Nigeria’s economy came under searchlight as economists, policy analysts and financial experts converged in Lagos last Tuesday at a colloquium to honour the Executive Director/Chief Operating Officer of FundQuest Financial Services Limited, Mr. Bisi Oni, on his 60th birthday.
In his keynote message, Managing Director/CEO of Sterling Bank, Mr. Abubakar Suleiman said that for growth, the nation must focus of education, electricity and the issue of population explosion. “Let us get our priority right, the banks alone can not lift people out of poverty. Government must fix the problem confronting the efficient use of capital. The bottleneck at the Port in Apapa, for instance, must be fixed. Presently, it is cheaper to bring goods from China than to move it from Apapa port to Ibadan”, he said.
He explained that the banks are mere intermediaries for capital, to compliment other sources of capital like savings, friends/family support, venture capital and that they are not expected to play the role of a Father Christmas.
MD/CEO of FundQuest Financial Services Limited, Mr. Abiodun Akinjayeju, who moderated the discourse, explained that the theme of the discourse, ‘Transcending from Financialism to a Productive and Innovation-for-Impactful Development’, encapsulated a critical aspect of the country’s economic landscape and, “as we journey into the future, it becomes increasingly clear that the role of financial institutions, particularly banks, is pivotal in fostering a conducive environment for productivity and innovation across industries”.
He added that the gathering is a “call out on our banks to transcend from the perceived predatory disposition to a more symbiotic and supportive partner in national development and stop being a General Overseer that is getting fatter while the congregation is getting leaner”.
Chairman of Proshare Limited, Mr. Olufemi Awoyemi maintained that banks are providers of capital and a “for profit organisation” and not quasi-public institutions, adding that banks profits are presently based on interest loans and “other incomes” which are basically forex. He also argued that the nation cannot have a mortgage institution for instance, without a saving culture and banks that focus less on the public sector and forex deals.
For the CEO of New Horizon System Solution, Mr. Tim Akano, without redefining the purpose of banks, Nigeria cannot develop. According to him, Trillions of naira are declared as profit yearly in a country where hundreds of companies are either folding up or in distress. “For who do the banks exit for”? Akano asked.
On his part, Oni advised the government to take a focus on a sector that has linkages, especially electricity. “Solve this problem because it has multiplier effect on the economy. Electricity is central; without it, ou cannot build infrastructure, effective transportation and communication. So government must solve the electricity problem and you will see so many things that will revolve around it”, he said.
