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ADEDUNTAN URGES BANKS TO IMPROVE LOAN MONITORING TO PREVENT NPLS’ BUILD-UP

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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 URGES BANKS TO IMPROVE LOAN MONITORING TO PREVENT NPLS’ BUILD-UP

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.

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Afrobeats Icon Davido Gets Real About Cheating, Fatherhood & Regret

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“No More Wahala!” — Davido Vows to Quit Cheating, Says He’s Sticking to One Woman

Afrobeats sensation and Grammy-nominated superstar Davido has stunned fans with a public vow to put an end to his past philandering ways, declaring that he’s officially off the cheating train — for good.

Afrobeats Icon Davido Gets Real About Cheating, Fatherhood & Regret

In a candid interview on The Breakfast Club, the “Feel” hitmaker opened up about his personal life, relationships, and the lessons he’s learned after fathering five children with four different women.

“I don’t want any wahala. I have five kids with four women. I am not cheating again,” Davido stated firmly, sending shockwaves through social media and the entertainment space.

The music star, who is married to longtime partner Chioma Rowland, admitted that his past choices came with heavy consequences — emotionally and reputationally — and he’s now choosing peace and commitment over chaos.

“Maybe I’ve had a bad experience. Sometimes experience is the best teacher. It’s not worth it,” he confessed, as he recounted turbulent moments from his past.

While many in his family have embraced polygamy — with some uncles married to multiple wives living under the same roof — Davido made it clear that such a path isn’t for him.

“In my family, a lot of my uncles have two, three wives and they’re all living together. But me, I no fit. I no want stress,” he said with a laugh.

Davido shares his first daughter, Imade Adeleke, with businesswoman Sophia Momodu; his second daughter, Hailey Veronica Adeleke, with Amanda; a son, Dawson, with UK-based model Larissa London; and recently welcomed twins with Chioma, his wife.

Despite being frequently in the spotlight for both his musical genius and romantic entanglements, Davido’s declaration marks a notable shift in public perception — from Afrobeats’ wild child to a man choosing stability.

Whether fans believe the transformation or not, one thing’s clear: Davido is rewriting the script — and this time, he’s not sharing the lead role.

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No Bad Blood? Davido Softens Tone on Tiwa Savage Fallout

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No Bad Blood? Davido Softens Tone on Tiwa Savage Fallout

“It Was Like Sibling Drama” — Davido Breaks Silence on Tiwa Savage Feud After Months of Tension

Afrobeats superstar David Adeleke, popularly known as Davido, has finally addressed the months-long rift between him and fellow music icon Tiwa Savage — a feud that had taken fans and the industry by storm.

Speaking during a recent interview on The Breakfast Club, Davido downplayed the incident that led to Tiwa Savage filing a formal complaint against him with the Lagos State Commissioner of Police, following reports that the “Unavailable” crooner allegedly sent threatening messages to the singer.

The tension reportedly erupted after Tiwa Savage was seen hanging out with Sophia Momodu, Davido’s estranged baby mama. According to sources close to the matter, Davido took offense and warned Tiwa to “be careful in Lagos” — a comment she interpreted as a threat to her safety.

However, in his first public comment on the issue, Davido described the altercation as a “minor misunderstanding,” comparing it to typical arguments between siblings.

“Me and Tiwa used to stay in the same house. It was like brothers and sisters arguing. It was nothing,” Davido said, brushing off any insinuations of a lasting grudge.

Though the two stars have not seen each other since the clash, Davido revealed that Tiwa Savage had reached out to him, leaving the door open for a future reconciliation.

“If the link-up happens, it happens,” he added.

The controversy had previously sparked a firestorm on social media, with fans of both artistes taking sides and speculating over the possible fallout between two of Afrobeats’ most celebrated voices.

While neither party has gone into full detail about the content of their exchanges, Tiwa Savage’s decision to involve law enforcement had raised serious questions about safety, loyalty, and personal boundaries in the ever-intertwined Nigerian music scene.

With Davido’s latest remarks, however, it appears the dust may finally be settling — or at least paused — as fans await what could be an eventual public reunion of the Afrobeats giants.

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Tears, Tributes as Evangelist Kekere Jesu Laid to Rest After Fatal Crash

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Tears, Tributes as Evangelist Kekere Jesu Laid to Rest After Fatal Crash

Tears, Tributes as Evangelist Kekere Jesu Laid to Rest After Fatal Crash

Gospel community in mourning after tragic loss of beloved minister and singers

Lagos, Nigeria — An atmosphere of sorrow and solemnity enveloped the city as family, friends, and gospel faithful gathered to bid a heartbreaking farewell to Evangelist Ayodeji David, popularly known as Kekere Jesu, who was laid to rest on Sunday following a tragic car crash that claimed his life and those of three fellow gospel artists.

The fatal accident occurred on April 5, 2025, along the Ikorodu-Sagamu road in Lagos State, sending shockwaves through the Christian and music communities nationwide. The victims, on their way back from a ministry engagement, were reported to have died on the spot after their vehicle collided with a truck.

In a video now circulating on social media, the casket bearing the late evangelist was seen being gently lowered into the earth as mourners stood in disbelief. Weeping filled the air as close associates, dressed in white, offered final prayers and eulogies. Sand was slowly poured over the grave, sealing a life that had touched thousands with powerful worship and humble service.

“He wasn’t just a minister; he was a vessel of grace. His music brought healing and salvation to many,” one mourner said amid tears.

A Painful Exit, a Powerful Legacy

Kekere Jesu rose to prominence in the gospel music scene with his fervent preaching style and emotionally charged worship songs. Known for his small stature but immense spiritual presence, he had become a beloved figure both in churches and online platforms where his ministration reached multitudes.

His death, alongside three unnamed gospel ministers, has left a gaping hole in Nigeria’s gospel music industry. Fans and colleagues have since flooded social media with condolence messages and tributes.

“Nigeria has lost a spiritual firebrand,” wrote one gospel artist on Instagram. “We are in deep pain.”

Shockwaves Through the Faith Community

The tragedy has reignited conversations about the safety of traveling ministers and the poor condition of Nigerian roads. Eyewitnesses described the accident scene as “horrific,” and some have called on the government to improve highway safety to prevent further avoidable deaths.

Church leaders, gospel singers, and clergy across denominations have issued statements of mourning, with vigils and special services reportedly being held in several churches across Lagos, Ogun, and beyond.

Mourning in Motion

As the burial video continues to trend online, more Nigerians are learning of the shocking loss. Fans who had never met Kekere Jesu in person have described the emotional toll of losing such a soul-stirring voice in the faith.

“I listened to his songs every morning. Now I can’t hold back tears,” said a follower from Ibadan.

The burial ceremony, though intimate, was filled with deep reverence and spiritual worship, echoing the life of a man who dedicated his days to bringing others closer to God.

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