Report: Nigerian Banks’ Fortunes Tied to Oil Price Dangote’s refinery may send NNPC’s refineries packing Chineme Okafor in Abuja A report by the Financial Times yesterday stated that most of Nigeria’s commercial banks
have their fortunes tied to fluctuations in global oil prices considering that about a third of all credits they extend to the economy are directed to
operations in the country’s oil and gas industry. The report, titled ‘Investing in Nigeria,’ chronicled developments in Nigeria’s
economy and politics ahead of the 2019 general elections. It explained, among other observations, that analysts estimate that about half of
the loans of commercial banks in Nigeria were given for upstream, midstream, and downstream oil and gas operations and the supply chain,
adding that rising levels of NonPerforming Loans (NPLs) of the banks were traced to the Continued on page 10
Lagos Considers Fresh Strategies to End Apapa Gridlock … Page 10 Friday 23 November, 2018 Vol 23. No 8619. Price: N250
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CBN Warns Banks against Violation of Money Laundering Act ... Page 10
Stop Playing the Ostrich, Presidency Replies Jonathan Says Buhari’s anti-graft record is globally recognised Shola Oyeyipo in Abuja The claim by former President Goodluck Jonathan that corruption had worsened since he left office was yesterday vehemently rejected by the presidency, which dismissed
the former president’s proposition as astonishing and absolutely untrue. Jonathan, had in his book, ‘My Transition Hours,’ rated President Muhammadu Buhari’s anti-graft war very low, saying graft had
not only worsened under the president’s watch but that his de-marketing of the country had driven away investors. He rebuked the president’s strategy of media trial of suspects, saying it worsened the corruption perception of
Nigeria and led to Nigeria’s slip in the Transparency International Corruption Perception Index. He said in his book, “The sundry accusations by the new administration will appear to have baited the media. Media
trials are entertaining but have little or no effect in fighting corruption and improving the economy. “Since I left office, rather than improve on our TI corruption perception record, the situation has worsened
with the nation going 12 places backward, becoming number 148 according to the latest CPI ranking for 2014, from 136 in 2014 when I was president.” The book was launched at Continued on page 8
PDP to Decentralise Campaign, Meets on Tuesday to Perfect Strategy Buhari, Atiku, others for debate on January 19 Iyobosa Uwugiaren in Abuja Feeling a large presidential campaign council, controlled from Abuja, the federal capital city, may be ineffective, the leaders of the main opposition party, the Peoples Democratic Party (PDP), has opted for a decentralised structure that would see the party devolving more power and resources to the states for the mobilisation
of faithful and voters. Party sources told THISDAY that the leaders were of the view that the past strategy of a centralised campaign with Abuja as the pivot might not help the party to unseat President Muhammadu Buhari, who is thought to retain an advantage in the North-west and might still Continued on page 6
Okorocha Dares Oshiomhole, Maintains Court Action …Page 8
FROM FRYING PAN TO FIRE… L-R: Wife of the author, Mrs. Oluwatosin Adeniyi; author, Mr. Olusegun Adeniyi; Edo State Governor, Mr. Godwin Obaseki; Emir of Kano, Alhaji Muhammad Sanusi, during the presentation of ‘FROM FRYING PAN TO FIRE’ written by Adeniyi, in Abuja... yesterday KINGSLEY ADEBOYE