Business
Stakeholders Laud CBN’s Proposed Policy On Loan Defaulters
Some Nigerians have lauded the Central Bank of Nigeria’s proposed policy that will make loan defaulters to forfeit their deposits in other banks.
The stakeholders, who spoke in separate interviews with newsmen in Abuja yesterday, said the policy would strengthen customers’ trust in the banks.
Our correspondent reports that CBN Deputy Governor, Mrs Aisha Ahmad had on Monday at the 345th Bankers’ Committee Meeting in Lagos, said that the apex bank was proposing to implement the policy that would make loan defaulters to forfeit their deposits in other banks.
Mr Lamidi Adekunle, a federal civil servant, told our correspondent that the policy would address unruly behaviour of some workers who take loans from banks and never pay back.
Adekunle explained that he had heard of several cases where some civil servants moved their salary accounts to other banks because of loans they took and failed to pay back in the former banks.
According to him, the policy will prevent and address such attitudes of such bank customers.
Mr Sani Bello, another civil servant said it was only dubious people that would not support such policy of the CBN.
Bello, also a farmer stated that he had four different bank accounts but never took loan from any of them.
Mr William Timothy, a financial expert, described the proposed policy as a welcome development to financial system.
Timothy added that the planned policy would stabilise deposit money banks in the country as well as reduce cases of liquidation of banks.
The expert said loan defaulters were the major cause for the collapse of some banks in the country.
Malam Mutallab Sezuo, a retired banker, however, faulted the proposed policy of the apex bank.
Sezuo explained that a lot of people would be discouraged from depositing their money in the banks because of this stringent condition of forfeiting money in other accounts.
He said that the policy could also lead to several litigations between customers and banks.
Meanwhile, a bank manager with one of the deposit money banks who spoke under condition of anonymity said he had just received a memo to that effect.
“I just received a memo now from my head office in respect of this policy that henceforth, it should be stated clearly in the loan offer of agreement given to customers.
“That should a customer fail to pay back, the money will be taken from his other bank accounts,’’ he said.
The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.
A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.
The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.
King Onunwor