Monetary Policy Spurs Lending to N25tn in Nine Months Obinna Chima The total value of banking sector credit to the private sector rose by 2.6 per cent or N646 billion to N25.466 trillion at the end of September, up from the N24.819 trillion recorded at the end of August.
The Central Bank of Nigeria (CBN), in its money and credit statistics obtained yesterday, attributed the rise in lending to the aggressive push for banks to lend to the real sector of the economy, which necessitated the hike in the minimum loan-to-deposit (LDR) ratio.
The central bank had raised the minimum LDR to 65 per cent, with a December 31, 2019, up from the 60 per cent it had prescribed. It recently debited 12 banks a total of N499 billion for failing to meet the September 30 deadline to meet the LDR
target. The policy was to encourage lending to SMEs, retail, mortgage and consumer lending. The CBN had vowed to impose stiffer sanctions on any commercial bank and blacklist customers that flout
the policy, after it debited the 12 banks for defaulting. It had warned that any bank found to be disbursing loans to customers who subsequently invest such funds in treasury bills and other money market and capital market securities, would be sanctioned and the
customer blacklisted. The warning came following indications that some commercial banks, in a bid to meet the earlier September 30 deadline, gave loans to some customers to Continued on page 10
Presidential Task Force's Laxity Worsens Apapa Gridlock... Page 8 Friday 8 November, 2019 Vol 24. No 8978. Price: N250
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Presidency Denies Sack of Osinbajo’s Aides Omololu Ogunmade in Abuja After keeping mum for several hours, the presidency last night dismissed as untrue, the list, circulating in the media, containing the names of 35 aides of Vice President Yemi Osinbajo purportedly sacked on Tuesday night. In a tweet last night, Senior Special Assistant to the Vice President on Media, Mr. Laolu Akande, said the list was false. “A list circulating in the media on the so-called sacked presidential aides is not genuine and ought to be ignored," he tweeted. There had been unconfirmed reports of the sack of some aides of the vice president yesterday.
The president, who is currently on a two-week private visit to London, had allegedly ordered the sack without any official statement. The names of the allegedly sacked aides and their designations circulating yesterday are: AJibola Ajayi, Special Adviser, Legal Affairs; Lanre Osinbona, Senior Special Assistant, Information Communication Technology (ICT); Imeh Okon, Senior Special Assistant on Infrastructure; Jide Awolowo, Special Assistant, Oil and Gas; Lilian Idiaghe, Special Assistant, Research, Legal and Compliance; Arukino Umukoro, Special Adviser, Continued on page 10
You Can’t Disqualify Candidates, Court Tells INEC Upholds SDP’s Akpoti’s candidature in Kogi
Alex Enumah in Abuja Justice Folashade OgunbiyiGiwa of the Federal High Court, Abuja, yesterday held that the Independent National Electoral Commission (INEC) was wrong to have excluded the candidate of the Social Democratic Party (SDP) in the November 16 governorship election in Kogi State. Governorship candidate of
the SDP, Natasha Akpoti, his Deputy, Adams Khalid and their party, SDP had dragged the electoral body before the Abuja Division of the Federal High Court to challenge their exclusion from the November 16 governorship election in Kogi State. The commission had in a letter through its chairman, Continued on page 10
OPENING UP OSUN... Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema (left), and Governor of Osun State, Alhaji Gboyega Oyetola, at the NSE headquarters in Lagos…yesterday
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Malami Counts Gains of Recovered Assets Regulation... Page 5