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ADEDUNTAN URGES BANKS TO IMPROVE LOAN MONITORING TO PREVENT NPLS’ BUILD-UP
ADEDUNTAN URGES BANKS TO IMPROVE LOAN MONITORING TO PREVENT NPLS’ BUILD-UP
Managing Director/Chief Executive Officer of FirstBank, Dr. Adesola Adeduntan, has advised financial institutions in the country to be vigilant and improve the monitoring of their customers’ loans in order to prevent the build-up of non-performing loans (NPLs) in the industry as a result of the macroeconomic challenges.
Speaking in an exclusive interview with THISDAY, Adeduntan also urged businesses and their bankers to approach the new year in a collaborative relationship in order to overcome anticipated headwinds in the economy.
Adeduntan explained, “To prevent rising NPLs, businesses and their bankers will have to collaborate more and ensure timely flow of information to prevent surprises.
“Banks on their part will have to improve monitoring of their loan portfolio to quickly identify early warning signals for attention before a full-scale loan deterioration.
“Overall, businesses and their bankers must approach 2023 with a partnership mindset to ensure that a win-win outcome is achieved despite the anticipated macroeconomic challenges.”
Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, recently warned that 2023 would be tougher than 2022 for much of the global economy, as the United States, European Union and China see slowing growth.
Georgieva had said 2023 would be a “tough year”, with one-third of the world’s economies expected to be in recession.
The IMF had in October cut its global growth forecast to 2.7 per cent, down from 2.9 per cent forecast in July, amid headwinds, including the war in Ukraine and sharply rising interest rates.
Owing to the anticipated weakening of the global economy, Adeduntan said with slowing growth and elevated inflation rates, the sustainability of foreign debts, especially for developing nations, was likely to call for a re-evaluation by lenders given the increased likelihood of default.
He stated, “When this is juxtaposed with the higher interest rate environment at which these debts are likely to be refinanced, you will observe a scenario where further strain is exerted on the debt repayment capacity of these economies.
“However, this situation does not necessarily translate to an automatic economic doom for developing nations. The actual impact on each developing economy will depend on the economy’s level of fiscal discipline and revenue generating capacity.
“Developing nations, who are able, in the short term, to increase revenues either from taxes or sale/refinancing of idle/sub-optimal assets will be able to negotiate reasonable refinancing terms from lenders and prevent further economic turmoil.
“Nonetheless, all concerned nations need to take the issue of debt sustainability more seriously by limiting fiscal wastages, reducing inefficiencies, growing revenues, and aggressively working down unsustainable debt-to-GDP levels that may worsen the impacts of external shocks.”
Adeduntan also pointed out that expectedly, rising cost of debt and contracting demand would exacerbate the challenges that businesses would face this year, particularly for players operating in small-margins sectors of the economy.
Locally, the surging inflation rate was also expected to reduce disposable income of most consumers and demand for non-essential goods and services may dip, he said.
He, however, pointed out that despite the expected macroeconomic challenges in 2023, there were also emerging business and revenue opportunities that could be exploited by discerning players in the financial services industry.
Specifically, he identified the areas that would provide significant opportunity to players in the financial services industry to include payments, digital security, mergers and acquisition (M&A) opportunities, partnership across segments and consumer lending.
Adeduntan explained, “The Central Bank of Nigeria’s renewed drive on cashless policy has provided an opportunity for players in the financial services industry to enhance existing digital product offerings and create more attractive product offerings that will further reduce frictions in the payment process.
“This will help to reduce the financial exclusion gap, increase fees and commissions revenues, and improve overall viability and stability of the financial system.”
In the area of digital security, the chief executive said, “Increasing adoption of digital payments platforms will necessitate increased requirement for the security of payment channels. Thus, opportunities exist for players in the financial services industry to leverage robotics and artificial intelligence to improve security protocols on digital payment channels.”
He added, “With the anticipated pressures on earnings, opportunities exist for big and liquid players to gain additional scale and market share through outright acquisition of fringe players with the right strategic fit.
“In All Life’s Hardships, Keep Your Smile” By Prudent Ludidi
Let’s talk about a powerful tool that can help you navigate life’s challenges with confidence, resilience, and hope. That tool is your smile.
Life can be tough. It can throw us curveballs, test our resolve, and push us to our limits. But in the midst of hardship, it’s easy to lose sight of what truly matters. We forget to smile, forget to laugh, and forget to live.
Your smile is more than just a facial expression. It’s a symbol of strength, courage, and determination. It’s a beacon of hope that shines brightly, even in the darkest moments.
When life gets tough, it’s tempting to frown, to cry, or to give up. But I urge you to do the opposite. Smile. Smile through the tears, smile through the pain, and smile through the struggles.
Smiling doesn’t mean you’re ignoring your problems or pretending everything is okay. It means you’re choosing to rise above, to find the silver lining, and to focus on the good.
Your smile has the power to transform your mindset, inspire others, diffuse tension, and heal emotional wounds. It’s a powerful antidote to stress, anxiety, and fear.
Think about it. When was the last time you smiled? Really smiled? Not just a polite smile or a forced grin, but a genuine, heartwarming smile?
Smiling can:
Reduce stress and anxiety
Boost your mood and energy
Improve your relationships
Increase your resilience
So, how can you keep your smile shining bright, even in the face of adversity?
Find the humor in difficult situations. Laughter is a powerful way to shift your perspective and lighten the load.
Practice gratitude daily. Focus on the good things in your life, no matter how small they may seem.
Surround yourself with positivity. Spend time with people who uplift and support you.
Take care of your physical and mental well-being. Get enough sleep, exercise regularly, and prioritize self-care.
Remember, your smile is contagious. It can light up a room, brighten someone’s day, and change the atmosphere.
In all life’s hardships, keep your smile. It’s a reminder that better days are ahead, that you’re stronger than you think, and that you’re not alone.
Your smile is your superpower. Use it to overcome obstacles, to uplift others, and to create a ripple effect of joy and positivity.
Don’t let life’s challenges steal your smile. Keep shining, keep smiling, and keep pushing forward.
You are stronger than you think.
You are braver than you feel.
And you are capable of overcoming anything that comes your way.
So, smile. Smile with confidence. Smile with courage. Smile with hope!
celebrity radar - gossips
Lagos State’s Stability is a Barometer for Nigeria’s Stability – Amb. Tukur Buratai
Lagos State’s Stability is a Barometer for Nigeria’s Stability – Amb. Tukur Buratai
The Former Chief of Army Staff (COAS, Nigerian Army) and Former Nigeria’s Ambassador to the Republic of Benin, Ambassador (Lt General rtd) Tukur Yusufu Buratai, CFR has said that Lagos State has all the qualifications of a modern city and is one of the most populated cities in Sub – Saharan Africa. He went further to affirm that Lagos is also indicative of the degree to which Nigeria’s economic, political, social, and cultural landscape is deeply embedded within the global system.
He made this assertion on Wednesday 20th November, 2024 as the keynote Speaker at the Second Edition of the Lagos State University of Education Security Summit, with the theme: Insecurity, Cost of Living and Good Governance in the 21st Century.
Ambassador Tukur Buratai, while delivering the lecture in a paper titled: Lagos in Nigeria’s National Security and Defence Architecture: An Analysis.
Ambassador Tukur Buratai postulated in his paper that, “The presence of strategic military installations, the verse Atlantic Ocean and extensive coastline has placed Lagos State on the strategic defense map of the Armed Forces of Nigeria”, He said further that, ” While the sea provides a strategic economic status it could also be vulnerable to external attacks across the ocean”.
In his paper, Ambassador Tukur Buratai reiterated that the Lagos State government should begin to look at the options and implications of having its own security.
Ambassador Tukur Buratai also emphasized the urgent necessity to bolster our nation’s troop level to 800,000. He said a larger and more robust force will enhance operational readiness, improve our country’s capacity to respond to various contingencies, and strengthen our alliance on the international stage.
He also called for the establishment of a Marine Corps for the Nigerian Navy to be strategically stationed in key regions such as Lagos, Borno, Cross River, and Port Harcourt.
He also raised the pressing issue of the persistent lack of stable power supply in Lagos. He asserted that the Lagos State Government must urgently prioritize the development of independent power generation.
Ambassador Tukur Buratai also lauded the Governor of Lagos State, Mr Babajide Sanwo-Olu’s strategy regarding security in Lagos, which provides an example for governor’s throughout Nigeria. He said the governor recognizes that genuine security transcends mere physical presence or reactive measures. He commended the governor’s innovative approach, which has redefined the urban governance, and has also set a benchmark for other states to follow.
Ambassador Tukur Buratai also recalled that during his tenure as the Chief of Army Staff, he had the distinct privilege of witnessing the fruitful collaboration between the Nigerian Army and Lagos State under the leadership of Former Governor Ambode and now Governor Babajide Sanwo-Olu.
Ambassador Buratai, during the lecture, also appluaded the Lagos State Government on its infrastructural development in Lagos State, especially the Red and Blue Railway lines.
Ambassador Tukur Buratai also commended the Federal Government interventions in the development of Lagos State, while applauding the construction of the Lagos to Calabar Highway, he adviced the Lagos State and Federal Government on the security implications of opening up the high way, he suggested to the government to be proactive by early planning for its security when opened and becomes operational.
Earlier, the Vice Chancellor of the Lagos State University of Education, Prof B. B Lafiaji-Okuneye welcomed Ambassador Tukur Buratai to the institution. In her words, she said, ” The great warlord and global peace ambassador is visiting our great institution for the first time. Sir, we appreciate you and what you stand for. Your desire for a Nigeria that is peaceful and safe, where the citizens and residents are free and are given every opportunity to prove their worth and contribute to the growth and development of the nation is evident “.
While making his contribution during the summit, the Commissioner of Tertiary Education, Lagos State, appreciated and commended Ambassador Buratai for adding value to the security summit and more importantly adding value to the Lagos State University of Education. The Commissioner also drew the attention of the participants of the summit to parts of Ambassador Buratai’s paper, where he elaborated on the strategy of social inclusiveness rather than the use of force to curb insecurity.
The Commissioner for Tertiary Education, Barr Tolani Sule on behalf of the Lagos State University of Education, presented a Plague of Honour to Ambassador Buratai for his role in nation building.
Other discussant at the Summit included, HRM, Oba Kamorudeen Animashaun, (Arolugbade 11, the Oloja of Epe Land and the Vice Chairman, Lagos State Council of Obas and Chiefs), HRM, Oba Momodu Afolabi Ashafa ( The Aladi of Ijanikin Kingdom), HRM, Oba (Dr) Aina Josiah Olanrewaju ( IKUYAMIKU 1, the Oloto of Oto Awori Kingdom) and HRH, Oba Babatunde Ogunlaja JP ( ALADESHOYIN, the Paramount Ruler of Odo – Noforija Kingdom), all of whom spoke on the theme :Insecurity, Cost of Living and Good Governance in the 21st Century.
The event which was attended by various Traditional Rulers, Members of the Governing Council and Senate of the Institution, the Commissioner of Tertiary Education in Lagos State, Barr Tolani Sule, Captain of Industries, Security and Para Military Chiefs in Lagos State, various invited guests and the students.
Ambassador Tukur Buratai’s delegation to the summit included, Lt General Lamidi Adeosun (rtd), Former Chief of Policy and Plans, Nigerian Army, Colonel Emmanuel Adegbola (rtd), Comrade Oladimeji Odeyemi, Alhaja Toyyibat Adeosun, Alhaji Isa Dogo amongst others.
celebrity radar - gossips
Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event
*Health, Insurance, And Entrepreneurship To Take Centre Stage At NASRE Foundation’s Third Media Outreach Event
The Nigerian Association of Social and Resourceful Editors (NASRE) has announced the third edition of its Media Outreach Programme, scheduled for Thursday, 21st November 2024, at LTV 8, Agidingbi, Ikeja, Lagos, beginning at 12:00 pm.
In a statement by NASRE’s Media Director, Lateef Owodunni, explained that the last outreach for the year will not only focus on supporting vulnerable journalists, such as widowed and ailing members of the fourth estate, but also aims to empower active journalists through impactful sessions on health, insurance, and entrepreneurship.
“Our goal for this last edition of our outreach for the year is to broaden the scope of support we offer. Beyond providing relief to vulnerable journalists, we are introducing sessions on health, insurance, and entrepreneurship to ensure active journalists gain valuable insights that can positively impact their careers and personal lives,” Owodunni stated.
The Media Outreach Programme, which has benefitted numerous journalists in its earlier editions, is designed to foster solidarity, growth, and resilience within the media community.
This third edition promises to bring together media professionals, associations, and stakeholders in an inspiring and empowering atmosphere.
NASRE invites journalists, media associations, and enthusiasts to participate in this landmark event, which highlights the importance of care, collaboration, and innovation in addressing the challenges faced by those in the journalism profession.
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