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AugThe 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 […]
04
JulThe 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[…]
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JunAkinwumi Adesina, President of the African Development Bank (AfDB), announced on Wednesday that the multilateral lender would soon establish investment banks for young entrepreneurs on the continent. Speaking at the Commonwealth Business Forum in Kigali, Rwanda, Adesina questioned the structure of the continent’s existing commercial banks. He claimed that Africa’s present financial institution model was not built to benefit youth and that if 21-year-olds tried to receive loans from banks, they would demand 40 years of tax receipts in order to dissuade them from seeking financial assistance. The AfDB president emphasized that the Youth Entrepreneurship Investment Banks would focus on[…]