Improved Risk Management Reduces Banks’ Impairment Charges Goddy Egene Improved risk management and recovery strategies being adopted by banks have led to a significant decline in the provision for loan losses as indicated in the nine months results ended September 30,
2019. THISDAY checks showed that the aggregate loan losses provision, otherwise known as impairment charges by 11 banks, declined by 39.2 per cent to N139.4 billion from N229.37 billion in the corresponding period of 2018.
The decline in charges came despite an increase in loans and advances, which rose from N11.21 trillion to N12.34 trillion. The banks are: Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa (UBA) Plc, Zenith Bank Plc,
FBN Holdings Plc, Ecobank Transnational Incorporated, Fidelity Bank Plc, Union Bank of Nigeria Plc, Stanbic IBTC Holdings, Wema Bank Plc and Sterling Bank Plc. Although some of the banks recorded higher provisioning, the significant decline posted
by FBN Holdings Plc, Stanbic IBTC Holdings Plc, UBA and write-back posted by Union Bank, Fidelity Bank and Stanbic IBTC, made the aggregate charges lower. FBN Holdings Plc recorded impairment charges of N23.37 billion in 2019, down by 69
per cent from N76.19 billion recorded in 2018. UBA’s charges fell by 37 per cent from N10.67 billion to N6.66 billion, while ETI Plc witnessed a decline of 21 per cent in charges from N84.26 billion Continued on page 9
NNPC Secures $1.16m US Grant for Abuja Power Plant... Page 8 Friday 15 November, 2019 Vol 24. No 8985. Price: N250
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ICPC Uncovers N12bn Salary Fraud in MDAs Kingsley Nwezeh in Abuja
L-R: His Royal Majesty, Oka Ije II of Okija, Emeka Okezie; Group Executive Director, Nestoil Group, Mrs. Nnenna Obiejesi; Group Managing Director, Dr Ernest Azudialu-Obiejesi; and the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, at the unveiling of the new corporate identity of the company in Lagos... yesterday
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered N12 billion padded into the salaries of some Ministries Agencies and Departments (MDAs). Chairman of the ICPC, Professor Bolaji Owasanoye, said at a press conference in Abuja that about N9.2 billion was first restrained after the ICPC discovered that monies meant for salaries were over-
budgeted while another N3 billion was uncovered after salaries were paid to workers. The ICPC boss, who did not mention the names of the MDAs indicted, said the ICPC had after tracing the funds stopped them from accessing them. He said 59 directors were recently arrested for using their accounts to move over N3billion from government coffers. He said the funds were Continued on page 9
INEC’s Big Dilemma: Will Election Hold in Bayelsa State With or Without APC? Appeal Court offers relief with stay of execution of judgment as another court nullifies ruling party’s primaries Buhari calls for fairness, transparency Chuks Okocha, Alex Enumah in Abuja and Emmanuel Addeh in Yenagoa Faced by last minute court judgments, a notice of appeal and an impending stay of execution of rulings from the appellate court, the Independent National Electoral Commission (INEC) yesterday played safe, saying despite the judicial proceedings,
the governorship elections in Bayelsa and Kogi States scheduled for tomorrow would hold as planned. "Dear colleagues, the meeting has ended but we are not issuing a statement. However, our elections in both Kogi and Bayelsa will go on as planned," the commission said through the Continued on page 9
THE PEOPLE’S BUDGET... Osun State Governor, Alhaji Gboyega Oyetola, during the presentation of 2020 Appropriation Bill to the state House of Assembly in Osogbo… yesterday