The Nation Newspaper

Category: Money

  • Lagos mulls e-transaction for land, properties, others

    Lagos mulls e-transaction for land, properties, others

    •Access Bank lends support to empower entrepreneurs

    The Lagos State government is close to introducing e-transactions for all land and property  related matters, its governor, Akinwunmi Ambode, has said.

    Ambode, who spoke yesterday in Lagos at the Second Access Bank’s Annual Leadership Conference, tagged: “Leadership In A Transformation World- The Imperative of Innovation”,  said the government  has  created the Office of Transformation and Creativity in order to change the way “we do business in the state”, stating that within a very short time from now, those who wish to conduct transactions in the state in respect of  lands and properties, among others, would be able to do so, using e-facilities

    In addition, Ambode  said the state would introduce  an initiative to identify young entrepreneurs for the purpose of supporting their businesses.  “My  administration is to establish a viable platform, which would identify young entrepreneurs for the purpose of supporting and promoting their entrepreneurship within the state,” he said, adding that former President Olusegun Obasanjo and the President of the Dangote Group, Alhaji Aliko Dangote, have consented to sponsoring the initiative.

    The Group Managing Director/CEO, Access Bank, Herbert Wigwe, while giving his welcome address, said the lender has also lent  its support for the initiative.

    Ambode, whose pronouncement was applauded, also stressed the need for innovation via the introduction of Information Technology (IT) towards championing the development of the various sectors of the economy.

    He said: “It is no longer in doubt that Small and Medium-Scale Enterprises (SMEs) hold the key to realising our full potentials for growth and development. The history of the Asian Tigers is well known. It is also a fact that while most big business corporations started as Small Medium Enterprises, developing economies still pay special attention to the survival of SMEs in various sectors of their economies.

    He said the challenge of any government is to create an enabling environment that would enable the entrepreneurial spirit to thrive.  “Indeed, we live in interesting times. We live in an era where our ability to influence the society depends very much on how we are able to bring innovative ideas to bear on our responsibilities.

  • Fed Govt ‘saved N628b from procurement audit’

    Director-General, Bureau of Public Service Reforms (BPSR), Dr. Joe Abba yesterday said  through periodic audits of the various procurement processes of the Federal Government’s Ministries, Departments and Agencies (MDAs), the Bureau of Public Procurement (BPP) had in the last seven years, saved the government N628 billion that would have been spent uneconomically by its MDAs.

    He spoke at an event  set aside by the United Nations (UN) to mark the international day of anti-corruption in Abuja .

    According to him, last year, the BPP was able to save N98 billion from the various procurement plans of the MDAs.

    Speaking on the occasion,  Vice President, Prof Yemi Osibanjo,  said  the government was already mulling a new legislation that will provide protective cover for citizens who undertake acts of ‘whistle blowing’ to expose corrupt acts and persons in government and businesses in the country.

    The anti-corruption day seminar was organised by the Inter-Agency Task Team (IMTT) which is housed through the Presidency by the Nigeria Extractive Industries Transparency Initiative (NEITI).

    Abba however said through careful audits of all federal MDAs procurement exercises, the BPP has since 2009 ensured that incidences of wasteful procurements are curtailed.

    He added that President Muhammadu Buhari has also directed that all queries on procurement audits issued by the BPP to any government MDAs must be answered within 24 hours of such issuance.

    According to him, the Integrated Personnel and Payroll Information System (IPPIS) which is domiciled in the Office of the Accountant General of the Federation (OAGF) and centralises the database system for Nigerian public service with single, accurate source of employees’ information to prevent wastage and leakages in workers remuneration has also contributed in keeping government’s funds from being fritttered away.

    “The BPP has saved N628 billion in the last seven years alone starting from 2009; we have put in place processes that have reduced wastages in government’s procurement.

    “In addition to ensuring that procurements are properly done, the IPPIS has also come into the system to help cut off ghost workers and save money. When it is fully rolled out, we anticipate that more checks on government workers will be done to weed out more ghost workers,” Abba said.

    On audit queries, he said: “In terms of audit queries, Mr. President has directed that all audit queries must be answered within 24 hours. These are some of the measures that are in place now.”

    Notwithstanding, the Vice President who was represented on  the occasion by Prof. Sadiq Radda, a member of the Prof. Itse Sagay Presidential Advisory Committee Against Corruption, said the government would be seeking the active participation of Nigerians in its fight against corrupt practices in the country.

    Osibanjo noted that deliberate choice of Nigerians to keep quiet on instances of corrupt practices will rather hurt the country.

  • Why we funded PAU project, by FCMB chief

    Why we funded PAU project, by FCMB chief

    The Group Managing Director/Chief Executive of First City Monument Bank (FCMB) Limited, Ladi Balogun, has said the bank’s decision to donate a multi-purpose Students’ Centre to Pan-Atlantic University (PAU), was part of its strategies to invest in the future of the youth.

    He added that the gesture was also in line with the commitment of the bank to effectively support initiatives that would enhance the standard of education in the country and the well-being of the society.

    The FCMB Students’ Centre, located within the main campus of PAU at Ibeju-Lekki, along Lekki-Epe Expressway, Lagos, is a facility devoted to students’ recreation and socialisation.

    In addition, it will be an important avenue for informal learning, which is an integral part of the university’s life. The building features two main areas-a cafeteria on the ground floor and a mini-mall on the first floor. In the mini-mall are-a supermarket, a boutique, an agency banking service, a unisex hair salon, a laundry shop and a coffee shop.

    Speaking at the commissioning and hand-over ceremony of the centre at the weekend in Lagos, Mr. Balogun, said: “We felt the need to provide the students with a conducive environment that would facilitate learning, while at the same time serve as an avenue to socialise near their hostels through basic facilities for relaxation, shopping, retail and banking services.

    ‘’We will continue to invest in the future and by extension, Corporate Social Responsibility programmes.”

    According to him, Lagos Business School (which is part of PAU) is the highest-ranked business school in Nigeria. “We believe that in a few years from now, thousands of students would be in this institution. It is our desire to continually partner the university to provide facilities that would ensure effective teaching and learning to engender manpower development,’’ he said.

  • CIBN, RIMAN float certification scheme

    The Chartered Institute of Bankers of Nigeria (CIBN) has entered into strategic partnership with the Risk Managers Association of Nigeria (RIMAN) to run a joint certification programme in risk management.

    The agreement, signed in Lagos, will enable both parties award certificate to qualified risk managers after undergoing requisite examinations.

    CIBN President, Mrs. ‘Debola Osibogun, said with the pact, both institutions have the authority to certify risk managers to promote efficiency and professionalism in the profession.  She expressed worry over capacity deficiency in risk management in the country, adding that the partnership would address the challenge. The executive council of both organisations has approved a robust certification document and curriculum for this professional exam, she added.

    RIMAN President, Jude Monye praised CIBN for the efficiency it has brought to the financial services sector, adding that all the needed processes has been met for full takeoff of the project. “It is good to come on board when everything is ready,” he said.

    He said the CIBN has made  arrangement and tidied up process to ensure that the exercise is a success. He said the agreement will lead to the emergence of better qualified risk managers in the country, which will also be of immense benefits to the economy.

    He said the certified risk management programme will enable RIMAN provide a credible and standard platform for certification of risk management; provide continuing professional education for risk professionals and strengthen the practice of risk management through enhanced risk knowledge and skills across the industry.

    “The exercise would help develop sound and competent risk managers who are globally competitive and nationally relevant,” he said.

    He said certification documents have been developed to include the Risk Management Certification documents and the students guide.

    He said:  “The Certified Risk Management (CRM)  document deals with the goals and objectives, training needs assessment, the structure of the programme, risk competency levels, curriculum development, affiliation, training governance and administration, funding and pricing and training universe.

    “While the programme is designed to confer identical knowledge capacity as other world class risk certification examinations, it also harmonises its scope with the Nigeria/domestic risk environment, hence creating not only certified risk managers but subject matter experts in the area of Nigeria Country Risk Management.”

  • BoI rated top performing DFI

    With a 92 per cent score and AA rating by the Association of African Development Finance Institutions’ (AADFI), the Bank of Industry (BoI) is among the top seven performing development finance institutions under the association’s Prudential Standards, Guidelines and Rating System (PSGRS).

    Indeed, the bank has also rewarded some of its customers and staff for renewed commitment towards impact delivery in the bank’s operations and in the real sector.

    Speaking at the Bank’s Impact Awards Night in Lagos at the weekend, BoI’s Managing Director, Rasheed Olaoluwa explained that the awards were designed to reward excellence and customers’ commitment to the growth of the real sector, adding that the bank’s staff were also rewarded for aiding the realisation of the bank’s goals and objectives.

    Olaoluwa noted that the Bank’s recent rating by the AADFI reaffirmed the bank’s commitment towards industrialising the nation’s real sector.

    Indeed, 46 African national institutions including 26 ordinary AADFI member-institutions and four special AADFI member-institutions and 16 non-AADFI member-institutions submitted their self-assessment to the peer review for evaluation in order to identify areas of weaknesses for self-improvement.

    “Today, we are celebrating impact across the real sector. No one can achieve success without the help of others. We are rewarding a team that has worked to deliver value”.

    We are also recognizing our customers that have impact in 2015 in their sectors”, Olaoluwa added.

    Specifically, Mouka Limited was recognised as this year’s best large enterprise directorate customer in loan repayment. .                                                      Innoson Technical and Industrial manufacturing was recognised as the best large enterprise directorate custo-mer in employment generation, while Kam Industries Nigeria Limited emerged this year’s best large enterprise directorate customer with real sector impact.

    For Small and Medium Enterprises, I.O. Furniture Nig. Ltd of the Lagos State Office emerged the best SME customer in loan repayment; Cobef International Limited (Rivers State Office) with 210 workers, was the best SME customer in employment generation; Saclux Industries Limited (Enugu SO) – Agro-processing (Palm Kernel Oil and Refined Vegetable Oil), was adjudged the best SME customer in real sector impact.

    Some of the bank’s employees emerged best project officers in different categories having met the criteria.

    For instance, Ndidiamaka Okuwakaogu emerged the best Project Officer in large enterprise directorate. Emmanuel Ojowuro of the Ondo State Office emerged the Best Project Officer in SME Directorate (SME-South) with 290% achievement for Approval Budget and 60% achievement for disbursement budget, while Aminu Yunusa Yusuf of the Kano State Office scored 85% achievement for Approval Budget and 81% achievement for Disbursement Budget to emege best Project Officer in SME Directorate (SME-South) For the long service award, Ijeh George Ifeanyichuckwu, Ibeh Charles Amaobi, Kantiyok Keziah Tabitha, Adesina Kareem Adekunle, Osuwa Mohammed Hassan, Olagunju Waheed Abiodun, Oseni Jimoh Ezekiel, and Omar Shekarau were recognized having served in the bank for between 10 to 35years.

  • Shareholders approve Oando’s N80b rights issue, restructuring

    Shareholders of Oando Plc have approved extensive restructuring plan by the company, which include rights issue of N80 billion and full or partial divestments of its midstream and upstream services businesses as the energy group seeks to deleverage its balance sheet and attract additional capital to fuel the company’s growth initiatives.

    Oando’s share price rose by 1.53 per cent to N5.90 per share yesterday at the Nigerian Stock Exchange (NSE), more than a double of the 0.73 per cent recorded by the market benchmark, the All Share Index (ASI) of the NSE.

    At its annual general meeting at Eko Hotels and Suites yesterday in Lagos, shareholders approved six key resolutions under a special business segment. The meeting increased the company’s authorised share capital from N7.5 billion of 15 billion ordinary shares of 50 kobo each to N15 billion of 30 billion ordinary shares of 50 kobo each. Shareholders unanimously approved a resolution empowering the board of directors of Oando to undertake a rights issue of N80 billion.

    Besides, the meeting approved the group’s divestment plans for its downstream business, gas and power business and energy services business. Shareholders also approved a N40 billion debt conversion programme involving convertible note purchase agreements (CNPAs) with two major shareholders- Ocean and Oil Development Partners (OODP) and QPR Limited.

    Group chief executive, Oando Plc, Mr. Adewale Tinubu, said the recapitalisation and divestments were part of growth initiatives and key drivers aimed at creating consistent shareholder value going forward.

    According to him, the sale of 60 per cent of the group’s downstream business is in line with its strategic goals of placing fundamental growth expectations in the upstream, and the cash proceeds of the divestment will be utilised towards debt reduction to shore up balance sheet in these challenging times.

    “Our strategic focus is to increase our operational efficacy across our subsidiaries, deleverage our balance sheet, and return the company to profitability, whilst creating the necessary platform to be the partner of choice to the international oil companies (IOCs) as they continue their divestment programmes,” Tinubu said.

    He outlined that company would adapt to the extended period of lower oil prices through a proactive growth strategy, which include aggressive debt reduction, financing through partial divestments, and further diversification into the higher margin upstream.

    According to him, by ensuring a reduced overhead at the group-level and to optimise performance, Oando seeks to drive focused, independent subsidiaries, which can raise stand-alone capital to exploit clear market opportunities.

    He noted that Nigeria holds Africa’s largest gas reserves of more than 180 trillion cubic feet, and an estimated $55 billion in investments is required to spur its gas infrastructure development, adding that Oando is adjusting its gas-centric midterm growth strategy which will integrate gas production with supply.

  • Fed Govt assures on IPSAS’ implementation

    The Minister of Finance, Mrs. Kemi Adeosun at the weekend, said the Federal Government was committed to the adoption and implementation of international Public Sector Accounting Standards (IPSAS) in the country.

    She stated this in a message to a one-day workshop on “Making Change Happen  in the Public Sector’ jointly organised by the Association of National Accountants  of Nigeria (ANAN), International Federation of Accountants (IFAC) and the Office of the Accountant- General of the Federation in Lagos.

    The minister, who was represented by Omoniyi Fagbemi, said IPSAS would enable the government to reap the benefits of transparency, accountability, probity and better decision making.

    She urged participants to ensure the success of IPSAS, adding that she expected deliberations to cover capacity gap, ICT infrastructure, inventory and valuation of assets and others which were germane to effective implementation of IPSAS.

    Adeosun praised the initiative of the organisers of the workshop designed to enhance ongoing national efforts to entrench transparency, prudence and accountability in governance.  “The workshop is also designed to ensure that the method of reporting the public sector follows global best practice.

    “The government has intensified efforts at introducing and strengthening reforms in Public Financial Management. This can be seen in the implementation of Government Integrated Financial Management Information System (GIFMIS); the Integrated Personnel Payroll Information System (IPPIS); the Treasury Single Account (TSA); and the international Public Sector Accounting standards (IPSAS), the minister said.

    According to Adeosun, arrangements are in top gear for the commencement of IPSAS Accrual Accounting by January 2016.

    “Prior to this, the nation had commenced the implementation of IPSAS Cash Basis of Accounting in 2014, the minister said.

    The ANAN President, Anthony Nzom, said the association would support the Federal Government in its crusade of Change. According to Nzom, people resist change out of ignorance and stick to the old order.

    “We know that this country is endowed with human and material resources with Nigerians in different parts of the world. ‘ANAN would not be claiming one of the foremost in Africa and in public sector without playing important roles in the change,’’ the ANAN chief said. He described the collaboration between ANAN and IFAC a strategic.

    Prof Stephen Ocheni of Kogi State University, spoke on Treasury Single Account (TSA), and said the TSA was designed to achieve a consolidated view of government’s accounts.

    Ocheni said the TSA was also meant to undertake optimum utilisation of available funds, ensure efficiency, transparency and accountability in the budgetary process. “The budget performance of government can be ascertained from one point and this is TSA,’’ he said.

    Director, Consolidated Accounts, Office of the Accountant-General of the Federation, Prof.  S. A. Zubairu, spoke on IPSAS, saying that the office had prepared all tiers of government for the scheme.

    He said the office had issued literature and IPSAS Accrual Accounting manuals. According to him, the manual is applicable to Federal, states and local governments.

    The Chief Operating Officer of IFAC, Ms Alta Prinsloo, said Public Financial Management reform was the ultimate public interest issues for the accounting  profession.

    Speaking on “Accountability now,” Prinsloo said there “is need for a global campaign to raise awareness, facilitate partnerships and support capacity building’’.  She talked about challenges, saying that public sector finance personnel were often not qualified accountants and not members of professional organisations. Prinsloo, however, said it “takes an average of three years to transit to Accrual-Based recording of transactions’’.

     

  • GTBank wins Bank of the Year award

    Guaranty Trust Bank Plc (GTBank) has once again reaffirmed its position as a leading global brand with its recent recognition as the ‘Bank of the Year’ during the Banker Awards held in London, United Kingdom.

    The Banker, a publication of the Financial Times, is the world’s leading monthly journal of records for the banking Industry, with over 90 years expertise in publishing development in the banking industry both Africa and on the global scale.

    The Banker Awards is regarded as the industry standard for banking excellence, recognising and celebrating the achievements of individuals and financial institutions within the global banking sector.

    According to Brian Caplen, Editor of The Banker Magazine, “The banking and financial services industry continues to develop rapidly, with a few financial institutions cementing their positions as market leaders, pushing the boundaries of innovation and excellence. GTBank has over the years maintained a reputation for delivering notable financial success hinged on world class corporate governance standards and excellent service delivery.”

    Receiving the award on behalf of the bank, Managing Director/CEO of GTBank, Segun Agbaje, said: “We are delighted and proud to be recognised as the 2015 Bank of the Year. Our vision has always been to create an oasis and an African institution that can operate anywhere in the world.

    “We strive to achieve this by adopting global best practices in all our business processes while conducting ourselves in a manner required of an institution with high corporate governance standards. For us, winning this award for a second consecutive year is an attestation of our long-standing commitment to doing things right.”

     

     

     

     

  • Sterling Bank kicks off Shopping Dash Season 2

    Sterling Bank at the weekend kicked off the second edition of the Shopping Dash programme at Shoprite in Festival Mall in FESTAC Town, Lagos.

    The event is organised by the bank to reward Children aged four to eight years with its “I Can Save” accounts in five states across the country for being loyal customers. The programme created a lot fun for the children at the event as they were given the opportunity to shop for a period of one minute at the Mall.

    On December 12, Shoprite in Kwara Mall, Fate Road, Ilorin and Shoprite, Ikeja City Mall, Lagos will be agog with the excitement as the kids shop to the admiration of cheering families and friends. The next stop after this is the SPAR Guru Plaza, 740, Aminu Kano Crescent, Wuse II, Abuja on December 13. The final stop on the Shopping spree is SPAR Lekki, Park ‘n’ Shop Shopping Centre, Behind Nicon Town & Total Filling Station, Lekki Express Way, Lagos, a few days before Christmas on December 19.

    Some of the children who had the opportunity to participate were excited while their parents commended the bank for introducing the programme which they said would encourage more parents to open account for their children.

    Apart from the excitement on the part of the children, the parents who spoke with reporters at the event also expressed the view that the programme would promote financial literacy among children as some of them would end up using the account when they come of age.

    The bank in a statement signed by its Group Head, Strategy & Communications, Shina Atilola explained: “The Shopping Dash initiative is aimed at creating fun for the children and rewarding them for having accounts with the bank. The dash provides an opportunity for the participating children to shop within a minute and pick items of their choice at the malls selected for the programme”.

    The bank stated that the decision to sustain the initiative was based on the encouraging feedback from last year’s edition as well as demand from other states not involved in the last exercise.

    Just as last year, the bank has assured of its commitment to ensuring the safety of the children by providing child minders to be with the children while they shop as well as medical personnel to be on standby.

     

  • Naira weakens, sells at N250 to dollar

    The exchange rate used by Nigeria’s money-changers weakened below N250 per dollar for the first time on Friday as pressure builds on the Central Bank to devalue the local currency and allow businesses more access to foreign-exchange.

    The black market, or parallel rate fell to 253 per dollar from 246 on Thursday and 222 last month, according to Aminu Gwadabe, president of the Lagos-based Association of Bureau de Change Operators of Nigeria.

    That’s 22 percent weaker than the official rate used in the interbank market, which was 198.50  in Lagos. “The Central Bank will say they don’t care about the parallel market, but investors are looking,” Gwadabe said by phone. “Why will they bring in their money at 197 or 198 when the parallel rate is 250?”

    The official rate in Africa’s largest economy has been all but fixed at 198-199 per dollar since March after Central bank Governor Godwin Emefiele restricted banks’ ability to buy dollars. In June, he stopped importers of about 40 items, including wheelbarrows and glass, from obtaining foreign-exchange.

    Foreign investors have criticised Nigeria’s stance and sold bonds and stocks this year on expectation of a devaluation, which would cause losses on their holdings in foreign-currency terms.

    The naira’s fall in the black market comes as the Central Bank restricts dollar supplies further to save its foreign reserves, which fell below $30 billion for the first time in four months on November 30. About 1,200 money changers, or 60 percent of the total in Nigeria, were denied their weekly allocation of $30,000 from the Central Bank on Wednesday, according to Gwadabe.

    His association has requested a “crucial” meeting with the Abuja-based regulator on December 8 to address the issue, he said. The phone of Ibrahim Mu’azu, a spokesman for the Central Bank, was turned off and he didn’t immediately respond to a text message requesting comment.

    “If they continue what they’re doing this week, next week will be worse,” Gwadabe said.