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.”
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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