The Oba of Lagos on Monday advised President
Muhammadu Buhari to be civil in his approach to
governance, saying he should realise that he is no
longer a military man.
Even as the monarch said former Goodluck
Jonathan could not be totally blamed for the
nation’s current economic crisis, he sought support
for President Buhari and expressed confidence in
the Federal Government’s Economic Management
Team led by Vice-President Yemi Osinbajo to
salvage the economy.
He spoke in Lagos during the unveiling of SunTrust
Bank Limited, the first commercial bank to be
licensed by the Central Bank of Nigeria in 15 years.
Akiolu said, “All of us just have to support the
President and I advise him to know that he is no
more a military man. I am not afraid to say that. The
measures they are taking on the rot of the past,
honestly whether they like it or not, it was not
totally the fault of former President Goodluck
Jonathan. I don’t hide the fact that he (Jonathan)
is my personal friend.”
The President, Dangote Group, Aliko Dangote;
Chairman, Forte Oil, Femi Otedola; and Chairman,
Senate Committee on Appropriation, Danjuma Goje,
were among top dignitaries that witnessed the
unveiling of SunTrust Bank.
Dangote, who was a special guest of honour at the
event, described as a bold move the decision by
the Board of Directors and management of SunTrust
Bank to open a new bank at a time the global
banking industry and major economies were facing
serious challenges.
The lack of growth in major economies, declining
commodity prices, and weakness in the Nigerian
economy, according to the Africa’s richest man, are
some of the challenges facing today’s businesses.
He, however, noted that the challenges could be
converted into opportunities by forward-looking
and proactive companies and businessmen.
Dangote said this informed his decision to invest in
Nigeria and other African countries and listed some
of his ongoing investment projects in Lagos to
include Africa’s largest fertliser plant with capacity
for three million tonnes, and the world’s largest
single line of refinery.
“These investments of ours are meant to open the
entire economy, not just in Nigeria but the entire
Africa. We also believe that this investment by
SunTrust Bank will attract good rewards in the
years to come.
“SunTrust Bank has a good business model that is
based on financial technology, often regarded as
FinTech. With their focus on FinTech, customers
can transact business with them without leaving
their homes,” he added
According to the business mogul, the SunTrust
Bank’s model will attract millions into the financial
system, noting that only 15 per cent of the
country’s adult population is currently in the
banking system.
While unveiling SunTrust Bank, Dangote said, “This
is a very bold move; ladies and gentlemen, I
present to you tomorrow’s bank today,”
Goje, who also lauded the board and management
of the bank, expressed hope that the lender would
enhance economic growth and development.
The Governor, CBN, Mr. Godwin Emefiele, who was
represented by the Branch Controller, Lagos State,
Mr. J Iyari, advised the bank to create a niche for
itself and comply with the rules and regulations
guiding the banking sector.
The Chairman, Board of Directors, SunTrust Bank,
Mr. Charles Ugboko, said the lender would give
priority to excellent services.
He said banking had gone beyond large branch
network and, as such, the lender would leverage
technology to deliver superior and modern banking
services to the people.
According to the Managing Director, SunTrust Bank,
Mr. Muhammad Jibrin, the courage to fulfil any
dream usually comes from passion.
As such, he said the board, management and staff
of the bank were passionate about making a
difference in the banking sector.
He said, “This is the first commercial banking
licence in 15 years. We thank the CBN for counting
us worthy of this licence; it is a privilege and not a
right.”
Jibrin, who expressed gratitude to Dangote, Goje,
and other eminent Nigerians at the event, said the
bank was determined to make a huge difference in
the financial services sector.
Other dignitaries at the event are: a former
Chairman, Economic and Financial Services
Commission, Mallam Nuhu Ribadu; Oba of Lagos,
Rilwan Akiolu; Obi of Onitsha, Nnaemeka Achebe;
President, Lagos Chamber of Commerce and
Industry, Chief Nike Akande; a former Managing
Director, Asset Management Corporation of Nigeria,
Mr. Mustafa Chike-Obi, among others.
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