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Debtors Africa News

O and O Networks Limited and ETI Appeal Court of Appeal Judgement on Disputed Airtel Shares
Wednesday, 25 November 2020
O and O Networks Limited and ETI Appeal Court of Appeal Judgement on Disputed Airtel Shares

O&O Networks Limited is appealing an unfavourable Court of Appeal Judgment that was delivered today and relating to shares that it previously owned in Airtel Networks Limited.

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AMCON Takes Over Jimoh Ibrahim's Prime Assets Over N69.4bn Debt
Thursday, 19 November 2020
AMCON Takes Over Jimoh Ibrahim's Prime Assets Over N69.4bn Debt

Following the order of Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken possession of twelve prime assets belonging to Barrister Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja over a staggering indebtedness of nearly N70billion.

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Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt
Monday, 09 November 2020
Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt

Recent statements by the Central Bank of Nigeria's (CBN's) asset resolution company, AMCON, and in particular, the Managing Director (MD) on the matter/in regards to the likelihood of public sector resources being used to clean-up N5trn in toxic banking sector loan assets. Analysts have noted that AMCON's conjecture may have been propped by a mistaken premise.

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Fitch Revises Nigeria's Outlook to Stable, Affirms at 'B'
Monday, 05 October 2020
Fitch Revises Nigeria's Outlook to Stable, Affirms at 'B'

Fitch Ratings - Hong Kong - 30 Sep 2020: Fitch Ratings has revised the Outlook on Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B'.

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N4bn Debt: Court Grants AMCON's Request to Take Over Firm's Asset
Tuesday, 15 September 2020
N4bn Debt: Court Grants AMCON's Request to Take Over Firm's Asset

Following the order of Justice M.S. Hassan of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over an indebtedness of over N4bn.

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DMO Clarifies China's Loans to Nigeria; Economic Viability and Revenue Issues Left Out
Wednesday, 12 August 2020
DMO Clarifies China's Loans to Nigeria; Economic Viability and Revenue Issues Left Out

The attention of the Debt Management Office (DMO), has been drawn to statements and reports credited to several persons on the subject of Loans obtained from China and has considered it necessary to provide a sequel to its Press Release on the same subject dated September 11, 2018.

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Thoughts on Nigeria and Chinese Loans - Reuben Abati
Wednesday, 12 August 2020
Thoughts on Nigeria and Chinese Loans - Reuben Abati

The relationship between Nigeria and China with regard to loans obtained from the latter to fund Nigeria's infrastructural projects suddenly became a matter of legislative intervention and public scrutiny last week when the House of Representatives summoned the Minister of Transportation, the Minister of Finance, Budget and National Planning and the Minister of Communications and Digital Economy to appear before it on August 17.

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The CBN's New GSI Policy - Dangers Ahead and Recommendations
Friday, 07 August 2020
The CBN's New GSI Policy - Dangers Ahead and Recommendations

From 01 August 2020, the Central Bank of Nigeria (CBN) gave effect to a new policy that will have major ramification for banking services in Nigeria. The new Global Standard Instruction (GSI) policy provide that at the point of executing loan agreements:

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Banks’ non-performing loans now N1.2tn – CBN
Tuesday, 28 July 2020
Banks’ non-performing loans now N1.2tn – CBN

Banks’ non-performing loans stood at N1.2tn as of the end of June according to figures obtained from the Central Bank of Nigeria on Monday. This amounted to about 6.4 per cent of the gross credit of the banks to the economy which stood at N18.9tn as of the period under review.

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$14m Debt: Court to Hear Sahara Group, Ecobank Settlement Report
Tuesday, 28 July 2020
$14m Debt: Court to Hear Sahara Group, Ecobank Settlement Report

Justice Rilwan Aikawa of the Federal High Court in Lagos, has adjourned till August 12 for report of settlement in a $14million debt lawsuit between Sahara Group Limited and Ecobank Nigeria Limited.

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The Debt Management Office as a Catalyst for The Development of Infrastructure
Tuesday, 28 July 2020
The Debt Management Office as a Catalyst for The Development of Infrastructure

The Debt Management Office (DMO) which is the agency of the Government charged with the management of the public debt, has in its almost twenty (20) years of existence supported the Federal Government of Nigeria (FGN) by raising funds to finance various capital projects as approved in the Appropriation Acts.

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Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt
Thursday, 23 July 2020
Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt

Recent statements by the Central Bank of Nigeria's (CBN's) asset resolution company, AMCON, and in particular, the Managing Director (MD) on the matter/in regards to the likelihood of public sector resources being used to clean-up N5trn in toxic banking sector loan assets. Analysts have noted that AMCON's conjecture may have been propped by a mistaken premise.

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For Publishing Debtors List - Court Dismisses N5bn Libel Suit against THISDAY, Diamond Bank
Friday, 17 July 2020
For Publishing Debtors List - Court Dismisses N5bn Libel Suit against THISDAY, Diamond Bank

An FCT High Court, in Kubwa on Monday, dismissed a N5 billion libel suit filed by a Chartered Accountant, Nixon Alanza, against THISDAY Newspaper Limited and Diamond Bank Plc.

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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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Other News

Battery Materials Market Worth USD 60.61 Billion at 5.9% CAGR by 2027; Increasing Demand for Electric Vehicles to Favor Growth, Says Fortune Business Insights™ - GlobeNewswire
Wednesday, 25 November 2020

Battery Materials Market Worth USD 60.61 Billion at 5.9% CAGR by 2027; Increasing Demand for Electric Vehicles to Favor Growth, Says Fortune Business Insights™ - GlobeNewswire

Top companies cover in the battery materials market are NICHIA CORPORATION (Tokushima, Japan), NEI Corporation (Somerset, U.S.), TCI Chemicals (India) Pvt. Ltd.

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Abbey Mortgage Bank announces appointment of 6 Directors - Nairametrics
Wednesday, 25 November 2020

Abbey Mortgage Bank announces appointment of 6 Directors - Nairametrics

The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.

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PZ Cusson announces retirement of Chairman, Kola Jamodu - Nairametrics
Wednesday, 25 November 2020

PZ Cusson announces retirement of Chairman, Kola Jamodu - Nairametrics

PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.

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Largest American Publisher Penguin Random House Buys Rival Simon & Schuster in $2.2 Billion Mega Deal - The Daily Beast
Thursday, 26 November 2020

Largest American Publisher Penguin Random House Buys Rival Simon & Schuster in $2.2 Billion Mega Deal - The Daily Beast

Competitor HarperCollins said that the deal is a strategic attempt at “buying market dominance as a book behemoth.”

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‘We should be substantially back to normal’ by summer 2021, says Operation Warp Speed's chief science advisor - CNBC
Thursday, 26 November 2020

‘We should be substantially back to normal’ by summer 2021, says Operation Warp Speed's chief science advisor - CNBC

Operation Warp Speed's Chief Science Advisor Moncef Slaoui said, “We hope that we'd have vaccinated 70% to 80% of the U.S. population by May or June of 2021."

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State suspends 3 liquor licenses, cites 4 establishments for violating Michigan COVID order - WDIV ClickOnDetroit
Thursday, 26 November 2020

State suspends 3 liquor licenses, cites 4 establishments for violating Michigan COVID order - WDIV ClickOnDetroit

Liquor licenses have been suspended at three Michigan establishments Wednesday for violating the state’s recent public health order meant to slow the spread of coronavirus.

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R50,000 paid to Ford owners whose vehicles caught alight, but some continue legal fight - TimesLIVE
Wednesday, 25 November 2020

R50,000 paid to Ford owners whose vehicles caught alight, but some continue legal fight - TimesLIVE

Most of the owners of Ford Kugas that caught fire will finally close that chapter with the company.

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Old Mutual becomes latest insurer to lose a Covid-19 case in court - SowetanLIVE
Wednesday, 25 November 2020

Old Mutual becomes latest insurer to lose a Covid-19 case in court - SowetanLIVE

Another insurance company has failed to defend its decision not to pay a client for losses incurred due to the Covid-19 lockdown.

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30% of all Netflix, Showmax shows must be from SA, govt insists - Business Insider South Africa
Wednesday, 25 November 2020

30% of all Netflix, Showmax shows must be from SA, govt insists - Business Insider South Africa

South Africans may soon be forced to pay more for Netflix and other streaming services due to government’s new broadcast licensing proposals.

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Emirates Has Refunded A Staggering $1.7 Billion Since April - Simple Flying
Wednesday, 25 November 2020

Emirates Has Refunded A Staggering $1.7 Billion Since April - Simple Flying

Emirates has processed refunds worth AED 6.3 billion ($1.7 billion) since April, during aviation’s worst-ever year. The amount…

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‘We should be substantially back to normal’ by summer 2021, says Operation Warp Speed's chief science advisor - CNBC
Thursday, 26 November 2020

‘We should be substantially back to normal’ by summer 2021, says Operation Warp Speed's chief science advisor - CNBC

Operation Warp Speed's Chief Science Advisor Moncef Slaoui said, “We hope that we'd have vaccinated 70% to 80% of the U.S. population by May or June of 2021."

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Vancouver empty homes tax will triple to 3% starting in 2021 - CBC.ca
Wednesday, 25 November 2020

Vancouver empty homes tax will triple to 3% starting in 2021 - CBC.ca

The tax came into effect in 2018 with the aim of motivating owners of empty and under-utilized properties to put them into the rental market.

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Wednesday's list of potential COVID-19 exposure locations - HalifaxToday.ca
Wednesday, 25 November 2020

Wednesday's list of potential COVID-19 exposure locations - HalifaxToday.ca

Anyone who visited the following locations on the specified date and time to immediately book a COVID-19 test

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Millions of Americans to travel and gather for Thanksgiving despite expert warnings - The Guardian
Thursday, 26 November 2020

Millions of Americans to travel and gather for Thanksgiving despite expert warnings - The Guardian

Recent surveys show a meaningful minority of Americans intend to go ahead with travel and gatherings

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Students may be compensated for lost teaching during UK lockdown - The Guardian
Thursday, 26 November 2020

Students may be compensated for lost teaching during UK lockdown - The Guardian

Watchdog orders university to pay student £1,000, but NUS says complaints process is ‘farcical’

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Doubts raised over AstraZeneca-Oxford vaccine data - Financial Times
Wednesday, 25 November 2020

Doubts raised over AstraZeneca-Oxford vaccine data - Financial Times

Oxford university acknowledges error that forced trial to switch dosing regimens

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Employers CAN make the coronavirus vaccine mandatory at the workplace - Daily Mail
Wednesday, 25 November 2020

Employers CAN make the coronavirus vaccine mandatory at the workplace - Daily Mail

Employment law firm Ogletree Deakins says companies should consider the 'politicized nature' of the coronavirus and expect objections if they choose to make the vaccine mandatory.

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