Connect with us

Business

CBN to Cracks Down on Loan Defaulters, Bars Them from Banking Services and New Credit

info

Published

on

CBN Building Abuja

The Central Bank of Nigeria (CBN) has introduced a strict new measure aimed at tackling rising loan defaults in the country’s financial system, announcing that individuals and businesses who fail to repay loans may be barred from accessing banking services and new credit facilities.

Under the new directive, chronic loan defaulters could face restrictions across the banking sector, including limited access to financial services and the inability to obtain additional loans from banks and other financial institutions.

The move is part of efforts by the apex bank to strengthen credit discipline, protect the stability of the banking system, and ensure that borrowers meet their financial obligations.

According to the CBN, the policy will involve closer collaboration with financial institutions and credit reporting agencies to track loan repayment records and identify defaulters. Borrowers who fail to meet repayment terms may be flagged within the banking system, making it difficult for them to access new credit facilities.

Financial experts say the decision could significantly change borrowing behaviour across Nigeria, as customers will now be more cautious about taking loans they cannot repay.

The measure is also expected to encourage banks to improve risk management practices and strengthen the country’s credit reporting system.

However, some analysts warn that the policy could have mixed effects, especially for small businesses and individuals already struggling with economic challenges.

They argue that while the move may reduce reckless borrowing, it may also limit access to credit for people who genuinely need financial support but face temporary repayment difficulties.

Despite these concerns, the CBN maintains that the policy is necessary to promote accountability in the financial sector and ensure the long-term stability of Nigeria’s banking system.

Industry observers believe the directive signals a tougher stance by the apex bank on loan recovery and could mark a new phase in Nigeria’s financial regulation.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

UTME 2026 Begins Nationwide as Over 2.2 Million Candidates Participate

info

Published

on

By

1776376720 images 2.jpeg

The 2026 Unified Tertiary Matriculation Examination (UTME) has officially commenced today across Nigeria, with more than 2.2 million candidates taking part in the nationwide assessment exercise.

The examination, conducted by the Joint Admissions and Matriculation Board (JAMB), began on Thursday April 16, at accredited Computer-Based Test (CBT) centres nationwide, as candidates sat for their scheduled sessions under strict supervision and updated examination guidelines.

JAMB disclosed that 2,243,816 candidates enrolled for this year’s examination, marking a 10.5 per cent rise compared to the 2.03 million candidates recorded in 2025.

To strengthen the credibility of the process, the board has introduced biometric authentication and live monitoring technology throughout the examination period.

According to JAMB, any candidate whose biometric data fails verification will be rescheduled for another date at designated centres.

Candidates were also instructed to print their examination notification slips from the official JAMB portal to confirm their exam dates, venue, and time, and to report at their centres at least one hour before their allotted session.

State-by-state registration data released by the board showed that Lagos State recorded the highest number of applicants with 381,814 candidates.

It was followed by Ogun with 137,156, Oyo with 122,662, Kaduna with 103,498, and the Federal Capital Territory with 102,961.

Continue Reading

Business

Nigeria to Expand Digital Access With New Fibre Infrastructure Push — NCC

info

Published

on

By

IMG 2059.jpeg

BY MADUEKE OBIWANNE-(ABUJA)—The Nigerian Communications Commission (NCC) has reaffirmed its commitment to expanding digital connectivity across the country, stressing that stronger fibre optic infrastructure remains critical to improving broadband penetration and bridging the digital divide.

The Commission said the renewed push forms part of broader efforts to accelerate digital transformation, drive economic growth, and ensure improved access to essential services such as education, healthcare, agriculture, and public service delivery nationwide.

Speaking at a Strategic Fibre Optics Training Workshop held in Abuja, the Executive Vice Chairman of the Commission, Dr Aminu Maida, said robust partnerships and technical expertise are essential to achieving nationwide digital progress.

Maida, whose remarks were delivered by Abraham Oshadami, noted that a properly regulated and durable fibre optic network is fundamental to the country’s digital development goals.

He explained that the workshop, themed “Strategic Fibre Optics Infrastructure Deployment and Regulatory Management,” comes at a crucial period as Nigeria steps up efforts to close the digital connectivity gap.

According to him, expanding fibre infrastructure remains a major driver of economic development and improved service delivery.

“As a country determined to boost broadband coverage, we recognise that strategic fibre rollout is vital for economic advancement, financial inclusion, education, healthcare, agriculture, and effective public service delivery,” he said.

Maida further disclosed that the Federal Government, through Project BRIDGE — Building Resilient Digital Infrastructure for Growth — under the Federal Ministry of Communications, Innovation and Digital Economy, is set to install an additional 90,000 kilometres of fibre optic cables across the country.

He said the initiative is designed to improve connectivity in all 774 Local Government Areas, with the aim of widening digital access and inclusion nationwide.

Despite the ambitious expansion plan, Maida acknowledged several obstacles, including expensive Right of Way (RoW) fees, administrative bottlenecks at state levels, and acts of infrastructure vandalism.

He, however, said the Commission is working closely with regulatory agencies, state authorities, and security institutions to tackle these issues.

According to him, 13 states have already removed RoW charges following the Commission’s engagement efforts, a development expected to encourage more investment from telecommunications companies.

The NCC chief also referred to a 2024 presidential directive, coordinated with the Office of the National Security Adviser, which classified telecom infrastructure as Critical National Information Infrastructure (CNII) to strengthen its protection.

Maida stressed that cooperation and capacity building remain key pillars of the Commission’s regulatory agenda.

He expressed confidence that the five-day training workshop, organised by the International Telecommunication Union (ITU) in collaboration with the Digital Bridge Institute and backed by the European Union, would enhance regulatory performance and support faster fibre deployment across Nigeria.

Also speaking at the event, Inga Stefanowicz, Head of Section for Green and Digital Economy at the EU Delegation, said the European Union’s global strategy places strong emphasis on investments in digital infrastructure, energy, transportation, healthcare, and education across Africa.

She added that the EU Digital Economy Package for Nigeria, launched in 2022, has committed €820 million, including €160 million in grants, to support digital skills development, innovation centres, and public digital infrastructure, with particular focus on fibre network expansion.

The post Nigeria to Expand Digital Access With New Fibre Infrastructure Push — NCC appeared first on Business Today NG.

Continue Reading

Trending