The Central Bank of Nigeria (CBN) has sounded the alert on a new form of money laundering which must be checked now to save the country from international sanctions.
Speaking yesterday in Abuja at the 2nd Anti-Money Laundering/Combating Financial Terrorism Stakeholders Consultative Workshop organised by the Association of Certified Anti-Money Laundering Specialist (ACAMS), the Deputy Governor, Financial System Stability of the (CBN), Dr Okwu Nnanna warned that to curb money laundering in Nigeria, virtual currencies must be regulated.
He described virtual currency as a type of unregulated, digital money, which is issued and usually controlled by its developers, and is used and accepted among members of a specific community.
Nnanna lamented that “virtual currency was dangerous because it was not a legal tender of any country hence it has a borderless nature without jurisdiction which makes it a channel for money laundering.”
Nnanna, who was represented by the Deputy Director in charge of the Financial Policy and Regulation Department of the CBN, Obot Akpan “Financial Action Task Force (FATF) has observed that virtual currency payment products and services (VCPPS) present opportunity for money laundering and other crime risk that must be identified and mitigated. Virtual currencies presents a wide range of issues and challenges that require financial authorities to consider and the challenges posed are unique and call for urgent regulator responses.”
Earlier, the former Chairman of the Economic And Financial Crimes Commission (EFCC) Mallam Nuhu Ribadu warned that terrorism and money laundering was contributing significantly to Nigeria’s problem.
Ribadu said his efforts at combating financial crimes during the Olusegun Obasanjo administration “almost changed the country but things changed after 2007. All that is wrong with Nigeria is dirty money, follow the dirty money, get the criminals and prosecute them.”
Stallion Group has reacted to an article titled, ‘PMB’s Corruption War And Probe of Stallion Group,’ published in a newspaper (not THE NATION), saying the story is a misrepresentation of the facts.
It said: ‘’Stallion is shocked that a highly respectable newspaper will allow the issuance of such a derogatory article against one of Nigeria’s foremost conglomerates, without any basis and due verification of its content. Stallion rejects the contents of the article as baseless, defamatory and a concoction of lies aimed at creating a negative public perception of the 45-year-old business conglomerate.
‘’The contents of the article would have demanded a simple verification exercise with the Group by the editors of the Leadership, before going ahead with the publication.
While we have read from media reports that the Honorable House of Representatives, we are contending through stipulated due process and judicial systems that the retroactive duties are not payable, and that Stallion has paid N17.15 billion at the time the imports were duly cleared by the Nigeria Customs.
‘’All imports and duties were paid as per the rice policy of the Federal Government of Nigeria, there is no question of any evasion of duty whatsoever.
‘’Importantly, the matter is now with the respected Courts of the country and is sub judice. Stallion Group reiterates its commitment to be fully compliant with any final determination made by the Courts in this matter.
‘’Stallion is also fully committed to Nigeria’s quest for selfsuffi-ciency in rice production and has since 2007, established fully integrated rice production facilities of 430,000 tonnes with ongoing projects to expand to 1.50 million tonnes.
‘’Stallion dismisses the following allegations made in the referred article, including words such as the group has a “bad business record, several breaches and underhand business activities, accused of bringing rice into Nigeria on the cover that their cargoes were carrying fertilizer.”
‘’These are baseless as there are no proven charges against the Group in its 45-year history. The Group has a clean, highly compliant history and has successfully defended any frivolous allegations through the country’s respected due process.
‘’The Federal Government of Nigeria ranked stallion, Nigeria’s second largest conglomerate in 2014. As key criteria for the award, the Government considered the amount of taxes paid, the employment generated, Corporate Social Responsibility and the companies’ turnover.
Stallion was also awarded as the “Company of Year” in 2014 by the Leadership Newspaper.
‘’The writer further moves to seriously undermine Stallion’s pioneering efforts in the Automotive industry as follows: “In addition, the Stallion Group which claims to have vehicle assembling plant in Nigeria, only imports cars into the country which it supplies to various ministries, agencies and parastatals, most times with undue waivers which amounts to short-changing the Nigeria’s revenue purse and therefore contributing to her economic woes”.
‘’Stallion first of all acquired and successfully resuscitated the moribund VWON Limited, restoring local production of commercial vehicles for the country’s mass transit systems and providing gainful local employment and skilled training to its staff.
‘’Stallion has partnered with global automobile leaders including Nissan, Hyundai, Volkswagen (back in Nigeria after 25 years), IVECO and Ashok Leyland to assemble their brands in Nigeria. Stallion’s plants and products have been inspected by these world leaders in the industry and passed for quality and other international benchmarks. Such vehicles are plying on Nigerian roads.
‘’The allegations in this regard can be deemed frivolous just by the fact that these highly compliant multinationals will not announce assembly partnerships with Stallion in the global media if there was no such operation. Stallion got no undue waivers and has been a committed supporter of the country’s efforts to make Nigeria the region’s automobile hub.
‘’All importation records of the group in the automobile sector are available with the Customs and other authorities for scrutiny; it can be easily verified, all duties have been paid without any “undue waivers” in accordance with the automotive policy of the country.
‘’Another allegation is the contention by the author that “The Group has also been associated with untidy arms importation contracts for the Nigerian government.”
‘’We strongly urge that the Leadership issues a public apology for issuing such a publication in order to avoid further action to defend our reputation.’’
The on-going ‘Reach for the Skye millionaire promo’ of Skye Bank has been endorsed by traders at the Alaba International Market, Lagos where the bank held an open air draw for the next set of winners.
Speaking on the occasion, Head, Retail Banking Group, Skye Bank Plc, Mrs. Nkolika Okoli, said the bank would continue to encourage the adoption of the savings culture by members of the public.
The choice of Alaba International Market was strategic as the traders who are also a target group of the bank, trooped out enthusiastically to witness the draw.
“The reward scheme is, indeed, a win-win for both the bank and its esteemed customers as it seeks to reward the customers while at the same time grow its customer base. During the one year promo period, a total of N60 million would be won by the customers. During the monthly draws, three customers would will N1 million each, while four others would smile home with N250,000 each. Another 10 will each win N100,000. By implication, N5 million would be won each month,” she said.
Okoli explained that qualification for participation in the monthly draw is for a customer to have at least a minimum opening balance of N2,000 with the bank within that month. Each additional N2,000 doubles a customer’s chance of winning any of the prizes.
At the Alaba promo draw, a civil servant with the Lagos State government, Kazeem Adewale, and two others won N1 million each in the August draw of Skye Bank’s ‘Reach for the Skye Millionaire promo’.
The other winners, Uche Onuegbu, an Aba based businessman; and Adewale Abiodun Adeyemo of Offa, Kwara State, also became N1 million richer after the event. Four other customers went home with N250,000 each. The lucky customers are Mrs. Aina Fabode of Jos branch; Kalu Okeke Ogbonnaya of Aba branch; Lawal Basheer; and Gazal Fatimat.
Those who won the N100,000 prize money are Maiyegun Bunmi, Nnodu Onyinye Somadina, Alebiosu Falilat Oluwakemi and Alaba Ogini Olawale. Others are Wabi Mohammed Bakari, Aina Oluwafemi Abiodun, Friday Adodo, Igbinediaon Augustine, Anyawata Catherine, and Oladosu Kemi Dada.
The electronic draw conducted in the presence of officials of the National Lottery Commission also produced 10 lucky individuals who won N100,000 each, bring the total prize money to N5 million.
According to Okoli, a customer would qualify for the draw after opening a Skye Save Plus account with a minimum of N2000, while each additional N2000 increases the customer’s chance to win the N1 million prize. Okoli said the draws would hold every month, with a total of N60 million up for grabs during the 12 month duration of the reward promo.
She therefore enjoined the members of the public to open a Skye Save Plus account with bank with a minimum balance of N2000 in order to benefit from the ongoing promotion. The representative of the National Lottery Commission, described the electronic draw conducted as open, transparent and clear, saying it conformed to the commission’s requirements of a credible draw.
She urged members of the public to take advantage of the bank’s promotion to transform their businesses by opening accounts with it so as to be able to take part in future draws. The winners expressed joy at their good fortunes and promised to continue to make Skye Bank their number one bank because of its transparent operations, processes and efficient customer service.
AS the Central Bank of Nigeria’s (CBN’s) 18-month deadline for Finance Houses (FCs) to meet the new N100 million capital base for the subsector expires on September 30, many operators are jittery as they struggle to raise the cash.
With the tight liquidity in the market, many operators are yet to get the funds to remain afloat and this may lead to the exit of many fringe players, The Nation has learnt.
An insider source from the Finance Houses Association of Nigeria (FHAN), an umbrella body for the sector, said many operators had not secured the funds to stay in business. “The N100 million minimum capital base looks small, but surprisingly, not many operators have been able to get it. I see many of them closing shop after the deadline elapses,” the source said.
CBN Director, Other Financial Institutions Supervision Department, Ahmad Abdullahi, warned that operators that fail to meet the deadline would be either be forced to stop operation, or to move into new business with lesser capital base.
He said the deadline for compliance with the provisions of the Revised Guidelines might not be extended. The deadline was given on April, last year.
Abdullahi said the subsector also operates on a ratio of non-performing loans to total loans now pegged at maximum of 10 per cent. He said FCs shall consult at least two licensed credit bureaux to obtain credit information on borrowers.
The CBN boss said the FCs sub-sector was planned to operate at the middle tier of the financial system, to cater for the financial needs of the Micro, Small and Medium Enterprises (MSMEs). They are also expected to leverage on the resources from banking, among other sources of funding.
He explained that due to distress in the sector and to sanitise the sub-sector, the CBN revoked the licences of 208 finance firms and cancelled the approvals-in-principle of 462 others.
In early 2012, there were 116 FCs on the list of the CBN. But licences of 51 FCs were revoked by the apex bank in September 2012, thereby leaving a balance of 65 FCs with licences.
“The idea is to have finance companies that are strong and virile to perform the functions they were set up to per form. The objective of shareholders in the operation of finance companies is to make profit, but for the CBN, it is to have stable and strong finance companies,” he said.
Abdullahi said the CBN will continue to deal with finance firms that do not have the licences but remain in operation,ading that the apex bank would ensure that the subsector runs efficiently.
He advised finance companies to maintain a database of their customers and generate quarterly risk management reports, which would be submitted to the CBN.
“Finance companies shall be permitted to participate in accessing and disbursing funds to SMEs via relevant vehicles/intervention funds set up by the CBN, the Federal/state governments and other relevant bodies. The CBN shall continue to provide support towards capacity building in the Finance Company sub-sector,” he added.
The Central Bank of Nigeria’s (CBN) policy restricting importers of 41 items from sourcing funds from the official forex market is crucial to Nigeria’s industrialisation drive, says the Managing Director/Chief Executive Officer, Tempo Paper & Packaging Limited, a manufacturing firm based in Sango Otta, Ogun State, Seun Obasanjo. In this report, he tells Senior Correspondent COLLINS NWEZE that the policy will also enable the country look inwards, build capacity and transform from consumption-based economy to production-based.
For most people in the industrial sector, the Central Bank of Nigeria’s (CBN’s) policy restricting the import of 41 items with funds sourced from the official forex window could boost the country’s industrialisation.
Experts believe the policy has implications on whether or not the country will leapfrog from being a consumption-based economy, to production-based economy, and perhaps, over time, become a net exporter of finished goods.
One of such experts is Managing Director/Chief Executive Officer (CEO), Tempo Paper & Packaging Limited, Seun Obasanjo, who believes the CBN acted well by banning the import of the items, including toothpicks, private jets and rice from using official forex window to fund such consumption.
For him, such controls would help stabilise the naira, replenish reserves and boost manufacturing, thereby giving the economy the boost it needs to transform to an industrialised nation.
Merits of the CBN Policy
Obasanjo told The Nation: “With regard to the 41 items on the restriction list released by the CBN, it is a step in the right direction. No nation can develop without industrilisation. What the CBN is saying is why can’t we produce these items locally?
“Although it is going to be tough because of poor infrastructure, especially the port congestion, poor power supply, and poor skilled manpower, among others, but the bigger picture remains that Nigeria is headed to be a globally recognised industrialised country by instituting this policy. The policy will help us look inwards to build capacity.”
He believes that to get the local industry into the league of big players where it can begin to act with full capacity in the production of goods and services, the government should provide the infrastructure.
“It is not a one direction approach. All hands must be on deck to get Nigeria to its desired destination of being an industrilised nation. By fixing power alone, the cost of production of goods and services will drop significantly, helping the operators to compete in the global market. The same thing applies to low interest rate which is needed to make the manufacturers also compete favourably by reducing the cost of their operations,” he said.
On the claim by some manufacturers that some of the banned items are their raw materials, Obasanjo said the Common External Tariff being implemented in Africa covers the entire region. “What is seen as my raw materials can be someone else’s finished goods. The principle of the policy is to drive local production and create jobs for the population,” he said.
Continuing, he said: “If I am producing everything in Nigeria, it means Nigerians will be employed starting from drivers, cooks, secretaries, cleaners, gardeners and even security personnel. That is a major contrast if the goods are imported. By producing goods locally, so much value will be added to the domestic economy.”
“If the farmers are producing locally, it will improve their capacity overtime and also creates job. It will help Nigeria to leapfrog from consumption-based economy to production-based economy. We can even become a net exporter of several items.”
On other benefits to local production, he said being the net exporter of goods and services, places the country in a vintage position to earn huge forex. Hence, instead of scrambling to buy dollars, the manufacturers can earn dollars and boost the domestic currency.
• Obasanjo
But achieving this, Obasanjo said, would require the co-operation and support of all stakeholders. “It has to be a coordinated effort and the policy needs to be encouraged. The support should come from all stakeholders. Although some people are going to lose out in the short term because they are importing these items, if we boost the local production capacity, in the long-run, we will all be better off,” he promised.
To show that it is possible, Obasanjo, who manufactures corrugated cartons and flexible packaging for various items, such as confectionary, bread, noodles, spaghetti among others said there are multinational companies that have continued to produce locally over the years, employing millions of Nigerians.
For instance, Nestle, Procter & Gamble, PZ, and Coca Cola are manufacturing companies producing and manufacturing their products as well as employing millions of Nigerians.
“These companies are examples that should be followed by those still importing goods into the country. A lot of people are pushing for a complete liberalisation of the economy but that will open our ports to outsiders. Such policy, will simply finish our local producers because the economic dynamics are not the same,” he said.
Explaining further, he disclosed that the interest rate in China is not the same with that of Nigeria. “If I am producing in China, I borrow at two per cent, electricity is stable among other favourable factors. But in Nigeria, you will borrow at over 20 per cent and still you generate your own power. There is additional costs attached to goods produced in Nigeria, hence they cannot compete favourably if the ports are opened for foreign goods to enter,” he said.
Why govt must reduce cost of operation
Obasanjo insisted that it was high time that the government focused on reducing cost of operation for the local industry. “We need to focus on productivity and increasing our efficiency in all the economy. It is when we have done that, that will be able to compete favourably in the global market,” he predicted.
For him, the forex restriction by the CBN is one major step to taking Nigeria on its industrialisation promised land.
He regretted that many real sector operators were boosting job opportunities in other countries and depriving their citizenry of jobs by making some frivolous imports while also calling on the government to diversify the economy.
“How can Nigerians be importing cement, margarine, palm kernel, vegetable oil, poultry products (chicken, eggs and turkey), Indian incense, tinned fish in sauce (Geisha, Sardines), cold rolled steel sheets, galvanised steel, roofing sheets, wheelbarrows, head pans, metal boxes and containers, and enamelware which can be produced locally. It is a good thing that the CBN is correcting this anomaly,” he said.
Policies that are needed
He said aside the restrictions, the apex bank had overtime, instituted some policies meant to boost the real sector and enhance local production.
He listed the intervention products in power, aviation, manufacturing, small and medium enterprises as good examples of the CBN’s roles in building a vibrant and productive industrial sector.
He said he would continue to support the growth of the economy and the reforms in the power sector, as well as small businesses and agriculture.
For power sector, the CBN linked the challenge faced by the sector to unattractive pricing of domestic gas and legacy debts that has inhibited investment in gas supply and infrastructure.
These challenges are interconnected with the unexpectedly large revenue shortfalls in the industry, which needed to be fixed. That prompted the CBN to institute the Nigerian Electricity Market Stabilisation Facility (NEMSF), where N213 billion has been mapped out and is being disbursed to settle legacy gas debts and shortfalls in revenue for operators to boost power supply.
Besides, the CBN has, to unlock the potential of the real sector to engender output growth, value added productivity and job creation established a N300 billion Real Sector Support Facility (RSSF).
The facility will be used to support large enterprises for startups and expansion financing needs of N500 million up to a maximum of N10 billion. The real sector targeted by the facility are manufacturing, agricultural value chain and selected service sub-sectors. The fund is expected to improve access to Small and Medium Enterprises (SMEs) to fast-track the development of the manufacturing, agricultural value chain and services sub-sectors of the economy.
It will also increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.
There are also the N200 billion Commercial Agriculture Credit Guarantee Scheme (CACS), N300 billion Power and Airline Intervention Fund (PAIF) and N200 billion Small and Medium Enterprises Restructuring and Refinancing Facility (SMERRF). All these funds provided by the CBN are meant to boost economic development, and come at single digit interest rate.
The CACS was meant to fast-track the development of the agricultural value sector of the economy through the provision of credit facilities at a single digit interest rate to large-scale commercial farmers; the PAIF was meant to resuscitate power and aviation sectors while the SMERRF is for supporting small businesses financially.
But Obasanjo believes the apex bank should not stop there, but must follow up to ensure the funds are well utilised, adding that more of such funds are needed.
He said the forex policies and provision of the real sector funds are in tandem with the regulators’ long term vision for the economy.
But he insisted that the CBN can only handle the monetary policy and not the fiscal policy. “CBN is not in charge of fiscal policy like taxation. The federal government can provide tax holiday and help more people come in and start local production. What the CBN is doing has to be supported with fiscal policies,” he said.
He cited the automobile policy as one that should be replicated in other sectors of the economy, adding that government’s efforts in that sector is yielding positive results as local assembly of vehicles has started.
“The Federal Government should see how the local production of the banned items will start. This will help reduce the demand for dollar and lead to stronger naira. The only way you can make the naira stronger is to have less demand for dollar,” he said.
“The price of crude oil has fallen from over $100 per barrel to below $60 per barrel. The farmer does not care whether oil price drops or not. These are value-chains that do not involve dollar. That is where we should develop the economy from and grow it”.
Continuing, he said: “We have a huge population base that is productive and intelligent. A majority of the most intelligent people in the world are Nigerians. We have fertile land and most of the populations are able-bodied people that can work. So, nothing should hinder us in our road to industrialisation.”
Standardisation as a panacea for growth
However, Obasanjo said for Nigerian products to attract the needed patronage, there must be standardisation. He admitted that such could be gained with time and experience.
“Standardisation is a function of advancement in technology. In 25 to 30 years ago, nobody wanted to buy Taiwan products. Today, Taiwan is producing world-class products. It is now Chinese products that people runaway from buying but in the next 20 years, Chinese products will become standardised. That is why I want Nigeria to begin to produce locally those things it is importing today. The local guys in China and Taiwan are learning the know-how and will continue to produce. That is why I want Nigeria to begin to produce to give our people opportunity to develop our own standards,” he said.
He said the Standards Organisation of Nigeria (SON) can encourage local companies to improve on their standards. It is not going to happen overnight. It takes time but Nigeria will be better for it. “If we keep consuming foreign goods, we have conceded defeat,” he said.
Western Union Co plans to invest more in its compliance and monitoring systems to combat fraud and money laundering, its senior executive said.
Western Union’s President for Africa, Middle East, Asia Pacific, Eastern Europe and CIS, Jean Claude Farah, said the New York-listed money transfer firm spends $250 million yearly on compliance and money laundering controls globally.
Nevertheless, Western Union’s Irish division was fined 1.75 million euros ($1.93 million) this year after regulators found loopholes in its anti-money laundering controls.
“As part of this commitment to tighten control systems, we’ll be committing additional resources in our operations, including Africa, in order to ensure there are no loopholes,” Farah told Reuters.
He declined to give figures. Ghana was the first African country to launch Western Union services in 1995.
Farah said despite inadequate infrastructure in Africa, Western Union was poised to increase operations beyond the 50 countries.
“In terms of the outlook, it can only be positive because not many industries and people have discovered Africa,” Farah said.
Farah said there were no plans to list Western Union on any other stock exchange outside the New York bourse, where it has traded in the past 150 years.
A civil servant with the Lagos State government, Kazeem Adewale, and two others have won N1 million each in this month’s draw of Skye Bank’s ‘Reach for the Skye Millionaire promo’ which held in Lagos at the weekend.
The other ‘star’ winners, Uche Onuegbu, an Aba-based businessman; and Adewale Abiodun Adeyemo of Offa, Kwara State.
Four other customers went home with N250,000 each. They are Mrs. Aina Fabode of Jos branch; Kalu Okeke Ogbonnaya of Aba branch; Lawal Basheer; and Gazal Fatimat.
The electronic draw conducted in the presence of officials of the National Lottery Commission also produced 10 lucky individuals who won N100,000 each, bringing the total prize money to N5 million.
Head, Retail Banking Group, Skye Bank Plc, Nkolika Okoli, said the bank would continue to encourage the adoption of the savings culture by the public.
According to her, a customer would qualify for the draw after opening a Skye Save Plus account with a minimum of N2000, while each additional N2000 increases the customer’s chance to win the N1 million prize.
Okoli said the draws would hold monthly, with a total of N60 million up for grabs during the 12- month duration of the promo.
She enjoined the members of the public to open a Skye Save Plus account with a minimum balance of N2000 in order to benefit from the ongoing promotion.
The representative of the National Lottery Commission described the electronic draw conducted as transparent, saying it conformed to the commission’s requirements of a credible draw.
He advised the public to take advantage of the bank’s promotion to transform their businesses by opening accounts with to be able to take part in future draws.
Visa Incorporated, a global payment technology company, has said its yearly products-based transactions reached $7.4 trillion in March.
It said it would take steps to protect the integrity of transactions on its platform.
Speaking during the inauguration of Card Security Week Campaign in Lagos, Business Development Leader, Visa West Africa, Emezino Afiegbe, said the firm was making huge investments in security of its transactions to ensure that the confidence and trust that card users have on the company continue to rise.
He said the dream of Visa is to make payment more convenient and secure for customers. “The fear of fraud remains one of the major barriers to card usage in Nigeria and many other markets. We believe that greater awareness of the security measures in place and the advancements in card security will boost consumers’confidence to embrace e-payment,” he said.
He said Visa, which has over 60 years experience in payment technology, always wants to keep a step ahead of fraudsters. He said the reliability of Visa network over the years has increased the confidence of card users in the technology.
Risk Services Director, Sub-Sahara, Visa International, Nita Omanga, noted that Visa payment cards are loaded with security features that keep customers protected and minimise their chance of falling victim to fraudsters.
“The tough yet subtle security features are present on all Visa cards and are complemented by anti-fraud measures run in the background on both Visa and bank systems. Although tiny, the square microchip embedded in chip-enabled type of cards is one of the most powerful weapons against fraud. The microchip is virtually impossible to duplicate and powerful encryption prevents unauthorised access to information stored on it, making electronic payments safer than ever before,” she said.
She said Europay, MasterCard, and Visa (EMV) chip and pin cards are difficult to penetrated by fraudsters, because it comes with dynamic data.
“Each transaction carries a unique ‘stamp’, which prevents the transaction data from being fraudulently reused, even if the data or the card is stolen. This saves banks and consumers from losing money through fraud.
She listed other security features found in the EMV chip and pin cards as the Card Verification Value (CVV), which is a set of three numbers printed on the back of the card either alone or as the final three numbers in a long string of digits.
She explained that the signature panel on the back of the Visa card has a tamper-proof design, which ensures that signature on the card is not erased.
Omanga Visa also performs real-time fraud monitoring. This means that every time a consumer uses his or her card, the transaction is checked for unusual activity on the VisaNet system.
She explained that the use of plastic cards in Africa and most especially Nigeria has been rising with consumers shifting from cash and cheques.
“There has also been a notable increase in the usage of cards at Automated Teller Machines (ATMs) and at Point of Sale (POS terminals). Using debit cards for everyday purchases offers greater security, control and convenience compared to cash; it is also one way of ensuring personal finances are managed effectively with minimal costs for the cardholder,” she added.
She said by championing safe financial transactions, Visa has undertaken to align its business strategy with the vision to transform Nigeria through six priority sectors, including financial services.
She urged consumers never to share, write down or save their Personal Identification Number (PIN); to cover the keypad at an ATM or a retailer with one hand to stop people observing their PIN – stop the ‘shoulder surfers’ and also not to allow people to distract them or offer to help at an ATM.
“Walk away from an ATM if you feel unsafe and avoid using ATMs at night, particularly in remote areas,” she advised.
Sterling Bank Plc has introduced the Sterling MSME (Micro, Small and Medium Enterprise) Academy as part of its value-added offering for its SUPA Business Account holders. The academy which will commence with a pilot session in Lagos is a result of the Bank’s partnership with BusinessDay.
This is in furtherance of the Bank’s commitment to enriching lives by focusing on the unique needs of its entrepreneurial customers; and giving teeth to private sector involvement in the development of small businesses and the Nigerian economy at large.
According to the bank’s Group Head, Strategy & Communications, Shina Atilola, “the Sterling MSME Academy is aimed at capacity building for existing and emerging micro, small and medium-sized enterprises to enable them build viable businesses and position them to access funds for expansion”. MSMEs would also enjoy access to relevant and reliable business intelligence and information that would help them to navigate the challenging operating environment.”
The Academy is to be facilitated by IFC/EDC (International Finance Corporation and Enterprise Development Centre) certified and seasoned MSME trainers and will run from September 23rd to October 14th. Registration however commences on Monday, August 17, and is to last for three weeks. Business owners/ MSME operators interested in participation are expected to fill in their details and get the necessary information on the registration portal: www.sterlingbankng.com/msme
It would be recalled that the Bank had last June partnered with LEAP Africa on the 10th edition of the Annual Africa CEO Forum. The forum themed: ‘Staying Ahead: Maximizing Profit And Mitigating Risk’ was an avenue for the CEOs to understand how to ensure proper risk identification, assessment and analysis.
The Nigeria Chapter of the As sociation of Certified Anti-Money Laundering Specialists (ACAMS) will hold the second in its series of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Stakeholders Consultative Workshop in Abuja.
The event, slated for August 19th and 20th is meant to recognise deserving organisations and individuals, who have contributed in no small measure towards the fight against money laundering, terrorist financing, fraud and all other predicate crimes.
The focus of the workshop is on the Guidance Paper on Digital Currency and Non Profit Organizations (NPOs) issued by the Financial Action Task Force, the global standard setter on AML/CFT.
ACAMS Nigeria Chapter through this workshop will bring together regulators and operators from Nigerian Financial and Designated Non-Financial Sectors including participants from Law Enforcement and government circles to discuss best implementation model of these important emerging issues in AML/CFT compliance.
Virtual currency is enabling trade and commerce around the world. In the same breath, criminals have also seized the opportunity provided by this innovation to engage in electronic money laundering thereby escaping the long arm of the law.
The fact has also been established that terrorists and their financiers are exploiting the vulnerabilities and weaknesses inherent in NPOs to disguise the source and destination of their funds. The workshop intends to come up with necessary preventive measures to stem the misuse of these vehicles within the Nigerian economy.
