No panic over N112.11bn IT bad loans – Nnamani

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No panic over N112.11bn IT bad loans – Nnamani     Ikechukwu Nnamani, the president of Association of Telecommunications Companies of Nigeria (ATCON) has said the sum of N112.11 billion non-performing loan owed banks by information technology firms in the country should not cause panic. Reacting to report by the National Bureau of Statistics (NBS) that fingers IT firms among culprits contributing to bad loans in the country, Nnamani said the situation is typical of the tech sector where money invested often takes some years to recoup. The NBS report…

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Banks collaborate to improve credit repayment, stem bad loans

Banks in the country have com menced a collective scheme targeted at reducing the incidence of non-performing loans also know as bad loans in the industry. The disclosure is contained in a new circular released on Monday by the Central Bank of Nigeria on Monday on containing bad loans, watchlisting chronic bank debtors, among others. The CBN released the guidelines through a circular to all banks and other financial institutions, with the title ‘Operational guidelines on global standing instruction – Individuals. The circular, which was signed by the director, financial policy and…

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