CBN waives guarantor requirement for N50 billion COVID-19 loan applications
Applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards.
Published
2 hours agoon
June 8, 2020
The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility.
This is according to a very brief press statement that was posted on Twitter. The statement did not give any reason for the waiver.
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CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility
— Central Bank of Nigeria (@cenbank) June 8, 2020
All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards. If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.
READ ALSO: Nigeria’s tier-1 banks earn N18.4 billion from account maintenance charges in Q1 2020
“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”
Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit “their account details in any bank of their choice.”
Recall that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the Coronavirus pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.
Nairametrics earlier reported that loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.
Related
NIRSAL explains why it is not disbursing N50 billion CBN loanMay 20, 2020In "Coronavirus"
How to access the N50 billion CBN Covid-19 intervention fund for SMEsApril 21, 2020In "Business News"
CBN warns SMEs not to pay any fee to access its N50 billion stimulus packageApril 13, 2020In "Business News"
Emmanuel covers the financial services sector for Nairametrics. Do you have a scoop for him? Well then, contact him via his email- emmanuel.abara@nairametrics.com.
ECONOMY & POLITICS
OPEC and Alliance Output Cut are not enough to mitigate Brent’s Oversupply Issues
Brent crude still needs to deal with its oversupply issues before it can successfully move on with its current price range of $40 and $50 per barrel.
Published
1 hour agoon
June 8, 2020
Oil has witnessed several challenges ranging from uncertainties over demand as a result the coronavirus pandemic as well as crude oversupply. As a result of partial easing of the lockdown in many parts of the world, oil prices have started to witness a partial recovery.
However, director and analyst from Westwood Global Energy Group, Thom Payne, has noted that Brent crude still needs to deal with its oversupply issues before it can successfully move on with its current price range of $40 and $50 per barrel.
His comments came after a recent agreement by the Organization of the Petroleum Exporting Countries (OPEC) as well as efforts by an oil-producing alliance to extend a historic oil production slash until the end of July 2020. The alliance had cut production by 9.7 million barrels per day at the start of May 1. While the cut had helped improve crude prices in the last two months, he explained that there is still a need to drain the current oversupply, which had hit 14 million barrels a day, before prices can move materially above the stated $40 to $50 per barrel price structure.
His comments came after the group, known collectively as OPEC+, on Saturday had agreed to extend its record oil production cut for another month towards balancing the needs of the global oil market. In the afternoon of Asian trading hours on Monday, Brent rose by 1.49% to trade at $42.93 per barrel. Also, U.S. crude futures gained 1.34% to trade at $40.08 per barrel.
Speaking on the outlook of the market, he explained that “What’s likely to happen is that the oil markets move to a net draw or undersupply position by around July, August of this year and this would be very supportive of the current $40-50 per barrel price range for Brent.” This assumes that the demand scenario that OPEC attains plays out the way they have put it. However, he notes that the possibility of 100% compliance might be somewhat optimistic.
(READ MORE:May Output Cut: OPEC+ records 86% compliance as Nigeria beats expectation)
Commenting on the recent OPEC+ agreement and the outlook of the market, JPMorgan’s Head of Asia Pacific Commodities Research, Scott Darling, noted that JPMorgan sees Brent at $40 dollars per barrel this year and $47 per barrel for next year.
ECONOMY & POLITICS
Update: Buhari nominates a new court of appeal president to the senate
Buhari has sent in the name of Justice Monica Dongban-Mensem as nominee for the position of President Court of Appeal.
Published
2 hours agoon
June 8, 2020
President Muhammadu Buhari has sent the nomination of Justice Monica Dongban-Mensem, the Acting President, Court of Appeal, to the Senate for confirmation as the substantive President Court of Appeal in line with the recommendation of the National Judicial Council (NJC).
This was disclosed by President Buhari in a tweet posted this afternoon through his official twitter handle.
The president in his statement said, ”I have sent the nomination of Justice Monica Dongban Mensen, Acting President Court of Appeal to the Senate for confirmation as President Court of Appeal in line with the recommendation of the National Judicial Council”.
READ ALSO: 14 things we know about Justice Ibrahim Tanko Muhammad, CFR
I have sent the nomination of Justice Monica Dongban-Mensem, Acting President, Court of Appeal, to the Senate for confirmation as President, Court of Appeal, in line with the recommendation of the National Judicial Council.
— Muhammadu Buhari (@MBuhari) June 8, 2020
Monica Dongban-Mensem who is the most senior Judge of the court of appeal was first appointed in an acting capacity in March 5, 2020, for an initial term of 3 months, following the retirement of the then President court of appeal, Zainab Bulkachuwa and subsequent recommendation from the Chief Justice of Nigeria, Ibrahim Muhammad.
Her tenure in acting capacity was further extended for another 3 months in May 29, 2020, following the expiration of the initial 3 months.
Although some of the critics expressed concerns at the delay in the confirmation of Dongban-Mensen ad the appeal court president, the presidential media aide, Garba Shehu, said that the president is not a rubber stamp and would rather wait for relevant security clearance before her confirmation.
Going further, Shehu said that this is not about ethnicity or religion but rather security and law enforcement agencies being allowed to complete their work and as such the president should not be stampeded in carrying out his constitutional responsibilities.
APPOINTMENTS
WTO discloses nomination window for DG selection
The appointment process for the next Director-General of WTO would formally commence today June 8, 2020 with the process lasting until July 8.
Published
3 hours agoon
June 8, 2020
The World Trade Organization (WTO) members have given a month window to candidates seeking to become the next Director-General of the body to submit their nominations bids. This was disclosed in a statement issued by WTO
This is contrary to the earlier position held by Egypt that member states of the African Union (AU) had been required to nominate candidates for the position by November 30, 2019, while opposing the sudden nomination of Ngozi Okonjo-Iweala as DG for WTO by Nigeria.
The General Council Chair, David Walker of New Zealand informed members on May 20, that the appointment process for the next Director-General would formally commence today June 8, 2020 with the process lasting until July 8.
Ambassador Walker had earlier communicated to members on May 18 that in the absence of any objections, he would start the process on May 25. However, the Chair received a specific objection on May 20 and a request to delay the process by two weeks and so it was reset for June 8.
It would be recalled that the outgoing Director-General of WTO, Roberto Azevedo, had on May 14 informed members at an informal heads of delegation meeting that he intended to step down on August 31, 2020, a year before his term was to expire.
(READ MORE: Lagos Executive Council’s meeting goes virtual, as full lockdown commences)
Meanwhile, Egypt had kicked against the nomination of the former Finance minister, Okonjo-Iweala, as the Director-General of WTO because it claimed it was out of time. It argued that it was not in conformity with the executive council decision as it was after the November 30, 2019 deadline for nomination by the AU.
Under the guidelines, nominations can only be submitted by WTO members and only on behalf of their own nationals. The Chair will inform WTO members of nominations as soon as they are received.
READ MORE: Global trade to record worst decline in 2020 since global financial crisis of 2008
After 8 July, Chair Walker will issue to members a consolidated list of all candidates. Shortly after the nomination period has closed, candidates will be invited to meet with members at a special General Council meeting, present their views and take questions from the membership.
The Chair also released the procedures under which members must formally submit the nominations of their candidates.
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