Business Archives - Page 32 of 51

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.”

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...

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Google Quietly Introduces Annual YouTube & Music Premium Subscriptions

If you currently subscribe to either YouTube Premium or Music Premium, there’s now an option to sign-up for a year rather than month-to-month. New subscribers can...

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Dangote, Rabiu, Adenuga make Forbes’ Africa richest people list

The Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote, has been named the richest man in Africa for the 11th year in a row...

Ponzi Scheme: Reps Purport aforementioned a 10-year Jail Term for Operators

Business3 years ago

Ponzi Scheme: Reps Purport aforementioned a 10-year Jail Term for Operators

A bill seeking to regulate Ponzi investments and pyramid schemes by proposing a 10-year jail term for operators in Nigeria has passed its second reading at...

Rolls-Royce Records High Sales during Pandemic

Business3 years ago

Rolls-Royce Records High Sales during Pandemic

Britain’s Rolls-Royce Motor Cars has stated Monday that it enjoyed record annual sales of its luxury status symbol vehicles, as the broader sector grappled with pandemic...

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FGN Set to Launch another Satellite

The Federal Government of Nigeria (FGN) has articulated its resolve to launch another satellite through the Nigerian Communications Satellite (NigComSat) before the end of the year...

Commodity Prices Heighten Inflation to 15.63 Percent in December

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CPI: Commodity Prices Heighten Inflation to 15.63 Percent in December

The National Bureau of Statistics (NBS) has disclosed that the Consumer Price Index which measures the level of inflation rose to 15.63 percent in December compared...

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Reports: Nigeria’s Debt Stock Hits N39.6tn in November

The total debt stock of Nigeria rose from N32.9 trillion to N39.6 trillion between December 2020 and November 2021. This came to limelight through the Minister...

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FG Pledges Increased Forex Sale to Manufacturers

The Federal Government through the Minister of Industry, Trade and Investment, Niyi Adebayo, has assured manufacturers of its support to enable them to get good returns...

FG rakes in N8.6trn from FIRS, Customs in 2021

Business3 years ago

Just In: FGN rakes in N8.6trn from FIRS, Customs in 2021

The federal government of Nigeria (FGN) has taken-in the sum of N8.6trn as taxes for the year 2021. As sighted by Earthnews, data released by the...

Earth News

How to Report your Bank when Displeased – CBN

Google Quietly Introduces Annual YouTube & Music Premium Subscriptions

Dangote, Rabiu, Adenuga make Forbes’ Africa richest people list

Ponzi Scheme: Reps Purport aforementioned a 10-year Jail Term for Operators

Rolls-Royce Records High Sales during Pandemic

FGN Set to Launch another Satellite

CPI: Commodity Prices Heighten Inflation to 15.63 Percent in December

Reports: Nigeria’s Debt Stock Hits N39.6tn in November

FG Pledges Increased Forex Sale to Manufacturers

Just In: FGN rakes in N8.6trn from FIRS, Customs in 2021

Anambra’s 21 LGAs Unite Behind Soludo, Demonstrating a Mandate Renewed, a Vision Reaffirmed

Anambra Assembly Commends Governor Soludo on the Ekwulobia Transformation and Oko Flood Control Project

Soludo Solution and Transformation of Anambra Must Continue, Anambra Youths Insist as They Donate N10.5 million for Governor’s Re-election

Anambra State Government Debunks Fake News on Alleged Arrest of Half-Naked Women

DG, Nigeria-China Strategic Partnership Felicitates Chinese on Lantern Festival

Jamara Home Celebrates Valentine’s With Consumers, Introduces Special Love Discounts For Lovers

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