28

Sep

Bank Debtors And Businesses May Face Difficult Times As The CBN Raises Lending Rate To 15.5%

The Monetary Policy Rate was raised by the Central Bank of Nigeria to 15% on Tuesday. The Minimum Rediscounted Rate (MRR), which the CBN held at 15% until August 17, 2003, is now at its greatest level. Up until the CBN announced a new monetary policy framework in 2006, which replaced the MRR with the Monetary Policy Rate, the MRR was the rate adopted by the CBN (MPR). At the 287th Monetary Policy Meeting, CBN Governor Godwin Emefiele stated that “the decision was a move to save the naira and reduce inflation.” The rate increase was approved by all of […]

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[…]

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[…]