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news you can trust I **TUESDAY 02 OCTOBER 2018 I vol. 15, no 152 I N300
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LOLADE AKINMURELE & DAVID IBIDAPO
T
he country’s small bank, often referred as Tier-II banks are growing their loan books even as the big banks keep a tight lid on theirs. Data compiled by Business Day show that while the big banks, often referred to as Tier-I banks largely cut back on loans and advances to customers in the first half of the year, small banks gave out more loans. “The small banks are taking an aggressive approach to lending because they need to grow their balance sheet, while the big banks are holding back and derisking their balance sheet,” in an economy that is not growing convincingly and is faced with political uncertainty ahead of the
L-R: Mike Perlis, CEO and vicechairman of Forbes Media, presenting the Africa’s Oil and Gas Leader of the year award won by Benedict Peters, executive vice chairman, Aiteo Group, at the “Best of Africa” event by Forbes International, to Francis Peters, deputy group managing director, Aiteo Group, at Forbes headquarters in New York recently.
Continues on page 38
Ambode faces the ultimate battle for political survival in APC’s primaries
A
rguably, one of the best performing governors in the last three years, the Lagos State governor, Akinwunmi Ambode is faced with the ultimate battle of his political life. If he loses, he will be the only incumbent governor to have been denied the opportunity to do a second
term among his peers. Across the country, all the incumbent first term governors picked up their party’s ticket for the second term without much trouble. But Ambode is being made to sweat it out to get his with the stakes highly packed against him today. Ambode is challenging the long standing formidable political hegemony of his godfather, Bola Ahmed Tinubu, national
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Nigeria’s small banks go big on loans as big banks slow down
JOSHUA BASSEY
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leader of the All Progressives Congress (APC) and former governor of Lagos (1999-2007) who is against the governor’s re-election bid. Since leaving office on May 29, 2007, Tinubu has remained a dominant factor in Lagos politics having built a structure that is not only invasive but permeating even to the grassroots. Together with men and women of like
minds, bonded in a forceful political ‘machine’ known as the Mandate Group, the former governor has continued to enjoy the rare privilege of having the final word on who becomes the governor of Nigeria’s richest state. It would also seem a mission impossible to emerge the speaker of the State House of Assembly Continues on page 38
How Benedict Peters emerged Forbe’s Oil & Gas Leader of the Year ... plans $4.3bn new investment
B
enedict Peters, international business leader and founder of Aiteo Group, Benedict Peters, was on 27 September named as ‘Africa’s Oil and Gas Leader of the Year’ at Forbes’ Best of Africa Gala. The well attended event held at Forbes Headquarters, New York, United States of America. “Recipients are singled out for their work in bringing prosperity to all 55 countries of the African continent” Mike Perlis, the CEO and Vice Chairman of Forbes Media said while presenting the awards. The award is, according to Forbes, is an acknowledgement of Peters’ significant contribution to oil and gas development in Africa through his visionary leadership, distinguished service and transformational positional of Aiteo as a major player in a sector dominated by international oil companies. Continues on page 38
Inside Ademola Adebise now MD/CEO of Wema Bank, Moruf Oseni deputy managing director P. 3