Earth News, Author at Earth News

India Legalizes Crypto, Unveils 30% Tax on Sale of Digital Assets

India has announced plans to begin taxing income from digital assets on Tuesday, February 1, 2022, while also setting out plans for the launch of...

Politics3 years ago

Being a former governor, Ambode has chances in PDP, says party chieftain

A Peoples Democratic Party chieftain in Lagos State, Ganiu Taofik, says the gate of the PDP is wide open to accommodate ex-governor Akinwunmi Ambode and any...

News3 years ago

Police nab 37 suspects in Sokoto

The Police Command in Sokoto State said it has arrested no fewer than 37 suspects over alleged banditry in some parts of the state. Addressing a...

News3 years ago

WAEC releases withheld results of ‘exonerated’ WASSCE 2020, 2021 candidates

The West African Examinations Council has announced the immediate release of withheld results of West African Senior School Certificate Examination 2020 and 2021 candidates. In a...

Sports3 years ago

PSG loanee goalkeeper shines as Nice eliminate Messi’s side

Paris Saint-Germain were eliminated from the French Cup on Monday as Marcin Bulka, a goalkeeper they loaned to Nice, saved twice in a penalty shootout to...

News3 years ago

Lagos population causing challenges in health, others – Aregbesola

The Minister of Interior, Rauf Aregbesola, has said that the population of Lagos State is causing major challenges in health, security and the environment. Aregbesola stated...

Sports3 years ago

Ex-international Diallo hails Senegal’s advancement to semi-final

Ex-Senegales International, Mamadou Diallo, has said that the Teranga Lions of Senegal have done well at the 2021 Africa Cup of Nations. “We told the boys...

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

How to Report your Bank when Displeased – CBN

The Central Bank of Nigeria has released a guide for bank customers and others on how and where they can lodge complaints against financial institutions regulated...

Entertainment3 years ago

Why Queen blocked me on social media after BBNaija -White Money

Winner of the 2021 Big Brother Naija, Hazel Oyeze Onoduenyi, popularly known as White Money, has said one of his colleagues in the ‘Shine Ya Eye’...

International3 years ago

Ex-Miss USA Cheslie Kryst, 30, Jumps from Building, Dies

A former beauty queen who represented the United States of America, Cheslie Kryst, has died at 30. Her family and the New York City Police Department...