The Nation Newspaper

Category: Money

  • Access Nigeria, World Bank partner

    world-bank

    Access Nigeria in collaboration with the World Bank have concluded arrangement for a two-day National Jobs Fair.
    The fair commences tomorrow at the National Theatre, Iganmu Lagos.

    In a statement, World Bank said the event will serve as platform for the organiSations and potential employers to recruit young, skilled and competent employees into their workforce.

    “A broad range of employers from various sectors of the economy such as Information & Communication Technology (ICT), Telecommunications, Banking, Insurance, Private sector, Media, etc. are expected to participate at the event,” it said.
    The World Bank had in 2010, supported Access Nigeria programme during which Skills Gap Analysis conducted showed a distinct gap between what employers need and what they end up getting. It was discovered that most youth lack the fundamental skills required to succeed in the labour market, such as communication skills, cognitive skills and computer skills. This insight led to the formation of the Access Nigeria skills programme.

    The programme has in the last two years assessed more than 3000 youth on globally-benchmarked fundamental skills for Information Technology-enabled services economy.

  • CBN to assess auditors, compliance officers

    •CBN Governor, Sanusi Lamido

    The Central Bank of Nigeria (CBN) has said there is need to assess skills, qualifications, experience and competencies of staff currently occupying controlled functions in banks.

    Auditors, compliance officers and other bank staff involved in ensuring that due process is followed in banking operations fall within this group.

    These were conained in a CBN circular tagged: ‘Assessment of competencies in the Nigerian banking industry’ signed by Y.B Duniya for Director, Financial Policy and Regulation.

    He said such exercise will enable Bankers’ Committee identify at the preliminary stages, gaps that would impede the effective implementation of the Competency Framework for the Nigeria Banking Industry being appraised by the apex bank.
    Duniya said that the list of controlled functions is not exhaustive as other important roles and responsibilities may be added.
    However, he said the apex bank has directed the banks to furnish the CBN with names of staff manning the controlled functions, academic and other relevant qualifications, number of years’ experience on the control function; post qualification and general banking experiences; other competencies that support the performance of the control functions. They are also expected to supply details of identified deficiencies in skills, qualifications, experience and competences as well as measures envisaged to remedy positions within 18 months of the approval of the framework.

    The CBN had earlier issued a competency framework that will guide banking operations in the country. The apex bank said the recent global financial crisis exposed the inadequacy of skills and dearth of executive capacity in the banking industry.
    The skill gap, it explained manifested in, among others the lack of in-depth knowledge of core banking functions and poor understanding of basic banking operations; poor understanding of banking regulations and poor risk management and corporate governance practices.
    The framework is expected to address the competency challenges in the banking industry, explore growth opportunities as well as critically facilitate improvement in the quality of the industry’s human capital. Under the framework, successful banks will be those that distinguish themselves by according high priority to continuous enhancement of human capital and lifelong learning.

    “With stability now restored to the Nigerian banking system following several measures and initiatives taken by the CBN under the on-going banking sector reforms, it is imperative that immediate steps be taken to consciously re-direct the banking industry towards the path of entrenching a sequenced competency development programme,” it said.

    The banking watchdog said the exercise is predicated on the need for banks to accord high priority to the continuous enhancement of human capital and lifelong learning. This is expected to instill banking professionals with the requisite skills and expertise not only at the strategic and management levels, but also at the technical and operational levels.

    The apex bank also said it will maintain a central database for approved persons and maintained at the CBN. By this directive, all banks as reporting institutions will update the database with details of approved persons and access it as part of their due diligence prior to the engagement and appointment of persons within the industry.

    The proposed framework leverages on the practices in other jurisdictions such as Singapore, Hong Kong, Malaysia and Dubai which provide a useful guide and template for the Nigerian banking industry. “To ensure that only fit and proper persons man the different job roles and control functions within the banking industry, all persons for the position of Assistant General Manager and above as well as critical operational positions shall be approved for appointment in line with the Assessment Criteria for Approved Persons Regime issued and reviewed from time to time by the CBN,” it said.

  • NIBSS, NIMC tackle e-payment frauds

    From left: Aladekomo; Executive Director, Business Development, Nigeria Inter-Bank Settlement System (NIBBS), Mrs Christabel Onyejekwe and Shonubi during Aladekomo’s visit to NIBBS headquaters in Lagos.

    The Nigerian Inter-Bank Settlement System (NIBSS) is poised to tackle electronic payment fraud, its Managing Director, Mr Ade Osinubi, has said.
    Osinubi said it was necessary to improve electronic payment transactions and engender growth in the economy.
    Speaking during a visit of the management of the Nigerian Computer Society (NCS) to NIBBS‘s head office in Lagos, Osinubi said efforts were being made among the stakeholders in the financial chains to rid the country of fraud in the electronic payment system and allied areas.

    He said partnerships are evolving to reduce the hiccups in the electronic modes of payments, and further reduce the cost of managing cash in the economy.

    Osinubi said electronic frauds hinder the growth of the financial sector and the economy, stressing that the only way to check the malaise is to fight it headlong.

    He said there iwas the need to take security serious in the information and technology (IT)-driven society, adding that customers and financial institutions must be alert to reduce the fraud.

    NCS President Mr Demola Aladekomo said NIBBS has helped to implement the cheque truncation policy, among other measures put in place to enhance the quality of e-payment transactions.
    He said more needed to be done to make e-payment transactions free of fraud.

    Also, Chief Executive Officer, the National Identity Management Commission (NIMC), Mr Chris Onyemenan, a lawyer, said the agency would help in reducing fraudulent practices in the financial industry.

    Onyemenan told The Nation that the leadership of NIMC would develop a central national database, multi-factor authentication system and enrolment and card issuing services to identify all Nigerians and plug the loopholes through which fraud could perpetrated.
    Others, he said, are development of identification and verification processes in Nigeria to foster the growth of the country.
    He said the implementation of the unique identification number (UIM) project of the NIMC in particular was crucial to the success of the electronic payment system initiated by the Central Bank of Nigeria CBN).

     

  • Inactive mobile money firms hamper cash-less initiative

    The failure of some mobile money firms to roll out financial services is slowing down the cash-less policy of the Central Bank of Nigeria (CBN), The Nation has learnt.

    The 16 mobile money operators licensed last year by the CBN are expected to provide financial services and bridge the gap between the banked and the unbanked conservatively put at over 100 million.

    Many of the firms are yet to find their feet a year after their approval, impling that the industry has not fully complemented the cash-less initiative by bringing enough Nigerians into the mobile money transactions net.

    Industry watchers, who spoke to The Nation, said poor funding and technology have hindered the effective take-off of some of the firms.

    The Nation gathered that out of the 16 firms, only Stanbic IBTC, Pagatech, E-transact, United Bank for Africa (UBA), GTBank (in partnership with MTN and Fortis) have started operations by introducing products to galvanise the market.
    Managing Director and Chief Executive Officer, E-Transazt Mr Valentine Obi said infrastructure were a problem because mobile networks are just being developed amid low awareness of the benefits of mobile money transactions.

    The Chief Technical Officer, e-Transact, Mr Richard Omoniyi said poor awareness had slowed down the penetration rate, despite the huge investments already channeled into the mobile money ecosystem by operators. He said the issue has prevented the mobile money operators from complimenting the CBN’s cashless programmes as expected.

    He said: “One of the most significant aims of the mobile money scheme is to provide financial inclusion to the unbanked and under-banked in Nigeria. Getting more people to embrace mobile money depends on the level of awareness stakeholders create. The level of awareness is low and many people are yet to see the benefit of the system.

    It is thus important for the government to support other stakeholders to create massive public awareness for the public. In our own end, however we will do more of enlightenment campaigns and seminars to make sure that the service is really circulated.”

    A mobile money advocate, Emmanuel Okogwale said it would take time before mobile money companies can reduce the physical cash in circulation.

    He said while it is true MMOs have not been able to introduce enough financial services, Nigerians should not write off the ability of the sub-sector to help the growth of the cashless agenda.

    “With time, the 16 mobile money firms would help in reducing cash movement in the economy. By the time all the companies fully take off, they would impact strongly on the cashless project,” he said.

  • AfDB directors meet

    Donald Kaberuka

    The Board of Directors (BoD) of the African Development Bank (AfDB) has resumed meetings in Tunis after the summer holiday.
    President Donald Kaberuka, according to a statement, outlined four major projects the bank and the board will focus on in the last quarter of 2012.
    These are the African Development Fund Mid-Term Review to discuss the Fund’s 12th replenishment from September 12 to 14 in Praia, Cape Verde. The long-term strategy of the bank as it enters its final development phase. The roadmap for the bank’s return to its headquarters in Abidjan, Côte d’Ivoire, to be submitted to the Consultative Board of Governors in mid-October in Tokyo.
    Also to be discussed is the preparation of the triennial budget 2013 to 2015. “The President pointed out that in a very difficult international financial environment, the bank was able to maintain the viability of the institution, while continuing to support Regional Member Countries. It was a difficult task, he noted, but we arrived safely thanks to the efforts of all,” a statement from AfDB said.
    It added that the board also approved the 2012 Mid-Year Budget and Performance Report; the Country Strategy Paper 2012-2016 for Benin as well as two projects: Benin’s Economic and Financial Reform Support Programme (PAREF) and Rwanda’s Poverty Reduction Strategy Support Programme Phase V.

  • Bank chief praises holding structure

    Chairman, Stanbic/IBTC, Mr Atedo Peterside, has said the bank’s decision to adopt a holding structure, in compliance with the Central Bank of Nigeria (CBN) regulations on scope of banking activities and Ancilliary Matters No.3 will aid its growth.

    Addressing shareholders at the bank’s extra-ordinary general meeting in Lagos, Peterside said the bank would leverage on the holding structure to consolidate the strenghts of each of its business units.

    He said the development would enhance the entire group’s ability to drive growth in the future. He said the new structure would accrue significant benefits to shareholders, adding that customers will not be exposed to the risks associated with non-banking activities of the other businesses or the group.

    Peterside said the major reason for adopting the new structure is to consolidate on the bank’s goal of building Nigeria’s leading end-to-end financial services organisation, stressing that the issue would help the financial institution to leverage on its competitive advantage in its various business segments.

    He said the bank will grow well, considering the financial resources and global network of Stanbic/IBTC Group.

  • Govt, World Bank to fight hazards

    world-bank

    The Federal Government and World Bank have said they would spend $18.5 million to tackle hazards caused by Polychlorinated Biphenyl (PCB) to the environment.

    World Bank Country Director in Nigeria Ms Marie Francoise Nelly gave the hint in Abuja during the launch of the PCB project.
    She said the Global Environment Fund (GEF) has provided $6.3 million, while the Federal Government is to contribute the counterpart funding of $12.2 million for the elimination of environmental and health risks posed by PCBs.

    Nelly, who spoke through the World Bank’s Senior Operations Officer, Mr Badrul Hague, said the environmental and health risks come from the release of PCBs from the active and decommissioned electrical equipment in Power Holding Company of Nigeria (PHCN) facilities as well as from other industries that have PCB stocks, such as dip refineries, airports and textile mills.

    “Safe disposal of wastes reduces the environmental and health risks, and this is the objective of the PCBs project. In particular, the project will strengthen and harmonise hazardous chemical and waste management system, and facilities safe disposal of hazardous wastes.”

    “Through timely intervention of the PCB project, an environmental and health risks in Nigeria could be reduced substantially by safe disposal of the existing stockpiles and development of a management system for safe disposal of future toxic wastes,” she added.

  • Bank empowers Corps member

    Fidelity Bank

    Fidelity Bank Plc has donated N850,000 to a member of the National Youth Service Corps (NYSC), Miss Omonike Akinselure, under the bank’s ‘Helping Hands’ scheme. The amount, which was given to her at an event held in Lagos, was for her to undergo reconstructive surgery on her jaw.

    General Manager, Operations, Mr Sam Obijiaku, said the move was in line with the bank’s Corporate Social Responsibility (CSR) of lending support to the needy. According to Obijiaku, “Fidelity bank strives to impact on the lives of its customers and other people around it, by putting smiles on their faces.”

    While praising the bank’s staff for their commitment to the CSR project, he said it would go a long way to impact on many lives.
    “I praise the bank’s staff for what they have come up with. It is a reflection of what Fidelity Bank represents. It is not just about business and profit making. It is about lending hands to the needy. The passion of the staff toward the lending hand project is commendable,” he said.

  • Profit taking halts equities’ rally

    THE Nigerian Stock Exchange (NSE) opened this week on a negative note as investors turned to take profit from stocks that have benefited from the consistent capital gains in the last 11 days.

    Notwithstanding the downturn, Nestle Nigeria Plc established a new price record at N577.50. This is the highest in the stock’s and Exchange’s history.
    The benchmark index at NSE, the All-Share-Index (ASI) shed 167.23 absolute points, representing 0.67 per cent depreciation, to close at 24,671.47 points. Similarly, market capita-lisation dropped N53 billion to close at N7.854 trillion.

    The downturn was significantly impacted by losses recorded by several and large capitalised stocks including Dangote Cement, Cadbury, First Bank, Dangote Sugar, Stanbic-IBTC, Zenith Bank, Oando and UBA.

    Specifically, a total of 50 equities recorded price change with 23 appreciating while the remaining 27 reduced in value. Cadbury led the losers’ table with a drop of N1.10 to close at N20.90 followed by UTC with a drop of N0.03 to close at N0.57. Also on the table were Wapic, Fort Oil, Morison, UBA, Dangote Sugar, Paint Company, Eterna Oil and ETI.

    On the gainers’ table, Nestle led the list with an appreciation of N27.50 to close at N577.50 followed by Bagco with a gain of N0.09 to close at N1.89. Also on the list were Bagco, Berger paint, Roads, Julius Berger, International Breweries, NCR, Continental Insurance, Cement Company of Northern Nigeria (CCNN) and NACON.

    In all, investors traded 266.657 million shares worth N2.157 billion in 4, 432 deals. The Financial Services sector was the most sought after with 199.379 million shares worth N1.285 billion across 2, 458 deals.

    This was followed by the Consumer Goods with 21.678 million shares worth N591.461 million in 1,001 deals. Others with significant volume were Conglomerates with 15.734 million shares, Industrial Goods with 7.789 million shares, Construction/Real Estate with 7.737 million shares and Services with 6.503 million shares.

  • CIS postpones workshop

    The maiden edition of the annual national workshop of the Chartered Institute of Stockbrokers (CIS) originally scheduled to hold on September 13, 2012 in Abuja has been shifted to the first week in November.

    Chairman, CIS’s National Workshop Committee, Mr. Albert Okumagba, said the shift would enable CIS to broaden the participation in the workshop and reach out to more groups.

    “We were pleasantly surprised by the level and the quality of responses that trailed the various announcements on the September workshop. Many other focused groups we had excluded also called to express surprise that they were not part of the plan”, Okumagba said.

    He noted that with the postponement, the CIS would be able to reach out to all the groups that were not in the plans before.

    The annual workshop as designed by CIS is meant to generate quality input which it intends to make available to the Federal Government in designing the appropriate policies for the country.