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Acting President Yemi Osinbajo has signed two new laws that would help facilitate access to more affordable credit facilities for businesses in the country.

In a statement on Tuesday, Laolu Akande, Osinbajo’s spokesman, listed the acts to include the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.

He said the new laws were part of the federal government’s reforms aimed at easing business operations in the country.

The new laws, PorscheClassy gathered, will empower Nigerians to use their reputation, generators, deep freezers, school certificates, farm produce such as rice and beans, and many unconventional properties.

The collateral register has been in the works for a number of years, with expectations that it would be signed into law early in 2016.

Akande added that while the Collateral Registry Act ensures that Micro, Small and Medium Enterprises (MSMEs) could register their movable assets and use same as collateral for accessing loans, the Credit Reporting Act provides for credit information sharing between Credit Bureaus and lenders and other institutions that provide services on credit.

“This, in turn, will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs,” he said.

“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% 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.

BIG STORY

Customs Adjust FX Rate For Import Duties To N1,147/$

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The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,147.02 per dollar.

When compared to the N1,238.1/$ reported on April 18, this indicates a decline of 7.3 percent. On Friday, the customs rate was observed.

It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 18 at N1,154/$.

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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BIG STORY

8 Nigerians In South Africa Police Net For “Attacking Officers During Drug Raid”

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Eight Nigerians have been taken into custody by the South African police for reportedly fighting police during a drug operation.

The suspects were taken into custody in the province of the Northern Cape, the police said in a statement released on Friday.

According to the police, the suspects also caused damage to other properties and cars.

“At the time of the arrest, police were tracing information of one of the Nigerian nationals being in possession of drugs,” the statement reads.

“While conducting this search, a large group of Nigerians attacked police. Police fired rubber bullets to disperse the crowd.

“One suspect was arrested for illegal possession of drugs, and three suspects were arrested for public violence and detained at Kimberley Police Station.

“During processing, the suspects broke windows at the station. Additional charges of malicious damage to property were added.

“Another group of Nigerians later approached the Police Station and threatened to retaliate.

“The Operational Commander warned the group to disperse.

“However, upon dispersing, the group damaged police vehicles. Another four suspects were arrested for malicious damage to property.”

Koliswa Otola, police commissioner for the province, commended officers for the arrest of the suspects.

Otola condemned acts of violence against law enforcement agents, saying those who prevent police from exercising their duties “will be dealt with harshly”.

“We will not allow such lawless behaviour,” the commissioner said.

“We are processing the suspects and working with Home Affairs to determine if they are legally or illegally in the country.

“Police will continue to stamp the authority of the state in the Northern Cape Province.”

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BIG STORY

Yahaya Bello: Lawyer Asks Kogi Assembly To Begin Impeachment Process Against Ododo

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Due to accusations of misconduct and abuse of power, human rights attorney Deji Ajare has urged Kogi State House of Assembly Speaker Umar Yusuf to start the impeachment process against Kogi State Governor Usman Ododo.

Through the House clerk, Ajare made the call on Friday in a letter addressed to the speaker.

He said that using the governor’s motorcade to transport the troubled former state governor, Yahaya Bello, to safety amounted to harbouring a wanted person, obstructing the course of justice, and misusing public funds.

It was earlier reported that the Governor had whisked away his predecessor at about 4:20 pm on Wednesday, after operatives of the Economic and Financial Crimes Commission besieged the latter’s Abuja residence, to arrest him in connection with an N80.2bn money laundering case.

Following his escape, the EFCC declared the ex-governor wanted while the Nigeria Immigration Service placed him on its watchlist. The Inspector General of Police also has directed the withdrawal of all Police units attached to the former Governor.

Ajare, in his letter, also called on the assembly to cooperate with the EFCC and ensure all individuals involved are available for questioning and investigations.

“In the light of the above allegations and the inherent potential breaches of statutory duties imposed by the Constitution and other relevant laws of our country, these actions, if proven true, amount to gross misconduct and warrant immediate investigation and commencement of impeachment proceedings.

“I hereby call on the Kogi State House of Assembly under your leadership to initiate a thorough inquiry into these allegations by Section 188 of the Nigerian Constitution, to ascertain the truth and to hold Governor Usman Ododo accountable if the allegations are found to be true.

“I also urge the Kogi State House of Assembly to cooperate with national law enforcement agencies, including the EFCC, to ensure all individuals involved are available for questioning and to facilitate a smooth investigation”, he said.

He further implored the House of Assembly to take swift and decisive actions, noting the effect of the “misgovernance implied in these allegations” on the people of the state.

“I thank you as I look forward to your urgent attention to this issue. I trust in your commitment to uphold the Constitution and the laws of our land for the betterment of our state and its people”, the letter also read.

However, the Chief Press Secretary to the Speaker of the House of Assembly, Mohammed Yabagi, who spoke to our correspondent via telephone, said neither the Clerk nor the Speaker had received such a letter.

Yabagi added that the House had not seen any valid reasons to begin impeachment processe against the governor and that there was no evidence that the governor prevented security agencies from arresting Yahaya Bello.

“Anybody in the public has their perception of the matter. But the House has not seen any reason, none of the members of the House were there, and none of them saw the governor trying to prevent the security agencies from doing their job. As far as the Assembly is concerned, the Assembly supports all constitutionally recognised security agencies. We have not seen any reason why the House should commence any impeachment processes.

“For context, as far as the Executive is concerned, the immediate past governor was not even at his Abuja residence, and there’s no concrete evidence that the Executive Governor prevented them from doing their constitutionally recognised job. The House is yet to receive such a letter, and the Speaker is yet to have any knowledge of such a letter,” he said.

Meanwhile, all efforts to reach the Special Adviser on Media to the Kogi State Governor, Ismaila Isah, proved abortive, as his number was switched off.

However, the Kogi State Commissioner for Information, Kingsley Fanwo, debunked reports that Ododo helped Bello, beat security operatives who wanted to arrest him.

Fanwo in an interview with Channels TV on Thursday said the governor was committed to upholding the laws of the country, including respecting its legal processes.

“Governor Ododo did not assist in Bello’s departure from his residence; the EFCC’s claims are misinformation aimed at furthering their objectives. Bello is not evading anyone; the existing court injunction protects his fundamental rights,” he said.

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