Business
CBN Warns Against Borrowing From Loan Sharks
The Central Bank of Nigeria (CBN) has stated that individuals in need of funds can access loans from banks, warning against borrowing from loan sharks.
CBN Governor, Godwin Emefiele, who disclosed this at the first of Monetary Policy Committee (MPC) meeting of 2022, expressed his displeasure in the way loan sharks handle customers who default.
He said for any entrepreneur to access a loan for business, “you don’t need to know anybody. Just go into the portal, fill the form, send your data. If your data is correct, you would be able to access loans”.
Emefiele cautioned that, “if you go to a loan shark to borrow, you would pay two or three times the amount in 90 days. When you refuse to pay, they would seize your property just to collect N200,000.00.”
He, therefore, advised the public to avoid such informal lending and opt for formal lending from regulated institutions.
The apex bank boss also noted that regulating such Shylock creditors has always been a challenge since they are mostly in the rural areas and are unregistered, adding that “CBN is not a law enforcement agency like the police”.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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