CGC

The Central Bank of Nigeria (CBN) set the minimum paid-up capital for the proposed Credit Guarantee Companies (CGCs) in the country at N10 billion yesterday. This was stated in a CBN circular addressed to banks, other financial institutions, and stakeholders titled “Exposure Draft of Guidelines for Regulation and Supervision of Credit Guarantee Companies in Nigeria,” dated August 4, 2021. The framework for CGCs, according to the apex bank, would also provide regulation and a foundation for the operation of credit guarantee businesses. Mr. Ibrahim Tukur, Director of the CBN’s Financial Policy and Regulations Department, signed the circular, which also specified […]