News Column

Lift Ban On Loans to Businesses, LCCI Tells CBN

August 25, 2014

Nume Ekeghe

The Central Bank f Nigeria (CBN) has been urged to reverse its policy that barred banks from lending to some business promoters that had obtained loans from banks and were unable to pay back.

The President of the Lagos Chamber of Commerce and Industry (LCCI), Alhaji Remi Bello, who made the call in Lagos, decried the criminalisation of business proprietors who obtained loans and failed to repay as a result of the challenges their businesses have been facing.

A statement quoted Bello to have said this when he led executives of LCCI on a visit to Origin Group Limited.

"There's need to revisit some of the policies of the federal government, especially the CBN regarding the outright ban of people who were given loans and could not meet up with the repayment not because of failure on their part, but because of the challenges the nation is facing, inclusive of the insurgency in the north, and very recently, the Ebola issue. "There is need for a review of some of these policies by the CBN governor," he said.

According to him, the new CBN governor would need to go back and look at some of these policies as they affect businesses that are under one intervention fund or the other that are not able to operate now, saying they should be given some special consideration.

"Don't criminalise people that are taking loans. If you are not taking loans and you are not taking facility, you are not in business," he said.

Meanwhile, the Group Managing Director of Origin Group, Mr. Samuel J. Samuel, said his vision for the group is to transform it into an entity that would ensure food security for the country.

He said the tractor hiring arm of the conglomerate is in the process of partnering state governments to avail farmers of the opportunities in the unit and help expand their yield per hectre.

He said some of their products, including vegefresh, have already made appreciable inroads into the local and international markets.

Origin Group, an indigenous company with a fast-track record owning significant market share, operates in sectors such as agriculture, engineering, construction, trade advisory and trade outsourcing, manufacturing, import and export among others.

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Source: AllAfrica

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