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MFBs must not delay till last minute to recapitalise –Nwoke
Mr Rogers Nwoke is one of the leading players in the nation’s banking sector and a strong supporter of Nigeria’s agenda of promoting financial inclusion in the grassroots. In this interview with Tola Akinmutimi and Seyi Anjorin, the seasoned banker and Managing Director of HASAL Microfinance Bank Limited, spoke on a number of issues as they relate to micro financing and how to move the sub-sector of the financial services sector forward.
How would you rate the performance of the micro finance sub-sector of the financial services sector in the last six months of this year?
I would say it is getting better. It has always been a problem getting the best out of the subsector but I guess, like the CBN did make it clear to Nigerians then that they needed to sanitise the industry and then take one or two steps to move the industry forward. After the unfortunate incident of the revocation of the licenses of the 224 MFBs and all that, I believe that a lot has happened in terms of the regulatory measures put in place and a lot of positive developments within the sub-sector that today you have micro finance banks which are more focused and that understand a lot more clearly what the business is all about. I will typically rate the sector by saying that a lot of improvement has been done both in the area of capacity building, in the area of customer capacity-building and the amount of credit that has been granted which has increased significantly, awareness and the visibility of the sector and many other positive performance indices which show clearly that the MFBs that we have now are healthier than before.
Recent re-capitalisation policy guidelines issued by the CBN have raised a lot of dust. As a seasoned player in the financial services sector, what is your view on the policy?
Well, I think the re-capitalisation was needed given the fact that the MFBs that took off at initially were not well capitalised and the model of micro finance that was introduced in Nigeria is one that requires that several thousands, if possible, could be licensed with minimal capital base and can then draw on the Microfinance Development Fund to run their business. Unfortunately, eight years after the launch of the micro finance policy, the fund is not in place yet. You find out that many MFBs came into existence but lacked the liquidity to operate. One of the major issues in the industry today is not having significant liquidity. The decision, when the policy was reviewed asking micro finance banks to re capitalise, was a welcome development and I don’t think that operators resisted it. Members of the micro finance association welcomed it. Where we had issues was the time frame given for people to recapitalise. Many people felt it was too short and emissaries were sent and pressures were put in the right places and today we are excited that the Central Bank Governor listened and shifted the deadline to 31st December, 2013.
However, like I told a few of my colleagues, Nigerians like the attitude of last minute. I hope that we are working very hard to meet that deadline because it is not by December now that it will suddenly dawn on us that we still need more extension. The only way we can show gratitude to the Central Bank is to take all those steps necessary to ensure that we take advantage of the time frame that has now been given to meet up with the capital base. But generally speaking, the industry needs the re-capitalisation because we are micro finance institutions or banks as we are called but the traditional banking theory where you have an intermediary between excess/surplus side of fund and the deficit side is not typical for micro finance banks. In Nigeria, more than 95 per cent of the MFBs are people who need credit. No Nigerian gets money and prefers to go and put it in a micro finance bank, that pressure is always there and re capitalisation is one way to survive and move forward.
Given the fact that HASAL MFB was the only microfinance institution visited by the United Nations Special Envoy on Financial Inclusion, Princess Maxima of Netherlands, as part of her on the spot assessment of financial inclusion drive in the country, one year after the launch of the National Financial Inclusion Strategy, what is your assessment of the implementation of the strategy so far?
Since the launch of the strategy, a lot of sensitisation has been done and every stakeholder now understands why you must advance the course of financial inclusion in the country. In terms of practical action, actions are being taken but they probably are not showing the results yet. As you are aware, the Bankers Committee met some time ago and said they were going to take the financial inclusion initiative to start in Borno and few other states where it is lowest based on reports of surveys and all that. I am also aware that other stakeholders, including non governmental institutions, have been doing a lot in this area of sensitisation, letting people know what they need to do. And in our own sector, the micro finance, a lot has also been happening.
As you are aware, HASAL Microfinance Bank has a radio programme every week, we run jingles, and organise road shows amongst other sensitisation programme of the bank. Positive changes are taking place across the subsector, things are beginning to happen. That is what makes the difference. Before the launch of the strategy then, everybody just do anything he likes, today there is a well articulated strategy to drive financial inclusion and I think that it is a good effort in the right direction.
Knowledgeable workforce is crucial to competitiveness in any industry today. What are you doing to develop your employees’ skills to enable them offer world class services to customers and by implication, ensure good returns on shareholders’ investments?
As you know, we have the HASAL Institute for Microfinance Studies which since 2009 has been providing capacity building services to the industry. Just last week, we trained micro finance practitioners under the platform of micro finance association where every micro finance bank in Abuja sent at least three of their staff and we have been doing this over the past few years. So, capacity building has been a major project for our bank, and even in-house at that. We have also been sending our staff to acquire global best practices. For instance, two of them were out recently to Italy and Frankfurt School of Finance and Management to do a nine-day summer programme on micro finance and risk management. From time to time we expose our people and when they come back they do a training to pass on what they have learnt to people who could not go. Our core strategy relies on our people. We emphasise using people and technology to deliver world class services. If you put it the other way, you say people, using technology to provide services. We invest a lot in people so that we can get the best quality, we invest in technology and we are always upgrading our systems.
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Tribune Online
Nigeria records 55 new COVID-19 infections, total now 165,110
The Nigeria Centre for Disease Control (NCDC) has recorded 62 new cases of COVID-19, bringing the total number of infections in the country to 165,110. The NCDC disclosed this on its official Twitter handle on Friday. “55 new cases of #COVID19Nigeria; Lagos-21, Yobe-19, Ogun-6, Akwa Ibom-3, Kaduna-2, Plateau-2, FCT-1, Rivers-1.” YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE COVID-19: Nigeria Recorded […]
Nigeria records 55 new COVID-19 infections, total now 165,110
Tribune Online
Sourced From: Tribune Online
•Deploy more personnel as army chief vows to wipe out terror group
•Security beefed up at N’Assembly
Deji Elumoye and Kingsley Nwezeh in Abuja
Abuja, Nigeria’s seat of power, is under a massive security cordon following threats of attacks by insurgents and the increasing wave of banditry in the contiguous states of Kaduna, Kogi, Nasarawa and Niger States, THISDAY’s investigation has revealed.
There has been a wave of kidnappings in the outskirts of the federal capital, notably Pegi, Tuganmaje and Kuje among others, which the police have battled in recent times.
The security situation in and around the Federal Capital Territory (FCT) was heightened by the pronouncement of the Niger State Governor, Mr. Sani Bello, that Boko Haram fighters who he said sacked 50 villages in the state and hoisted the terror group’s flag, were about two hours drive away from the FCT.
Security has also been beefed up at the National Assembly as operatives, yesterday, thoroughly screened every vehicle approaching the National Assembly complex in Abuja.
The deteriorating security situation nationwide prompted the National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, to warn that the 2023 general election may not hold, demanding the declaration of a state of emergency as well as the convocation of a national conference.
However, the Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, yesterday restated the Nigerian Army’s determination to annihilate Boko Haram.
But the Governor of Katsina State, Hon. Bello Masari, cautioned against declaring a state of emergency, saying doing so isn’t the solution to combat the security challenges facing the country.
The security of the nation’s airports was also in focus yesterday as the Office of the National Security Adviser (ONSA) said there was no threat to them.
THISDAY’s investigations showed increased presence of troops, police, Nigerian Security and Civil Defence Corps (NSCDC) personnel and intelligence operatives at the three strategic entrances to the city notably, Keffi, Zuba and Gwagwalada.
More checkpoints were also mounted around Gwagwalada and Keffi.
THISDAY also observed increased intelligence deployment at the entrance and the borders of FCT with contiguous states.
Beyond the borders, there were more deployments and police patrols inside the city and increased intelligence deployments as well.
Security sources told THISDAY: “There are deployments here and there but they are routine. Alertness is key to a secure environment.”
It was also learnt that security agencies were involved in frenzied meetings throughout yesterday.
The meetings, coordinated by the office of the Chief of Defence Staff under the new joint operational strategy of the armed forces, were aimed at coordinating a joint response to possible threats of attack to the FCT.
“I understand the security teams have been meeting for some days now and if you look around you, you will notice that there are increasing patrols and numbers of security personnel. The threats are not been taken lightly,” a source said.
National Assembly workers, lawmakers and visitors also had a harrowing experience accessing the legislative complex due to heightened security in the area.
Security operatives thoroughly screened every vehicle approaching the National Assembly complex in Abuja, impeding both human and vehicular traffic.
The Sergeant-at-arm of the National Assembly and other security agencies supervised the operations, leading to huge traffic build-up inside the complex.
Legislative staff, visitors and lawmakers were seen patiently waiting for their cars to be searched so that they could go ahead with the business of the day.
Some staff and visitors at some point got tired of waiting and were seen alighting from their cars to trek from the gate to the complex.
Meanwhile, the ONSA has said there is no threat to the nation’s airports.
A statement by the Head of Strategic Communication, Mr. Zachari Usman, said the reports of threats to the airports were an internal correspondence of security threat assessment misconstrued as security threat to the airports.
PDP Demands State of Emergency
In a related development, the PDP National Chairman, Prince Uche Secondus, yesterday demanded the declaration of a state of emergency, warning that the 2023 general election might not hold if the federal government failed to tackle insecurity.
He called on the federal government to summon a national conference to address the spike in insecurity.
Secondus added that the national caucus of the party will meet today to discuss the state of the nation.
Addressing members of the National Executive Committee (NEC) in Abuja, Secondus said: “We are worried Abuja is not even safe. It is no longer politics. We got alert of plots to bomb and burn down our airports.
“We urge the federal government to declare a national state of emergency in security. There is the need to call a national conference to discuss the insecurity in the country.
“There may not be any election in 2023 in Nigeria due to insecurity. This government must listen to the people. The Buhari government should call a national confab to discuss security and state of the nation. It is no longer politics. This time we are not playing politics. Let’s keep politics aside and move the nation forward.”
He said the country had been grounded, regretting that there had been no matching response from the federal government.
Secondus said in the past, terrorism in the North was confined to the North-east, but with the report of Boko Haram occupying villages in Niger State, terrorism had spread to the North-central
“Herdsmen are also menacing in the West; gunmen causing havoc in the East; and the militants in the South; all killing, looting, raping, maiming and burning down homes. The situation is bad; Nigerians all over are living in fear,” he said.
The Senate Minority Leader, Senator Enyinnaya Abaribe, said the problem of Nigeria was outside of the PDP headquarters, while pledging the support of the Senate to the declaration of state of emergency in security.
Abaribe said he deliberately decided not to speak on the floor of the Senate but to allow the APC senators to speak so as to avoid being accused of giving a partisan colouration to the issue of insecurity.
He stated that only electoral reforms would give victory to the opposition party in the 2023 general election and ensure a democratic defeat of the APC-led federal government.
Also, the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, commended the NEC and the PDP leadership for their collective efforts at resolving the House leadership crisis.
The NEC meeting adopted the position of Secondus, calling on the federal government to convoke a national conference to discuss the state of insecurity in the country, according to a communiqué read by the National Publicity Secretary, Mr. Kola Ologbondiyan.
Army Chief Vows to Wipe Out Boko Haram
The army yesterday reiterated its commitment to wipe out Boko Haram.
Chief of Army Staff (COAS), Lt. Gen. Ibrahim Attahiru, told reporters in Maiduguri, Borno State that Boko Haram had been defeated in many encounters and would continue to be defeated until it’s annihilated from Nigeria.
“We will take on Boko Haram decisively, and we are committed to the focus of the operations, which is the total annihilation of Boko Haram from Nigeria,” he said.
The COAS, who was visiting the headquarters of Operation Lafiya Dole in Maiduguri for the fifth time since his appointment four months ago, said the visit was to boost the morale of the troops, reassure them and listen to any issues affecting them.
Earlier, the Theatre Commander of Operation Lafiya Dole, Maj. Gen. Farouq Yahaya, lauded the visit, which he said had continued to boost the morale of the troops.
“We are honoured, we are grateful, we are encouraged by those visits. You provided us guidance, logistics and other things we required. We are most grateful for those visits,” Yahaya said.
State of Emergency Won’t Solve Security Challenges, Says Masari
Katsina State Governor, Hon. Aminu Masari, has, however, said declaration of a state of emergency won’t solve the security challenges facing the nation.
Masari, who spoke yesterday with journalists after meeting with the Chief of Staff to the President, Prof. Ibrahim Gambari at the State House, Abuja stated that he was against the recent call by the House of Representatives for the declaration of a state of emergency in the security sector as it would not solve the problem.
According to him, declaring a state of emergency will not achieve the desired effect as the security structure and personnel to be used to execute the emergency are already overstretched in a bid to safeguard lives and property.
Sourced From: THISDAYLIVE
By Olasunkanmi Akoni
The people of the South East region have been urged to explore the power of negotiation and mutual settlement in the face of ongoing killings and security challenges in the zone because the east can not afford another war at present.
Stakeholders from the South-East geo-political zone made the remark on Thursday, at the unveiling of the book, “Igbo, 50 years after Biafra,” written by Special Adviser to Lagos State Governor Babajide Sanwo-Olu on Drainage Services, Joe Igbokwe, held at Ikeja G.R.A.
Speaking at the unveiling of the book, the chairman of the occasion, Mr. Cutis Adigba,
urged the people of the South-East to learn to build bridges across the country, so that they can realise their ambition of producing the next president of Nigeria.
Adigba urged leaders from the zone to discourage the move and agitation by some youths in the South East to go to war and secede out of Nigeria.
Also read: Banditry: Disregard viral video, Niger State gov’t urges residents
He said that Igbo have always found it difficult to rule Nigeria because they refused to build bridges across the six geo-political zones that made up Nigeria.
While describing the agitation as uncalled for, Adigba noted that after two decades that Nigeria returned to civil rule, the Igbo has predominantly identified with only one political party.
He maintained that remaining in one party can not advance the cause of the people of South East and cannot make them realise their objective of producing an Igbo man as president.
He maintained that the publisher of the book, Igbokwe played politics outside his state, so that the Igbo race can be integrated with one another race.
Adigba said the failure of the Igbo to reintegrate with other ethnic nationalities politically was responsible for the retrogression of the race in Nigerian politics.
Igbokwe, also addressing guests on the occasion, maintained that the Igbo are not advancing politically because they refused to be integrated into National politics, lamenting that, despite their success in business, they are not successful in playing politics at the national level.
Corroborating Dimgba, Igbokwe noted that there was the need for the Igbo people to stand up and build bridges so that their objective of producing the next president of Nigeria could be realised.
According to him: “I have decided to raise my voice, I hope my people will hear me while trying to quell the effect of the war, our people are spoiling for another war, mayhem is being unleashed in Igbo land, and there is palpable fear.
“Those who could speak have lost their voice, mindful of the consequences of their actions, I am calling on all Igbo leaders to speak up because all actions carry consequences, consequences of the silence will be too dastardly to sustain.
“Those silently supporting the wild wind should be careful or else they hand over to their children,” he said.
Igbokwe urged those spoiling for war to jettison their plan and embrace dialogue, urging them to learn from the South West region that despite the challenges faced after the annulment of the June 12, 1993, election, they did not go to war, and the region had the opportunity of producing two of her sons for presidential position in 1999.
“You have to build bridges to become president of Nigeria, but it is unfortunate the Igbo are burning bridges.”
Speaking at the event, Chief Uche Dimgba who is the coordinator of Igbo in All Progressives Congress, APC in Lagos, described Igbokwe as “a Frank, fearless and reliable leader, who based his views on issues and stand by his opinions, and we the Igbo have confidence in him and believe he can lead us aright.”
“He is a leader we Igbo believe in and we will follow him. If he can serve all the governors produced in Lagos State since 1999, he is a better man to follow because he possesses all the experience that can be of benefit to Igbo both at home and in the diaspora.”
The post Attacks on S’East: We must explore all options of negotiation — Stakeholders urge Igbo appeared first on Vanguard News.
Sourced From: Vanguard News
The government said that no worker should stay back beyond 6:00 p.m. within premises of buildings undergoing construction.
The post Insecurity: Lagos bans occupation of abandoned buildings appeared first on Premium Times Nigeria.
Sourced From: Premium Times Nigeria
Nigeria records 55 new COVID-19 infections, total now 165,110
Military, Police Ring Abuja to Forestall Boko Haram Attack
UFC: Usman gets N584m after beating Masvidal
Insecurity: Lagos bans occupation of abandoned buildings
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