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Nigeria: End Game - Banks Now to Seize Defaulter's Funds in Other Banks
Vanguard, 14 July 2020
The Central Bank of Nigeria, CBN, has issued guidelines on the Global Standing Instruction, GSI, which enables banks to seize loan defaulters' money in other banks. The apex bank… Read more »
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Nigeria: Explainer - CBN's New GSI Policy: What Bank Customers Need to Know
Premium Times, 3 August 2020
On August 1, a new policy that will deny serial bad debtors any cover to operate went live in the Nigerian banking system. The Central Bank of Nigeria (CBN) says the Global… Read more »
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Nigeria: GSI Directives - Did the CBN Get It Right?
This Day, 21 July 2020
In this article, Learned Senior Advocate, Kemi Pinheiro, briefly examines the provisions of the Guidelines on Global Standing Instruction (GSI) (Individuals), considers some of its… Read more »
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Nigeria: Dormant Loans Hit U.S.$3 Billion As Experts Differ On Plans to Debit Defaulters
Daily Trust, 30 July 2020
Non Performing Loans (NPLs) have risen to N1.2 trillion as of June 2020, with a N721.3 billion increase since 2015, statistics have shown. Read more »
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Nigeria: Analysts Anticipate Pressure On Nigerian Banks' Revenue
This Day, 29 July 2020
Nigeria's banks are expected to take a big hit to revenues and face rising borrowing costs this year as Central Bank of Nigeria's (CBN) measures to support the naira squeeze… Read more »
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Nigeria: CBN Bars Loan Defaulters From Accessing Credits in Nigerian Banks
Premium Times, 2 July 2014
The Central Bank of Nigeria, CBN, on Wednesday barred all financial institutions from extending further credit facilities to loan defaulters in the country's banking system. Read more »
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Nigeria: Curbing Malpractices in Banks
This Day, 28 July 2020
The authorities could do more to contain the menace Read more »
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Nigeria: Commercial Banks Write Off U.S.$4 Billion in Bad Debts in 4 Years
Vanguard, 28 July 2020
A minimum of N1.9 trillion impaired loans has been written off by commercial and merchant banks operating in Nigeria from their loan portfolio in the last four years, a report by… Read more »
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Nigeria: Enhancing Confidence in Banking Sector
This Day, 22 July 2020
Obinna Chima highlights issues that should be considered by members of the National Assembly as they work on the Banks and Other Financial Institutions Act 2004 (Repeal and… Read more »
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Nigeria: Agbaje - New Lending Clause Will Reduce Loan Default
This Day, 2 September 2019
The Managing Director/Chief Executive Officer, Guaranty Trust Bank Plc, Mr. Segun Agbaje, in this interview on Arise Television, a THISDAY sister broadcast station, spoke about the… Read more »
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Nigeria: CBN's New Lending Policy Puts 7 Banks Under Pressure
Vanguard, 15 July 2019
A total of seven leading deposit money banks, DMBs, may now be under pressure to beef up their loan portfolio following a recent directive by the Central Bank of Nigeria, CBN,… Read more »
New Bank Rules Catches Up With Nigerian Loan Defaulters
From August 1, 2020, a new policy clamping down on serial bad debtors came into effect. The Central Bank of Nigeria (CBN) issued guidelines on the Global Standing Instruction (GSI) which enables banks to seize loan defaulters' money in other banks. Each bank will need to report regularly to the CBN on recoveries made through the GSI, as well as releases made to other banks, writes Emma Ujah for Vanguard.
InFocus
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The Central Bank of Nigeria has waived the requirement for the provision of guarantors by households and small and medium enterprises applying for its U.S.$129 million targeted ... Read more »
