The Central Bank of Nigeria is in the process of stopping issuers of dud cheques (returned cheques) from opening current account, the Deputy Director, Banking Supervision, CBN, Mr. Stephen Nwadiuko, has said.
He said the CBN was working on the credit bureaus in the country to build a data base that would reveal bank customers who issued dud cheques three times within a specified period and barred from operating current accounts.
Nwadiuko spoke in Lagos on Wednesday during the third National Credit Reporting Conference.
He said, “The CBN is working with the credit bureaus so that a data base is built to identify bank customers who have issued dud cheques for three times in a given period. There is the Dud Cheque Act of 1977, which provides for the prosecution of issuers of dud cheques.
“But since nothing has been done with that document, the CBN is trying to do something within its own powers that will stop customers who are fond of issuing cheques on unfunded bank accounts.”
Earlier, the Governor, CBN, Mr. Godwin Emefiele, who declared the conference open, had said the CBN would support credit bureaux to enhance credit and economic growth.
Emefiele, who was represented by the Branch Controller, CBN Lagos, Mr. James Iyari, said, “The CBN has recently approved the payment of one-off sign on fees with credit bureaux for all the microfinance banks and other micro financial institutions licensed by the CBN in order to support effective use of the infrastructure provided by the private credit bureaux with a view to deepening the subsector.
“The credit bureaux have been recording steady increase in the number of registered borrowers. From a mere 78,189 in December 2010, the total number grew to 18,640,000 in June 2012. The number as of 30 June, 2016 stood at 33, 456, 922. I want to commend the bureau operators for this feat and charge them not to rest on their oars as we still have more grounds to cover if we must have a robust credit reporting system in Nigeria.”
Emefiele said the CBN in collaboration with the IFC had continued to provide training to operators and regulators in order to build capacity in the credit reporting industry.
The Chairman, CBAN, Mrs. Jameelah Sharrieff-Ayedun, who is also the Managing Director of CreditRegistry Services, in her welcome address, expressed optimism that the contribution of the credit bureau segment of the financial services sector would have immense impact on the growth of the economy.
She said, “I strongly believe we will consolidate on past successes, enhance the promotion of regulations and policies that will improve access to credit, deepen our strategic business ties and grow the credit bureau segment, financial services sector and Nigeria will get better for it.
The Chairman, Senate Committee on Banking, Insurance and other financial Institutions, Senator Rafiu Ibrahim, while answering questions on the sidelines of the conference, applauded the contributions of credit bureaus in the country, especially in the area of identity management.
Unlocking Investments into Africa’s Renewable Energy Market
The African Energy Guarantee Facility (AEGF) is launching a virtual roadshow of free webinars allowing a deeper understanding of risk issues for renewable energy projects on the continent, and conversations around risk mitigation solutions. The first webinar will take place on Thursday, 23 September from 14:30-16:00 hrs. EAT.
The session will be oriented on how to get more energy projects from the drawing board to the grid. While the energy demand in African economies is expected to nearly double by 2040, and although the potential for renewable energy is 1,000 times larger than the demand, only 2GW out of almost 180GW of this new renewable power were added on the African continent.
Clearly not good enough! To improve the situation within the next two decades, new solutions need to be implemented urgently. De-risking and promoting private sector investments will play a crucial part of it.
In this 90-min interactive session, AEGF partners: the European Investment Bank (EIB), KfW Development Bank, Munich Re and the African Trade Insurance Agency (ATI) will share their experience and provide valuable insights on how they were able to come together and design practical solutions for investors and financiers of green energy projects in Africa aligned with SDG7 objectives.
Across Africa, the complexity of renewable energy projects and their long tenors hold back crucial energy investment. Tailored to the specific needs and risk profiles of sustainable energy projects, AEGF will tackle the investment challenge by providing underwriting expertise and capacity tailored to market needs.
The AEGF will significantly boost private investment in sustainable energy projects, both expanding access to clean energy and contribute to achieving UN Sustainable Development Goals. The scheme supports new private sector investment in eligible renewable energy, energy efficiency and energy access projects in sub-Saharan Africa.
Shell Signs Agreement To Sell Permian Interest For $9.5B to ConocoPhillips
Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shales developer in the basin, for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals.
“After reviewing multiple strategies and portfolio options for our Permian assets, this transaction with ConocoPhillips emerged as a very compelling value proposition,” said Wael Sawan, Upstream Director. “This decision once again reflects our focus on value over volumes as well as disciplined stewardship of capital. This transaction, made possible by the Permian team’s outstanding operational performance, provides excellent value to our shareholders through accelerating cash delivery and additional distributions.”
Shell’s Upstream business plays a critical role in the Powering Progress strategy through a more focused, competitive and resilient portfolio that provides the energy the world needs today whilst funding shareholder distributions as well as the energy transition.
The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used for further strengthening of the balance sheet. These distributions will be in addition to our shareholder distributions in the range of 20-30 percent of cash flow from operations. The effective date of the transaction is July 1, 2021 with closing expected in Q4 2021.
Shell has been providing energy to U.S. customers for more than 100 years and plans to remain an energy leader in the country for decades to come.
Oil Gains 1 Percent on Possible Tight Supply
Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.
Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said.
“While slowing Chinese economic growth and uncertainty around the (U.S.) Fed’s tapering timetable weighed on market sentiment, other developments still point to higher oil prices,” ANZ Research said in a note.
Still, investors across financial assets have been rocked by the fallout from heavily indebted Evergrande (3333.HK) and the threat of a wider market shakeout in the longer term.
“Evergrande’s woes are threatening the outlook for the world’s second-largest economy and making some investors question China’s growth outlook and whether it is safe to invest there,” said Edward Moya, senior market analyst at OANDA.
While that view of the state of China’s economy is weighing on markets, the U.S. Federal Reserve is also expected to start tightening monetary policy – likely to make investors warier of riskier assets such as oil.
Tanzania: African Development Fund Approves $116 Million Loan to Upgrade Southern Road Corridor
Afrexim and Asoko Partner to Help List African Companies
HOPE Consortium and Astral Aviation Sign MOU to Enhance Vaccine Distribution Solutions in Africa
Naira3 weeks ago
Naira Plunges Further, Exchanges at N530 to U.S Dollar
News1 week ago
Taliban Says Men and Women to Study Separately in Gender-Segregated Universities
News1 week ago
Terrorism Sponsors: UAE Names Six Nigerians, 47 Others
News3 weeks ago
Buhari Terminates Appointment of Power and Agriculture Ministers
Economy4 weeks ago
Nigeria Economy Grows 5% In Second Quarter, Its Third Consecutive Growth
Banking Sector4 weeks ago
Zenith Bank Launches Intelligent Chatbot, ZiVA
Energy4 weeks ago
NNPC Made A Net Profit of N287B in 2020 – Buhari
Economy1 week ago
Senate Receives Buhari’s Request For $4.054B, €710M, $125M External Borrowing Approval