Business
Recapitalisation will make Nigerian banks compete globally, strengthen financial system – Cardoso

Recapitalisation will make Nigerian banks compete globally, strengthen financial system – Cardoso
LAGOS — The Central Bank of Nigeria, CBN, insisted weekend that further capitalisation of banks in the country was for the common good of the nation.
CBN governor, Dr Olayemi Cardoso, stated this at the launch of the book, “Power of One Man,” written by Dr. Ray Echebiri.
Cardoso, represented at the event by Mr Philip Ikeazor, Deputy Governor, Financial System Stability Directorate, said: “Incidentally, the current manifesto of the Central Bank has embarked on another round of banking consolidation.
‘Why consolidation is necessary’
“Why was it necessary then? Professor Soludo wanted to make the banks robust, resilient, and fit for purpose to grow the economy. And that is exactly the same reason we are embarking on a similar journey today.
“Again, I think by coincidence, if you check the quantum of the capital, minimum capital levels that we require, it’s pretty similar, because international banks are moving from N50 billion to N500 billion, which is 10 times, similar to Soludo’s 12 and a half times, and national banks are moving from N25 billion to N200 billion, roughly about eight times. Why would you think this is the quantum leap? “Basically, when you do consolidations, you would look at the macroeconomic headwinds, the macroeconomic conditions on ground, and, of course, apply your stress tests. And when you apply stress tests today, which I’m sure some of the big banks have done, they would have taken a guess where the capital levels were going to land.
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“If you compare the bank assets in Nigeria to GDP, and compare it to similar economies in Africa, you can see they were way behind. So, this exercise is also to strengthen the financial system, make it robust to be able to meet the expected headwinds.
“Remember that when the current administration came into place, there was unification of FX rates, and there was removal of fuel subsidies. And the impact on the economy, the manufacturing sector, is beginning to manifest, or has started manifesting in 2024, and will continue over the next few years.
“So it is important that the banks were recapitalized to the level where they’ll be able to absorb any shocks that come, and also position the banks to be able to grow the economy.
Auto
Nigeria dominating Africa spare parts market, says ASPAMDA boss

Nigeria dominating Africa spare parts market, says ASPAMDA boss
Nigeria has become a strong force in Africa’s spare parts market, President of Auto Spare Parts and Machinery Dealers Association (ASPAMDA), Hon. Ngozi Emechebe, has said.
He however lamented the decline in auto spare parts manufacturing plants in the country.
He said Nigeria could be a global player in the auto parts production with the right investments in the sector.
The ASPAMDA president spoke at the opening of the ongoing Lagos Motor Fair/Autoparts Expo at the Federal Palace Hotel, Victoria Island.
He said, “We have taken over Angola, Ghana, Togo, Ivory Coast, Gambia, Senegal and many other markets and ASPAMDA is the place to visit.”
The Chinese government, he said, knows the impact of ASPAMDA to their companies; “so Nigeria should wake up. If we are serious, we will take over the world economy.”
He said Nigeria almost got to a point of assembling cars from spare parts produced locally at a time.
“At Nnewi, there were a lot of auto spare part manufacturing companies then. At a time we were about assembling vehicles before things crumbled but thank God, Innoson Motors is doing it again,“ he said.
The ASPAMDA boss showered encomium on President Bola Tinubu-led administration for making efforts to bring back activities in the sector.
He said, “With the way the country is going now, many companies are gradually starting production in the country again.”
Commending the organizers of the Lagos Motor Show for resilience in sustaining the expo over the years, Hon Ngozi said, “Mr Ifeanyi Agwu, the organiser of this expo deserves a thumb up for bringing spare parts makers from across the world to come and showcase their products to our members and Nigerian customers.”
According to him, before the commencement of the expo some years back, ASPANMDA members used to travel to Europe, Japan, Taiwan and other parts of the world in search of companies to do business with.
“But with the spare parts expo, the various parts makers have been brought to Nigeria under one roof to meet with our members and do thriving business,” he said.
This, he said, had saved his members the cost of flight, hotel accommodation, as well as time and eliminated stress arising from flying the long distance to meet with manufacturers.
He recalled that some years ago, his members used to travel to Taiwan to buy spare parts “but when the business started to flourish, and the products started gaining recognition, Taiwan shut their doors against us and raised the prices of goods which made us to turn to China”.
He prayed that one day, China too should close their doors to Nigeria and force us to develop our own products.
Emechebe predicted that Nigeria will take over the world spare parts market in the near future. I pray that “China should close their doors to us so that we can grow” he said.
The ASPAMDA boss also appealed to the Federal Government to look into the high taxes and duties being paid by Nigerian businessmen which he said are killing local manufacturers.
He said, “ It is cheaper to import finished products than to produce locally in Nigeria as most of the companies are relocating to neighbouring countries due to unfavourable business conditions like high taxes, duties, energy and other infrastructure,” he said.
Auto
Three electric vehicles on display steal show at Lagos Motor Fair

Three electric vehicles on display steal show at Lagos Motor Fair
Three automobile manufacturing companies are exhibiting full Electric Vehicles (EVs) under one roof at the Lagos Motor Fair taking place at the Federal Palace Hotel, Victoria Island.
The unprecedented display of EVs at any auto fair in Nigeria is an indication that the Federal Government’s crusade to shift focus to green cars to save the environment and high cost of fuel is striking the right cord.
Most people at the fair ground visited the EV display arena and were excited by the quality and versatility of the designs.
The three-day motor show/ auto parts exhibition which started on Wednesday is expected to end today (Friday).
So far, the fair has made a lot of difference with the exhibition of the electric vehicles, hybrid vehicles, motorbikes and CNG vehicles.
The Electric Vehicles look beautiful in different colours, all have Chinese origin and available in four and five seaters with superb finishing.
Leading the park is Taocars which displayed two models out of their three models available in Nigeria. The Large and Medium sized Sedans boast of array of features that are tempting to resist by prospective electric car buyers, according to a report by Vanguard.
Managing Director Taocars, Mr Moise Niu told Vanguard that their range of Electric Vehicles can cover several kilometers before recharge. He described the vehicles as trendy, rugged, durable and easy to maintain.
The Marketing Manager of the company Mr Ifeanyi Ugbuaja who was also on ground to explain the features of the vehicles said the Electric Vehicles are pocket-friendly and offers luxury at its peak, in addition to being noiseless.
Also on display were the Bestune models which come as mini vehicles but with amazing spacious interior and features. The model known as fourfold charm and also described as favorite choice is a three door mini car. The company said it is built for fun, safe for all, easy to drive with great look.
Bestune xiaoma is a product of FAW Automobile which is already a known name in the Nigeria truck vehicle segment.
However the Cynosure of all eyes at the fair is Benlg Electric Motorcycles which comes in different sizes and designs. The Electric motorbike which were displayed by Benlg Eletric Motorcycle Nigeria Ltd include the Tank, Anan, Boxer and outstanding. The company also builds Electric tricycles and has capacity to produce 10,000 Motorbikes monthly.
The Managing Director of the Company Mr Leon Nie who said that they were just starting production at their plant in Shagamu, explained that the company has the capacity to meet Nigeria’s motorbike needs.
“Our motorcycles are totally Electric and we want to settle for the production of two and three wheelers as Nigeria EV market is just starting.
Others are the Geely plug-in-hybrid electric vehicle being displayed by Icheta which looks more like a Luxury sedan with its smart interior.
Kia Motors is also displaying its GNG technology at the Motor fair with the CNG powered Rio Sedan.
The CNG vehicles are known for their environment friendly and fuel efficiency which is 50 percent less than petrol.
Auto
Theodore Opara inaugurated as new NAJA chairman, other excos sworn in

Theodore Opara inaugurated as new NAJA chairman, other excos sworn in
The Nigeria Auto Journalists Association (NAJA) has a new leadership that will pilot its affairs for the next three years.
Theodore Opara, the Motoring Editor of Vanguard Newspapers, has been sworn in as a new chairman of the association after a recent keenly contested election.
The election, held at the Teslim Balogun Stadium in Lagos, was marked by a high voter turnout and enthusiasm.
Opara clinched the leadership position with 62% of the votes, signaling strong support from NAJA members.
His victory is expected to pave the way for a transformative tenure aimed at strengthening the association’s role in the Nigerian automotive industry.
Other officials elected alongside Opara are Segun Odunewu as Vice Chairman; Adrian Egonu as General Secretary; Cees Harmon as Assistant Secretary; Daphne Uduneje as Financial Secretary/Treasurer, and Benjamin Alade as Auditor.
In his acceptance speech, the new chairman Opara expressed deep gratitude to NAJA members for their confidence in his leadership.
He vowed to elevate the status of auto journalism in Nigeria by fostering professionalism, ethical reporting, and innovation within the industry.
“I am deeply honoured by the trust my colleagues have placed in me. I assure you all of my dedication to advancing the interests of auto journalism in Nigeria.
“The industry is evolving, and we must ensure that Nigerian auto journalists remain at the forefront of innovation, professionalism, and ethical reporting,” Opara stated.
As the newly elected chairman, Opara unveiled his vision for NAJA, which includes reinforcing the association’s influence in the automotive industry, strengthening partnerships between journalists and key stakeholders, and initiating capacity-building programmes such as training workshops, mentorship initiatives, and advocacy for better welfare of members.
With decades of experience in automotive journalism, Opara is expected to bring a wealth of expertise to his new role.
Industry analysts expect his leadership to foster significant growth, further solidifying NAJA’s relevance in Nigeria’s automotive sector.
Chairman of the Election Committee, Ben Oghifo, spoke on the process and commended the contestants as well as other members for conducting themselves in a dignifying way, emphasizing that it was a reflection of the democratic principles upheld by NAJA.
“The members of NAJA have spoken, and we have successfully delivered a transparent electoral process. Theodore Opara is now set to lead the association into its next chapter,” Oghifo remarked.
In his farewell address, outgoing Chairman of the association, Mike Ochonma, expressed gratitude to NAJA members for their unwavering support during his tenure.
He encouraged the association’s members to extend the same level of support to the new leadership to ensure the continued progress of NAJA.
The Nigeria Auto Journalists Association remains the premier body for professionals covering the automotive industry in Nigeria.
Its members play a critical role in shaping public discourse on industry trends, policies, and technological advancements.
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