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

Debtors Africa News

Bank NPLs (5) - How Banks Fared In 2018; Holding Up Against IFRS9 Tropical Winds
Wednesday, 20 May 2020
Bank NPLs (5) - How Banks Fared In 2018; Holding Up Against IFRS9 Tropical Winds

The Nigeria banking sector faced harsh challenges in 2018 as growth in the gross domestic product ("GDP") stalled in the face of falling Inflation and tighter monetary policy. GDP in 2018 grew by a sluggish +1.93% while Inflation closed the year at a modestly high +11.44%. But not only did GDP growth rate hit a large speed bump; the unemployment rate equally soared to scary heights as the industry lost most of its steam. The unemployment rate rose by +23.1% in Q3 2018 as against +18.8% in the same quarter a year earlier. Underemployment rate equally rose to +20.3%. The combined unemployment and underemployment rate for Nigeria in 2018 was therefore +43.4%; easily one of the worst in Africa.

Read More
Bank NPLs (4) - A Short History of Recovery Efforts - A Time Series Analysis
Monday, 18 May 2020
Bank NPLs (4) - A Short History of Recovery Efforts - A Time Series Analysis

Loan recovery has had a colourful history in Nigeria. Indeed, resolving the issues of bad bank loans has existed for at least three decades but the problem became more challenging as bank capital grew larger and lenders had access to bigger loanable funds. The lending capacity of banks grew significantly between 2005 and 2010 and between 2010 and 2015. Nevertheless, with bigger lender capacity came larger loan headaches, with the economy in a recessionary tailspin in 2015 and 2016, NPLs also rose with banks making larger loan impairment adjustments on their income statements. By 2018 banks were gearing up for the implementation of new accounting rules by the International Financial Reporting Council (IFRC) and the new IFRS9 provisions which required banks to take impairment charges from a forward-looking perspective as against the rear-view approach adopted by the previous International Accounting Standard (IAS).

Read More
Debtors Africa Launches Searchable Digital Database of Recalcitrant and Delinquent Debtors
Sunday, 17 May 2020
Debtors Africa Launches Searchable Digital Database of Recalcitrant and Delinquent Debtors

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.

Read More
Bank NPLs (3) - The State of NPLs
Sunday, 17 May 2020
Bank NPLs (3) - The State of NPLs

The Current State of NPLs in Banks In the last decade, NPLs have been creatures of a weak global and domestic economy and poor loan administration in different banks to different degrees, depending on the bank. How We Got Here - NPLs in Nigeria Banks 2008 - 2018 The global financial crisis of 2007-2008 created challenges in the Nigerian economy, the drying up of global liquidity put increased pressure on the domestic financial market as interest rates went up and weak domestic spending resulted in growing corporate inventories and climbing debt.

Read More
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:

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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

Read More
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.

Read More
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.

Read More



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.

Read More
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.

Read More
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.

Read More
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.”

Read More
‘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."

Read More
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.

Read More
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.

Read More
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.

Read More
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.

Read More
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…

Read More
‘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."

Read More
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.

Read More
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

Read More
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

Read More
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’

Read More
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

Read More
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.

Read More