Business
We didn’t use national assets as collateral for Chinese loans – DMO
The Debt Management Office has said no national asset was used as collateral for loans from China.
Director-General of the DMO, Patience Oniha, said this during an interview with NAN on Saturday.
In recent times, both social and mainstream media have been awash with news about some African countries, including Nigeria, facing the threat of losing critical national assets to the Asian country owing to high-level indebtedness.
Media reports had also claimed that Uganda has “surrendered” its only international airport and other assets in the country to China over an unpaid loan deal — a claim both both countries have denied.
Reacting to the reports, Oniha said the loans from China to Nigeria were largely concessional, as no national asset was tagged as collateral.
She also disclosed that Chinese loans which presently stood at $3.59 billion constitutes only 9.4 percent of the Nigeria’s total foreign debt stock of $37.9 billion.
“Nigeria’s total debt stock as at Sept. 30 was 37.9 billion dollars, this figure comprised the external debt stock of the Federal Government, 36 state governments and the Federal Capital Territory,” Oniha was quoted as saying.
“But total loans from China stands at 3.59 billion dollars, which is 9.47 per cent of the total external debt. The loans did not require any national asset as collateral; they were largely concessional.”
Oniha asked Nigerians to always endeavour to verify sensitive information from official sources before disseminating it.
She said before foreign loans are procured, sensitive steps are taken by multiple institutions of government to ensure that they are beneficial to the nation.
“Before any foreign loan is contracted, including the issuance of Eurobond, they are approved by the Federal Executive Council and thereafter, the National Assembly,” Oniha said.
“An important and extremely critical step is that the loan agreements are approved by the Federal Ministry of Justice.
“An opinion is issued by the Attorney-General of the Federation and Minister of Justice before the agreements are signed.
“Several measures which operate seamlessly have been put in place to ensure that data on debt are available and that debt is serviced as at when due. Provisions are made explicitly for debt service in the annual budgets.”
The DMO chief said loan agreements provide a number of steps to take to resolve disputes when they arise.
“The first action is that the parties should resolve it within themselves and if that fails, they go to arbitration,” she said.
“In other words, a lender, in this case, China, would not just pounce on an asset at the first sign of a dispute, including defaults.’’
She said the DMO maintains proper records of debts, provides projections for debt service and processes the actual payments for debt service.
Those functions, Oniha said, were carried out in conjunction with the Office of the Accountant-General of the Federation and the Central Bank of Nigeria.
Business
Naira rises to N1,618/$ in parallel market
Naira rises to N1,618/$ in parallel market
The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday.
But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).
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Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604 per dollar from N1,599 per dollar on Monday, indicating N5 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N14 per dollar from N21 Monday.
Naira rises to N1,618/$ in parallel market
Insurance
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Lasaco Assurance Plc, one of the leading insurance companies in Nigeria, is pleased to announce that it has successfully obtained the ISO/IEC 27001:2022 certification, a globally recognized benchmark for Information Security Management Systems (ISMS).
This certification comes after a thorough and detailed re-certification audit, validating its commitment to upholding the highest standards in information security and cybersecurity.
The ISO/IEC 27001:2022 certification highlights Lasaco’s ongoing efforts to protect confidential information, manage risks, and enhance its approach to information security, aligning with global best practices.
Speaking on this new development, the Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, said, “We are incredibly proud of this achievement, which demonstrates our dedication to maintaining the highest standards of operational excellence and continuous improvement.
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“In today’s digital age, ensuring the safety and security of sensitive information is of paramount importance, and this certification reaffirms our commitment to being a trusted and responsible organization.”
ISO/IEC 27001:2022 offers a structured framework for managing and securing critical business information, ensuring that all aspects of the organization’s information security are addressed through proactive risk management. This certification affirms Lasaco Assurance’s robust commitment to safeguarding sensitive data against emerging cyber threats.
“Moving forward, we remain dedicated to ensuring the highest level of information security, compliance, and excellence in all our operations,” the Head of IT, Lasaco Assurance, Mr. Dimeji Ogundele said.
The company extends its deepest gratitude to its entire team, clients, and partners whose support was pivotal to achieving this certification. Lasaco Assurance Plc is a composite insurance company, providing a wide range of insurance solutions.
With a rich history of trust, innovation, and customer satisfaction, Lasaco continues to deliver reliable and cutting-edge services to individuals, businesses, and government institutions.
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Business
5 facts about trending digital trading platform, CBEX
5 facts about trending digital trading platform, CBEX
Investors have been left counting their losses after digital trading platform, China Beijing Equity Exchange (CBEX) crashed on Monday, April 14.
Many distraught investors took to social media, especially X and TikTok, to bemoan their losses, which was estimated at N1.3 trillion.
Following reports of the platform’s crash, some investors on Tuesday broke into CBEX’s office in Oke Ado area of Ibadan, Oyo State and looted furniture, electronics and other valuables.
Facts about CBEX and its operations:
1. CBEX is a digital trading platform that promised investors 100% profit within 30 days, by trading digital assets. Its purported goal was to create a secure, transparent environment for transactions.
2. CBEX reportedly attracted around 300,000 users, majority of whom are Nigerians, despite not being registered with Securities and Exchange Commission (SEC), making its operations illegal under the Investment and Securities Act (ISA) 2025. CBEX’s CEO, Yahaya Ibrahim claimed the platform was a registered Canadian crypto exchange, but no evidence supported this, and operations were primarily Nigerian-focused.
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3. Around April 9, investors reportedly faced withdrawal failures as funds in their wallets vanished. CBEX attributed the withdrawal issues to a “security breach” and demanded additional deposits for “verification”. The verification options included $200 fee for $2,000 wallet balance and $100 for $1,000 wallet balance.
4. The crash reportedly affected over 300,000 users, with estimated losses exceeding $840 million (N1.3 trillion), devastating investors, some of whom lost life savings or loans. Cryptocurrency expert and security analyst, Taiwo Owolabi said available data indicated that the funds were moved to a TRX address: (TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf). He noted that a total volume stolen so far in USDT is $847 million and likely to increase.
5. The Securities and Exchange Commission (SEC) has continued to warn the public against investing in unregistered platforms like CBEX, citing risks of fraud and lack of investor protection. Prior to CBEX’s crash, SEC stated that ISA 2025 signed by President Bola Tinubu makes it an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity with the plan of setting up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” SEC said.
5 facts about trending digital trading platform, CBEX
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