E-Financial
CBN Opens Black Book for Bad Debtors
Central Bank of Nigeria (CBN) has opened a black book for serial defaulters in a new zero tolerance regime against bad debtors in the nation’s financial system.
The apex bank is to also publish names of such blacklisted borrowers, with a view to preventing them from accessing loans from any Nigerian bank again.
Under the plan, even borrowers of less than N5 million who have defaulted in repayment would be barred from further enjoying fresh credit.
Also, banks would not be disposed to financing new investments in the power sector, but rather, concentrate on the existing businesses to ensure that the investors attain their full capacity installations.
These were some of the new rules rolled out by the new Governor of CBN, Godwin Emefiele, at his inaugural meeting with chief executives of money deposit banks, under the aegis of Bankers’ Committee, yesterday in Abuja.
Consequent upon this plan, a black book containing names of banks’ bad debtors in the country would be opened immediately to blacklist defaulters from further obtaining bank loans in the country. The initiative will be assisted with the ongoing banks’ biometric capturing exercise, which pilot exercise ended at the weekend, where over 10000 bank customers were registered.
The new rules were disclosed yesterday by Mrs. Tokunbo Martins, director of Banking Supervision of the CBN , at a briefing after the Bankers’ Committee meeting.
She was accompanied by Phillips Odouza, GMD, UBA; Segun Agbaje, GTB; and Ladi Balogun, FCMB,
Martins said that “Blacklisting of debtors is something that we have to do gradually. You remember that in 2012, we issued a circular, blacklisting borrowers of N5 million and above from banks and those loans went bad and ended up in AMCON and they were blacklisted.
“What we are doing right now is that we are moving that threshold down, we are working out the modality. It is something that will be concluded very soon and then the industry will know. In fact, the entire country will know those that are no longer entitled to borrow from banks, because they have defaulted in some loans in the past,” she said.
With the publications of their names, the apex bank Director of Banking Supervision said the CBN would make sure that any of the serial and fraudulent borrowers was prevented from borrowing again from any Nigerian bank.
On macro economic stability, which was one of the issues discussed at the meeting, the bank chiefs observed that the new CBN governor was committed to price and exchange rate stability.
The committee, observing that though the interest rate was most desirable at present, however, said the new CBN, under Mr Godwin Emefiele, was working towards bringing interest rate down, a task it observed would be gradual.
In the area of development banking, the bankers’ committee said the new CBN would focus attention on agriculture, small and medium scale enterprises and power.
Rather than supporting the establishment of new power plant, the committee said it would focus on the existing power plants and ensure they performed to installed capacity.
The bankers’ committee also announced that over 10,000 bank customers had been enrolled in the first phase of biometric exercise, which came to an end last week.
The committee also disclosed that many bank customers were no longer coming to transact businesses in the banking halls, with their migration to e-platform.
However, the committee stated that the number of banking public, still under 30 million, was low, compared to the number of telephone subscribers, whom they described as potential bank customers.
“We have a means of identification of customers. So far, about 10,000 customers have been enrolled and we have continued to make progress.
“The pilot phase was actually concluded last Friday and the roll out for customers started yesterday (Monday). We believe that it’s going to assist the economy.
“It is going to assist us in consumer lending, to provide credit availability to people that have not been included in the banking system,” the committee stated.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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