Business

Banker urges borrowers to prioritise loan repayment

The Chief Executive Officer, Ecobank Transitional Incorporated, Mr Ayeyemi Ade, says it is important for borrowers to always repay their loans on time to enable banks to be able to lend more to those who need loans.

He said this while answering questions from journalists, after he was conferred with honorary fellows awards at the investiture programme of the Chartered Institute of Bankers of Nigeria in Lagos on Saturday.

Ade said, “Today, our economy is not growing as much as it should. We should be able to participate by lending to the economy to grow, and support the governor of the Central Bank of Nigeria. Also, I must say that people that borrow need to pay back because if they don’t pay back, they make it difficult to continue to lend in the future.

“They are taking away the opportunity to lend. Not paying back is not good business. Any money denied or not paid back on time is money denied permanently. If they don’t pay back, the banking industry will find it difficult to survive, but if they pay back, the banking sector is the one that will oil the economy to grow faster, create jobs and create opportunities.”

While speaking on the honorary award bestowed on him, and some others, he said it would enable them to do more for the institute, the country and Africa.

According to him, opportunities abound in the country which needed to be converted to real outcomes.

He said, “It is important for us in working together to ensure that the banking industry in Nigeria can do its bit for the development of the Nigerian economy, and also to build capacity of people to be able to understand what needs to be done, and to support our government in doing the right thing.”

Ade started his career in 1986 in Unilever, after which he joined Citi Group in March 1988.

After 27 years of successful career in Citi Group, he joined ETI in 2015 as group chief executive officer, Lome, Togo.

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