Agency Reporter

The Central Bank of Nigeria on Friday placed a “Post no debit order” on the account of several gaming and sports betting companies in a letter made available to newsmen.

A Post no debit order is a situation where all transactions are prevented (block) on an account, i.e preventing money from going out of the bank account. Any transaction related such as ATM card, checks, credit card transactions are not allowed.

It was gathered that top gaming companies could be seen on the list of companies banned from transactions.

Internally, the CBN accused the companies of disrupting the Forex ecosystem. Traditionally, the CBN do not sell dollars to Gaming companies making the companies to source for their dollars on the black market.

CBN’s directive comes before the resumption of forex sales to BDCs by the Central bank on Monday 7th of September, in doing this the CBN plan to reduce the demand for FX in the BDC market.

By Collins Nweze

The management and board of Access Bank PLC have announced the appointment of Mr Daniel Awe as the new Head of the Africa Fintech Foundry (AFF).

According to the financial institution, the appointment of Awe underscores its commitment to advancing technological innovation in the African banking sector.

Speaking on the appointment, the Group Managing Director of Access Bank Plc, Herbert Wigwe said: “We are excited about Daniel’s appointment as we strongly believe that he is the right person to lead Nigeria’s next wave of financial technology disruption. Since its inception, the AFF has created opportunities for African innovators and entrepreneurs to thrive. Daniel’s track record ensures that this developmental pattern will be strengthened.”

Read Also: Access Bank signs $93.8m syndicated loan

Before his appointment, Awe served as a Payment Solution architect at Access Bank, leading the Channels Solution Delivery Group. He has spent the better part of the last 15 years innovating and creating cutting edge e-Payment platforms in the financial sector.

Awe is equipped with a wealth of experience around leadership, management, technology strategy, customer experience transformation, design thinking, solution architecture, enterprise capability, and depth of knowledge to identify and nurture innovative opportunities.

AFF is an Access Bank initiative that aims to nurture, fund, and accelerate the growth of FinTech startups in Africa through its mentorship and accelerator programmes. Fast-tracking the growth and maturity of startups, AFF has facilitated the delivery of market-relevant solutions, organised digital conferences to foster innovation and thought leadership, while also leading in the provision of greater access to financial services to the financial excluded across the continent.

By Collins Nweze

New inductees into the taxation industry are advised to operate within the approved set of conduct in the industry to avoid regulatory sanctions, the 14th 14th President and Chairman of Council, Chartered Institute of Taxation of Nigeria (CITN) Dame Gladys Olajumoke Simplice, has said.

Speaking during the 42nd induction ceremony for new members held in Lagos at the weekend, she said that as professionals, the inductees must be on top of current policies and developments in the profession to be able to enlighten our clients on reliefs available to them. This , she added, would assist them in reducing their exposures and going concern while also ensuring that they are able to fulfill their taxes obligations as and when due.

She said that tax authorities should continue to engage more with taxpayers towards addressing the challenges that they face in these uncertain and challenging times.
According to her, the inductees have become stakeholders, who as of necessity must commit to the realisation of the goals of the Institute by their active participation at its programmes and activities.

“Furthermore, your professional conduct and depth of your technical capacity inexorably confers greater respect and value on the Institute by all those that deal with you. Therefore, you are expected to attend our various capacity enhancement programmes for your professional development and for relevance. These programmes attract credit hours, the minimum of which is 35 credit hours on an annual basis,” he said.

Read Also: CITN, stakeholders seek growth of tax revenue

She advised the incites to abide by the Institute’s code of conduct, adding that where the code is observed in breach, there are sanctions which would be melted out when such cases are investigated and established by the relevant organs of the Institute. As such, I implore you to conduct your affairs with decorum bearing in mind that there are penalties for misconduct.

Also speaking, Director-General, Nigeria Employers’ Consultative Association (NECA), Timothy Olawale, said taxation is a part of human life and has been in existence over the years. “It is a fact that no society can survive without the payment of taxes, even though, Human beings would not, naturally, want to pay their taxes. However, it is not illegal to pay taxes. We urge that taxes should be on “what is owed” or due and not for the Tax Authorities to collect more than is legal. The responsibility to determine taxes due lies with Tax Practitioners and it is a function of knowledge, hence your training in the Institute. This also places a responsibility on the Institute on continuous training as new taxes emerge or are replaced by Government,” he said.

“It is trite that taxation is an important strategy by government in promoting economic growth and development of a nation. However, the economy of Nigeria has continued to lose huge amount of revenue through the unwholesome practice of tax avoidance and tax evasion. It is on the backdrop of these challenges that Government should examine the effect of taxation on economic growth in Nigeria”.

“Specifically, the impact of Value Added Tax on economic growth in Nigeria as well as examine the effect of Petroleum Profit Tax on economic growth in Nigeria. It is not just in the collection of taxes but it’s utilisation to the benefit of the citizens and the nation at large. It is my considered opinion that the country should not be indebted to such huge amount of money due to borrowing from local and foreign sources,” he added.

By Collins Nweze

Coronation Merchant Bank has launched its mobile banking application. The App provides customers with easy access to their accounts as well as the ability to perform transactions seamlessly without the need for in-person banking.

Commenting on the new App, Managing Director/CEO of Coronation Merchant Bank, Banjo Adegbohungbe, stated that , “We are delighted to be at the forefront of digital banking within the merchant banking space.

We recognise that these are very difficult times and our customers are looking for a partner that can help them navigate the challenges induced by the COVID-19 pandemic. This is why we are constantly raising the bar and pushing the limits in service delivery by pioneering innovative solutions that make banking easier and faster for our customers”.

He further stated that, “our goal is to consistently create value for our customers and to provide them with solutions that enable them meet their strategic objectives. We remain committed to being there for our customers even in these difficult times”.

In spite of the novel coronavirus, Coronation Merchant Bank has been at the forefront of pioneering innovative solutions to enable its customers achieve their strategic objectives. Earlier this year, the bank announced its partnership with IFC (a member of the World Bank Group) to provide a $40 million Trade Finance Guarantee facility for its clients. This was the first time in five years that International Finance Corporation would approve such a facility in Nigeria.

Furthermore, the Bank was recently appointed as a designated bank for the collection and remittance of all Revenue Payments ( Import, Excise and other duties) by the Nigeria Customs Service.

By Collins Nweze

Wema Bank, through its women proposition, SARA by Wema has partnered with insurance companies AIICO Insurance Plc., and sister company, AIICO Multishield HMO, to provide better healthcare services for its women.

In line with the SARA by Wema initiative, the partnership seeks to enhance the lifestyle and general well-being of women within the community. In addition to the HMO plan that has been specifically tailored to meet the health care needs of women, the partnership also features a hospital cash plan that enables women who have been hospitalized for a minimum of 3 days receive cash of N10,000 per hospitalization for up to 5 times a year. This is to serve as compensation for income loss experienced during hospitalization.

Read Also: Wema Bank trains women entrepreneurs on business growth

In a statement made during the scheme’s virtual launch, Dotun Ifebogun, Divisional Head, Retail Business, Wema Bank said “With the AIICO scheme, we will cover a series of healthcare services including obstetrics, gynecology and neonatal/ pediatric services. This covering is available to all our new and existing female customers”.

Also, Mr. Olusola Ajayi, Executive Director, Retail Business Group of AIICO Insurance Plc, said “Women constitute a huge underserved segment of our society on insurance. Besides low awareness, cost and access are other challenges we have identified as reasons for their low insurance uptake. These are the things we seek to address with this strategic partnership with Wema Bank. We aim to reach more women with our low-cost and value-based Hospital Cash offering.”

“We are also extending this value by offering a tailor-made health insurance, specifically for the needs of women” added, Dr. Leke Oshunniyi, Managing Director, AIICO Multishield Limited, an HMO subsidiary of AIICO Insurance Plc.

Dotun Ifebogun, also added that “Wema Bank, through the SARA community is committed to ensuring that Nigerian women across all socioeconomic classes, including entrepreneurs, workers and stay-at-home mothers are afforded adequate provisions for healthy living. He further assured that Wema Bank will continue to partner and encourage initiatives designed to support women in their personal lives as well as in business”.

Subscription to the scheme can be accessed online and at all Wema Bank’s branches nationwide.

Agency Reporter

Access bank has assured customers of the security of their accounts stating that there is no security breach with customers banking details.

In a statement released, it said, “your safety is our priority and we will never disclose any information that will result in loss of your funds.”

Read Also: Access Bank exposes new scam methods

Reacting to a viral video of one hacker Ihebuzo Chris, who allegedly claimed to be in possession of the bank’s customers banking details such as BVNs account number, it stated that the bank is working with appropriate authorities to bring the perpetrator to book.

“Please note that our customers financial security is a top priority, we will never disclose any information that will jeopardise the safety of your account”, the bank further affirmed.

By Collins Nweze

First Bank of Nigeria Limited today, announced its lead sponsorship of the TV reality musical talent show, The Voice Nigeria, Season 3.

The talent show which is organised by UN1TY Nigeria is created to discover, nurture and bring to the fore musical talents amongst the next generation of Nigerian youth.

The Voice Nigeria will be produced for the first time in Nigeria and will be aired on DSTV channel (Africa Magic) Startimes and terrestrial TV channel (AIT), amongst other leading television stations in the outside the country. Nigerians can expect to see the very best talents on stage in the course of the competition.

The musical talent hunt show would start with blind auditions to be submitted upon being shortlisted after a successful registration, then battle auditions which then move out of the rooms and straight into the arenas, with hopefuls having to perform in front of an arena audience from the start in the hope of making it through to the next stage.

The Voice Nigeria will be hosted by Nancy Isime, Toke Makinwa and the coaches are Dare Art Alade, Folarin Falana (aka Falz), Yemi Alade and Aituaje Iruobe (aka Waje).

Read Also: FirstBank holds Fintech summit

Interested participants are to register via the link www.thevoicenigeria.com with their FirstBank account number as a requirement. Should one not have an account with the Bank, then dial the Bank’s USSD code, *894*0# to be a FirstBank account holder. The audition is open to individuals within the age of 18 -50 years who are have been residing in Nigeria for 12 consecutive months. The registration for audition is open from 25 August – 19 September 2020.

There are numerous awesome prizes up for grabs. The winner of the show will be go home with whooping ten million naira cash; a brand new car and an exciting one-year recording contract reward with Universal Music.

Speaking on the talent hunt show, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank, said “we are delighted to be the lead sponsor of The Voice Nigeria, this partnership is hinged on our Brand’s passion to empower and invest in our youths. FirstBank has given voice to the young and indeed all Nigerians for the past 126 years, and will continue to give voice to Nigerians by creating employment, economic empowerment in the country through our products, services and initiatives. We remain committed to strengthening the creative industry which is fast growing into a multibillion-dollar business, with potential to be a leading contributor to Nigeria’s GDP in the near future.”

We commend UN1TY Nigeria for The Voice Nigeria as our sponsorship is in recognition of the vast talents Nigeria is blessed with which we are delighted to promote, thereby having a positive impact the Nigerian entertainment industry. We enjoin everyone to follow our social media channels for more details on the programme, whilst also staying locked on their TV screen. More details would be provided in the course of the weeks through our social media channels.

“The show promises to be engaging, full of surprises and with fun-filled excitement to our viewers” he concluded.

According to research disclosed in PWC’s recent Entertainment & Media Outlook report, Nigeria’s entertainment is expected to rise from $4.46 billion in 2018 to a $10.5 billion market by the end of 2023. In addition, with this initiative and other sponsored event targeted at the youth, the premier Bank in Nigeria, FirstBank, is committed to strengthening its contribution to the development of the entertainment industry in the country.

By Collins Nweze

The Financial Markets Dealers Association of Nigeria (FMDA) has faulted a report published in one of the national dailies, claiming that it signed Memorandum of Understanding (MoU) with four professional bodies to float the Chartered Institute of Securities and Investment of Nigeria (CISI).

In a statement, FMDA said: “We wish to strongly state our utmost displeasure in the incorrect presentation of facts as this misrepresents the position of the Financial Market Dealers Association (FMDA), which has been clearly stated and communicated to the Chartered Institute of Stock Brokers (CIS)  to the effect that the association will not accede to signing the MoU from the Chartered Institute of Stock Brokers. This is for clarification and record purposes to the general public and all stakeholders,” it said.

The FMDA was created to develop financial market infrastructure, human capital and promote professional and ethical standards in treasury.

While the FMDA has reviewed its journey at periodic intervals vis-a-vis its goals, one clear objective that cuts across the past and the future is the growth and development of the financial markets as well as the protection of the interest of its members in the exercise of their dealing/trading activities including its value chain.

By Collins Nweze

Stanbic IBTC Bank PLC has partnered the United Nations (UN)  to provide seed funding for women across the six geopolitical zones of Nigeria and the Federal Capital Territory (FCT).

This is in furtherance of the organisation’s commitment to enhancing food security and providing employment for women in Nigeria across the agricultural value chain.

The UN initiative, tagged ‘The UN Women Project’, was borne out of the need to provide economic empowerment for women and close the gender gap in agricultural productivity and incomes while increasing their access to resources and markets.

With a budget of $40million for five years from last year to 2023, the initiative targets six states: Ogun, Ebonyi, Cross River, Niger, Bauchi and Sokoto, as well as the FCT.

In line with the objectives of the Federal Government’s Economic Recovery and Growth Plan (ERGP 2016-2020), the UN Women collaborated with three sister UN agencies which are the Food and Agriculture Organisation, International Labour Organisation (ILO) and United Nations Industrial Development Organisation (UNIDO).

Read Also: Banks to lead electricity market collection

Key mandates of the programme include restoring growth, skills acquisition and building a globally competitive economy, through investments in the agricultural sector.

To pilot the flagship programme, Stanbic IBTC Bank  provided seed funding to support women working in the shea nut and rice value chains in Niger and Ebonyi states.

The pilot programme is expected to reach at least 30 women-owned agribusiness organisations and cooperatives in five local government in the two states.

The beneficiary LGAs include Mashegu, Munya and Katcha in Niger State as well as Ezza South and Ohoazara in Ebonyi State.

Speaking on the role of the financial institution in the project, Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, said: “The impact of women in the society is visible in every ramification. Being an organisation that celebrates gender balance, we recognise the call to keep empowering women, and we take advantage of every opportunity to support their endeavours.”

Wole Oshin, Head, Agribusiness Banking, Stanbic IBTC Bank PLC, said that the key objective of the project is to create resource centres in both states for capacity building, data creation and management. This is aimed at supporting women in undertaking climate-smart agricultural practices for their economic development.