Africa Business Nigeria West Africa World 

Nigeria secures $210 mln loan from AfDB for power project

The African Development Bank (AfDB) has approved a $210 million loan to help Nigeria upgrade its dilapidated electricity transmission and distribution network. The loan to Transmission Company of Nigeria (TCN) will support construction of 330KV double circuit quad transmission lines and sub-stations across the country, the bank said in a statement late on Friday. The AfDB funded project will run across seven states and will improve the capacity of power grid where it is most constrained. Nigeria privatised most of its power sector in 2013 but retained control of its…

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Africa Business Nigeria West Africa World 

Nigeria: Loan defaulters to lose deposits in other banks

Nigeria’s Central Bank has announced that loan defaulters will now lose their deposits in other banks. The move is in an attempt to reduce the rate at which customers of banks default in paying their loans. The central bank and other lending institutions agreed to seize the bank savings of customers that borrow money and refuse to pay back. Per the agreement all deposits in the defaulting customers’ other banks’ accounts will be used to service the unpaid loans. The decision was taken at the 345th Bankers Committee meeting in…

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