Thursday 13th October 2016

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Banks Have Strong Capital Buffers, CBN Insists

FBN, Fidelity say they’re adequately capitalised Rising NPLs: Fitch warns of further downgrades in banking sector

Obinna Chima

The Central Bank of Nigeria (CBN) yesterday allayed concerns over the soundness of Nigerian banks, assuring

the public that they are sound and have strong capital buffers. This is just as Fitch, an international ratings agency, acknowledged that banks in the country had experienced a

sharp rise in non-performing loans (NPLs), adding that other key concerns in the banking industry include forex scarcity, weakening capital adequacy ratios, and the sovereign’s

ability to support banks, given its weaker financial flexibility. “If current challenges do not ease, the banks could face further downgrades,” Fitch said.

The central bank, which was reacting to a recent report by Arqaam Capital, a Dubai-based investment company, that said some banks were close to being insolvent, stated that

the assertion was false. The CBN, however, admitted that just like in other oil and commodity-dependent Continued on page 8

Southern Governors’ Wives Pledge Loyalty to Aisha Buhari...

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Thursday 13 October, 2016 Vol 21. No 7847. Price: N250

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DSS Gets More Damaging Petitions Against Embattled Judges To arraign them next week, NJC speaks on arrests today Lai Mohammed: Council hasn’t got monopoly on discipline of judges

Iyobosa Uwugiaren and Tobi Soniyi in Abuja

Amidst the diverse reactions over the arrest of seven judges by the Department of State Services (DSS) for alleged

corruption, THISDAY has learnt that several more petitions against the embattled judges have continued to trickle in. A senior intelligence officer who spoke to THISDAY

yesterday, also said that the affected judges would be charged to court next week. This was as the National Judicial Council ((NJC), which held a two-day meeting on the fate of the embattled judges

remained mum yesterday. A source at the council said that the meeting was concluded yesterday but the NJC was unable to make a statement. However, he promised that

the council would speak on the issue today. He also confirmed that Justice Walter Onnoghen, who was at the council meeting, was recommended to President Muhammadu Buhari

for appointment as the next Chief Justice of Nigeria (CJN). The judges who were arrested at the weekend and released on bail are: Continued on page 9

16 Killed in Shiite, Mob Clashes, Suicide Blast in Northern Nigeria IMN claims 20 members slain President condemns bomb attack, condoles with families of victims

Our Correspondents It was a bloody day in several states in Northern Nigeria yesterday, as eight members of the Islamic Movement of Nigeria (IMN), also known as the Shiite or Shi’a sect, were reportedly killed across Katsina, Kaduna and Sokoto States, when irate mobs attacked members of the sect during their procession in the states to celebrate the Islamic New Year. The attacks coincided with a suicide bombing along a highway in Borno State, the epicentre of the Boko Haram insurgency, resulting in the death of eight persons with several others sustaining injuries. However, the spokesman of the Shiite sect, Mr. Ibrahim Musa, has put the death toll

of members of the sect at 20, alleging that they were killed by a combined team of security forces and those it described Continued on page 8

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% 8.5 5.0 4.9 4.8 4.0 % 9.3 4.9 4.6 4.5 4.2

GE TARGETS NEW PROJECTS, JOBS IN NIGERIA...

L-R: Managing Director of General Electric (GE), Africa, Mr. Jay Ireland, and Kebbi State Governor, Alhaji Abubakar Atiku Bagudu, at a panel on jobs creation, skills and employment at the 22nd edition of the Nigerian Economic Summit, in Abuja… Tuesday kola olasupo


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