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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.
celebrity radar - gossips
How Primate Ayodele Gave Deceased Actor ‘Agbako’ N100K Monthly Till His Death
MULTIPLE HONOURS FOR EVELYN JOSHUA IN ARGENTINA
BY DARE ADEJUMO
In a gallant and joyful show of gratitude for the crusade held in Argentina by the Synagogue Church Of All Nations SCOAN along with its landmark charity programme for the “poorest of the poor” in the country, Pastor Evelyn Joshua has been showered with multiple honours and awards by the government authorities in Argentina. The Crusade was officially recognized as an event of public interest by the various government bodies.
Pastor Joshua received the “Key of the city of Resistencia in CHACO Province” by the Mayor of the city, Abelardo Nokckich,. That “key” makes her the first among equals, a distinguished personality and very important “citizen” of the Argentine city. The other Awards are: from the President of the Chamber of Deputies of the Province of CHACO, Mrs Carmen Delgado Britto in recognition of the Crusade as “a special event and a great thing for the Province by law” and that by the Governor of the province Mr. Leandro Zdero.
Accepting the Awards, Evelyn Joshua who was visibly surprised by the Awards, expressed her deep gratitude to the nation and the Awarders.
“It’s God’s comnand that we should be here to demonstrate His love physically and spiritually. I dedicate these Awards to the christians in Argentina who are striving and yearning to be like our Lord and Saviour Jesus Christ. That you may continue to grow in faith, spirit and words of God. I thank the Argentine government and all the various authorities that considered me fit for the awards” She prayed for a glorious turn around and God’s blessings for the land.
Major dignatories at the event include: the Provincial Deputy, Mr Paola Beneitez, The Minister of Justice, Labour and Human Rights Mr. Jorge Gomez, Director of Religious Affairs for the Province, Mr Pedro Garcia and Director of Religious Affairs for the municipality of Resistencia, Mr. Javier Pinero.
The two-day Crusade was a high water shed in the christians’ experience in Argentina.
Apart from rejuvenating and invigorating the early Apostolic age revival in a country where Christianity was gradually becoming a mere social gathering, Evelyn Joshua Crusade made the physiognomy of Christianity real with the avalanche of miracles, healings, deliverances, blessings and salvation of several human souls happening simultaneously and practically during the Crusade.
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