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 […]

24

Jun

The African Development Bank Will Develop Investment Banks For African Youthful Entrepreneurs

Akinwumi 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[…]

30

May

FCMB Offers Auto Loans Of Up To N30 Million

First City Monument Bank (FCMB) currently offers auto loans of up to N30 million at a reduced interest rate to encourage and simplify vehicle ownership for personal usage by millions of Nigerians. The car loan facilitates the purchase of new and used vehicles (popularly known as “Tokunbo”), with N500,000 as the minimum loan amount that a customer can obtain for a repayment period of up to 5 years. Mr. Shamsideen Fashola, Divisional Head, Personal Banking of the Bank, commented on the unique value proposition, saying, “We created a value proposition that is flexible, convenient, and empowers individuals, families, and businesses[…]