May the Ikoyi team win, via Lagos Island and Bourdillon. I say no to the Igbobi/Onipanu/Fadeyi tactics. They won’t work in this milieu.
EXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisisEXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisis
The upshot of Banwo’s viral article was to say that raising interest rates by 4 per cent, as the Monetary Policy Committee did on the 27th of February, has not slowed down inflation and is therefore counterproductive. The quick fact here is that no official or certified index has come out to confirm or deny this, and so Ope Banwo was rather too hasty in dismissing the CBN’s policy accuracy, for now.
Further actions that will calm the markets and bring control back to the CBN include the delisting of 4,173 BDCs from the list of almost 6,000, for several infractions, including the non-submission of returns. Now we are talking! By the time the new capital requirements for BDCs are enforced, we may not have more than 100 BDCs who will then be able to transact even more businesses like a bank.
Enough of CBN policy reforms, which are coming out almost in torrents for now. What about the fiscal side? Mr Edun was mentioned as well. It is worth noting that Nigeria’s national oil company, NNPC Ltd, has been instructed to submit its invoices and receipts to the Central Bank for audit purposes. Also, the International Oil Companies have been told to leave a float of 50 per cent of their sales for some time, so that Nigeria may enjoy some stability in its reserve management.
To Mr Banwo, I will say he should allow CBN to do it’s work, which is a very complex one. Maybe by the time Messrs Cardoso and Edun succeed, the Ikoyi gang would have emerged over their less-fortunate Fadeyi counterparts. From antecedents, capacity, ambience, sheer value, and what-have-you, I will personally vote for Ikoyi to trump Fadeyi. But we can be more positive in our criticism.
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