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Tag: Bankers

  • VP Shettima, bankers urge shift from aid to investment

    VP Shettima, bankers urge shift from aid to investment

    • Push blended finance for Africa’s development

    Vice President Kashim Shettima has called for a decisive shift from aid-dependent development models to impact-driven investments, saying Africa’s long-term growth will be powered by patient capital, blended finance and private enterprise rather than continued reliance on foreign assistance.

    The Vice President made the call yesterday at the Africa Social Impact Summit (ASIS) High-Level Policy Engagement held at the State House, Abuja. He was represented by Hauwa Liman, Technical Adviser on Women, Youth Engagement and Impact.

    Shettima said development thinking must move beyond public spending to long-term investments in human capital, productive systems, climate resilience, digital infrastructure and inclusive markets.

    “The future of this continent will not be financed by aid alone. It will be driven by patient capital, catalytic capital, blended finance and private enterprise deployed with discipline and guided by impact”, he said.

    He described impact investing not as philanthropy in disguise, but as “strategic capitalism” that recognises the link between sustainable returns and stable societies, educated workforces, healthy populations and resilient ecosystems.

    According to him, Nigeria is already aligning its policies with this approach by strengthening delivery systems across education, health, social protection, agriculture, climate action, digital public infrastructure and financial inclusion, while reforming institutions and incentives to better serve citizens.

    The Vice President noted that under the leadership of Bola Ahmed Tinubu, the Federal Government has embarked on far-reaching reforms to reverse Nigeria’s economic and social challenges, but stressed that no government can deliver Africa’s development agenda alone.

    “That is why platforms such as the Africa Social Impact Summit are vital,” he said, describing the forum as a space for co-investment, co-design and co-delivery involving policymakers, development partners, private sector leaders and civil society organisations.

    READ ALSO: SL Akintola: Time is a healer

    Shettima reaffirmed the administration’s commitment to expanding opportunities for young people and women, warning that fragmentation among stakeholders could undermine progress.

    “The stakes are too high for disunity. Development is not done to people; it is built with them. Progress demands coalition”, he said.

    He urged African leaders and partners to close the gap between promise and performance, noting that history would judge leadership not by speeches delivered, but by systems built, institutions strengthened and futures secured.

    Echoing the Vice President’s position, the Executive Director (South) of Alternative Bank, Korede Demola-Adeniyi, called for stronger public-private collaboration and consistent government policies to unlock blended finance and accelerate inclusive growth across the continent.

    Speaking at the engagement hosted by the Office of the Vice President in partnership with Sterling One Foundation and United Nations Nigeria, under the theme “Scaling Action: Driving Inclusive Growth Through Policy and Innovation,” Demola-Adeniyi said cooperation between government, banks, Development Finance Institutions and other stakeholders was critical to mobilising capital for impactful projects.

    “From the Alternative Bank perspective, there has to be collaboration between both the public and private sectors. For the private sector, we need a combination of DFIs, banks and other stakeholders willing to key into projects of this nature”, she said.

    She noted that blended finance initiatives are not only socially impactful but commercially viable, often outperforming conventional financing models.

    “Records show that an average blended finance project records about 80 per cent repayment, compared to about 72 per cent for purely commercial projects,” she said.

    Citing a partnership project in Kano that supported women with access to electric vehicles, Demola-Adeniyi said the bank’s experience demonstrates that inclusive and sustainable financing models can deliver both social impact and financial returns.

    She identified policy inconsistency as a major obstacle to unlocking blended finance, warning that abrupt changes in policy frameworks often derail projects and discourage investors.

    Calling for collective responsibility, she stressed that stable and predictable policies are essential to achieving Nigeria’s development ambitions, including the administration’s one-trillion-dollar economy target.

  • Women Bankers group holds annual conference, marks anniversary

    Women Bankers group holds annual conference, marks anniversary

    The Association of Professional Women Bankers (APWB), the female wing of Chartered Institute of Bankers of Nigeria (CIBN) will be holding its annual conference alongside the celebration of its 40th anniversary in Lagos.

    Speaking during a media briefing in Lagos, the APWB Chairperson, Funke Feyisitan Ladimeji said the event, slated for December 18th, at the Federal Palace, Lagos by 5pm, will include conversations about an important and topical issue with broad-based impact in Nigeria and Nigerians.

    The conference is themed: “Banking on Women – Imperatives for a sustainable future” and as part of the 40th anniversary celebrations, there will be awards and recognition of leaders who have paved the way through their contributions in the industry and those who continue to make a significant impact.

    Speakers expected at the event are Philanthropist and leading Investor, Tony Elumelu; Ecobank Chairman, Mrs Bola Adesola; Temi Dalley , a multi- award winning Talent professional who continues to set a high standard in her profession; Lanre Olusola, the Catalyst, renowned Executive Coach who has helped many chart their career course to scaled successes, among others.

    “We believe the journey of women in Banking should be told. Part of the progress made is chronicled in our publication – “ Be Inspired” which celebrates and commemorates women who have positively impacted and empowered female bankers, and advanced the banking sector and corporate Nigeria. A compendium of female Bankers at the highest level of Banking, their journey, and nuggets for others to learn from,” she said.

    “This year is unique because it is also our anniversary and provides us with a wonderful opportunity to pause and consider the journey so far. To recognize and celebrate the progress of women in Banking, in the last 40 years,” Ladimeji said .

    Continuing, she said: “A lot has happened in 40 years – it has been a colourful journey of many parts and experiences. Even from the pioneering step of creating this Association at a time when senior level females in professional spheres was very rare, right through to the strategizing , framing and positioning required by the founding mothers and our predecessors, to sustainably position female bankers for leadership. Through to today, and the evolution of leadership for the rapidly changing economic, geopolitical and socio-cultural landscape, that we are all experiencing”.

    She said that APWB is committed to driving female leadership and inclusion in the financial services sector. The group is also passionate about nation building and celebrating female bankers’ achievements.
    She listed the APWB core values as integrity, professionalism, innovation and ethics. “In fulfilling these objectives, the Association has executed many initiatives Including The Leadership series which focused of Banking Executives, looking at the ‘art’ and not the science of leadership. The ‘Building you career’ for mid management levels in Banking and ‘Moving forward’ for junior Bankers.

  • FITC trains 65,000 bankers, others in 38 years

    The Financial Institutions Training Centre (FITC) has provided training, consulting and research services to 65,000 bankers,  other players in the financial services sector and related industries in its 38 years of operation.

    The FITC Managing Director/Chief Executive Officer, Lucy Newman, who will next month, be honoured in the United States of America (USA) with the Thomas F. Gilbert Distinguished Professional Achievement Award, said 6,900 of the beneficiaries of the institute’s trainings are directors of banks and other financial institutions. Some of the trainings focused on corporate governance, board evaluation and other basic issues meant to bridge skills gap in the industry.

    Newman was notified by the President of the International Society for Performance Improvement (ISPI), Scott Casad over the award holding at an ISPI Annual Awards Luncheon in the US.

    The recognition of Newman comes few weeks to the end of her two terms of five years each at the FITC. She was selected for the 2019 Thomas F. Gilbert Distinguished Professional Achievement Award based on strong recommendations from the ISPI Awards Entries Review Committee and unanimous decision by the ISPI Global Board.

    After receiving the award, she will respond to an audience of 2000 to 2500 Performance Improvement Practitioners across industry clusters, from over 50 countries and six continents.

     The ISPI, a non-profit membership organization believes in “Being Better Matters.” It helps people and organizations make a difference to their co-workers, clients, communities and world.

    FITC is the apex management development institution in the Nigerian financial services sector which operates as a non-profit organisation limited by guarantee. Its membership is consisted of institutions within the Nigerian Banker’s Committee.

    The agency’s continental footprints show its services are being patronized by operators and regulators within the financial services sector especially, banking industry in Togo, Ghana, Liberia, Sierra Lone, Uganda, Tanzania, Cote d’ Ivoire, Mozambique, Zambia and Ethiopia.

    FITC has under Newman, continued to provide premium quality training, consulting and research services to the players in the financial sector and related industries within Nigeria and across Africa. It has equally, promoted the practice of good corporate governance and bridged knowledge-gap in the sector.

    It may be recalled that last year, Newman also received the Credit Management Director of the Year Award from the Institute of Credit Administration (ICA). The ICA said: “It had followed Newman’s career development and exceptional contributions to the development of credit business in Nigeria and praise her passion for professional credit management practices, which led to the growth of credit economy and recognition given to her”.

    With the 2019 Thomas F. Gilbert Distinguished Professional Achievement Award, Newman whose tenure as MD/CEO of FITC ends early May 2019, will be the first person to receive this award from outside North America, the youngest recipient so far and the 30th to receive the award, since it was introduced in 1991. The 29th and immediate past recipient of the award before Newman, is  Roger Chevalier, CPT who received the award in 2016.

    Newman joined ISPI as an International Member in 2000 and got certified as a Certified Performance Technologist (CPT) in 2008 for her demonstration of ability to get results in her work by systematically identifying and removing barriers to performance.

    Newman was invited to join the 10-person International Task Force, created by ISPI Board in 2008, to plan its global expansion.  She became a Life Member of ISPI in 2009.

    She was the first elected  International Director on the Global Board of ISPI that was neither North American nor European, in ISPI’s 52 year from inception in 1960.  In her role as International Director on the Global Board from 2012 to 2014, she represented ISPI members in 48 countries outside the United States.

    Over this period, she was able to make presentations and share the perspectives about the practice of Human Performance Technology at the ISPI EMEA Conferences in Prague and Tiblisi as well as at the ISPI International Conference in Reno, Nevada. She is currently a member of the ISPI Certifications and Accreditations Governance Committee (CACG).

    As she receives this award, members and stakeholders of ISPI in over 50 countries outside North America, will likely identify with her and be pleased. FITC is an Institutional Member of ISPI. Over this period, the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) also became Advocates of ISPI, in support of Dr. Newman’s tenure on the Global Board of ISPI from 2012 to 2014.

  • Empowering women bankers to lead

    The Central Bank of Nigeria (CBN) has joined the global community to mark this year’s International Women’s Day. The event provided a platform not only to reflect on the progress made, but also raise awareness and renew commitment to advance gender parity and women empowerment. COLLINS NWEZE writes that the global theme: “Think Equal, Build Smart, Innovate for Change” was a wakeup call on the CBN and banks to give more women bankers the opportunity to lead in the industry.

    That women control a large portion of global wealth is no longer in doubt. From oil and gas, banking and fashion to agriculture and education, women have proven their mettle in both public and private enterprises.

    Notwithstanding that women-led businesses constitute a large part of banks’ balance sheets and stream of income, big corporations in banking, telecom and even insurance sectors are not giving women their rightful place in board positions.

    This runs contrary to the Nigerian Sustainable Banking Principles (NSBP), which require firms to promote gender equality in workplace. The Central Bank of Nigeria (CBN) has continued to review banks’ compliance with its regulatory directive that lenders give 40 per cent of top management positions to women in line with the NSBP guidelines.

    At this year’s International Women’s Day, which the CBN marked in Abuja, the apex bank Governor, Godwin Emefiele, reiterated the bank’s commitment to gender parity in banking.

    The global theme for the International Women’s Day, which was “Think Equal, Build Smart, Innovate for Change” focused on innovative ways of advancing gender equality and women empowerment.

    However, the CBN adopted “Investing for Equality” as its local theme. This theme, Emefiele said, was apt and timely, as it allowed “us to strengthen our commitment to empowering women, which we believe is an economic and social imperative”.

    He said despite that gender equality is a driver for growth and a prerequisite for achieving the 2030 global development agenda (The Sustainable Development Goals), progress in gender parity has been slow. “Permit me to talk on some of the findings of research highlighting the significance of gender equality in economic development.

    For instance, McKinsey showed that if women’s economic participation were at the same level as men, $28 trillion could be added to the world’s economic growth by 2025.

    According to World Economic Forum Gender Gap Report (2018), there is an average of 32 per cent gender gap that needs to be closed and going by the trend, the overall global gender gap will close in 108 years.

    A 2018 study by the IMF showed that greater inclusion of women as users, providers, and regulators of financial services have benefits beyond addressing gender inequality. Narrowing the gender gap would foster greater stability in the banking system and enhance economic growth. It could also contribute to more effective monetary and fiscal policy.

    The study also found that the gender gap in leadership does make a difference when it comes to bank stability. Banks with higher proportion of women board members had higher capital buffers, a lower ratio of non performing loans, and greater resistance to stress.

    The International Monetary Fund (IMF) believes that one more woman in a firm’s senior management or corporate board—while keeping the size of the board unchanged—is associated with an eight to 13 basis point higher return on assets. If banks and financial supervisors increased the share of women in senior positions, the banking sector would be more stable too.

    Emefiele reminded stakeholders that although gender diversity in central banks has improved over the years a lot more still need to be done to achieve parity. “We are celebrating a milestone today because of the progress made to address gender disparities in CBN. Actions taken by the bank to advance equality in the workplace include training and skills development, increased employment and leadership positions for women, diversity and inclusion initiatives, supporting female employees to balance work and family life (through child care support, extended maternity leave among others), coaching and mentoring programme to increase knowledge and skills that are necessary for achieving our organisational goals and objectives,” he said.

    Emefiele said the efforts have led to the remarkable progress made in closing the gender gap in the Bank. “It is heartening that today women represent 29 per cent of CBN staff and 29 per cent of directors are women, (eight Departmental Directors and one Director-General of WAMZ) as against 26.0 percent of staff and 25,0 percent of Directors in 2014. Similarly three out of 11 board members are women (27 per cent),” he highlighted.

    Emefiele said women make enormous contributions to economic growth either as business owners, entrepreneurs, farmers or employees of businesses. Despite this, women entrepreneurs face numerous challenges to financing, owning, and growing a business.

    “It is in recognition of these overwhelming challenges that the bank has developed various gender-responsive interventions that prioritise investments for women thereby improving access to diverse sources of finances, such as the Micro Small and Medium Enterprises (MSMEs) Fund (60 per cent of which is earmarked for women owned businesses) the Anchor Borrowers Programme, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the National Collateral Registry to mention but a few,” he said.

    To support the NSBP project, Access Bank Plc recently hosted the NSBP gender empowerment session in Lagos. Speaking at the event, the bank’s Group Managing Director/Chief Executive Officer Herbert Wigwe said the NSBP has come a long way, but regretted that many institutions are not implementing it.

    He said women remain one of the best work-forces and always make great impact in establishments. Wigwe said: “I have worked with both men and women, but women bosses do better than men. For instance, the chairman of Access Bank has helped drive transformation in the bank. The NSBP is about giving women their rightful place in the workplace.

    “We need to place women where they should be. Women have more responsibility than men. We want other sectors like manufacturing, telecom among others to embrace gender equality in work-place.”

    According to the Access Bank chief, women must be economically empowered.

    He said without first addressing social concerns such as gender disparity and women empowerment, economic and environmental goals and overall sustainable development will be difficult to achieve.

    Wigwe explained that just like in every part of the country, there are qualified people to fill any position, it also follows that for companies also, there are qualified women to fill any kind of position.

    “The NSBP has come a long way but there are many institutions that have not adhered to the level of compliance desired. It is about giving women their rightful place. We need to place women where they should be,” he said.

    The CBN said since the launch of the sustainability banking principles and accompanying guidelines, it has developed, exposed and approved a reporting template to enable it measure performance on sustainability issues by the industry to show commitment and be transparent.

    Emefiele  reiterated the apex bank’s commitment to building on the achievements made so far to advance women economic empowerment and gender equality.

    He said: “Although I recognise the efforts that have resulted in this remarkable progress, I want to remind us that there is still more to be done and I am confident that management will continue to expand the frontiers of gender programme. Finally, I would like to remind us of the statement of UN Secretary-General, Antonio Guterres in 2018 that achieving gender equality and empowering women and girls is the unfinished business of our time and the greatest human rights challenge in our world.”

  • Magu warns bankers, says politicians now repatriate stolen funds

    …EFCC uncovers how top politician sold property abroad for general elections—Magu

     

    The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu on Thursday warned compliance officers in banks against colluding with politicians who are repatriating stolen funds for general elections.

    He said the EFCC has uncovered a top politician who sold a choice property abroad with plans to repatriate the proceeds for electoral inducement.

    He asked the officers to report suspicious transactions in a timely manner to anti-corruption agencies.

    Magu gave the warning in Lagos at a session with the Association of Compliance Officers.

    In the text of his speech which was released to newsmen in Abuja, he urged bankers to stop laundering funds for politicians.

    He said: “I deem this forum as very important to serve as a means to communicate to you the observations of the EFCC on the various activities of financial institutions and the deliberate connivance and collusion of most of the banks in laundering illicit funds for criminals as well as politicians.

    “We are not ignorant of the prevailing electioneering activities going on in the country today and the efforts being made by many politicians who had stolen our commonwealth to repatriate to Nigeria these stolen funds for the purpose of influencing the elections through vote buying and compromise of election officers to do their bidding, as well as engage in various other illicit activities calculated to undermined the integrity of the elections.

    “The impact of allowing these elements to compromise our elections will be grievous, and devastating, we must as such and as a matter of urgency team up together to ensure that these elections are not compromised in any form or manner.

    “We are all under a civic duty to comply with our various responsibilities and ensure that we do the needful to obey the laws and regulations governing the elections.”

    The EFCC chairman spoke on the desperate methods being employed by some politicians to repatriate illicit funds into the country.

    He said the anti-graft commission has received an intelligence report on how a top politician sold a property abroad to finance elections at home.

    He said: “Foreign properties bought with proceeds of crime are sold and the proceeds transferred to Nigeria through international banks as legitimate funds that can be used to finance several activities including elections.

    Recently we have received intelligence report from a sister agency in another country informing us of a top Nigerian politician who has sold his property in that country and intends to repatriate the proceeds of the sale of the property to Nigeria. This same individual had earlier denied ownership of the said property.

    “Goods bought with proceeds of crime abroad are sent to Nigeria to support empowerment programs during elections periods. The goods are mostly cleared with deficient trade documents processed through the international banks.

    “Moving proceeds of crime earlier taken across border to neighbouring countries back to Nigeria by depositing such funds in Banks with corresponding banking relationship with local banks in Nigeria. “These funds can be used to finance elections in the country by physical distribution of the funds for political inducement or financing empowerment schemes to solicit votes from citizens.

    “Private Bankers for international banks facilitate the movement of proceeds of crime i.e. physical movements of cash to the country via charted airlines in the guise of the Bank.

    “International Banks facilitate the purchase of assets such as airlines from foreign jurisdictions that are brought to the country for elections purpose.

    Magu said inducement of voters attracts a 12-month imprisonment or a fine of N100, 000.

    He added: “Let me remind you that the provisions of the Nigerian Electoral Act, 2010, Article 130, provide that:

    “A person who- Corruptly by himself or by any other person at any time after the date of an election has been announced, directly or indirectly gives or provides or pays money to or for any person for the purpose of corruptly influencing that person or any other person to vote or refrain from voting at such election, or on account of such person or any other person having voted or refrained from voting at such election; or

    “Being a voter, corruptly or takes money or any other inducement during any of the period stated in paragraphs (a) of this Section, commits an offence and is liable on conviction to a fine of N 100,000.00 or 12 months imprisonment or both.”

    The EFCC chairman pleaded with compliance officers to serve as responsible gatekeepers by reporting suspicious transactions.

    He said: “While vote buying is subject to punishment, the attainment of compliance to this legal obligation remains the challenge and it is our responsibility to prevent these crimes.

    “We have come to realize that political inducement has now taken other forms and tagged in different names, i.e. Stomach Infrastructure, empowerment schemes, non-interest yielding loans, outright cash handouts etc.

    “These inducements take place during or before the day of the elections, which makes it rather difficult for law enforcement agencies to track.

    “Because you are the gate keepers, you must keep your eyes open to these inducement schemes, your obligations are not different from your usual filing of suspicious transactions reports to the relevant authorities, and the prompt filing of currency transaction reports as well as foreign transaction reports.

    “We have also observed the upsurge of illicit financial flows into the country through the borders and it is disheartening to see the role financial institutions play in either facilitating the flows of these funds into the country.

    “It is obvious now that financial Institutions serve as intermediaries between law enforcement agencies and the criminals, at a simple push of the button so much is moved to any jurisdiction of their choice.

    “It is a known fact that no country can combat the flow of illicit funds without the cooperation of financial institutions, because in most cases it is the financial institutions that provide the means, logistics and strategy the criminals to tread on.

    “Some methods which we came across in the course of our various investigations on repatriation of funds back to the country, that were successfully moved off shore and are being ploughed back into the Nigeria Economy include;

    “These activities of the criminals can be checkmated by increase transaction monitoring by the Bank officers and reporting suspicious transactions to the relevant agencies timely. Establishing customer due diligence and enhanced due diligence for politically exposed persons.

    “It is our collective responsibility to make the system work and to ensure that criminals are not given the chance to take over government and by extension the economy of the country. Whatever you do wrong or allow today may come back to haunt you.

    “Be rest assured that, we on our part are committed to investigate and prosecute anybody or institution found breaching the provisions of the law but in the same vein we will work with you if you desire to partner with us.”

  • Access Bank rallies bankers, regulators aginst e-fraud

    Access Bank Plc yesterday hosted its annual anti-fraud week stakeholders’ workshop in Lagos.

    The event, attended by bankers across the industry and representative of the Central Bank of Nigeria (CBN), Nigeria Interbank Setllement System (NIBSS)  was opportunity for stakeholders to share ideas on how to tackle e-fraud.

    Speaking the the event, Executive Director, IT and Operations at Access Bank Plc, Ade Bajomo, said the objective of the programme was  to share information and deepen knowledge on identity fraud. “It is actually, one for the fastest growing sector in the crime industry. Everything we are doing right now, is becoming more digital.  As we become more digital, we have to raise our awareness, because we are as strong as our collective awareness”.

    Speaking further, he said: “If I know something has happened to my neighbor, I am more aware of it, and I will do something that will prevent me from being exposed to it. The purpose of today’s event is to bring together, industry knowledge, and experience and share information and deepen knowledge about identity fraud, social engineering fraud, so that we can actually protect our customers better dustry,” he said.

    Continuing, he said: “From our security perspective, we think through security and we build it inside our projects. You cannot see projects conceived and run in Access Bank without having security in mind. We have people being trained and constantly being trained.

    Also speaking, representative of Nigeria interbank settlement System (NIBSS), said e-fraud attacker uses human interaction to obtain or compromise information.  “Attacker my appear unassuming or respectable. Pretend to be a new employee, account manager among others”.

    Linus Okeke of Ernst and Young, said  by asking questions, the attacker may piece enough information together to infiltrate a companies network.

  • Four bankers feared drowned in Onitsha flood

    Four bankers were feared drowned following a heavy down pour that wrecked havoc in Onitsha, Anambra state and its environs.

    The deceased, said to be staff of one of the commercial banks located along Obodoukwu road, Ogbaru local government area, were said to be on their way home when the incident happened.

    The Nation gathered that the deceased had boarded one of their official vehicles, having resolved to defy the rain which lasted till after close or work.

    The driver of the vehicle, said to be the bank’s accountant, struggled to beat the flood that had covered the entire road, but could not as the vehicle suddenly plunged into the drainage channeled to the River Niger.

    A trader along Obodoukwu road, who simply identified himself as Okechukwu, said all the occupants of the car got drowned in the drainage as the vehicle was completely covered in the flood.

    “The flood carried the vehicle to the Sakomori (drainage) which is about 15 feet deep and filled to capacity. The driver tried to resist the force of the flood but could not because of the size of the vehicle.

    “I saw about four of them with one little girl as they were panicking inside the vehicle. After the rain, the vehicle was recovered with three out of the four of them,” he said.

    According to him, the corpse of the Accountant was later recovered the next day, adding that it was not certain if the little girl was carried into the River Niger by the flood.

    Another witness who pleaded anonymity, said it was regrettable that the drainage constructed to control the high volume of flood in the area could wreck such havoc.

    “You can see that it is so deep that when the bankers’ vehicle plunged into it, nobody was ready to come to the occupants’ rescue.

    “We watched helplessly as they got drowned. There was nothing we could do considering the dept of the gutter,” he added.

    Efforts to reach the Okpoko Divisional Police Officer for confirmation proved abortive, but a Senior Police Officer who preferred anonymity said they were aware of the incident.

    He however revealed that the corpses had since been deposited in a nearby morgue.

  • Compliance institute inducts bankers

    The Compliance Institute, Nigeria (CIN) has inducted a new crop of professionals that would fight corruption, money laundering and terrorism financing in the financial sector.

    Over 900 pioneer members cutting across three membership categories of Fellow, Compliance Institute, Nigeria (FCIN), Associate, Compliance Institute, Nigeria (ACIN) and Designate Compliance Professional (DCP) were inducted at a ceremony held at the Pan Atlantic University, Lagos.

    The CIN said it will continue to encourage, promote and revive the consciousness for compliance within and outside the financial industry in the country.

    The CIN President, Pattison Boleigha said the activities of the institute would further help to salvage the image of Nigeria abroad.    “We intend also to use this to create professionals who will help all institutions in the country to be able to come up with policies to monitor crime, money laundering, corruption and even terrorists’ financing. So, we are heading towards the right direction and we believe with these, we will begin to gain more respect in the international community and open more doors for companies and industries in Nigeria who would no longer be considered as high risks as it is today,” Boleigha stated.

    While the institute is currently open to only those in the financial services sector the president hinted that plans were underway to incorporate other sectors.

    Former Director-General, Inter-governmental Action Group against Money Laundering in West Africa, Shehu Abdullahi said the appointment of a compliance officer in any financial institution is a mandatory regulatory requirement, as well as a requirement of international standards.

    Speaking on ‘The Role of the Compliance Officer in Achieving Business Sustainability’ Abdullahi said “within every financial institution, the Compliance officer plays critical roles, including ensuring that the organization has systems of internal control that adequately measure and manage the risks that it faces, and providing an in-house compliance service that effectively supports business areas in their duty to comply with relevant laws, regulations, internal procedures and international standards.”

    He enjoined all newly inducted members to make professionalism, integrity and ethical standard their watch words. In all, 623 Professional Members, 23 Associate and 62 Fellows were inducted into the Institute.

    At the end of its 1st Annual General Meeting of Trustees of the Compliance Institute, CIN conducted over the weekend, the following board members were elected to run the affairs of the Institute for the next two years.

    Pattison Boleigha was elected President of the Institute, Aminu Buhari Isah as Vice President, Raheem Awodeyi as Treasurer and Abimbola Adeseyoju as Publicity Secretary. Three other Trustees were elected into the board namely: Mrs Isioma Gogo-Anazodo, Mr Rotimi Omotayo and Mrs Oluyemisi Olukoya.

     

  • 119 bankers, others elected CIBN fellows

    119 bankers, others elected CIBN fellows

    The Chartered Institute of Bankers of Nigeria (CIBN) has elected 119 bankers, academics, consultants, civil servants among others, as Fellows of the Institute.

    Speaking during the 2017 Feloowship Investiture of the Institute in Lagos, CIBN President/Chairman of Council, Segun Ajibola, described the awardees as seasoned individuals, who have passed through the Institute’s prescribed examinations and have been tested for years in their various capacities to make them deserving of election into the Fellowship status of ‘our great Institute’.

    He said a total of 62 top executives in the banking industry, other financial institutions and the academics were also awarded Honorary Senior Members of CIBN (HCIB).

    “I must at this point commend the Institute’s Board of Fellows ably led by the first Vice President, Uche Olowu, for a job well done aimed at ensuring that only professionals, who have demonstrated integrity and character in their various vocational callings are elected into this cadre of the Institute,” Ajibola said.

    Continuing, he said: “I am particularly delighted this morning to have in our midst Amine Mati, Senior Resident Representative & Mission Chief for Nigeria, African Department, International Monetary Fund (IMF) as the guest speaker on the very topical theme of this year’s Investiture – Coherent Set of Policies for Greater Exchange Rate Flexibility”.

    Ajibola said while Nigeria as a country has experimented with different exchange rate regimes, opinions are still polarised among economic experts on the best policy option in the management of the country’s foreign exchange.

    “Principally, there are two extremes of exchange rate regimes – fixed and floating – with different shades of combination. The choice of exchange rate regime depends on a country’s level of development and the policies governing the monetary and financial fundamentals of such economy. Most developing economies tend to adopt fixed exchange rate regimes in order to build confidence in their economic policies whereas the more advanced ones lean towards a flexible regime as they become more active in international financial markets,”he said..

  • ‘How military officers, bankers stole N339m’

    ‘How military officers, bankers stole N339m’

    The Federal Government has made public details of how two military personnel – Wing Commander Ishaka Yakubu and Lt.-Commander Akinbamidele Odunsi – worked with two bankers to allegedly divert N339m from the Military Pension Board (MPB) in February 2016.

    The bankers’ are Mrs. Violet Ogoegbunam (the manager of a bank on Kuforodua Street, Wuse Zone 2, Abuja) and Mrs. Abidemi Aderemi Kolade (a relationship manager at the bank).

    They were said to have diverted N339,374,478.58 from the MPB, under the pretext that the money represented payments to some “supposed next of kins to dead military pensioners as death benefits”.

    Wing Commander Yakubu is said to be a cashier with the MPB. Lt.-Commander Odunsi is described as an Assistant Director, Computer, with the MPB.

    This information formed the substance of a four-count charge filed on behalf of the Federal Government by the Economic and Financial Crimes Commission (EFCC) before the High Court of the Federal Capital Territory (FCT).

    The charge, filed on May 31, 2017, was endorsed by Steve Odiase of the Legal and Prosecution Department of the EFCC in Abuja.

    The two bankers are named in counts 1 and 2, relating to conspiracy and obtaining by false pretence in respect of the alleged N339,374,478.58 fraud.

    Yakubu and Odunsi ar named in the four counts, and charged with obtaining by false pretence, and abuse of office in respect of N190m which they allegedly received from the N390m.

    According to the EFCC, the offences of obtaining money under false pretence were said to be contrary to section 1(i) (a) and punishable under section 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006, while offences of conspiracy to obtain money under false pretence contrary to Section 8(a) and punishable under Section 1(3) of the same Act.

    It added that the offence of abuse of office by obtaining money by false pretences in Count 4, was said to be contrary to Section 19 of the Independent Corrupt Practices and other related Offences Act, 2006 and punishable under the same section.

    The case is yet to be assigned for hearing.