Acting President Yemi Osinbajo has signed two new laws that would help facilitate access to more affordable credit facilities for businesses in the country.
The new laws were part of the federal government’s reforms aimed at easing business operations in the country.
What do you think?Knowing how Nigerians are,do you think this will work out?Is there a limited amount or can someone drop a face me i face you generator and collect a loan of ten million knowing that if they dont pay back,they will lose ownership of the generator or deep freezer...
Do you see this working out?Banks better secure warehouses to stores these things when it starts and hope they get their monies back.
I honestly do not see this working out at all..My two cents though!
What do you think?
Wetin we no go see or hear, Nigeria is now a joke
ReplyDelete*Larry was here*
Smh. Real joke. Which bank will accept these as collateral? Mchhewwwsss.
DeleteGenerators or freezers can be used as collateral in as much as the amount youre loaning is not upto the prices of the said collaterals. It's just a simple logic
DeleteThis kind of collateral; banks have entered igbese
ReplyDeleteThank you lord... Make I go carry that my "I pass my neighbour " Generator wen I buy years ago for 14k take go borrow money for bank
ReplyDelete@Galore
It may work but depends on d amount u want to tk as loan
ReplyDeleteThey will definitely give according to your property capacity. Same way my company gives loan. We give based on salary capacity but without collateral
ReplyDeleteGreat idea though.
Nice one Mr Acting President
We are laughing at Mugabe here comes Osubande *in vuhari's voice "
ReplyDeleteOnly in Zoo..
Is not working out anything, where will banks store all this kayas?
ReplyDeleteLolzz Generator And Freezer?!!! Fa! Fa!! Fa!!! Foul!!!!!!! Aint gonna work..What a funny initiative....
ReplyDeleteOsibanjo see what you and vuhari have reduced Nigeria to... Modern trade by barter
ReplyDeleteOnly me sef will go and personally buy face me I slap u gen,like 3 go different banks go collect 5mill each hahaha
ReplyDeleteLol
DeleteOf cos the collateral will be valued and used to limit the amount of facility granted na!
ReplyDeleteHell naaaaaah! Kolewerk!!! Dosent even make sense in da first place.*huh*
ReplyDeleteJust want to know if it is new freezers and generators or i should go and look for i better pass my neighbour to collect loans.
ReplyDeleteNigeria is now following zimbabwe. Chai brainless countries
Kolewerk.
ReplyDeleteOfcourse the loan amount would be limited to the values of the generators and deep freezers presented as security for the loan.
ReplyDeleteAnother consideration is having a market for the securities in case of default; this I think would be the challenge to be faced.
Firstly ,would the disposed value be enough to cover for the loan balance?
IMO,I don't think anybody would want to buy a used generator or deep freezer.
The loan amount depends on what your collateral is, you don't expect to get a loan of 10m and your collateral is generator and deep freezer.
ReplyDeleteThis type type of collateral can get you a loan of probably 50-100k depends on the value of your generator or freezer.
No be small igbese banks go get
ReplyDeleteThis can't work in Nigeria, the banks won't follow this directive even.......WTH
DeleteI see electricians wearing suit now and working in banks as quality control officers 😂
ReplyDeleteOur leaders thinking odd,just the way onetime minister of transport introduced bicycle in this modern age.
ReplyDeleteAm sure no bank wil accept the fridge & generator collateral.
ReplyDelete