Fidelity bank banner Bayelsa State banner
Dogara condemns bad banking practices, advocates sanctions

By Mayowa Okekale, Abuja on 13/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 502

•Speaker Dogara
•Speaker Dogara

Speaker of the House of Representatives, Yakubu Dogara, has called for action to be taken concerning prevalent banking practices which have adverse effects on business growth and entrepreneurship in Nigeria.

He made the call on Monday at the launch of a book on banking reforms by a member of the House of Representatives, Dr. Bode Ayorinde, representing Owo/Ose Federal Constituency. Dogara highlighted issues such as high lending rates and difficulties in accessing loans; and compared prevalent practices in the country with what is obtainable in other climes.

He said: “The challenge in the banking industry in Nigeria is such that it is organised in such a way that it creates buoyancy and development in other jurisdictions, not in Nigeria. I have had cause to say this before, that unless you have assets or equipment, there is no way you can take loans or access loans from Nigerian banks to do the business. If you are not careful in taking loans from Nigerian banks, one will just end up in the poverty gap.”

“I don’t think our citizens are supposed to do their businesses with money they already have in their pockets. Businesses elsewhere are executed by loans by the banking industry in those countries. I don’t know why the interest rate in Nigeria is so high. What is it that we can do to lower the cost of funds in Nigeria, so that our young men, women and entrepreneurs can risk taking money from our financial institutions in order to realise their dreams?”

Dogara queried the likelihood of success of business reforms in the country, in light of the fact that loans remain largely inaccessible to those who most require such financial aids to grow their businesses.

“I love the fact that the Vice President is chairing the council on the ease of doing business in Nigeria but in dealing with most businesses, you are forced to ask, what business are we doing? How do we fund these businesses?” Dogara said.

The Speaker, who lamented that the political will to tackle the challenge has been lacking, called on all stakeholders to work together to strengthen the various institutions within the country in line with international best practices.

His words: “That has been the challenge, from the point of view of the Executive down to the Parliament, the political will to address this has not been there. And the answer has always been that just one opinion cannot solve the issue, all hands need to work at it. We cannot afford to continue having weak institutions in Nigeria, not after so many years of having balance.”

“So I believe that concerning some of these borrowing voyages such as been embarked upon recently can be avoided by applying the required formulas that work even here in Nigeria. The sharp parallel that is drawn between the practice here in Nigeria and the practices in over 20 other jurisdictions of the world.”

The event also had in attendance the Vice President, Professor Yemi Osinbajo, and the governor of Ondo State, Rotimi Akeredolu, among several other dignitaries.

Source News Express

Posted 13/03/2018 11:46:37 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Coalition petitions EFCC, demands probe of N117‎bn rice...

First Muslim Miss USA converts to Christianity

Expert identifies major cause of infertility in women...

Okorocha abandons 26 hospital projects

CHAN 2018: Wasteful Super Eagles held by Rwanda’s...

SMEDAN trains 3,450 retirees in vocational, entrepreneurial skills...

Oduoza inspires aspiring business leaders at Babcock University...

Outrage greets Enugu massacre by Fulani herdsmen; Law...

Polytechnic students celebrate abolition of HND/BSc dichotomy

Veterans accuse Trump of ‘blatant disrespect’ to McCain...

Bamanga Tukur unveils new entrepreneurship career centre in...

Bayelsa goes tough on kidnapping, pipeline vandalism; bans...

 

Latest News UNREC chiefs, Dambazau and false illicit small arms figures BREAKING: Amaju Pinnick floors challengers, re-elected NFF President IPOB bans Ohanaeze from speaking for Igbo as crisis deepens 1,000 contractors jostle for Nigerian Railway Corporation’s projects Hope rises for Ambode as Tinubu mulls pardon Raped 7-year-old girl in critical condition Buhari’s re-election bid splits ex-militant leaders Turaki, a viable and credible presidential material, says Taraba Governor Osun Governorship Polls: Politicians already sharing money, gifts in 12 LGs, says TMG •Deploys 300 observers Flood Disaster: Osinbajo directs building of resettlement sites for affected communities, commends Niger State Govt’s proactive response Lagos Guber: Ex-Kebbi Governor, Aliero, writes Tinubu, pleads for Ambode Umahi sacks aide for absconding from duty

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (394,777 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (375,885 views) Shameless Genevieve Nnaji exposes breasts in public (307,424 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (249,952 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,473 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,254 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,403 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,028 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,122 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,026 views) Lagos plane crash: Journalist releases victims’ names (157,713 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,557 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,610) Business Verdict (52) Columnists (931) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (546) Features (652) Global Business Monitor (301) International (2,412) Interview (164) Live Commentary (28) Love Matters (143) News (38,990) Opinion (1,106) Pidgin (11) Politics (6,647) Religion (867) Sports (1,695) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement