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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...

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...

News3 years ago

NURTW disassociates self from clash with police

The National Union of Road Transport Workers has disassociated its members from the mayhem that happened at Diamond Hotel, Ibadan, Oyo State during which some policemen...

News3 years ago

Tinubu jets out of Nigeria weeks after declaring presidential ambition

All Progressives Congress chieftain, Bola Tinubu, has travelled out of Nigeria few weeks after declaring his intention to contest the 2023 presidential election. A member of...

News3 years ago

Timothy Adegoke’s body leaves UNIOSUN morgue for burial

Remains of Timothy Adegoke, the master’s degree student whose death occurred at Hilton Hotel, Ile-Ife, in November 2021 left the morgue of Osun State University Teaching...

News3 years ago

Hanifa: Police arraign alleged killer’s wife

The wife of the alleged kidnapper and killer of a five-year-old girl, Jamila Abdulmalik Muhammad Sani, has been arraigned before Kano State Chief Magistrate Court sitting...

News3 years ago

UNICEF Launches Campaign to Boost COVID-19 Vaccinations in Africa

UNICEF on Wednesday started an eight-week campaign to help boost COVID-19 vaccinations across Africa. UNICEF said the first-ever U-Report Challenge which came a week after COVAX...

News3 years ago

World Customs Day: Nigeria Customs banks on Digital Technology for Revenue Generation

The Nigeria Customs Service (NCS) has deployed digital technology and scaled up data usage in its operations as the secret to boosting its revenue generation capacity....

News3 years ago

Like Twitter, We’ll Regulate Whatsapp, Facebook & Instagram in Nigeria – Minister

The Federal Government says it is set to amend its relevant statutes and code to enforce the operational conditions of Twitter on other social media...

News3 years ago

UK Resumes Work, Study Visa Applications Processing in Nigeria

The United Kingdom (UK) has announced the resumption of work and study visa applications processing in Nigeria. The British High Commission had on December 6, 2021,...

Earth News

Lagos population causing challenges in health, others – Aregbesola

How to Report your Bank when Displeased – CBN

NURTW disassociates self from clash with police

Tinubu jets out of Nigeria weeks after declaring presidential ambition

Timothy Adegoke’s body leaves UNIOSUN morgue for burial

Hanifa: Police arraign alleged killer’s wife

UNICEF Launches Campaign to Boost COVID-19 Vaccinations in Africa

World Customs Day: Nigeria Customs banks on Digital Technology for Revenue Generation

Like Twitter, We’ll Regulate Whatsapp, Facebook & Instagram in Nigeria – Minister

UK Resumes Work, Study Visa Applications Processing in Nigeria

TPT International’s CEO, Adetokunbo Modupe Leads NIPR Discussion on Policy Marketing and Boardroom Communication

Soludo Delivers Once Abandoned 16.5 km Nza Ozubulu-Ukpor Road, Commended By Community Leaders

Soludo’s Disruptive Change through Anambra’s Strategy Evaluation and Execution Office for optimal service delivery

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

Soludo Clarifies Position on Native Doctors Involved in Criminal Activities

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