By Munachimso Obienyi
The Registrar, National Collateral Registry (NCR), Bulus Musa, has revealed that over N16.6 trillion in credit has been collateralized on the registry’s portal so far.
This was even as he revealed that about 752,000 Nigerians have been registered on the NCR portal.
Musa disclosed this to newsmen during a town hall meeting on the sensitization of the use of Secured Transactions in Movable Assets (STMA) Act 2017 which was organised by the Development Finance Department of the Central Bank of Nigeria (CBN) in collaboration with the NCR in Lagos recently.
The CBN set up National Collateral Registry (NCR) to assist them obtain loans from financial institutions to boost their business, using movable assets as collateral.
Musa, who is also an Assistant Director at the CBN, said, “We have captured about 752,000 and credit that has been granted or collateralized currently stands at N16.6 trillion on the NCR portal”.
