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How trending quick loans lure workers, SMEs to debt traps


Checks done by this paper while interviewing a cross section of patrons of quick loans in Abuja, Lagos and other parts of the country, revealed that the trend became popular since 2018 and gained higher fame in 2020 with the economic crisis created by the COVID-19 pandemic.
Quick loan firms everywhere
There are a handful of them who offer enticing loans with low interest rates with little to no paperwork. While some offer from N20,000 to N5m, there are those whose thresholds reach tens of millions.
Their tenors are between one and 12 months (one year), with some up to a maximum of 24 months (two years). ....

Abuja Federal Capital Territory , Akinwande Ademosu , Adam Nuhu , Hajiya Huraira Abdullahi , Philip Sigwart , David Adam , Mustapha Aliyu , Yemisi Edun , Peter Effiong , Segun Onifade , Cosmas Tizhe , Ladi Balogun , David Akwu , Kazeem Olanrewaju , University Of Nigeria Nsukka , Access Bank , Central Bank , Credit Direct Limited , Consumer Protection Department , Nigeria Deposit Insurance Corporation , Baobab Group , Investment Ltd , Medium Scale Enterprises Smes , Guaranty Trust Bank , Baobab Micro Finance Bank , Mycredit Investments Ltd ,

Peter Obaseki, FCMB's COO retires


The Board of Directors of FCMB Group announced Obaseki’s retirement, with effect from March 1.
The Chairman of the Group’s Board of Directors, Mr. Oladipupo Jadesimi, thanked Obaseki for his service and support to the Board over the years.
Obaseki’s retirement was approved at a meeting of the Board of the Group on February 26, which has been communicated the Nigerian Stock Exchange, NSE.
FCMB Group Plc comprises commercial and retail banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited.
The other two business arms are investment banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as asset and wealth management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited). ....

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Peter Obaseki retires as chief operating officer of FCMB Plc


Peter Obaseki retires as chief operating officer of FCMB Plc
The FCMB Board of Directors thanks Mr Obaseki for his valuable service and excellent support for many years.
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The Board of Directors of FCMB Group Plc has announced the retirement of Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an executive director of the group.
Mr Obaseki’s retirement was approved at a meeting of the Board of the FCMB Group on February 26, 2021.
This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution. ....

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