Debtors
Celsius files to reopen withdrawals for a minority of customers
Beleaguered crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court yesterday to allow customers with digital assets held in certain accounts to be withdrawn. There’s a catch, however, as the motion will only apply to Custody and Withold Accounts and for custodied assets worth $7,575 or less in value. Celsius has structured their Custody and Withhold Accounts, which essentially serve as storage wallets, in a way that still enables users to maintain legal ownership of cryptocurrency. This ownership however is not extended to assets held in accounts that offer annual crypto earnings or borrowing services (Earn and Borrow accounts). The community response to the motion has been mixed, with creditors happy that Celsius Network has conceded funds held in i...
CISLAC raises concerns over Nigeria’s debt profile, coronavirus accountability
The Civil Society Legislative Advocacy Centre (CISLAC), has expressed concerns over $2.18 billion foreign loan request to the Nigerian Senate to fund the 2021 Appropriations Act, by President Muhammadu Buhari. It has therefore urged the National Assembly to insist on an analysis of debt repayment strategy to be in place as its key priority to approvals. In a statement by Executive Director, CISLAC and Head of Transparency International – Nigeria, Auwal Ibrahim Musa Rafsanjani, he said national public finance management regime is meant to save the nation’s economic system from collapse: rescuing jobs, supporting livelihoods and bailing out many businesses on the brink. He warned the government to avoid the catastrophe that the international finance institutions forced on Greece: destroying ...
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
