Today, a prophet is recognized by his own people
JAN 3, 2021
Pictures, they say, sometimes speak louder than words. To some extent, that might be true. It is just as these colourful pictures captured the vibrancy of the chieftaincy title-taking ceremony of Professor Kingsley Chiedu Ayodele Moghalu, Deputy Governor of the Central Bank of Nigeria (2009-2014) and Presidential candidate of the Young Progressives Party (YPP) during the 2019 presidential elections. The event took place in his native Nnewi Community on Monday 28 December 2020.
Professor Moghalu was conferred with the traditional title of “Ifek’ego” – meaning “Greater than Money” – by the traditional ruler of the Ancient Kingdom of Nnewi, HRH Igwe Dr. Kenneth Orizu III at the Igwe’s 57th annual Ofala celebration. The Igwe celebrated the Ofala on his 95th birthday anniversary and used the opportunity to honour a few indigenes of the community who distinguished themselves in various disciplines. Professor
RipplesMetrics: Nigeria ranks 10th in non-performing loans, as micro-finance banks write-off N7 35bn bad debts in 5 years
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Even with a consistent decline in the last three years, Nigeria’s non-performing loans ratio is still one of the highest among peers in Africa at 10th place.
The latest banking data published by the National Bureau of Statistics (NBS) reveal that out of the N19.46 trillion loans given out to customers in the third quarter, 5.73 per cent which is N1.16 trillion is in default, a figure higher than nine other African countries.
South Africa, Africa’s second largest economy, has a non-performing loan ratio of 5 per cent as at September 2020; Egypt, 3.9 percent as at June 2020; Botswana, 3.9 per cent; Lesotho, 4.5 percent; Gambia, 3.3 percent; Mauritius, 5.6 percent; Seychelles, 2.6%; Rwanda, 4.9 per cent; and, Uganda, 5.7 per cent.
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