₦airaland Forum

Okay, they've added slapstick comedy to their repertoire

There is a 15 million housing deficit! These guys that are at best commissioning houses in hundreds want to build 15 million houses in 3 years.

If there was such a thing as 'lying responsibly' it may suffice as advice to them

These guys LIE gallantly and with such elan!

By Babajide Komolafe

The Nigeria Deposit Insurance Corporation (NDIC) yesterday revealed that bank directors were responsible for 40 per cent of the N1.85 trillion non-performing loans or bad loans in banks.

The Corporation also revealed that directors were responsible for about 40 percent of N139.45 billion bad loans in microfinance banks and mortgage banks. Managing Director/Chief Executive, (NDIC), Alhaji Umaru Ibrahim disclosed this while defending the corporation’s 2017 budget before the House Committee on Insurance and Actuarial Matters as part of its oversight function.

During the budget defence, members of the House Committee had demanded for an update on the state of the Nigerian banking system, expressing concern over the increasing wave of non-performing loans (NPLs) particularly delinquent insider related facilities in various banks and its consequences on the stability of the nation’s banking system.

Responding, Ibrahim stressed that while the banking industry indicated strong fundamentals in regulatory assessment and rating, regulators were concerned about the rising tide of NPLs in the banking system.

He said: “As at December 2016, the 25 Deposit Money Banks (DMBs) had total loans portfolio of N18.53 trillion out of which N1.85 trillion or 10 per cent were NPLs where N740 billion or 40 per cent constituted Insider/Directors related loans. This was far above regulatory threshold of 5 per cent for the DMBs.”

Speaking about the state of other banking subsectors like the microfinance banks, (MFBs), he said: “That there were 978 MFBs in existence as at December, 2016 with total deposits liabilities of N158 billion and total loans and advances amounting to N195 billion out of which N87.75 billion or 45 per cent were NPLs where N68.25 billion or 35 per cent constituted Insider related/Directors loans. The NPLs indicated a classic case of over-lending, accumulated interests charges and poor corporate governance.

“The existing 42 primary mortgage banks (PMBs) had total deposits liabilities of N69 billion but with total loans portfolio of N94 billion, which indicated another case of over-lending, accumulated interests, poor corporate governance and high ratio of NPLs which stood at N51.7 billion or 55 per cent out of which N42.3 billion or 45 per cent were Insider related/Directors loans.

The resultant effects of these negative trends would be poor earnings and erosion of shareholders fund. Ibrahim observed that this development had posed serious issues bordering on corporate governance which were capable of eroding public confidence in the banking system. He advocated for strict compliance with the existing code of ethics for bank directors and a review of the existing laws and regulations to proffer stiffer sanctions for Directors who exploit their positions and default in the payment of their credit facilities while still occupying Directorship positions in the banks.

In response to the disclosures, the Chairman of the House Committee went down memory lane to recall the 2008/2009 banking crisis. He requested the corporation and other regulatory authorities to come with ideas and advise the Honourable members on the ways of salvaging the financial situation.

Towards this end, the Chairman called on the Corporation to bring forth credible proposals for the amendment of the NDIC Act, BOFIA as well as other banking related laws that would enable the Corporation to achieve greater performance in order to engender public confidence in the banking sector and ultimately guaranty financial system stability.

Read more at: http://www.vanguardngr.com/2017/02/bank-directors-liable-40-n1-85-trn-bad-loans-ndic-boss/

Says the guy who worked to promote GEJ through the scandalous money sharing 'lunch with Jonathan'. Fell out with that government and then repackaged this current Presidents bid.

Who would have thought Buhari in a suit would be the only 'change' Nigerian's will witness in leadership.

One could say this is your own hustle - become a social influencer and barter that for reward in cash or kind but this comes with collateral damage to millions.

These are not the 'youth' Nigeria needs

Nigerians are generally GOOD people

May God bless mother and child

There is radical and then there is RADICAL!

With the benefit of hindsight it is possible that the issue could have been resolved without violence.

"No be by force, na by sense" - LAGBAJA

It's always good to appreciate and learn from history

The Adadevoh's will always be known as Patriots due to the selfless action of Dr. Stella Adadevoh barring any future action

@Explorers WELL DONE!!!!

QUALITY STUFF HERE

Beht Mr. AKABUEZE says there's no 'Padding' in the 2017 budget

Lagos 43rd of 60

and Lagos is 43 out of 60 cities in Africa

I wonder why?

January 26, 2017Festus Owete

On Wednesday, we ran a story on the query the Bureau for Public Procurement (BPP) sent the Minister of Works, Power and Housing, Babatunde Fashola, over the award of 10 road and bridge contracts worth N166 billion.

The BPP said the minister and his ministry violated the laws guiding contract awards in Nigeria in the manner they selected contractors for the projects.

The procurement agency also asked Mr. Fashola to explain, among other things, why the costs of some of the projects were inflated and why some were awarded to unqualified firms. The construction of the roads and bridges, spread across the country, were appropriated for in the ministry’s 2016 budget. But hours after the story ran, Mr. Fashola’s spokesperson, Hakeem Bello, circulated a statement saying it was the valuation committee in his ministry, not him, which committed the procurement blunders identified by the BPP. He also made other hair splitting claims which sought to trivialise the serious issues of accountability raised in our report. Given that our first story was a long narrative of the issues raised by the BPP, and given that the minister may have been too busy to comprehend the key issues in that lengthy report, we believe it is necessary to summarise the issues into a few short questions for him to answer.

Mr. Fashola, below are the questions for you.

You claimed that it was the Evaluation Committee in your ministry that the blunders identified by the BPP and that you should be extricated from blame. But as minister, does every decision taken by the ministry not receive your approval before it is implemented? Does the buck not stop at your table? Did you not approve the report of the Evaluation Committee before it was sent off to the BPP?

Mr. Minister, why did you refuse to respond to specific issues raised by our report in the press statement circulated on your behalf by your media aide, Hakeem Bello, on Wednesday? Why did you try to trivialize serious issues of accountability and competence raised by the report?

Does it not worry you, Mr. Minister, that of the 10 first batch projects for which you sought Due Process Certificate of “No Objection”, none was able to scale BPP’s hurdle? That is like scoring zero over 10. What does that say of your leadership of the ministry?

Mr. Minister, you ran Nigeria’s wealthiest state for eight years. How come you did not know that your ministry should have submitted Environmental Impact Assessment (EIA) reports for the projects for which you sought approval? How come you did not know that EIA was a crucial aspect of project preparation?

Mr. Minister, can you educate us regarding why your proposed contract cost for the Kano-Zaria Road axis, with a distance of about 160 kilometers, was five times the cost of Kaduna-Zaria Road axis that is about 78 kilometres? Can you also explain why the cost is approximately 2.5 times the cost of Abuja-Kaduna that has about the same distance? Don’t you consider this as an outrageous contract inflation ploy?

Why did your ministry not know it was supposed to conduct and submit to BPP, Feasibility and Financial/Economic Studies for the projects?

Mr. Minister, If truly you have since answered the BPP query, why did your spokesperson, Hakeem Bello, fail to disclose this to PREMIUM TIMES when he was contacted for the story? Why did the same Mr. Bello who said he does not speak for the ministry but for you the minister, sign the ministry’s Wednesday statement?

Mr. Minister, why did you and your ministry turn a blind eye to what the BPP described as bid rigging by two companies- Messrs. Rahama Nigeria Limited and Messrs. F.I.K Global Limited – during the selection of contractors for the construction of Burga-Dull-Mbat II-Tadnum-Gobbiya-Badagari-Gwarangah-Sum Road in Bauchi?

Mr. Minister, the BPP accused your ministry of providing false and misleading information to it in what appears a desperate move to disqualify some contractors. Why did you allow that to happen?

Why did your ministry fail in 10 instances to adhere to the nation’s procurement law which demands that jobs be given to lowest bidders who have the financial muscle and technical competence and experience to deliver?

http://www.premiumtimesng.com/news/headlines/221625-n166billion-contract-mess-10-questions-minister-fashola.html

You for kuku blame me na!

One would think this government was inaugurated yesterday

As per Code of Conduct and Tribunal Act

http://lawnigeria.com/LawsoftheFederation/CODE-OF-CONDUCT-BUREAU-AND-TRIBUNAL-ACT.html

I don't think we need a confirmation from the World Bank

...anyways, there you have it!

Well done! This is a start...It may seem impossible or insignificant but it's a start nonetheless.

Well done

The 2016 Budget was mistakenly padded, now the 2017 is 'mistakenly padded' too.

Is it not safe too say that PMB and APC are a mistake?!


(please GEJ apologists don't jump on this comment oh! his own mistake of a government is well documented. Nigerians who sincerely voted for PMB and the APC thinking they would offer a better government were grossly mistaken - We need NEW LEADERS Abeg!)


meanwhile OP
https://www.thisdaylive.com/index.php/2017/02/22/senators-say-2017-appropriation-bill-messier-than-2016-budget/

Alainìṣéṣe

He who comes to equity must come with clean hands

If Buhari as much as suggests that he was not aware of this 'gift' it will thus be a sure confirmation of the amount of graft that goes on under His watch which he supposedly is unaware of.

there is an innate tendency in the human being to 'take chances', Nigerians more so.

Unfortunately one day go be one day, monkey go go market (fortunately dis one return - I no talk say him na monkey oh!)

Driving buses with tyres bolted with only 2 of 4 or 3 of 5 nuts
We believe our selves die!
We sabi pass all d oyinbo man dem!
We too smart

SMH

The best way for the Kaduna State government to 'shut this guy up' is to STOP/PREVENT the wanton killings IMMEDIATELY!

It's about time!

*modified*

Kyase:

See headline and see the main news.
Chai

comos:
The letter read, “Following the recommendation of the National Judicial Council(NJC), I hereby notify you of the appointment of Hon. Justice Walter Onnoghen as Chief Justice of Nigeria(CJN). ” The Senate President is requested to kindly present the said appointment of the Honourable Justice Onnoghen for confirmation by the Senate of the Federal Republic of Nigeria, pursuant to section 231(1) of the Constitution of the Federal Republic of Nigeria. ” Please accept, Mr. Senate President, the assurances of my highest regards.”

This only CONFIRMS receipt of the letter!

Hmmmm....this guy just doesn't stop.

Who is the grand purveyor of fake news

Shay na him ask say tell me one thing I said that is a lie?

He asked ba? Okay here goes

three:
(1.)
PDP frustrating Transition Committee
http://www.premiumtimesng.com/news/top-news/182580-jonathan-pdp-frustrating-transition-process-apc.html
Chairman Transition Committee debunks statement
http://nigeriatrends.com/joda-transition-committee-submits-800-page-report-to-buhari/

(2.)
Denied Buhari's 100 days campaign program
http://pointblanknews.com/pbn/exclusive/buhari-never-promised-to-do-anything-in-100-days-says-apc/
Document was attested to by several news houses as having been widely distributed
http://aitonline.tv/post-my_100_days_covenant_with_nigerians_____muhammadu_buhari
https://www.thecable.ng/documented-promises-buhari-apc-made-nigerians
https://politics.naij.com/414497-general-buharis-public-letter-to-all-nigerians.html

(3.)
FG to commence payment of N5000 stipends in September 20016
https://dailytimes.ng/news/fg-commence-payment-n5000-stipends-sept-minister/
Actually commenced in January 2017 in 9 states
http://www.vanguardngr.com/2017/01/presidency-begins-payment-n5000-monthly-stipend-poor-nigerians-9-states/

(4.)
Boko Haram technically defeated
http://www.aljazeera.com/news/2015/12/nigeria-defeat-deadly-boko-haram-151229103945329.html
Evidence abounds to date that they haven't however just two weeks after that statement
https://politics.naij.com/684751-buharis-deadline-inconvenient-truth-boko-harams-defeat.html#

(5.)
55 Nigerians stole over N1.34 trillion
http://www.premiumtimesng.com/news/headlines/196981-55-nigerians-stole-over-n1-34-trillion-in-8-years-lai-mohammed.html
A claim unsubstantiated till date
http://www.vanguardngr.com/2016/01/fayose-to-lai-mohammed-you-must-name-15-ex-governors-55-nigerians-that-stole-n1-34tr/

(6.)
Claims 'Change begins with me is his idea'
http://www.vanguardngr.com/2016/10/change-begins-idea-lai-mohammed/
The alleged owner 'dared' Mr. Mohammed and we haven't heard from him since
http://punchng.com/change-begins-artist-dares-lai-mohammed-lawsuit/

(7.)
Assassins being trained in Belarus - Lai Mohammed
http://dailypost.ng/2015/03/16/pdp-planning-to-kill-buhari-tinubu-apc/
Unsubstantiated till date

(8.)
Nigeria's economy would have collapsed if not for Buhari's emergence - Lai Mohammed
http://www.vanguardngr.com/2016/05/buharis-emergence-saved-nigerias-economy-collapse-minister/
Is it not safe to say that Nigeria's economy IS COLLAPSING DUE to Buhari's emergence?

(9.)
Insinuating that he does not lie is in itself a lie
http://www.premiumtimesng.com/news/top-news/222499-lai-mohammed-reacts-lie-mohammed-moniker.html
The 8 posts above debunk this

and the GOLDEN ONE! (I honestly shouldn't be finding this funny as this is plain sad!)

(10.)
Dressing one Masquerade can create 1000 jobs
https://www.naij.com/819019-one-masquerade-can-create-1000-jobs-nigerians-lai-mohammed.html
Do we really need a link to debunk this?



Bonus hypocritical statements
Boko Haram's ban violates Constitution - Lai Mohammed
http://thenationonlineng.net/acn-boko-harams-ban-violates-constitution/
How Jonathan, PDP benefit from Boko Haram insurgency - Lai Mohammed
http://www.premiumtimesng.com/news/headlines/167998-how-pdp-jonathan-benefit-from-boko-haram-insurgency-lai-mohammed.html
Outrage over President Jonathan's trip to Brazil
https://dilemma-x.net/2012/06/20/nigeria-outrage-over-president-jonathans-trip-to-brazil-for-un-earth-summit/

This issue was almost unavoidable as such the debates had started a while back, even earlier than these threads below

https://www.nairaland.com/3173180/constitutional-amendment-vicepresident-act-only

https://www.nairaland.com/3147182/heaven-forbid-president-dies-retires

HA!

This witness sef! You sure say na true you talk?!

lalasticlala:
The witness, however, said he does not consider the money a bribe.

Is what?

Given the present circumstances, isn't it time to update the Nigerian Wikipedia page?

Same reason they gave for preventing the February 6 protests.

Politics and policing don't mix well