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CBN Orders Seizure Of Loan Defaulters Funds Across Banks

According the apex bank’s operational guidelines for Global Standing Instruction (GSI), this allows financial institutions to access funds of defaulting debtors that are deposited in other banks with effect from August 1, 2020.

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CBN Orders Seizure Of Loan Defaulters Funds Across Banks, SiliconNigeria

… As GSI guidelines takes off 1st August

By LINDA JACOBS, Lagos

The Central Bank of Nigeria (CBN) today moved a step ahead of bank loan defaulters with a new guideline that allows seizing of their funds in other accounts.

According to the Asset Management Corporation of Nigeria (AMCON), 105 debtors were responsible for about Naira 4.5 trillion debt affecting the financial health of the Nigeria banking industry.  

 According the apex bank’s operational guidelines for Global Standing Instruction (GSI), this allows financial institutions to access funds of defaulting debtors that are deposited in other banks with effect from August 1, 2020.

The Global Standing Instruction, which is a mandate authorizing recovery of past due obligations from any and all deposit accounts maintained by a defaulter. The GSI is limited to debt recovery only and is limited to only individual accounts. Although it can be used recovery of repayment amount, the GSI cannot be used to recover any additional fees, charges or penal rate for default.

In a circular issued by the CBN Director, Financial Policy and Regulation Department, Kevin Amugo the GSI is targeted at facilitating an improved credit repayment system, reducing non-performing loans in the Nigerian banking system and watch-listing consistent loan defaulters.

The CBN in collaboration with stakeholders had last year developed the necessary protocls to facilitate a seamless implementation of the GSI process, including eligible loans granted from August 28, 2019.

Accordingly, it had issued the guideline to regulate the operations of the GSI which will be implemented with effect from August 1, 2020, as a way to enhance loan recovery across the banking sector.

The guideline states that the GSI shall serve as a last resort by a Creditor bank, without recourse to the Borrower, to recover past due obligations (Principal and Accrued Interest only, excluding any Penal Charges) from a defaulting Borrower through a direct set-off from deposits/investments held in the Borrower’s qualifying bank accounts with participating financial institutions.

To set up the mandate, customers will fill in their BVN, Credit Risk Management System (CRMS) number, the full repayment amount, the loan duration and the repayment account. The GSI is being maintained by NIBSS which is the custodian of BVN and holds records of all bank accounts in the country.

Once a debtor defaults on a loan, the GSI is triggered with the creditor bank activating the mandate on GSI Module specifying the recovery amount. Once triggered, the available accounts for recovery are identified, available balances for the accounts are retrieved and funds from the accounts according to Recover Logic are recovered.

Participating financial institutions by the GSI mandate must honor all transactions from NIBSS with a valid GSI Mandate code. The GSI Transactions can be triggered upon default on repayment, seven days after scheduled repayment date or before application of penal rates.

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Lagos Smart Meter Hackathon: Sanwo-Olu To Gift 2 Winners With N7m Cash Prize

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Smart Meter Hackathon: Sanwo-Olu To Gift 2 Winners With N7m In Lagos, SiliconNigeria

The governor of Lagos State, Mr. Babajide Sanwo-Olu is set to present the two overall winners of the Lagos Smart Meter Hackathon slated for 16th through 18th September with N7 million cash prizes.

The governor will announce the overall winner from each competing entries in hardware and software categories at the Grand Finale, at the Eko Innovative Centre, No. 50 Awolowo Road, Victoria Island, and Lagos.

 Five contenders each emerged from both categories of the competition, and the two winners will share the prize money of N7 million.  Finalists were shortlisted after a transparent, rigorous and competitive process. Hackathon received 274 registrations or entries; 127 of which bid in hardware category, while 147 competed in software group.

However, only 65 hardware and software prototypes were submitted by applicants. The shortlisted five finalists from hardware category are: Cosmo Automation, Smart Energy, Techwizard, Power Bit Cruchers and Gadozz Electricals, while the five software finalists are: Vectorians, Zeena Platform, Magnitronics, Chosen Soft Tech and Gideon. 

This Initiative of the Ministry of Energy and Mineral Resources is aimed at providing affordable electricity meters to the populace by facilitating the design and production of meters that will accelerate efforts towards achieving improvement in energy distribution, monitoring and prevention of revenue leakage.

Suffice to state it here that over 60 per cent of Lagosians and Nigerians are estimated to be unmetered due to unavailability and the high cost of meter acquisition. The Lagos State Government is therefore leveraging bright local talents to design and produce affordable smart electricity meters.

Speaking on the Hackathon judging process, Mrs. Doja Ekeruche, Advisory Board Member, Eko Innovation Centre, curators of the Hackathon, noted that 19 judges with expertise in the power and tech ecosystem participated in the shortlisting process that produced the finalists.

“We asked companies in the Energy and Tech ecosystem to nominate representatives to serve on the selection panel, tasked with shortlisting the top five finalists from both hardware and software tracks to proceed to the final hackathon events,” she explained.

She added: “At the end of the shortlisting phase, a session was held with the judges to discuss the reviewing process, and an analytics team ranked the submissions by all judges to arrive at the top finalists.”

It should be noted that during the launch of the programme on July 30th, 2020 by Lagos State Governor Babajide Olusola Sanwo-Olu, he noted that the Smart Meter Hackathon Initiative marked a significant milestone in the implementation of the State Government’s plan towards improving access to electricity as it aligned with the Sustainable Development Goal 7 of the United Nations targeted at achieving universal access to affordable, reliable, sustainable, and modern energy for all by 2030. 

At the virtual launch, while stating his resolved to achieve SDG in Lagos, he added that the initiative “fits well within the six pillars of the development agenda of his administration (T.H.E.M.E.S), which includes driving technology-driven innovations to transform Lagos into a 21st century digital economy and Smart City. This Lagos Smart Meter Program is an important way for the Lagos Government to demonstrate its commitment to improving electricity access and reliability for Lagosians. We believe that adequate metering of Lagosians and in turn Nigerians, would increase willingness to pay for electricity, improve productivity and, more importantly, continue to improve the living conditions of our people.” he stated.

And, at the same ceremony held, the Minister of State, Federal Ministry of Power, Goddy Jedy-Agba stated in his keynote address  that the local design and production of affordable meters would help transform the power sector and the economy at large. He urged all stakeholders to support the initiative, stressing that getting access to electricity right in Lagos “is critical for access to electricity in the entire country, considering the state’s population and economic landscape.”

The convener of the Lagos Smart Meter Hackathon, the Honourable Commissioner for Energy and Mineral Resources, Lagos State, Mr. Olalere Odusote, added his voice that the initiative was expected to provide access to affordable smart meters for Lagosians to improve electricity supply, monitoring, and trust between electricity providers and end users while preventing revenue leakage, as programme.

In his words at the Launch the Hon Commissioner stated “the initiative is expected to drive innovation and creativity while generating new interest in young people for the sector. Over the years, despite significant investments and resolutions along the electricity value chain, there remains a huge metering gap of over 60% of electricity consumers in Lagos and Nigeria. This metering gap is what we are seeking to bridge through the Lagos Smart Meter Hackathon. In line with the objectives of the Babajide Olusola Sanwo-Olu (BOS) Administration to make Lagos a 21st century economy, we have identified the need to intervene and support the facilitation of effective metering across the state, to ensure the provision of reliable electricity for Lagosians and Nigerians in the long-term.”

The Lagos Smart Meter Hackathon 2020 is convened by the Lagos State Ministry of Energy & Mineral Resources; curated by Eko Innovation Centre; sponsored by Access Bank Plc, Egbin Power, Ikeja Electric Distribution Company, Mojec International, Eko Electric Distribution Company, MOMAS Electricity Meters Manufacturing Company, ElSewedy Electric, Royal Power & Energy, Venture Garden Group, InfraCredit, Axxela Limited; and supported by The Lagos State Office of Innovation and Technology, Lagos State Employment Trust Fund (LSETF), the Nigerian Electricity Management Services Agency (NEMSA), Africa Fintech Foundry (AFF), Oracle, IBM, General Electric, Business Day and Accelerate TV.

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NASAL Honours NCC Boss, Danbatta with National Service Excellence Award

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NASAL Honours NCC Boss Danbatta with National Service Excellence Award, SiliconNigeria

L- R: Bashir Bello, Head, Legislative and Government Relations, Nigerian Communications Commission (NCC); Hon. Uchechukwu Chukwuma, Director General, National Association of State Assembly Legislators (NASAL); Dr. Ikechukwu Adinde, Director, Public Affairs, NCC; Truddy Tony-Awusaku, Principal Manager, Public Affairs, NCC; Hon. Usman Ali, Coordinator, North-West Zone, NASAL, during the  presentation of National Award of Excellence to Prof. Umar Garba Danbatta, Executive Vice Chairman/CEO, NCC by NASAL at the Commission’s Headquarters Abuja. Adidnde received the award on behalf of the EVC.

The National Association of State Assembly Legislators (NASAL) has honoured the Executive Vice Chairman (EVC) and Chief Executive of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta with a National Service Excellence Award for his transformational leadership in deepening access to telecommunications services across state constituencies of Nigeria in the last five years.  

The Award is coming few months after the President renewed Danbatta’s mandate as the country’s chief telecoms regulator for another term of five years. 

Director General of NASAL, Hon. Uchechukwu Chukwuma, who led a five-member delegation to the Commission to present the award in Abuja recently, said “the award from NASAL not only underscores the remarkable leadership role by Danbatta in deepening the development and growth of the telecoms sector at the grassroots but also demonstrates the pivotal role of the EVC as a change agent, a catalyst for national development and a great Nigerian patriot.”

He said in the last five years, NASAL, as the body of state lawmakers in the country, has consistently monitored the activities of the Danbatta-led NCC and observed notable improvements in telecoms services across state constituencies in Nigeria.

“Danbatta’s efforts have manifested in enhanced access to the Internet by our people, which has given them the opportunity to participate and ventilate their views constructively. As you know, citizens’ participation in political activities is one of the attributes of an ideal democracy and Prof. Danbatta has helped to promote this ideal,” Chukwuma said.

The NASAL’s award to Danbatta is justified by the statistics from the Commission which showed that when Danbatta came on board five years ago, 217 access gap clusters were identified in the country, with 40 million Nigerians excluded from access to telecoms services. Five years after, however, the access gaps have reduced to 114 clusters with additional 15 million Nigerians now connected.

While receiving the award on behalf of the EVC, Director, Public Affairs, NCC, Dr. Ikechukwu Adinde, who appreciated NASAL for the recognition, said the award was both an encouragement and a challenge to the EVC and his team to do more.

“It is heartwarming that NASAL has found our EVC and CEO deserving of this award. The award is an acknowledgement that his accomplishments have not gone unnoticed. We at the NCC, value this gesture, which writes the history of Professor Danbatta’s achievements in a very distinctive and enduring way,” Adinde said.

Adinde amplified the justifications adduced by NASAL for recognising Danbatta, by citing various indicators that measure the performance of the telecom sector, which clearly show that the sector has been growing over the years and more impressively, in the last five years of Danbatta’s leadership.

“From the recent industry statistics and other relevant macro indicators, the telecoms sector, under Danbatta, has recorded positive growth in terms of active voice subscriptions, internet subscriptions, teledensity, broadband penetration and contribution to the Gross Domestic Product (GDP),” he said. 

While noting that the last five years of Danbatta has witnessed a number of policy initiatives that have spurred industry growth and improved service delivery, Adinde restated the EVC’s commitment to ensuring that the Commission maintains its reputation as a foremost communications regulatory organisation. 

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TYLgames Collaborate with 9mobile, MTN to Offer Gaming Platform

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TYLgames Collaborate with 9mobile MTN to Offer Gaming Platform, SiliconNigeria

A new gaming platform named TYLgames has partnered with two telecommunication giants, MTN and 9monile to offer unique gaming proposition in the Nigeria’s lottery industry.

TYLgames has turned the focus away from gaming, and now placing it in gamers’ hands the power to transform lives with each game they play hence the acronym “TYL”.

TYLgames, a gaming (Lottery) platform that is designed to positively touch gamers lives one game at a time. The focus is on gamers rather than on the gaming platform; placing in their hands the power to transform their lives with each game they play hence the acronym “TYL”.

TYL is an Instant Play, Instant Win, Instant Cashout game played on SMS, USSD, and Mobile Web platforms with the short code 33088. There are currently two games available to choose from, an instant numbers game tagged “SHOKI” and “SHAFFLE” which is a daily raffle game. With N100 game cost, a player can win up to N100,000 instantly and up to N1,000,000 in 24 hours by dialing or texting to 33088 or *33088# for USSD respectively or log on to  www.tylgames.com

TYL brings financial relief to the masses by providing the avenue to win instant cash to cover day—to-day living costs. With just N100, a player can win and cash out a minimum of N1,000 instantly, several times a day. The best part of it is that a player can do this privately and confidentially, 24 hours of the day.

To deliver a dynamic and a superior gaming experience, different from other available gaming or betting platforms in a transparent manner to the masses, Humber Lottery, promoter of TYLgames has collaborated with Telecommunication giants 9Mobile and MTN to touch as many lives, reinforce the brand’s authenticity, and to deliver its promises.

Founder and CEO of Humber Lottery, Mr. Andrew Humber-Osofisan gave his statements as TYLgames launched. “TYLgames is committed to ensuring that people play responsibly and that they are rewarded accordingly”, he said. He also stated that “TYLgames is much more than a gaming platform. It’s a way to distribute wealth, mitigate individuals’ daily cash-flow issues, and address some of the societal issues plaguing the masses. We do not claim to make people overnight millionaires, but we guarantee every player a chance to be fairly rewarded daily. TYLgames is that window of opportunity which they can seize to get the reward they deserve”.  

He further spoke on the COVID 19 pandemic and why TYLgames is launching at this time. “The move to launch TYLgames at this time is strategic…”, he said; “…as fear, hopelessness, and depression from the pandemic overwhelms, I feel for the people and believe that TYLgames is a spark to rekindle hope for people to get back up and win again!” he added.

He talked about the “Winning Code”, 33088. “We call 33088 the winning code because, with it, you can positively change a life. 33088 is like medicine you take to relieve financial/money issues. As paracetamol can relieve headache, body pain or fever so is dialing 33088 can relieve hunger, brokenness, poverty, and all cash-flow symptoms. Just dial the code 33088 for relief”, he said.

Lauding the company, the Acting Director of Marketing 9mobile Mr. Olayiwola Onafowokan said, “TYLgames will address a problem plaguing the Nigerian gaming industry.”

He also stated that “TYLgames is a gaming platform that’s incredibly unique and innovative. It is not just providing opportunities but also entertainment to people to be rewarded for their participation in a fair and transparent manner.”

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