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Banks To Seize Defaulter’s Funds In Another Bank – CBN

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Defaulter’s Funds CBN Banks loan defaulters

Banks To Seize Defaulter’s Funds In Another Bank – CBN

Central Bank of Nigeria (CBN) has declared Guidelines on the Global Standing Instruction (GSI) and has granted banks the right to seize loan defaulters’ money in other banks.

According to the Apex bank, the Global Standing Instruction (GSI) guidelines was declared to enhance loan recovery in the banking sector and to facilitate an improved credit repayment culture; reduce Non-Performing Loans in the banking industry; and watch-list consistent loan defaulters.

Accounts eligible for such seizures include individual savings accounts, current accounts, domiciliary accounts, investment /deposit accounts in both Naira, foreign currencies; as well as electronic wallets and joint accounts.

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The statement read in parts;

“The GIS shall serve as the last resort by a creditor bank without recourse to the borrower to recover past due obligations principal and accrued interest only, excluding any penal charges from a defaulting borrower through a direct set-off from deposit/investments held in the borrower’s qualifying bank accounts with participating bank accounts.”

 

While the Nigeria Inter-Bank Settlement System (NIBSS) and the apex bank would be expected to work together for successful implementation of the guidelines, it is expected that all banks must execute the GSI Mandate Agreement with the NIBSS and ensure that all qualifying accounts remain visible to NIBSS on the Industry Customer Accounts data.
Accounts of borrowers must be linked to their Bank’s Verification Number (BVN), as failure to do so would attract such accounts being watch-listed when discovered. It is also expected that all banks will honor all balance inquiry and debit advice received from NIBSS for GSI Trigger in accordance with the master agreement including GSI recall instructions.

Chief Executive Officers of banks have been directed to routinely update the Board of directors on the GSI process as it relates to the frequency of use and amounts recovered or released, and banks have also been ordered to report regularly to the CBN on recoveries made through the GSI as well as releases made to other banks.

 

Any creditor that violates the guidelines would be made to take full liability and pay a flat fine of N500m per incident.

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Lagos-Ibadan Railway, Buhari to Commission January 2021

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Buhari to Commission Lagos-Ibadan Railway January 2021

 

The Minister of Transportation, Rotimi Amaechi, has announced that President Muhammadu Buhari will commission the Lagos-Ibadan railway in January 2021 to improve movement for cargoes and passengers in the country.

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Amaechi made the disclosure during an oversight visit from Lagos to Ibadan while inspecting the ongoing construction of the standard gauge in Ibadan.

The Minister said that the contractors had done their best with the project while attributing weather conditions as one of the challenges being faced by the contractors.

The Minister tasked the contractors on the Lagos-Ibadan railway line to ensure completion of all the stations by December including the Apapa station which started late, so it can be commissioned and the route made fully operational.

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Senate President Calls For End To #EndSARS Protest

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#EndSARS: Senate President Calls for End to Protests

The Senate President , Ahmad Lawan, after a closed-door meeting with Nigeria’s president, Muhammadu Buhari, on Sunday called for an end to the hashtag EndSARS and hashtag EndSWAT protests that have rocked the country for the twelfth day.

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The Senate President  noted that since the issues raised by the protesters have been accepted by the government, the time had come for the protests to stop.

He further added, that government needs to have time to implement the demands of the protesters.

The meeting which took place Sunday afternoon also had the speaker of the house of representatives, Femi Gbajabiamila in attendance.

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#EndSARS Protesters Launch “Soro Soke’’ Radio

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#EndSARS: Protesters Launch “Soro Soke’’ Radio

#EndSARS Protesters on Sunday launched an online radio, called “Soro Soke’’ even as the protests continue across the country.

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The Soro Soke radio has a bouquet of Programmes aimed at educating and communicating with protesters and also coordinate activities nationwide.

Soro Soke radio which has gone live will also serve as a platform to report missing persons.

The mantra, Soro soke, a Yoruba phrase which means ‘speak up,’ gained traction last week after the  #EndSARS protesters in Lagos told governor Babajide Sanwo-olu to ‘Soro Soke’ whilst addressing them.

Soro Soke radio has also opened a twitter handle to serve as a link between listeners and the media outlet.

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@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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