The Nation Newspaper

Category: Money

  • Administrator challenges judiciary on online fraud

    Administrator challenges judiciary on online fraud

    The Administrator, National Judicial Institute (NJI), Justice R.P.I Bozimo has called on the judiciary to be well prepared to tackle the challenges posed by electronic banking.

    Speaking at the 14th National Seminar on Banking and Allied Matters for Judges held in Abuja and organised by the Chartered Institute of Bankers of Nigeria (CIBN), he said the introduction of electronic banking system in the country came with its myriad of challenges.

    Some of these challenges, he said, include malfunctioning of ATM machines, network failures, online theft and non-availability of financial services, payment of hidden costs of electronic banking such as short messages services (SMS) and other numerous hidden charges.

    Other challenges, he said, are lack of disclosures, errors in operating the machines, lost or stolen ATM or debit cards.

    In some cases, he insisted, billions of naira are lost electronically from customers’ accounts by third parties who are scammers. Fraud and money laundering are perpetrated through electronic transfers accentuated by trans-border banking. Scammers steal customers’ identities, forge signatures and siphon depositors’ funds.

    All these challenges, he said, usually lead to legitimate legal claims between the banks and customers, especially when they are occasioned by lack of cyber security. It is when these claims are presented in court for proper adjudication or determination, as the case may be, that the success and importance of this seminar is most evaluated and appreciated.

    He said the the theme for this year’s seminar is “Banking in Nigeria in the Electronic Age: Pertinent Issues for the Judiciary.

    This theme, he added, is fitting for two reasons. “The first reason is that the focus of the National Judicial Institute’s programmes for this year is information and Communication Technology (ICT). The second reason is that electronic banking system in Nigeria has taken off full blast culminating in the cashless/cash-lite policy of the Nigerian government. It can, therefore, be seen that there is no better choice of theme than the one we have and now is the most appropriate time for this discourse,” he said.

    He said that while the National Judicial Institute is the intellectual arm of the Nigerian Judiciary, the Chartered Institute of Bankers of Nigeria equally facilitates the intellectual and academic programmes of the banking profession in Nigeria.

  • Lagos trains auditors on forensic accounting certification

    Lagos trains auditors on forensic accounting certification

    The Lagos State Government has begun a week-long training programme for auditors within its employ on fraud detection and forensic accounting procedure in order to enhance proper auditing of the state government accounts.

    The programme, declared opened by the State Auditor-General, Mrs. Helen Deile at the Peninsula Resorts, Lekki at the weekend, was designed to further enhance accountability, integrity and transparency in the auditing system of Lagos state.

    Deile said the training was timely, especially with the rampant cases of fraudulent acts all over the world, stressing the need to check this abnormal trend and possibly eradicate it.

    According to her, the forensic accounting certification training was organised in collaboration with the Institute of Chartered Accountants of Nigeria (ICAN), to build the capacity of the auditors in the State Auditor General’s office about trends in the accounting and auditing profession.

    Deile expressed hope that the week-long training would make participants better officers in their respective work schedule to deliver on government mandates than before.

    She lauded the State Governor, Mr. Babatunde Fashola (SAN) for granting approval for the In-house forensic accounting certification training programme for the auditors.

    She also praised the Institute of Chartered Accountants of Nigeria (ICAN), while sorting for smoother relationship with the institute.

    The Deputy Registrar, Technical Services of the Institute of Chartered Accountants of Nigeria (ICAN) Mr. Abel Aig Asein responding, commended the several giant steps always taken by the state government by cueing into laudable initiatives. He commended the state government for being the first state in the federation to embrace the forensic accounting training programme.

  • Access Bank wins best customer service award

    Access Bank wins best customer service award

    Access Bank Plc has further consolidated its position as a service focused bank by winning the “2014 Best Customer Service Company Award”. The award was presented to the bank by the Nigeria Customer Service Awards (NCSA) at a ceremony held in Abuja.

    The bank won the coveted prize after beating several other contenders in the banking services category. The award recognises the impressive achievement of the bank over the past year particularly as it relates to the bank’s delivery of superior customer service experience at every of its location across Nigeria and Africa.

    Speaking on the award, Executive Director, Access Bank Plc, Mrs. Ojini Olaghere said the award is a product of the bank’s investment in people and its processes which ensure that the bank’s customers are treated to excellent customer experience at every touch point.

    “I want to assure you that Access Bank will not rest on its oars in delivering excellent service. This award will also spur us to meet and surpass our customers’ expectations and remain the bank of choice for all Nigerians,” she said.

    Also speaking at the event, the Coordinator of NSCA, Dr. Aliyu Ilias, said the award was instituted to celebrate outstanding excellent service delivery across all sectors in the country.

    “I want to seize this opportunity to congratulate the winners in this year’s edition; you have served Nigerians efficiently based on the data gathered from your service consumers and we hope this award will propel and motivate you to improve in the area of customer service.”

  • NESG Summit House commissioned

    NESG Summit House commissioned

    Former head of state Chief Ernest Shonekan at the weekend, commissioned the Nigerian Economic Summit Group (NESG) Summit House in Lagos. The NESG, which was created to bridge the communication gap between the private and public sectors of the economy, is also meant to serve as advocacy group that advises the government on the ways to move the economy forward.

    Chief Sonekan said the NESG which has been in existence for 21 years, has now expanded and made significant progress.

    Chief Sonekan said there was a lot of mutual suspicions and communication gaps between the operators in the private and public sectors, prompting the creation of the NESG to help bridge that gap.

    He further said he was proud of NESG achievements and also challenged other private sector groups to emulate what the body has achieved over the years. He noted that the private sector should not expect government to do everything for them as the country belongs to everyone and collective responsibility is needed to make it a better place for all.

    The Minister, National Planning Commission (NPC) Dr. Abubakar Olarenwaju Sulaiman, said occasion signifies the formal transition of the NESG from infancy to greatness after two decades of existence.

    “I am delighted that the NESG Summit House is being commissioned today. Let me start by expressing the National Planning Commission appreciation and commendation of the Chairman of the NESG, Mr  Foluso Philips; the outgoing Director General of the NESG Mr Frank Nweke and the entire board of members of NESG for the role played in completing the project,” he said.

  • CBN limits generators, telcos equipment import funding to interbank

    CBN limits generators, telcos equipment import funding to interbank

    •Pegs Standing Deposit Facility at N7.5b

    All imports involving electronics, finished products, information communications technology, generators, telecommunication equipment, and invisible transactions, will henceforth be funded from the interbank foreign exchange market only, theCentral Bank of Nigeria (CBN) said yesterday.

    In a circular to all authorised dealers, CBN Director, Trade & Exchange Department, O.I. Gbadamosi, informed stakeholders that the policy is desined to maintain the existing stability in  the foreign exchange market and strengthen the various policy measures, already initiated by the CBN.

    “The importation of electronics, finished products, information technology, generators, telecommunication equipment, and invisible transactions’ importations, shall henceforth be limited to the interbank market only,” he said.

    Also, the apex bank has pegged the Standing Deposit Facility (SDF) for banks at N7.5 billion, remunerated at 10 per cent per annum.

    Standing facilities are aimed at providing and absorbing overnight liquidity, signal the general stance of monetary policy and bound overnight market interest rates.

    In a circular signed by the Director, Financial Markets Department, E.U. Ukeje, the regulator observed that banks and discount houses have preference for keeping their idle balances in the CBN as SDF thereby constraining the process of financial intermediation.

    In order to encourage the banks to increase lending to the productive sector of the economy, the guidelines for the operations of the SDF is reviewed.

    The review, he said, entails that the remunerable daily placements by banks and discount houses at the SDF shall not exceed N7.5 billion. This shall be remunerated at the SDF rate of 10 per cent per annum.

    He said that any deposit by a bank or discount house in excess of N7.5 billion shall not be remunerated. “These provisions are without prejudice to the subsisting Monetary Policy Rate (MPR) corridor. For the avoidance of doubt, the SDF remains operative as a monetary policy tool, but patronage of the facility shall be subjected to the above modifications,” he said.

    The MPR corridor remains at plus or minus 200 basis points round MPR. Continuing, he said: “The SDF shall attract an interest rate of MPR minus 200 basis points, 10 per cent per annum up to the limit of N7.5 billion, while any deposit over and above the maximum will attract zero interest rate”.

  • Access Bank grants $250m loan to Sea Truck

    Access Bank grants $250m loan to Sea Truck

    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, the Group Managing Director, Access Bank Plc, Herbert 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.

  • Sterling Bank to reward winners of The Art Competition

    Sterling Bank to reward winners of The Art Competition

    Three winners of the Art Competition sponsored by Sterling Bank Plc, will tomorrow be rewarded with N1 million each by the lender.

    The competition was opened to children between the ages of five to 12 who were asked to come up with a drawing or a write-up on the bank of their dream.

    The competition commenced in May 2014 with over 1000 entries received by the bank from aspiring young artists.

    The bank’s Group Head, Strategy & Communications, Mr. Shina Atilola in a statement said that the Managing Director & Chief Executive of the Bank, Mr. Yemi Adeola will personally present the prize money to the top three winners while seven others who made it to the last 10 will also get consolation cash prizes.

    Mr. Shina Atilola said: “We introduced the project to encourage students improve on innovation and critical thinking. We opened the project to students between ages five to 12. Basically, the kids are allowed to design and create the bank of their imagination which could be expressed as a painting, drawing, writing or even through a presentation.

    The most creative ideas will be shortlisted for various prizes. The first, second and third prize winners will go home with scholarship awards of N500,000, N300,000 and N200,000 respectively. There will also be other cash awards, gadgets and other prizes to be won. This initiative is aimed at identifying talents and harnessing same for global competitiveness”.

    Mr. Atilola who assured that the Bank will continue to invest in child education especially in the area of financial literacy explained that unless the private sector comes in to support education in the country, the challenges facing the sector may continue to hamper the growth of the sector in the country.

  • Why customers need Rapid Transfer, by Ecobank’s DMD

    Why customers need Rapid Transfer, by Ecobank’s DMD

    Ecobank’s Rapid Transfer product is breaking grounds, thus enabling money transfer across geographical boundaries and bridging the gap between families and friend across Nigeria and Africa.

    Speaking during a media briefing in Lagos, the bank’s chief explained that for traders and non-resident nationals all over the African continent, Funds Transfer, a well thought-out financial product, provides a platform to remit money with ease.

    “It is the fastest, most secure, convenient and reliable medium to transfer and receive money both across Nigeria and in thirty five other African countries where Ecobank operates,” he said.

    Okpanachi said the product is primarily designed to provide a quick payment solution for economic operators across the region with a view to facilitating economic integration. The product will on the long run, progressively migrate regional transactions from the informal sector to the formal sector, thus signaling economic development and transformation.

    He spoke on the backdrop of end of year money transfer solutions for bank customers in the country. The DMD said the product is available to all categories of people such as workers, parents/guardians, students, small business owners who are the predominant players in the informal sector, traders, religious organisations and travelers within Africa.

    He reiterated that Rapid Transfer which comes in different dimensions presents a total package for the customer as transfers could be in the form of Cash to Cash; Cash to Account; Account to Cash; Account to Account and Cash Pull.

    The product is structured in such a way that it accommodates both account holders and walk-in customers. While customers of the bank could make transactions to the limit of N1.5 million per customer (or an equivalent of $10, 000 at prevailing exchange rate), walk-in customers, that is non-Account Holders have a limit of N500,000 after presenting a suitable identification.

    Customers and non-account holders have a maximum of three transactions per week and all transactions are done in the local currencies of the countries involved. Funds received are made available for payment to the receiver at any Ecobank branch within a 5 minutes except in countries where remittance laws differ on this rule.

  • Paga chief wins entrepreneur award

    Paga chief wins entrepreneur award

    Founder and Chief Executive Officer of Paga, Tayo Oviosu, has been announced as the “Entrepreneur of the Year” (West Africa) 2014. He was named winner at the CNBC Africa ll Africa Business Leaders Awards.

    The organisers recognised his dedication to changing the face of the Nigerian economy  by  founding what is now the country’s  largest and fastest growing mobile payments company.

    Nominated alongside other African game changers Arthur Zang of Cardiopad (Cameroon) and Paola Audrey Ndengue of Fashizblack (Ivory Coast); Oviosu started the company in 2009, due to his frustration of having to carry large amounts of cash around to deal with Nigeria’s unique payment challenges.

    “I simply believed there had to be a more efficient and secure way for anyone, anywhere, irrespective of whether they are banked or not, to pay and get paid. With the support of a great team and the belief of our investors, Paga has become that solution for over 1.9 million Nigerians across the country and that number is growing every day,” he said.

    Oviosu said he and his team strongly believed that efficient payment systems for both individuals and businesses were key to unlocking Nigeria’s latent economic potential.

  • Bank directors’ forum coming

    Bank directors’ forum coming

    The annual stakeholders’ forum of the Bank Directors Association of Nigeria (BDAN) for the year will be holding in Lagos on November 18.

    The forum brings together executive and non-executive directors of banks, officials of other financial institutions, regulatory authorities, professional bodies and executives of other leading companies in Nigeria.

    In a statement, the organisers said the forum is an opportunity for banking professionals to   share thoughts on the theme: “Competing Globally from the Boardroom: Reviewing Benchmarks for Nigerian Bank Directors”.

    It said that among other things, this year’s forum is aimed at enlightening directors on the need for banks and companies in the 21st century to have a board that understands the implications of, and need for global competition.

    The event will be chaired by Chairman, Standard Chartered Bank Nigeria Limited, Sir Remi Omotoso and will be attended by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele who will deliver the keynote address. The guest speaker is Mr. Ayodele Othihiwa, Partner and Head, Financial Services, KPMG, a distinguished professional with broad experience of the Corporate and Board level issues in the financial services sector.

    The target audience for this year’s forum includes: Chairmen, Executives, Non-Executive Directors, Managing Directors of Banks & other financial institutions, professional bodies, Investment Advisers, Consultants, Officials of Chambers of Commerce & Industry, and officials of regulatory authorities.