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Debtors Africa News

Bank NPLs (2) - The Banking Industry and Its NPL Position
Saturday, 16 May 2020
Bank NPLs (2) - The Banking Industry and Its NPL Position

Bad bank loans are as old as banking itself. Borrowers of money from banks default on agreed repayment terms for a variety of reasons which include, but are not limited to, the following:

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Bank NPLs (DR 1) - The Case for a New Industry Approach
Thursday, 14 May 2020
Bank NPLs (DR 1) - The Case for a New Industry Approach

This report represents a culmination of a detailed review of the credit experiences of local Nigerian banks in the last two decades and reveals the challenges of a local lending cycle that has seen lenders become victims of the tyranny of bad and delinquent debtors.

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AMCON's Recoveries from Debtors Rise to N1.1tn
Tuesday, 12 May 2020
AMCON's Recoveries from Debtors Rise to N1.1tn

Asset Management Corporation of Nigeria (AMCON) yesterday said it has recovered a total of N1.1 trillion from debtors since its establishment.

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Unlawful Account Freeze: EFCC and Banks Cannot Take Laws into Their Hands
Sunday, 10 May 2020
Unlawful Account Freeze: EFCC and Banks Cannot Take Laws into Their Hands

An Ikeja High Court has ordered Diamond Bank Plc (Access Bank Plc) to pay a Lagos-based legal practitioner, Adetokunbo Odutola, Twenty Five million naira (N25m) as damages for unlawfully freezing his bank account.

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CBN Right of Set-Off - A Case of Regulatory Over-Reach?
Sunday, 10 May 2020
CBN Right of Set-Off - A Case of Regulatory Over-Reach?

At the 345th meeting of the banker's committee on the 26th of August, 2019, a decision was taken or rather an instruction was handed down by the Central Bank of Nigeria (CBN) through the Governor. It is called the "CBN Right of Set-Off" and it basically allows the CBN to utilize the deposit of a customer in another bank to off-set a defaulting obligation.

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AMCON Takes Over Cedar Oil Over N24bn Debt
Sunday, 10 May 2020
AMCON Takes Over Cedar Oil Over N24bn Debt

Asset Management Corporation of Nigeria has taken over the operations of Cedar Oil & Gas Exploration and Production Limited on the orders of a Federal High Court sitting in Lagos.

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New Offer Letter Clause for Credit Facilities by Nigerian Banks
Sunday, 10 May 2020
New Offer Letter Clause for Credit Facilities by Nigerian Banks

The Central Bank of Nigeria has been implementing regulatory measures to spur credit growth in the economy to accelerate economic expansion and boost employment creation.

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CBN Grants Banks' Approval To Debit Loan Defaulters
Sunday, 10 May 2020
CBN Grants Banks' Approval To Debit Loan Defaulters

The Central Bank of Nigeria (CBN) has given approval to the banks to debit any defaulting debtor across all the banks where the debtor has funds. The CBN also approved that the clause permitting the banks to apply this measure should be part of loan agreements to all customers.

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FHC Raises Doubt As To The Legality of Foreign Currency-Denominated Loans by Nigerian Banks
Sunday, 10 May 2020
FHC Raises Doubt As To The Legality of Foreign Currency-Denominated Loans by Nigerian Banks

It is common practice for Nigerian banks to grant loan facilities to customers in need of funds for the purpose of executing a project, to serve as working capital or for the acquisition of assets and for some loan facilities to be denominated in foreign currency.

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CBN Directive On Loan Defaulters: GTB CEO, Segun Agbaje Shares Perspective
Sunday, 10 May 2020
CBN Directive On Loan Defaulters: GTB CEO, Segun Agbaje Shares Perspective

Following the recent directive of the Central Bank of Nigeria on loan defaulters in the country, the CEO of Guaranty Trust Bank Mr. Segun Agbaje has been sharing his perspective on the need for a robust credit system in the country.

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Henceforth, Loan Defaults Will Be Settled With Deposits From Other Banks
Sunday, 10 May 2020
Henceforth, Loan Defaults Will Be Settled With Deposits From Other Banks

The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks.

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PMB Signs Into Law AMCON (amendment) Act, 2019 That Empowers It Access Financial Details Of Debtors
Sunday, 10 May 2020
PMB Signs Into Law AMCON (amendment) Act, 2019 That Empowers It Access Financial Details Of Debtors

President Muhammadu Buhari has signed a new law which empowers the Asset Management Corporation of Nigeria (AMCON) to put the bank accounts of its debtors under supervision.

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FG To Enforce Recovery Of N5trn AMCON Debts
Sunday, 10 May 2020
FG To Enforce Recovery Of N5trn AMCON Debts

In a renewed and spirited effort to ensure the effective recovery of over N5 Trillion being outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), a new task force has been set up to get the job done without fail.

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Supreme Court Backs BI-Courtney, AMCON to Pay N132bn
Sunday, 10 May 2020
Supreme Court Backs BI-Courtney, AMCON to Pay N132bn

The lingering battle between Bi Courtney Limited and the Assets Management Company of Nigeria (AMCON) over a N132,540,580,304.00 judgment credit was on April 5 decided in favour of Bi Courtney.

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List of AMCON’s Top 105 Debtors
Sunday, 10 May 2020
List of AMCON’s Top 105 Debtors

The Asset Management Corporation of Nigeria (AMCON) has decided to publish detailed list of all erring debtors that have failed and or refused to reach settlement resolution with the Corporation.

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A Garnishee Lacks The Power To Fight The Cause Of A Judgement Debtor
Sunday, 10 May 2020
A Garnishee Lacks The Power To Fight The Cause Of A Judgement Debtor

In Guaranty Trust Bank Plc v. Innoson Nig. Ltd. [2017] 16 NWLR (Pt. 1591) 181 at 203, paras. D-F, per Eko, JSC.

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AMCON Mulls Disengagement of Non-Performing AMPs
Sunday, 10 May 2020
AMCON Mulls Disengagement of Non-Performing AMPs

Asset Management Corporation of Nigeria, AMCON, has hinted that it would disengage Asset Management Partners (AMPs), that are unable to cope with the speed and enormous challenges of debt recovery expected by the corporation.

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All You Need To Know About Credit Bureaus in Nigeria
Sunday, 10 May 2020
All You Need To Know About Credit Bureaus in Nigeria

CREDIT BUREAUS in Nigeria: Fact Sheet

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Banks at risk of loan default, says MPC member
Thursday, 07 May 2020
Banks at risk of loan default, says MPC member

The Deputy Governor, Financial Systems Stability Directorate, Central Bank of Nigeria, Aishah Ahmad, has said banks face imminent risk of loan default from exposure to oil-related lending.

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Suspension of Debt Payments to Multilateral Development Banks a Risk to Ratings
Monday, 04 May 2020
Suspension of Debt Payments to Multilateral Development Banks a Risk to Ratings

Suspension of sovereign debt payments owed to multilateral development banks (MDBs) would be negative for MDB ratings unless they were fully compensated by their shareholders, Fitch Ratings says. The G20 and Paris Club called for MDBs to 'explore the options for suspension of debt service payments' when they announced a coordinated debt relief initiative by official bilateral creditors for the poorest countries that request forbearance.

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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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