Moody’s: Weak Capital Buffers Reveal Tier 2 Banks’ Vulnerability Nigerian businesses lose $25bn annually to power outages Obinna Chima in Lagos and Chineme Okafor in Abuja One of the leading global rating agencies, Moody’s Investor Service, yesterday pointed out that the smaller banks in Nigeria, commonly known as the tier 2 banks,
are operating with weaker capital buffers, which indicate vulnerability of these banks. This is coming as World Bank Group (WBG) report has disclosed that Nigerian
businesses experience an average of 239 hours power outages monthly, compelling them to resort to alternative electricity sources, which in turn results in economic
losses in excess of $25 billion annually. The rating agency, however, noted that capital buffers are strong for the bigger banks in the country.
Moody’s stated this in a 35-page report on its 2019 outlook for African banks. The Central Bank of Nigeria (CBN) requires that banks with international
NCC Sets 2020 for 5G Rollout in Nigeria... Page 9
subsidiaries maintain a capital adequacy ratio (CAR) of 15 per cent, while banks without international subsidiaries maintain CAR of 10 per cent. But the minimum requirement for the Continued on page 8
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2019: Atiku Exudes Confidence, Predicts PDP Win, Promises Fiscal Transparency Iyobosa Uwugiaren, Deji Elumoye, Adedayo Akinwale and Victoria Yesin in Abuja The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, yesterday expressed confidence that the party would win the forthcoming general
elections, giving assurances that the main opposition party would enthrone the best fiscal responsibility practices in the country when it assumes power. Speaking at the inauguration of the PDP Presidential Campaign Council, in Abuja, Atiku also said President
Muhammadu Buhari should sign the Electoral Act Amendment Bill 2018 into law without further delay, explaining that the president’s immediate assent is necessary because elections are governed by laws and that good laws are required to ensure credible elections.
Atiku, who also spoke yesterday at the 83rd National Executive Committee (NEC) meeting of the party held at its National Secretariat in Abuja, promised not to disappoint the people if elected as president next year. The vice presidential candidate, Mr. Peter Obi;
Governors Ifeanyi Okowa (Delta State), Ahmed Abdulfatah (Kwara), and Dave Umahi (Ebonyi); Senate President Bukola Saraki; Deputy Senate President, Senator Ike Ekweremadu; and former governors of Benue and Niger States, Gabriel Suswam and Babangida Aliyu, were
among many others at the meeting. The NEC meeting was the first to be held after the party’s convention held in Port Harcourt, Rivers State, where Atiku emerged as the party’s candidate. Continued on page 8
FG Expresses Reservation over Moves to Grant Atiku US Visa Says it could indicate his endorsement Buhari may review status of service chiefs Mohammed insists war against terror on course Iyobosa Uwugiaren in Abuja The federal government yesterday expressed reservations over moves to grant the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, United States of America’s visa, fearing it might be deemed to be an endorsement of the main
opposition party’s candidate by the US government. The Minister of Information and Culture, Alhaji Lai Mohammed, spoke to senior journalists in Abuja yesterday and said while the federal government realised it was the prerogative of the US government to determine Continued on page 9
Amosun's Associate, Akinlade, Dumps APC, Picks APM Gov Ticket... Page 8
MERGER LIKE NO OTHER... L-R: Director, Cement Company of Northern Nigeria, Alhaji Kabiru Rabiu; Managing Director, Mr. Yusuf Binji; and Founder, BUA Group and Chairman,CCNN, Alhaji Abdul Samad Rabiu, during court ordered Extra Ordinary General Meeting of CCNN, where shareholders voted to merge with the BUA-owned Kalambaina Cement Company, in Sokoto… yesterday