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Payday Loan: How To Acquire Fast Loan From CBN Approved Sources

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There is a general saying that the take-home pay of most Nigerian workers can’t ‘take them home’, hence, most of them usually look for extra means of sourcing money to meet their financial demands.

This probably has led to the high growth rate of loan application sites but many have been discovered to only promise and not deliver.

Others that actually give funds to their clients have become loan sharks, adopting unconventional means of going after their clients who may default as there is usually no collateral involved.

But amidst all these, There are some banks that offer loan services approved by the Central Bank of Nigeria (CBN) from which workers particularly monthly salary earners can obtain ‘payday’ loans.

Payday loan is a type of short-term borrowing where a lender will extend high-interest credit to customers based on your income (but some banks offer to both salary earners and non-salary earners).

According to the CBN, “you don’t need to know anybody, just go into the portal, fill the form, send your data. If your data is correct you would be able to access loans” based on stipulated terms and conditions.

Below are some payday loan services rendered by banks which Nigerians who need quick cash to meet their expenses can explore.

GTBank  Quick Credit

Whether you are a salary earner or self-employed, you can get cash from GT Bank quick credit instantly, and pay back over 6 – 12 months. Quick Credit gives you funds up to N5million at an interest rate of 1.5% monthly, without collateral and there are no hidden charges involved.

You can request for QuickCredit instantly by dialing *737*51*51# or visiting their site online as well as through the bank’s app.

The minimum amount is N10,000 and the maximum N5million for salary earners and N500,000 for non-salary earners.

Access Bank Payday Loan

You can make use of Access Bank PayDay Loan by dialing *901*11*1# or via Internet Banking, WhatsApp Banking, Access Mobile App and QuickBucks App.

It offers an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at low interest rate with no documentation or collateral needed.

It has up to thirty-one (31) days tenor.

The interest rate for Access Bank PayDay Loan is 5%. Other charges include a 1% management fee, and 0.3% credit life insurance, which are taken upfront.

First Bank Personal Loan Against Salary Service

Applicants must have a salary account with First bank to enjoy this service.

The highest amount a consumer can borrow is N500,000, which is limited to 50% of their net monthly wage.

This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s Mobile Banking App) and USSD by dialling *894*11#.

The customer must pay all charges upfront upon loan disbursement, which includes a 2.5% interest rate and a 1% management fee, while the loan amount is repaid within the next 30 days or upon receipt of paycheck inflow (whichever comes first).

First Bank’s First Advance

FirstAdvance is a 30days tenured digital loan solution that offers convenient and easy access to cash for customers awaiting payment of their salaries.

The product is designed for salary earners whose accounts are domiciled with First Bank and have received regular salaries in the last two months or more.

The maximum amount to be accessed by the customer is N500,000 subject to 50 percent of net monthly salary.

This product can be accessed through FirstBank’s digital channels: FirstMobile App (FirstBank’s Mobile Banking App) and USSD by dialing *894*11#.

There are no hidden fees associated with accessing FirstAdvance as customers only will have to pay all charges upfront upon loan disbursement which includes interest rate of 2.5%, one percent management fee while loan amount is repaid within the next 30days or upon receipt of salary inflow (whichever comes first).

UBA Click Credit

UBA offers salary earners a loan of up to 1 Million Naira at an interest rate of 30% annually (2.5% monthly) and payback easily over 12 months with no hidden charges through its click credit scheme.

A UBA account with a regular inflow of at least N25,000 monthly is required to access the loan.

There is no need for any paper works as the bank’s USSD code or its internet banking services can be used to apply.

Zenith Bank Term Loan

Customers who have a salary account with Zenith bank can access up to 60% of their monthly salaries, at a monthly interest rate of 2.16% through this service.

Borrowers also pay a one-percentage-point management charge.

The following are requirements to access this loan service: account opening form, one passport photograph of authorized signatory, a letter of introduction from your employer on the company’s letterhead, and a Staff identity card.

FCMB Fast Cash

FCMB FastCash is a paperless credit facility with no collateral required. It is an instant loan, and you can apply via the mobile app or USSD code *329*11#

Customers can get up to N200,000 at an interest rate of 8% monthly, plus a management fee of 1 percent which would be paid upfront as soon as the loan is being disbursed.

Non-salaried application is 15% upfront charge.

Other conditions are 30 days tenors for new customers, and up to 90 days clean up cycle for returning customers.

 

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5th Bodex Social Media Hangout: Exploring the power influence and impact of digital platforms

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The 5th edition of the Bodex Social Media Hangout (BSMH) unfolded in grand style, spotlighting the transformative power of social media in shaping narratives, fostering collaboration, and addressing societal challenges. With the theme “Social Media: The Influence, Power, and Impact,” the event attracted dignitaries, influencers, and stakeholders from across various sectors.

The event was moderated by the visionary Bodex Florence Hungbo, who guided the discussions with her signature poise and depth. Representing Governor Babajide Sanwo-Olu, Dr. OreOluwa Finnih, S.A. on SDG who delivered a keynote address on behalf of the governor, who was on an official trip.

The presence of Dr. OreOluwa Finnih highlighted the Lagos State Government’s commitment to leveraging social media as a tool for growth and societal well-being.

The Bodex Social Media Hangout is a distinguished media talk-shop fostering collaboration among social media users, professionals, and stakeholders. Focused on promoting responsible digital citizenship, BSMH aligns with the United Nations Sustainable Development Goals (SDG 3) to enhance the well-being of users and encourage cultural and societal advancements through social media.

The event emphasized the urgent need for Nigeria to address challenges such as fake news, cyberbullying, and online harassment.

A recent survey by The Guardian Nigeria revealed that 86% of Nigerians have encountered fake news, reflecting the pervasive influence of misinformation on social stability. Additionally, issues like mental health threats, cybercrime, and privacy concerns were discussed as critical challenges requiring immediate attention.

Through its sessions, the event showcased how social media has become a powerful tool for fostering awareness, driving economic growth, and promoting cultural exchange. Speakers and panelists also examined the darker side of digital platforms, including the rise of cyberbullying, mental health issues, and the spread of divisive content.

The event featured an impressive lineup of speakers and panelists who provided unique perspectives on the influence, power, and impact of social media:
Dotun Babatunde – The Impact of AI on Social Media

Dotun Babatunde explored the transformative role of Artificial Intelligence in the social media landscape, emphasizing its impact on the “attention economy.” He remarked, “We live in an attention economy, where human attention is a scarce commodity.” Babatunde explained how AI-driven algorithms prioritize engagement, often amplifying sensational content, but also creating opportunities for personalized and meaningful interactions. He encouraged users and creators to approach AI with a balanced perspective, recognizing both its potential and pitfalls.

A/Prof Tayo Popoola Ph.D. – Social Media: The Influence, Power, and Impact

Associate Professor Tayo Popoola from the Department of Mass Communication, University of Lagos, provided a thought-provoking analysis of social media’s role in society. He stated, “Social media is a double-edged sword: it empowers the voiceless but also creates spaces for misinformation and toxicity. The challenge lies in managing its influence responsibly.” Prof. Popoola underscored the importance of digital literacy in enabling users to harness the benefits of social media while mitigating its negative impacts.

Akin Olaniyan – Navigating the Social Media Age: Clout, Influence, and the Ethics of the Attention Economy

Akin Olaniyan delivered a compelling critique of clout-chasing in the social media era. He commented, “Give any moron a smartphone, and anything and everything becomes content. To such a fellow, clout-chasing is an end in itself, and the smartphone just makes it super-easy.” Reflecting on the quality of content creation, he added, “I am tempted to believe that their choice of subjects reflects their intellect, with the more empty-headed being the most daring.” Olaniyan called for ethical standards in digital content creation and urged society to value substance over virality.

ACP Olumuyiwa Adejobi – The Digital Detective: Solving Crimes in the Social Media Age

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, showcased how social media has revolutionized law enforcement. He stated, “Social media is not just a platform for entertainment; it’s a valuable tool for law enforcement. By leveraging the power in the mass number of social media active users, we can solve more crimes and make our communities safer.” Adejobi shared examples of cases solved through digital platforms and emphasized the need for digital-savvy officers to maximize this potential.

In addition to the keynote speakers, the panelists brought fresh insights and diverse expertise to the event. Notable contributors included:
Olufemi Oguntamu, CEO of Penzaarville Africa.
Tomiwa Talabi, Founder/CEO of Lagos Life Influencer.
Dayo Oketola, Author, PR Consultant, and Former Editor at The Punch.
Iyabo Ojo, Actress, Filmmaker, and Influencer.

Hosted by celebrated media personality Frank Edoho, the event featured workshops, live sessions, and networking opportunities, creating an interactive atmosphere for attendees. Discussions covered a range of topics, from personal branding and content creation to the role of digital platforms in fostering community and enhancing security.

The panelists emphasized the power of social media in amplifying voices, holding leaders accountable, and fostering a sense of global connection. However, they also called attention to the darker aspects of the digital world, advocating for measures to combat negativity and promote a safer online environment.

Dr. OreOluwa Finnih reaffirmed the Lagos State Government’s vision of creating a digital ecosystem that promotes economic growth, cultural exchange, and societal well-being. The event’s mission remains clear: to foster collaboration, combat negativity, and shape Nigeria’s digital landscape for the better.

The Bodex Social Media Hangout remains a leading force in shaping Nigeria’s digital landscape.

In the words of Bodex Florence Hungbo: “Social media is the new oil well, Let us go fetch it.”

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“Tunji Ojo Has No Case To Answer” -Shehu Sanni

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Olubunmi Ojo

Former Kaduna Central Senator, Shehu Sani, says Minister of Interior, Olubunmi Tunji-Ojo, has no case to answer regarding the contract awarded to a company linked to him by suspended Minister of Humanitarian Affairs, Betta Edu.Sani, in a chat with The Whistler, said Tunji-Ojo did not violate any public service law since he resigned from the company years ago.
” It could have been a conflict of interest if he hadn’t resigned.The senator further said it is “not his ministry (that awarded contracts), and companies have the right to pursue businesses anywhere.“Edu’s case is very clear and can’t be equated with that of a company associated with Hon Ojo.“Legally, he can’t be held to account on this matter.“Let’s not be distracted,” Sani said.“The extant provision of the law under the 1999 Constitution is that anybody who is a public servant cannot engage in any business other than farming,” said Nelson Kebordih, a senior lawyer whose interest is in public policy.He said the implication of the law is “that a person must be in active control and directorship of the company in the management of any enterprise.“You are permitted to own shares because owning a share does not put you in the day-to-day management of the company or any enterprise.“If he (Tunji-Ojo) has resigned from being a director, the law does not stop him from owning shares in the company,” he stated.The former lawmaker’s position aligns with the 2008 Federal Service Rules on Chapter 4 which states that “Public officers are not prohibited from holding shares in both public and private companies operating in Nigeria or abroad except that they must not be Directors in private companies, and may only be Directors in public companies if nominated by Government.”
Following the suspension and quizzing of Edu, concerning alleged financial sleaze, the Minister of Interior has come under pressure to resign or equally be suspended by the president after it emerged that his company, New Planet Project Ltd, also received a contract from Edu.Edu had awarded some companies contracts, some of which were unregistered with the Corporate Affairs Commission (CAC) raising concern of fraud and illegality.Tunji-Ojo is also being pressured to step down with many commentators saying he has flouted the Public Service Rules which barred public servants from being awarded contracts or contracting any business except farming.But the Minister while speaking on television explained that he had resigned since 2009 from the company.“Almost five years ago, I resigned as director of the company, so I’m not a director. I resigned on 1st of February, 2009, you can take that to the bank,” the minister had said.

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”Your mentorship, humility, and resilience was exemplary” Oando Boss, Wale Tinubu Mourns Barkindo

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The Group Chief Executive, Oando Plc, Jubril Adewale Tinubu, has mourned the death of H.E. Mohammad Sanusi Barkindo, the Secretary General of the Organisation of Petroleum Exporting Countries, OPEC.
Tinubu said Barkindo’s death has robbed him of a good friend.
He wrote: “We had many conversations and speeches together  yesterday but this wasn’t one of them.
“The most profound reminder of the fragility of life is death.
“You were a good man who lived a great life. Y
“I still can’t believe the news, but Allah knows best. Till we meet again my good friend.”
Barkindo died at about 11pm on Tuesday, 5th July 2022.
His death confirms the old saying of a thin line separating life from death. But once that line is crossed, the gulf created becomes as large as an ocean, and so treacherous that it’s impossible to cross back.
The sad incident of the death of H.E. Mohammad Sanusi Barkindo has again brought to the fore what difference a few hours coiuld make between life and death.
Mohammad Sanusi Barkindo was among other top and eminent personalities that delivered speeches at the ongoing 21st Nigeria’s Oil and Gas conference in Abuja . His speech earned him a standing ovation.
Unfortunately, the technocrat died of heart attack hours after he was honoured by President Muhammadu Buhari at the Presidential Villa.
A former managing director of the NNPC,  Barkindo was appointed OPEC Secretary-General in 2016. He was the fourth Nigerian to hold that position and the 28th person in the role overall.
He was GMD of the NNPC between 2009 and 2010.
He was 63 years old.


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