I write about three icons born in the month of July - July People - not in the sense in which students of literature are wont to think of Nadine Gordimer’s novel of the same title – which correctly is actually July’s People (1981) -but in terms of the horoscopic significance of the month of July and the people born under the Zodiac sign of Cancer (June 21 – July 22). Cancer is the fourth sign of the Zodiac sign, and it does not simply mean that persons who are born under the sign would end up with Cancer as an ailment. Rather, the significant elements associated with this sign are Water and the planet, Moon, and the symbol is the Crab. Astrologists describe them as persons who are compassionate, creative, inquisitive, changeable, sensitive and protective. They work hard because they want to be the best at what they do. Prominent Cancerians we are told include Princess Diana, Tom Hanks, Tom Cruise, Arianna Grande, Harrison Ford, Selena Gomez, Jaden Smith, Forest Whitaker – intensely creative persons, stand-out figures who just want to excel. Within the week, there have been Nigerians born under this Zodiac sign whose celebration on their birthdays has proven to be impressive moments on this year’s cultural calendar: Professor Akinwande Oluwole Soyinka (July 13), Prince Nduka Obaigbena (July 14), Aremo Olusegun Osoba (July 15).They are on every count, persons worthy of celebration given their monumental achievements in their fields of engagement and the impact they have made on society and the enormous influence that they continue to wield. Soyinka, also known as W.S., Prof., Kongi, Eni Ogun, was 90. Obaigbena, known as the Duke or Prince, Chairman turned 65 on July 14. Osoba, also known as Akinrogun, Aremo, Oluwo Oba is 85: each in his own way, a major national figure, meaning different things to many people, but altogether distinguished by their individual differentness and originality.

Professor Wole Soyinka is a towering, dominant, distinguished figure in world literatures, academia, activism and one of Africa’s leading figures in the 21^st Century. Poet, dramatist, essayist, polemicist, musician, raconteur, novelist, fabulist, he was the first African to win the Nobel Prize in Literature in 1986, with the Swedish Nobel Academy noting how Soyinka’s prodigious oeuvre fashions the drama of existence in “a wide cultural perspective and with poetic overtones”. The evidence is seen in over 20 published plays including The Lion and the Jewel, The Trials of Brother Jero, Kongi’s Harvest, Death and the King’s Horseman, and Opera Wonyosi, and in novels – The Interpreters, Season of Anomy, or memoirs – Ake - the Years of Childhood, Isara – A Voyage Around Essay, You Must Set Forth at Dawn, The Man Died, Chronicles From the Land of The Happiest People on Earth, or poetry – Idanre and Other Poems, A Shuttle in the Crypt, Ogun Abibiman, Samarkand and Other Markets I have Known, Mandela’s Earth and Other Poems, Interventions (a series in about 10 volumes)  and so on and so forth, a long Soyinka bibliography that is an industry in itself. Many Nobel Prize winners in Literature went on to experience a decline in their productivity afterwards, victims as it were of what is known not necessarily as the Nobel Prize Effect, but better still the Nobel Prize Disease, but not so with Wole Soyinka, who since 1986 has remained productive with a long list of publications urging students of the subject to find a worthy enterprise in comparing Soyinka, before and after the Nobel. This is a Nobel Prize winner who has in addition won the glory of canonization. 

The Nobel Prize as known is reserved for winners who have “conferred the greatest good upon mankind”. And so it is with Soyinka, who beyond literature is actively connected with the human space in many spheres. This is a man who is literally a genius. Traditionalists in his native home towns of Abeokuta and Isara know him as a hunter -a key chieftain of the Egbe Olode community, he is Captain Blood of Tortuga in the Pyrates, SeaDog Confraternity (No Fren No Foe, Sworn Enemy of Convention) which he co-founded, and in more than five decades he has been in the frontlines of the struggle to make Nigeria and Africa a better place for humanity: a scourge in the practical field of action, a thorn in the flesh of dictators, a fighter at the barricades in defence of justice and democracy, fearless, dogged, consistent, he has refused to keep silent in the face of tyranny.  At 90 and four days, Wole Soyinka now falls in the category of Nobel Laureates who lived beyond the age of 90 viz George Bernard Shaw, Sir Winston Churchill, Nadine Gordimer, Bertrand Russel, Knut Hamsun, and Naguib Mafouz. The grace of longevity that he has enjoyed is a natural aspiration of living men and women, but what distinguishes Soyinka remarkedly is the quality and impact that he brings to the fore at every moment in his journey. It is therefore most painful to find a coterie of badly brought up children writing on social media having the effrontery to disrespect the sage. Soyinka had once written that culture is not idyllic not is it fossilized as a romantic sign, ever so dynamic culture grows, mutates, but Soyinka probably never imagined the terrible manner in which basic African values and cultures have changed in the face of the forces of modernization, a prominent trope in his writings. One disrespectful young man once asked him to stand up for him in a domestic flight, claiming that he was the rightful owner of the seat, and the young man went ahead to boast about it on social media. Even at 90, Soyinka has shown many of his critics, including the social media antagonists that he still has enough fire in him to fight back, whether in the trenches or in the more dignified arena of intellection.  

Wole Soyinka has been honoured in virtually every continent of the world.  Cities have declared special Wole Soyinka days in appreciation of his impact. Among his Egba people in Ogun State, July 13 has been declared by the Alake of Egbaland, Kabiyesi Adedotun Gbadebo, Okukenu IV as Wole Soyinka Day. In New Orleans, United States, there is already a Wole Soyinka Day.  Oba Gbadebo also wants Soyinka to be conferred with the national honour of Grand Commander of the Order of the Niger (GCON). On the occasion of his 90^th birthday, Soyinka has been celebrated as far away as Morocco, and here in his home country, Nigeria, the drums have been rolled out. There is no honour that can be too much for him. It is most appropriate that the National Theatre of Nigeria at Iganmu, Lagos has now been renamed Wole Soyinka Centre for Culture and Creative Arts. It is most befitting. It is the only edifice of its type so named after a writer in Africa. Soyinka beyond the universal appeal of his literature is a nationalist, capturing through a repertoire of literary devices the story of our lives. Once upon a time, the National Theatre was going to be turned into banking halls, hotels and restaurants. The stamp of Soyinka’s brand and symbolism on that institution should rescue it and return it to the original purpose for which it was built. 

In journalism, politics and popular struggle, Chief Olusegun Osoba who turned 85 yesterday has also lived a life of extraordinary impact and distinction. Soyinka distinguished himself as a writer of verses, Osoba is the iconic reporter, and promoter of excellence in Journalism. He got his first job as a reporter at The Daily Times under the legendary Alhaji Ismail Babatunde Jose in 1964. He was 25 years old at the time. Today, at 85, Osoba is still active in the journalism community; it is not unusual to find him at important functions of all the major organs of the profession, as an inspirational figure to the generations behind him and a living library of the profession. Osoba’s example and brand project journalism and its practice most positively. Many journalists seek to excel. Osoba is a true model. He rose through the ranks as a reporter to become editor and head of three major newspaper establishments- Nigerian Herald, Daily Sketch and Daily Times. He had a hand in the design and delivery of another newspaper – The Guardian and he appointed its first editor! Osoba was a master of the scoop as a reporter, and he earned the sobriquet, Timesman on the front pages. He was well connected in society and had contacts in every sphere. He was so successful, long before his colleagues could buy a bicycle, he owned a scooter. He had a phone at home. He also got himself a beautiful wife. He would later go into politics, and in that process, he was Governor of Ogun State twice in his career (1992 – 1993, 1999 -2003). Osoba has shown a remarkable capacity for self-reinvention and consistent relevance. He is today a father figure in Ogun State politics and at the Federal level, he is one of the founding fathers of the ruling All Progressives Congress party (APC). He is highly regarded for the role he played during the June 12, 1993 debacle and his commitment to progressive politics. He has told his own story in a detailed memoir titled Battlelines: Adventures in Journalism and Politics (2019, 341 pp.), an immensely informative book which was publicly presented to mark his 80^th birthday five years ago. 

The story of his journalism career has also been told in a book by Mike Awoyinfa and Dimgba Igwe titled Osoba: The Newspaper Years (2012, 396 pp.). Now to mark his 85^th birthday, he has presented to the public a new book titled Segun Osoba, My Life in the Public Eye (Lagos: Diamond Publications, 2024, xi + 212 pp).  The book was unveiled at Eko Hotel, Lagos on July 13, the same day that Soyinka turned 90. My Life in The Public Eye focusses largely on many of the tributes that were written to celebrate Osoba at 80 and reviews of his book, Battlelines, in addition to a number of commentaries by the author himself.  Divided into five parts - Institutional Assessments (editorials on Osoba by The Nation, Vanguard, and The Guardian); In the Eyes of Associates (tributes by other journalists), Unveiling Battlelines, Dissecting battlelines and Perspectives - in a total of 33 chapters and an index. It is a well compiled account of reflections on the essence of Chief Osoba which students and teachers of journalism will find useful. But this is in no way a substitute for the main memoir - Battlelines which tells Osoba’s story in a more comprehensive manner. The documentation of Osoba’s art and craft is an interesting addition to media biography in Nigeria. Stuck in the hectic pursuit of headlines and deadlines, journalists often forget to tell their own stories while busy telling other people’s stories. Osoba sets another good example by telling his own story in his own words and through the words of others.  The fact that he is a politician is also a noteworthy part of his career. At the Eko Hotel presentation of his book on July 13, there were more politicians than journalists, many of them falling over each other to be noticed by their party leader and close companion of the President of Nigeria. But in the long run, Osoba would always be remembered as much for his politics as he would be remembered for the craft that brought him to national reckoning. 

And now to Prince Nduka Obaigbena who is now 65, a towering figure also in Nigerian journalism, who has practically redefined the practice over the decades with his publications, ThisWeek magazine, and later ThisDay newspaper, cultural events such as the Arise Fashion and Arise Shows, and more recently, the influential television station, Arise News. Obaigbena is a media entrepreneur of the very first rank, who has used his various platforms to create jobs and opportunities for more than a generation of journalists. This past weekend, former ThisDay journalists under the auspices of a group known as ThisDay Alumni Association thought it fit to honour him. They said in a statement: “With an unparalleled ability to anticipate and shape the future of media, he has redefined journalistic standards and expanded the horizons for media practitioners globally.”  There were no formal invitations but the number, shape and size of people that converged at Obaigbena’s Ikoyi residence was truly impressive. A day like Sunday is when most people in Lagos try to rest at home to prepare for the beginning of a new week, besides, the group of persons that gathered are ordinarily very busy people, but they all turned up – captains of industry, businessmen, government officials, former Governors – to wish Obaigbena a happy 65^th birthday. I could not attend the Osoba book event. I was held up in Abuja but I was at the Obaigbena informal birthday celebration. I left with the strong impression that success is like honey: it attracts those who like the sweetness of things and that is why persons who make impact in their chosen lines of work are rewarded with recognition and celebration. It is a moral fact that young people need to understand: that hard work pays, commitment brings honour. Obaigbena proved to be a good host. It was a pleasant Sunday evening, with more than enough to drink and eat. On Monday, the Chairman of Arise Group responded appropriately to our usual calls for “implications”. He sent food packs to the studio at Arise News – small chops, chicken and jollof rice, and swallow with soup. 

Birthdays after all, are happy moments, not for mourning. Regardless of one’s circumstances of birth, it is possible to touch the sky literally speaking through self-discipline and tenacity of purpose. Soyinka, the son of “the Wild Christian” and Ess-Ay” was raised in Abeokuta but today, the same Soyinka, product of St. Peter’s primary School, Ake is a global icon; Osoba, also from Abeokuta, was born in Osogbo in Osun State, and he attended Methodist Boys High School in Lagos, only to end up as one of the most prominent and well-rounded journalists of his generation. Obaigbena, born in Ibadan, 1959, is from Owan Kingdom in Delta state. He began his journalism career as a cartoonist, graphic artist, and stringer and now, today, the history of journalism in Nigeria would be incomplete without an acknowledgement of his many innovations in the business, -his introduction of colourful mastheads, back-page columns, and a newspaper that reports business and politics in the language that the reader understands and now a television station that speaks the minds of the people. Soyinka’s creativity is the catalyst for many careers all over the world: students that he taught, many who became writers because they wanted to be like him, graduate students who earned masters and Ph.Ds as Soyinka scholars, researchers, academics, filmmakers – all for whom Soyinka is an industry. Osoba is a role model for many journalists who hope that they too can be just as successful. There are also many young journalists who aspire to be like Obaigbena. He is fondly called “The Duke” and I have seen quite a few persons carrying on like his alter egos. Three prominent members of the Nigerian cultural elite celebrating another year, offer rich perspectives on the linkages between them and how so different they also are. Many happy returns to this July troika.

The National Bureau of Statistics has said that Bauchi, Kogi and Oyo are the most expensive states to live in Nigeria.

This is according to NBS’s consumer price index and inflation report for June released on Monday.

The report showed Bauchi with a headline inflation of 43.95 percent, Kogi(39.91 percent) and Oyo(39.15 percent) in June on a year-on-year basis. 

However, on the flip side, Borno, Benue and Katsina States recorded the least rise in headline inflation.

Accordingly, Borno’s inflation stood at 25.90 percent, Benue (at 27.52 percent) and Katsina(at 29.21 percent).

On a Month-on-Month basis, however, June 2024 recorded the highest increases in Yobe (3.79 percent), Abuja (3.45 percent), Ondo (3.38 percent), Nasarawa (0.71 percent), Osun (1.19 percent) and Kano (1.27 percent) recorded the slowest rise in Month-on-Month inflation.

DAILY POST earlier reported that Nigeria’s headline inflation rose to 34.19 percent in June.

The Federal Government has admitted there is food insecurity in the country but assured Nigerians that the situation is being addressed and the prices of commodities will soon come down.

Food inflation has reached over 40 per cent in recent months according to data from the National Bureau of Statistics (NBS), pushing the prices of essential commodities beyond the reach of millions of Nigerians.

But the Minister of State for Agriculture Aliyu Abdullahi said with several programmes by the Federal Government, the prices of commodities will reduce.

“You will see a lot of programmes trying to dampen [reduce prices] the situation,” he said on Monday’s edition of Channels Television’s Sunrise Daily.

“Agriculture has a time frame. Now, a lot of production is ongoing. We are in the rainy season and if you look at the fields, there is a lot of cropping going on. Those croppings are not food,” Abdullahi said.

“They will only translate to food after three months. So, until then, this story you are talking about will continue.”

The minister said the country had in the past relied more on rainy season farming.

“We realised over the past few years that we have not been taking our dry season agriculture seriously,” he said but noted that the ministry is addressing it.

Justice Haleema Salman of the Kwara State High Court, the presiding judge in the April 5, 2018 bank robbery in the ancient town of Offa, Offa Local Government Area, has reserved judgement in the six-year trial of six suspects in the bloody bank robbery for August 2, 2024.

The presiding judge on Monday adopted final written addresses which contained arguments of the two lead counsels in the matter, Rotimi Jacob (SAN) for the state and Mathew Emeribe, the defence counsel.

In Court on Monday, the prosecution and defence teams adopted their addresses one after the other on point of law.

However, the presiding judge said that the August 2, 2024 date for judgement is tentative.

Six suspects: a policeman, Michael Adikwu (deceased), Ayoade Akinnibosun, Azeez Salahudeen, Niyi Ogundiran, Ibikunle Ogunleye, and Adeola Abraham were arrested in connection with the bloody armed robbery incident.

Ayoade Akinnibosun and four others are currently standing trial in the case which began on November 11, 2018.

It is recalled that on April 5, 2018, some suspected armed robbers attacked five commercial banks in the ancient Offa town in the Offa Local Government Area of Kwara State, killing over 30 persons in the process, including nine policemen.

The five suspects, Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Abraham, and two others were charged to court by the Police for criminal conspiracy to rob the banks, murder of nine policemen and other citizens, and illegal possession of firearms.

Michael Adikwu died in police custody while the remaining five pleaded not guilty.

The Nigeria Police Force (NPF) has suspended the enforcement of the digitalised central motor registry (e-CMR) indefinitely.

In a statement on Sunday, Muyiwa Adejobi, force spokesperson, said the suspension will enable “mass enlightenment and education” of Nigerians on the initiative.

Adejobi said the e-CMR scheme is not a “revenue-generating platform but an initiative to digitise policing for effectiveness and general safety” of Nigerians.

He added that Kayode Egbetokun, inspector-general of police, has urged police officers not to extort the public in the name of e-CMR certificates.

“The inspector-general of police, Kayode Adeolu Egbetokun, Ph.D., NPM, has ordered an immediate suspension of the proposed enforcement of the e-CMR initially scheduled to commence on the 29th of July, 2024,” the statement reads.

“This is to give ample benefits and effectiveness in solving the challenge of vehicle related crimes, and protection of individual and corporate vehicle ownership.

“In the same vein, the IGP charges all police officers to desist from requesting for e-CMR certificates as individuals found extorting or exploiting members of the public on the guise of not having e-CMR certificates will be sanctioned accordingly as the enforcement which will be done by only dedicated officers has been suspended till further notice.”

THE CONTROVERSY

On Saturday, the NPF said it will commence the enforcement of the e-CMR by July 29.

Adejobi had said the e-CMR is a real-time online archive of vehicle data designed to support police investigations and combat vehicle-related crimes.

Responding to the development, the Nigerian Bar Association — Section of Public Interest and Development Law (NBA-SPIDEL), asked the police to stop the issuance of e-CMR certificates and refund all monies to vehicle owners.

The NBA-SPIDEL threatened to initiate legal action if the police failed to act accordingly within seven days.

The statement was signed by John Aikpokpo-Martin, chairman of NBA-SPIDEL, and Funmi Adeogun, its secretary.

In its response to the statement, Adejobi said the police have the right to initiate any approach aimed at curbing crime in the country.

Reacting to the statement, Akorede Lawal, spokesperson of the NBA national leadership, said Aikpokpo-Martins and Adeogun did not seek the consent of the association before writing to the police.

Lawal also said the duo have been removed as executives of NBA-SPIDEL since February 2024.

Nigeria’s food inflation has reached an all-time high of 40.87 per cent as the Bola Tinubu-led government embarked on reforms that have spiked the cost of living.

Figures released by the National Bureau of Statistics on Monday show that in June 2024, the headline inflation rate increased to 34.19 per cent relative to the May 2024 headline inflation rate of 33.95 per cent.

The country’s inflation has risen on a year-on-year basis by 11.40 per cent compared with the 22.79 per cent recorded last year.

Food inflation has also grown to 40.87 per cent on a year-on-year basis. Compared to last year, the figure is 15.62 per cent points higher compared to the rate recorded in June 2023 of 25.25 per cent.

NBS said food inflation on a year-on-year basis was caused by increases in prices: Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine and Mudfish (Fish Class), etc.

NBS said, “On a month-on-month basis, the Food inflation rate in June 2024 was 2.55 per cent which shows a 0.26 per cent increase compared to the rate recorded in May 2024 (2.28 per cent).

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mudfish Fresh, Snail, etc, (Fish Class).”

In May last year, President Tinubu removed fuel subsidies which led to hike in energy cost while the Central Bank of Nigeria floated the currency leading to the depreciation of the currency to N1560 per dollar.

Also, banditry and kidnapping in the food-producing hub of the country have persisted as farmers for years do not have access to their farmlands.

In some areas, farmers pay fines to bandits to access their farms.

Governor of Enugu State, Dr. Peter Mbah, has announced a cash reward of N50 million to Rangers International Football Club of Enugu, winners of the 2023/2024 Nigeria Professional Football League, NPFL.

The governor announced this when he treated the Nigerian champions to a state banquet at the Government House, Enugu, during the weekend, thanking them for etching Enugu State on the African and global map.

 “We are indeed very proud of you.  I cannot tell you enough what this NPFL title that you have brought right here before us represents and means to us. 

 “Rangers International transcends generations; it is a unifying factor for us. It is not just about winning a trophy or about making us proud. It is putting Enugu State in the hearts and minds of the people of this country and beyond.

 “You have made us proud and we will in turn also make you happy. We are going to provide the sum of N50 million to you in addition to other non-cash rewards that will implant you in our state and immortalise you,” he stated.

He further said: “I commend the General Manager, who has guided this team with a deep sense of purpose and also fuelled your optimism, reinforcing the ‘Never Say Die’ spirit that you are all known for. I thank most sincerely the coach, Fidelis Ilechukwu, who through his professional ethics and consistency, has continued to do us proud. 

“The captain and all the players, you are a true embodiment of the ‘Never-Say-Die’ spirit. The fans are not left out. I also commend the commissioner, who has shown deep commitment to the success of Rangers through his tireless efforts and sacrifice.

 “However, recall that I had always said to you that success abhors complacency. We still have quite a huge space in our trophy cabinet.”

So, we still need more. I am sure we are all getting ready for the CAF Champions League and other tournaments.  

“Let me assure you that we will never get tired of supporting you.  If anything, we are going to double down and reinforce our support.”

The commissioner for Youth and Sport Development, Barr. Lloyd Ekweremadu, who hailed Rangers for the successful title chase, thanked the governor for his personal and official support that transformed the club.

Also, the general manager and CEO of Rangers International, Amobi Ezeaku, who went down memory lane, appreciated Governor Mbah for taking Rangers as his special pet project.

 “For two years, the club played away from home, but in a twinkle of an eye, the club came back to the Cathedral. That is why 28th  December 2023 when we returned to the Cathedral will forever be engraved in the hearts of not just Ndigbo, but all true lovers of Rangers and football.

 “Today, we thank you for easing the stress of our trips, for approving for corporate sponsors to get on board, for coming to watch our matches, and for braving the turbulence of the weather on that day to fly to Jos to witness the lifting of this trophy.

 “It is also under you that the Rangers jersey is proudly instituted at the FIFA museum in Zürich, Switzerland. It is under you that the Rangers jersey is now known at the headquarters of African Football in the 6th  of October City, Giza, Egypt. And as we speak, Rangers have been nominated in many categories by the league bloggers award,” Ezeaku said.

Banks are increasing lending to the private sector with an average monthly N1.6 trillion facility over the past two months.

 The N1.6 trillion pushed credits to the private sector to N74.31 trillion.

Latest data from the Central Bank of Nigeria (CBN) indicates that credit to the private sector (CPS) rose by 65.9 percent or N29.52 trillion to N74.31 trillion last May compared to N44.79 trillion recorded in the same period last year.

A month-on-month breakdown shows sustained growth in lending over the past two months with additional credits of N1.39 trillion and N1.71 trillion in May and April 2024 respectively.

The CPS includes loans, trade credits, other account receivables, and banks’ support to the private sector within a period.

The CPS is a global measure of the banking sector’s balance sheet resilience and contribution to the national economic agenda.

The growth in lending and support to the private sector underlines the resilient balance sheet of banks and their responses to the CBN’s push for increased lending to bolster economic activities.

The data illustrate the importance of the banking sector emerging as the backbone of the country’s economic renewal agenda.

Banks’ lending and support to the private sector rose from N71.21 trillion in March 2024 to N72.92 trillion in April. They rose to  N74.31 trillion in May 2024, representing a month-on-month increase of 1.9 percent and 2.4 percent for May and April 2024 respectively.

The latest CPS data came on the heels of a recent report on capital importation which showed that banks attracted nearly two-third of capital importation.

Analysts had said this was a measure of confidence in  Nigerian banks as foreign investors gradually took a more active stance in the nation’s economy.

Experts agreed that increased private sector credit implies a major boost for the economy as there is a link between credit to the private sector and economic growth.

Some studies have continuously found that increased lending by banks directly leads to an increase in Gross Domestic Product (GDP).

Experts at Cordros Capital said they expected the re-enforcement of  CBN’s limit on the loans-to-deposits macro-prudential ratio for Deposit Money Banks (DMBs) to continue to drive the willingness of commercial banks to create risk assets.

A study by the CBN concluded that “credit is growth-enhancing, even when trade openness, monetary policy, investment climate, and infrastructure are low.” The study found that private-sector credit increases economic growth.’’ 

The balance sheet strength of banks also determines the flow of credits, with the continuing increase in lending amidst macroeconomic headwinds underpinning Nigerian banks’ resilience and stability.

In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at International Monetary Fund (IMF) examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.

The study found that “banks with strong balance sheets were better able to maintain lending during the crisis.”

According to the study, banks that were ex-ante more dependent on market funding and had lower structural liquidity reduced the supply of credit more than other banks.

“However, higher and better-quality capital mitigated this effect. Our results suggest that strong bank balance sheets are key for the recovery of credit following crises, and provide support for regulatory proposals under the Basel III framework,” the IMF report stated.

Managing Director, Arthur Steven Asset Management Olatunde Amolegbe, said the growth in credit to the private sector could be attributable to an increase in economic activities.

He, however, pointed out that other factors such as inflation and devaluation could moderate such increase

Chief Executive Officer, the Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf, said the credit outlook remains cautious. He called for an expansive distribution of credits across all tiers of companies and sectors.

According to him, there are major concerns in terms of the distribution of credits across sectors and companies with small businesses, which contribute more to job creation and economic inclusion, not likely to benefit much.

He noted that banks tend to be wary of credit risk concerns associated with lending to small businesses and certain sectors. Yusuf added that efforts should be made to drive inclusive and stable credit access to all sectors, including growth and employment elastic sectors such as agriculture, manufacturing, real estate, and mining and construction. 

CBN Governor  Olayemi Cardoso had said the ongoing recapitalisation would strengthen banks further to drive the $1 trillion national economic target and support stable economic growth.

According to him, additional capital would not only provide a substantial buffer for banks against potential economic challenges but also enhance Nigeria’s banks’ capability to support massive economic growth and play competitively globally.

Experts agree that considering the increase changing dynamics in the banking sector and the overall economy since the last recapitalisation, it has become necessary to strengthen the banks’ financial positions.

The owner of Dangote Refinery, Aliko Dangote, has announced August 2024 as the new date to roll out fuel supply in the Nigerian market.

Dangote disclosed this on Sunday while speaking to journalists.

He noted that it has resolved its crude oil supply issues with the help of the Nigeria National Petroleum Company Limited, NNPCL and the Nigerian federal government.

He stressed that the crude supply challenge was resolved last week after the federal government intervened.

The journalists were on a guided tour of the 650,000-barrel-per-day refinery, which is located at Lekki Free Trade Zone in Lagos.

Outside fuel supply, he said that the refinery’s fertiliser unit would resume production in two weeks.

This would give farmers more access to fertiliser for their farm products.

“Ramping up production to reach 500 kbpd (15 crude cargoes a month) by next August, 550 kbpd by end of the year, and 650 kbpd by Q1 2025.

“Gasoline production to commence in July with sales from August,” a report released by the company stated.

This showed a long walk to the commencement of full-scale production at the Dangote Refinery, which was commissioned on May 22, 2023.

Dangote had earlier stated that the facility would kick off the supply of fuel in Nigeria in mid-July 2024.

In a similar development, the company announced that NNPCL no longer has a 20 per cent but a 7.2 per cent stake in the refinery.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, on Sunday, said the police have the right and power to initiate any approach to curb crimes and criminality in Nigeria, as is applicable in other climes.

DAILY POST recalls that the NBA Section on Public Interest had earlier issued a seven-day ultimatum to Egbetokun to stop the directive requiring vehicle owners to register and obtain a CMRIS certificate for a fee of not less than N6,000.

NBA-SPIDEL questioned the legal basis for the Nigeria Police Force’s issuance of the CMRIS Certificates, stating that no law had granted the police the authority to issue such licences or certificates to vehicle owners following vehicle registration at the appropriate offices.

It made the call in a letter addressed to the Inspector General of Police, and co-signed by NBA-SPIDEL Chairman, John Aikpokpo-Martins; and Secretary, Funmi Adeogun.

But while reacting in a statement on Sunday, Adejobi faulted the report saying no agency can take the police up on the initiative, adding that the police have been issuing CMR for decades, so it’s not a new strategy or document.

“This is unfounded, fake, and misleading. The NBA as a body will react to this. Stop spreading fake news. Who are those who made the statement or declaration, and in what capacity?

“I challenge you to share the press statement with me, then we can talk.

“Do your investigation on this. The police have the right and powers to initiate any approach to curb crimes and criminality in Nigeria, as it’s applicable in other climes.” It said

According to the statement, no agency can take the police up on this initiative, adding that they will rather key into it, harmonise the system for the good of the country, and its citizenry