The Nigerian banking sector earn N300 billion annually from depositors as savings pool in the country approaches N4 trillion.
Kola Ayeye, managing director of Growth and Development limited (GDL) stress the need to substantially remodel the Nigerian financial services industry to provide quantum support for both the expansion of the middle class and societal transformation.
Ayeye said this in Lagos at official opening of the Mainland office of GDL, a nascent financial services group with interests in asset management, finance and stockbroking.
“A situation where critical social infrastructure has collapsed, the middle class is almost totally emasculated, but banking sector profit is approaching N1 trillion is unacceptable”, he said.
Nigerian savers including the retail savers, can use this pool of fund to remodel the financial system rather than continuing to contribute over N300 billion to banking income annually.
GDL Asset management is licensed by the Securities and Exchnage Commission (SEC) to manage financial and non-financial assets through collective investment schemes and specialised vehicles.
A major strategic intent of GDL’s asset management business is to create unique private-sector led frameworks to pool capital from both private and public sector and innovatively deploy same to deliver good financial returns while simultaneously solving problems that have defied government solutions notably education, healthcare and housing.
HOPE MOSES-ASHIKE
