Sterling Bank CEO drums funding support for companies in ‘HEART’ sectors
Abubakar Suleiman, the Chief Executive Officer at Sterling Bank Plc has re-emphasises lender’s interest in supporting the Health, Education, Agriculture, Renewable energy and Transportation (HEART) sectors with funding.
The bank CEO in a tweet explained the reasons why many businesses cannot attract funding.
In what he dubbed the ‘Caesar Standard’ or one more reason some business owners could not get funding support, Suleiman said a company that can comfortably evade taxes or forge documents to underpay import duties is highly unlikely to repay loans.
Explaining further in the tweet session, he said that such company cannot keep any commitment especially when things get rough.
“Think about it. How do you bring someone hardened enough to take on the government to justice if they refuse to repay bank loans?
“If the promoters of a company are not afraid of FIRS, please run”, the Sterling Bank boss said in a tweet.
Explaining further, he stated in the tweet that they must either lack a sense of equity (“Give unto Caesar…”) to refuse to meet their obligations to the society or must feel entitled, believing it is okay to act lawlessly.
“A tax evader is no poster child for sanctity of contract, any contract”, Suleiman emphasises.
He tweeted that if someone is willing to forge documents, or have one forged on their behalf to defraud the government- imagine how far they will go in dispute with a lender. Or a vendor.
Mudslinging is nothing to a fraudster, he stated.
“Consider the implications of lending to a business that derives its profit, not from delivering value competitively but from taking advantage of our broken system – the company may become unprofitable with a new Sheriff. Or the successor might lack these subtle skills.
“What kind of corporate governance enables a company to function by breaking laws consistently?
“What else will such leadership permit? Cheat customers? Renege on debt? See where this is going? If you are in business with such company, get a longer spoon”, he tweeted.
Suleiman tells business owners to avoid dubious means of doing business and be a responsible corporate citizen.
In his words, he said: “So, this is a call to all business owners, short cut might be tempting, especially when “everyone” is doing it.
“But it could be fatal and must be avoided at all cost.
“Unless you have no intention of building a sustainable company. A contract is not a corporation”.
According to him, if all lenders pay more attention to the standard of corporate citizenship, not only will we avoid credit default from poorly run businesses, banks will empower better corporations.
“We as a nation are what we accept, what we tolerate and what we celebrate”, he stated.
Abubakar said this is not a political post, it does not excuse government failure and should not be construed as such.
“By all means, let us hold our public servant accountable but within the law. Tax evasion is the character of the corporation not an act of rebellion.
“So, if you want to grow your business and you have been a model corporate citizen, we are interested in financing your dream. You deserve our support.
“Especially if you operate in Health, Education, Agriculture, Renewable Energy or Transport”, Sterling Bank boss pitched.
Sterling Bank CEO drums funding support for companies in ‘HEART’ sectors
