The Chairman of the Board of UDA Microfinance Bank, Dr Felix Akhabue, has said the unfavourable business environment in the nation is affecting banks.
According to him, businesses are currently operating under an environment that is characterised by numerous and unfavourable policy shifts by the Federal Government.He added that the increase in the price of petroleum products could be attributed to the naira’s crash and the nation’s perpetual economic recession.
He said, “The period between our last AGM and now is marked by enormous challenges in the operating environment, chief of which was the compulsory retirement of directors, who have spent over 12 years on the board by the Central Bank of Nigeria, which brought some hard times to the bank in a recessed economy.
“The operating environment was characterized by numerous policy shifts introduced by the Federal Government with the increase in the price of petroleum products leading to the crash of the Naira against the dollar and ultimately creating an economy in recession.” He also complained about the N1bn minimum capital base for state microfinance banks, adding that it would take extraordinary effort for banks in the category to achieve it.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
The banks that 3 of them declared over 180b profits last week? I don't understand again