PAC Trustees Limited, a leading Trust company in Nigeria on Tuesday 24th November hosted financial experts in a conversation about the role of Corporate Trustees in Credit administration.
The one day-event, which held virtually, was geared towards enlightening the general public about the necessary requirement for ensuring a smooth lending process for corporations irrespective of size.
The Virtual discussion follows the announcement by the Central Bank of Nigeria (CBN) on the reduction of the benchmark interest rate to 11.5%, from 12.5% amongst other updates from the Monetary Policy Committee meeting held in September.
Kicking off the virtual event with his opening remarks, the Managing Director of PAC Trustees, Yinka Adegbola highlighted the current standing of PAC Trustees as a Corporate Trustee to many organizations including the Lagos state government, Ogun State government as well as the 50 Billion Agro Bond when he listed some of the services and products offered.
In his remark, he added that the role of credit administrators is only one of the many services the Trust company offers including products such as, PAC Celebrity Trust, PAC Diaspora Trust and PAC Education Trust can attest to this.
Taking the first shot as a speaker at the webinar, Heritage Bank’s Acting Chief Risk Officer, Enterprise Bank Management, Kehinde Olugbemi began by stating the relevance of credit administrators in the borrowing process while emphasizing on the necessary qualities these administrators should possess which is mostly obtainable among Trust companies.
During his presentation, using significant scenarios, he reiterated the relevance of Trustees in credit administration. However, he urged Trust Organizations to stay abreast with regulations and governance guidelines.
“Trust Companies inclusive of PAC Trustees are regulated by the Securities and Exchange Commission as well as other guidelines. There is therefore an expectation that they work within the confines of the law. As such, the Trust Administration Memo should explicitly capture salient issues and relevant administrative charges as dictated by governing regulations,” he declared.
On his part, the Global Chairman, Tokunbo Orimobi Legal Group, Michael Orimobi, shed light on security documentation.
The astute commercial lawyer shared that, “nomenclature can be confusing and it has therefore become necessary to go into the substance of the document to actually understand what it is really referring to.”
He concluded by admonishing lawyers to not only focus on documentation but to most importantly advise clients on the appropriate transaction and security structure for the deal which often determines the documentation process and helps in avoiding the common problems of over-collateralisation and under-collateralisation.
Following the presentations, attendees of the virtual event were given the opportunity to ask questions, many of which were succinctly answered by Mr. Orimobi.
After which, the Executive Director of PanAfrican Capital Holdings Limited, Eric Okoruwa shared a vote of thanks with honourable accolades to attendees and panelists.
PAC Trustees Limited is a wholly owned subsidiary of PanAfrican Capital Holdings Limited. Incorporated with the Corporate Affairs Commission and duly registered with the Securities & Exchange Commission (SEC), the organization focuses on providing Trust services in three (3) major areas – Private Trust, Public Trust and Corporate Trust
A recording of the session can be found here https://bit.ly/2JaSbb4 using the code, FkTw7iO!
