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CREDICORP: 151 Financial Institutions Show Interest Before Credit Disbursements

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CREDICORP: 151 Financial Institutions Show Interest Before Credit Disbursements

By Ifeoma Ikem

 

As the recently established Nigeria Consumer Credit Corporation (CREDICORP) advances towards disbursement of consumer credit to Nigerians, sequel to the success on its recent Expression of Interest (EOI) campaign for financial institutions, no fewer than 151 organisations have indicated interest.

The CREDICORP is a Federal Government corporation with a mandate to expand consumer credit access to millions of Nigerians. In just one month, over 151 financial institutions have completed the detailed EOI. This includes commercial banks, microfinance institutions, finance companies, fintechs, mortgage banks, and cooperatives.

Notably, 85 of these institutions are licensed by the Central Bank of Nigeria (CBN), collectively serving over 1.5 million consumer credit customers. Qualified and ready institutions are being reviewed and shortlisted for the pilot phase of the scheme, according to information from management of the Corporation.

The eagerness of financial institutions to partner with CREDICORP highlights the strategic vision and immense benefits of targeted consumer credit under President Bola Tinubu’s Renewed Hope Agenda, on a mission to improve quality of lives, help stem corruption, and catalyse industry.

The Managing Director/Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba of CREDICORP, has expressed his enthusiasm saying: “The EOI remains an ongoing process and is quite detailed. We are pleased by the depth of engagements from financial institutions – especially the leading institutions of each type.

“This speaks to the excitement of financial institutions to partner with CREDICORP to receive our development finance or targeted credit guarantees. Together with our partners, we are poised to accelerate consumer credit access, ensuring that millions more Nigerians can access the financial resources and products they need to improve their lives, backed by their income.”

From a recent report released by the Corporation on the EOI’s so far, here are other notable highlights on consumer credit by the CBN-licensed institutions:

“Average Interest Rate: The participating institutions report an average interest rate of
37% per annum on their consumer credit portfolios. This strengthens CREDICORP’s resolve in designing financial products with its partners to enable lower but sustainable rates on an ongoing basis.

Average Tenor: The institutions report an average tenor for consumer credit of 26 months, indicating a growing appetite for lending over extended periods. This contrasts with less formal lenders which may focus on shorter tenors to leverage faster turnover of capital.

Average NPLs: The consumer credit portfolios for profitable institutions show an average NPL of 6%, while the average NPL across all other credit is 9%. The commercial banks show a reverse pattern from the average (i.e. higher NPLs on consumer credit than other credit), likely due to a wider range of options to deploy their capital (e.g. corporates) and therefore deepened focus and expertise in those.

These findings underscore the dynamic nature of the consumer credit market in Nigeria and the need for continued innovation and support to ensure its sustainable growth. CREDICORP will proceed to review the submissions from Participating Financial Institutions (PFIs) in line with its governance and eligibility criteria – in preparation for disbursements to commence shortly.

The EOI for Financial Institutions remains open for submissions, and can be accessed at the Corporation’s website (www.credicorp.ng).

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*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.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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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.

 

 

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.

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MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

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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