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TOP NEWS :::
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| L-R: Lawrence Summers, former US Treasury Secretary; Cecilia Ibru, MD/CEO, Oceanic Bank International Plc; Steve Forbes, chairman, Forbes Magazine at the Oceanic Bank’s sponsored Thisday Townhall meeting held in Abuja last week.
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Microfinance Banks Plan against Distress
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By Zaka Khaliq
As part of their plans to develop the microfinance sub sector and shade it from the incidence of insolvency, microfinance banks (mfbs) in Nigeria have initiated a move to establish an inter-bank money market, which will assist the operators in determining the movement of the indices that will drive the market. Market operators noted that this development would improve the confidence level in the market which has been low based on the poor performance records of the defunct community banks.
Although the set up of the inter bank market is yet to be finalized, there are strong indication that the new initiative may be launched between now and the new year. BusinessWorld can reveal that this development is a veritable valve against distress and likely liquidation. With this development, liquidity positions of the banks will be easily known so that depositors will not be taken unawares any longer.
Our source revealed that the development would create opportunity for microfinance banks to invest their excess funds. The market, it was gathered would also serve as avenue to borrow and lend among the over 700 licensed mfbs in the economy.
BusinessWorld Intelligence can reveal that microfinance banks have formed alliance with a discount house to be able to implement this gesture. The market window, it was learnt, would also be opened to primary mortgage institutions that wish to be involved.
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COMMENT AND ANALYSIS ::: |
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Ray
Echebiri
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The times are changing and very fast too. The beautiful brides of yesterday are becoming today’s ineligible spinsters. The lands of milk and honey of yesterday are becoming today’s dry desert with just a few oases located here and there. And milk and honey, a lot of milk and honey, are now flowing ceaselessly in lands that hitherto looked cursed.
Yesterday, just yesterday, Nigeria was the dream country to visit and possibly live in for many Ghanaians. With the petrodollar flowing everywhere in the country, Nigeria was not the dream place for just Ghanaians but for so many other Africans. Many Ghanaians did not see flyovers in their live time until they came to Lagos. Many Ghanaians and other West Africans never saw a magnificent building until they came to Nigeria and set their eyes on the National Arts Theatre. The Bar Beach in Lagos was to many Ghanaians and some other West Africans the ninth wonder of the world. It was therefore not something they would just catch a glimpse of and leave; they needed to see it as often as possible. For this reason, they were forced to live in the country even when they had to do that illegally. >> Full Story
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The Travail of Ribadu and Corruption Enterprise in Nigeria
 Alexander Ekemenah
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Sometimes in August or September 2007 (I can no longer remember exactly when) I was in Warri, Delta State for my research work. Meanwhile, my Madam that stays in Warri was not immediately around. She was in Port Harcourt at that material time. However, she called me on my mobile phone to ask whether I have heard the news that Nuhu Ribadu and Chuckwuma Soludo have been sacked by President Umaru Yar’Adua. I said no. Our brief conversation ran thus: “Oga (she calls me Oga!) Have you heard that Yar’Adua don sack your friends”? “Who?” “Your friends: Nuhu and Soludo” ! “When did that happen?” So you have not been reading the newspapers. “Jesus Christ! I have not seen the dailies. I will go and look for them now. Keep abreast of the developments. I am coming (from Port Harcourt) tomorrow. We will discuss it exhaustively”.
Later, I got a copy of one of the papers and only discovered that my friends were merely removed from the Economic Management Team. “This my Madam self! She really got me panicked! She did not understand what she read in the newspapers. O.K. No problem! >> Full Story
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