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Regulatory, Compliance Costs Hindering Growth Of Banking Sector — Tony Elumelu

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Tony Elumelu, Chairman of United Bank for Africa (UBA), has identified regulatory and compliance costs as major challenges facing the banking sector.

Elumelu made this observation while speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 17th annual banking and finance conference held in Abuja on Tuesday.

The Nigerian businessman noted that the banking sector provides crucial financial support to the country, but its ability to contribute to Nigeria’s economic growth is being hindered by various challenges.

“Our banking sector is a cornerstone of Nigeria’s economy. The transformation of our banking sector over the last few decades, is one of our success stories,” Elumelu said.

“The sector employs millions, provides crucial financial support to countless businesses, and generates income for millions of shareholders.

“However, the sector faces challenges that impede its growth and innovation, including regulatory and high compliance costs.

“To overcome these challenges, stakeholders, including government agencies, regulatory bodies, and banking institutions, must engage in constructive dialogue to foster a collaborative environment.”

He, therefore, said by working together, a more resilient banking sector that drives economic growth and supports the aspirations of Nigerians can be built.

“The success of Nigerian banking sector is felt beyond Nigeria. Nigerian banks have become multinationals, leading the sector across Africa, establishing themselves in the world’s financial capitals, and in doing so they have changed how our country is perceived, created pathways to opportunity and set themselves up as role models for our other industries,” he added.

On July 17, Tinubu asked the national assembly to amend the 2023 Finance Act to impose a one-time windfall tax on banks’ foreign exchange (FX) gains.

However, the national assembly increased the windfall tax on banks’ FX gains to 70 percent, from the proposed 50 percent, in the amended Finance Act 2024.

The decision had raised concerns among professionals in the financial industry.

However, Elumelu said he supports the implementation of the windfall tax on banks’ FX gains.

BIG STORY

President Tinubu Congratulates Dele Alake On 68th Birthday

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President Bola Tinubu congratulates the Minister of Solid Minerals Development, Dele Alake, on his 68th birthday.

President Tinubu celebrates his long-time ally, buddy, brother and invaluable partner for his support throughout his political journey as Senator, Governor of Lagos State, Presidential candidate and President of the Federal Republic of Nigeria.

The President says he cherishes working closely and collaboratively with Alake in more than three decades.

The President thanks Alake for his candid counseling and unwavering support, which have provided invaluable guidance during challenging times in public office.

He notes that Alake’s staying power in the various roles he has handled in his lifetime has been rooted in his honesty, passion, tact, determination and exceptional public relations.

President Tinubu is confident that the Minister will continue to uphold his high standards of excellence in service to the nation.

He joins family, friends, and well-wishers in offering prayers for Alake’s continued success and well-being.

 

 

 

 

 

 

 

 

 

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BIG STORY

Local Government Election Holds In Rivers Despite Police Absence [PHOTOS]

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The local government election in Rivers State is currently underway, notwithstanding the notable absence of police personnel to oversee the process.

Sources reveal that sensitive materials have been successfully distributed across various local government areas.

Governor Siminalayi Fubara remains resolute in his determination to conduct the election, despite escalating tensions within the state.

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BIG STORY

JUST IN: Explosion Rocks Rivers APC Secretariat As Local Government Poll Holds

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An explosion occurred at the Tony Okocha-led secretariat of the All Progressives Congress (APC) in Rivers State, located along Aba Road, Port Harcourt, on Saturday, October 5, 2024, during the local government election.

The explosion damaged the gate and doors of the secretariat, along with other property. According to Tony Okocha, Chairman of the APC faction in Rivers State, “About 3:20am some gun-trotting young men with their explosives and all that, came here and dropped the first explosive,” but when it did not detonate, “they came back the second time to burn the structure – look at the security house is gone.”

Okocha alleged that the attack was politically motivated, accusing Governor Siminalayi Fubara of responsibility. He stated, “It was deliberate to see how they can annihilate us, it is deliberate to see how they can embarrass us, it is deliberate to see how they can decimate us.”

Despite the incident, accreditation and voting have commenced in several polling centres around Port Harcourt City.

More to come…

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