By Ahmed Yunusa A software company, Ratnyx.net has formally launched MT103 payment software developed by Ratnyx Technologies Inc specifically for international flash funding loans. The flash funding loan is available for swift cash/credit payment and for crypto. Flash loans are a type of uncollateralized loan in the decentralized finance (DeFi) ecosystem, where assets are borrowed […]
BY TEMITOPE ADEBAYO Nigerian banks recorded a landmark performance in 2024, generating N8.41 trillion in interest income from customer loans, up by 106 per cent from N4.08 trillion in 2023. The gain was fuelled by a sharp rise in interest rates following the Central Bank of Nigeria’s (CBN) aggressive tightening of monetary policy. The CBN […]
BY MOTOLANI OSENI Finance experts are advising Nigeria’s government to avoid taking additional foreign loans due to the current exchange rate pressures. This caution comes as the International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN) recently signed a $1 billion financing agreement. According to an economist and chief executive officer, Centre for […]
By Temitope Adebayo The Oyo State Government committed N1bn as loans for Small scale farmers, and Youths Entrepreneurs and Agriculture businesses (YEAP) at N500m each. This was revealed in a statement issued by the Commissioner for Information and Orientation, Prince Dotun Oyelade that the loans are being midwifed by financial institutions and the Agricultural Credit […]
Experts list funding options for Nigeria’s infrastructure devt Financial experts have identified other finance options Nigeria could utilise to develop critical infrastructure across the country without resorting to borrowing. The experts said the dwindling revenue orchestrated by the COVID-19 pandemic, falling crude oil prices and reduced Diaspora remittances had made it imperative for Nigeria to […]
‘How banks recovered N50.32 million loans from defaulters within 9 days’ bad loans from debtors within nine days of the country commencing operation of the Global Standing Instruction (GSI). Amugo made the disclosure on Tuesday, at a webinar organised by the Chartered Institute of Bankers of Nigeria (CIBN) Dialogue Series 3.0 in Lagos. The discussion […]
By Andrew Orolua, Abuja Two Senior Advocates of Nigeria, Chief Mike Ozekhome and Norrison Quarkers have said that the ‘China loan Sovereignty Clause’ is very dangerous and toxic and could mortgage the country to its lenders. Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN) and his counterpart in the Transportation ministry, […]
Federal Government has called for calm over allegations about the conditions attached to Chinese loans received from the Chinese Government and multilateral lenders, stressing that as at March 31, 2020, the total borrowing by Nigeria from China was $3.121 billion. According to the Federal Ministry of Finance, Budget and National Planning, in a statement […]
Stanbic IBTC Holdings, a member of Standard Bank Group in its audited report and accounts for the period ended December 31, 2018, recorded a 53.9 per cent increase in profit to N74.44 billion from N48.38 billion reported in 2017. Over improved profit, the lender proposed a final dividend of N1.50 per ordinary share of 50 […]
Joy Obakeye Renmoney, has announced the launch of a new solution for micro businesses, entrepreneurs who are self-employed individuals, businessmen and businesswomen. The new product allows the market segment to access credit of up to N4million either via Renmoney’s website (www.Renmoney.com), contact centres, agent network or branches. Since inception, Renmoney focused on the employed market […]
The Central Bank of Nigeria (CBN) lend total sum of N870.9 billion to Deposit Money Banks (DMBs) operating in the country in just one week, which was higher than N574bn in previous week. The latest figure showed that commercial banks borrowing from the Apex lender rose by 52 per cent in one week, attributable to […]
… Each state gets N800m to pay salaries, pensions The Federal Government may have succumbed to pressures from some state governors, as it has approved and directed the release of N28billion to 35 states of the federation, excluding Lagos state, as budget support facility. Giving the approval, each of the states is to get a […]
Amaka Agbu, Port Harcourt The Rivers State Governor, Nyesom Ezenwo Wike, has declared that his administration would encourage youths to embrace agriculture through the provision of necessary loan facilities. Speaking during the celebration of this year’s World Food Day in Port Harcourt on Monday, Governor Wike said that his administration was partnering with the Central […]
10The Managing-Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has admonished the management of Aso Savings and Loans Plc to always ensure good corporate governance. The advice of the NDIC boss is contained in a statement signed by the Head, Communications and Public Affairs of the Corporation, Mr Hadi Birchi, on Thursday in […]
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