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Report on impending credit crisis in banks false, says CBN


After trending for more than two days, the Central Bank of Nigeria(CBN) has finally put a lie to the report that Nigerian banks are facing a full-blown financial crisis just as it threatens violators of its $50,000 cap withdrawal rule with a ban on foreign exchange (forex) market.
These were part of the outcomes of the Wednesday’s Bankers’ Committee meeting in Lagos.
According to Mrs Tokunbo Martins, the central bank’s Director of Banking Supervision, who disclosed this to the press, the report is false and should be totally ignored.
Recall that Arqaam Capital, a Dubai-based investment bank and brokerage  firm, said last weekend that Nigeria’s banking industry is experiencing a full-blown financial crisis as failed fiscal and monetary policies lead to a credit crunch
“Our acid test reveals seven under-capitalized banks with a deficit of as much as 1 trillion naira ($3.2 billion) in the financial system”, the report said.
Reacting to this, Mrs Martins said: “That report is false; that certain banks are undercapitalized is absolutely not true.That is not saying that the banking sector is not  feeling the economic headwinds. So it is too in any other jurisdictions. It is not strange.
“Also that the non-performing loans is at 11 per cent.That is not what we need to focus on. What we need to focus on is that we have the 11 per cent non-performing loans. Does the bank have the capacity to absorb any losses that may arise from these loans? Yes, they do.They have very strong capital buffers. Another thing that is very important is that banks have huge capacity to generate income. So apart from the capital buffers that they already have, they also have capacity to generate income to also absorb all those losses if they do arise. And the loans that are not performing, can they be performing? Yes, they will.Because the underlying assets are still there and they are good.
“The fact that the country has non-performing loans at a period like this is to be expected.And I don’t think that any jurisdiction should be demonized because of it. If you look at other jurisdictions that are going through the same circumstances that we are going through , they are experiencing the same thing.These jurisdictions have non-performing loans as high as 15 per cent to 25 per cent. So countries in Europe have NPL as high as 18 per cent.”
As for those who violates the rule of maximum withdrawal of $50,000 on debit Naira card, she said: “You will recall that sometime ago,in CBN’s bid to manage demand for forex,there was a rule that was put in place that people are not allowed to withdraw more than $50000 across the industry on the Naira debit card. For while now, people have been breaching that rule.
“The CBN had not taken any steps until now.But we have decided that it is now time for us to take steps to check this.So we want members of the public to remember that that rule is in place.All your cards are linked to a particular BVN. Now that BVN is only allowed to withdraw $50000 per annum. If people continue to breach that rule, they would lose access to this money; they would lose access to foreign exchange market entirely.”

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.


The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.



In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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