President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law to strengthen the financial system.
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this in a statement on Friday.
The new law, according to the statement, repeals the extant Banks and Other Financial Institutions Act 1991 as amended.
It added that the law would enhance the resilience of the financial system for sustainable growth and development of the Nigerian economy.
The statement read, “The BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades.
“It will increase the appetite of banks and other financial institutions to channel much-needed credit to the real sector to support economic recovery and promote sustainable growth.”
The statement also said the new law “introduces a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system, which has been a key deterrent to lending by financial institutions.
“Furthermore, it strengthens the regulatory and supervisory framework for the financial industry and provides additional tools for managing failing institutions and systemic distress to preserve financial stability amongst others.”
It hinted about a plan by the Central Bank of Nigeria to hold structured engagements with stakeholders across various sectors of the economy on critical aspects of the Act in the coming months.
“This enactment of the BOFI Act 2020 is a historic and significant achievement, which is indicative of effective and productive collaboration between the executive and legislative arms of government,” it added.
State governors responsible for rising poverty, not FG, says minister
The Federal Government has blamed state governors for the rising rate of poverty in the country.
Minister of State for Budget and National Planning, Clement Agba, gave this position at a press briefing in Abuja on Wednesday after this week’s Federal Executive Council meeting.
He said the governors prioritised the construction of heavy infrastructure such as bridges and airports in cities rather than improving the lives of the rural poor.
According to him, about 72 per cent of Nigeria’s poor live in neglected rural communities.
Agba said the governors had abandoned the critical demography, preferring to spend state resources on the capital cities instead.
He said, “The governors are basically functioning in their state capitals. And democracy that we preach about is delivering the greatest goods to the greatest number of people. And from our demography, it shows that the greatest number of our people live in rural areas, but the governors are not working in the rural areas.
“Right now, 70 per cent of our people live in rural areas. They produce 90 per cent of what we eat. And unfortunately 60 per cent of what they produce is lost due to post harvest loss and it does not get to the market.
“I think from the Federal Government’s side, we are doing our best. But we need to say that rather than governors continuing to compete to take loans to build airports that are not necessary, where they have other airports so close to them, or governors now competing to build flyovers all over the place, we appeal that they should concentrate on building rural roads so that the farmers can at least get their products to the market.”
Citing the findings of a recent survey he conducted across the 109 senatorial districts nationwide, the minister said Sokoto State ranked the highest on the poverty scale, followed by the oil-rich state of Bayelsa.
“The result clearly show that 72 per cent of poverty is in the rural areas. It also showed clearly that Sokoto State is leading in poverty with 91 per cent.
“But the surprising thing is Bayelsa being the second in terms of poverty rating in the country. So, you see the issue is not about availability of money. But it has to do with the application of money,” he said.
Agba lamented that despite the Federal Government’s intervention to alleviate poverty, the results did not reflect the amount of investment made in the area.
He said, “In the course of working on the national development plan, we looked at previous plans and asked why they didn’t do as much as expected. We also looked at the issues of the National Social Investment Programme.
“At the federal level, the government is putting out so much money but not seeing so much reflection in terms of money that has been put into alleviating poverty, which is one of the reasons the government also put in place the national poverty reduction with growth strategy.
“But if the Federal Government puts the entire income that it earns into all of this without some form of complementarity from the state governments in playing their part, it will seem as if we are throwing money in the pond.”
JAC woos customers, slashes car prices in Yuletide promo
JAC Motors Nigeria has commenced a price slash special end-of-year promo for its numerous existing customers as well as potential customers across the country.
The company says it wants its customers to celebrate holidays and the festive season in a grand style through its latest sales promotion tagged, ‘JAC Motors End of Year Promo’.
It says in a statement that it will offer a discount of N1 million on any of the JAC models purchased during the promo period, which will run till the January 10, 2023.
This, according to the auto firm, is to enable the buyers to use the N1 million for other essential items needed for the family during the festive period.
Already, the auto firm says players in both the public and private sectors are already taking advantage of the promo to acquire quality vehicles this season and enjoy the mouth-watering discount.
It says, “Festive periods are synonymous with the act of giving. JAC Motors will, as part of the End of Year Promo, give its customers not just the N1 million discount on every car purchased but also ample value-added services that come with after-sale support to strengthen the durability and performances of all vehicles purchased. Now is your chance to drive your dream JAC car in this season of giving.”
Explaining why JAC Motors is offering the unique end-of-year promo, the Head of Brand and Marketing Communication of the company, Mr Franklyn Okotie, stated that the year had its fair share of challenges on everyone.
“There is no better way and time than now to thank all our customers who go the extra mile to make the JAC brand stronger and continually promote us. For this reason and more, we will always support and positively impact our customers as we steadfastly meet the vehicular and transportation needs in Nigeria.”
He advised that their existing and potential customers to log onto this website – https://jacnigeria.com/end-of-year-promo/ to get their dream car today, even as he promised that a JAC car would be a remarkable gift to a friend this season.
The firm said the JAC vehicles are of best quality, durable, beautifully designed with modern-day aesthetics, optimum performance and highly fuel efficient.
“JAC vehicles are tropicalized, made tough to withstand all the challenging terrains on Nigerian roads. Elizade Autoland offers JAC passenger cars, commercial vehicles and light duty trucks,” it added.
Kia offers football fans fun, prizes, drive in latest EV in Qatar
As the ongoing 2022 FIFA World Cup moves into the round of 16, high flying Korean automaker, Kia Motors, says it is providing more exciting moments for spectators in the Qatar stadiums where matches are being played.
The auto company is activating what it calls two must-see activations along with a host of exciting prizes for football fans visiting the match centres.
The activations will be hosted at Al Bayt Stadium, Al Thumama Stadium, and Khalifa International Stadium, where Kia’s latest generation EV6 GT, Sportage, K5, Telluride, K8, Sorento will all be on display, Kia says in a statement.
According to the firm, the first activation offers a thrilling simulator experience “where spectators can drive a Kia vehicle of their choice from the automaker’s latest line up.”
The second activation invites football fans to win big by participating in a football challenge, where successful participants can walk away with a Kia branded cap, towel or wristband.
It says, “Visitors can check out Kia’s spot at the FIFA Fan Festival™ zone, which is the perfect place to experience the World Cup, as it is the central destination where fans from all over the world can come together to share their love of football and celebrate the electrifying atmosphere of the global event.
“At the FIFA Fan Festival™, Kia’s Ground of Inspiration will offer audiences a chance to check out the Kia EV9 Concept, which embodies an adventurous and recreational form with its rugged and upright stance.
“Fitted with a solar panel built into the car bonnet and an interior made from sustainable materials, this electric car reimagines what an all-electric vehicle can be.”
It also says alongside the activations, the automaker will support 64 Official Match Ball Carriers (OMBC) across the tournament.
The statement says, “Children from about 20 different nations globally will enjoy the once-in-a-lifetime experience of carrying the official match ball to the pitch at the start of all matches.
“As a partner of the FIFA World Cup™, the automotive brand will support the operation of the world’s greatest sporting event by providing an official event vehicle fleet that will include Kia passenger cars to facilitate the safe and convenient mobility of players, referees, VIPs and staff, as well as Kia-branded buses specifically dedicated to transport national teams and referees.”
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