FG APPROVS 173 LOAN APPS, BARS ILLEGAL ONLINE BANKS

• Tue. Apr 4th, 2023 

FG approves 173 loan apps, bars illegal online banks

 APR 4, 2023

The Federal Competition and Consumer Protection Commission has approved 173 digital lending applications to operate in the country.

Of the 173, 119 have full approvals and 54 have conditional approvals. After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these apps.

It released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space.

After shifting its deadline multiple times, it finally adopted March 27, 2023, as the close of registration. The commission has now released a list of approved apps that can operate in the country. Companies without approvals will not be able to operate in the space.

Commenting on its effort against digital lending apps in August 2022, the FCCPC said, “In addition to the enforcement action(s) and in furtherance of the desire to promote fair, transparent and mutually beneficial alternative lending opportunities apart from traditional lending to consumers, the inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework.

“This becomes enforceable immediately. It requires permission to proceed in digital lending; it provides a limited moratorium period for existing businesses to comply in order to continue in digital lending.

“The guidelines also mandate different service providers in the relevant ecosystem (such as banks, access/download platforms or stores, technology providers and payment systems) to require regulatory approval before providing services.”

Some of the approved loan apps listed by the commission include Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, Creditwave Finance Limited amongst others.

Loans without the FCCPC’s approval will be removed from Play Store by Google and unavailable for download.

In November, Google Play announced updates to its Developer Program Policy, which mandated that digital money lenders in Nigeria, India, Indonesia, the Philippines, and Kenya must conform to regulatory rules.

This was expected to come into force from January 31, 2023. In March, Google took down hundreds of unapproved loan apps from the Play Store in Kenya according to a report on TechCrunch.

In February 2023, the Nigeria Data Protection Bureau revealed that a national committee, made up of federal agencies, was working in tandem to clip the activities of illegal loan apps in the country.

Pope: Lalong tenders unreserved apology to Catholic Bishops

The Director-General of the All Progressives Congress (APC) Campaign Council, Governor Simon Lalong, on Friday, tendered an unreserved apology to the Catholic Bishops Conference of Nigeria (CBCN) over his ‘blasphemous’ remarks about the Holy Father, Pope Francis.

The governor of Plateau state, who admitted that it was an error on his part to have linked the Catholic Pontiff with Nigeria’s politics, begged for forgiveness and understanding from the Catholic Church through the Bishops’ conference.

Earlier, concerned members of the Church had frowned at his choice of words, even as a Papal Knight of St. Gregory and demanded his immediate suspension from the Church.

However, in a letter to the CBCN President entitled, ‘Letter of Apology’ which was dated August 12, 2022, Governor Lalong restated his commitment to the Catholic faith promised to continue upholding the banner of the Christian faith in public life.

The letter reads, “I have followed with some shock and deep regret, the reactions that have trailed my appointment as the Director-General of the Campaign Council for the Presidential Candidates of our Party, the All Progressive Congress, APC, Ahmed Bola Tinubu and Ibrahim Shettima.

“The appointment, understandably was received with mixed reactions across the Christian community who genuinely feel aggrieved by the decision of our party to settle for a Muslim Muslim ticket.

“While many people commended me for the appointment and saw it as a way of remaining within the system to fight for our own interests, others cast aspersions on it on the grounds that our faith had been insulted and denigrated.

“In the course of this, many of my opponents turned the issue into a political weapon with some spreading rumours and questioning the integrity of my credentials as a Catholic and a Papal Knight.

“In trying to make my case, I have granted interviews to justify why I believe that the appointment did not in any way undermine my commitment to the Catholic Church.

“During the week, in the course of defending myself, I had cause to make reference to my credentials as a Catholic and a Papal Knight. In the process, I made reference to the Holy Father.

“I now realise that this was an error on my part and has caused some level of concern and even embarrassment to many, especially the Members of the family of Papal Knights to which I belong.

“I now understand that I may have overreached myself in the course of trying to defend my personal decision in accepting this appointment and thus, the reference to the holy father was not intended as an act of disrespect to his exalted and revered office.

“Your Grace, by this written letter, I wish to tender my unreserved apologies and ask for their understanding and forgiveness from my brothers in the Catholic faith and, through you, the entire members of the Bishops’ Conference, our Fathers and our Leaders.

“My commitment to the Catholic faith to which belong remains unreserved and undiluted. I will continue to uphold the banner of my faith in public life as I have done over the years.

“You may recall, Your Grace that in the last five or so years, have been at the forefront of facilitating our dialogue as politicians with you our fathers in the faith. remain committed to this and pray that you will continue to encourage us as we ascend the slippery slope of politics.”

@Vanguard

NATIONAL BROADCASTING COMMISSION FINES TRUST TV AND OTHERS

The National Broadcasting Commission on Wednesday imposed a five million naira fine on Multichoice Nigeria Limited, owners of DSTV ,  Startimes and Trust TV for broadcasting documentaries which NBC said "glorified the activities of bandits and undermines national security in Nigeria"

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KIDNAPPING AND CULPABLE HOMICIDE

PRESS CONFERENCE BY THE COMMISSIONER OF POLICE KANO STATE COMMAND, CP AHMED ILIYASU Psc(+) TODAY THURSDAY, 11th JULY, 2019.*
*Ladies and gentlemen of the press.*
CRIMINAL CONSPIRACY, KIDNAPPING AND CULPABLE HOMICIDE

*SUSPECTS:* 1. IBRAHIM AHMAD 20YRS OLD OF DARMANAWA QRTS, KANO.
2. ABDULMAJID MOHD ‘M’, AND
3. MUSA SUNUSI ‘M’ BOTH 18YEARS OLD OF SHEKA QTRS, KUMBOTSO LGA, KANO STATE.
*VICTIM*: AHMAD ADO ‘M’ 5YEARS OLD OF KARKASARA QRTS KANO.
In line with the Inspector General of Police directives on operation Puff Adder and the command’s effort to rid the state in all forms of Kidnapping, Armed Robbery, Banditry and other criminalities, on the 10/07/2019 at about 1330hrs, the police received a report that one Ahmad Ado ‘M’ 5years old of Karkasara Quarters Kano was kidnapped by unknown persons at Ma’ahat Nursery and Primary School Karkasara Kano, and that the kidnappers contacted the family to pay the sum of Fifty Million Naira (N50,000,000) as Ransom. Team of operation *Puff Adder detectives from Anti-Kidnapping Squad* immediately swung into action, using technical intelligence arrested the principal suspect one Ibrahim Ahmad ‘M’ aged 20years old of Darmanawa Quarters Kano. On interrogation, two of his accomplices, Abdulmajid Mohd ‘M’ and Musa Sunusi ‘M’ both 18years old of Sheka Quarters, Kumbotso LGA Kano State were instantly arrested. Suspects confessed to have over-drugged the victim after the kidnap which subsequently led to his death at Sheka Sabuwa Abuja Quarters, Kumbotso LGA. They went ahead and buried the dead body in a shallow grave at an uncompleted building. Scene was visited by experts and the dead body exhumed. Investigation has commenced and suspects will be charged to court after investigation.
We are drawing the attention of all law abiding and good citizens of Kano State to be wary of all sundries, family and friends around them, as criminals are constantly changing their modus, and criminals have no signs, marks, plate number or registration number.
Therefore, the command is using this means to warn that, criminals have no hiding place in the state. They are strictly advice to repent, leave the state completely or they will be arrested and charged before a competent court of law. Thank you and God bless.

(Credited to Crime Stoppers)

Advantages & Disadvantages of Taking Loans from Banks from Small Business

Every business needs a certain amount of money to start. The entrepreneur on the threshold of starting a new venture, has to work out where and how he will get access to sufficient funds.
The first organization that he thinks of is his bank. Yes banks are almost always one of the first organizations to be approached for funds in the form of a loan. It is here that harsh realities hit the entrepreneur who soon learns how difficult it is to get a bank loan to finance his small business venture. A select fortunate few, do manage to fulfill all the pre-requisites for a bank loan, and are successful in procuring them. But for every successful loan application there are many that get rejected. The tough regulations linked to bank loans are gradually undergoing a change with banks realizing the phenomenal potential of small businesses. This explains the special programs and additional services launched by big banks to woo small businesses.
Bank loans are just one of the various options available for small businesses to raise funds. The final decision about where to secure funds depends on the balance between the pros and cons of the source. Like all other funding sources, bank loans also come with their share of advantages and disadvantages.

Bank Loans for Small Business

Advantages

• Convenient and accessible– Banks are always accessible since they are used regularly for depositing savings or withdrawing them. After being bank customers for years, the bank becomes convenient and familiar, and personalized service makes it the first place to consider for a loan.
• Multiple Loan options– All banks advertise various types of schemes to woo entrepreneurs setting up or running a business. The real earnings for a bank come from the interest they charge on these loans. Options like term loans, standard business loans and others are available for the entrepreneur.
• Non profit sharing– Venture capitalists and angel investors agree to provide a loan in exchange for part ownership, the right to influence decision making and a share of the profits. Banks do not ask for any of these. If they do sanction a loan, they are only interested in getting their interest and partial loan payment installments.
• Lower rates of interest-Though tough to get, banks provide loans at lower rates of interest than other lending agencies and instruments like credit cards.
• Bank loans offer tax benefits– Small businesses taking loans from banks enjoy some relief from tax, since the percentage of profits used to repay the loan is exempted from tax.

It is these advantages that prompt entrepreneurs to approach banks for one of the various loans offered.

Disadvantages

However, as mentioned before, getting a bank loan is not easy, and its disadvantages include:

• Lengthy application process– banks need to verify all the credentials and details about the business before sanctioning a loan. Therefore its application process is very long and its review etc. takes a long time.
• Cumbersome– The prospect of getting into the detailing that banks require is really cumbersome, and from the entrepreneur’s point of view, totally unnecessary.
• Preference given to existing, running businesses– banks prefer running businesses because they can gauge its profitability and credit history before sanctioning the loan.
• Long list of prerequisites to qualify for the loan– banks have long list of conditions that a business should fulfill before they clear the loan. It is sometimes not possible to meet all of them.
• Risk of losing Collateral– bank loans are generally sanctioned against some collateral, often the entrepreneur’s house and property. This stands the risk of being lost to the bank should the business fail to take off.
• Entire amount not granted– banks are known to not agree to grant the whole amount requested for a loan. They may grant 70 or 80 % of the sum applied for. This makes it difficult for the entrepreneur to begin since he has to scout around for the remaining balance and find agencies to funs that before he can start.

Thus it is the balance between these advantages and disadvantages that prompt people to approach banks for small business loans. While raising funds is an essential part of business, so too is budgeting and having someone in the business with a keen eye on keep costs under control and within budget. Anyone in business can reaps the rewards from financial education and professional advice.

Source:  https://www.businessblogshub.com/2010/10/advantages-and-disadvantages-of-taking-small-business-loans-from-banks/

Environment in Business 0.2

It is a surrounding of, and influence on a particular item of interest.It is very important to know that role of environment on our our business or personal life can't be over looked
 Many of us are shaped by the environment we find ourselves because of the influence it has.
Our environment should be able to align with our orientation.
So, it is very important in business arena , environment must be well looked into.
As an entrepreneur, you must be careful in dealing with your environment
It can either build you or break you.

Majority of us are being dragged back by the environment we found ourselves.
So ,it affects the business .Don't forget,It is a surrounding of, and influence on a particular item of interest.Environment has great influence on your business. If you are selling male designer clothes where you have female as dominant residents.You may not make sales.

 If you are operating transportation in an estate where all the occupants have their private cars.

What happen?
No sales.

Environment is a strong pillar an entrepreneur must pay attention to.There are kinds of environment

Physical/ People Environment
Non-People Environment

 In business, watch out for these two environment.

1) Physical/people environment

It is all about those activities , or people who can influence your decision and behavior.
 As I have said, environment is crucial, thus, focus on it.

 If you are not moving with people who can influence your business, you are wasting your time.You are at the wrong end.

So ,you have to define those people who occupy your environment.
Carefully do this because it determines many things.

The people in your life determines how far you can go in life or in business. Don't get it wrong , that does not mean you should become cheap commodity. If you are moving with someone who also does business .You will have smooth relationship and profitable one. If the person is right thinking person.

 2.) Non- people environment

These are majorly  ,information, ideas, belief, books, films ,music etc. that we exposed ourselves to. Some of us are exposed to wrong information,wrong ideas,books et al.

"A good reader is a great leader."

You need to read to boost your potency.

You need to be exposed to helping information. You can't be great than your mindsets
These mindsets are shaped by information, we are exposed to
We need to update and re equipped our arsenals.

Our brains must be refreshed time to time

This is because, being exceptional is good, being a pace setter isn't easy
To be a business mogul ,you need to prepare for it.

Unfortunately, our Nigerian movies have greatly affected our reasoning.

There are a lot of wrong claims portrayed in a right manner. If you are selling or dealing with food, you don't read books out of this environment.

You have to get appropriate tools to excel. You don't read styles and fashion. When own a restaurant or into food business . These are out of environment of this business.
Environment of Business
Finally, as an entrepreneur, you have to realise environment is one of the major pillars in business. If it requires that you CHANGE your environment, please do.

ENVIRONMENT OF BUSINESS

 https://megabrainbizcom.blogspot.com/2018/07/environment-of-business.html 

To start a business, you need to study your environment very well,so as to know the kind of opportunity to be tapped. This observation is very crucial to the growth of the business.many people have failed to carry out this excise ,thus giving them problem in the process of actualising the business'goal. Environment has a prominent role to play so ,it must not be overlooked.

Environment is the surrounding of,and influences on,a particular item of interest. With these underlined words such as surrounding and  influence, one can identify this subject matter as factor that can't be relegated when talking about business.

As an entrepreneur, it is worthy of note, to identify the importance of Environment.
Majority of us do not consider having people in our lives as something to be seriously looked in to. You need to choose with wisdom otherwise, you end up blaming yourself. Environment of business determines how that business can flourish. Environment has influence on the business so the environment must be taking care of.

There are two major environments which an entrepreneur must know.

Idowu Olufemi
CEO, Acolyte Media Expression.