08

Aug

The Central Bank of Nigeria Advises Manufacturers To seek Loans From Organizations That Fund Development

The Central Bank of Nigeria has recommended the Manufacturers Association of Nigeria (MAN) to seek finance from development financing institutions such as the Development Bank of Nigeria and the Bank of Industry. Mr. Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), disclosed this at the first National Stakeholders Conference held in Lagos by the Association of Corporate Affairs Managers of Banks (ACAMB) in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN). The Manufacturers Association of Nigeria (MAN) also urged commercial banks and the Organized Private Sector (OPS) to work together to […]

26

Jul

Access Bank Will get $280 Million In Funding From DFC, Helping Small Businesses In Nigeria

The United States International Development Finance Corporation (DFC) signed a $280 million loan agreement with Access Bank on Monday to help Small and Medium Enterprises (SMEs) in Nigeria. Scott Nathan, CEO of DFC, and Roosevelt Ogbonna, managing director of Access Bank Plc in Nigeria, signed a commitment document for $280 million in funding. The loan would assist in closing the funding gap for SMEs and advancing financial inclusion in Nigeria, including the bank’s commitment to helping women-owned and led firms. “DFC’s investment in Access Bank demonstrates the United States’ support for private-sector-led development in Nigeria and across West Africa,” Nathan[…]

04

Jul

AMCON Retrieves N1.4 Trillion From Uncooperative Bank Debtors

The Asset Management Corporation of Nigeria has recovered nearly N1.4 trillion from obstinate debtors of Nigerian banks. Ahmed Kuru, AMCON’s Managing Director/Chief Executive Officer, stated this at a House of Representatives Committee on Banking and Currency retreat with AMCON management and other stakeholders. He stated that the Corporation has recovered almost N1.4 trillion, which includes cash N681 billion, property forfeiture N279 billion, share forfeiture N140 billion, and other strategic assets N208 billion. Similarly, Polaris Eligible Bank Assets have recovered a total cash recovery of about N116.9 billion from the date of acquisition to the present. The AMCON MD/CEO, who was[…]