CBN
Pressure on banks over consumer loans money market
A Central Bank of Nigeria, CBN, Survey Report has shown that banks experienced higher loan default rates on credit cards and overdrafts/ personal lending to household in the third quarter of the year (Q3’20). The survey also noted that lenders expect to tighten the conditions for which loans are given to borrowers (loan covenant) in the next quarter (Q4’20). The Survey Report titled: ”Credit Condition Survey Report for Q3’20″ stated:”Lenders experienced higher default rates on credit card and overdrafts/personal lending to households in Q3’20 but expect lower default rates in Q4’20. “Losses given default on total unsecured loans to households and overdraft/personal loans to households both declined in Q3 2020. “Similarly, default on total unsecured loans to households was expected to worse...
Central bank okays N200 billion housing loan for low income earners
The Central Bank of Nigeria (CBN) has announced N200 billion mortgage finance loan to Family Homes Fund (FHF). The fund is for the building of 300,000 homes in the 36 states of the federation and the Federal Capital Territory. It is also expected to help create up to 1.5 million jobs in five years. The CBN framework for the implementation of the Family Homes Financing Scheme released yesterday indicates that the fund would be released to FMF on project basis, subject to the cumulative maximum limit of N200 billion. According to the framework, the three-year term loan will enable FHF finance the construction of social housing units for people on low income at an interest rate not more than five per cent per annum (all inclusive). The apex bank said it introduced the financing initiative to ...
Obadiah Mailafia honours third DSS invitation
A Former Deputy Governor of Central Bank of Nigeria (CBN), Dr Obadiah Mailafia, on Monday for the third time honoured the invitation from the Department of State Security (DSS). Mailafia arrived the DSS headquarters at about 11am for another round of interrogation over an interview he granted that a sitting Governor in the north is a commander of the Boko Haram sect . The Former presidential candidate of the African Democratic Congress, ADC, in the 2019 presidential election on arrival was cheered by hundreds of his supporters who stormed the DSS headquarters. Speaking with journalists on arrival, before honouring the DSS invitation, Mailafia said “I am ready to perish for speaking the mind of millions of Nigerians over the incessant killings of innocent citizens going on presently in the ...
Four Nigerian students arrested for ‘hacking’ bank’s system in Philippine
Four Nigerians in Muntinlupa City, Philippine have been arrested for alleged involvement in an international syndicate that hacks and siphons funds from banks. However, the Nigerians denied the allegations. The National Bureau of Investigation made this known in a statement on Tuesday, ABC CBN News reports. The statement, which was written in Phillwas signed by NBI’s Cybercrime Division chief, Vic Lorenzo. The investigative bureau claimed that “the fraudsters’ – Nigerians – transactions were traced when they hacked a system of one Philippine bank, where at least P100 million were transferred and funneled into a different account”. It alleged that the Nigerians violated the Access Device Law, Anti-Cybercrime law, and falsification of public documents. But the NBI in the statement failed to ...
Central bank grants 9mobile service payment bank license
9PSB (Payment Service Bank), a subsidiary of 9mobile, says it has been granted approval by the Central Bank of Nigeria (CBN) to commence operations in the country. 9mobile, in a statement on Saturday, said that its *990# payment service banking platform would help drive financial inclusion in Nigeria’s ecosystem. It said that CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentations to access credit facilities and frequent transaction/dispensing error, among others. Speaking on 9PSB’s entrance into Nigeria’s financial sector, 9mobile Chief Executive Officer, Alan Sinfield, said there was a huge potential in the market and 9PSB was strategically positioned to expand its operations into financial services. “W...
Central bank, bankers’ committee to support airlines, media with special facilities
The Central Bank of Nigeria (CBN) and the Bankers’ Committee have unanimously agreed to extend special facilities to Nigerian-registered airlines and the media industry in the country to enable them adequately address the negative impact of the COVID-19 pandemic. The CBN Director Corporate Communications, Mr Isaac Okorafor, made this known in a statement in Abuja on Tuesday. Okorafor said the CBN Governor, Mr Godwin Emefiele, announced this while addressing the Bank Chief Executives at the bi-monthly virtual meeting of the Bankers’ Committee on Tuesday. Emefiele urged the banks to do all within their powers to support airlines in the country, noting that such support was critical to helping the industry recover from the economic crisis triggered by the COVID-19 pandemic. Similarly, the ape...
Governor Obaseki: My administration‘ll rejuvenate economy of Ovia, if re-elected
Gov. Godwin Obaseki of Edo, PDP candidate for the Sept.19 governorship election in the state, has assured the people Ovia that his administration will rejuvenate the area’s economy, if re-elected. Obaseki gave the assurance on Tuesday when the PDP Edo governorship campaign council met with the monarchs from Ovia at the palace of the Enogie of Obazuwa, Edun Akenzua. He said Ovia was a very vital part of the Benin kingdom, and given the next four years, his administration would rejuvenate the economy of the area so as to improve the people’s living condition. The PDP governorship candidate explained that Ovia was blessed with vast forest resources, adding that plans were already on to cultivate the vast land. He said that his administration would collaborate with the Central Bank of Nigeria ...
Nigerian government approves N13.3 billion take off for community policing
The Federal Government has approved the sum of N13.3 billion for the take-off of Community Policing initiative across the country. This is as the World Bank has cleared 35 states for the US$1.5billion stimulus package for Nigeria’s states to cushion the economic effects of the COVID-19 pandemic. The National Economic Council (NEC) at its virtual meeting on Thursday, presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja, resolved that the Chairman of the Nigerian Governors Forum, with two other governors, meet with the Secretary to the Government of the Federation, the Finance Minister and the Inspector General of Police to coordinate the proper utilization of the funding of the initiative Attendance at the NEC virtual meeting with state governors, included the Min...
NIPOST: Central bank approved our stamp duty account
The Nigerian Postal Service on Sunday said its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account in response to claims made by the Federal Inland Revenue Service. The post NIPOST: Central bank approved our stamp duty account appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
President Buhari orders immediate payment of NDDC scholarship students abroad
Succour has come the way for NDDC Students on Scholarship abroad as President Buhari has ordered immediate payment to them. The post President Buhari orders immediate payment of NDDC scholarship students abroad appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Emir extols Kebbi tomatoes farming prospect
The Emir of Yauri, Dr. Muhammad Zayyanu Abdullahi, has said Kebbi State will emerge the hub of tomatoes production in the country in view of the existence of the second largest fresh tomatoes processing company which eliminates the fear of post-harvest loss. Culinary products manufacturer, GBfoods, in partnership with the Central Bank of Nigeria (CBN), Kebbi State government, and Yauri Emirate, has established a $52 million tomatoes processing factory in Gafara village, Ngaski Local Government Area in Yauri Emirate of Kebbi State. The Monarch made the assertion on Thursday when he visited the site of the company in Gafara village and said he was elated for the tremendous progress registered. According to him, the siting of the firm in his domain has opened a ready-made market for the farme...
Senator Akpabio indicts National Assembly members in NDDC contract scandal
The minister for Niger Delta Affairs Godswill Akpabio on Monday said he has not awarded a single contract since he assumed office. Instead, he indicted members of the National Assembly. “I have never approved a single contract not even one kilometre for the NDDC,” Akpabio said while responding to questions by the House of Representatives committee probing the financial misappropriation at the Niger Delta Development Commission (NDDC). “Most of the contracts in NDDC are given out to the members of the National Assembly. If you don’t know, please ask the two chairmen,” Akpabio alleged. Akpabio, however, said that the contracts were not given to the committee chairman, Olubunmi Tunji-Ojo. “I don’t think the NDDC has given any contract directly to Honorable Ojo,” Akpabio said. On the alleged m...
