Business and Economy
Loan Sharks Detrimental to Economy, Empower MfBs to Give Loan – Ex-CIBN President to CBN
A past president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, has decried the proliferation of “loan sharks” in the Nigerian financial system, describing them as dangerous to the economy. adsbygoogle || []).push({}); js">
He advised the Central Bank of Nigeria (CBN) to empower Microfinance Banks (MfBs) to be more functional in their lending role to small businesses so as to eliminate the menace of loan sharks.
“These loan sharks are dangerous to the economy, and the CBN should do everything to eliminate them. “They give loans to people and when there is a default they call all contacts in their phone to embarrass them; it’s unethical.
“The MfBs are better positioned to offer such service, and I’ll urge the CBN to empower the MfBs to be able to carry out their mandate more effectively,” he said.
NAN reports that loan sharks are digital lending platforms that offer loans at extremely high interest rate and often use threats to collect debts. The activities of the digital lending platforms were often not in conformity with the CBN consumer protection regulation which mandates financial institutions to ensure that debt recovery processes are transparent, courteous and fair.
The apex bank said that the process must be devoid of undue pressure, intimidation, harassment, humiliation or threat.
According to the regulation, institutions shall engage and give customers notices of outstanding obligations prior to the commencement of a debt collection. Also, the apex bank had said individuals in need of funds should approach regulated institutions and desist from borrowing from loan sharks.
During a recent Monetary Policy Committee meeting, the suspended CBN governor, Godwin Emefiele, had expressed displeasure in the way loan sharks handle customers who defaulted. “If you go to a loan shark to borrow, you will pay two or three times the amount in 90 days.
“When you refuse to pay, they will seize your property; bicycle or television just to collect N200,000,” he said.
He however said regulating the loan sharks was a challenge since they were mostly in rural areas and unregistered.
“Moreover, the CBN is not a law enforcement agency like the police,” he had said.
Meanwhile, the Federal Government recently approved 173 digital lending platforms to operate in the country. According to the Federal Competition and Consumer Protection Commission (FCCPC), the approval is to protect citizens from the atrocities of loan sharks.
Some of the approved loan apps are Sycamore Integrated Solutions Limited, Trade Depot, Tajow Investment, Blue Ridge MfB, Grolatech Credit Limited, Branch International Financial Services Limited and P2vest Technology Limited. Others are Creditwave Finance Limited, Keenest Tech Service Limited, FairMoney MfB, Altracred Finance Investment Limited, Crevance Credit Limited, Menacred Company Limited, Afrowide Development Limited, Red Planet Nigeria Limited, Afrofirst Mobile and Technology Company Limited. There are also, Rankcapital Limited, IBS Golden Investment Company Limited, Lendvisery Services Limited, Renmoney MfB, GTB Quick Credit App, ALAT by Wema, among others.
Source: NAN
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Business and Economy
Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
By Abah Benjamin Eneojoh
The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.
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Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.
The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.
At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.
The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.
The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.
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Business and Economy
Naira appreciates N28.85 against dollar at official market
The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.
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This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.
However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.
At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.
Source: NAN
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Business and Economy
Governor Ododo Endorses GOBO Initiative, Empowering Small-Scale Entrepreneurs and Vulnerable Populations
By Abah Benjamin Eneojoh
The Executive Governor of Kogi State, His Excellency Alh Ahmed Usman Ododo has thrown his weight behind the Governor Ododo Business Outreach (GOBO) initiative, a program aimed at uplifting marginalized groups and providing economic opportunities at the community level.
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During a strategic meeting with the Kogi State Forum of Senior Special Assistants in his office on 06-11-2024, the Governor expressed his support for GOBO, which aligns with his vision of inclusive governance.
Launched on October 31, 2024, GOBO has already shown positive impact, with increased visibility and support among petty traders and small businesses. The initiative provides sustainable business avenues for those previously lacking access to financial resources and market opportunities.
Hon. Yahaya Shehu Ahmed, Chairman of the Kogi State Forum of Senior Special Assistants, thanked the Governor for his encouragement and support.
The Governor commended the forum’s dedication to GOBO and its commitment to improving citizens’ quality of life, assuring continued support and encouraging ways to deepen GOBO’s impact across the state.
The forum also presented an award of excellence to former Governor Alhaji Yahaya Adoza Bello, recognizing his contributions to the state’s growth and effective governance , particularly the choice of Gov Ododo and his Deputy.
This development is consistent with research highlighting the importance of government support for entrepreneurship development in Kogi State.
Shehu noted that Small and medium-scale enterprises have significantly contributed to the state’s economic growth, stressing that the GOBO initiative demonstrates the power of grassroots-driven solutions and inclusive growth, marking a step towards sustainable development in Kogi State.
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