Nollywood star Nkem Owoh resurrects in Lagos

Written by VANGUARD Saturday, December 6, 2008 The many months of controversy surrounding the rumoured death of one of Nollywoods biggest stars, Nkem Owoh was finally put to rest on Sunday at celebrity hangout, Ojez, National Stadium, when it hosted him in its monthly Ojez Entertainment Forum.

Published 12/8/2008 1:46:00 AM

Impact of global crisis on Nigerias economy uncertain Lemo

Everest Amaefule, Abuja

The Deputy Governor, Financial Sector Surveillance, Central Bank of Nigeria, Mr. Nkem Owoh (left) Tunde Lemo, has said that the impact of the global financial industry on Nigerias economy and its banks has not yet been ascertained despite assurances from official quarters that it has had little or no impact on the country. Lemo stated this in Abuja on Friday, in a keynote address on, Global Financial Crisis: Linkages With and How Prepared is Nigerias Financial Services Sector, presented at the 15th Annual Senior Treasurers Retreat of the Money Market Association of Nigeria. He said the financial crisis had raised many unanswered questions, which operators and other stakeholders in the industry needed to address in order to move the financial services sector forward. He said, The lingering global crisis has left many of us with several unanswered questions. For example, to what extent has the crisis affected developments in the Nigerian economy as well as Nigerian banks? Why does the crisis seem to persist despite the numerous policy measures adopted in the United States and other countries to restore confidence in the market? And when will it end? How prepared is the Nigerias financial services sector to handle future crisis should it arise? The CBN boss said the recent restructuring in the banking sector had helped to minimise the impact, adding that it was evident that the reforms have had a positive impact on the performance of the banking sector as manifested in the dramatic growth in total assets, total deposits liabilities, net income and profit before tax and shareholders funds. He also warned that investors and the nation against placing undue trust in global rating agencies. He said, Prior to the crisis, investors tended to have placed excessive trust in rating agencies approach to structured credit. Although the rating methodology for corporate credit risk is fundamentally different from that used for structured credit, the ratings that results are placed side-by-side each other, as if they were arrived at using the same methodology and imply the similar potential losses. The lesson here is that, in the future, in order to avoid such confusion, ratings for different types of obligations should be clearly distinguished and investors should not just rely on ratings to determine their investment decisions. Lemo said foreign portfolio investment withdrawals and withholding as well as prospects of reduced foreign direct investment, were bound to affect investor confidence in Nigerias economy, particularly in an era where public-private

plants, rail and roads.