Companies, Individuals Secure N2.32trillion Loans Under National Collateral Registry
The Central Bank Governor, Mr. Godwin Emefiele, Tuesday disclosed that companies and invididuals secured loans worth N2.32 trillion under National Collateral Registry (NCR) which came into effect in 2016.
Speaking at a virtual workshop organised for judicial officers titled “Secured Transactions in Movable Asset and Credit Reporting Reforms in Nigeria,” Emefiele broke down the beneficiaries as 1,421 large firms, 262,904 individuals; 4,260 medium firms; 1,433 micro-businesses and 3,417 small businesses.
He disclosed that a total of 694 financial institutions made up of 22 deposit money banks, four merchant banks, five development finance institutions, 580 microfinance banks, 37 non-bank financial institutions, 43 finance companies registered under the NCR portal.
He explained that the foreign loans were represetation of the needed capital inflows into the nation’s economy and a confimation of the power of the registry and Secured Transactions in Movable Assets Act (STMA)-centric reforms being carried out by the CBN to stimulate economic development.
CBN’s Director, Development Finance Department, Mr. Yila Yusuf, who represented the CBN governor said, A lending relationship is based on trust and it is our belief that lenders will respond positively to the yearnings of MSMEs for greater access to finance, given the assurance that their legitimate interests will be protected under the enabling laws of the land.
“To this end, it is pertinent that we solicit and get the full support of the judiciary and law enforcement agencies towards providing a robust and resilient financial infrastructure that will deepen credit delivery to our MSMEs.”
The Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad,who spoke on the occasion promised that there will be speedy dispensation of justice in areas of commercial and business transactions.
Muhmmadu said the financial sector and the national economy will benefit from speedy justice dispensation, adding that the judiciary remains very important to the financial sector.
He added that the decision of investors was often based on the enforceability of their rights in all commercial venture.
He said, “As access to credit is necessary for the economic development of Nigeria, it behoves the judiciary to protect parties to a transaction and ensure fair and ethical standards.
“The purpose of both laws is to facilitate and promote access to credit and enhance risk management in credit transactions. The protection of the rights of parties in a credit transaction would promote responsibility in the market and encourage responsible borrowing”.
Speaking at a virtual workshop organised for judicial officers titled “Secured Transactions in Movable Asset and Credit Reporting Reforms in Nigeria,” Emefiele broke down the beneficiaries as 1,421 large firms, 262,904 individuals; 4,260 medium firms; 1,433 micro-businesses and 3,417 small businesses.
He disclosed that a total of 694 financial institutions made up of 22 deposit money banks, four merchant banks, five development finance institutions, 580 microfinance banks, 37 non-bank financial institutions, 43 finance companies registered under the NCR portal.
He explained that the foreign loans were represetation of the needed capital inflows into the nation’s economy and a confimation of the power of the registry and Secured Transactions in Movable Assets Act (STMA)-centric reforms being carried out by the CBN to stimulate economic development.
CBN’s Director, Development Finance Department, Mr. Yila Yusuf, who represented the CBN governor said, A lending relationship is based on trust and it is our belief that lenders will respond positively to the yearnings of MSMEs for greater access to finance, given the assurance that their legitimate interests will be protected under the enabling laws of the land.
“To this end, it is pertinent that we solicit and get the full support of the judiciary and law enforcement agencies towards providing a robust and resilient financial infrastructure that will deepen credit delivery to our MSMEs.”
The Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad,who spoke on the occasion promised that there will be speedy dispensation of justice in areas of commercial and business transactions.
Muhmmadu said the financial sector and the national economy will benefit from speedy justice dispensation, adding that the judiciary remains very important to the financial sector.
He added that the decision of investors was often based on the enforceability of their rights in all commercial venture.
He said, “As access to credit is necessary for the economic development of Nigeria, it behoves the judiciary to protect parties to a transaction and ensure fair and ethical standards.
“The purpose of both laws is to facilitate and promote access to credit and enhance risk management in credit transactions. The protection of the rights of parties in a credit transaction would promote responsibility in the market and encourage responsible borrowing”.
FOLLOW US
About Post Author
