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Senate Considers Bill To Blacklist Loan Defaulters

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The Senate yesterday passed for second reading, a bill to allow banks recover loans from defaulters, place them on watchlist and eventually blacklist them without recourse to the borrowers.
The bill sponsored by Senator Sani Musa, is seeking an Act to establish a unified scheme for a sound financial system that will facilitate and improve credit repayment culture by empowering creditors bank to track loan defaulters.
Musa said the creditor banks would be able to do so through the means of the defaulters’ Bank Verification Number.
He said the bill would empower the creditor banks to recover the said loans from other accounts operated by the defaulters without recourse to the loan borrowers.
He also said the bill would provide penalties for breaches and violation of obligations and enhance loan recovery across banking sectors in Nigeria.
Musa noted that the core of financial system of any country is the commercial banks because they have the potential to apply the full weight of credit facilities for the development and growth of the country’s economy.
He said credit is seen as the bloodstream of the banking business, which oils the wheels of development.
He said, “The situation of Nigeria today demands an injection of healthy bank credit and recovery system that will effectively fasten the pace of the growth.
“However, every lending institution finds itself from time to time with loans of which the risk is loss is greater than anticipated.
“In every lending environment, there are two types of borrowers–the good and the bad.
“Lest we forget, before the deregulation of our banking system, the ability of our banks to recover loans has been the reason behind the collapse of many commercial banks.
“The principles behind this bill is to facilitate and improve credit repayment culture, streamline loan recovery and as well as watchlist frequent loan defaulters with a view to track and blacklist them.”
The Deputy President of the Senate, Ovie Omo-Agege, who presided over the plenary, referred the bill to the Senate Committee on Banking, Insurance and other Financial Institutions, for second reading.

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FG Sets Up To Recover Illegally Refined Crude Oil

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In a bid to block revenue leakages, the Federal Government, yesterday, inaugurated an Inter-Ministerial Committee to tackle illegal refining of crude oil in the Niger Delta region of the country.
Members of the committee, who took their oath at the office of the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN, were drawn from the Ministry of Defence, the Nigerian Army, the Navy, Defence Headquarters, the Nigerian Security and Civil Defence Corps (NSCDC), the Nigerian National Petroleum Corporation (NNPC), as well as from the Federal Ministry of Justice, the Ministry of Environment, the Department of Petroleum Resources (DPR), and the National Oil Spill Detection and Response Agency (NOSDRA).
The Solicitor-General of the Federation (SGF), and Permanent Secretary of the Federal Ministry of Justice, Mr Umar Mohammed, who represented the AGF at the event, said the major mandate of the committee, was “the recovery of illegally refined petroleum products (crude oil) in the dug-up pits found around the creeks of the Niger Delta”.
According to the SGF, “In line with the policy of the current administration on security and economy, as well as the preservation of the environment from negative hazards.
“The office of the Honourable Attorney-General of the Federation and Minister of Justice, in collaboration with all stakeholders, have put in place a mechanism for effective and efficient management of illegally refined products recovered from dug-up pits found around the creeks of the Niger Delta.
“This mechanism was agreed by the relevant stakeholders and submitted to the Attorney-General of the Federation, who considered and approved the establishment of the Inter-Ministerial Committee for the purpose of implementing the Mechanism known as Standard Operating Procedure (SOP) For the Recovery of Illegally Refined Petroleum Products (Crude Oil) in the Dug-Up Pit found around the creeks of the Niger Delta”.
The SGF said the Federal Ministry of Justice would coordinate the process and the Secretariat of the Inter-Ministerial Committee.
“The responsibility of the Inter-Ministerial Committee is to detect, report, evacuate, assess and ensure transparent disposal of the product with due consideration to the environment.
“The Inter-Ministerial Committee shall be guided by the SOP, developed for the project.
“The content of the SOP is drawn from the provision of the Asset Tracing, Recovery and Management Regulations 2019.
“It is my hope that the proceeds from this exercise will be a source of additional revenue for the country”, the SGF added.

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FRSC Threatens Sanction Against Fleet Operators Over Speed Limit

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The Federal Road Safety Corps (FRSC) says it will sanction any fleet operator found sabotaging the implementation of the Speed Limit Device.
Corps Marshal Boboye Oyeyemi said this during the 2021 annual safety managers retreat yesterday in Abuja.
The retreat aimed at sensitising safety managers on the implementation of the Road Transport Safety Standardisation Scheme to attain best practices in fleet operations.
The theme of the retreat is: “Assessment of Speed Limit Device Implementation in Nigeria: Prospects and Challenges”.
Oyeyemi, represented by Deputy Corps Marshal, Motor Vehicle operations, Mr Hyginus Foumsuk, said that the corps would also sanction Speed Limit Device vendors identified for complicity.
The corps marshal expressed concern on the spate of road accidents and needless loss of lives, especially involving fleet operators.
“These, according to many experts investigations, could have been avoided if the concerned safety managers had been responsive in their duties,” he said.
Oyeyemi said that recent findings by the corps have also revealed a low level of compliance on the installation of Speed Limit Device and associated sharp practices among some fleet operators.
He noted that these practices included tampering with Speed Limit Device and connivance with vendors to deceive enforcement operatives.
This, he said, was with compliance certificates without actual installation of the device, calibration above the approved speed limits and others.
According to him, these shall no longer be tolerated as the corps will not hesitate to sanction violators henceforth.
Oyeyemi urged relevant stakeholders to address the decline on the proper vehicle maintenance as well as implementation of the passenger manifest by fleet operators and the drivers’ recruitment policy.
“We all know the essence of the passenger manifest and the significance of its proper implementation. You are therefore urged to take these issues seriously in the interest of safety.
“Passenger manifest is considered pivotal, thus its enforcement should continue along other traffic offences to compel the needed compliance. It is therefore pertinent that strict adherence to the existing policies be sustained,” he said.
“There is need for fleet operators to introduce improved practices to ensure the safety and comfort of their passengers in compliance with traffic regulations.
The Director-General, Federal Competition and Consumer Protection Commission, Mr Babatunde Irukera, commended the efforts of the corps on road safety.
Irukera noted that injury and fatality on the road were caused by speed, describing speed as a catalyst, aggravator and mitigator.
He urged motorists to take cognisance look into installing Speed Limit Device to avoid road traffic crashes and save lives and property.
He, however, assured FRSC of the commission’s support to punish violators, saying that excessive speed attracts a penalty.

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Sokoto Assembly Approves 2021 Virement Request Of N155m

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The  Sokoto State House of Assembly yesterday approved Governor Aminu Tambuwal’s  request of N155 million virement warrant on some capital projects  in 2021 approved budget.
This approval  followed the consideration of a letter by the state governor presented at the plenary by the Speaker, Alhaji Aminu Achida.
Alhaji Bello Ambarura, the All Progressives Congress (APC) leader in  the assembly, had  moved a motion asking  the lawmakers to consider the request at its plenary session.
Ambarura said that the request was necessitated by the present administration’s commitment to addressing  a number of developmental projects.

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