Bankers must work together to support economic growth – Ecobank Chief

The Chief Executive Officer of Ecobank Transnational Incorporated (ETI), Ade Ayeyemi says it is important for Nigerian bankers to work together to ensure that the banking industry does its bit to support the development of the Nigeria economy.

Mr. Ayeyemi who was responding to media questions during the conferment of Honorary Fellow on himself and some astute bankers by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos noted that there is also need to build capacity of people within the banking industry to be able to understand what needs to be done and to support the Nigerian government in doing the right things.

Ade Ayeyemi noted that the Nigeria economy is not growing as much as it should and banks need to be able to participate by lending to the economy to grow and also to support the governor of the Central Bank of Nigeria to succeed in driving monetary policies for economic growth.

He said “people that borrow need to pay back, because when they don’t pay back, they make it difficult for the bank to continue to lend in the future; they are taking away those opportunities of young people who are entitled to financial institutions to lend to them. Those people who have borrowed need to pay back, so that people who are coming behind them will have the same opportunity”. He stated

Further, Mr Ayeyemi noted that the prospects and opportunity for the Nigerian economy to get to the peak is very bright. The country “has the large population, they have large market, we have people that are intelligent, we need to be able to convert those opportunities to real outcomes and that is why I said, the banking industry is important, but the people who are borrowing need to be diligent in paying back, not paying back is not a good business”. He stated.

He contended that any “money that is denied or not payed back on time, is money denied permanently, just like justice delayed is justice denied. Money delayed in paying back is money denied as well.

The CIBN had conferred honorary Fellow on successful Nigerians in the banking industry both locally and internationally; these include Professor Benedict Oramah, President, Africa Export-Import Bank (AFREXIM); Mrs Ibukun Awosika, Chairman of First Bank Nigeria Limited; Dr Mahmoud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance; Mrs. Osaretin Demuren, Chairman of Guaranty Trust Bank Plc; Mr. Ade Ayeyemi, CEO Ecobank Transnational Incorporated (ETI); Mr Abba Bello, MD Nigeria Export – Import Bank (NEXIM) and Mr. Bakary Jammeh, Governor of the Central Bank of the Gambia amongst others.