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Debtors Africa News

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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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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Other News

Harvest: Crypto that gives interest on your Bitcoin - Nairametrics
Thursday, 24 September 2020

Harvest: Crypto that gives interest on your Bitcoin - Nairametrics

Harvest offers crypto users the platform to supply crypto assets for lending and earn interest on them.

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Exchange rate falls across forex markets despite improved dollar supply - Nairametrics
Thursday, 24 September 2020

Exchange rate falls across forex markets despite improved dollar supply - Nairametrics

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday.

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World?s operating nuclear fleet at 30 year low as new plants stall ? report - Marketscreener.com
Thursday, 24 September 2020

World?s operating nuclear fleet at 30 year low as new plants stall ? report - Marketscreener.com

The number of nuclear reactor units operating globally is at a 30 year low, while new plants struggle for investment, an industry report said on Thursday.

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Govt. Services Firm Tyler Technologies Hit in Apparent Ransomware Attack - Krebs on Security
Thursday, 24 September 2020

Govt. Services Firm Tyler Technologies Hit in Apparent Ransomware Attack - Krebs on Security

Tyler Technologies, a Texas-based company that bills itself as the largest provider of software and technology services to the United States public sector, is battling a network intrusion that has disrupted its operations. The company declined to discuss the …

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SPI Energy skyrockets 4,300% after announcing launch of EV business | Markets - Business Insider
Thursday, 24 September 2020

SPI Energy skyrockets 4,300% after announcing launch of EV business | Markets - Business Insider

SPI Energy skyrockets 4,300% after announcing launch of EV business

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New York City subway riders discovering unpleasant surprises in cars, platforms - WABC-TV
Thursday, 24 September 2020

New York City subway riders discovering unpleasant surprises in cars, platforms - WABC-TV

The MTA has been cleaning subway cars daily overnight between 1 a.m. and 5 a.m. when service is suspended amid the coronavirus pandemic, but some riders say there are still lingering issues.

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Top FDA vaccine adviser recuses herself over tie to Moderna: report - Fox News
Thursday, 24 September 2020

Top FDA vaccine adviser recuses herself over tie to Moderna: report - Fox News

A top adviser has resigned from the Food and Drug Administration's (FDA) vaccine advisory committee amid concerns about her ties to a pharmaceutical company conducting a trial for the highly anticipated treatment.

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Bitcoin Could Target $200,000 This Cycle, According to Crypto Analyst Nicholas Merten – Here's How - The Daily Hodl
Thursday, 24 September 2020

Bitcoin Could Target $200,000 This Cycle, According to Crypto Analyst Nicholas Merten – Here's How - The Daily Hodl

Prominent crypto analyst and DataDash founder Nicholas Merten believes that Bitcoin may soar as high as $200,000 in this current boom cycle. In a recent installment of DataDash, Merten notes that the market cap for both DeFi and cryptocurrencies is relatively…

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Here are your Lotto and Lotto Plus results - News24
Wednesday, 23 September 2020

Here are your Lotto and Lotto Plus results - News24

Here are the winning Lotto and Lotto Plus numbers from the Wednesday, 23 September, draw.

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City Power cuts off defaulting Dainfern residents - eNCA
Wednesday, 23 September 2020

City Power cuts off defaulting Dainfern residents - eNCA

At least 204 properties owe the city R13-million in revenue.

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America’s 2021 Mercedes-AMG GT Coming With More Power And A Stealth Edition - CarScoops
Wednesday, 23 September 2020

America’s 2021 Mercedes-AMG GT Coming With More Power And A Stealth Edition - CarScoops

As with the Euro model, the base 2021 Mercedes-AMG GT now makes 523 HP.

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Air Canada Refinances 18 Airbus A220 Aircraft - Simple Flying
Thursday, 24 September 2020

Air Canada Refinances 18 Airbus A220 Aircraft - Simple Flying

Air Canada has secured two longer-term refinancing transaction agreements worth about C$1.52 billion (~US$1.14 billion), replacing short-term facilities.…

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Canada adds 1,085 new coronavirus cases as Trudeau warns of second wave - Global News
Thursday, 24 September 2020

Canada adds 1,085 new coronavirus cases as Trudeau warns of second wave - Global News

The new infections reported Wednesday bring the country's total case count to 147,612.

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Regina Superstore, construction site exposed to coronavirus - CTV News
Thursday, 24 September 2020

Regina Superstore, construction site exposed to coronavirus - CTV News

People who tested positive for COVID-19 visited two locations in Regina last week, according to the Saskatchewan Health Authority.

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Wells Fargo's Charles Scharf apologises over race comments - BBC News
Wednesday, 23 September 2020

Wells Fargo's Charles Scharf apologises over race comments - BBC News

The head of the US bank apologises for an "insensitive comment reflecting my own unconscious bias".

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Time to get serious about food waste in fight against global heating - The Guardian
Thursday, 24 September 2020

Time to get serious about food waste in fight against global heating - The Guardian

It is responsible for 8% of emissions, yet food waste is not mentioned in any country’s Paris climate action plan

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Everything you now can't do in England as new Covid-19 rules come into force today - Chronicle Live
Thursday, 24 September 2020

Everything you now can't do in England as new Covid-19 rules come into force today - Chronicle Live

Boris Johnson announced the new regulations on Tuesday and they will be enforced from Thursday, with tough fines for those who break them

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Coronavirus curfew could kill the heart of London as revellers melt into the night - Sky News
Thursday, 24 September 2020

Coronavirus curfew could kill the heart of London as revellers melt into the night - Sky News

Soho's night time economy is worth billions of pounds and supports thousands of jobs in the hospitality sector.

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Covid-19: UK volunteers could be given virus to test vaccine - BBC News
Thursday, 24 September 2020

Covid-19: UK volunteers could be given virus to test vaccine - BBC News

'Human challenge trials' to test the effectiveness of possible Covid vaccines may be held in London.

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