• 0700DEBTORS (+234-700-332-8677)
  • info@debtorsafrica.com
  • Login

Debtors Africa News

AMCON Gives Court Undertaking on NICON; Publishes Record of Court Proceedings
Friday, 03 September 2021
AMCON Gives Court Undertaking on NICON; Publishes Record of Court Proceedings

The Assets Management Corporation of Nigeria (AMCON) has given a Federal High Court in Abuja an undertaking on NICON. This was contained in a newspaper advertisement published in ThisDay on August 23, 2021.

Read More
CBN Directs Banks to Publish Details of Defaulters of the CBN Policy on Sale of Forex
Friday, 03 September 2021
CBN Directs Banks to Publish Details of Defaulters of the CBN Policy on Sale of Forex

The CBN has received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel. Some of these unwholesome practices include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA. This trend, if not curbed, portends risk to the integrity and stability of the forex market.

Read More
Nigeria spent 97% of revenue on debt servicing in 2020 – Report
Monday, 19 July 2021
Nigeria spent 97% of revenue on debt servicing in 2020 – Report

Debt servicing obligations gulped 97 percent of the Nigerian government’s total revenue in 2020, a report has shown. According to BudgIT, a civic-tech non-profit organization, of the N3.42 trillion generated as revenue, Nigeria expended N3.34 trillion on debt servicing.

Read More
Debts and future of Nigeria
Monday, 19 July 2021
Debts and future of Nigeria

Things are becoming too difficult and more tasking the way Nigerian economy is being managed. It appears we are out of realities and modern ways of managing the enormous resources God has put into our care. A rational being cannot live all his or her life on borrowing and expect proper optimum growth both economically and politically. When you borrowed, you may jeopardize self reliance principles and enslave your future to the extent that recovery economically may become impossible journey.

Read More
AMCON Takes Over Assets of Serving Senator over N600m Debt
Thursday, 24 June 2021
AMCON Takes Over Assets of Serving Senator over N600m Debt

The Asset Management Corporation of Nigeria has taken over assets belonging to Alhaji Buhari Abdulfatai, Chief Promoter of Abadat Ventures Limited, over an indebtedness of almost N600m. This is sequel to the order of Hon. Justice I. E Ekwo of the Federal High Court, Abuja.

Read More
Insider Connections Facilitate Most Banking Frauds
Wednesday, 26 May 2021
Insider Connections Facilitate Most Banking Frauds

Mr. Bawa Usman, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry.

Read More
Payment of Stamp Duties on Loan Agreements - Implication of the Finance Act 2019
Friday, 14 May 2021
Payment of Stamp Duties on Loan Agreements - Implication of the Finance Act 2019

The Finance Act 2019 ("the Finance Act") made significant changes to the tax regime in Nigeria, with broad implications for doing business, investment strategies and tax planning in Nigeria. Changes introduced by the Finance Act include those made to the Stamp Duties Act, Cap. S8, L.F.N. 2004 ("SDA"), amongst others.

Read More
Banks Taking Security Over Shares - A Review of the Consent Requirements Under the BOFIA 2020
Friday, 14 May 2021
Banks Taking Security Over Shares - A Review of the Consent Requirements Under the BOFIA 2020

Section 20 of the Banks and Other Financial Institutions Act (BOFIA), 2020 provides two ways banks may acquire or hold shares in other entities. It provides that banks may hold shares in small and medium scale enterprises for business purposes, and banks may also hold shares acquired in satisfaction of a debt.

Read More
The Right of Creditors to Attach a Joint Account Where Only One Party is Indebted
Tuesday, 11 May 2021
The Right of Creditors to Attach a Joint Account Where Only One Party is Indebted

Dr Martin Tallhause looked out of his 15th-floor office window at the busy façade of the hustle and bustle of Ikoyi. He looked like he had just seen a ghost; worst still, he looked like he had just seen red; red on the bank account he maintains jointly with his business partner, Mr Chip Munk. His account officer had just informed him on the phone that pursuant to the Central bank of Nigeria's Operational Guidelines on Global Standing Instruction (GSI) Individual, ("GSI Guidelines" or the "Guidelines") [1] the joint account he maintains with Mr Munk for the purpose of pooling resources for their tech start-up has been debited.

Read More
CBN orders First Bank to recover loans from Honeywell Flour Mills
Sunday, 02 May 2021
CBN orders First Bank to recover loans from Honeywell Flour Mills

The Central Bank of Nigeria (CBN) has turned down First Bank of Nigeria’s (FBN’s) loan restructuring for Honeywell Flour Mills and subsequently directed the bank to recover the loan granted the company immediately. The sum of the loan could not be ascertained last night but the flour mill is the brainchild of Mr. Oba Otudeko who was sacked from the board of FBN Holdco on Thursday.

Read More
Nigeria’s debt stock approaches N34 trillion
Sunday, 02 May 2021
Nigeria’s debt stock approaches N34 trillion

Nigeria’s total debt stock is in the process of hitting N34 trillion from N33 trillion following the recent approval of a fresh foreign loan of N1.1 trillion for the federal government by the National Assembly. In this special report, Correspondents Nduka Chiejina, Sanni Onogu and Tony Akowe capture the state of Nigeria’s debt portfolio and institutional involvement.

Read More
Of First Bank and Bad Debtors; A System's Throbbing Headache
Friday, 30 April 2021
Of First Bank and Bad Debtors; A System's Throbbing Headache

With the recent decision of the Central Bank of Nigeria (CBN) to remove the Boards of FBNH and FirstBank and replace them with newly constituted alternatives, several issues creep behind the facade of finicky corporate ethics. The banking windowpanes appear clear behind dusty operational curtains.

Read More
Senate Passes AMCON Amendment Bill to Aid Quicker Assets Disposal
Thursday, 29 April 2021
Senate Passes AMCON Amendment Bill to Aid Quicker Assets Disposal

The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill. This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday.

Read More
A Future with High Public Debt: Low-for-Long Is Not Low Forever
Monday, 26 April 2021
A Future with High Public Debt: Low-for-Long Is Not Low Forever

Many countries are experiencing a combination of high public debt and low interest rates. This was already the case in advanced economies even prior to the pandemic but has become even starker in its aftermath. A growing number of emerging market and developing economies are likewise enjoying a period of negative real rates—the interest rate minus inflation—on government debt.

Read More
CBN to Commence Enrolment of All DFIs, MFBs, PMBs and FCs on the CRMS Platform
Wednesday, 14 April 2021
CBN to Commence Enrolment of All DFIs, MFBs, PMBs and FCs on the CRMS Platform

As part of the efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system. With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrollment of Other Financial Institutions (OFIs) on the CRMS Platform.

Read More
Ogun State Debt Figures - Understanding the Facts, Fiction and Black Spots
Friday, 09 April 2021
Ogun State Debt Figures - Understanding the Facts, Fiction and Black Spots

We really do not enjoy Joining issues with the current Administration in Ogun State. However, the State Government, in its wisdom, chose to call us out with Its tons of lies and misinformation carelessly crafted to obfuscate issues and concerns raised by the Debt Management Office (DMO) In the just released Data on Debt Figures of the 36 States of the Federation and the FCT, where the figures showed the Ogun State's skyrocketing debt at a time when by general acclaim, nothing is on ground to justify such huge debt.

Read More
External sovereign debt restructurings: Delay and replay
Wednesday, 07 April 2021
External sovereign debt restructurings: Delay and replay

Today, more than half of low-income countries eligible for relief under the Debt Service Suspension Initiative (DSSI) are either in debt distress or at high risk. Several emerging markets have either recently restructured (Argentina and Ecuador) or remain in default (Lebanon, Surinam, and Venezuela). In this context, we review some of the features of external sovereign debt restructurings. We show that default spells are lengthy and that the road to debt-crisis resolution is often littered with serial restructuring agreements.

Read More
IMF Executive Board Extends Debt Service Relief for 28 Eligible Low-Income Countries
Wednesday, 07 April 2021
IMF Executive Board Extends Debt Service Relief for 28 Eligible Low-Income Countries

The Executive Board of the International Monetary Fund (IMF) approved on April 1, 2021 a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). This approval follows two prior tranches approved on April 13, 2020 and October 2, 2020, respectively (see Press Releases 20/165 and 20/304).

Read More
NI firms to use EU subsidy rules for Covid recovery loans
Wednesday, 07 April 2021
NI firms to use EU subsidy rules for Covid recovery loans

Northern Ireland firms applying for new government-backed Covid recovery loans will have to do so within EU subsidy rules. Some firms in Great Britain may also be covered by EU rules depending on the extent of their business in NI. Under the Recovery Loan Scheme (RLS) UK firms can borrow between £25,001 and £10m.

Read More
CBN urges banks to reduce non-performing loans
Wednesday, 07 April 2021
CBN urges banks to reduce non-performing loans

The Central Bank of Nigeria has urged banks to bring down the sector’s non-performing loans below five per cent, which is the prudential benchmark. It noted that the current ratio of 6.3 per cent was above the prudential benchmark as of February. Reports obtained from the CBN after its recent Monetary Policy Committee showed on Tuesday.

Read More
No Wind-up Court Order on StarTimes in Nigeria, Legal Proceedings Ongoing in Hong Kong
Wednesday, 07 April 2021
No Wind-up Court Order on StarTimes in Nigeria, Legal Proceedings Ongoing in Hong Kong

Following articles published by some Nigerian media over an alleged dispute between StarTimes and beIN Media Group, StarTimes wants to clarify the following points: StarTimes has not been subjected to any court order, in Nigeria or anywhere else, in relation to a dispute with beIN Media Group.

Read More
StarTimes Facing a Winding-Up Court Order for Rights Debts
Friday, 26 February 2021
StarTimes Facing a Winding-Up Court Order for Rights Debts

GlobalData Sport, a data and intelligence services platform, has revealed that StarTimes, the Chinese-owned Pay-TV operator with tentacles across Africa, is at "serious risk" of receiving a court-mandated "winding-up" order after it has "repeatedly failed to pay" for sports rights to the BeIn Media Group concerning the French football Ligue1.

Read More
Credit Where It's Due: Fitch Wrote the Book on this one
Friday, 05 February 2021
Credit Where It's Due: Fitch Wrote the Book on this one

Fitch Ratings has been creating value for global markets and challenging conventional thinking since 1923, when it invented its now-familiar AAA to D ratings scale.

Read More
How Access Bank got Japaul to pay up N37 billion loan that had gone bad
Thursday, 21 January 2021
How Access Bank got Japaul to pay up N37 billion loan that had gone bad

In 2018 when Access Bank took over Diamond Bank, in what is the largest merger in Nigeria’s banking history, they knew it was not a match made in heaven like their PR agencies will make you believe.

Read More
The Ecobank and Airtel Story: Surviving a Contingent Liability and Equity Sale
Tuesday, 05 January 2021
The Ecobank and Airtel Story: Surviving a Contingent Liability and Equity Sale

Ecobank Transnational Incorporated (ETI) Plc released its 9month 2020 result in November 2020 with sufficient optimism about its strong short-term outlook.

Read More



Other News

Moderna's vaccine is most effective, but Pfizer and J&J also protect well, CDC-led study says - KMOV.com
Friday, 17 September 2021

Moderna's vaccine is most effective, but Pfizer and J&J also protect well, CDC-led study says - KMOV.com

(CNN) -- A head-to-head study of all three authorized coronavirus vaccines in the United States finds the Moderna vaccine is slightly more effective than Pfizer's in real-life use in keeping

Read More
UPDATE 1-S.Africa's rand, stocks fall on strong dollar, drop in commodity prices - Reuters
Friday, 17 September 2021

UPDATE 1-S.Africa's rand, stocks fall on strong dollar, drop in commodity prices - Reuters

South Africa's rand weakened on Friday, reversing some early gains and was set to close the week with an overall loss of almost 3.8% as the U.S. dollar rose and weak domestic economic data weighed on sentiment.

Read More
Medical Waste Management Market Size To Reach USD 12,834.9 Million By 2030, Registering A Cagr of 5.8% - Valuates Reports - PRNewswire
Friday, 17 September 2021

Medical Waste Management Market Size To Reach USD 12,834.9 Million By 2030, Registering A Cagr of 5.8% - Valuates Reports - PRNewswire

/PRNewswire/ -- Medical Waste Management Market by Service (Collection, Transportation, and Storage Services, Treatment & Disposal Services, and Recycling...

Read More
A knock against bootstrapping - TechCrunch
Friday, 17 September 2021

A knock against bootstrapping - TechCrunch

Natasha and Mary Ann and Alex were all aboard this week under the guidance of Chris and Grace, which meant we had the full team. And speaking of teams, Mary Ann is joining the Friday show on a weekly basis now. She’s been a friend for years, and a colleague n…

Read More
Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes - CNBC
Friday, 17 September 2021

Billionaire Peter Thiel could be forced to pull $5 billion from his retirement account, if House bill passes - CNBC

House Democrats are taking aim at mega-IRAs like that of billionaire Peter Thiel in tax legislation unveiled this week.

Read More
Virginia woman gets 12 years in prison for one of the biggest coupon scams in U.S. history - NBC News
Friday, 17 September 2021

Virginia woman gets 12 years in prison for one of the biggest coupon scams in U.S. history - NBC News

A Virginia Beach woman was sentenced to 12 years in prison for running one of biggest coupon counterfeiting rings in U.S. history that led to more than $31.8 million in retail loss, authorities said.

Read More
Hostess at NYC restaurant Carmine's is attacked by three tourists from Texas - Daily Mail
Friday, 17 September 2021

Hostess at NYC restaurant Carmine's is attacked by three tourists from Texas - Daily Mail

The three women punched the host at Carmine's on the Upper West Side, in New York City, repeatedly and broke her necklace Thursday afternoon after she asked for proof of vaccination.

Read More
Sears just reminded us all it's a zombie retailer - Yahoo Finance
Friday, 17 September 2021

Sears just reminded us all it's a zombie retailer - Yahoo Finance

Sears is waving goodbye to its home market of Illinois.

Read More
Shareholders greenlight sale of Imperial Logistics to Dubai ports SOE - News24
Friday, 17 September 2021

Shareholders greenlight sale of Imperial Logistics to Dubai ports SOE - News24

On Friday, Imperial Logistics announced that 86.15% of its shareholders have voted in favour of the deal.

Read More
Video: Carmine's hostess attacked after asking for vaccine proof - Insider
Friday, 17 September 2021

Video: Carmine's hostess attacked after asking for vaccine proof - Insider

A hostess at Carmine's, a popular Italian restaurant on New York's Upper West Side, was punched repeatedly in the incident, police said.

Read More
Here Is A List Of Smartphones That Will No Longer Work On WhatsApp Starting From The 1st Of November - iharare.com
Friday, 17 September 2021

Here Is A List Of Smartphones That Will No Longer Work On WhatsApp Starting From The 1st Of November - iharare.com

Here Is A List Of Smartphones That Will No Longer Work On WhatsApp Starting From The 1st Of NovemberIt's that time of the year again, time to upgrade your smartphone to a newer version. If you are still rocking an iPhone 6 or Samsung Galaxy Ace after

Read More
Eskom is being reset: CEO sets out how - Moneyweb
Friday, 17 September 2021

Eskom is being reset: CEO sets out how - Moneyweb

UCT's Anton Eberhard interviews the troubled power utility's André de Ruyter.

Read More
S&P 500 Touches Four-Week Low; Yields Climb: Markets Wrap - Yahoo Canada Finance
Friday, 17 September 2021

S&P 500 Touches Four-Week Low; Yields Climb: Markets Wrap - Yahoo Canada Finance

(Bloomberg) -- U.S. stocks touched the lowest levels in four weeks and bond yields rose as investors evaluated the resilience of the global recovery amid...

Read More
More COVID-19 cases reported at pair of Toronto schools dealing with outbreaks - CP24 Toronto's Breaking News
Friday, 17 September 2021

More COVID-19 cases reported at pair of Toronto schools dealing with outbreaks - CP24 Toronto's Breaking News

Ontario’s publicly funded school boards are reporting more than 100 new cases of COVID-19, including five that are tied to a pair of Toronto schools with outbreaks.

Read More
Father hopes charge in B.C. teen's caught-on-camera overdose will protect other kids from bullies - CTV News Vancouver
Friday, 17 September 2021

Father hopes charge in B.C. teen's caught-on-camera overdose will protect other kids from bullies - CTV News Vancouver

After learning a young man had been charged in connection with his son's 2019 death, a B.C. father said he felt hopeful for the impact the case may have on other teenagers.

Read More
Boston's famous Skinny House sells for a nice fat price - World News - Castanet.net
Friday, 17 September 2021

Boston's famous Skinny House sells for a nice fat price - World News - Castanet.net

Boston's famous Skinny House has sold for a nice fat price.

Read More
Leonardo helicopter boss warns £1bn investment at risk if UK does not order - The Guardian
Friday, 17 September 2021

Leonardo helicopter boss warns £1bn investment at risk if UK does not order - The Guardian

Italian company wants British government to place order for replacement for RAF’s Puma fleet

Read More
Dutch are world’s tallest people – but they’re shrinking, study shows - The Guardian
Friday, 17 September 2021

Dutch are world’s tallest people – but they’re shrinking, study shows - The Guardian

Poorer diet may explain why the lofty lowlanders are at least 1cm shorter than the previous generation

Read More
Hostess at NYC restaurant Carmine's is attacked by three tourists from Texas - Daily Mail
Friday, 17 September 2021

Hostess at NYC restaurant Carmine's is attacked by three tourists from Texas - Daily Mail

The three women punched the host at Carmine's on the Upper West Side, in New York City, repeatedly and broke her necklace Thursday afternoon after she asked for proof of vaccination.

Read More
UK carbon dioxide shortage could force farmers to cull pigs - The Guardian
Friday, 17 September 2021

UK carbon dioxide shortage could force farmers to cull pigs - The Guardian

Soaring energy prices slow production of gas used to stun animals before slaughter in abattoirs

Read More