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CBN unveils framework to check bad loans

The Central Bank of Nigeria (CBN) has released operational guidelines on the Global Service Instructions (GSI), aimed at checking the spate of bad loans within the banking sector. According to a statement by Chibuzo Efobi, for the Director, Financial Policy and Regulation Department of the apex bank, the initiative was conceived to address recurring instances of willful loan default in the industry.

Efobi said that the guidelines would enhance the establishment of a “watch list” and identify recalcitrant loan defaulters and enhance loan recovery from all eligible and funded accounts in the industry. He added that it would also improve credit payment culture and reduce non-performing loans in the Nigerian banking system.

“Consequently, please be informed that the frequency of recovery attempts via the GSI platform has been amended from specific number to continuous and unrestricted number,’’ he said. He said that the GSI automated loan recovery feature applicable to all loans in the industry shall remain perpetually in place throughout the life of the loan, or until it is fully repaid.

He urged members of the banking public to check the CBN website, www.cbn.gov.ng for perusal of the guidelines. The News Agency of Nigeria (NAN) reports that the GSI initiative was approved by the Bankers’ Committee at its meeting in February, 2020. The CBN, thereafter, collaborated with relevant stakeholders to develop necessary protocols to facilitate implementation of the GSI, for eligible loans granted with effect from Aug. 28, 2019.

THE BRUTAL MURDER OF HANIFA ABUBAKAR, A SAD COMMENTARY FOR NIGERIA

Nigerianewslite

 THE BRUTAL MURDER OF HANIFA ABUBAKAR, A SAD COMMENTARY FOR NIGERIA

Hanifa Abubakar

I am deeply traumatized by the news of the killing of 5 year old, innocent Hanifa Abubakar allegedly by the proprietor of her school- Noble Kids Nursery and Primary School, Kawana, Kano State, Mr Abdulmalik Tanko.

The poor under-aged girl was said to have been killed by the culprit with rat poison and buried in a shallow grave by the culprit who kidnapped her for a ransom.

I am shocked at the level of wickedness and inhumanity being displayed by some elements in our contemporary society today and as a mother, I feel the grief and pains of the mother of the deceased little innocent girl and I have been unable to sleep since the news broke out.

I charge the Kano State Government and all other  relevant agencies to ensure that the perpetrator of this heinous act and indeed all his collaborators are brought to book  as urgently as possible to serve as a deterrent to others.

This is a situation where a child was put in the care of the culprit in his school and her school fees were being paid by her parents only to be allegedly murdered brutally by the same person in whose trust the parents put their child. A child who was only 5 years and did no wrong. This ugly incident suggests that the culprit opened that school as a means to lure people to murder to satisfy his killer urge.

I advise the State House of Assembly of the states of the Federation to amend their relevant criminals laws to provide for a speedy time line for the prosecution and conclusion of criminal cases across the country because it has been observed that most of these criminals are on bail and their trials are protracting with some of them being abandoned after long delays thereby giving opportunity to criminals to continue to evade Justice. 

I pray for the peaceful repose of the innocent soul of Hanifa and pray God to grant the parents and siblings the fortitude to bear the loss.

- Senator Uche Ekwunife, PhD (IYOM)