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Acting President Yemi Osinbajo has signed two new laws that will facilitate access to more affordable credit facilities for businesses in the country. The new Acts are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.



In a statement released by Osibanjo’s spokesman, Laolu Akande, Osinbajo’s spokesman, he said; 
“The passage of these Acts would facilitate the achievement of the goals of the Presidential Enabling Business Environment Council (PEBEC) set up by President Muhammadu Buhari in July 2016 and chaired by the Vice-President to progressively make Nigeria an easier place for businesses to start and thrive. “
Read the full statement below..
Acting President Yemi Osinbajo has signed into law two bills from the National Assembly that will ultimately facilitate access to more affordable credit for Nigerians.

The bills which have now become ‘Acts’ are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.

‘The Collateral Registry Act’ ensures that Micro, Small and Medium Enterprises (MSMEs) in Nigeria can register their movable assets such as motor vehicles, equipment and accounts receivable in the National Collateral Registry, and use same as collateral for accessing loans. This in turn will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs.

On the other hand, ‘The Credit Reporting Act’ provides for credit information sharing between Credit Bureaus and lenders (such as banks), as well as other institutions that provide services on credit such as telecommunication companies and retailers.

(A Credit Bureau is defined as a company that collects information relating to the credit ratings of individuals and makes it available to financial institutions, who need such information to determine an individual’s credit-worthiness and whether or not to grant loan applications to such individuals.)

Access to credit is critical to economic growth and is considered to be the motor for driving private sector development. However, in Nigeria more than 70 per cent of private enterprises, typically MSMEs, have limited or no access to credit. Credit applications get rejected due to insufficient credit history and information for the lender to use to make a reasonable judgement, as well as unacceptable collateral. The two new Acts remove those obstacles for MSMEs.

Traditionally, banks only give loans to businesses that can provide fixed land and property as collateral. This shuts out MSMEs which usually own only movable assets like motor vehicles and equipment. The Collateral Registry Bill, 2017, will give confidence to lenders to utilise the Registry and thereby make credit available to MSMEs and individuals through the use of their movable assets as collateral.

The Credit Reporting Act now enables lenders to make reasonable judgement on whether or not to extend credit to an individual, and reduces the cases of bad loans.

On February 21, 2017, the leadership of the National Assembly publicly committed to passing the two bills as part of the 60-Day National Action Plan for Ease of Doing Business initiated by the Presidential Enabling Business Environment Council (PEBEC). That promise was kept by the National Assembly last week with the bills forwarded to the Acting President for assent.

With the passage of these Acts, the existing Central Bank of Nigeria (CBN) Guidelines regulating the operations of the National Collateral Registry and Credit Bureaux have now been replaced by formal legal frameworks.

The passage of these Acts would facilitate the achievement of the goals of the Presidential Enabling Business Environment Council (PEBEC) set up by President Muhammadu Buhari in July 2016 and chaired by the Vice-President to progressively make Nigeria an easier place for businesses to start and thrive.

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Adron Homes Begins Massive Giveaway for Customers in ‘Sallah Repete’

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Nigeria’s leading real estate firm, Adron Homes and Properties Limited has unveiled its annual promo and discount sales in celebration of the Ileya season tagged: 2023 ‘Sallah Repete’.

 

In the 2023 ‘Sallah Repete’, customers will be given discounted prices for land purchased alongside mouthwatering prices and a flexible payment plan.

 

According to the company, it launched the promo to encourage all and sundry, and not just Islamic faithful, to key into the festive season to become land and homeowners.

 

In the promo, customers will be given 30%, 40% and 50% discounts on all land purchased, with the balance spread for 30 months for premium estates littered across the country, including Lagos, Ogun, Osun, Oyo, Ekiti, Niger, Nasarawa and Abuja.

 

The company, in a statement signed by its Director-General of Sales and Marketing, Olubunmi Akinfe, said the annual Ileya Sallah Repete promo is a yearly sales promo carried out to open more windows for existing and prospective customers who are willing to become homeowners at significantly discounted prices with flexible payment plans and also give them a massive reward with jaw-dropping prizes.

 

“For the Sallah Repete Promo, we have lots of prizes in stock for our customers who purchase lands in any of our estates across the country”, Akinfe said.

 

Continuing, the DG sales and marketing added: “We will be giving out prizes like rams, goats, rechargeable fans, home theatres, water dispensers, electric kettles, refrigerators, food processors, vacuum cleaners, bags of rice, cooking oil, gas burners, mini food packs, washing machines, deep freezers, smart TVs, generators and a whole lots of prizes.

 

“Customers will be gifted these prizes in the spirit of Ileya celebration for the 2023 Sallah Repete across our offices”, Akinfe said.

 

The promo, according to Adron Homes and Properties, will run between now and August 2023, and is open to both its existing and new customers, as they smile home with various gift items from the real estate company.

 

Akinfe further added that the purpose of the gift sharing is to appreciate the support and commitment of existing and prospective customers and urge them to do more and tell their family and friends to also key into the ongoing promo, adding that “at Adron Homes, the more, the merrier.”

 

She added: “Customers have started picking up their gifts from our offices. Scores of people are already subscribing to our plans. We are extending it beyond the Sallah period to allow as many who want to be homeowners to key into this opportunity by purchasing land at our estates at the most affordable prices with seamless payment plans”.

 

It will be recalled that Adron Homes and Properties, which recently clocked 11 years in the real estate business, has over the years bridged the gap in affordable housing for Nigerians by developing state-of-the-art estates with modern facilities like; concrete drainage and roads, recreation parks, massive gatehouse, security, street light, Grocery stores and a host of other interesting developments, making the estates habitable and comfortable for residents.

 

At the 11th anniversary celebration, the company reiterated its commitment to continually change the status of more low-income earners across the country from tenants to landlords by opening more estates across the country and sticking to its mission statement which is creating affordable housing.

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“I Killed Him And Used His Blood To Make Money Rituals (Oshole) for Yahoo Boys” – 22-year Old Ritual Killer Confesses

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A 22 year old suspected ritual killer, Idowu Talabi from Ikenne-Remo has been arrested by the Ogun State police command for killing a tenant, Tobi Yisua, who lives in his maternal grandfather’s house.

 

During interrogation by a reporter of Alaroye, a dedicated Yoruba news platform, Idowu Talabi confessed to committing the crime.

 

He said, “he (Tobi Yisua) is a lotto operator (Baba Ijebu). Whenever he keeps money at home and they steal the money, he will accuse me of stealing his money.

 

One day, he was sleeping on the bed in his room, he did not lock the door, he only locked the net outside. When I wanted to enter, I used knife to cut the net and I unlocked it.

 

When I entered his room, I saw him sleeping naked on the bed lying face down and I landed the cutlass I was holding at the back this neck. When I saw that he was trying make noise, I used pillow to cover his mouth and used the cutlass on him again.

 

After killing him, I took part of his blood and mixed it to prepare “Osole”, money ritual charm. I made the charm to sell it to customers who will be interested in it, I did not do it for myself.”

 

Asked how he knew how to make the charm? He said he saw it in his father’s account.

 

On how he was exposed? he said, “the second day, when the wife of the deceased came from church, she found the dead body of her husband on the bed. She then came to me in the backyard, locked my shirt and accused me of killing her husband. When I got to the police station, I confessed to the police that I was the one that killed her husband.”

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