South African opposition leader, Julius Malema, has cautioned the continent against loans from Brentwood organisations and others, warning that such moves can undermine Africa. Malema spoke on Sunday in Enugu as a keynote speaker during the opening ceremony of the Nigeria Bar Association (NBA) Annual General Conference. According to the outspoken South African, such…
Zamfara State Governor Dauda Lawal has been caught in a web of contradictions after claiming in a recent live television interview that his administration has not borrowed any money since assuming office in 2023. However, official budget performance reports obtained by SaharaReporters tell a completely different story. Governor Lawal, while speaking during a…
The Nigerian government has been applauded for its innovative approach to student loans, where institutional fees are paid directly to tertiary institutions. Plateau State Governor, Barr. Caleb Mutfwang, gave the commendation yesterday in Jos, Plateau State, when he received the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, ahead…
In August 2024, the Central Bank of Nigeria (CBN) announced the merger of Unity Bank and Providus Bank to stabilise the country’s financial sector and mitigate potential risks. A review of Unity Bank’s recently published 2023 financial statement by SaharaReporters has exposed the severity of its financial challenges, highlighting its struggle to remain operational. The…
The Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately as part of new measures to strengthen corporate governance and risk management within the banking sector. The directive is in a circular dated 17 February and signed by the bank’s Acting Director of Banking Supervision, Adetona Adedeji,…
Mumbai: Finance minister Nirmala Sitharaman on Monday expressed concerns over the mis-selling of products, particularly insurance, stating that it adds to the customers’ borrowing costs. Speaking at the State Bank of India Economist Conclave, on whether there is a case for a policy rate cut, the FM said “banks’ interest rates will have to be…
The Abia State Government has started distributing interest-free loans to 302 youths trained in agricultural ventures. The Commissioner for Information and Culture, Okey Kanu, made this known during a press briefing at the Government House in Umuahia on Monday. The youths were trained earlier this year at CSS Global Integrated Farms in Nasarawa as part…
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The Socio-Economic Rights and Accountability Project, SERAP, has called on Nigeria’s 36 state governors and the Minister of the Federal Capital Territory, Abuja, Nyesom Wike, to disclose details of any Chinese loans, liabilities, and other external borrowing obtained, and guaranteed by the Federal Government of Nigeria. It urged them to also reveal the terms and…
• Concerns over $8b loans, JV debts amidst worsening oil production• Politically-constituted board worry stakeholders• $2.9b PH, Warri, Kaduna refineries in limbo• ‘Rationalise portfolios, sack current management, address transparency issues’ Two years after the transitioning of the country’s oil company, Nigerian National Petroleum Company Limited (NNPC) Limited, into a commercial entity, the expected benefit of…
