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Debtors Africa News

Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach
Thursday, 16 July 2020
Key Takeaways from the CBN GSI Guidelines and the Case for a New Approach

The Central Bank of Nigeria (CBN), this week, issued the Global Standing Instruction (GSI) for the various eligible individual accounts such as Savings, Current and domiciliary accounts. Accounts also included in the GSI are joint accounts, investment/deposit accounts and electronic wallets. The GSI which will be managed by the Nigeria Inter-Bank Settlement System (NIBSS) is expected to kick-off on August 1, 2020.

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CBN Issues Operational Guidelines On GSI to Facilitate Improved Credit Repayment Culture
Wednesday, 15 July 2020
CBN Issues Operational Guidelines On GSI to Facilitate Improved Credit Repayment Culture

The Bankers' Committee at its meeting of February 18, 2020 approved the Go-Live on the Global Standing Instruction (GSI), which is aimed at: i. Facilitating an improved credit repayment culture; ii. Reducing Non-Performing Loans in the Nigerian Banking System; and iii. Watch-listing consistent loan defaulters.

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CBN Orders Seizure of Loan Defaulters Funds Across Banks
Tuesday, 14 July 2020
CBN Orders Seizure of Loan Defaulters Funds Across Banks

...As GSI guidelines takes off 1st August The Central Bank of Nigeria (CBN) today moved a step ahead of bank loan defaulters with a new guideline that allows seizing of their funds in other accounts.

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AMCON Takes over Pan Ocean’s Assets over N240bn Debt
Friday, 03 July 2020
AMCON Takes over Pan Ocean’s Assets over N240bn Debt

The Asset Management Corporation of Nigeria (AMCON) has taken over all assets belonging to Pan Ocean Group and its subsidiaries.

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Sectorial Analysis of Nigeria's Finance and Insurance Sector
Friday, 26 June 2020
Sectorial Analysis of Nigeria's Finance and Insurance Sector

Despite the spread of COVID-19, the finance and insurance sector grew remarkably in the Q1 2020. The sector grew by 20.79% in Q1 2020, an improvement from 20.18% in Q4 2019. Financial institutions grew by 24.0% in Q1 2020 from 22.33% in Q4 2019 and -9.21% in Q1 2019. The insurance sector grew by 2.94% in Q1 2020 from 3.21% in Q4 2019 and 2.58% in Q1 2019.

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Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom
Friday, 26 June 2020
Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom

The Global Financial Stability Update at a Glance: Risk asset prices have rebounded following the precipitous fall early in the year, while benchmark interest rates have declined, leading to an overall easing of financial conditions.

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The Twin Shock: COVID-19 Pandemic and The Oil Price War and Implications for the Banking Sector
Friday, 26 June 2020
The Twin Shock: COVID-19 Pandemic and The Oil Price War and Implications for the Banking Sector

COVID-19 is in the first place, a pandemic with potential serious implications for people's health. It is an unprecedented challenge for our modern societies and health systems. The consequences of the pandemic for our global economy and financial sector are unpredictable.

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World Bank Says Lenders at Risk as Nigeria Heads to Recession
Friday, 26 June 2020
World Bank Says Lenders at Risk as Nigeria Heads to Recession

Nigeria’s banking system is at risk of being destabilized as the coronavirus pandemic triggers what might be the worst recession in four decades for Africa’s largest economy, according to the World Bank.

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Coronanomics - Nigeria's Debt Profile - Swimming in Deep Waters
Monday, 22 June 2020
Coronanomics - Nigeria's Debt Profile - Swimming in Deep Waters

The latest debt data released by the Debt Management Office (DMO) shows that the country's total debt stock as of December 2019 stood at N27.4trn. The debt includes N21.7trn owed by the Federal Government and the N5.6trn owed by the different state governments.

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CRC Credit Bureau Launches Data Submission API
Friday, 12 June 2020
CRC Credit Bureau Launches Data Submission API

CRC Credit Bureau has launched its Data Submission Application Programming Interface (API) that enables institutions access and submit data on their credit customers online real time. This innovation in Nigeria, the first in the industry, is an automated medium that enables institutions, provide CRC with information on credits immediately they are booked on the system and update existing credit records as soon as repayments have been made by their customers. The API also enables them to access relevant information about their customers through live connections.

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Debtors Africa in partnership with Proshare Launches Searchable Database on Delinquent Debtors and Report on NPLs
Wednesday, 10 June 2020
Debtors Africa in partnership with Proshare Launches Searchable Database on Delinquent Debtors and Report on NPLs

Debtors Africa – an independent searchable database of recalcitrant and delinquent debtors in Africa was launched into the market today, in addition a Debtors Report – a comprehensive analysis of the Debt/Non-Performing Loans Situation in the Nigerian Banking Industry was also presented for information.

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Stakeholders Applauds Debtors Africa Initiative …Calls For Regulatory Support
Wednesday, 10 June 2020
Stakeholders Applauds Debtors Africa Initiative …Calls For Regulatory Support

Following the unveiling of debtorsafrica.com platform and the launch of its maiden reports with the theme “Debtors, NPLs & Bad Debtors- The Case For A New Industry Approach”, stakeholders in the financial sector have applauded the initiative. Just as they also calls for continuous sectorial regulatory support in addressing the issues of delinquent debtors in the system.

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Database on delinquent debtors launched
Wednesday, 10 June 2020
Database on delinquent debtors launched

An independent searchable database of recalcitrant and delinquent debtors in Africa has been launched. The database, known as Debtors Africa, was unveiled alongside a Debtors Report, a comprehensive analysis of the debts and non-performing loans in the Nigerian banking industry.

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Report: Loan Recovery May Be Challenging for Fintechs Post COVID-19
Wednesday, 10 June 2020
Report: Loan Recovery May Be Challenging for Fintechs Post COVID-19

Financial technology (Fintech) companies may have a harsh time in loan recoveries post COVID-19 as majority of them do not have transparency mandates that would support their loan recovery process, a report has stated.

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Bank NPLs (25) - The Customer's Options in a New Debt Order
Tuesday, 09 June 2020
Bank NPLs (25) - The Customer's Options in a New Debt Order

As the opportunity for debtor delinquency narrows, debtors that find themselves in difficult situations as a result of either external or internal factors unanticipated at the time of applying for the credit could adopt a few strategies that may likely lead to mutually beneficial outcomes for both borrower and lender, some options that could be adopted are listed

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Bank NPLs (24) - Handling Bad, Delinquent and Recalcitrant Debtors via DiMR
Monday, 08 June 2020
Bank NPLs (24) - Handling Bad, Delinquent and Recalcitrant Debtors via DiMR

Bad debts can be a corporate time-wasting distortion for lenders and more importantly they could represent avoidable loss of economic value. The poor behavior of borrowers falls within a framework of measurable values which include expected loss (EL), probability of default (PD), exposure at default (ED) and loss given default (LGD). The historical behavior pattern of the customer enables credit analysts assess the probability of default given other metrics related to the business and the global economic conditions.

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Bank NPLs (23) - The Case for a New Approach
Sunday, 07 June 2020
Bank NPLs (23) - The Case for a New Approach

Closing Thoughts - The Case for A New Approach The old lending paradigm has rested on traditional approaches to the loan process. The process has involved the creation of debt the management of debt and the resolution of debt (either by due loan repayment or by any other legal method of loan recovery). The model has been standard fare for decades if not centuries (see illustration 6 below).

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Bank NPLs (22) - Benchmarking Best Practice and International Debtors List
Saturday, 06 June 2020
Bank NPLs (22) - Benchmarking Best Practice and International Debtors List

Best practices in credit management differ from country-to-country, what works in one country could be less effective in another, but a set of constant practices cut across successful debt management strategies globally

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Bank NPLs (21) - The Role and Place of Credit Bureaus and Rating Agencies in Recovery Efforts
Friday, 05 June 2020
Bank NPLs (21) - The Role and Place of Credit Bureaus and Rating Agencies in Recovery Efforts

Credit Bureaus are institutions that review customer credit positions and award a score that reflects the credit history of the individual or organization as well as the repayment of the borrower (e.g. issuing dud checks over a period or regular renegotiation of payment terms).

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Bank NPLs (20) - A New Cottage Industry Emerges - Debt Factors and Loan Purchase Firms
Thursday, 04 June 2020
Bank NPLs (20) - A New Cottage Industry Emerges - Debt Factors and Loan Purchase Firms

The poor repayment culture of large debtors who tend to prove more recalcitrant than their smaller counterparts has given birth to a burgeoning debt factoring and loan repurchase business.

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Bank NPLs (19) - Issues Around Nigerian Bank Debtors List
Wednesday, 03 June 2020
Bank NPLs (19) - Issues Around Nigerian Bank Debtors List

Nigeria banks debtors have proved to be difficult to handle, especially if their debts cross the N1bn watermark. Debtors in the category of a N1bn and above tend to be more recalcitrant in repaying their loans. So why do banks give big ticket loans? Banks tend to favour big borrowers for a few reasons.

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Bank NPLs (18) - Understanding The Impact Of IFRS 9 On Selected Nigerian Banks
Tuesday, 02 June 2020
Bank NPLs (18) - Understanding The Impact Of IFRS 9 On Selected Nigerian Banks

IFRS9 took a hand in aiding the performance of Access Bank in 2018. The bank declared a profit before tax (PBT) of N103.2bn in the year as against N78.2bn in 2017, a growth of +32%. The rise in PBT came majorly from an IFRS9 day one provisioning adjustment which in addition to the bank's net interest income growth increased from N163.5bn in FY 2017 to N173.6bn in FY 2018 (+6%). Another cause for the huge reduction in impairment charges was the repayment made on EMTS loans with the bank resulting in its declassification.

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Bank NPLs (17) - IFRS and Accounting Standards
Monday, 01 June 2020
Bank NPLs (17) - IFRS and Accounting Standards

Impairments Overview: IFRS 9 and Its Impact Understanding IFRS9 and its Implications for Banks -The Accountants Point of View IFRS9 came into effect in Nigeria's Financial Services Sector on 1 January 2018. The new Accounting Standard assesses impairments of financial assets on an expected credit loss basis as opposed to the incurred credit loss basis that was applied under the previous IAS 39 rules. A few other twists are pointed out in the extracts from the Ernst and Young ("EY") guidance manual below:

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Bank NPLs (16) - The Place of Arbitration, Resolution or Debt Management
Sunday, 31 May 2020
Bank NPLs (16) - The Place of Arbitration, Resolution or Debt Management

The Place For Arbitration, Resolutions Or Debt Management / Court "We urge you to designate some of the courts for AMCON cases. We urge you to assist in granting accelerated hearing for AMCON cases."

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Bank NPLs (15) - AMCON and Its Role in Debt Recovery
Saturday, 30 May 2020
Bank NPLs (15) - AMCON and Its Role in Debt Recovery

The Asset Management Corporation of Nigeria was created on the 19th of July 2010, via the AMCON Act No. 4, 2010. The AMCON Act was subsequently amended on the 25th of May, 2015 and became known as the AMCON Amendment Act, 2015. AMCON was established to bring stability and revive the financial system by taking on the job of resolving the problem of Non-Performing Loans (NLPs).

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Other News

Hackers blew Twitter ‘god mode’ on shenanigans - Fortune
Thursday, 16 July 2020

Hackers blew Twitter ‘god mode’ on shenanigans - Fortune

The damage could have been so much worse.

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Twitter freezes password reset to address cyberattack - Nairametrics
Thursday, 16 July 2020

Twitter freezes password reset to address cyberattack - Nairametrics

Users will be updated on the progress of the investigations and their account functionalities.

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OPEC+ asks Committee to monitor Nigeria, others over extended oil production cuts - Nairametrics
Thursday, 16 July 2020

OPEC+ asks Committee to monitor Nigeria, others over extended oil production cuts - Nairametrics

OPEC expects the increase in supply to be offset by countries like Nigeria

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CVS and Target join other major retailers in requiring masks in US stores - CNN
Thursday, 16 July 2020

CVS and Target join other major retailers in requiring masks in US stores - CNN

CVS and Target will require customers to wear masks in their stores across the United States as the retail industry moves to enforce mask mandates to slow the spread of the coronavirus.

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Warren Buffett reaps $40 billion from giant Apple stake since March bottom - CNBC
Thursday, 16 July 2020

Warren Buffett reaps $40 billion from giant Apple stake since March bottom - CNBC

Berkshire Hathaway's Apple stake is now 40% of its equity portfolio after the tech giant's massive rally.

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Twitter says hacking of high-profile Twitter accounts was a "coordinated social engineering attack" - CBS News
Thursday, 16 July 2020

Twitter says hacking of high-profile Twitter accounts was a "coordinated social engineering attack" - CBS News

Scammers took over the accounts of moguls, politicians and celebrities, telling millions of followers to send money to a Bitcoin address.

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Primedia starts retrenchment process as Covid-19 continues to shake up media - News24
Thursday, 16 July 2020

Primedia starts retrenchment process as Covid-19 continues to shake up media - News24

The group includes radio stations 702, KFM and CapeTalk, as well as national news brand EWN and an advertising arm.

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Wave of Bitcoin (BTC) Bull Runs Will Crush Crypto Critics, Says One of the World’s Most Renowned Historians - The Daily Hodl
Thursday, 16 July 2020

Wave of Bitcoin (BTC) Bull Runs Will Crush Crypto Critics, Says One of the World’s Most Renowned Historians - The Daily Hodl

One of the world's most renowned historians says many Bitcoin boom and bust cycles are coming, and critics of

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The rand is now the world's most undervalued currency – here's where it should be - Business Insider South Africa
Thursday, 16 July 2020

The rand is now the world's most undervalued currency – here's where it should be - Business Insider South Africa

The currency is now undervalued by 67.4%, compared to Brazil (-32%), Argentina (-39%) and India (-56%).

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COVID-19 vaccine hopes raised by fresh trials - EWN
Thursday, 16 July 2020

COVID-19 vaccine hopes raised by fresh trials - EWN

The studies are the latest to inspire hopes of developing a vaccine after nearly 600,000 deaths and 13.4 million cases worldwide since the outbreak began in China last year.

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Posthaste: Canada's housing market is defying the bears — but two crucial drivers are missing from this rebound - Financial Post
Thursday, 16 July 2020

Posthaste: Canada's housing market is defying the bears — but two crucial drivers are missing from this rebound - Financial Post

Sales activity jumped 63 per cent in June — but the resurgence is up against powerful forces

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Largest California Oil Driller Files for Bankruptcy - OilPrice.com
Thursday, 16 July 2020

Largest California Oil Driller Files for Bankruptcy - OilPrice.com

California Resources, the largest oil driller in the state, has filed for Chapter 11 bankruptcy protection

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Twitter breach troubling, undermines trust, experts say - CBC.ca
Thursday, 16 July 2020

Twitter breach troubling, undermines trust, experts say - CBC.ca

A breach in Twitter's security that allowed hackers to break into the accounts of leaders and technology moguls is one of the worst attacks in recent years and may shake trust in a platform politicians and CEOs use to communicate with the public, experts said…

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Genting Casinos closures put 1,600 jobs at risk - BBC News
Thursday, 16 July 2020

Genting Casinos closures put 1,600 jobs at risk - BBC News

The leisure group said is shutting three of its clubs in a "heartbreaking decision".

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Monzo launches new premium Plus account which offers interest - but there is monthly fee - Express
Thursday, 16 July 2020

Monzo launches new premium Plus account which offers interest - but there is monthly fee - Express

MONZO has today launched a new premium account - Monzo Plus. The account offers customers the opportunity to earn one percent interest on balances up to £2,000 - however there is a monthly fee which customers need to be aware of.

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Mortgages and loans to become tougher to get, banks say - Sky News
Thursday, 16 July 2020

Mortgages and loans to become tougher to get, banks say - Sky News

Demand for loans has fallen during the lockdown but borrowers could find it harder to obtain credit as the economy reopens.

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Vodafone calls for 5G auction to be scrapped - BBC News
Thursday, 16 July 2020

Vodafone calls for 5G auction to be scrapped - BBC News

It cites the need to strip out Huawei equipment coupled with economic uncertainty as reasons

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