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Wednesday, May 31, 2017

New Laws For The Use of Movable Assets as Collateral For Bank Loan Been Approved By Nigeria Acting President, Osibajo

Acting President Yemi Osinbajo has signed two new laws that will facilitate access to more affordable credit facilities for businesses in the country. The new Acts are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.


In a statement released by Osibanjo's spokesman, Laolu Akande, Osinbajo’s spokesman, he said;

"The passage of these Acts would facilitate the achievement of the goals of the Presidential Enabling Business Environment Council (PEBEC) set up by President Muhammadu Buhari in July 2016 and chaired by the Vice-President to progressively make Nigeria an easier place for businesses to start and thrive".

Read the full statement below..

Acting President Yemi Osinbajo has signed into law two bills from the National Assembly that will ultimately facilitate access to more affordable credit for Nigerians.

The bills which have now become ‘Acts’ are the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.

‘The Collateral Registry Act’ ensures that Micro, Small and Medium Enterprises (MSMEs) in Nigeria can register their movable assets such as motor vehicles, equipment and accounts receivable in the National Collateral Registry, and use same as collateral for accessing loans. This in turn will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs.

On the other hand, ‘The Credit Reporting Act’ provides for credit information sharing between Credit Bureaus and lenders (such as banks), as well as other institutions that provide services on credit such as telecommunication companies and retailers.

(A Credit Bureau is defined as a company that collects information relating to the credit ratings of individuals and makes it available to financial institutions, who need such information to determine an individual’s credit-worthiness and whether or not to grant loan applications to such individuals).

Access to credit is critical to economic growth and is considered to be the motor for driving private sector development. However, in Nigeria more than 70 per cent of private enterprises, typically MSMEs, have limited or no access to credit. Credit applications get rejected due to insufficient credit history and information for the lender to use to make a reasonable judgement, as well as unacceptable collateral. The two new Acts remove those obstacles for MSMEs.

Traditionally, banks only give loans to businesses that can provide fixed land and property as collateral. This shuts out MSMEs which usually own only movable assets like motor vehicles and equipment. The Collateral Registry Bill, 2017, will give confidence to lenders to utilise the Registry and thereby make credit available to MSMEs and individuals through the use of their movable assets as collateral.

The Credit Reporting Act now enables lenders to make reasonable judgement on whether or not to extend credit to an individual, and reduces the cases of bad loans.

On February 21, 2017, the leadership of the National Assembly publicly committed to passing the two bills as part of the 60-Day National Action Plan for Ease of Doing Business initiated by the Presidential Enabling Business Environment Council (PEBEC). That promise was kept by the National Assembly last week with the bills forwarded to the Acting President for assent.

With the passage of these Acts, the existing Central Bank of Nigeria (CBN) Guidelines regulating the operations of the National Collateral Registry and Credit Bureaux have now been replaced by formal legal frameworks.

The passage of these Acts would facilitate the achievement of the goals of the Presidential Enabling Business Environment Council (PEBEC) set up by President Muhammadu Buhari in July 2016 and chaired by the Vice-President to progressively make Nigeria an easier place for businesses to start and thrive.
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See Pre-wedding Photos of Couple After 35 Years Of Marriage


After 35 years of marriage with four children and four grandchildren, former secondary school teacher, Mr Kolawole and his evergreen wife got their dreamed destination photo session in Canada... courtesy of their photographer son, Jide Kola.


In their son Jide’s words, he said; “KOK and his sweetheart had the destination prewedding session they never had.”

We present #BollyKolly82. Nice one.




Photo Credit: Jide Kola Photography
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Monday, May 29, 2017

Check Out Photos of Actresses, Omoni Oboli and Omotola Jalade as They Enjoys Themselves and Do Great Things India




Last week, Nollywood screen divas, Omoni Oboli and Omotola Jalade traveled to India to be part of the 2017 African Development Bank Annual Meeting.


During their trip, they were part of meetings to create a better working relationship between Bollywood and Hollywood. They also visited the Mother Teresa Orphanage in Ahmedabad.







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Photos of Rehabilitates And Commissions Water Project Made By Instagram Celeb and Actress, Roseline Meurer In Her Maternal Hometown (See Photos)


Instagram celeb and alleged actress Roseline,self acclaimed Queen of Queens is doing great things.....Lovely Initiative!

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#BBNaija Contestants, Bisola, TTT, and Others Seen Hanging Out (Photos)


Bisola had an affair with TTT in the BBB house without being aware he was married. When she got out she was pissed, but the two have since settled. They were pictured with other housemates including Uriel, Kemen and Bassey at the Cross Rivers at 50 ceremony that took place yesterday.
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Tweets of The Day


Lol.. Ancestors!
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Football Star, Eden Hazard Won Chelsea FC Football Player of The Season 2017


Footballer Eden Hazard has been voted Chelsea’s Player of the Season for 2016/2017 season, by fans of the Premier League champions.

The Belgian forward netted 16 goals in 36 top-flight appearances for the Blues, as Antonio Conte’s side marched to the title.

Hazard also won Goal of the Season award, for his stunning solo effort against Arsenal earlier this year.
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'I Attracted Stolen Child With N200' - Female Kidnapper Says


14-year-old Nwanne (not real name) in the custody of Abia State Police Command has confessed that a lady she met at Alaoji near Aba, identified as Chinemerem Isaiah, gave her N200 to attract and steal a three-year-old for her.

She said that she met Isaiah when her father sent her on an errand at Alaoji, where she asked her to call one small girl around for her.

She said, “My daddy sent me to give one aunty something; then on the way, I met this other aunty (Isaiah) and she asked me to bring a child. She did not tell me what she wanted to do with the baby.

“So, I called the first baby, she refused to follow me, but when I called the second baby, she came to me and this aunty brought out N200 from her bag and gave me to give the baby. She collected it and followed us.”

Commissioner of Police in the State, Adeyele Oyebade who paraded the suspects at the command headquarters in Umuahaia, the state capital, said they were arrested following a complaint made to the Ogbor Hill Police Station by one Mrs. Rose Ndukwu that her three-year-old daughter was stolen by unknown persons.
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Newly Born Baby Walks Few Minutes After Birth In Brazil (See Photos)


An unbelievable video has gone viral on Facebook and it features a newborn baby walking just as soon as she was born, to the amazement of nurses. The tiny tot was being cradled by the midwife as she attempted to give her her first bath but the baby had other ideas and bound out of the woman's body, then moves her feet and walks while held by the nurse.

The midwife carrying the baby across her chest couldn't believe what had just happened as the infant fights to walk on her own. The nurse's voice can be heard in the video as she cried out in amazement:

“Oh my gosh, the girl is walking. Good gracious!”

Another person in the room can be heard saying “Wait let me film this.”


Both hospital staff can be heard shouting for another staff to come witness what was happening.

“Ju, Ju come and see this,” they cry.

The midwife seen in the video, then explains that she had been trying to give the baby a bath but the child just wanted to get up and walk.

“Merciful father. I was trying to wash her here and she keeps getting up to walk. She has walked from here to here,” she explains pointing with one hand to where she initially tried to lay the baby down to give the child her first bath and the distance the child had already covered.


The midwife lifted the baby up and returned her to her chest but the baby refused to stay down and with a strength uncharacteristic of her age, she pushed up onto her legs and starts moving across the table again. The midwife later declared that no one would believe except they saw the video.

She said: “Heavens above. If you told people what has just happened no one would believe it unless they saw it with their own eyes.

The video was uploaded on Facebook and has gone viral with over 50 million views and 1.3 million shares. The insignia on the midwife’s robes suggests she works at a Santa Cruz Hospital, in a city in the state of Rio Grande do Sul, south Brazil. People who watched the video commented saying it was nothing short of a miracle.
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US Based Nigerian Model, Nneoma Anosike Drags Wema Bank To Court Over Unauthorized Use Of Her Photo


A Nigerian model based in the United States of America, Nneoma Anosike, has filed an action against Wema Bank PLC before a Lagos Division of the Federal High Court for allegedly using her photos for commercial purposes without authorization.

Ms. Anosike, 22, sued the bank through her father, Frank Anosike, who doubles as her lawyer, claiming N97 million as damages.

According to the plaintiff, the bank on April 11, 2016, used her photo for a commercial on social network platform, Instagram, without her consent or authorization from Ford Models Inc, her American management company.

Among her prayers, the plaintiff is seeking an order directing the defendant to pay N75 million for allegedly passing off her services.

She is also seeking an injunction restraining the defendant from passing off or causing others to pass off her professional services and a declaration that she is entitled to her privacy of her correspondence under Section 37 of the Nigerian Constitution.

The plaintiff is also seeking an order directing the bank to pay her N20 million for the breach of her privacy by advertising her private correspondence; an order to publish a written apology in two national dailies in Nigeria and in the U.S.; and N2 million as cost of filing the suit.

According to the statement of claims attached to the suit, the plaintiff claimed that she is a reputable international model who had won many laurels within and outside the country, including the ‘Elite Model Look’ 2013 in Nigeria.

Ms. Anosike said based on her reputation, Pepsi-Cola Nigeria made her its brand ambassador for Aquafina water.

The plaintiff further averred that her contract with Ford Models Inc took her to the U.S. and that prior to the defendant’s advert of her, she was in negotiations with the company for a renewal of her contract.

But on April 11 last year, according to Ms. Anosike, the management of Ford Models summoned her to a meeting on April 12 wherein she was presented with her photo advert procured from the Instagram account of the defendant.

She alleged that the defendant mutilated and edited her professional photo for the said advert uploaded on the internet, adding that based on that action, her contract renewal with the American company has been jeopardized.

But in its statement of defence, the defendant averred that the bank was not a party to the alleged modelling contract between the plaintiff and the American company and was not privy to it.

The bank also stated that the photo in question was sourced from social media for its weekly online motivational and educational series, intended to inspire going online users.

The bank denied using the plaintiff’s photo for any advertisement purposes or for any commercial gain but for purely free educational purpose under its Corporate Social Responsibility programme.

Justice Ibrahim Buba adjourned the matter till June 15 for further hearing.
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[COMEDY VIDEO] Ajepako & Ajebo – Concentration


This is so hilarious!!! Concentration… Ajepako vs Ajebo!.. Lol.

Download and Enjoy!.

Click here to DOWNLOAD
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Cross River State Governor, Ben Ayade Releases Over 30 Prisoners


Ben Ayade the governor of Cross River State Governor has granted clemency to over 30 prisoners who are currently serving jail term for various crimes.

The governor explained that their release was in the spirit of the celebration of the state’s 50th anniversary which coincides with the Children’s Day celebration.

A breakdown of the figure of the pardoned prisoners shows that five prisoners were on death row, 16 on life sentences, four inmates above 60 years, while nine others were terminally ill.
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RCCG Lagos Province Renovates Four Police Stations (Photos)


The Redeemed Christian Church of God, Lagos Province 44, has renovated four police stations in Surulere area of the state as part of its corporate social responsibility (CSR).

The church said the CSR initiative and investment was a way of positively impacting the quality of lives in the communities the parish is located.

According to the Pastor in Charge of Province 44, Amos Emovon, the renovation of the stations is sequel to the implementation of various interventions in education, medical care, poverty alleviation, youth development, food for all initiatives and empowerment by the church.

Having done all these, our next CSR intervention will be on security and safety in alignment with our CSR philosophy. This will enable us to contribute our quota towards ensuring safety, protection of lives and properties, and to also create a conducive environment for social economic growth and development,” he stated.

He said the latest intervention included the renovation of the reception area, the entire lobby, the station officer’s office, front fence and painting of the Ijesha Police Station, and that the station also received some security equipment such as walkie-talkies and handcuffs; while Itire Police Station also received some security equipment as well as refurbishment of patrol vans and painting of the building.

Aguda and Bode Thomas Police stations, he added, also received walkie-talkies and handcuffs.

The DPO Itire Police Division, CSP Bunmi Ogedengbe, who spoke on behalf of others, said the intervention would go a long way to assist the police in the effective discharge of their duties.
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Unidentified Man Got Strike To Death By Lightning In Lagos


The corpse of a yet to be identified man, who was allegedly "struck dead by lightning", has been abandoned at the Berger area of Lagos.

The corpse was abandoned at the Berger lay-by, along the Lagos-Ibadan Expressway.
According to eyewitnesses, the man was struck by lightning during a heavy rainfall on Saturday.

A man, who identified himself only as Akeem, told The Punch that the incident happened when the man was trying to cross the expressway.

He said, “The man was struck by lightning on Saturday. When the rain was falling, there was a lightning which was followed by a thunder clap. Later, I heard some people shouting. I went there to see what happened; and this man was lying there. He was dead.”

Another eyewitness, Olamide Niyi, said he was not sure of what led to the man’s death, but the residents of the area had alerted the police.

Lagos Police PRO, ASP Olarinde Famous-Cole, said he had drawn the attention of the Divisional Police Officer, Isheri Police Division, to the corpse.

“The police will remove the corpse and investigation will be carried out,” he added.
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Nigeria Acting President, Yemi Osinbajo, Ambode, Tinubu, Many More Spotted at Lagos @50 Gala Night (See Photos)


Lagos State Governor, Mr. Akinwunmi Ambode (2nd left); Acting President, Prof. Yemi Osinbajo (2nd right); former Governor of Lagos State, Asiwaju Bola Tinubu (right) and Oba of Lagos, Oba Rilwan Akiolu I (left) during the Lagos @ 50 Gala Night at the Lagos House, Ikeja, on Saturday, May 27, 2017.
See more photos below..







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