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Group Expresses Displeasure Over Hike In Banks’ Cash Reserve Ratio

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Shareholders under the aegis of Independent shareholders Association of Nigeria (ISAN) have expressed displeasure over the hike in banks’ mandatory Cash Reserve Ratio (CRR).
ISAN’s founder, Mr Sunny Nwosu, expressed the displeasure in a statement in Lagos during the week.
The shareholders urged the apex bank to reduce the CRR to 15 per cent from 27.5 per cent or pay interest on the restricted deposits to the banks, noting that the banks has over N12 trillion restricted deposits with the Central Bank of Nigeria (CBN).
Nwosu said the decision by the apex bank to review most bank charges and fees downward, coupled with the hike in the CRR, amid expectations of increasing regulatory headwinds, was currently causing a setback in the sector.
The CRR is a monetary policy tool used by the CBN to control money supply in the economy.
The CRR empowers the central bank to sequester up 27.5 per cent of customer deposits held by commercial banks, effectively restricting the banks from accessing the money.
The apex bank debited a chunk of deposits of banks since 2019 as part of a mutually inclusive CRR and Loan to Deposit Ratio policy that targeted at driving lending more to private sector.
The CBN Governor, Mr Godwin Emefiele, had recently explained that the move was part of efforts to curb excess liquidity on the banking system, already adjudged as a contributor to the resurging inflation trend.
But Nwosu said the tight monetary policy of the CBN has continued to pummel the banking sector with multiplier effect on the equities market and loss of value addition to shareholder.
According to him, “After serious evaluation of the CRR and current AMCON scam, ISAN insist that CBN should pay interest to banks on restricted deposits to enhance banks obligation to the real sector.
“In the alternative, the apex bank should reduce the CRR to 15 per cent to enable banks declare meaningful dividends that would encourage domestic investments.
“We urge CBN to have a rethink on CRR and among other things, to enhance the performance of the financial sector of the economy”.
He said the challenge of the Nigerian economy made it imperative for CBN to pay interest on restricted deposits.
“Banks restricted deposits with CBN are idle funds. We argue that if these funds are with banks, certainly it will enhance their earnings, loans to real sector and returns for shareholders”, he said.
He pointed out that continued debits of CRR by the CBN had put the banking sector under serious threat, noting that the apex bank was denying banks the ability to earn an income in customer deposits.
A breakdown of some banks debited through the mandatory CRR showed that Zenith Bank Plc’s restricted deposit with CBN rose from N680.26 billion in 2019 to N1.33 trillion in 2021, while FBN Holdings Plc’s restricted deposit hit N1.32 trillion in 2020 from N843.44billion in 2019.
FBN Limited and FBN Quest Merchant Bank Limited had also restricted balances of N1.3 billion and N39.37 billion respectively with CBN as at December.31, 2020.
Access Bank Plc’s CRR deposit with CBN also grew to N1.31 trillion or an increase of 54 per cent from N848.85 billon in 2019, while Guaranty Trust Holdings Plc (GTCO) reported N1.03 trillion mandatory reserve with CBN in 2020 from N443.65 billion reported in 2019.
United Bank for Africa’s mandatory reserves with CBN also increased to N1.10 trillion in 2020 as against N832.11 billion in 2019.
The National Coordinator, ISAN, Mr Anthony Omojola, said banks’ interim reports in 2021 showed poor revenues following higher borrowing costs as CRR hike further complicated banks’ currency flow already hit by fallout from the Covid-19 pandemic and the oil price shocks.
Omojola said the CBN warehousing of about N1.2 trillion from the banking system since it raised the CRR by five per cent to 27.5 per cent coupled with the AMCON sinking funds called for serious concerns by all stakeholders.

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78,000 Nigerians in Ghanian universities pay with dollars – CUAB VC, Gbajabiamila

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The Vice Chancellor of Crescent University, Abeokuta, Ogun State (CUAB), Prof. Ibrahim Gbajabiamila, has expressed worry that over 78,000 Nigerians schooling in Ghana and pay school fees in dollars.

With this, Gbajabimiala expressed concern that Nigerian parents are spending more on education in other countries than the five percent, which he said was allocated in the yearly budget to education.

The Professor said this at an event on Wednesday.

The don, who was worried about the dwindling standard of education in Nigeria, said the problem facing the nation’s education sector was lack of funding.

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According to him, average countries are doing well in education because they earmark enough money for the sector.

“The standard of education used to be high and I think our issue is that our standards are dropping as illustrated by the West African Examination Council (WAEC) results and other comparative data.

“We are not spending enough on education. Average countries are doing well. For example, Ghana is spending 25%, while we were previously spending 9% and now in 2022 it has dropped down to 5%. That’s why it is difficult for the children to excel, and of course, we still have the issue of the ASUU strike, which meant that since February, the children have been roaming about the street. Of course, losing school time, as we have done, has made us not competitive.

“Education is not a luxury, it’s a human right and our children have that right as an oil-producing nation to have quality education. Unfortunately, we should not rely on only the private sector to provide it. It is the public sector that has that right. But those that don’t have our oil wealth are doing better in that sector,” Gbajabiamila told newsmen.

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Stating the solution to the nation’s poor education standard, the Vice Chancellor said: “The way out is to spend more money on education. Those of us who are old enough would remember that Nigeria was a hub for West Africa in education. We have over a hundred universities, but some of you would remember the ‘Ghana-must-go’. We now have over 78,000 Nigerian students in Ghana alone, and Nigerian parents are paying in dollars. What that means is that the Nigerian parents are spending more on education than Nigeria’s budget in Ghana alone; not to talk of South Africa, Malaysia, USA, and so on.

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“So, we are developing other people’s education sector, and the way out is for us to do the needful and spend what is required to meet the standard. What is required to meet the international standard is that, if you can show me a public secondary or primary school with running water, electricity and internet. Those are the three most important elements of modern education.

“It is very difficult for our children to compete in the WAEC exams in science, when we don’t have quality science laboratories. That was not the case many years ago. In 1958, the University College Hospital, Ibadan, was one of the top 10 hospitals in the Commonwealth, but those are historical now.”

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Dennis Osadebe: Meet the Nigerian artist visualizing Africa’s future by reaching into the past

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In Dennis Osadebe’s “Nigerian Dream,” two figures clad in fuscia and mustard yellow stare out of the painting. Their facial features are obscured by a traditional tribal mask and a futuristic space helmet. The piece parodies the 1930 Grant Wood painting “American Gothic,” but exchanges a rural farmhouse for a modern home, and a pitchfork for an electric fan — a staple for beating the heat in Nigeria.
The 31-year-old Lagos-based artist wants to challenge assumptions about African art, visualizing the continent’s future by reaching into the past.
“I always want to use my art to educate people about Nigeria by making them understand that we’re already future-thinking,” said Osadebe, whose work fits into the movement known as Afrofuturist art combining African heritage with technology. “We are … sophisticated and complicated. [We] can participate in art at any level.”
“Nigerian Dream” is an example of “Neo African” art, a term Osadebe said he coined to describe work that rebels against stereotypes around African art. His style has captivated audiences around the world, and even won the approval of tennis champion Naomi Osaka.

Using surrealism and “post-pop” to transcend expectations

Instead of focusing on Nigeria’s shortcomings, Osadebe said, including inconsistent access to electricity and poor health care, his work celebrates the future by showcasing Africa’s potential.
Osadebe describes his art as “postmodern surrealism,” and “post-pop.” His everyday scenes, anonymous faces, and imagery of common household objects are designed to help people visualize their lives in his art.
“When people look at this piece, I want them to reflect and ask themselves: ‘do I see myself in this piece and why?'” said Osadebe. “I want to convey the feeling of us as human beings … having shared experiences [by celebrating] the most mundane, simple things.”
Research is key to his artistic process. He starts by identifying features of existing images that excite him. He has borrowed horses from Renaissance paintings, David Hockney’s reverse perspective, and René Magritte’s playful obstruction of faces. “It’s similar to collage in that sense,” he added.
Next, Osadebe starts to build a digital image around that feature. When the digital rendering is complete, he prints it on canvas and paints it using acrylic. For him, combining digital and traditional mediums gives him creative freedom.

Capturing a global audience

Osadebe said art is about developing a visual language that transcends geographic boundaries — a “universal language that everybody can connect to.” His work has captivated viewers in galleries all over the world, including Berlin, New York, Tokyo, Miami, London and Hong Kong.
He said learning about people’s perspectives on his art fuels his confidence to create. During his first exhibition in Lagos — 2017’s “Remember the Future,” inspired by the Nigerian space program — he was nervous about his work. “I was like, what have I done? These are all cartoon characters,” recalled Osadebe.
That anxiety went away when he had a discussion with the first person who walked into the gallery. “He [said] ‘as a Nigerian, this is something I felt like I needed to see — this was a perspective, a way of representation, that made me feel and see my potential.'” Osadebe said it was validating to hear that his art started a dialogue that he himself had struggled to put into words.
More validation came from Japanese tennis player Naomi Osaka. The four-time Grand Slam champion purchased several of Osadebe’s pieces after coming across them in 2020. Her management team reached out to Osadebe, he said, and told him Osaka was drawn to a painting of a woman sitting on a horse in a living room.
“She was like ‘this evokes the energy I feel when I get into a room,'” he said. While he never spoke to Osaka directly, he speculates that she liked the piece’s message about controlling one’s own narrative.
Last year, he painted a cover for a Racquet Magazine feature about Osaka at her request. It features a figure standing in a living room clutching tennis equipment.

Turning heritage into inspiration

Osadebe’s references to his Nigerian heritage infuse his art with nostalgia. The tribal mask that often appears in his paintings was inspired by the official emblem of the Second World Festival of Black Arts and Culture — a replica of the royal ivory mask of Benin.
Osadebe grew up in Festac Town, the federal housing estate in Lagos that was designed in 1977 to house the festival’s participants. Despite living in a place associated with the arts, he said there wasn’t enough representation of young and relatable artists in Nigeria when he was growing up. “I never knew that [a career in art] was a possibility,” he added.
He is the first artist in his family. His father’s career as an entrepreneur inspired Osadebe to study business management at Queen Mary University of London. He completed a master’s degree in innovation and entrepreneurship, before returning to Lagos to work for a boutique finance firm. He started painting as a way to vent his frustrations — then realized he could turn his passion into a career.
His personal journey as an artist was part of the inspiration behind his recent series of self-portraits. In “Composure” (2022), furniture, plants, and paper swirl through the air in a living room. A figure stands motionlessly before the objects — calm amid chaos.
“I really wanted to reflect myself as an artist today [and] speak on my findings, my struggles, my frustrations,” said Osadebe. Under immense pressure, there is an expectation to retain composure, he added.
For Osadebe, “optimism is critical.” It’s the phrase he lives by when addressing serious themes in his art — like Nigeria’s long history of military rule from the 1960s into the 1990s in “General (Shoots a fake gun),” or police brutality in the video game he designed called “Playful Rebellion.” He said his art uses “optimism as a source of protest.”
hat mentality fuels his continued experimentation with new mediums. He has already made 3D sculptures and interactive graphic interfaces. While he can’t give away any spoilers just yet, he said his next series will celebrate Nigerian identity.
“With optimism, there’s hope,” he explained. “It’s what drives me to want to create, [to] try out new mediums, because it makes me feel like there’s more possibilities.”

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Are You People that Jobless?: Mum Scolds Her Baby Twins in Video for Watching Cartoon Early in the Morning

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A Nigerian mum found her baby twins watching cartoon early in the money and pulled a hilarious stunt on them The woman faked being angry as she knocked the kids for watching carton so early while their older sibling did chores While ordering them to pick up a broom and clean the house, she wondered if they are that jobless
A video of a Nigerian mum funnily scolding her baby twin boys for watching cartoon early in the morning has stirred hilarious reactions. The mum, in the clip shared on TikTok, accosted the kids and waved a turning stick in their faces as she faked being furious about their action.
She rhetorically asked the dumbfounded kids if they were that jobless to be seeing a cartoon that early in the day.
While one of the kids tried to refocus on the TV, she snapped him out of it, urging them to pick up a broom lying on the floor and join in the chores.
She urged them to take a cue from their older sibling who was doing house chores at a corner in the apartment. The kids looked like she wasn’t making sense to them.

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