19 out of the 29 governors sworn in on 29 May have not yet appointed officials to oversee commissions and agencies, after 100 days in office. Of the 29 governors sworn in, only Akwa Ibom, Benue, Borno, Delta, Ebonyi, Imo, Kaduna, Lagos, Oyo and Sokoto have formed their cabinets. The 19 who have not formed their cabinets are Abia, Adamawa, Bauchi, Cross River, Enugu, Gombe, Jigawa, Kano, Katsina, Kebbi, Kwara, Nasarawa, Niger, Ogun, Rivers, Taraba and Yobe. Another governor, Gboyega Oyetola of Osun State, who was sworn-in in November 2018, has also failed to appoint commissioners but rather settled for special supervisors for critical ministries. This means that 20 out of the 36 states across the country have no cabinet. The Abia State governor, Okezie Ikpeazu, forwarded the names of commissioners on Tuesday to the House of Assembly and will be expected to inaugurate them this week. Some of the governors decided to appoint just one commissioner, while others appointed only chiefs of staff and other personal aides. Katsina State governor Bello Masari appointed only one commissioner who serves as the Commissioner of Justice and Attorney-General. Nyesom Wike of Rivers State appointed a commissioner for finance in addition to a justice commissioner. Abdullahi Ganduje of Kano State has appointed a chief of staff but has not made an appointment that requires legislative approval. According to Nigeria’s 1999 Constitution, Section 192, it is compulsory for governors to appoint commissioners, but the appointment must be subject to approval by the House of Assembly. However, it doesn’t give a timeline as to when commissioners must be appointed.
Daughters of Chibok, a Nigerian film depicting the abduction of girls from Chibok, Borno state, has won an award at the Venice Film Festival in Italy. The film, which addresses the impact of the kidnapped girls on their surviving family members, was earlier reported as the only VR film from Africa to have its world premiere at the festival. The movie, jointly produced by Northeast Humanitarian Innovation Hub and the VR360 Stories, aims to remind the global community on the need to rescue the remaining 112 schoolgirls still in Boko Haram captivity. The film revolves around a particular mother, who frequently washes the clothes of her abducted daughter in readiness for her return. The award was presented to Joel Benson, the Nigerian producer of the film during the festival in Italy on Saturday night.
Nigeria’s banks are scrambling for borrowers after the CBN’s order regarding lending to the real sector of the economy. The banks whose ratios are below the new target stipulated by the monetary regulator are intensifying efforts to lure more borrowers before the deadline. The CBN had in a circular dated 3 July 2019, mandated all deposit money banks to maintain a minimum loan-to-deposit ratio of 60 percent by 30 September in a bid to improve lending to the real sector of the country’s economy. The regulator warned that failure to meet the minimum LDR would result in a levy of additional cash reserve requirement equal to 50 percent of the lending shortfall of the target LDR. The CEO of First Bank, Adesola Adeduntan, said all the banks are working towards full compliance with the CBN’s decision. The audited financial statements of the 13 DMBs listed on the Nigerian Stock Exchange showed that nine of them boosted their loan books in the first half of the year but only seven had a loan-to-deposit ratio of over 60 percent as of June 2019.
Nigeria’s economy saw a decline of $3.2 billion in investment inflow from $8.48 billion in Q1 2019 to $5.82 billion in Q2. The NBS said that the total figure represents a decrease of 31.41 percent compared to Q1 2019 and 5.56 percent increase compared to Q2 2018. The largest amount of capital importation by type was received through portfolio investment, which accounted for 73.76 percent or $4.29 billion of total capital importation. This was followed by “other investment,” which accounted for 22.41 per cent of $1.3 billion of total capital imported and Foreign Direct Investment, which accounted for 3.83 percent or $222.89 million of total capital imported in the Q2 of this year. The breakdown into sector showed that investment inflows by banking dominated in the Q2 reaching $1.89 billion of the total capital importation in the period. The UnitedKingdom emerged as the top source of capital investment in Nigeria in the Q2 with $3.13 billion, accounting for 53.85 percent of the total capital inflow in the period under review. Lagos was the top destination for capital investment in Nigeria with $4.13 billion, accounting for 71.09 percent of the total capital inflow during the period. Stanbic IBTC Bank was at the top of capital investment in Nigeria with $1.76 billion, accounting for 30.34 per cent of the investment inflow during the period.