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World Bank Concerned About Nigeria’s Rising Debt

World Bank Concerned About Nigeria’s Rising Debt

The World Bank has expressed concerns about Nigeria’s rising debt servicing costs in relations to the government’s dwindling revenue. It stated this in its newly released Global Economic Prospects report, where it also observed that the country’s economic recovery was being limited by foreign exchange controls. Noting that debt servicing costs had risen but remained […]

AfDB Calls For Increase In Lending To MSMEs

AfDB Calls For Increase In Lending To MSMEs

The African Development Bank (AfDB) has called on financial markets to increase affordable loans and provide more diverse and innovative financing instruments to Africa’s micro, small and medium sized enterprises. The Bank maintained that Credit providers need to increase their lending by at least US $135 billion in order to meet demand by African Micro, […]

Nigerian Banks Boost Lending Despite Hard Times

Nigerian Banks Boost Lending Despite Hard Times

Stanbic IBTC Bank Plc, and a few other Nigerian banks, despite the prolonged economic downturn in Nigeria which reached an all-time-high in 2016, made worse by the hard-hitting recession, were still able to provide a significant level of funding to drive and sustain growth in the real sector in critical areas like manufacturing, trade and […]

We Want To Repay Etisalat’s $1.2bn Loan, Not Takeover The Company – Banks

We Want To Repay Etisalat’s $1.2bn Loan, Not Takeover The Company – Banks

We are not telecommunication companies, all we want is our money Consortium of 13 banks involved in Etisalat Nigeria loan on Thursday refuted reports that they have taken over the operations of the company. A management source close to the banks who pleaded anonymity in Lagos said that there was no truth in the report […]

N541 Billion Debt: Etisalat Nigeria Taken Over By Access Bank, Others

N541 Billion Debt: Etisalat Nigeria Taken Over By Access Bank, Others

A consortium of banks, led by Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15. The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with […]

Embrace Low Interest Loans: FMBN Urges Civil Servants

Embrace Low Interest Loans: FMBN Urges Civil Servants

Apart from usual loans given to contributors to build their houses, FMBN has introduced house renovation loan to assist contributors to renovate their houses The Federal Mortgage Bank of Nigeria (FMBN) on Tuesday called on civil servants in Kuje Area Council, FCT to embrace the low interest loans of the bank. Mrs Shakirat Oyawoye, the […]

FEC Approves $1.3 Billion Foreign Loans For Development Bank

FEC Approves $1.3 Billion Foreign Loans For Development Bank

The Federal Executive Council (FEC) on Wednesday approved credit facilities of $1.3bn for the newly-established Development Bank of Nigeria. The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of a meeting of the council presided over by President Muhammadu Buhari. Adeosun was joined at the briefing by the Minister […]

Banks Refuse Naira Payment From Etisalat Nigeria

Banks Refuse Naira Payment From Etisalat Nigeria

According to reports by Reuters News Agency, banks are refusing Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira. They are proposing that and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said. A banker with knowledge of the negotiations told Reuters […]

Change Of Leadership In TCN Not Condition For $174m AfDB Loan – Fashola

Change Of Leadership In  TCN Not Condition For $174m AfDB Loan – Fashola

Federal Government has said the change of leadership in the Transmission Company of Nigeria (TCN) is not a condition for the granting of $174 million to Nigeria by the African Development Bank (AfDB). The appointment of Isman Gur Mohammed as the managing director of the TCN had generated uproar as the electricity workers’ union had […]

Banks Non Performing Loan Rise By N576.5bn In Two Year

Banks Non Performing Loan Rise By N576.5bn In Two Year

Non-Performing Loans (NPLs) in the banking industry increased by a whopping N576.5 billion in two years , Afrinvest West Africa, has said in its 2016 Review and 2017 Outlook report.   Commercial banks’ assets have depreciated in the last two years, with provisions for NPLs hitting N856.9 billion.   The report showed that provisions for NPLs […]

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