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Relevant Provisions of The CBN Guidelines for accessing Real Sector Support Facility (RSSF) through CRR & Corporate Bonds.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at its 119th meeting held on 23rd & 24th July,2018 , emphasized the need to increase the flow of credit to the real sector of the economy in order to consolidate and sustain economic recovery.

In order to achieve this objective, Deposit Money Banks (DMBs) would henceforth be incentivized to direct affordable, long-term bank credit to the manufacturing, agriculture as well as other sectors considered by the CBN as employment and growth stimulating while corporates/Triple A-rated companies will be encouraged to to issue long-term corporate bonds (CBs). The CBN will be therefore laying more emphasis on projects targeted not only are backward integration but also those that will enhance Nigeria’s import substitution strategy.

Details of this incentive facility are what will constitute the focus of this article.

What are the objectives of the facility guidelines?

The objectives of this facility are to :-

– Improve access to affordable finance to the manufacturing, agricultural and other related sectors that are employment and growth stimulating to the economy.

– Stimulate growth in employment-elastic sectors.

What are the activities to be covered facility under the guidelines?

– Greenfield (new) and expansion (brownfield) projects in manufacturing, agriculture and other related sectors approved by the CBN. Emphasis will be placed however on new projects.

– Priority shall be accorded projects with high local content, import substitution, FX earnings and potential for job creation.

– Trading activities are strictly prohibited under the facility and any attempt by a DMB at falsification through presentation of projects that don’t meet the eligibility criteria/specified terms and conditions shall attract severe penalties from the CBN.

What are the types of facilities available under the CBN guidelines?

The following facilities are available under the CBN Guidelines :-

Differentiated Cash Reserves Requirement (DCRR) Regime

– This shall comprise loans to greenfield or expansion projects using CRR. 

– Emphasis shall be on new projects.

– Tenor :- 7 years minimum

– Moratorium – 2 years

– The Participating Financial Institution(PFI) shall bear the credit risk

– It should be noted that the refinancing of existing loans is prohibited for funding under this program and any attempt to falsify information shall attract severe sanctions from the CBN.

Corporate Bonds(CBs)

– These are financing instruments issued by corporates and that meet eligibility criteria outlined by the CBN.

– Tenor :- Not below 7 years

– Moratorium :- As specified in the prospects of the issuing corporate.

What are the modalities of the facility?

Maximum amount accessible under the facility guidelines :- 10 Billion Naira per project.

Interest Rate:- 9% per annum. Any required interest above 9% is required to be reported to the CBN.

What are the provisions of the guidelines on repayments?

Repayments are to be amortized and remitted on a quarterly basis to the CBN.

What are the eligibility criteria for participants in the facility program?

PFIs

– Only CRR contributing DMBs shall be eligible to participate under the DCRR.

– For CBs, all FIs and general public are eligible to participate in investing in corporate bonds.

Borrowers

– A borrower shall be an entity Incorporated in Nigeria under CAMA 2020. Such a borrower must not have a non-performing facility with any FI.

What are the responsibilities of stakeholders under the guidelines?

CBN

– Articulate and review guidelines for the implementation of the facility.

– Review the CB for investment.

– Invest in CBs issued by corporates.

– Determine the limits of DCRR & CB Investments.

– Appraise & monitor and evaluate projects and the facility.

– Render periodic reports on performance.

– The CBN shall disburse funds to projects through DMBs in agreed tranches.

PFIs

– Undertaking due diligence based on normal business considerations.

– Forwarding an initial credit request on the proposed project to the CBN for pre-funding assessment/ Approval-In-Principle (AIP) to proceed.

– Forwarding final approved requests to the CBN for funding after meeting all conditions-precedent to disbursement of the facility.

– Monitoring the projects.

– Complying with the guidelines of the facility.

Borrower

– To adhere strictly to the terms and conditions of the facility.

– To utilize the funds for the purpose for which it was granted.

– To comply with the guidelines.

– Making the project and records available for inspection/verification by the CBN.

What are the provisions of the guidelines on discontinuation of a credit facility?

The guidelines provide that where a facility is repaid or otherwise discontinued, the PFI shall advise the CBN immediately, giving particulars of the facility. Any outstanding amount under the facility is to be refunded to the CBN.

Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB) has directed, through a handwritten note, that all Sit-At-Home exercises in the Southeast be stopped effective immediately.

The handwritten letter was read by Kanu’s special counsel, Aloy Ejimakor, to journalists during a world press conference, held in Enugu State on Friday.

The Southeast has been grappling with incessant sit-at-home orders, including the (traditional) Monday’s sit-at-home, which has significantly impacted economic activities in the region, since Kanu was arrested and detained by the Nigerian government. The sit-at-home is a form of protest deployed to force the government to free the IPOB leader.

However, it has from its inception, escalated into dreaded violence that has resulted in killing and maiming in the Southeast, as armed enforcers of the order rove about shutting down markets and businesses who failed to comply.

According to reports, micro-businesses in the Southeast have wasted 71 Mondays between August 9, 2021, and December 19, 2022, to the exercise, losing N5.375 trillion ($12.215 billion) in the process.

Recently, the sit-at-home enforcement has been sustained by orders from Simon Ekpa, a disciple of Kanu and the self-proclaimed Prime Minister of the Biafra Republic Government in Exile. Efforts by affected state governments to end it have failed.

However, in his letter dated July 24, 2023, Kanu ordered Ekpa to desist from calling for further sit-at-home. Kanu also directed Ejimakor “to make a public announcement to the effect that he (Mazi Simon Ekpa) is in receipt of a direct order from him (Mazi Nnamdi Kanu) to cancel any pending Sit-at-Home in place at the moment”.

The full statement reads:

“This Public Announcement bears (as shall be reproduced below) the unedited, verbatim Instructions containing a Direct Order personally issued by MAZI NNAMDI KANU in his own handwriting on 24th July, 2023 through me to MAZI SIMON EKPA, instructing him to ‘desist from calling for any Sit-at-Home henceforth’ and ‘to make a public announcement to the effect that he (Mazi Simon Ekpa) is in receipt of a direct order from him (Mazi Nnamdi Kanu) to cancel any pending Sit-at-Home in place at the moment’; and also that he (Mazi Nnamdi Kanu) has, by the same order, ‘authorized me to issue a press statement if he (Mazi Simon Ekpa) fails to make this announcement on his platform’.

“For avoidance of doubt, this Direct Order was personally handed to me by Mazi Nnamdi Kanu when I visited him on the said 24th July, 2023 at the headquarters of the Department of State Security (DSS), Abuja. Later that day, I tried to contact Mazi Simon Ekpa via his WhatsApp number but could not reach him until 1:44AMthe following day (25th July, 2023), whereupon I snapped the Direct Order as written and sent to him. He thereafter acknowledged receipt and we spoke briefly on it and exchanged a couple text messages thereof.

“Since that early 25th July, 2023 (when I conveyed the Order to Mazi EKPA and he duly acknowledged it, he has not implemented the Order or otherwise made such announcement on his media platform. Nonetheless, I made a conscious decision to give him the benefit of doubt and thereby accord him more time to do the needful.

“Then, late yesterday, further written Instructions was issued by Mazi Nnamdi Kanu to me, referring to the extant Direct Order to Mazi Ekpa and, in addition, instructing me that given that Mazi Ekpa has not carried out the Order, I must, as of today, being 28th July 2023, proceed to make the Order public through a Public Announcement/ Press Statement. In the said further Instructions, Mazi Nnamdi Kanu added more pertinent details and instructed that I must equally make them public.

“Accordingly, and as of Counsel, bound by duty and the solemn oath of my noble profession to faithfully and zealously implement my Client’s clear Instructions without any fear or favor, I now therefore reproduce verbatim the contents of said Direct Order to Mazi Simon Ekpa (at the first Paragraph) and the related further Instructions (from the second Paragraph to the end), as follows:

“Simon, this is a direct order from me. I hereby instruct you to desist from calling for any Sit-at-Home henceforth. Equally refrain from antagonizing Governors or persons in political positions because you are not in a position to know what they are doing on my behalf. I am ordering you to make a public announcement to the effect that you are in receipt of a direct order from me to cancel any pending Sit-at-Home in place at the moment. I embarked on this movement to liberate our people not to enslave them. I despise and will despise any person or entity that wishes to inflict unnecessary hardship on our people. I have authorized Aloy to issue a press statement if you fail to make this announcement on your platform.

“Anybody still engaging in Sit-at-Home is not my disciple. Haters of Biafra and mindless murderers in uniform are hiding under the cover of combating enforcers of Sit-at-Home to unleash mayhem against the same people we swore to defend.

“I have sent countless messages to those purportedly enforcing Sit-at-Home that they are not doing so in my name. I am not begging anybody to release me just that Nigeria should have the decency to obey their own laws.

“The main issue which our people should address their minds to is the unconscionable delays in hearing the government appeal at the Supreme Court, which is a situation not amenable to any Sit-at-Home. Therefore Sit-at-Home is a waste of time, resources and energy.

“Those who may not understand the genesis of the Sit-at-Home should refer to my younger brother’s press statement on the eve of the commencement of the original order issued by the IPOB family. My brother made it clear to the DOS that I was against the order for people to stay at home under whatever guise. This caused a rift between my siblings and DOS till date.

“Aloy should use the above contributions to form the main body of the press statement. I want our people to know how this whole sit-at-home brouhaha started. Had DOS obeyed my direct instructions to cancel the first Monday sit-at-home, opportunistic scavengers would not have jumped on the bandwagon to wreak havoc on our people I want our people to know how this whole Sit-at-Home brouhaha started. Had DOS obeyed my direct instructions to cancel the first Monday Sit-at-Home, opportunistic scavengers would not have jumped on the bandwagon to wreak havoc on our people.”

“You (Aloy) must release the press statement tomorrow with the screenshot of the handwritten note I gave to you unfailingly”.
Signed:

Mazi Nnamdi Kanu.”

“In conclusion, I hereby affirm upon my honor as of Counsel that above words (in quotation) and the attached handwritten note are the words of Mazi Nnamdi Kanu and his handwriting.”