Category: Money

  • TeamApt enables N23tr transactions via Moniepoint

    TeamApt enables N23tr transactions via Moniepoint

    TeamApt,  Nigeria’s Fintechs firm is relaunching its product, Moniepoint, as a business bank.

    Since 2019, Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth N23 trillion.

    While solving the payment problem, they realised many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare. To solve for that and power the dreams of SMEs, Moniepoint has evolved into a business bank.

    In addition to their already solid payments solution, this expansion of Moniepoint enables Nigerians to grow their business with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums.

    Small businesses are referred to as the bedrock of the economy for a reason. SMEs employ 84 per cent of the country’s entire workforce and contribute 48 per cent to Nigeria’s Gross Domestic Product (GDP). Their success is critical to the economic progress of the nation.

    ‘’As Nigerians, we feel the challenges of the economy acutely, in real-time. This is why we have worked hard to evolve into a business bank that truly works for the everyday Nigerian business owner. Moniepoint in addition to being a tech-enabled all-in-one business solution, is also able to provide much needed last-mile service delivery. This is in line with our mission to power the business dreams of Africa’s real economy, and provide financial happiness to all.” says TeamApt founder and CEO, Tosin Eniolorunda.

    “Moniepoint has become everything to me. It has brought me actual freedom. Since using the service, I have transformed the lives of many,” says Abubakar Ibrahim, a businessman using Moniepoint.

    Fully licensed by Nigeria Deposit Insurance Corporation (NDIC), Payment Card Industry Data Security Standard (PCIDSS) certified, TeamApt’s business bank, Moniepoint is poised to empower Nigerians to manage, protect, and grow their businesses.

    TeamApt is a financial technology company that provides a financial platform for SMEs through its business bank, Moniepoint, and payment gateway, Monnify.

    Currently enabling transactions north of $6 billion monthly, TeamApt provides multi-channel payment, credit, insurance and other financial solutions to businesses, including agents and banks.

    The company acts on-ramp for the ongoing digital transformation by providing a full-stack solution that combines tech with a robust physical distribution network targeted at millions of African businesses and their customers.

  • Ecobank sustains 24-hour digital banking services to customers 

    Ecobank sustains 24-hour digital banking services to customers 

    Ahead of the Easter holidays, Ecobank Nigeria has reassured that customers will be able to shop seamlessly and carry out all their transactions via the Ecobank Digital platforms, which include the Ecobank Mobile app, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, Automated Teller Machines, and Point of Sale terminals.

    Also available to customers is an extensive distribution network of over 50,000 agency banking locations spread across the country.

    Speaking on the ubiquitous nature of the Ecobank Mobile app, Babajide Sipe, Head, Marketing and Corporate Communications, Ecobank Nigeria, said the app which is available for download on the Apple Store and Google Playstore makes it extremely easy to bank on the go 24/7, enabling customers to cater to their everyday banking needs anywhere and at any time directly from their mobile device.

    “Our Mobile app allows customers to manage their accounts, send money, make payments, buy airtime, pay for services and do other transactions across the 33 African countries where Ecobank is present. The mobile app is secure, reliable, convenient, and available to everyone.”

    “ At Ecobank, we have  just one Mobile App on Google Play store, unlike other banks with different apps in the respective countries they operate. Our customers are able to send money instantly to the 33 African countries where Ecobank is present; transfer money to other bank accounts both domestic and international; transfer to a mobile money wallet in the same country; transfer money by email and SMS in the same country; and send money to Visa cardholders through Visa Direct. Other unique features, include the opportunity to open an Xpress Account; create and fund a Virtual card; set travel notifications for enhanced card security; block and unblock one’s bank card; attach other bank cards for transactions; as well as being able to add one’s banking profiles from different countries,” he stated.

    Further, he said Ecobank customers can “pay for goods via QR code with EcobankPay; split payments with other Ecobank mobile app users; place a standing order for future payment and do cardless withdrawal from ATMs using Xpress Cash.”

    He encouraged Nigerians to download the app for firsthand experience, especially during this Easter season for easy banking services both locally and across Africa, emphasizing that with the revamped app, customers do not need to carry cash for shopping, adding that there are no account fees or paperwork and it can be instantly downloaded for easy banking.

    He pointed out that users of the Mobile app have access for help or quick solutions by chatting with RAFIKI on our Facebook platform. It also provides support or to locate the nearest Ecobank branches and ATMs.

    Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

  • World Bank: poverty to rise in 2022

    World Bank: poverty to rise in 2022

    The World Bank has predicted that this year will see more people drop into poverty as countries continue to witness depreciation of currencies, rising inflation and high food prices.

    World Bank Group President, David Malpass disclosed this in a transcript titled: “Addressing Challenges to Growth, Security and Stability – Scene-Setter”.

    He said that food price spikes hit everyone and are devastating for the poorest and most vulnerable.

    “For every one percentage point increase in food prices, 10 million people are expected to fall into extreme poverty. The rich can afford suddenly expensive staples, but the poor cannot. Malnutrition is expected to grow, and its effects will be the hardest to reverse in children.

    ‘’Trade disruptions have already sent grain and commodity prices soaring.”

    According to Malpass, “Wheat exports from Black Sea ports have been sharply curtailed. And intense drought in South America is reducing global food production. Global food commodity markets are large and well-established, and – after a lag – they tend to self-adjust to disruptions in production. However, additional factors are making the current food supply problems more acute – namely the supply of fertilisers, energy prices, and self-imposed food export restrictions,” he said.

    He said the number of people living in conflict areas nearly doubled between 2007 and 2020. Today, in the Middle East and North Africa, one in every five people lives in an area affected by conflict.

    “This unraveling of security has brought a surge in the number of refugees, which more than doubled over the last decade to exceed 30 million refugees in 2020. The war in Ukraine has already displaced an additional 10 million people from their homes, pushing more than four million people – primarily women and children – into neighbouring countries, most of them to Poland and Romania,”he said.

    “We recognise that each of the ongoing crises hits the vulnerable the hardest, often women and girls. And all the while, we are still suffering the health, economic, and social setbacks of a global pandemic and economic shutdowns. Millions of lives have been lost and millions more are suffering amid the massive reversals in development that hit the poor particularly hard,” he added.

    Malpass said that currency depreciations and inflation are hitting the poor hard, causing fast increases in 2022 poverty rates.

    “Adding to the burden, developing country debt has risen sharply to a 50-year high—at roughly 250 percent of government revenues. Debt vulnerabilities are particularly acute in low-income countries, where 60 percent are already experiencing or at high risk of debt distress,” he stated.

    According to Malpass, since the outbreak of COVID-19, violence against women and girls has intensified. He said global indicators on food, nutrition, and health have worsened. And children lost more than a year of education due to school closures, with 1.6 billion children out of school globally at the peak of lockdowns, reversing a full decade of gains in human capital.

    He disclose that never have so many countries experienced a recession at once, suffering lost capital, jobs, and livelihoods. At the same time, inflation continues to accelerate, reducing the real incomes of households around the world, especially the poor.

    Malpass said the extraordinary monetary and fiscal policies that advanced economies have been implementing to boost their demand, combined with supply constraints and disruptions, have fueled price increases and have worsened inequality around the globe.

    “One measure that captures the growing concern of inflation and inequality is the stagnation in real median income across much of the world. Another measure is the likelihood that poverty increases will continue in 2022 as inflation, currency depreciation, and high food prices hit home,” he said.

    He said the war in Ukraine and its consequences are also creating sudden shortages of energy, fertilizer, and food, pitting people against each other and their governments. Even people who are physically distant from this conflict are feeling its impacts.

    On the economic front, he said that trends are not encouraging. Prior to the war in Ukraine, the recovery in 2022 was already losing momentum due to rising inflation and lingering supply bottlenecks.

    Malpass said most emerging market and developing economies are ill-prepared to face the coming debt shock. Exposures to financial sector risk are opaque at this point, but one measure, the cost of insuring against default in emerging markets, has reached its highest point since the onset of the pandemic.

  • Knox Wire to integrate 20 banks on dollar settlement network

    Knox Wire to integrate 20 banks on dollar settlement network

    Knox Wire, a real-time gross settlement system, has said 20 banks will be integrated into its Real Time Gross Settlement network that will allow the company settle dollar transactions for banks’ customers.

    Speaking at the conference on real-time cross-border wire network in Lagos, Knox Wire Chief Operations Director, Clifford Niemand, said more Nigerian banks would be accommodated in the second phase of the integration.

    He said the company had held several meetings with some banks on its services, adding that many banks had shown interest.

    Niemand said the company had allocated dollars to support connected banks in meeting customers’ dollar needs.

    He assured financial institutions of a seamless solution for communicating and making cross-border payments to over 200 countries in 150 currencies.

    Niemand said due to high demand and rapid expansion of the Fintech sector, there had been a huge increase in the need for a secure, ultrafast and cost-effective financial service web-based platform that could accommodate cross-border traction worldwide.

    He said Knox Wire evolved from a global financial service organisation that included financial service experience in many global economic solutions with a total organisational value in excess of $10 billion.

    According to him, the solution ensures sub-two-second processing of payments between Knox Wire financial institutions, prompting settlements to third-party financial institutions.

    He said Knox Wire was a world-class system that saved on transaction costs and included a rebate for economising transactions.

    The Country Representative, Sweetapple Capital, Bode Akinboye, said the conference featured meetings and discussed integration agreements.

    The firm said Nigeria’s Gross Domestic Product (GDP) was expected to reach $445billion by the end of the year and boasted of the highest remittance inflows in Africa.

    “Knox Wire has garnered huge attention among Nigerian financial institutions and is set to provide an RTGS platform that is not only one of the most feature-rich but is also unparalleled in its speed.

    “Knox Wire is one of only three major global solutions but greatly improves upon current offerings by leveraging a correspondent network for off-network payments, advanced technical features to provide near-instantaneous cross-border transactions, anti-money laundering transaction monitoring to prevent fraudulent activity, and a system that integrates seamlessly with existing financial systems,” it stated.

     

  • FITC chief advocates raising women creativity in corporate world

    FITC chief advocates raising women creativity in corporate world

    The Managing Director/CEO, Financial Institutions Training Centre (FITC), Chizor Malize, has called on organisations to equip millennial women with  the resources to cope with the challenges of the corporate world.

    At the Employee Marketplace in Lagos, themed “Millennial women in the workplace: Building career resilience post-pandemic”, she said women combined their homes and careers at middle level and needed to be empowered with the right skills that would enable them thrive.

    She said  the Employee Marketplace Initiative (EMP) was a knowledge-sharing network designed to deliver insights on the workplace, and how organsations can harness the talent of millennials to stimulate innovation.

    The event, the fourth by the EMP, brought together business leaders, entrepreneurs, and millennials from diverse sectors to take part in the review of its research focused on millennial women at work.

    Malize charged millennials to understand that they could be the best by building up their competencies and skills and finding mentors to shape their career growth.

    “As millennials, you must first desire growth for yourselves, by creating and defining your growth vision, creating a ladder of how to get there, positioning yourselves and seeking to learn always. Confidence comes from knowledge; the more you know, the more you can do. This, in turn, translates to growth,” she noted.

    The EMP convener, Nduneche Ezurike, noted that the objective of the research was to determine how millennial women believe that their work environment enabled gender parity and inclusiveness.

    This set the tone for the panel conversations which comprised three key personalities and leaders: Malize; founder, WILAN Global, Abosede George-Ogan and Ezurike.

    Ezurike, who is the Group Head of Strategic Brand Management and Communication, Polaris Bank Limited, added that organisations and senior leaders should make their workplaces conducive for women, because women have a lot to offer.

    Malize noted that millennials are innovative,  dynamic, and creative.

    “The problem is, therefore, not lack of women coming into the workplace; rather, it seems to be how to retain these talents.

    “The reality is that with the millennials, there is barely any line across gender, because everyone is aspiring to do great things. So indeed a greater number of women are coming into the workplace and are challenging themselves to take the reins in a lot of areas. The problem, therefore, is retention,” she noted.

    She said women tend to drop off at middle level, due to the challenges of the corporate environment, and in other cases, due to the inability of holding onto their homes and careers at the same time, leading to fewer women making it to top level management, and translating into other leadership positions.

    “More deliberations should, therefore, focus on flipping this around and equipping dynamic millennial women to further develop their capacities, be prepared, and become the best version of themselves, to get to leadership positions and be in the boardrooms and other places where decisions are being made, to catalyse inclusive growth and make an impact in their generation,” she noted.

    For George-Ogan, young girls should be taught modern skills in secondary schools as this is the defining phase in their lives.

    “Digital skills, public speaking, critical thinking skills, should be included in school curriculum as this is a catalytic point in their lives,’’ she said.

    She added that for opportunities for millennials lie in their ability to upskill and reskill to bridge the digital divide.

    The Principal Consultant and CEO, NECCI Consulting, Nkechi Ali-Balogun, called on women to redesign their stories and narratives. She added that woman leaders followed due process irrespective of gender.They look out for results and will work with any one who contributes to the business goals, she said.

    She charged women to deliver on their jobs. She said research had shown that women either lacked digital skills or were yet to fully embrace them.

    Malize noted that there was a disparity between gender digital embrace, usage, deployment, and conversion.

    “Men are more curious and inquisitive.They want to unbundle things. Thus, for instance, this attitude can be seen and projected unto technology platforms as they want to be able to understand what is going on behind these platforms.”

     

    Women, on the other hand, are more amenable to nurturing, preserving, and grooming, whereas a lot of the things around technology sits around the things that can be unbundled and developed, but that is not to say that it should be a limitation for women.”

    She urged millennial women to be as inquisitive as their male counterparts, because with trends, women are greater when they are in STEM, they are better engineers, pilots, doctors, and considering that women are naturally wired to nurture and grow, they are known to go the extra mile to add that ‘icing on the cake’, by taking their natural disposition and capabilities to the digital space.  “Whatever it is that men can build, women can build and conquer, it all starts with killing the fear” she added.

    Malize called on women to take up the responsibility of bursting the myths that women do not support women. She noted that the best thing that has happened to many women is having another woman in their corner. She challenged women to constantly be a light unto other women, be deliberate and intentional about holding the ladder up for other women to climb and introducing women to opportunities that will catalyze their growth.

    “The best thing that happened to me happened based on the fact that I have had a powerful network of women all of my life, from the time that I started my career, I systematically identified and connected with great, successful, and accomplished women who have walked the path that I was about to walk, and they were able to guide me in a lot of ways”.

    Furthermore, she added that women must not only create the opportunity for other women to get into leadership positions, but they must also create an enabling environment that gives women the confidence to know that they can do so much more than they are doing, while deliberately recognizing and rewarding them for the great things they are already doing.

    Malize explained that people tend to do better and do more if there is a recognition of how well they have done, therefore, women must be deliberate about encouraging other women and pointing them in the direction of improvement where need be. Millennial women must also sit up, shape up and take responsibility for their career advancement, because most female bosses demand performance, challenge you to be better, and will not likely let responsibilities slide by handing them over to their male counterparts. She noted that this goes a long way in helping women grow in their career. “This is why a lot of female bosses might not come off as nice, but in reality, they are only helping you to get better and hone your potentials” she noted.

    The FITC boss urged females at the workplace to lookout for one another, create bonds amongst themselves that will make it possible for them to share and discuss the issues and challenges that they face and how best they can navigate the world of work, be it the physical or the virtual workplace. She also charged executives with creating opportunities for women to build communities to thrive, and to position themselves as mentors to younger people, mentors who come with a wealth of knowledge, experience, and who would add value to young people. “Senior people have a role to play in reinforcing actions that prioritize the wellbeing of people in their work environment, creating mentorship frameworks and also being able to guide, advice and ensure there is openness in communication within their organization,” she said.

     

  • Ecobank supports creative industry

    Ecobank supports creative industry

    Ecobank Nigeria has reiterated its support for the creative industry.

    Speaking during the Adire Initiative programme,  Managing Director, Ecobank Nigeria, Bolaji Lawal said the bank identifies adire as a key driver of tourism, culture and the creative industry and that supporting the industry would further empower the youth, women, micro, small and medium enterprises (MSMEs) and business groups in Ogun State.

    Represented by Head of Agency Banking, Nike Kolawole, Lawal stated that Ecobank will continue to stand by the women of Ogun and Nigeria, particularly the indigenous  ones, who produce adire fabric to enable them flourish.

    “Ecobank will stand by you and we will always be there to provide you the right support you need to succeed,” she said.

    Over 100 exhibitors, who included traders, fashion designers, models and other players in the adire industry displayed their products  at the fair.

    The event also attracted wives of some governors, female dignitaries, politicians, business leaders and corporate top shots.

    Also, the wife of Ogun State Governor, Mrs. Bamidele Abiodun, lamented the activities of counterfeiters of “adire” fabric, urging the regulatory agencies to address the menace.

    She lauded Ecobank for supporting the Adire Market Week, which held in Abeokuta, the state capital.

    Mrs. Abiodun, whose office, in conjunction with the Ajose Foundation, organised the Week, noted that counterfeiting was affecting the industry.

    “Foreign manufacturers, aided by Nigerian middlemen, carry off original, hand-made adire designs from Nigeria, mass produce them and then sell them cheaply in the markets. The effects of this are that makers of the authentic adire are never able to compete with the cheap print alternatives.

    She added: “An industry that employs tens of thousands of Nigerians across the entire value chain is in dilemma. While many have cut back on production, others have considered abandoning the trade altogether, even though it has been in their families for generations.”

     

  • EFG Hermes completes advisory on $6.1b DFM IPO

    EFG Hermes completes advisory on $6.1b DFM IPO

    EFG Hermes, an investment bank franchise in Frontier Emerging Markets (FEM), has announced that its investment banking division has completed advisory on Dubai Electricity and Water Authority’s (DEWA) $6.1 billion initial public offering (IPO) on the Dubai Financial Market (DFM) .

    The deal was the largest listing in the Middle East since 2019 and a first-of-its-kind transaction of a public company in Dubai.

    DEWA, Dubai’s utilities giant and exclusive water and electricity provider in the emirate, listed nine billion shares – representing 18 per cent of its share capital – at a price of AED 2.48 per share, implying a market capitalisation of AED 124 billion and making it the largest company on the DFM. DEWA’s shares began trading under the ticker DEWA UH Equity.

    “We’re honoured to have advised on this historic listing – not just for the DFM but the Middle East as a whole – which has spurred unprecedented foreign and local investment into the market by giving them first-time access to Dubai’s burgeoning energy sector,” said Mohamed Fahmi, EFG Hermes’ co-Head of Investment Banking.

    “We believe that the DEWA offering will reignite activity on the DFM and the strong investor appetite is a testament to the interest of all investor types in the DFM and the overall Dubai growth story.

    “With a healthy pipeline of IPOs lined up, the UAE boasts numerous and diverse investment opportunities for clients, and we’re expecting it to become a regional hub for investors in the near future.

    “The transaction follows an extremely successful year of executions for us in the GCC where we advised on landmark listings such as ACWA Power’s offering on Tadawul, ADNOC Drilling’s milestone IPO on the ADX, and Fertiglobe’s listing on the ADX,” Fahmi added.

    DEWA is a integrated utilities company and the exclusive provider of electricity and potable water to Dubai’s 3.5 million residents and millions of its yearly visitors. It is also the lynchpin of the emirate’s net-zero energy transition by 2050 in line with the Dubai Net Zero Carbon Emissions Strategy 2050 and Dubai Clean Energy Strategy 2050.

    DEWA has added 16 substations at its Mohammed bin Rashid al Maktoum Solar Park and another district last year on the heels of expectations that the emirate’s population will grow to 5.8 million in 2040.

    With the year just ended seeing energy demand increase by almost 10 per cent in the emirate, it boosted the utility’s investments in completed electricity projects to AED 9.5 billion ($2.59 billion).

    DEWA also owns 70 per cent of Empower, the world’s largest district cooling services provider by connected capacity.

    The firm also owns, manages, operates, and maintains district cooling plants and affiliated distribution networks across Dubai.

     

    The listing of the Dubai utilities giant falls in line with Dubai’s plans to take 10 state-owned companies public this year as part of its efforts to deepen and diversify the capital market by bringing the index’s market capitalization to AED 3 trillion ($816.86 billion) and in turn pave the way for stronger, more transparent governance structures. The Abu Dhabi Securities Exchange saw nine listings in 2021, expects 13 this year, and was ranked the best performing exchange globally in 2021.

     

    2021 was an exceptional year for GCC capital markets, with EFG Hermes’s investment banking team at the helm of all significant transactions in the region. The division served as advisor and joint bookrunner on the AED 2.9 billion listing of Fertiglobe; joint bookrunner on the AED 4.0 billion listing of ADNOC Drilling on the ADX; joint bookrunner on the AED 2.7 billion listing of Yahsat on the ADX; and joint bookrunner and underwriter on Alkhorayef Water & Power Technologies’ $ 144 million IPO on Tadawul. The division closed 41 ECM, DCM, and M&A transactions, with an aggregate value of over $7.9 billion, throughout its footprint in 2021 and garnered numerous accolades as a result, including ‘Best Investment Bank in Frontier Markets’, ‘Best Debt Bank in Africa by Global Finance’, ‘Best Corporate and Investment Bank in Egypt’ by Asiamoney, as well as ‘Best Investment Bank in Egypt’ and ‘Best Equity House in the UAE’ by EMEA Finance

     

  • CIBN’s IGR hits N1.766b

    CIBN’s IGR hits N1.766b

    The Chartered Institute of Bankers of Nigeria’s (CIBN’s) Internationally Generated Revenue rose by 20.3 per  cent  to N1.766 billion in 2021 from N1.468 billion recorded in 2020, the institute announced at its Annual General Meeting (AGM) in Lagos.

    The year closed with a Net Operating Surplus of N800.14 million and this reflected a 40.31 per cent increase from N570.26 million recorded in 2020.

    At the event, the institute  elected Kenneth Opara as its 22nd President/Chairman of Council.

    He succeeds Bayo Olugbemi, whose two-year tenure will end next month.

    The institute also elected other officers and reviewed the 2021 financial and reports.

    Olugbemi said the institute   promotes banking education and professionalism in Nigeria.

    The number of individual members of the institute grew from 144,922 as at last April 30 to 149,967 by March 24, 2022,  an increase of 3.5 per cent over the previous year.

    In the implementation of the Competency Framework, he said the institute had received a boost as it was appointed as the Secretariat for the Bankers Committee, Sub-Committee on Competency and Industry Standards.

    The CIBN, according to him,  collaborated with Wrights & Co. to conduct the Anti-Money Laundering & Countering Terrorist Financing (Basic and Advance Level) and Enhanced Product Development & Customer Relationship Management Training  where 23,274 members  benefited.

    Olugbemi said the institute has executed of a long-desired collaboration Agreement for the MBA/SMP/ACIB Linkage Programme with Lagos Business School. The agreement will afford candidates the opportunity to run the MBA/SMP programme at the Lagos Business School and qualify with dual qualification of MBA/SMP and ACIB.

    He said the institute has commenced the first phase of its Learning Legacy with  six institutions and the best linkage school in each of the geo-political zone were identified as beneficiaries which are follows: The Polytechnic, Ibadan (Southwest); Federal Polytechnic, Nekede (Southeast); Abubakar Tafawa Balewa University, Bauchi (Northeast); Rivers State University, Port Harcourt. (Southsouth); Kano State Polytechnic, Kano (Northwest); Federal Polytechnic, Nasarawa (Northcentral) .

    Olugbemi also told the gathering that efforts were made for members and banks to embrace the Code of Professional and Business Ethics in the industry.

    In 2021 alone, a total of 8,829 attestations were executed by staff of banks to make the institute as the compass of the industry, to remain steadfast and committed to the promotion of ethics and professionalism among practitioners.

    In addition, he reported that the judiciary has recognised the mediation of the institute and has continued to refer cases to it for the expression of an independent professional opinion on cases to facilitate equitable judgment, adding that the institute’s panel under review considered cases against members of the  who were culpable of unethical/unprofessional conduct.

    Two of such cases were considered while one was referred to the Disciplinary Tribunal. Furthermore, the number of completed cases on corporate matters by the Bankers’ Committee, Sub-committee on Ethics & Professionalism was 49.

    The CIBN, according to him, has continued to engage the Presidency, National Assembly, state governments, Central Bank of Nigeria and the National Deposit Insurance Corporation to play its advocacy role in line with its mandate as the conscience of the Industry.

    Other elected officers are: Prof. Pius Oladeji Olanrewaju,  First Vice President; Oladele Alabi, Second Vice President; Mrs. Mojisola Bakare-Asieru, National Treasurer; Victor Aguwah; Olayinka Odutola; Mrs. Mary Oluwakemi Aina and Segun Oshadare.

    Alabi said the institute was moving towards becoming financially independent.

    The external auditors of the institute,  Kayode Sunmola of Messrs. Moore Stephens Rosewater, the gave report for 2021 financials and stated that the financial position of the CIBN was in agreement with the book of account.

    The Chairman of the CIBN Audit Committee, Babatunde Oduwaye affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices.

    Registrar/Chief Executive of the institute, Seye Awojobi,  said 291 graduates were conferred with MCIB, 380 candidates received ACIB; 320 candidates via the regular ACIB Examination route, 41 candidates via the Chartered Banker MBA route and 19 candidates via the MSc/ACIB Linkage Programme route.

    Members commended Olugbemi’s leadership and made suggestions on enhancement in membership drive and others.

  • Fed Govt recovers N53.5b from N5.2tr MDAs’ debt

    Fed Govt recovers N53.5b from N5.2tr MDAs’ debt

    The Federal Government has recovered N53.5 billion out of N5.2 trillion from its Ministries, Departments and Agencies (MDAs).

    The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this known at the launch of Project Lighthouse Debt Analytics and Reporting Platform in Abuja yesterday.                             

    She said her ministry was leveraging a multilayer data mining to recover huge debts owed the Federal Government by MDAs.

    Mrs Ahmed said through the consolidation efforts of the project, the government had been able to aggregate the huge debts owed by MDAs in the last 12-18 months.

    She said the Project Lighthouse is an initiative which entails using advanced data mining and analytics techniques to identify tax defaulters, establish their tax liabilities and send notifications to appropriate authorities for necessary actions.

    Ahmed said the figures came up from data aggregated from over 5,000 debtors across 10 MDAs.

    “Working in collaboration with the Office of the Accountant-General of the Federation (OAGF), we have been able to recover N53.5 billion within the last 12-18 months, through the Government Integrated Financial Management Information System (GIFMIS) as a recovery touch point.

    “To consolidate on the effort of this project, a Debt Recovery Application has been built to be monitored by the new Debt Recovery Unit.

    “The Unit will capitalise on the effort made by the project consultants to provide the government with up-to-date records into its credit status.”

    “By harmonising debt records across MDAs, give debtors access to a platform to view and offset debt in a seamless and secured manner as well as strengthen the institutional framework for enforcement and management of the Federal Debt Recovery plan,” she said.

    The minister urged Federal Government-Owned Enterprises (FGOEs) and MDAs to update their list of debtors on a monthly in line with the debt recovery portfolio.

    Ahmed said this would also encompass the development of an institutional framework for enforcement, recovery and management of the fiscal environment.

    She said one of the key economic policy objectives of the current administration, as contained in the Economic Recovery and Growth Plan (ERGP), was improving overall Federal Government revenues by targeting and increasing revenues from non-oil revenue sources.

    “ERGP also aims, among other goals, to increase the tax base by drastically increasing the Company Income Tax and Value Added Tax compliance, bringing additional taxpayers into the tax net, and increase Tax to GDP ratio.

    “You will recall that in the last few months, major steps have been taken to improve the fiscal position of Government, one of such steps is the implementation of quite a number of portfolio initiatives under the Strategic Revenue Growth Initiatives (SRGI), which some of you have been participating in,”  Ahmed said.

    The minister, however, regretted that in spite of being in a technology and data-centric world, Nigeria had no culture of using data and information to guide the formulation, implementation and impact assessment of its initiatives and policies.

    “This modus operandi presents a number of challenges, firstly, our policies are not usually empirically based. Second, we are not able to effectively track the implementation and impact of these policies, initiatives, programmes and mandate. Third, we lack data to help guide the revision or optimization of these policies.

    “In response to the aforementioned challenges, the Federal Ministry of Finance initiated “Project Lighthouse”. In July 2017 during the first Phase of Project Lighthouse, data was mined from multiple sources to support the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS).

    “The data included tax records from tax authorities, company ownership and directors from Corporate Affairs Commission (CAC), land records from land registries, Company directors’ information from NAICOM, AMCON, Non-structured data from online sources, Contractor payment records from GIFMIS, Remita, etc.

    “All these data helped us to identify and better profile individuals and corporate taxpayers, it also helped to identify tax defaulters and potential beneficiaries of VAIDS.

    “This exercise raised awareness about VAIDS, it increased the level of responses we got, helped us to know more about taxpayers, their assets and income sources that were hitherto unknown to government and tax authorities.

    “A perfunctory review of perceived significant leakages in Government led the FMFBNP to issue a directive on Sept. 26, 2019, to all government agencies in a bid to aggregate all government debts across all MDAs with a view to having a single window on the credit profile of government,” Ahmed said.

    The minister also commended President Muhammadu Buhari for his commitment to best value, improving fiscal transparency and driving the country’s growth.

    She said more efficient revenue mobilisation and blocking of leakages would provide more funds to deliver on the needs of the country.

    “A growing economy, focusing on the areas where we have comparative advantage, with a strong focus on infrastructure and improved ease of doing business, is a clear recipe for growth, profit and progress.

    “I will be the first to admit that more efforts are needed in this direction.

    “I am convinced that the structures this administration has put in place will in no distant time revolutionise fiscal policy in the country and anchor a robust economic growth,” she said.

    The Chairman, Carter Consulting, Mrs Nana Mede, said that the platform was to aggregate all debtors and people who are indebted to the government.

    She therefore said that with the level of progress seen so far, more supports were needed from the MDAs.

  • Stanbic IBTC creates N2b special fund for health sector

    Stanbic IBTC creates N2b special fund for health sector

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has  unfolded a special financing solution worth N2billion for health care providers.

    This entails flexible loan facilities to enable the beneficiaries to buy equipment and improve health care delivery.

    Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, Remy Osuagwu, said: “Healthcare is a basic need that everyone should be able to access easily. The COVID-19 pandemic has increased the pressure on the health sector and there is a need to adequately equip health care facilities to enable hospitals and laboratories deliver quality service and boost the confidence of Nigerians in that sector.

    “Nigeria’s health care system is underfunded and the least robust in Africa. Stanbic IBTC has decided to provide capital that will enhance the health frameworks and bridge the gaps in health care.

    “From health insurance cover to funding for quality medical equipment, we have product offerings – tailor-made to serve our clients.’’

    According to him, the scheme offers a maximum of N2 billion.

    Osuagwu added that the institution’s team of experts were available to offer advice to its customers and that the loans are available to key players in the health sector such as pharmaceutical and medical product manufacturers, logistics and healthcare service providers.