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 Daily Independent Online.
* Friday, August 13, 2004.
UBA director backs N25b
capital base
By Chukwudi
Achife,
Bureau Chief, Enugu
The N25 billion
capital base for banks would improve the economy of the country and
should be supported by all, a Director of the United Bank of Africa (UBA)
Plc, Igwe Alex Nwokedi, has said.
At the
presentation of prizes to beneficiaries of the UBA Save for School and
Premium Save Award to the bank’s customers within the Enugu area office,
Nwokedi explained that the Central Bank of Nigeria directive was aimed at
restoring confidence in the banking sector.
He added that the
outcry by younger banks that the measure would throw them out of the
financial market was uncalled for because what is important is whether
the policy is good for the economy.
"If I have the
money to establish a bank today with N200 million and then they said I
have to deposit N25 billion and I am crying, is it what is good for me or
what is good for Nigeria that is important?” he asked.
“What is
important is the collective interest of Nigerians. The policy is good for
Nigeria because it will improve our economy," he added.
Nwokedi urged
Nigerians to ensure the success of ongoing reforms in the financial
sector and called on banks and other stakeholders in the sector to
support President Olusegun Obasanjo and the CBN Governor, Professor
Charles Soludo.
He said rather
than creating unemployment, the measure would generate more jobs
especially in healthy banks and in turn boost the economy for more
employment opportunities.
The director
was, however, optimistic that the UBA would meet the 2005 ultimatum for
raising the required minimum capital base, adding that directors of the
bank in the South East would meet this weekend to strategise on how to
remarket its products for improved performance.
He called on Nigerians
especially Igbo people to always deposit their money with banks to avoid
the risks associated with carrying cash for business purposes.
Area Manager of the
bank in Enugu, Mr. Fortune Ike, said a total of N250, 000 was distributed
to 10 beneficiaries under the Save For School programme as first
installment out of the N50, 000 award sum payable over two years. He
added that the bank gave out N1.25 million under the Premium Save
Programme in the two products categories with six beneficiaries under SPA
100 and three beneficiaries under SPA 250.
Among recipients of
the Save for School award were Felicia Ofordum, Obianuju Obieze,
Ikechukwu Mba, Christiana Agbalusi, Eunice Ikeagwuonwu, Roseline Okoye,
Esther Mottoh, Anyaegbuna Chidi, Romanus Maduabuchi and Roseline Achusim.
The PSA100 beneficiaries
included Remigius Umeha, Victoria Ononye, Esther Ozochi, Stella Ajulu,
Anthony Ossai and Catherine Nweke, while Emmanuel Ukachukwu, Festus
Irorere and Anthony Aneke benefited in the PSA250 category of N250, 000.
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