The Nation Newspaper

Category: Money

  • AMCON seeks 80% govt guarantee on mortgage loans

    AMCON seeks 80% govt guarantee on mortgage loans

    The Asset Management Corporation of Nigeria (AMCON) wants the Federal Government to guarantee 80 per cent of mortgage loans and increase the minimum capital base for the Nigeria Mortgage Refinance Company (NMRC) to about N10 trillion.

    The NMRC was created to provide primary and secondary mortgage markets by raising long-term funds from the domestic capital market as well as foreign markets to provide accessible and affordable housing in the country.

    AMCON’s Chief Executive Officer, Mustafa Chike-Obi who spoke yesterday at the Legal Business Summit 2014 in Lagos, faulted the guideline establishing NMRC, arguing that the agency lacked adequate capital.

    He therefore proposed that the banks should guarantee 10 per cent of all mortgage loans while the remaining 10 per cent would be guaranteed by an insurance company.

    “We want the banks to take the first 10 per cent loss, insurance company 10 per cent and the Federal Government 80 per cent,” he said.

    The AMCON Chief who spoke on  Waking up Dead Capital said government should not guarantee 100 per cent of the loans because doing so could make the banks to lend irresponsibly.

    He said such policy adjustment would make the banks have some comfort that when the loans go bad, they would take it to a government agency that would give them 80 per cent of the value of the mortgage. Doing so, he said would raise the willingness of the lenders to create mortgage loans.

    The NMRC has a N6 billion tier 1 capital, $300 million World Bank loan, while the Nigeria Sovereign Investment Authority (NSIA), through its Nigeria Infrastructure Fund (NIF), also approved a firm equity commitment of N1.6 billion in the NMRC.

    He said: “What they have done is that they have taken a good idea, and watered it down. There should be government guarantees not government loans. The NMRC should only buy bad mortgage loans from the banks and should not be a direct lender in the mortgage business.”

    Chike-Obi lamented that it still takes about 10 years for banks to sell property collected as collateral when the transaction goes awry, adding that this discourages lending to the mortgage sector. “The issue of being able to foreclose quickly and efficiently is by far the biggest problem for banks,” he said.

    He said the NMRC should also secure a foreclosure power, similar to what AMCON has, which enables it to foreclose on any property presented to it as collateral.

    The World Bank approved a concessional $300 million 40 year International Development Association (IDA) loan at 0.75 per cent, which is obtained to facilitate the execution of the Housing Finance Programme. The $250 million of the IDA loan will be disbursed in installments to NMRC as Tier 2 Capital based on key performance indicators – it will be retained on NMRCs balance sheet to provide credit support for NMRC’s bond issuances.

  • Ecobank inaugurates Western Union money transfer

    Ecobank inaugurates Western Union money transfer

    Ecobank has commenced Western Union outbound money transfer service in the country. The newly launched service allows customers to send money abroad through any of the over 500 branches of Ecobank Nigeria, while the funds are received in the specified currency in the receiving country.

    This initiative follows the recent introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of outbound money transfer services in Nigeria.

    The outbound service is a provision that allows money to be sent from Nigeria to other countries, while respecting both Western Union and Country Policies. This means that Ecobank branches on behalf of their customers are able to log into the Western Union application and send money to other countries where the beneficiary shall pick the money.

    A prospective customer, who wishes to use the service, would pay the naira equivalent (plus applicable charges) to Ecobank as an agent of Western Union for the foreign currency that would be paid to the specified beneficiary in the destination country.

    Deputy Managing Director, Ecobank Nigeria, Anthony Okpanachi, commended the CBN for the revised guidelines on International Money Transfer Services in the country. According to Mr. Okpanachi the service would further enhance financial inclusion for Nigerians, especially those who are yet to embrace banking services.

  • Naira hits new low of N176 to dollar

    Naira hits new low of N176 to dollar

    The naira came under further pressure yesterday after hitting a new low of N177.65 to the dollar though it recovered to close at N176.25 after the Central Bank of Nigeria (CBN’s) intervention.

    Traders said the naira is being depressed by concerns that the CBN might devalue it on the back of persistent pressure from offshore investors leaving local debt and equity markets.

    The selloff came as investors weighed potential outcomes of an Organisation of Petroleum Exporting Countries’ (OPEC) meeting next week, with Morgan Stanley saying a production cut looks increasingly likely. Nigeria is an OPEC member and crude oil exports account for about 70 per cent of government’s revenue.

    Foreign reserves dropped two per cent this month as the CBN sold dollars to lenders to stem the naira’s slide. The regulator may increase its key rate from 12 per cent next week to support the currency, according to analytics.

    “Expectations are rising that the bank will throw in the towel and hike policy rates given the seeming futility of trying to keep the naira from depreciating,” Gareth Brickman, a Johannesburg-based Africa analyst at ETM told Bloomberg.

    The currency has continued to depreciate against the dollar since November 2008. From N118 per dollar in November 2008 to yesterday’s closing rate, the naira has, no doubt, fallen from its Olympic heights. It has weakened 11.2 per cent this year on concerns over the falling price of oil, triggering a broad sell-off.

    Currencies Analyst at Ecobank Nigeria, Olakunle Ezun said recent developments suggest that an implicit devaluation has taken place but this needs to be confirmed.

    He explained that due to the bearish outlook for oil prices, the CBN is under pressure to continue supplying dollar to support the plus or minus three per cent N155 exchange rate band.

    Across Africa, central banks in Kenya and Nigeria are likely to keep supporting the shilling and the naira next week, while Tanzania, Ghana and Zambia’s units are seen steady, dealers and analysts said.

  • CIBN chief urges bankers on integrity, best practices

    CIBN chief urges bankers on integrity, best practices

    President, Chartered Institute of Bankers of Nigeria (CIBN) Mrs. ‘Debola Osibogun has urged bankers to embrace integrity and best practices in their duties.

    Speaking at the CIBN Graduates Induction and Prize Awards Day held at the weekend in Lagos, she said bankers should abide by the institute’s code that condemns gratification and bribery, among other unwholesome practices, in banking.

    She said:  “I wish to remind you of some of the things contained in the Code of Conduct in the banking industry recently approved by the Bankers’ Committee.

    “You must endeavour to avoid these if only to ensure that you become the heroes and heroines of your chosen profession.You must avoid engaging in any venture of which there are clear issues of conflict of interest; abusing the trust reposed in you or your office; misusing official information in the course of your professional career; offering and or accepting gratification or bribe.”

    Mrs Osibogun said the induction remains a symbolic reminder of the core mandate of the institute which is to admit student members who have passed the prescribed examinations and fulfilled all other conditions set by the Governing Council into Associateship (ACIB); and admit students into the Associateship of the Institute, among others.

    She said at the induction a record high  number of 993 student- members who have all completed the qualifying examinations of the institute.

    “This number is the highest in the history of the institute and it comprises the following;162 for Associateship, nine for Chartered MBA, four for Treasurers’ Dealership Certificate, 795 for Micro-finance Certification Programme, and, 23 for Certificate in Banking,” she said.

    She congratulated the bankers, describing the achievements in completing as extremely demanding, rigorous and tough professional programmes.

    She said: “Not only is today, a deserved testament to your hard work, your discipline and your commitment, it also represents a major milestone in your lives. It is equally a time for celebration as you mark both the end and beginning of exciting parts of your lives and an occasion on which to look forward to the opportunities available to you as Chartered Bankers, Certified Treasury Dealers and Microfinance Certified Bankers.

    “I wish you all the best as you start the next adventure of your lives and hope that this accomplishment opens many doors of opportunity and helps you to realise your personal and professional ambitions.”

    “In today’s dynamic business environment achieving such professional qualifications, demonstrate commitment to professionalism which is an important differentiator in the competitive market place. As bankers, there are so much you can do to bring fresh lease of life to the banking  and finance sector and businesses in both the private and public sectors. This implies that the economic potential of our country is not limited by your visions and the dreams of the future. I therefore urge you to always “shoot for the moon, even if you miss it you will land, among the stars,” she added.

  • Service that touches customers

    Service that touches customers

    Every customer wishes to be touched in a special way. The need to meet customers’expectations prompted Access Bank Plc in partnership with Verve International to inaugurate a customised debit card tagged ‘Persona’. The product allows the bank’s customers to upload their favourite image or select any from its gallery on their debit cards, for enhance satisfaction, writes COLLINS NWEZE.

    To every customer, there is a special moment or event that would be cherished forever. The need to keep such moments close to customers’ heart prompted Access Bank Plc to unveil ‘Persona’, a customised debit card that allows cardholders to upload their favourite images on their debit cards.

    Access Bank CEO speaks

    Speaking at the launch of the product in Lagos, the Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe, described the product as part of the brand new future as well as a great future facing the lender.

    Continuing, the bank chief said: “So, that is what we are doing. That is also what Persona is all about. It was inspired by our customers. We have several people that have been with us for so long, since 2002. Even as a wholesale commercial bank, you (customers) stood with us, even when we did not have many retail products to offer. Now, we boast of the most widely used cards, we boast of the best premium cards, we boast of cards that are extremely efficient, but what we are doing today is even much more different.

    “If you ask people about Access Bank about three to five years ago, they would have said it is a wholesale commercial bank because that was what we were.

    “But we have evolved over the past three years to become a large diversified bank with a strong retail presence. Now, what we are doing is not just looking at the top corporates, we are looking at what we can do with each of our stakeholders. What that means is that whether it is a small business, or an individual, we strive to meet everybody’s aspiration.”

    According to him, the bank would be unveiling several products over the next couple of weeks to strengthen its presence in the marketplace. This, he pointed out would enable the lender achieve its ambition of becoming the world’s most respected African bank.

    “So, for you to achieve that, it is not just by banking the large corporates which we are doing, but making sure that all the people in the retail space can truly feel the power of an institution that truly cares for them,” he said.

    Wigwe said the lender believes in creating its own destiny, pushing boundaries and thriving on excellence.

    Its Group Head, Channel Services, Mr. Segun Ogbonnewo said the product would be supported amongst other things by dedicated communication channels which would host dynamic information as well as publicise the bank’s loyalty and reward offerings to customers.

    He said the lender is focused on building its digital banking enterprise around innovative, efficient and relevant products and services driven by cutting edge technology platforms.

    “We propose to name the collective ecosystem of these non-generic products and enhanced services ‘Persona’. Because our primary inspiration in developing these products are our esteemed and increasingly technology savvy customer base. A customer base that wants to be empowered with self-service options that enable them take charge of the way they live, work and play,” he said.

    Ogbonnewo said the product entails building the value propositions for our products around the lifestyle characteristics of our target demographic segments. “We will seek to create loyalty driven by engagement, leveraging off the lifestyle attributes of the target market which drive or are closely associated with spending habits/patterns such as travel, shopping, music, sports,” he said.

    Verve CEO speaks

    Managing Director of Verve International, Charles Ifedi, felicitated with Access Bank Plc on the introduction of the new debit card.

    He said the bank took the right decision to adopt the innovative personalised debit card.

    Powered by Verve, a payment solution from Interswitch transnational, this new card called Persona, will function like every other debit card, but gives customers the opportunity to customise their debit cards with pictures of their choice.

    Ifedi said: “We are excited about this new model of cards and we commend Access bank for this step. We believe that by letting customers choose what picture should be on their debit cards, we have given them the freedom to express themselves on their debit cards and truly own these cards”.

    Access Bank has also been active in other sectors of the economy.

    Loan support

    Access Bank Plc has granted a $250 million credit facility to Sea Truck Group an international group of companies offering offshore installation, accommodation and support services to the oil and gas industry worldwide, in continuation of its financial intermediation role,

    In a statement, Wigwe, said the lender has recorded commendable expansion and growth in the last decade. The feat, he said, has positioned the bank within the top five banks in the country. “With regards to our regional spread, Access Bank is currently in seven countries inclusive of the United Kingdom and now has an office in China with plans to establish presence in Dubai next year,” he said.

    The bank chief described the Sea Truck Group as a company that is dear to the lender’s heart. “We will always support the company in its dealings, as we are confident that this mutually beneficial relationship will provide the backbone for future more robust dealings,” he said.

    President/Chief Executive Officer, Sea Trucks Group, Jacque Roomans praised the bank chief for arranging the signing ceremony and also commended the lender for the successful close on the transaction.

    “The manner with which Access Bank handled this transaction is highly commendable. This is a demonstration of how far the bank has come overtime. Sea Truck Group is proud to associate with Access bank and will not hesitate to build on this existing relationship. I admonish other financial institutions to emulate Access Bank,” he said.

    The Executive Director, Corporate and Investment Banking, Access Bank Plc, Elias Igbinakenzua in said the bank’s capacity to support big businesses is never in doubt. “In our bid to stimulate growth in the economy, we have established first class relationships with corporations and multi – nationals to position us to better support our customer’s businesses,” he said.

    Eyes fresh capital

    Access Bank’s Deputy Group Managing Director, Obinna Nwosu said the lender will be raising N68 billion capital through Rights Issues. He advised shareholders to take up their rights when the issue begins, as the bank has proven its ability to deliver superior returns on investment.

    The bank chief also listed some of the major attributes that makes Access Bank an institution of choice for investors.

    Nwosu said the bank has Capital Adequacy Ratio of 21 per cent, and has seven banking subsidiaries. The lender also employs 3,192 professional staff working in 366 branches. The lender has 1,042 ATMs, with 11,846 Point of Sale channels.

    He said with a vision of becoming one of the most respected banks in Africa, Access Bank has grown to be the top five banks in Nigeria, stating that between 2002 and 2007, the bank ranked among the top 10 lenders in the country. “That feat was triggered by its role as a dominant trade finance bank; top three foreign exchange and money market bank and model of compliance in the banking industry,” he said.

    Nwosu, who spoke in company of other Senior officials of the bank, including the Executive Director, Commercial Banking, Roosevelt Ogbonna at a media briefing in Lagos, said that between 2007 and 2012, the bank emerged among the top five in the financial services group, adding that this was achieved based on its reference point of Service Delivery; leading e-business support bank; employee of choice in Africa; reference point for corporate governance; attainment of high independent credit rating and as a top five trade finance lender.

    Africa as economic hub

    Wigwe has described Africa as a hub of international economic evolution where tremendous innovation in financial services, telecoms and natural resources have become important drivers of global growth.

    Speaking at the 2014 Institute of International Finance Africa Financial Summit held in Lagos, he said the forum is part of that paradigm shift in the economic trajectory of Africa.

    “A congregation of some of the best financial minds, financial sector leaders and economic policy makers from across Africa and beyond are gathered here today and I am proud to welcome you all to this important gathering,” he said.

    The bank chief who spoke on ‘Mobilising Resources for Investing in Africa’ said more wealth has been created in Africa in the last decade than at any other time in history.

    “Across the continent, we have seen a steady drumbeat of democratisation and political reform as governments are, with some exceptions, starting to provide the environment for businesses to thrive. They are creating greater feedback from and accountability to their citizens; ensuring that people’s needs are known and addressed,” he said.

    He said  from Rwanda to Nigeria, there has been a steady increase in security of title and the rule of law; investment in regulatory and physical infrastructure to ease the doing of business; and a low-debt, low-inflation macro environment.

    He said: “All of these factors together help to build the first pillar of the African investment story – no longer is this the continent of coups and generals; instead it is a place of democratic as well as economic growth.”

    Wigwe said despite these achievements, Africa still faces challenges that are not peculiar to the continent, but the changing global financial landscape has made it ever more important that Africa catch up as quickly as possible with the rest of the world or risk being left behind.

     

  • CBN may raise CRR for private-sector deposits

    CBN may raise CRR for private-sector deposits

    The Central Bank of Nigeria (CBN) may raise the Cash Reserve Ratio (CRR) on public sector deposits at the next Monetary Policy Committee (MPC) meeting, FBN Capital, an investment and research firm has said. There are indications that the MPC may meet next week.

    The CRR is a portion of banks’ deposits kept with the CBN.

    Some of the developments in the financial market created room for such policy shift. The naira went into a tailspin losing 1.6 per cent of its value after the CBN issued new administrative measures restricting the use of CBN funds for many categories of eligible transactions.

    The foreign exchange shift also spread to the stock market, dragging the index down by four per cent, bringing the yearly loss to 16.53 per cent.

    Analysts say the 28 per cent decline in oil prices, which remains the engine of the economy,is the genesis of the volatility. These developments, they argued,  might make the MPC to make some changes to the monetary policy at its meeting.

    Also, the research firm explained that the CRR on public sector deposits, which stands at 15 per cent, may be raised further.

    The CBN raised CRR on public sector deposits from 12per cent to 50 per cent in July, last year. By March, this year, the ratio was further hiked to 75 per cent.

    CRR on private sector deposits also rose by 300 basis points from 12 per cent to 15per cent during the MPC meeting in March. For many banks, especially those with weak deposit base, it was bad business.

    These policy adjustments removed over N1.5 trillion from banks’ vaults and placed it in CBN’s custody, thereby worsening existing cash crunch faced by lenders.

    Hence, when banks started releasing their last year’s results, many pundits were interested in knowing the changes in cash reserve, reduction on Commission on Turnover  (COT) fees, removal of Automated Teller Machine (ATM) charges and increase in contribution to the Asset Management Corporation of Nigeria (AMCON) levy had on lenders’ profitability.

    Vetiva Capital Management analysts predicted that on an aggregate level, the banking industry  gross earnings in the year would take a potential $690 million yearly hit, assuming a 12 per cent yield on the newly sterilised CRR deposits. They said the impact would vary from bank to bank depending on how much public sector deposits on their books.

     

  • ‘Quoted banks’ may miss N529b yearly profit mark’

    Quoted banks’ earnings, which stood at N529 billion last year, may not be achieved this year, analysts have predicted.

    The tough regulatory policies of the Central Bank of Nigeria (CBN), including Commission on Turnover cut, raise in Cash Reserve Ratio (CRR), among others, were to blame.

    A report by Financial Derivatives Company Limited said the banking sector recovery had seen profitability back to above pre-crisis levels, with profit of all banks listed on the Nigeria Stock Exchange (NSE), achieving a combined Profit before Tax (PBT) of N529 billion last year.

    A bank is quoted if its shares can be bought or sold on the NSE. FDC Economic report obtained by The Nation said the lenders’ PBT were at N550 billion in 2012.

    These feats, it said, were possible because the Asset Management Corporation of Nigeria (AMCON) strengthened the financial sector, especially the lenders, preventing the collapse of the banks. The report said the coming of AMCON has also addressed the potential bank runs and the negative implications this would have had on the depositors.

    Nigeria bank export services outside the country, remain market leaders in the African banking sector.

    AMCON had last month, announced its operating results, with a loss of N635.88 billion – more than last year’s fiscal budgets of seven states.

    It also revealed that it has run up a cumulative negative net-worth of N3.46 trillion since inception in 2010, about 69.7 per cent of the national budget.

    These numbers, the report said, would make any rational investor or orthodox analyst stagger, describing it as an unprecedented financial calamity. But these numbers becloud the economic reality of economic success, the report added.

    However, Managing Director, Afrinvest West Africa Plc, Ike Chioke, said a review of CBN’s last year’s balance sheet showed that the regulator was bugged by AMCON bonds, intervention funds and development finance loans.

    He said these ‘unmarketable asset portfolios’constitute over 40 per cent of the CBN’s balance sheet.

    Chioke, who spoke at the launch of the Banking Sector Report, explained that the assets are long term investments without a clear exit time frame other than the eventual performance of the loan portfolio.

     

  • Fraud, forgery hit N20b, says KPMG report

    The Central Bank of Nigeria’s (CBN’s) report for the first  half of last year has shown that there were 2,478 fraud and forgery cases involving banks valued at over N20 billion, a report by KPMG has said.

    This, it said, represented an eight per cent increase over the previous year volume but a significant increase in value of over 200 per cent from 2012.

    The Banking Industry Customer Satisfaction Survey by KPMG obtained by The Nation said increasing frequency and magnitude of cybercrime incidents globally make it apparent that cybercrime is here to stay.

    It said with a yearly growth rate of three per cent over the past five years and $21 billion inflow of personal remittances last year, Nigeria is the fifth largest remittance receiver worldwide in terms of volume.

    It said remittance to Nigeria accounts for 65.6 per cent of total flows into sub-Saharan Africa.

    The feat, it said, presents some opportunity for banks who may want to tap into the opportunities created by this class of Nigerians who wish to transact banking business using their local bank accounts.

    In an online survey of 127 Nigerians resident across 12 countries who maintain local banking relationships, convenience was the overwhelming driver of value.

    According to the report, when asked for the most important factor in their banking relationships, 44 per cent of the customers selected the availability of internet banking. In particular, customers identified the ease of use of the internet banking platform as the most important factor followed closely by the quality of customer service.

    Interestingly, 77 per cent of those surveyed transfer money through formal channels – banks (48 per cent) or through other money transfer agencies (29 per cent) – compared to 19 per cent who said they typically send money home through less formal ways.

    Also, on the effectiveness of the contact centre, the ease of complaints resolution was cited as a major area of dissatisfaction.

    It said more than 50 per cent of customers who have used their bank’s contact centre have been dissatisfied with the promptness of issues resolution and quality of feedback. It cited one bank’s  response to a customer facing some debit card challenges was for the customer to wait until his next visit home, for his query to be resolved.

    In this year’s survey, two per cent of retail customers indicated that they had experienced a fraud incident in the last year and while this number appears small today, it may signify the start of a potentially disturbing future trend.

    It said a survey by KPMG in the Netherlands showed 80 per cent of the respondents indicated that cybercrime is no hype and will continue to be a challenging topic.

    The survey showed that 49 per cent of organisations have experienced some form of cybercrime activity during the past 12 months, stressing that it is not to say the rest have not experienced an attack; they may not have the proper detection measures in place.

    Among the 49 per cent that have experienced an attack, 10 per cent indicated that they have been attacked more than 100 times within the past year. Inadequate detection procedures may conceal the real number of cybercrime attacks. Only 50 per cent of the respondents were able to detect attacks and only 44 per cent of the organisations felt comfortable that they were able to respond.

    It said organisations should ask themselves whether they are aware and capable of handling a cybercrime attack. The survey found that 35 per cent do not agree that their organisation is sufficiently aware of cybercrime, although the financial sector respondents score significantly lower. This would imply that financial institutions are more aware of cybercrime than other typologies.

    Attacks may come by various methods heavily on and correlate with the budgets that have been made available. The damage from cybercrime attacks and budgets allocated to cybercrime defence can be substantial.It said the way  cybercrime defence budgets are allocated for prevention, detection and response measures should be considered carefully.

  • Interbank rate up as CBN supports naira

    Interbank rate up as CBN supports naira

    The overnight interbank lending rate spiked 287 basis points, about three per cent, to 10.87 per cent on Friday.

    The figure came after the Central Bank of Nigeria (CBN) mopped up liquidity via Treasury Bills sales to ward off pressure on the naira, dealers said.

    The CBN sold over N200 billion ($1.17 billion) worth of open market bills all through the week, curbing liquidity in the market, to drive up interbank rates.

    Meanwhile, the Fitch Ratings has said that Nigerian and Angola, Africa’s biggest oil producers have debt to Gross Domestic Products (GDP) levels low enough to withstand slumping crude prices, while Ghana faces risks without an aid package and Zambia from an unexpected election.

    Nigeria and Angola, it said, are able to post budget deficits for the next year or two because of their low debt, enabling them to maintain spending with lower oil prices, director of the sovereign group at the agency, Carmen Altenkirch told Bloomberg.

    “Nigeria and Angola have the fiscal space to run deficits in the region of four to five per cent of Gross Domestic Product (GDP) for a few years without undermining fiscal stability. However, if oil prices remain low for longer, fiscal policy may need to be tightened to avoid downward pressure on the rating,” she said.

    Slumping crude prices pushed the naira to a record low last week, prompting pledges from the CBN officials that they’ll continue using foreign-exchange reserves to bolster the currency.

    Angola cut its estimate November 12 for 2015 oil output to 1.83 million barrels a day from two million. Fitch rates Nigeria and Angola BB-, three steps below investment grade.

    “Creditworthiness would benefit from running fiscal surpluses,” Altenkirch said. Fiscal surpluses during the good years will give these countries scope to run deficits due to lower oil prices.”

    Ghana and Zambia could be rated at similar levels to Nigeria, Angola and Gabon, which also pumps oil, if their economies were more stable, she said.

  • CIBN organises entrepreneurship devt scheme

    The Chartered Institute of Bankers of Nigeria has concluded arrangements to organise an entrepreneurship development programme as part of the Continuing Compulsory Professional Development (CCPD) programme for the year.

    This, it said, would enable members of the institute attain the required CCPD credit.

    The event which is expected to attract eminent bankers and other distinguished stakeholders in the industry is scheduled to hold on November 25, in Lagos.

    The programme will provide a unique platform for participants to identify and explore business opportunities in the Financial Services Industry, develop effective Pricing Strategies and Retool for Business Success in Private Practice.

    Seasoned experts have been assembled to address the forum. Top on list are former Deputy Governor, Central Bank of Nigeria, Tunde Lemo; Managing Director, Accion Microfinance Bank, Mrs. Bunmi Lawson among others.

     

     

    CIBN First Vice President of the Institute/Chairman, Board of Fellows & Practice Licence, Dr. Segun Ajibola, FCIB, will use the occasion to address the audience on “Overview of the Practice Licence of the Chartered Institute of Bankers of Nigeria”, while CIBN President/Chairman of Council, ‘Debola Osibogun,  will present the practice licences and seals to deserving members of the institute.