Business and Economy
Loan Sharks Detrimental to Economy, Empower MfBs to Give Loan – Ex-CIBN President to CBN
A past president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, has decried the proliferation of “loan sharks” in the Nigerian financial system, describing them as dangerous to the economy. adsbygoogle || []).push({}); js">
He advised the Central Bank of Nigeria (CBN) to empower Microfinance Banks (MfBs) to be more functional in their lending role to small businesses so as to eliminate the menace of loan sharks.
“These loan sharks are dangerous to the economy, and the CBN should do everything to eliminate them. “They give loans to people and when there is a default they call all contacts in their phone to embarrass them; it’s unethical.
“The MfBs are better positioned to offer such service, and I’ll urge the CBN to empower the MfBs to be able to carry out their mandate more effectively,” he said.
NAN reports that loan sharks are digital lending platforms that offer loans at extremely high interest rate and often use threats to collect debts. The activities of the digital lending platforms were often not in conformity with the CBN consumer protection regulation which mandates financial institutions to ensure that debt recovery processes are transparent, courteous and fair.
The apex bank said that the process must be devoid of undue pressure, intimidation, harassment, humiliation or threat.
According to the regulation, institutions shall engage and give customers notices of outstanding obligations prior to the commencement of a debt collection. Also, the apex bank had said individuals in need of funds should approach regulated institutions and desist from borrowing from loan sharks.
During a recent Monetary Policy Committee meeting, the suspended CBN governor, Godwin Emefiele, had expressed displeasure in the way loan sharks handle customers who defaulted. “If you go to a loan shark to borrow, you will pay two or three times the amount in 90 days.
“When you refuse to pay, they will seize your property; bicycle or television just to collect N200,000,” he said.
He however said regulating the loan sharks was a challenge since they were mostly in rural areas and unregistered.
“Moreover, the CBN is not a law enforcement agency like the police,” he had said.
Meanwhile, the Federal Government recently approved 173 digital lending platforms to operate in the country. According to the Federal Competition and Consumer Protection Commission (FCCPC), the approval is to protect citizens from the atrocities of loan sharks.
Some of the approved loan apps are Sycamore Integrated Solutions Limited, Trade Depot, Tajow Investment, Blue Ridge MfB, Grolatech Credit Limited, Branch International Financial Services Limited and P2vest Technology Limited. Others are Creditwave Finance Limited, Keenest Tech Service Limited, FairMoney MfB, Altracred Finance Investment Limited, Crevance Credit Limited, Menacred Company Limited, Afrowide Development Limited, Red Planet Nigeria Limited, Afrofirst Mobile and Technology Company Limited. There are also, Rankcapital Limited, IBS Golden Investment Company Limited, Lendvisery Services Limited, Renmoney MfB, GTB Quick Credit App, ALAT by Wema, among others.
Source: NAN
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Business and Economy
Nupe Natives Of Lokoja Flags Off Cooperative Union To Facilitate Development
From Joseph Amedu, Lokoja
Nupe Natives of Lokoja, has flagged off its CAMPDAVID MULTIPURPOSE COOPERATIVE UNION LIMITED registered with the Kogi State government, aimed at facilitating the development of the community of the native Nupe of Lokoja and her entire residents.
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Twelve other Cooperative Societies are registered to operate under the umbrella union which was launched in Lokoja over the weekend.
The Etsu Lokoja and Chairman, Lokoja Native Traditional Council, His Royal Highness, Emmanuel Akamisoko Dauda Shelika – Nyamkpa IV, performed the flag off ceremony during the first General Meeting of Nupe Natives of Lokoja in 2026, organized to showcase their culture and had interactions on how to attract development to their community.
The Royal Father in his speech, said that the Cooperative Union and its other sub-societies would no doubt facilitate people’s zeal to embark on self-help development that would impact on their living standards.
According to the traditional ruler “The newly registered cooperative societies would serve as veritable tools with which our people could utilize to generate funds to enable them embark on self-help projects such as drilling of motorized boreholes for portable water supply, rural electrification and health clinics amongst others.
“The need to complement government’s efforts in the provision of basic infrastructure for improved living conditions of citizens cannot be over emphasized, hence our desire as a people to do the needful”
The Etsu Lokoja used the occasion to call on the younger generation of the community to embrace skills acquisition of vocational enterprises such tailoring, welding, fabrication, carpentry, plumbing, hair dressing and farming among others for self-reliance.
He also disclosed his community’s planned programmes for this new year to include; facilitating of Summer Studies, Medical Outreaches for the less privileged, cultural and political summits.
He commended Governor Ahmed Usman Ododo of Kogi state for his passion to carry everybody along in his development programmes irrespective of political, ethnic and religious differences.
He reiterated the loyalty of his people to the present administration in Kogi state and assured that the tempo would be sustained.
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Business and Economy
Kogi To Domesticate New Nigeria’s Tax Act, 2025
From Joseph Amedu, Lokoja
The Kogi State Government has expressed readiness to domesticate the new Nigeria’s Tax Act 2025 for implementation by the State Internal Revenue Service (KGIRS).
The Special Adviser to Governor Ahmed Usman Ododo on Internal Revenue Generation, Nasir Rahman Ichanyi gave the hint while speaking at the second tranche of the critical stakeholders engagement on better understanding of the key provisions in the new tax law organised by the Kogi State Internal Revenue Service in Lokoja on Wednesday.
Ichanyi said that participants for the sensitization engagement were drawn from ministries, departments and agencies in view of their advantage position as technocrats that would play vital role in full implementation of the new tax law as from January, 2026.
He said that the sensitization programme is aimed at strengthening tax administration and promoting voluntary compliance to the new law.
The Special Adviser commended Governr Usman Ahmed Ododo for his visionary leadership and steadfast support in ensuring the effective domestication and implementation of progressive federal fiscal policies.
“His Excellency’s commitment to good governance and economic reforms continues to enhance fiscal discipline and sustainable development in the state”
He also praised the management and staff of KGIRS for their professionalism, dedication, and proactive engagement with stakeholders.
” This sensitization exercise reflects their resolve to ensure clarity, transparency, and inclusiveness in the implementation of the new tax framework.
“The 2025 Tax Acts, that will be domesticated by Kogi State, is distinguished by its simplicity, clarity, and taxpayer-friendly provisions
” It harmonizes tax obligations, removes incidences of multiple taxation, and provides clear guidelines that make compliance easier for taxpayers. The law also embraces technology-driven processes that improve efficiency, reduce human interference, and promote accountability.
“Furthermore, the domesticated tax Acts will offers significant benefits to taxpayers by reducing compliance costs, ensuring fairness and equity, and fostering a more predictable and business-friendly tax environment. Ultimately, it strengthens the trust between government and taxpayers and ensures that revenues generated translate into improved public services and infrastructural development across the state.
” I urge all MDAs and stakeholders to support the effective implementation of the 2025 Tax Acts that will be domesticated in Kogi State and to serve as ambassadors of compliance within their respective institutions. Together, we can build a robust and sustainable revenue system that will drive inclusive growth and development for Kogi State.
Earlier in his welcome address, the Executive Chairman of the Kogi State Internal Revenue Service, Alhaji Sule Salihu Enehe urged citizens to embrace the new Nigeria’s Tax Act in view of its enormous benefits.
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Business and Economy
KGIRS Sensitizes Stakeholders On Implementation Of New Nigeria Tax Act, 2025
From Joseph Amedu, Lokoja
As the new Nigeria’s Tax Act 2025, becomes operational come January, 2026, the Kogi State Internal Revenue Service (KGIRS) on Tuesday, commenced Stakeholders’ Engagement towards full implementation of the law.
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Speaking at the one day Sensitization Programme held at the Lugard House, Lokoja, the Executive Chairman of the KGIRS, Alhaji Sule Salihu Enehe, said that the commencement of the Nigeria’s Tax Act, January next year, is in line with the Federal Government’s tax reform policy aimed at boosting tax administration.
“The Stakeholders’ Engagement is targeted at ensuring better understanding of the Nigeria Tax Act ahead of its full implementation January next year”
He explained that the operation of multiple tax administration law was condensed into one now called “Nigeria Tax Act 2025” to enhance transparency and efficiency in the system.
He also explained that the new law was put in place to avoid the problem of double taxation and duplication in the system.
Alhaji Enehe therefore, urged taxable citizens and critical stakeholders in tax administration sector to embrace the new law in support of President Bola Ahmed Tinubu’s tax reform policy which he said would go a long way in stabilising the nation’s dwindling economy.
The Special Adviser to Governor Ahmed Usman Ododo on revenue generation, Dr. Nasir Rahman Ichanyi, in his speech, commended KGIRS for organising the Stakeholders’ Engagement Forum which has provided avenue for robust dialogue and collaboration for comprehensive understanding of the Nigeria Tax Act 2025.
He described the Stakeholders’ Engagement as timely and proactive measures put in place by KGIRS to achieve the desired success in the implementation of the new law.
Dr. Ichanyi promised that Kogi State Government would not relent in support of President Tinubu’s tax reform policy which he said would enhance the nation’s economy.
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