Business
Beneficiaries Repay N3.7trn Of N9trn Intervention Funds – Central Bank
Beneficiaries Repay N3.7trn Of N9trn Intervention Funds – Central Bank
The Central Bank of Nigeria has disclosed that out of the N9 trillion disbursed as intervention funds to the various sectors of the economy, N3.7trn has been paid back by beneficiaries while over N5trn is not yet due.
The director of Development Finance Department, Central Bank of Nigeria, Mr Philip Yila Yusuf, disclosed this yesterday while briefing journalists at the maiden post Monetary Policy briefing.
Yusuf said: “We have lent out N9.3trn; as at yesterday, N3.7trn has been repaid. Most of them are still under moratorium, especially the manufacturing sector which forms the largest part of our portfolio over 31 per cent.
“In the last two to three years, we have moved from agriculture which used to be the biggest buyer of lending to manufacturing.”
He explained that it takes a long time to order the equipment manufacturers require. “You know, you have to put buildings in place, assemble them, so it takes a long time. You begin to see the net effect of all those investments in the fourth quarter (2022).
“We are slowing down on interventions; it’s not as if we are not going to do anymore. Only interventions that are very critical. MSMEs that are statutory which take 5% of every bank’s profit after tax, it is not a lot to deploy to SMEs, and supporting the electricity sector is very critical. Interventions have stopped as of yesterday,” he said.
On repayments of other interventions, Yusuf explained that most of the portfolios are quite securitised. “Where we are at risk are really around MSMEs and then the Anchor Borrowers Programme (ABP),” he said.
He said agric is 21% of the portfolio and one of the best-performing interventions is a Commercial Agric Credit Scheme (CACS) of which CBN lent N800bn and almost N700bn has been repaid.
“But there’s also a primary production element which is the ABP. N1trn for the ABP, of which we have got close to N400bn. Some of them are small-holder farmers, and every single person who is taking that loan is going to pay; we have their BVN,” he added.
Recovering state govt loans
The CBN official also said loans to the state government are being recovered. “We have also started recovering loans from state governments. We have been doing a loan workout programme with them, and we are debiting their FAAC directly for the loans. So, if a state government has taken N1bn and is in default, over a six-month period, we are going to be debiting them N150 million every month.”
The apex bank is also working with the Economic and Financial Crimes Commission (EFCC) to track defaulters. “The governor has approved for us and EFCC to set up a desk to help us recover the loans where we are at risk. The defaulters are under the ABP and SMEs loans given during COVID-19. It is only when you pay back that we can have those funds to be able to lend back. We’ll move to a regime where we’ll want to begin to push out funds.”
Increase in interest rate reflective of MPR?
The director of Monetary Policy, Central Bank of Nigeria (CBN), Hassan Mahmud, said the latest increase in the interest rate is the best path.
“We increase it from 10% to 30% of MPR and it stands to reason that with the hike in the MPR yesterday to 15.5%, that will also change.”
He said a number of banks have actually raised the savings rates, adding that the apex bank expects to see a more critical mass of them by the effective date of the circular.
Mahmud also speaking on Ways and Means said, “We are also very mindful of this and making sure that this is highly moderated because it’s also fuelling the liquidity that we have within the system.”
On the gap between the official forex window and the parallel market, the director of Trade & Exchange Department, CBN, Dr Ozoemena Nnaji, said the main drivers of those are the difference in demand and supply and demand outstripped the supply of forex.
Nnaji explained that even in the parallel market, the demand in that market or the share of that market, in proportion to the whole demand of the economy for foreign exchange, is very small.
“But that’s the market that is loudly quoted or often quoted. The central bank is doing a lot to ramp up supply.”
The director, Banking Supervision of CBN, Mr Haruna Mustafa, said the decision to adjust the Cash Reserve Ratio (CRR) is to mop up liquidity and it has been a very potent tool.
He also said the Loan-to-Deposit Ratio (LDR) policy relaxed at 60% earlier and inspired more lending by banks which helped recovery during COVID-19. The apex bank raised it to 65% recently which he said, “But recently, we signaled the resumption of enforcement. And based on the recent numbers we’ve seen; we’ve also seen an uptick in terms of the number of banks that have met that threshold.”
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Business
Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)
Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)
The board of directors of Afriq Arbitrage Systems after an emergency meeting condemned in strong terms the attitudes of Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.
In the lawsuit through the legal representation of Jesam Michael and AAS by Barrister Ovat the service required the defendants to appear In court within 14 days, else judgement will be issued against them in absentia.
It would be recalled that few days after series of cyber bullying against the CEO of Afriq Arbitrage System, Jesam Micheal and his Family by MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK in collaboration with one TOCHUKWU NWOYE, DINGCHI YARLING, Godwin, Benjamin Uwanga and Findins, Jesam escaped assassination attempt as gunmen numbering over ten, armed with sophisticated weapons invaded his lounge in Lagos seeking for him.
Information available to us revealed that when the hardened criminals invaded the lounge on Friday, April 5th, 2024 where Jesam was billed to address his workers, they were demanding for him and when they learnt he couldn’t make the meeting as expected, they descended on the staff and customers threatening to kill them in his stead. They also went away with the company’s properties such as laptops, equipment and gadgets of staffers and customers.
Micheal Okoh who has been ranting on Social media against the CEO of Afriq Arbiritage System has been exposed along with Prince Humble Eteng, Okoi Denock as partners in crime with Abayomi oluwasesan who is in prison for defrauding the financial platform to the tune of $87 million dollars
According to reports, Micheal Okoh is an investor in AAS who has benefited from the scheme and has withdrawn over three thousand dollars which he never disclosed to his gullible followers until the evidence was uncovered and exposed to the community.
Aside from that, information revealed that Micheal Okoh, Prince Humble And Okoi Denock have been working in tandem with Abayomi in plotting the loot from AAS and threatening the life of Jesam Michael and his family. In a series of life threatening messages the plotters swear to eliminate him and his family for standing on the path of truth, justice and for arresting Abayomi in recovering the loot. Also, these revelations are not unconnected to the fact that these people engineered Abayomi not to return investors money back to the community.
However, the long arm of the law will soon reach them as Abayomi who has willingly confessed to the heinous crime he committed to the company is arrested and taken to court where he is Remanded and Micheal Okoh and his cohorts we learnt are also on the radar of the security operatives for collaboration and cyber bullying.
Sadly, the threat to life of the CEO and his family by these people should not be taken lightly as just as Mr Micheal Okoh said in his video that he will bring him down, same day, gunmen were sent to invade AAS lounge on the same day he was to address his workers for the year.
According to the security officer of the company, the ugly incident has never happened before on any of their investments until this brazen threats from Mr Okoh and others.
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