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BoI Grants 3 Months Moratorium on Loans

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Bank of Industry (BoI) has granted three months moratorium to all loans it extended to its customers to enable them cope with the negative impact of the COVID-19 pandemic on their businesses.

BoI Grants 3 Months Moratorium on Loans

The Bank explained in a statement that the moratorium was in line with the recent directive of President Muhammadu Buhari on loans’ moratorium and, “advised that customers requiring more than three months can apply for a further extension, which can be up to one year (12 months).”

The Bank also reduced the, interest rates on all BoI -funded projects by two per cent per annum, from the 10 per cent it was previously, to eight per cent per annum. This became effective since April 1.

This, stated, has also been communicated to customers and partnering commercial banks.

In addition, the BoI said it has also worked with its funding partners to obtain interest rate reductions on some of the funds it manages.

“The Bank worked with the Nigerian Content Development Management Board to reduce the interest rates on credit facilities approved under its managed fund from eight per cent pa to six per cent per annum.

“Moreover, all intervention funds granted by the Central Bank of Nigeria (CBN) and disbursed by the BoI have been covered by the CBN’s palliative measures, which include moratorium extension and interest rate reduction to five per cent per annum, which has also been communicated to the relevant customers.

“The Bank has written to all the managing directors and chief risk officers of its partnering commercial banks, officially notifying them of the bank’s position on these initiatives,” it added.

Other interventions of the BoI to support government and private sector initiative to fight COVID-19, it revealed, included the donation of N700 million to the COVID-19 fund, to the Lagos State Government and the FCT Ministerial Committee on COVID-19.

“These are trying times. But you can take comfort in the commitment of our health officials, the coordinated response of our federal government and the strength of our financial system.

“The Bank wishes to restate its commitment towards actualising its goal of supporting economic development and industrialisation, which it would continue to implement through its mission of providing financial and business support services to enterprises in line with the economic agenda of the federal government of Nigeria,” the statement added.

It described the COVID-19 pandemic as a clear and present danger to the world especially developing nations like Nigeria from a health as well as an economic perspective.

The BoI also noted that, “these are very challenging times for all Nigerians, including our dear customers.”

“This is why the Bank has been working tirelessly to provide the critical support required by our customers not only to survive but to thrive in these difficult times,” BoI said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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