Nigerian newspaper review for August 27: Fresh worry over electricity tariff increase
The main headlines of mainstream Nigerian newspapers of Tuesday, August 27, are focused on the resolve by banks to start seizing debtors' funds to repay loans, the Nigerian Financial Intelligence Unit's insistence to continue with its guidelines on local government funds, federal government's condemnation of the US incident where 77 Nigerians were indicted for fraud among others.
Vanguard reports that a lending condition was introduced by the Bankers Committee on Monday, August 26, which empowers banks to seize and use bank deposit of debtors in any bank for loan repayment.
The disclosure was made at a press conference by the deputy governor (financial sector surveillance) of the Central Bank of Nigeria, Aisha Ahmad.
She said: “Now we are not unaware of some of the challenges or the reasons why credit have not been growing. Part of that was the appetite of banks to lend especially when you have customers that wilfully refuse to repay their loans. And so in this respect, we have come up with a new clause that will be included in the offer letters that will be granted going forward."
Source: UGC
The Punch reports that the Nigerian Financial Intelligence Unit (NFIU) has insisted that the ongoing legal action taken by the state governors against the guidelines on local government funds would not prevent it from carrying out its statutory responsibility.
The disclosure was made on Monday, August 26, by the director of NFIU, Modibbo Hamman-Tukur.
Tukur said the unit had addressed the case of diversion of local government fund by a state government.
He said: “We have spoken to the banks and they confirmed that the case of violation happened at the state capital level and they took immediate action to rectify it and from what we see, it cannot happen again, but if it happens (again), we have to take a stronger action.”
Source: UGC
The Nation reports that the federal government of Nigeria has promised to support the Federal Bureau of Investigation (FBI) to bring 80 suspects it indicted for fraud to justice.
Seventy-seven of those indicted for fraud by the FBI are Nigerians, who were charged with participating in a massive conspiracy to steal millions of dollars.
The acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, said the commission would fish out the suspects.
He said: “We’ll cooperate with other stakeholders and other law enforcement agencies in this country and outside the country like the FBI and the NCA and other law enforcement agencies in the neigbouring countries to make sure we deal with this issue."
Source: UGC
The Guardian on its part reports that reactions have trailed the recent review of electricity tariffs by the Nigerian Electricity Regulatory Commission (NERC).
According to some stakeholders, the review amounts to exploitation of consumers, given the shoddy performance of the power sector.
The effect on national development is a source of concern for other stakeholders, who warned that unless cost-reflective tariff is permitted in the sector, projected economic growth might remain a mirage.
In his own reaction, the ex-president of the Chartered Institute of Bankers of Nigeria, Segun Ajibola, said nobody would refuse to pay higher tariffs if what they are paying for is what they used.
Source: UGC
This Day reports that moves by the Central Bank of Nigeria and the Bankers' Committee to seize and use bank deposit of debtors in any bank for loan repayment have been backed by stakeholders in the banking industry.
The stakeholders said seizing and using bank deposit of debtors in any bank for loan repayment would create sanity in the financial sector and enhance consumer credit.
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According to the deputy governor (financial sector surveillance) of the Central Bank of Nigeria, Aisha Ahmad, the initiative will aid economic growth.
Source: UGC
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