FRIDAY 11TH OCTOBER 2019

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FG Begins Installation of Category 3 ILS to Improve Air Safety Airlines save N524m monthly from reduced flight time Chinedu Eze The federal government has started the restoration of aeronautical facilities and the installation of Category 3 Instrument

Landing System (ILS) at airports and other strategic locations in the country in order to improve safety of flight operations, Managing Director of the Nigerian Airspace Management

Agency (NAMA), Captain Fola Akinkuotu, has confirmed to THISDAY in Lagos. He said the government was determined to sustain the record of no-air accident involving commercial aircraft

since 2013 and also make flight operations in Nigeria’s airspace safer. Akinkuotu said with the improvement of effective radar coverage of the airspace, airlines have reduced their

about 40 planes operating domestic flights. The NAMA boss said this was made possible by radar capabilities, known as radar

flight time by at least five minutes to many local destinations, which has saved them about N542 million monthly on fuel consumption, translating to about N18 million daily for

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Nigeria to Team up with Cameroon to Set Cocoa Price... Page 8 Friday 11 October, 2019 Vol 24. No 8950. Price: N250

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Police Service Commission to Meet over Buhari’s Aide Says deferment of retirement against service rules Ex-DIG Osayande urges compliance with rules of law Omololu Ogunmade, Kingsley Nwezeh and Alex Enumah in Abuja The Police Service Commission (PSC) is to meet over the reported extension of the

service of Mr. Abdulkadir Dauda, a police commissioner, and a security aide of President Muhammadu Buhari, whose retirement was said to have been deferred by the president, THISDAY learnt yesterday.

A leaked signal reportedly from Force Secretary, Mr. Usman Alkali, an Assistant Inspector General of Police, to police Department of Information Technology, had conveyed the president’s

decision with a directive to the section to amend its records accordingly. With the presidential approval, Dauda would now retire in 2023 when he would have been 60 years old.

But the PSC through its spokesman, Mr. Ikechukwu Ani, said the presidential directive breached civil service rules that guide the tenure and retirement of public officers, explaining that an officer was

required to leave the service upon attainment of 35 years in service or 60 years of age, whichever one comes first. A former chairman of the Continued on page 8

CBN: Why Credit Easing Will Not Increase Non-performing Loans Plans to harness all tools to punish defaulters Obinna Chima The Central Bank of Nigeria (CBN) has doused fears that its aggressive drive to increase banking sector’s lending to the private sector will result in a gradual accumulation of non-performing loans (NPLs) in the sector. The Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, told THISDAY yesterday that with the lending clause introduced recently by the Bankers’ Committee, it would be difficult for habitual loan defaulters to operate in the sector. With the clause, a lender would be able to recover its loan from the assets of a defaulter domiciled in another bank. The central bank had last week raised the minimum

loan-to-deposit-ratio (LDR) to 65 per cent with a December 31, 2019 deadline, up from the 60 per cent it had stipulated at the end of September. It, however, debited 12 banks that failed to meet the September deadline a total of N499,175,535,097. Owing to these, the International Monetary Fund (IMF) on Wednesday warned that the new regulations to spur lending, should be carefully assessed and may need to be revisited in view of the potential unintended consequences on banks’ asset quality, maturity structure, prudential buffers and the inflation target. The level of NPL ratios in the banking sector stood at 9.36 per cent as at June 2019. Continued on page 5

Again, Senators Fault 2020 Budget Projections... Page 5

MOVING FORWARD MINERALS DEVELOPMENT... Managing Director, OCP Africa Fertilizers, Mr. Mohamed Hettiti (left), and Executive Secretary, Solid Minerals Development Fund (SMDF), Ms. Fatima Shinkafi, during the signing of a landmark co-operation agreement aimed at developing Nigeria’s phosphate deposits as an extension of the Presidential Fertilizer Initiative in Casablanca, Morocco…yesterday


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