| Banking crisis has caused lull in economy – Aniekwe, MD, Mac-Pee Investment Co. Ltd.
By PETER ANOSIKE
Thursday, October
29, 2009
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•Aniekwe
Photo : Sun News Publishing |
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Mr. Peter Aniekwe, the managing director and chief executive officer, Mac-Pee Investment Limited said that the current banking crisis in the country has caused a lull in the economy.
To him,the auditing of banks by the Central Bank of Nigeria(CBN), has made it difficult for the institutions to grant loans to those who need it, adding that no business can survive without credit facility.
He said though he is in support of sanity in the nation’s banking system, but the way the CBN governor is trying to criminalize borrowing is not right.
According to him, one of the core functions of banks is granting loans with interest to customers and that the only way borrowing would become a crime is if due process was not followed, and if such happens it is the bank officials that should be blamed not the borrower.
Aniekwe said the banking industry is a very sensitive one, and as such the CBN governor should be cautious in the way he is going about regulating the banks.
He said that any unguarded statement could cause a run in the bank, which in turn would trigger unimaginable inflation and insecurity in the country.
His words:“Well,I want to say that though what the CBN governor is doing is right that is regulating the banks but the brazen way he is going about it is suspect.Banking industry is a very sensitive one.Any inflammatory statement can cause panic.You can see that armed robbers don’t go to peoples houses any more because everybody is making use of the banks with the belief that our banks are safe.
If any statement from CBN indicates that the banks are no longer safe,people would be forced to withdraw their money, and robbers would return to peoples houses again. No foreign investor would like to come here if he learns that our banks are home of corruption.That is why I feel that Sanusi should go about this in a quiet manner rather than heating up the polity.
In this interview,Aniekwe also said that the recent global meltdown is a clarion call for Nigerians to embrace manufacturing and that with the world economic meltdown coupled with the recent collapse in the price of crude oil in the international market, Nigeria has been shut in. He added that the only way of escape is for the citizens to embrace manufacturing so that the country could be self reliant.
Aniekwe said that today, China and Japan are super economies because they were able to embrace manufacturing.
According to him, with the state of infrastructure in the country, Vision 2020 would come and go with the country remaining the same if government fails to address the issue of infrastructure and encourage Nigerians to go into manufacturing.
His words:” I want to say that the picture of the global economy is clear enough to tell the Nigerian government that manufacturing is the only way out of the present doldrums, where we have found ourselves. We should not be excited because the price of oil has began to climb. It will still crash if America discovers the alternative to crude oil, which President Barack Obama has mandated them to do within the next five years. Once they get it, crude oil would be selling for two barrels per dollar.
This is, therefore, the time for government to begin to think of alternative ways of getting revenue and that’s only through manufacturing. I am therefore appealing to government to create the enabling environment for manufacturing, and also introduce incentives that would encourage Nigerians to go into it”.
Aniekwe also said government is losing a lot of revenue because of the way the seaports are being mis-managed, adding that because of the congestion of the ports and other outrageous charges, the ports are no longer attractive to importers and as such they now prefer to go to ports in neighboring countries.
Aniekwe, also spoke on why his company, Mac-Pee is the most sought after freight forwarding firm by most importers in Lagos. What the new Comptroller General of Customs should do to improve services in the ports and on other pertinent issues.
Excerpts:
My name is Peter Aniekwe, managing director and chief executive officer of Mac –Pee Investment Limited. We are into freight forwarding. I started the business with my in-law but before then I was into engineering tools. I was with him for some time before venturing into my personal business. Mac Pee was formed in the year 1990.when I was still into engineering tools but I went into freight and forwarding in 2003.
What makes Mac Pee unique?
What makes us unique is that some people in this line of business don’t tell the truth. A lot of them are not honest. Some will go and collect documents from clients but at the end they would spend the money without delivering any service. So when we came in, we discovered this and decided to change it. We started by telling our customers the truth. We discovered that telling them the truth makes them to appreciate us the more. Some freight forwarders are very fond of not picking their calls but we make sure that we answer every call, even if it is late at night. We always like to keep our clients abreast of developments concerning their goods.
Another thing is that we make sure that we deliver promptly and this has won for us a lot of referrals. We have more than 100 clients and some of them include Promodaz Industries Nigeria Limited, Odik Nigerian Limited, Godons Wire and Cable, Micheal Hayes, Mark Pad and Kings Waves. In Alaba International Market alone, we clear for over 60 percent of the importers and that is because of our honesty. Whenever we tell them that their goods are coming, they will take them in good conditions. Even some leave their relatives who are in the same line of business come to us. We also clear for non-Nigerians who are doing business in Nigeria.
Concession of the ports
I want to say that compared with when NPA was in charge of the ports, concession has really improved services in the ports. But the only thing is that most of the terminal operators don’t have equipment to handle the services. This has brought untold hardship to the importers. However, it is the freight forwarders that are being used as scapegoats.
Cotecna, which they are using in the ports, is not helping matters. They delay documents, giving outrageous duties and if you want to contest it, they will frustrate you and as that is going on, the demurrage is accumulating and it is the importer and the clearing agent that will bear the brunt. All these were not happening when we were using e-payment.Then, customs will just assess your goods and give you duty to pay and carry your goods. It is far better than paying outrageous demurrage that scares people away from using Nigerian ports. Some people will import goods and for three months, they were still worrying about how to take them away from the ports,and the next time you tell him to make use of the port, they will refuse.
Way forward
Government should revert to e-payment.Cotecna is causing a lot of problems. Customs say that they want 24 hours clearing but goods stay more than two months before they are cleared. What is the delay? A file will move from one table to another and it could stay on one table for two days, why? They will abandon it, and without the first table attending to you, you cannot go to the next, and there are seven tables in all. So I am appealing that they should revert to the e-payment system and make it easier for us to clear the goods,provided they assess the goods and give the right duty so that the person would pay and carry his goods,rather than paying accumulated demurrage.
Advice to the new Comptroller General of Customs
The advice I have for him is that I am aware that he has been in the system and knows what is going on, and now that he is in charge, I believe he should try to do everything possible to ensure that clearing of goods takes a maximum of three days so that people will have the incentive to import.
Mac Pee in the next five years
In the next five years, Mac Pee will be employing over 500 staff. Right now we have branches in Onitsha and PortHarcourt.It is our desire to have branches in all the major cities of the federation. We are among the few computerized freight forwarders in the country. We have the facilities to monitor the movement of ships on the high seas, and that helps us to give accurate information to our clients about the arrival of their goods.
Clients
I want to appreciate our numerous clients because without them, we will not be where we are today. It is their support and recommendations that have enabled us to climb to the height where we are today. We are also promising that we will continue to improve on our service delivery.
What govt should do to boost maritime sector
The advice I want to give government is just as I have said before to revert to the e-payment system. To make it easier for the clearing agents to clear goods in good time and by so doing encourage importers to make use of Nigerian ports, because scaring them away boosts the economy of our neighboring countries. If they import through Nigeria, the country will generate more revenue than what it current generates.
Management style
Well, there is no discrimination in our policy. By this, I mean that we treat all our customers the same way . We support them, give them useful advice and makes sure that their goods are not delayed unnecessarily. As they are giving us their documents, we are making sure that we deliver as at when due. To us, we don’t see it as work but a hobby. If you delay just one client, you create panic in your company because there would be congestion. For my staff, we motivate and encourage them. We pay them in good time. We also pay bonus and other allowances. For any goods delivered intact, there is a bonus attached to it. It encourages them to bring out their best and work in the interest of the company.
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