In a statement on Tuesday, Laolu Akande, Osinbajo’s spokesman, listed the acts to include the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.
He said the new laws were part of the federal government’s reforms aimed at easing business operations in the country.
TheCable understands that the new laws will empower Nigerians to use their reputation, generators, deep freezers, school certificates, farm produce such as rice and beans, and many unconventional properties.
The collateral register has been in the works for a number of years, with expectations that it would be signed into law early in 2016.
Akande added that while the Collateral Registry Act ensures that Micro, Small and Medium Enterprises (MSMEs) could register their movable assets and use same as collateral for accessing loans, the Credit Reporting Act provides for credit information sharing between Credit Bureaus and lenders and other institutions that provide services on credit.
“This, in turn, will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs,” he said.
This man should talk of something more important abeg
ReplyDeleteThat's nice,,he is gradually stamping his authority just like Tunde idiagbon of old....so does it mean we can now have n use small generators that was previously ban
ReplyDeleteLet baba be thy first may be God will use this man
ReplyDeleteBanks are more intelligent than this,asset like this depreciate with years or months and their worth means the owner attempt to sell to banks that have no interest in them
ReplyDeleteNo be if bank collect am for your hand?
ReplyDeleteNo be if bank collect the loan for your hand?
ReplyDeleteHmmmn... Good Idea, But Realistically though, WHICH BANK WILL GRANT YOU LOANS ON SUCH ASSETS ??..
ReplyDeleteIn other words, the smal generator isn't banned anymore in the country?
ReplyDeleteThat's nice if true