Business
Omicron: Be prepared for ‘hurtful’ policies, Emefiele tells banks
•Urges financial institutions to enhance lending to boost growth
•CBN disburses N370bn targeted credit facility to households, MSMEs
•Sanwo-Olu commends bankers’ committee’s COVID-19 response
Following the renewed threat of the COVID-19 occasioned by the new Omicron variants, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has said banks should be prepared for policies that could upset their quest to make more profit for their shareholders.
Speaking in Lagos yesterday, he also appealed to members of the Bankers’ Committee to be prepared to lend their support to the country whenever the need arises as they did in the past under the umbrella of CACOVID.
This is just as he revealed that the CBN through its Target Credit Facility (TCF) had disbursed a total of N370 billion to households as well as micro, small and medium sized enterprises (MSMEs) in line with efforts to stimulate economic activities.
Emefiele said these at the 12th Annual Bankers’ Committee retreat with the theme: ‘Building Resilience for Economic Growth.’
The CBN had as part of efforts to cushion the devastating effects of the COVID-19 on households and firms introduced the TCF in March 2020, which has since attracted 800,000 beneficiaries till date with an outstanding of N30 billion still available for disbursement.
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“Yes, the economy is growing, inflation is moderating, we are beginning to see signs even in the midst of the third or the fourth pandemic, but I must say that whereas we see the green light at the end of the tunnel, I must say that the road ahead for us to get to the green light remains very rough.
“We will continue to crave your support to work with us because we will continue to come up with policies that in your own boardrooms you will find hurtful to your own quest to make more profit for your shareholders,” he said.
Emefiele who thanked members of the Bankers’ Committee said: “When COVID-19 broke, we called on the banks under the umbrella of CACOVID and the banking industry stood strong with the private sector and we did the little we could to help our country and to help our people to overcome the challenges of COVID-19.
“The banking industry constitutes a very important segment of the monetary policy and of government, even from textbooks that we have read in economics, banks constitute what we can call catalysts to growth in any economy.
“We called on you, we did several things appealing to you, it got to a point where I was beginning to appeal to say, look, how can we have a situation where the banking industry is growing, the banks are declaring profit but the economy is not growing well, or that our people are living in destitution and that it is not possible for us as bankers to live a comfortable life and yet in the midst of destitution and problems in our country.
“We did call on you and you rose to the occasion and you supported. I thank you, sincerely. I cannot say that central bank did this alone, everything that we have done since February 2020, realising your importance as a catalyst to growth in the economy has been with your support, I thank you.
“I must say, yes, the economy is growing, yes, inflation is moderating, yes, we are beginning to see signs even in the midst of the third or the fourth pandemic, but I’m most say that whereas we see the green light ahead of us at the end of the tunnel, but I must say that the road ahead for us to get to the green light at the end of the tunnel remains very, very rough.
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“We will continue to count that you rely and work with us to say that it’s not just about you making profit for your shareholders but it is also about you contributing to the growth of our economy even where there are some discomforts, you will play your part, stand strong and support the government and support the Central Bank of Nigeria to deliver a stronger and resilient economy.”
Also, Emefiele, while addressing participants at the retreat called on banks to enhance credit to critical sectors of the economy, stressing the need for the country’s Gross Domestic Product (GDP) to rise above five per cent annually, higher than its present average growth rate of 2.7 per cent.
Emefiele said: “Given our mandate to promote a sound monetary and financial system, and working with the fiscal authorities, the CBN took unprecedented measures to contain the effects of the pandemic on our economy and spurred increased productivity in key sectors.
“First, the CBN collaborated with the fiscal authorities to formulate strong policy support measures through the Economic Sustainability Plan (ESP) to restore stability and catalyse growth.
“In support of the recovery efforts, the bank deployed more than N3.5 trillion, which is about 4.1 per cent of Nigeria’s GDP, to support critical sectors including agriculture, manufacturing, healthcare, electricity, and construction. Other CBN policy measures that we took to help the economy recover included a reduction of the monetary policy rate from 13.5 percent to 11.5 percent to spur lending.
“The reduction of the interest rate on all CBN intervention loans from nine per cent to five per cent, extension of the moratorium on principal repayments for CBN intervention facility to March 2022, regulatory forbearance for banks to restructure loans to sectors severely affected by the pandemic and creation of a N400 billion TCF for households and small and medium enterprises. Of this, nearly N370 billion has been released to over 800,000 beneficiaries.”
Speaking further, the Emefiele also pointed out that a N1 trillion facility for local manufacturing and production in critical sectors of the economy was also established. On this, so far, 53 manufacturing, 21 agriculture-related, and 13 service projects had been funded from this facility.
In addition, he reiterated that a N200 billion healthcare intervention fund for pharmaceutical companies and healthcare practitioners was also established in the wake of the pandemic, to expand and strengthen the capacity of the country’s healthcare institutions and mobilise.
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Furthermore, he disclosed that the CBN mobilised key stakeholders in the Nigerian economy, under the Private Sector Coalition Against Covid-19 (CACOVID) team that raised N39.65 billion to tackle the scourge.
“Continued implementation of efforts to boost credit to productive sectors is required to sustain the recovery, quicken growth, and improve the livelihood of Nigerians.
“With population growth at about 2.7 percent annually, it is important that we continue to deploy measures that will enable our economy to attain faster and balanced growth rates of over 5 percent on an annual basis.
“In furtherance of these efforts and given current global realities, I enjoin and challenge this Bankers’ Committee Retreat to focus on fashioning out strategies to fortify the fabric of the Nigerian economy, boost growth and engender resilience especially to exogenous shocks.
“To spur growth, we will need to assess policy measures that can address subsisting imbalances and constraints to finance. This retreat should provide actionable steps to ensure that the Bankers’ Committee continue to make meaningful contributions to Nigeria’s growth and development,” he added.
Also, the CBN Governor outlined some of the policies the apex bank has undertaken in recent time to support the federal government in its job-creation as well as economic diversifican drive.
The he listed to include the 00 for 100 Initiative, under which targeted credit of up to N5 billion would be provided to 100 firms every 100 days.
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Selected firms would be those investing in Greenfield projects, significantly able to create employment opportunities, and use local raw materials. The initiative will also support firms producing goods for the export market.
“On the growth of the digital economy, the CBN is focused on building a robust payment system in Nigeria which is cheap, fast, efficient, and safe. With the growing pace of digitalisation globally, we will continue to leverage digital channels in fulfilling this objective.
“Reflective of the confidence in our payment system, between 2015 and 2020, about $700 million has been invested in firms run by Nigerian founders,” he added.
“The eNaira which is the first central bank digital currency in Africa and one of the first in the world, the eNaira will foster greater financial inclusion using digital channels, support cross-border payments for businesses and firms, and provide a reliable channel for remittance inflows into the country.
“The eNaira will ensure that Nigerians in remote areas can conduct financial activities using their digital devices at little or no cost,” Emefiele said.
In his address at the retreat, Lagos State Governor, Mr. Babajide Sanwo-Olu commended the CBN and the Bankers’ Committee over their policy response and monetary support to spur growth in the economy as well as in fighting the pandemic.
Sanwo Olu said: “I’m expecting that the retreat is not only strategic by providing a platform for all of you to review the various monetary policies and all the intervention program and to provide an opportunity for you to know what the New Year would have for all of us.
“It’s also very appropriate that at this time I commend and thank the leadership of the CBN and Bankers’ Committee in the way and manner that you’ve all stood up and addressed this challenging situation.”
Thisday
Auto
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
It is a double honour for Coscharis Motors Plc, one of the subsidiaries of the respected conglomerate, Coscharis Group, as it was declared Multi-Luxury Company of the Year and one of its iconic luxury brands, Range Rover Autobiography, was adjudged the Nigeria’s Luxury SUV of the Year at the 2024 edition of the Nigeria Auto Journalists Association Awards.
The well attended event was held recently at the prestigious Oriental Hotels, Lagos.
Coscharis Motors, a household name in topnotch globally respected luxury automobile brands in Nigeria, has been the exclusive representative of the British iconic luxury brand of the Jaguar Land Rover and the German pride in the luxury segment of the BMW brand over many decades.
The company in 2023 added another new luxury brand from United Kingdom into the Nigeria market which is the Grenadier from the Ineos group in UK. The Grenadier is a brand new product globally which is equally being represented in Nigeria by Coscharis Motors as a new addition to its existing ‘House of luxury’ when it comes to automobile of repute.
The luxury SUV category was keenly contested with other tested luxury brands but the Range Rover Autobiography came tops, according to the organizers, after strong consideration of the market acceptance of the Autobiography in all ramifications.
The All New Range Rover Autobiography variant is revolutionary, reliable and a class on its own with its special appeal, style that resonates with its priority audience when it comes to luxury, class, comfort and performance.
Receiving the award on behalf of Coscharis Motors, the General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde, dedicated the award to all the Coscharis Motors customers, especially the luxury brand enthusiasts for their acceptability of all the luxury brands in the Portfolio namely the Jaguar Land Rover, BMW and the new Grenadier respectively as their preferred luxury automobile of choice.
He said, “These awards only reconfirm our expertise in delivering top notch luxury experience to our premium customers while maintaining the global standard of brand positioning to discerning customers in the ever dynamic Nigerian market.
“Representing these globally respected iconic brands over the years exclusively in Nigeria involves consistent delivering of value for money that involves the total luxury experience from the point of brand awareness to the purchase stage and the aftersales service experience to deliver the peace of mind required.”
Group Managing Director of Coscharis Motors Plc, Mr. Josiah Samuel, also dedicated the awards to the company’s ever loyal customers for their patronage and acceptance of the brands with a promise to continually create more value in the automobile industry in Nigeria.
He said, “There can’t be another best way to end the business year in 2024 than with these set of prestigious awards despite all the business challenges in the year and more importantly that the awards are coming from a very critical stakeholder / partner like the media.”
The award event attracted various stakeholders that are players in the automotive sector in Nigeria.
Auto
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
By Bisi Kazeem
As the year winds down and Nigerians embark on end-of-year travels, the Federal Road Safety Corps (FRSC) has intensified its efforts to curb road crashes and ensure safer highways. Leading this charge is the Corps Marshal, Shehu Mohammed, who has set a sterling example of sacrificial leadership by actively participating in frontline operations during this critical period.
The end of the year is a notoriously perilous time on Nigeria’s roads, marked by increased traffic, heightened road traffic crash risks, and a surge in reckless driving.
However, under the proactive leadership of the Corps Marshal, the FRSC rolled out an unprecedented campaign to reduce road traffic crashes and fatalities, ensuring that the festive season is marked by joy rather than tragedy.
True leadership is not defined by words but by action. The Corps Marshal exemplifies this by personally leading field operations, patrolling highways, monitoring traffic flows, and directly engaging with road users.
His visible presence has reinvigorated the morale of FRSC officers and demonstrated to the nation that leadership is about service and sacrifice.
He defied insecurity on the highways and embarked on a traffic monitoring operation from Abuja, the Federal Capital, through Kogi, Ekiti, Ondo, Owo, Ore, down to Edo and Delta.
His decision to lead from the front underscores his commitment to the FRSC’s mission of saving lives and highlights the urgent need for compliance with traffic rules and regulations.
From the beginning of the Ember Months sensitisation campaign in September, the Corps had gone ahead of time, implementing series of robust measures aimed at addressing road safety challenges during the festive season. These remedies include; increased patrols and checkpoints as additional officers and vehicles have been deployed in strategic points on highways to monitor and enforce compliance with traffic laws; organised nationwide safety campaigns targeting speed violations, drunk driving, overloading and seatbelt use.
These campaigns educate drivers on the dangers of reckless behaviours and emphasize the importance of safe driving practices.
The Corps also ensured Emergency Response Preparedness: ambulances, tow trucks, and rescue teams are on standby to ensure rapid responses to emergencies, reducing fatalities and injuries in the event of crashes.
Knowing that the task of making the highways safe is a collective action, FRSC went into the season with strengthened partnerships with key stakeholders, including the Nigeria Police Force, transport unions, traditional rulers and local communities, to foster a united front in the battle against road crashes.
The Corps Marshal’s leadership has inspired not just his officers but also the general public.
His direct involvement sends a clear message that road safety is a shared responsibility requiring the commitment of all stakeholders.
The Corps Marshal’s hands-on approach during this critical period has not only motivated the FRSC team but has also restored public confidence in the agency’s commitment to saving lives,” said a motorist who witnessed the Marshal’s activities firsthand on the Niger Bridge.
The monitoring activities carried out across major corridors suggest that the intensified efforts are yielding positive results, with a noticeable reduction in road crashes and fatalities compared to previous years.
The Corps Marshal’s example of sacrificial leadership has brought renewed vigor to the FRSC’s operations, ensuring that every life is valued and protected.
Needless to state that the FRSC Corps Marshal, Shehu Mohammed, is indeed an enigma, a force to be reckoned with and a true example of practical leadership in public service as he leads yet again by example in the fight against road crashes in Nigeria.
Taking active front-line roles, dedicating to sacrificial leadership and willingness to take bold steps to address the challenges facing Nigerian roads.
By setting the pace, he’s inspiring his team and other stakeholders to join forces in the quest for safer roads in Nigeria.
As the festive season continues, let us all join the FRSC as they call on all Nigerians to support its efforts by adhering to traffic rules, avoiding risky driving behaviours, and prioritizing safety on the roads.
Together, with the leadership of the Corps Marshal and the dedication of FRSC personnel, a safer, accident-free festive season is achievable.
The Corps Marshal’s leadership reminds us all that effective leadership requires sacrifice, action, and a deep commitment to service.
As Nigerians embark on their journeys this season, they can take comfort in knowing that the FRSC is working tirelessly to make the roads safer for everyone.
*DCM Bisi Kazeem (Rtd), fsi MNIM anipr, a public relations expert and media guru writes from Lagos, Nigeria.
Auto
FG deploys Lanre Shittu CNG buses as airport shuttle
FG deploys Lanre Shittu CNG buses as airport shuttle
The Federal Government has commenced the deployment of Lanre Shittu Motors (LSM)-branded Compressed Natural Gas (CNG) buses in the nation’s airports for passengers shuttle.
The first batch of the CNG-powered buses has been launched at the Murtala Muhammed Airport, Lagos, at a ceremony attended by the Minister of Aviation and Aerospace Management, Festus Keyamo, and Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Oluwaseun Kuku.
Speaking during the unveiling at the Lagos airport, the minister said the deployment was in line with the directive of President Bola Tinubu.
He said it was part of Nigeria’s commitment to reducing carbon emissions and meeting global climate targets.
‘’What you see here today is a fleet of CNG buses for FAAN to commence passenger movement at all our airports immediately,” the minister said.
He said the newly acquired CNG-powered LSM buses unveiled at the Lagos airport are eco-friendly with zero emission and designed with accessibility features for persons with disabilities.
The deployment, he added, was in compliance with the President’s goal of reducing reliance on traditional fossil fuels of petrol and diesel and promoting sustainable use of CNG to power vehicles in the country.
The introduction of the CNG to power automobiles is one of the Federal Government’s initiatives to ease the impact of fuel subsidy removal on the masses.
The CNG buses, according to the Managing Director of Lanre Shittu Motors, Taiwo Shittu, come in two specifications: a 31-seater for airport shuttle services and a 54-seater for mass transit city buses.
He said they had been equipped with modern amenities, including air conditioning, viewing screens, and charging stations.
With the introduction of the CNG buses, he said LSM aimed to provide a more sustainable and efficient transportation solution not only to Lagos but other parts of the country.
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