and domestic debts, grew by 24.99 per cent on a quarter-on-quarter basis.

    It said that External debt stood at N56.02 trillion (42.12 billion dollars) in Q1 2024, while domestic debt was N65.65 trillion (49.35 billion dollars).

    “However, the share of external debt to total public debt stood at 46.05 per cent in Q1 2024, while domestic debt was recorded at 53.95 per cent.’’

    In a breakdown by states, the bureau said that Lagos State recorded the highest domestic debt of N929.41 billion in Q1 2024, followed by Delta with N334.90 billion.

    The report showed Jigawa recorded the lowest domestic debt at N2.07 billion, followed by Ondo at N16.40 billion.(NAN)(www.nannews.ng)

    OKE/JPE

    ======

    Edited by Joseph Edeh

     

     

     

  • Electricity consumers increase to 12.33m in Q1 2024 – NBS

    Electricity Consumers

    By Okeoghene Akubuike

    Abuja, June 25, 2024 (NAN) The number of electricity consumers rose by 210,000 from 12.12 million in the fourth quarter of 2023 to 12.33 million in the first quarter of 2024.

    The National Bureau of Statistics (NBS) stated in its Electricity Report for the first quarter (Q1) of 2024 released on Tuesday in Abuja that the increase was by 1.78 per cent.

    The News Agency of Nigeria (NAN) reports that the review focuses on energy billed, revenue generated, and customers by DISCOS under the reviewed period.

    It stated that on a year-on-year basis, the number of electricity customers increased by 9.47 per cent in Q1 2024 from 11.27 million reported in Q1 2023.

    It said in Q1 2024, the number of metered customers stood at 5.91 million compared with the 5.61 million recorded in Q4 2023, this indicated a 5.38 per cent increase.

    “On a year-on-year basis, the figure grew by 11.26 per cent from the 5.31 million reported in Q1 2023.’’

    Similarly, estimated electricity customers stood at 6.43 million in Q1 2024, showing an increase of 10.22 per cent over the 5.83 million recorded in Q4 2023.

    “On a year-on-year basis, estimated customers increased by 7.88 per cent in Q1 2024 from the 5.96 million recorded in Q1 2023,” it stated.

    The NBS also said that electricity distribution companies collected N291.62 billion in revenue in Q1 2024 compared with the N294.95 billion they collected in Q4 2023 .

    It added that on a year-on-year basis, revenue collected rose by 17.91per cent over the N247.33 billion collected in  Q1 2023.

    It stated that electricity supply was 5,769 (Gwh) in the first quarter of 2024 from 6,432 (Gwh) recorded in the fourth quarter of 2023.

    However, the report said on a year-on-year basis, electricity supply decreased by 1.41 per cent in Q1 2024 compared with the 5,851 (Gwh) reported in Q1 2023. (NAN) (www.nannews.ng).

     

    OKE/CJ/

    ========

    Edited by Chijioke OKoronkwo

  • Free Trade Zones remit N11.1bn in 3 years- NEPZA

    Remittance

    By Lucy Ogalue

    Abuja, June 24, 2024(NAN)The Nigeria Export Processing Zones Authority (NEPZA), has said that the country’s Free Trade Zones generated N11.1 billion between 2020 and 2023.

    Dr Olufemi Ogunyemi, Managing Director of NEPZA, said this in a statement by his Head of Corporate Communication, Martins Odeh, on Monday in Abuja.

    Ogunyemi said the sum contradicted the earlier N11.11 trillion erroneously captured in the authority’s submission to the Senate Committee on Trade and Investments.

    He described the initial quoted figure as a regrettable typographical mishap.

    According to the managing director, the sum of N377.33 million was generated in 2020, while N3.11 billion accrued to the Federation Account in 2021 from the scheme.

    Ogunyemi said the total remittances from the scheme in 2022 stood at N3.44 billion, while an impressive N4.17 billion came through in 2023.

    “The management’s attention has been drawn to the news that it  remitted a whopping N11.11 trillion to the Federation Account as of October 2023.

    ” This information was a classical typography error, and it is regrettable.

    “Let me emphatically state that the remittances from the Free Trade Zones from 2020 to 2023 stand at N11.1 billion only.

    “We are, however, making good progress to take the scheme to that point where it can generate such huge revenue for the government,” he said.

    Ogunyemi said in 2023, the Nigeria Customs Service (NCS) generated N59.38 billion, Immigration Services N828.7 million, and the Nigerian Ports Authority (NPA) garnered N8.738 billion from the free trade zones.

    Ogunyemi said NEPZA was gradually transforming the scheme into the country’s sustainable economic gateway while calling for more support to position it  for greater exploitation.

    “NEPZA is the major driver of the Government’s initiative to diversify the Nigerian economy.

    ” With attractive investment packages and a focus on economy-driven sectors, NEPZA provides investment opportunities in different sectors across the country.

    “At the moment, the scheme focuses on three critical investment areas, namely, Manufacturing 45 per cent, Services 30 per cent, and Oil and Gas with 11 per cent active investment exploitation,’’ Ogunyemi said.

    The News Agency of Nigeria (NAN) reports that the scheme currently has 53 Free Trade Zones, harbouring 580 enterprises with a cumulative 30 billion dollars.

    The authority collects 20 types of revenues,  ranging from 500,000 dollars declaration fees, 60,000 dollars annually as Operation License (OPL) and 300 to 500 dollars Registration fees in line with extant regulations on Internally Generated Revenue (IGR).

    There are also 100 to 300  in Examination and Documentation fees per transaction, which occur on a daily basis. (NAN)(www.nannews.ng)
    LCN/CHOM//BRM

    =====================

    Edited by Chioma Ugboma/Bashir Rabe Mani

     

     

     

  • Edo Govt, Germany canvass use of ADR for ease of doing business

     Edo Govt, Germany, canvass use of ADR for ease of doing business 

     

    Business

    By Joy Odigie 

    Benin, June 24, 2024 (NAN) Edo Government and the German Agency for International Cooperation (GIZ) have canvassed the use of the Alternative Dispute Resolution (ADR) to promote the ease of doing business.

    The state government and the agency said this at a four-day training on ADR for Edo Government officials and private sector actors on Monday in Benin.

    The Chief Judge of Edo, Justice Daniel Okungbowa said that ADR provided Micro Small and Medium Scale Enterprises (MSMEs) the speed and cost effectiveness for  resolving disputes. 

    Okungbowa said that prompt commercial disputes resolution was key to economic growth.

    The News Agency of Nigeria (NAN) reports that the training is being organised by GIZ via its Sustainable and Inclusive Economic Development for Decent Employment in Nigeria (SEDIN) in partnership with the Mediation Training Institute, Abuja.

    The Chief Judge said “ARD opens the door for businesses to have access to a transparent, confident, safe and secure environment to air their concerns and to participate in proffering solutions to their challenges.

    “This boost their sense of employment, empowerment and also engenders wealth creation by increasing job opportunities.”

    He commended GIZ for its continued partnership with Edo government, adding that the training would position the state towards becoming a hub of ease of doing business in Nigeria.

    “When players in the MSMEs have enough confidence in the institutional structure position to support them, they are more likely to increase investment and expand their reach,” he said. 

    On his part,  Mr Osahon Okoh, Policy Adviser, GIZ-SEDIN, said the SEDIN programme was aimed at improving the ease of contract enforcement for MSMEs in Edo.

    Okoh said the training was to equip Edo government officials as well as private actors the business space with mediation skills geared towards ease of doing business. 

    “This training is about the justice system. We understand that conflict resolution is a big deal when we talk about ease of doing business.

    “And we see this training as a means of strengthening  our institutions to handle disputes more amicably and to create an enabling environment where businesses and investors can actually come.

    “The big picture for us is to see that the economy grows in terms of employment in the state,” he said.

    NAN reports that the participants would undergo a certification course on Mediation skills Accreditation and the Workings of the Multi-Door Courthouse. (NAN) (www.nannews.ng)

    OOJJI

    Edited by Joe Idika

  • FG to train 5m artisans, warns against quack training centres

     

    Training

    By Vivian Emoni

    Abuja, June 24, 2024 (NAN) The Federal Government has expressed commitment to empowering no fewer than five million artisans yearly.

    It also warned against quack training centres across the country.

    Dr Afiz Ogun, Director-General of Industrial Training Fund (ITF), said this at the inaugural meeting on Implementation of Skill Up Artisans (SUPA) programme for Executives of Enlisted Skills training Centers (ESTCs).

    Ogun said  the training was to upskill the talent of artisans in their various fields of profession.

    He said the training would have its phase of selection, adding that about 100 thousand artisans would be taken in each of the phases.

    He said the first phase would commence before the end of June, adding that the training would transform the skills acquisition space in Nigeria.

    “The training will be phase by phase and bit by bit; we will be selecting about 100,000 artisans for the training.

    “When we are through with the number, we select another phase, we must make sure we cover the five million artisans every year, just as the presidency directed us.

    “The names and various centres where the trainings will commence will be published in various national daily newspapers and training starts immediately.

    “The criteria for the training is that the person must be a Nigerian, all artisans are our candidates. Those who registered first will start the first phase.

    “The registration portal opened from January till March 15, 2024, we went out to all senatorial districts to out screen so that we can move ahead,” he said.

    The director-general said the aim of the programme was to work with relevant stakeholders, and that ITF would be onboarding to become the best skills training centers of international standards in Nigeria.

    “We will guarantee a steady stream of trainees for whom ITF will be financially responsible but side by side we will implement rigorous facility and process inspections to ensure that our standards are met.

    ” ITF is currently working out partnerships with the most reputable international awarding bodies so that certifications issued after our training programme will give graduands a variety of options in terms of work opportunities and employability both locally and globally.

    “The era of training just for the sake of it, or issuance of Certificate of Attendance/Competence is gone and gone for good.

    ” Every skills training undertaken by ITF must lead to reputable international certification which in turn, guarantees measurable improved livelihood of graduands,” he said.

    Ogun condemned the act of organising training centres by some people without requisite approval from the ITF.

    “Another point I must address is mushrooming of Skills Training Centers in Nigeria without requisite approval by ITF.

    “It is troubling to note that all over the country, persons undertake so-called trainings in both technical and vocational trainings without prior approval of their training curriculum, manual and programme by ITF.

    “As a result, there is no way to ascertain the quality of learning being passed on to graduands who pay exorbitant prices for these trainings.

    ” This has created a circle of entrenched quackery which ITF is set up to put an end to.

    “We now have an avalanche of foreign training institutions offering some kind of technical or vocational training without due approval of the programmes and processes.

    ” Even where such foreign set ups have the competence to undertake these trainings, their unregulated presence represents a loss of revenue by local players.

    “ITF will be issuing the necessary regulations on these subject matters very soon and our enforcement efforts will also commence in earnest.

    “Today signposts a new dawn at ITF and in the skills training space in Nigeria and we need all hands on deck  to turn the tide and change the narratives,” he said.

    Mr Ahmed Ibrahim, Coordinator, Nigerian Association of Refrigeration and Air-conditioning Practitioners (NARAP), also lauded the organisers of the training.

    “Particularly in the area of my own craft, which is refrigeration and air-conditioning, in the area of ozone depletion, if this training is centered toward handling of refrigerants and professionalism in refrigeration and air-conditioning, it will help”.(NAN) (www.nannews.ng)

    VOE/CHOM/VIV

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    Edited by Chioma Ugboma/Vivian Ihechu

     

     

  • FCMB-TLG Private Debt Fund Series 1 opens, to raise N10bn

    Fund

    By Rukayat Adeyemi

    Lagos, June 24, 2024 (NAN) FCMB Asset Management Ltd. (FCMBAM) has opened the FCMB-TLG Private Debt Fund’s Series 1 Offer for subscription, to raise N10 billion of its N100 billion programme size.

    The News Agency of Nigeria(NAN) reports that fund is opened for subscription to Qualified Institutional Investors (QIIs) and High Networth Individuals (HNIs), effective Monday, June 24 to July 31.

    Mr James Ilori, the company’s Chief Executive Officer(CEO), said this in a statement made available on Monday in Lagos.

    Ilori stated that the fund, which is Nigeria’s first Naira-denominated private debt fund, had been approved by the Securities and Exchange Commission(SEC) following the fulfilment of all regulatory requirements.

    He explained that the fund is sponsored and managed by FCMBAM as the fund manager, with technical support from TLG Capital Investments Ltd.(TLG Capital) in the United Kingdom.

    “The FCMB-TLG Private Debt Fund will focus on investing in commercially viable and impact-oriented activities in sectors of the Nigerian economy aligned with the United Nations (UN) Sustainable Development Goals (SDG).

    “While providing investors with an opportunity to earn a competitive risk-adjusted return on investment.

    “It will invest in the debt components of the capital structure of organisations and Special Purpose Vehicles (SPVs) in sectors crucial to Nigeria’s economic growth and development.

    “This includes Agriculture, Healthcare, Education, Clean Energy, Transportation/Logistics, and IT/Technology.

    According to him, the FCMB-TLG Private Debt Fund opens a new avenue for professional investors to participate in the growth of key sectors of the Nigerian economy.

    Ilori noted that it also provides essential capital to organisations driving sustainable economic growth and development in Nigeria.

    He stated that the Fund is structured as a Closed-Ended Unit Trust Scheme with Series 1 tenor of 10 years.

    According to the CEO, the Fund is also expected to provide investors with periodic streams of income through regular payment of distribution, while prioritising the preservation of invested capital.

    FCMBAM is the asset management arm of FCMB Group Plc, incorporated in 1997, to provide portfolio management and investment advisory services to individual and institutional clients globally.

    It has over N322 billion in assets under management. (NAN)(www.nannews.ng)

    RUKY/AWA

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    Edited by Olawunmi Ashafa

  • Seafarers unsung heroes of global economy – Mobereola

     

     

     

     

     

    Minister of Marine and Blue Economy, Chief Adegboyega Oyetola

     

    Seafarers

    By Aisha Cole

    Lagos, June 24, 2024 (NAN) The Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, and the Minister of State for Labour and Productivity,  Mrs Nkeiruka Onyejeocha, will be at the forefront of the 2024 Seafarers Day on Tuesday.

    Mr Edward Osagie, an Assistant Director of Public Relations at the Nigerian Maritime Adminstration and Safety Agency (NIMASA), made the disclosure in a statement in Lagos on Monday.

    Osagie said that the Director-General of NIMASA, Dr Dayo Mobereola, and the Head of International Monetary Funds (ITF) Seafarer’s Trust Fund, Katie Higginbottom, would also actively participate in the celebration.

    Osagie quoted Mobereola as urging Nigerians to celebrate  seafarers’ resilience and dedication at the occasion.

    He urged the use of  hashtag  #SafetyTipsAtSea on social media platforms for the celebration.

    “Seafarers are the unsung heroes of our global economy. I will even describe them as the lifeblood of international trade.

    “They sacrifice a lot for humanity’s existence as they leave their families for months for our sake.

    “Let us celebrate their resilience, dedication, and the invaluable role they play in our world,” he said.

    He said that the 2024 commemoration presented another opportunity to bring to the fore, the importance of seafarers, who he described as essential workers.

    “This year’s theme also aligns with the agency’s drive to protect Nigerian seafarers and create more opportunities for those willing to take a career in seafaring,” he said.

    NAN reports that the International Maritime Organisation set aside June 25 annually as Seafarers Day to  recognise  contributions seafarers make to international trade and the world economy.

    The theme of the 2024 edition is: “Navigating the Future: Safety First”. (NAN)

    AIC/IGO

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    Edited by Ijeoma Popoola

  • NGX stock market opens 0.44% down

    Market

    By Rukayat Adeyemi

    Lagos, June 24, 2024 (NAN) The Nigerian stock market on Monday opened on a negative note, with performance indices dropping by 0.44 per cent.

    Specifically, investors lost N248 billion or 0.44 per cent, as the market capitalisation, which opened at N56.423 trillion, closed at 56.175 trillion.

    The All-Share Index also declined by 0.44 per cent or 439 points to close at 99,304.12, as against 99,743.05 posted on Friday.

    Losses in Guaranty Trust Holding Company(GTCO), Zenith Bank,  FBN Holdings,  International Breweries, Oando Plc, Dangote Sugar, among other declined equities propelled the weakness in the market.

    Market breadth closed negative with 26 losers and 20 gainers on the floor of the Exchange.

    On the losers’ chart, International Breweries led by 44k to close at N3.96, Deap Capital Management and Trust Plc and Daar Communications followed by 5k each to close at 51k and 52k per share respectively.

    Beta Glass lost five Naira to close at N53, while Oando declined by N1.10 to close at N13.85 per share.

    On the other side, Secure Electronic Technology Plc led the gainers’ chart by 5k to close at 56k, while VDF Group trailed by four Naira to close at N44.60 per share.

    John Holt gained 25k to close at N2.86, Thomas Wyatt rose by 20k to close at N2.30 and Transcorp Hotel added N8.40 to close at N98.40 per share.

    Analysis of the market activity showed that trade turnover settled 70.24 per cent higher than the previous session.

    A total of 973.62 million shares valued at N19.32 billion in 9,941 deals were transacted, compared to 617.22 million shares valued at N11.35 billion in 9,273 deals recorded in the previous session.

    Meanwhile, FBN Holdings led the activity chart in volume and value with 627.64 million shares worth N13.45 billion, Beta Glass followed by 34.70 million shares valued at N1.9 billion.

    Veritas Kapital Assurance sold 35.34 million shares worth N33.47 million, Chams traded 62.15 million shares valued at N60.3 million and AIICO Insurance transacted 24.30 million shares worth N23.24 million.

    In a reaction, analysts at Cowry Asset Management Ltd., predicted ahead of the week that the local bourse will trade in mixed sentiment.

    They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait-and-see approach.

    The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to
    fluctuate.

    According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude. (NAN)(www.nannews.ng)

    RUKY/AWA
    ============

    Edited by Olawunmi Ashafa

     

  • Recapitalisation: CSOs uncover counterplans to FG’s proposed banking reforms

     

    CBN

    By Adekunle Williams

    Lagos, June 24, 2024 (NAN) The Coalition of Civil Society Organisations has alerted the Federal Government and  CBN to an organised plot by some vested interests to orchestrate a diversionary campaign to stop the proposed banking sector reforms.

    The coalition is made up of the Constitutional Rights Advocate Initiative, Cadrell Advocacy Center, Movement for Nigeria Restructuring, Center for Social & Economic Rights, Committee for the Protection of People’s Mandates and Commonwealth Institute of Advanced & Professional Studies

    The spokesperson of the coalition, Mr Nelson Ekujumi, made this known at a news conference on Monday in Lagos.

    The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) on March 29, said it had directed commercial banks with international authorisation to increase their capital base to N500 billion and national banks to N200 billion.

    According to the acting CBN director, commercial banks with national licences must meet a N200 billion threshold, while those with regional authorisation are expected to achieve a N50 billion capital floor.

    The Banking Sector Recapitalisation Programme is a regulatory initiative of CBN that requires banks to increase their minimum paid-in common equity capital to a specified amount according to their licence category and authorisation within a specified period of time.

    According to Ekujumi, who is also the Convener, Committee for the Protection of People’s Mandate, some Nigerians were planning to use faceless civil society organisations because these people do not want the fresh injection of capital into the banks.

    The spokesperson alleged  the group intended to delay or force CBN to drop the ongoing reforms of the banking sector.

    This, he said, was to elongate the stay of their Pay Masters at the helm of affairs at some of the ”sick” banks that required the recapitalisation the most.

    Ekujumi noted that recapitalisation programmes required forensic audit of the loan books, saying that this was what they did not want.

    He said: “We are a coalition of civil society organisations. Our role is to act as watchdogs to government in overarching interest of the Nigerian people.

    “We have followed the various economic policy reform programmes of the present administration, we have at different times expressed our views on them.

    “These faceless groups were planning to use some faceless civil society organisations who will begin to make preposterous claims and allegations against some Nigerians who critical to the success of the planned banking recapitalisation programme.

    “We also have credible intelligence that they intend to make some unsubstantiated allegations against the current CBN Governor, Mr Olayemi Cardoso; Mr Olawale Edun, the Finance Minister and some investors in the banking sector.

    “What is their goal?

    “It is to either delay or force the Central Bank of Nigeria to drop the ongoing reforms of the banking sector so as to elongate the stay of their Pay Masters at the helm of affairs at some of the sick banks which require the recapitalisation most.”

    He said: “It is germane to say that some of the banks which require the recapitalisation most are the very ones in need of the injection of capital off the back of the recapitalization programme.

    “However, these vested interests would rather leave the banks in their sick state so as to prevent the truth from being unearthed.”

    Ekujumi said: “If indeed they cared about the interest of the banks in question, why don’t they want new capital injected to save the banks?”.

    He likened the allegation to that of a parent of an anaemic child rejecting blood donation even when the doctors certified the blood to be clean.

    The spokesperson said one of the critical pillars upon which the economic reforms agenda of the Federal Government was anchored was the proposed banking sector reforms.

    He said Nigeria could not afford another banking sector crisis which would throw more Nigerians into the unemployment market.

    Ekujumi said this was why they were raising the alarm, adding that they had secured the services of some faceless civil society and online media to advance this gaslighting campaign.

    He said in the case of one of the banks, the ages of some of the Non-Performing Loans (NPLs) would shock the Nigerian public.

    According to him, they date back to the 1970s with interest capitalised running into decades.

    “But, thankfully, there has been a successful sale of the debt to a company as it is done the world over,” he said. (NAN)www.nannews.ng

    WAC/VIV

    ===

    Edited by Vivian Ihechu