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But the bank said it would continue to build on the efficiency, quality and profitability of its core banking business as the latest earnings report released at the weekend showed considerable improvement in key underlying fundamentals of the commercial bank.

The nine-month report for the third quarter ended September 30, 2016 released to the Nigerian Stock Exchange showed steady growth in the core banking business, underlining the success of the lender’s core retail banking business.

“Although macroeconomic conditions could witness some modest improvements, the operating environment will continue to be challenging and business confidence somewhat subdued. Nonetheless, Sterling Bank remains committed to building a sustainable business anchored on efficiency,” the Managing Director of the bank, Yemi Adeola, was quoted to have said in a statement.

Key extracts of the interim report showed that net interest margin, which measures the profitability of the core lending business, improved to 8.5 per cent in third quarter of this year as against 7.9 per cent in comparable period of 2015.

The proportion of non-performing loans to gross loans and advances, which indicates assets quality and the efficiency of the credit risk management, also improved significantly from 4.8 per cent in December 2015 to 2.5 per cent in the third quarter 2016.

PUNCH.

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He stated that in spite of the current economic recession, his administration was desirous of ensuring rapid infrastructure growth and better environment for the residents.

He spoke on Friday with journalists in Ilorin, the Kwara State capital, on the sidelines of the inauguration of the Kwara State Infrastructure Development Fund, reiterating commitment to addressing the housing needs of the state.

He stated that under the IF-K, funds would be disbursed on a quarterly basis, and would grow by N6bn at the end of 2016.

He added that in order to ensure accountability, and insulate the fund from political control, the IF-K would be managed by a reputable investment company, Investment One, which he said had been appointed by law as trustee for the scheme.

The governor said the purpose of the IF-K was to pool funds for infrastructure projects, optimally leverage private sector resources for infrastructure development and channel state internal revenue to directly impact economic diversification and growth strategies.

He added that the IF-K was designed to ensure maximum quality assurance for asset and services procured by government and encourage broader and deeper interactions with the state government from private and non-private partners.

Ahmed said, “The fund will be financed through a N5bn seed fund and aN500m monthly contribution from the state’s IGR through an Irrevocable Standing Payment Order.

“This implies that the money will be taken at source from the state’sIGR and provides an additional layer of assurance to project partners.

“Additional non-IGR funds, such as those from the Federal Government and global development partners, will be added to the IF-K as they become available.”

The governor said the state government would continue to fund smallerprojects through other platforms as only projects worth N300m and above would be included on the IF-K payment grid.

He added, “Following the inauguration of the fund, the payment grid will commence in December, 2016 with all ongoing and new projects targeted for completion by December, 2018. Furthermore, the total value of ongoing project debts to be addressed through the IF-K is estimated at about N11.1bn.

“As a demonstration of faith and a token of our commitment to pay all outstanding contractor debts, we have disbursed N1.7bn to significantly reduce current debt to contractors. The balance to be paid from the IF-K is estimated at N9.4bn.”

PUNCH.

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The organisation also warned that except stringent measures were taken to protect the environment, Nigeria risked serious disasters in about 2040.

The Executive Director, Art Collective Foundation, Mr. Comedy Nwanyanwu, stated this in an interview with our correspondent on the sidelines of a press briefing held in Abuja to herald the inauguration of One Environment scheduled for July 2016.

He also informed that the OE intended to plant 5,000 trees within the next 12 months in Abuja and its satellite communities.

The essence of the OE, he said, was to bring together environmental experts to discuss the challenges and articulate ideas that would promote sustainability organic contents.

Nwanyanwu said, “If the government can enforce some of the policies that we have on ground like sanctions and environmental sanitation and disposals, there will be sanity. If you go to the market a lot of people are more concentrated on the goods that they sell but less interested in the environment through which they generate money. That is why you see people dumping refuse everywhere even when they are in taxis and nobody is arresting them.

“That is what I am saying, the War Against Indiscipline should be brought back, this time tor the environment. The problem is not that we don’t have the policies but it is about lack of enforcement of these policies. That is where we have issues; so if the government comes up and becomes very firm in enforcing some of those things we won’t have a problem.

“I don’t see any reason why people should dump refuse on the road; we don’t have any recycling collection point. Everything is all mixed up together and by the end of the day, we find them in land fields and it is not supposed to be like that.

“If the government is able to enforce what they have brought to the table, it makes it easier for us to get along and it goes on to say that we can’t deny the fact that some of the little things we do collectively affect the environment.”

According to him, Nigeria will be in a serious problem in some years to come because of certain factors, which constitute a threat to the environment.

He said, “We have already seen danger, it will be like jumping out of the frying pan into the fire if we just keep up with this abusive attitude towards the environment. I don’t even want to start imagining how it will be in the next 10 years. I will rather imagine if we start getting our acts right because the projection is that in 2040, Nigerian population will come up to 350 million. So, you can imagine how much waste we will be generating if we keep on with this abusive attitude. We are all here enjoying fresh air and beautiful environment. Why should we mess it up for our kids to come and clean it up? It doesn’t make sense.”

PUNCH.

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