CBN approves relief on OFI loans
The Central Bank of Nigeria has approved moratoriums on CBN facilities managed by Other Financial Institutions (OFIs). It reduced the interest rates on these facilities from 9% to 5% for a year, effective from March 1, 2020. The CBN also allowed OFIs to restructure payment plans and grant moratoriums on principal payments from the same date. The Bank of Industry, which is an OFI, had already reduced interest rates and granted moratoriums on some of its credit facilities in April.
Bolt raises ₦50.1 billion to restore operations as cities re-open
Bolt, a transportation company, raised $109 million (₦50.1 billion) in a new funding round from London-based investment firm, Naya Capital Management. Bolt is now valued at $1.9 billion. It is investing the new capital into its ride-hailing, food delivery and e-scooter rental services as it looks to restore operations as lockdowns ease.
AfDB agrees to probe Adesina
The African Development Bank (AfDB) has decided to order a probe into allegations of corruption and nepotism against its president, Akinwumi Adesina. This comes after the US criticised the decision by the Bank to exonerate the president, who is the sole candidate for re-election this year as his five-year term is set to expire in August. President Buhari and South African President Cyril Ramaphosa have expressed their support for Adesina.