Connect with us

Legislature

Anchor borrowers loan Default: Senate asks CBN to debit commercial Banks at Source

Published

on

Share this story

Apparently piqued over the level of loan default by beneficiaries of Anchors Borrowers Programme of the Central Bank of Nigeria (CBN), the Senate has ordered the apex bank to debit the account of commercial banks that guaranteed the loans

The Senate adhoc Committee set up to investigate the printing of N30 Trillion by the CBN through its Ways and Means overdraft and the disbursement of Anchors Borrowers Programme under the Muhammadu Buhari administration issued order at its inaugural sitting on Tuesday.
At its session with officials of the apex bank led by Deputy Governor, Corporate Services, CBN, Bala Bello, the Senate adhoc team led by Senator Jibrin Isah, was peeved that the outstanding sum of N358billion stands the risk of being categorised as bad debt.

Senator Isah who was not impressed with explanations offered by officials of the apex bank to restructure the loans asked the apex bank to go after the collaterals offered by the defaulting beneficiaries, through the Commercial Banks
He said:”They defaulted and why do they default. You can’t restructure the loan forever.! You can go after the collateral, you must up your games, we need to recover these monies. We can’t continue to restructure forever.
“We are talking about N358b that hasn’t
been repaid and at the risk of default.
“For those that have defaulted, I suggest that we put a peg on the interest . Our focus should be on the principal. On that, those loans must have been guaranteed by the banks. I want to believe that those banks must have covered their backs through collateral. I am sure no bank will grant loans without collateral . “They must open up to you. We have the power to go through the whole hog by debiting them at source. We can do that, let them go to Court.”
Deputy Governor, CBN, Corporate Services, Bala Bello expressed regrets over the lack of supervision by the immediate past management of the CBN under its erstwhile Governor, Godwin Emefiele.
He assured the lawmakers that the new management was doing everything possible to recover outstanding loans.
“On our own part, I want to tell you that the new management of CBN have given us a mandate to get the money back. We are under responsibility to recover these money, they belong to tax payers. It saddens my heart to answer questions on things we don’t know. But we inherit both assets and liability. Things could have been done better.”
Speaking on the Ways and Means advances, the Chairman of the Senate adhoc Committee expressed disappointment that the CBN Act was observed in the breach by its immediate past Governor, Godwin Emefiele whom he noted unilaterally approved loans without recourse to the statutory approving authority, the Committee of Governors.
“Under the Ways and Means, Committee of Governors should have been the approving authority. But the CBN Governor did not do that, he unilaterally approved.
“We also want to know the total figure of the Ways and Means because what we have here, the figure didn’t add up. We want to know who got what . ”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Legislature

NASS Clerk wades into DSS, Staff face-off, tells security operatives to be civil

Published

on

By

Share this story

***Reads riot act

Apparently piqued by the commotion caused by the alleged brutality of some top staff of the National Assembly on Friday by the personnel of the Department of State Services (DSS), the Clerk to the National Assembly(CNA), Alhaji Sani Magaji Tambawal has read the riot act to all security operatives in the complex.
He charged them to be civil in carrying out their duties at all times.
A statement signed by Birma Shuaibu Maina, Secretary, Human Resources and Staff Development on behalf of the CNA pointed out that the top management of the National Assembly was aware of the unfortunate incident that happened on Friday, 17th May, 2024.
It further said the CNA and top management team visited Comrade Odo at the National Assembly Clinic and immediately called for an emergency meeting between the Management, Security Personnel and Parliamentary Staff Association of Nigeria (PASAN) officials during which the “unfortunate incident” was deliberated upon and unanimously resolved as follows:
“That DSS and other Security operatives should work in harmony with the Sergeant-At-Arms.
“All security operatives within the National Assembly Complex should be civil in the discharge of their duties.
“All members of Staff should always display their I. D. cards for easy identification”.
Finally, the CNA and the top management appealed to the staff to be “calm, peaceful and law abiding as the situation is under control”.
It will be recalled that a face-off between the DSS and some staff of the National Assembly Friday, led to the brutalization of two senior staff of NASS leading to demonium at the complex

Continue Reading

Legislature

Natasha makes case for local industries development

Published

on

By

Share this story

***Pays courtesy call on SMEDAN DG

The Chairman Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan, on Thursday, made a strong case for the development of Local industries through creation of a market for local manufacturers rather than just training them in their existing skills.


She spoke when she met with the Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, to make case for the growth of local factories and the manufacturing of made-in-Nigeria products.

The meeting, also attended by Senator Ede Dafinone, Vice Chairman of the Senate Committee on Local Content, focused on developing local content, investing in local manufacturers, and strengthening homemade products to boost the economy and create jobs for youth.


Senator Akpoti-Uduaghan emphasised the need to support local manufacturers and promote made-in-Nigeria products, highlighting the potential of local products like handwoven fabrics (popularly known as Kitipa in Ebira parlance), which can be used to produce shoes for military, paramilitary, and Corps members. This, she noted, would reduce importation and boost the economy.

“You cannot teach a local person how to make shea butter or black soap. They already know it. But what they need is market and access to finance.
“Local manufacturers need training on how to access markets and brand their products for international export. They already possess the skills, but need guidance on branding and marketing,” she stated.

Senator Akpoti-Uduaghan cited examples of successful international partnerships, such as the French cosmetics company L’occitane and Burkina Faso’s Shea butter industry, and Zara and Ethiopia’s cotton industry. She suggested that Nigeria could similarly partner with international brands like Prada or Louis Vuitton to boost its leather industry, creating revenue and downstream sectors.

The lawmaker criticised the government’s ‘50,000-era enterprise’ initiative, stating that it does not effectively support local industries.

She also emphasised the need for agencies like SON and NAFDAC to be more accessible and responsive to small-scale businesses.

By harnessing the local content of every part of the country, growing and strengthening it to produce in commercial quantity for local consumption and export, Senator Akpoti-Uduaghan believes that Nigeria can create more jobs, reduce importation, and boost the economy.

In his remarks, the SMEDAN boss promised to create a viable market for local content industry by working closely with the National Assembly to encourage local manufacturers to boost the local products that are needed in the country and valued outside the shores of Nigeria.

Continue Reading

Legislature

Senate okays establishment of North West Development Commission

Published

on

By

Share this story

The Senate has approved the North West Development Commission (NWDC) bill to address the challenges facing the seven states in the geopolitical zone.

The approval came after the consideration and adoption of the report of the Committee on Special Duties on the NWDC (Establishment).

The bill to establish the commission was sponsored by t

The Deputy President of the Senate, Senator Barau Jibrin and 20 other senators from the seven states in the North West geopolitical zone sponsored the bill to establish the commission
Chairman of the committee, Sen. Shehu Lawan Kaka (APC, Borno Central) moved the motion for the presentation and consideration of the report, while Sen. Ireti Kingibe (LP, FCT) seconded it.
Presenting the committee’s report, Senator Kaka pointed out that the intent and purpose of the bill are well structured and strategically streamlined for the socio-economic development of the North West geopolitical zone of the country.

He added that the commission’s establishment would bring the federal government closer to the North Western states and meet the yearnings and aspirations of the people.
He, therefore, urged the Senate to pass the bill.

When the bill was put to vote by the Deputy President of the Senate, Senator Barau I Jibrin, who presided over the plenary, the senators unanimously supported it.

In his remarks, Senator Barau commended his colleagues for supporting the bill’s passage.

When established, he said the commission would address the challenges facing the geopolitical zone and, by extension, the country.

Describing the North West as the food basket of the country, he said the commission, when established, will work towards the restoration of infrastructure destroyed by Boko Haram insurgents and bandits in the region.

” So if we are serious about ensuring we have food and for food security to be attained in this country, we must provide the necessary infrastructure for all our key sectors to thrive well.

“This commission is needed. I commend you all for supporting this; no one said no. Everybody supported this idea. So, now we are pushing the Bill to the House of Representatives for their approval and then to Mr President for assent,” he said.

Continue Reading

Trending