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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.

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.

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.

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:

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.

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.

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.

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.

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.

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.

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.

...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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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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