29

Nov

CBN Has Issued New Guidelines For The Agricultural Credit Guarantee Scheme.

The Central Bank of Nigeria (CBN) has issued new operational guidelines for participants and operating institutions in its Agricultural Credit Guarantee Scheme Fund, which was formed by the federal military government in 1977 and updated on June 13th, 1988 and June 26th, 2019. The Fund’s purpose is to guarantee loans made by lending banks for agricultural purposes under the plan, with the goal of boosting bank credit to the agricultural sector. Under the modified statute, “loan” covers advances, overdrafts, and other credit facility, and should be interpreted as such in these guidelines and subsequent circulars. The guidelines were published on […]

26

Nov

The NDIC Has Paid N11.76 Billion To 535, 815 Depositors Of Closed Banks

From 1989 to June 20, 2021, the Nigerian Depositors Insurance Corporation (NDIC) paid a total of N11.76 billion as insured sum to 535,815 depositors, while N101.666 billion was also paid as uninsured sum. Mr. Bello Hassan, Managing Director/CEO, made the announcement at the ongoing Edo International Trade Fair in Benin City, Edo State. Hassan, who was represented by the Corporation Senior Manager, Benin Zone, Mr. Udofor Ukpom, stated that the NDIC has been protecting depositors since its inception in 1989 as a statutory agency of government with four broad mandates, by providing an orderly means of resolution and reimbursement in[…]

26

Nov

The Central Bank of Nigeria (CBN) Has Awarded N5 Million In Loans To Graduates Under A New Scheme

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria, launched the Tertiary Institutions Entrepreneurship Scheme on Thursday to combat underemployment and unemployment in the country. At the presentation in Abuja, Emefiele also gave loans ranging from N4.1m to N5m to graduates who applied and were chosen. “The scheme, developed in collaboration with Nigerian polytechnics and universities, is designed to harness the potentials of graduate entrepreneurs by fostering a paradigm shift away from the pursuit of white-collar jobs and toward a culture of entrepreneurship for economic development and job creation,” he explained. He remarked that, in the face of a[…]