The National Collateral Registry (NCR) has said that 20 privately-owned planes are registered as moveable collateral by those who took loans from financial institutions. They are to be seized from their owners should they default in meeting loan obligations to their creditors.
The (NCR) Registrar, Mohammed Mainasara, said that the planes form part of the 65,370 registered moveable assets on the NCR’s portal as at March 20, 2019.
Other items registered are 17,657 documents of title/negotiable instruments; 100 boats;13 intellectual properties; two minerals (undisclosed); 417 plants and machinery; 218 securities; 13,425 motor vehicles; 1,582 farm products; 1,166 deposit accounts; 10,579 consumer/household goods among others.
Mainasara also revealed that the number of registered financial institutions on the NCR portal has grown to 630 as at March 20.
He also said that 21 Deposit Money Banks (DMBs); 552 microfinance banks; four merchant banks; four Development Finance Institutions (DFIs); 34 finance companies; one non-interest bank and 14 non-bank financial institutions have all been registered on the portal.
According to him, as at March 20, 165,456 debtors have been registered by the registry, comprising 157,077 individuals; 735 large businesses; 2,279 medium businesses; 3,457 micro businesses and 1,908 small businesses all with a financing value of N1.26 trillion.
Two of the registered DFIs, have the largest number of borrowers registered on the NCR portal with 114,894 borrowers on their list with financing statement of N54, 131,619,397.13.
Some 21,144 debtors (or borrowers as they are referred to), owe six non-bank financial institutions N84, 651,140,385.17.
A total of 24,318 women have been registered on the NCR portal with a combined registered value of financial statements against them standing at N45, 183,001,039.92.
The need for collateral registry, Mainasara said, has become necessary because of the N7.4 trillion financing gap plaguing MSMEs.
According to him, N10.1 trillion capital is required by MSMEs but only N2.7 trillion has been raised so far. This comprises “the total capital base/seed fund of DBN, BoI, BoA, NMBM, NEXIM, NIRSAL, Agriculture Credit Guaranteed Scheme. (ACGS), Commercial Agricultural Credit Scheme (CACS), Rediscounting and Refinancing Facility (RRF), DMBs and MFBs.”
A collateral registry is a financial infrastructure for Micro Small Medium Enterprises (MSMEs) lending, warehousing “a notice board registry for collaterals with a publicly available database of security interest in moveable assets registered for the purpose of being used as collateral to obtain facilities from financial institutions.
