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US Judge Dismisses Rape Lawsuit Against Cristiano Ronaldo

The lawsuit sought a further payout after Ronaldo had already paid a woman $375,000 in hush money following her claim he raped her in Las Vegas...

News3 years ago

Democracy Day 2022: Full Speech by President Muhammadu Buhari

ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT AND COMMANDER IN CHIEF OF THE ARMED FORCES OF THE FEDERAL REPUBLIC OF NIGERIA ON THE OCCASION OF COMMEMORATION...

Entertainment3 years ago

Burna Boy’s Police Escorts Shoot Married Man After Singer Made Pass at Wife

The Lagos State Police Commissioner’s Special Squad has detained five policemen attached to singer, Damini Ogulu, aka Burna Boy, for attempted murder after they shot two...

News3 years ago

Tinubu Unfolds Agenda for Nigerians

Less than 24 hours after he emerged as the presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu has revealed his manifesto for the...

News3 years ago

Zamfara long serving emir dies at 93

The longest serving emir in Zamfara, Emir of Kwatarkwashi in Bungudu Local Government Area, Alhaji Ahmad Umar (Mai-Kwatarshi), died on Thursday at 93, having been on...

Business3 years ago

Law Violation: FG set to sanction oil companies over

The Federal Government has said it will sanction oil and gas companies that fail to comply with the Human Capacity Development provisions contained in the Nigerian...

Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s five per cent lending rate under its intervention scheme for manufacturing and other critical sectors. According to them, the loans have structural framework problems and are almost never accessed in banks at five per cent. They added that banks were more open to giving manufacturers loans at their official market rates. Speaking with The PUNCH, the Chairman of Manufacturers Association of Nigeria’s Electrical/Electronic sectoral group, Mrs Ijeoma Oduonye, said efforts made by her firm towards accessing the intervention funds through one of its designated commercial banks had proved abortive. She said, “Before now, we tried to work through one of the banks, but it didn’t materialise, now we are talking with another bank. It is a sector intervention fund that was going for nine per cent before but now they brought it to five per cent. But we as a company have not accessed it because the commercial banks we wanted to process it in could not process it. “I do not understand the details from their end. I don’t know the regulation between the bank and the CBN. But the bank told my firm they won’t be able to process it. Ordinarily, commercial banks would prefer you use their funds, it is at a higher interest rate.” Also, according to the Sectoral Chairman of the Manufacturers Association of Nigeria’s Gas users and the Executive Director of Haffar Industries, Michael Ola-Adebayo, the structural framework of the CBN intervention leading has complexities that limit manufacturers from accessing them through the designated commercial banks. He said, “We have not been getting the loans. Has any manufacturer been borrowing this money? The commercial banks have not provided the facility to borrow money at five per cent, or even 10 per cent. According to a The PUNCH report, the CBN agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023. This decision followed the resolution of the Monetary Policy Committee to increase the benchmark interest rate to 13 per cent from 11.5 per cent. When contacted, the Director of Corporate Communicatios, CBN, Mr Osita Nwanisobi, disagreed with the position of the manufacturers. Read Also CBN’s rate hike portends harder times for SMEs We’ll no longer route sensitive election materials through CBN – INEC Bank customers to produce indemnity for online transfers above N1m – CBN According to him, more than N1tn has been disbursed under the intervention scheme for the manufacturing sector and others. He said, “I don’t know who the manufacturers are, because if we have a fund, and the payout as of today is over N1tn, is it not manufacturers that collected this money? “If over N1tn has been disbursed, are they ghosts? It couldn’t have been a ghost. Under the Differentiated Cash Reserve Requirement, over N1tn has been given out. The one for manufacturers, we call it the DCCR, and it is also at five per cent.” Nwanisobi added that the manufacturing firms that might have been unable to obtain funds through the scheme were not able to pitch convincing proposals on the projects that the funds would be used for. He stated, “The banks would have to do due diligence on those projects. Somebody else has to carry that credit risk.”

Business3 years ago

MAN tackles CBN over N1tn low-interest loan

Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s five per cent lending rate under its intervention scheme for manufacturing and...

News3 years ago

Gattuso joins Valencia on two-year deal

Gennaro Gattuso has been appointed as head coach of Valencia on a deal until June 2024. The AC Milan legend replaces Jose Bordalas, who was dismissed...

News3 years ago

Gov. Fintiri imposes curfew in 2 LGAs

Gov. Ahmadu Fintiri of Adamawa has imposed curfew in parts of Lamurde and Guyuk Local Government Areas (LGAs) following renewed communal clashes. Fintiri disclosed this in...

Politics3 years ago

Sen. Aliero dumps APC for PDP

Sen. Adamu Aliero (APC Kebbi Central) on Thursday formally announced his defection from the ruling All Progressives Congress (APC) to People’s Democratic party (PDP). Declaring his...

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Stories By Earth News

US Judge Dismisses Rape Lawsuit Against Cristiano Ronaldo

Democracy Day 2022: Full Speech by President Muhammadu Buhari

Burna Boy’s Police Escorts Shoot Married Man After Singer Made Pass at Wife

Tinubu Unfolds Agenda for Nigerians

Zamfara long serving emir dies at 93

Law Violation: FG set to sanction oil companies over

MAN tackles CBN over N1tn low-interest loan

Gattuso joins Valencia on two-year deal

Gov. Fintiri imposes curfew in 2 LGAs

Sen. Aliero dumps APC for PDP

Governor Soludo Emerges Governor of The Year

DG NCSP Hosts National Atomic Energy Commission, To Foster Nigeria-China Collaboration to enhance Food Security

Rite Foods Felicitates with Muslims, Rejuvenates with Unparalleled Brands During Ramadan

Governor Soludo Welcomes President Tinubu to Southeast, Hails His Liberal Leadership

Enraged Soludo Talks Tough, Offers N10 Million Bounty for Information on Ihiala Gunmen Attack

Governor Soludo’s Stance on Nnamdi Kanu’s Release

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