The Nation Newspaper

Tag: cbn

  • CBN: Finance Houses can access N220b MSME cash

    The Central Bank of Nigeria (CBN)  said  Finance Houses can now access N220 billion Micro Small and Medium Enterprises Development Fund (MSMEDF).

    But accessing the fund comes with a caveat: The operators are to provide regulatory examination report from the CBN or Nigeria Deposit Insurance Corporation (NDIC) as well as audited accounts.

    Speaking at the Finance Houses 2018 biennial finance and investment conference held in Lagos, CBN Director, Development Finance Department, Mudashiru Olaitan said that finance houses are eligible to access the wholesale segment of the fund provided they meet the stipulated conditions. He however, said operators are yet to apply for the facility.

    Olaitan, who spoke on the theme: ‘Operationalising the MSME Development Fund: Framework, Constraints, Possibilities’ said the  MSMEDF was designed to channel affordable credit to the MSME sub-sector, especially women entrepreneurs so as to create jobs and enhance productivity.

    The scheme prescribes 50:50 on-lending to micro-enterprises and Small and Medium Enterprises (SMEs) and comes as Wholesale component (90 per cent) and Development component (10 per cent).

    He explained that the 60 per cent of wholesale component is for women entrepreneurs while the remaining 40 per cent go to other entrepreneurs.

    According to Olaitan, the fund enhances financial access by MSMEs and increases productivity and output of micro-enterprises. It is also expected to increase employment, create wealth and engender inclusive growth.

    According to him, the objectives of Wholesale component of the MSMEDF is to provide credit to qualified and eligible Private Finance Initiatives (PFIs) for on-lending to MSMEs, improve the capacity of PFIs to meet credit needs of MSMEs and reduce the cost of funds to PFIs and ensure that this translates into reduced borrowing costs for the borrowers.

    He explained that interest rate is pegged at maximum of nine per cent per annum and maximum tenor of one year for micro-enterprises and up to five years for SMEs while refinancing of existing facilities under MSMEDF not allowed.

    “The MSMEDF has so far                promoted the Anchor Borrowers Programme under which       200,133 other MSME projects were financed across the country from 2014 to date. The scheme currently supports the Shared Agent Network Expansion Facility aimed at enhancing the capacity of CBN-licensed agents to roll out 500,00 agent networks across the country,” the CBN director said.

    In her welcome address, President, Finance Houses Association of Nigeria (FHAN), Mrs. Bola Agunbiade, said the finance houses operate in the MSMEs sector, adding that there was need to resolve funding gaps in the sub-sector.

    She said that lack of access to cheap funds limits the operations of finance houses and that has to be corrected.

    “The conference is all stakeholders’ forum meant to discuss challenges in our operating environment especially as it has to do with paucity of funding in the subsection,” Agunbiade said.

  • $8.1b dispute: Court adjourns MTN, CBN case to next year

    A Nigerian judge adjourned yesterday a hearing over an $8.1 billion dispute between South African telecoms giant MTN and the central bank until Jan. 22.

    The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent abroad in breach of foreign-exchange regulations. MTN has denied any wrongdoing.

    Nigeria is MTN’s biggest market, accounting for a third of the South African company’s annual core profit. The mobile phone network serves 56 million people in Nigeria.

    Read also: Southwest: Buhari and lessons from Tinubu, Ambode by Shettima

    The adjournment came at the request of the central bank and MTN lawyers.

    “We are still making moves towards an out of court settlement,” a central bank lawyer told the court.

    An MTN lawyer said discussions were ongoing.

    Nigeria is MTN’s biggest market, accounting for a third of the South African company’s annual core profit. The mobile phone network serves 56 million people in Nigeria.

  • CBN, EFCC to punish forex policy violators

    SANCTIONS await banks, their customers and businesses that abuse the Central Bank of Nigeria’s (CBN’s) policy restricting foreign exchange (forex) allocation to 41 items.

    Culprits are to be investigated and sanctioned, the apex bank said yesterday through its Director, Financial Policy & Regulation Department, Kelvin Amugo.

    The investigation will be carried out by the Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC), Amugo said in a letter to all banks.

    As part of its developmental objective on employment generation and inclusive growth, the CBN had on July 1, 2015, stopped foreign exchange allocation to the importation of 41 items, which could be produced locally.

    The bank said that the policy had been abused by some banks and their customers.

    According to the trade information available to the CBN,  the policy is being abused as the restricted items are being dumped in the country.

    Such sanctions will, among others, include blacklisting the institutions and their directors; closing of their accounts; and restricting them from maintaining accounts in any bank under the can remit. Banks that provide their platforms for such economic abuses are to be sanctioned.

    The letter reads: “The CBN views this development with trepidation. The Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC) would commence immediate investigation of the accounts of the corporates and entities engaged in this unwholesome act with a view to visiting severe sanctions on all the culprits.”

    According to the apex bank, the implementation of the policy has resulted in massive investment and the establishment of cottage industries that now engage in the production of the restricted items across the country. The growth and development benefits have been phenomenal.

    It said: “Unfortunately, the trade information available to the CBN indicates the circumvention of the policy as the restricted items are being dumped in the country. The implications are that the growth and employment benefits arising from the policy may be eroded if not checked.

    “Banks are by this notice, advised on strict compliance with the Know Your Customers (KYC) and Know Your Customer Business (KYCB) requirements and be properly guided.”

    CBN Governor Godwin Emefiele had at the 53rd annual Bankers dinner in Lagos, said the CBN’s policy restricting forex access to 41 items that can be produced locally has helped to move the economy out of recession adding that there even calls that the list of 41 items be increased to cover more goods that can be produced locally.

    Emefiele said: “As I have always emphasised, it is our collective duty to ensure that the potentials and prospects of the Nigerian economy is optimally realised.

    “The ongoing economic recovery requires the joint efforts and wise counsel of everyone, if we must make giant strides forward. The CBN is more determined now than ever to remain at the forefront of the effort to ensure that the rebound is not overturned.

    “There has been considerable discourse particularly on whether the restriction on access to foreign exchange for 41 items is driving local production, with some nay-sayers stating that it has constrained productivity and growth in the economy.

    “Based on our internal research conducted at the Central Bank of Nigeria, there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items.

    “Our research supports the conclusion that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities has helped to promote the recovery.

    “Any attempt to reverse the course of this actions may have untold consequences on the growth trajectory of our economy particularly in our push to diversify and restructure our economy.

    “In fact, recommendations are being made to the CBN that the list of 41 items be expanded to include other additional items that can be locally produced.”

    In a separate circular by Director, Trade and Exchange Department, Ahmed Umar, the CBN said: “In the continued effort to sustain the achievement recorded from the classification of 41 import items as ‘Not Valid for Foreign Exchange’ in the Nigerian Foreign Exchange market, authorised dealers and the general public are hereby notified of the inclusion of fertilizer on the list effective Friday December 7, 2018.

    “However, the CBN will ensure that transactions (Form ‘M’) on fertilizer for which payments are outstanding are settled at the appropriate settlement dates.”

  • CBN targets youths in new loan policy

    THE Central Bank of Nigeria (CBN) and the Bankers’ Committee have agreed to set up a committee headed by  Chief Executive Officers (CEOs) of commercial banks to create a strategy that will stimulate lending in the domestic economy.

    CBN Governor Godwin Emefiele broke the news yesterday at the end of the 10th Annual Bankers’ Committee retreat in Lagos.

    The committee is to ensure that lenders deploy key intervention funds, including the N210 billion Small and Medium Enterprises (SMEs) fund, N60 billion SMEs fund from five per cent annual contribution from banks’ profits, N500 billion Export Stimulation Fund, among others, to promote credit access.

    Emefiele said the move was to find ways to improve access to credit by Nigerians, especially the youths.

    The CBN boss also said that where the need arises, the youths maybe asked to deposit their National Youth Service Corps (NYSC) discharge certificates, degree certificates with the banks to enable them have access to the loans.

    He said: “We need to create a strategy that makes it easy for businesses to access credit. That will also make it easy for reporters to earn foreign exchange and that is why we will be setting up the committee headed by bank CEOs.”

    According to him, the CBN and the Bankers’ Committee have been working closely to ensure that youths, who are doing well in the entertainment industry, information technology and software development, get access to credit.

    He said the planned take-off of the National Microfinance Bank is meant to help in the disbursement of the intervention funds to borrowers.

    “The National Microfinance Bank is expected to make it easier for borrowers to access loans.  We want to create independent challenges from where the funds will go out from. The Microfinance banks are doing their best but they are not lending at single digit interest rate,” he said.

    Continuing, he said the borrowers under the new arrangement will pay back to enable other benefit.

    Emefiele went on: “We will make it easy for the youths to access the loans. They will work under the co-operative/ cluster arrangement to ensure they payback.

    “Improving access to finance and addressing infrastructural impediments faced by companies geared towards the export market will confer a string benefits on the economy.

    “First, it will enable firms expand their capacity, as they seek to serve a larger external market. It will also help foster inclusive growth in the economy. As you may know, the oil and gas sector currently accounts for one per cent of total employment in the country.”

    He said the drop in Nigeria’s export earnings arose from reliance on crude oil, which exposed the fragility of the country’s domestic economy in 2016.

    He said the development reinforced the view within the CBN and Bankers’ committee on the need to revise the country’s growth strategy as a nation.

    “At certain points in our nation’s history, non-oil export represented over 90 per cent of our foreign exchange earnings. In the 60’s Nigeria was a major exporter of cocoa, palm oil, cotton, groundnut, rubber, hides and skins.

    “With the discovery of crude oil, Nigeria began to rely more on oil exports as a major source of its foreign exchange, and its hare of non-oil export witnessed a precipitous decline.”

    The CBN boss said that the banks needed to support the economy by lending to promote economic growth.

    “We need to move money to the real sector and make credit available to those at the grassroots to foster sustainable economic growth,” he said.

  • CBN names Access Bank Most Sustainable Bank of the Year

    The Central Bank of Nigeria (CBN) has named Access Bank the Most Sustainable Bank of the Year in the 2018 edition of its annual awards for sustainability which held on December 8, in Lagos.

    Coming twice in as many years, this recognition validates the commitment of the Herbert Wigwe-led financial institution to position sustainability at the core of its operations and service delivery. It follows several successes recorded by the bank in the year under review especially in the areas of sustainability and Corporate Social Responsibility (CSR).

    The bank also received top prize in Excellence in Women Economic Empowerment and Sustainable Transaction of the Year categories for its achievements in the oil and gas and power sectors.

    In his reaction to the award recognition,  Group Managing Director/Chief Executive Officer of Access Bank, Herbert Wigwe dedicated the victory to the staff and customers of the bank while appreciating them for their continued trust in its policies. According to him, receiving such accolades from the CBN is an indication that the bank is on the right path with its sustainability efforts.

    “We are very excited to have been done this honour by the Central Bank of Nigeria. We see it as more than an award but an indicator that our efforts are been recognised and a challenge for us to keep at it. We dedicate these awards to our loyal customers and committed staff members for believing in the bank’s vision of helping to build a sustainable Nigeria and by extension, Africa,” Wigwe said.

    Corroborating Wigwe, the bank’s Head, Sustainability, Omobolanle Victor-Laniyan expressed delight at the awards, stating that such recognition will further boost the bank’s interest in sustainability in the years to come.

    “We have in time past received several awards for our efforts in sustainability but we are particularly excited about this one for obvious reasons especially as we are winning some categories back to back. This further proves that our efforts are being recognised and duly rewarded, and for this, we are really grateful,” Victor-Laniyan said.

    This award comes on the heels of the recently held SERAs CSR awards where the Bank was awarded Most Sustainable Business of the Year and Best Sustainability Practitioner for the second time in a row.

  • CBN, NDIC to banks: look beyond profitability

    Banking thrives in an environment where lenders promote activities that make life better for the people. Indeed, banking should strive to meet the triple bottom line: people, planet and profit. Regulators insist that beyond the profit motive, banks should ensure that people and the environment where the business is done have something to cheer. COLLINS NWEZE writes that lenders following the directive are being recognised.

    Banking is not all about profitability. It should be done with human face and recognition that the communities where the business is conducted should benefit from the profit that come from it.

    The Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation and Deposit Money Banks (DMBs) agreed that banking can only thrive in an environment where Corporate Social Responsibility (CSR) and commitment to the communities where the business is done are given a priority. They have consistently advised banks to look beyond profitability in their operations.

    The CBN has, therefore, encouraged the adoption of sustainable banking practice by banks, given that environmental and social responsibility support business success and long-term growth.

    For Access Bank Plc, banking also include empowering the people and giving their lives a positive meaning. That explains why the bank has continued to take steps that promote common-good.

    The bank’s Group Managing Director/Chief Executive Officer, Herbert Wigwe, said the lender defines sustainability as providing innovative solutions to support global efforts in addressing social, environmental and economic challenges.

    Wigwe expressed the bank’s determination to create meaningful impact around the world and its subsidiaries by increasing awareness of best sustainable practices that can be implemented within its operational areas.

    He listed profit, planet and people as the pillars in which corporate sustainability are entrenched, explained that the pillars have been embedded into how the bank carries out its operations.

    He said: “This comes with a vision to be the most sustainable and respected bank in Africa, financing and facilitating brighter futures for all of our stakeholders through innovative services and best in class operations.”

    He said the lender has, in line with the sustainability practices, continued to develop simpler and smarter products and services with relevance to Nigerians, not losing focus of its vision to be the world’s most respected African bank.

    Wigwe restated Access Bank’s determination to set standards for sustainable business practices capable of bringing out the best out of employees, deliver superior value to customers and provide innovative solutions for the markets and communities it serves.

    The bank’s sustainability footprints are grouped into four units- economic development; environmental responsibility; sustaining societies; collaborations and partnerships.

     

    More banks embrace sustainable banking

    Diamond Bank’s Managing Director/Chief Executive Officer, Uzoma Dozie described the bank’s investment and focus on the Micro Small and Medium Enterprises (MSMEs) segment as strategic and predictive.

    In his view, the future of sustainable banking in Nigeria is retail, therefore, it is necessary to grow and consolidate its strength in the segment.

    Managing Director Development Bank of Nigeria (DBN), Tony Okpanachi, said the bank’s operation in addition to its mandate, seeks to achieve the NSBP, where financial inclusion ranks high, as well as the UN SDGs and in line with the Economic Recovery and Growth Plan (ERGP) of the Federal Government.

    The First Bank of Nigeria Ltd, a member of FBN Holdings Plc, has also initiated its Corporate Responsibility and Sustainability (CR&S) Week in over 3,000 secondary schools across the country to improve financial literacy and inclusion among students.

    The scheme, which involves career counseling session, is part of activities marking the second edition of the bank’s CR&S Week for the year.

    Speaking at Yaba College of Technology Secondary School, Its Managing Director, Adesola Adeduntan said the week-long event was the bank’s brand promise to always put stakeholders’ needs first.

    For instance, the Operations Unit of Access Bank Plc recently handed over two blocks of classrooms it renovated to the Keke Nursery and Primary School, Agege, Lagos.

    The bank did not only strengthen the dilapidated buildings and fortified them with iron formations, it also changed the roofs, windows and painted the classrooms to give them new looks.

    Speaking at the presentation of the classrooms renovated by the Corporate Operations Unit, Access Bank Plc, to the school management, the bank’s Group Head, Corporate Operations, Banjo Adegbohungbe, said the lender and its workforce will continue to assist and partner Lagos State to touch lives of the future generation. Government alone, he said, cannot support and maintain the schools, adding that private sector support is also critical to ensuring that those public schools have the right tools to function effectively.

    He said the bank believed in CSR and making the society better than it met it. “At Access Bank, we believe we should give back to the society to ensure that the learning environment improves. The staff of the Corporate Operations Unit of the bank choose which project they want to finance bet it healthcare or infrastructure. The staff have continued money to make these projects a reality,” he said.

    Also speaking on the gesture, Access Bank’s Deputy Group Managing Director, Roosevelt Ogbonna, said each time the lender speaks on governance and sustainability, it normally focus on People, Profit and Planet.

    “The fact is that in every environment we operate, we must make the people better, the planet better while trying to drive profit. So, we are not just focused on making money, it is just one aspect of the things we are keen on. So, if you listen to the bank and some of the things we boost about, is about how we have brought sustainability and governance into how business is done within our market,” he said.

     

    Awards for CSR 

    The bank has won the SERAS Corporate Social Responsibility (CSR) award. It is an annual event aimed at promoting and raising awareness about the roles that the corporates and private sector play in the development of Africa with emphasis on the various schemes and innovative programmes they employ to achieve their goal.

    The 12th edition of the award held on Saturday, December 1, 2018 at Muson Centre in Lagos. The event attracted several dignitaries and business executives. There was a total of 22 categories for the night and Access Bank won four of those categories: Best company in partnership for development, best corporate communication team, sustainability practitioner of the year–received by Omobolanle Victor-Laniyan, Group Head of Sustainability Access Bank  and the most responsible business in Africa, which is the biggest awards of the Night.

    Since 2008 Access bank has consistently embedded consideration for the people, planet and profit to its business consideration, making sustainability a bedrock of all of its business processes and operation. The bank has won several awards, both locally and internationally, for its commitment to running a sustainable business. Access Bank received top honours at the 2018 Karlsruhe Sustainable Finance Awards in Germany, emerging as the winner across two categories and the Euromoney Awards for Excellence as “Africa’s Best Bank for Corporate Social Responsibility” in London in July.

    Access Bank believed that sustainable business is a more profitable business. Few weeks ago, the bank organised the sustainability awareness week, a week-long activity at its branches globally in celebration of the remarkable achievements recorded since 2008.

     

    CBN speaks

    According to the CBN and Nigeria Deposit Insurance Corporation (NDIC), sustainability reporting allows organisational measure, understand and communicate their environmental, social and governance performances.

    Although the reporting system has gained currency and acceptance globally, only a few local banks and organisations encourage sustainability practices in their reports.

    Governor Emefiele and NDIC Managing Director, Umaru Ibrahim, said the regulators will continue to renew its commitments towards the implementation of the NSBP and the achievements of the United Nation’s (UN) Sustainable Development Goals (SDGs) and the Paris Climate Change Agreement because a reduction in plastic use will bring about reductions in greenhouse gas emissions and carbon footprint.

    At a recent launch of Nigeria’s Green Bond market development programme in Lagos, Ogbonna said: “Our strategy, together with a solid corporate governance structure, has enabled Access Bank to retain its leadership position, contributing significantly to the economic growth of Nigeria and the broader African continent.”

    of Lagos State Governor Akinwunmi Ambode told his audience at the launch that the initiative would present profitable investment opportunities to stakeholders and investors, adding that the finance would help to reduce greenhouse emission and mitigate harsh effects of climate change in the Centre of Excellence.

    Represented by his deputy, Mrs. Oluranti Adebule, the governor assured that his administration would take maximum advantage of the opportunity embedded in the Green Bond Market to reverse the harsh trends of climate change.

    He expressed optimism that the Green Bond will enhance execution of projects to mitigate effects of climate change in Lagos, while asserting that the success achieved during the N10.69 billion Green Bond issued by the Federal Government last year, was a testimony to the fact that climate bond investment is a viable option for promoting sustainable growth in the environment.

    Climate Bonds Director of Market Development, Justine Leigh-Bell said: “The Nigeria Green Bonds Market Development programme is a big step towards unlocking the full potential for domestic issuance while developing a pipeline of green investment opportunities and engaging with local and international investors. We are excited about the future in the region.”

  • Fed Govt earned N682b in October, says CBN

    The Federal Government earnings for October stood at N682.06 billion, the Central Bank of Nigeria (CBN) economic report released yesterday has shown.

    The report posted on the CBN’s website, indicated that the figure was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively.

    It said oil and non-oil receipts (gross) stood at N422.13 billion and N259.93 billion in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively.

    Also, Federal Government retained revenue and estimated expenditure for October 2018 were N280.96 billion and N347.48 billion, respectively, resulting in an estimated deficit of N66.51 billion.

    “Federally-collected revenue (gross) was estimated at N682.06 billion in October 2018. This was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively. Oil and non-oil receipts (gross), at N422.13 billion and N259.93 billion in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively. Federal Government retained revenue and estimated expenditure for October 2018 were N280.96 billion and N347.48 billion, respectively, resulting in an estimated deficit of N66.51 billion,” it said.

    According to the report, monetary policy stance remained, largely, non-expansionary to rein in inflationary pressures. On month-on-month basis, broad money supply (M3), grew by 1.9 per cent to N34,255.4 billion at end-September 2018, in contrast to the 1.2 per cent decline recorded at end-August 2018. The development reflected the 5.2 per cent and 2.2 per cent increase in the domestic credit (net) and foreign assets (net) of the banking system, respectively.

  • CBN okays Diamond Bank as a national bank

    The Central Bank of Nigeria (CBN) has approved the change in the licence of Diamond Bank Plc from an international bank to a national bank with immediate effect. The approval is, however, subject to the conclusion of the sale of Diamond Bank United Kingdom.

    The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is in its final stages. With this approval, the bank will cease to operate as an international bank.

    Diamond Bank at the weekend indicated that the re-licensing as a national bank supports its objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and economy as a whole.

    According to the bank, the change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent as against 15 per cent required for international banks. This creates room for the bank to deploy more capital for stronger growth in the quarters ahead through additional investment in technology platforms, customer acquisition and expansion of loans to the critical sectors of the economy.

    The bank’s Chief Executive Officer, Mr. Uzoma Dozie said the move to a national banking license marks a continuation of the bank’s strategy to focus on Nigeria’s significant fundamental trends, including a large underbanked population and Africa’s biggest economy.

    According to him, by focusing and optimising its resources towards Nigeria and the priority area of retail banking, the bank will be better positioned for longer term growth and greater profitability.

    “The reduction in minimum capital requirement also increases our capacity to expand the quantum of business and product services we can offer consumers, as well as representing a key step in strengthening our financial position,” Dozie said.

    He noted that this development, however, does not affect the bank’s ability to offer services to its clients in international locations.

    According to the bank, with focus on its domestic business being priority, the bank also intends to pay down in full, the Eurobond loan of $200 million at maturity in May 2019. There will be no refinancing of the loan as the intent to pay down with foreign exchange generated from its internal operations, a reflection of the solidity of its operations and funds flow in the last few years

    The bank pointed out that top quality services to international customers will continue through its digital channels and network of correspondence banks.

    Meanwhile, Diamond Bank has formally introduced its premium lifestyle subscription service, XclusivePlus, for its affluent banking customers.

    Speaking on the product, Head, Consumer Banking, Diamond Bank Plc, Kari Tukur, said the bank has seen a rise in customer spend in the past few years for luxury travel, luxury experiences and luxury products among the emerging affluent client segment.

    She said the new product is well positioned to further enhance customers’ lifestyles and provide them with the most satisfying rewards.

    According to her, XclusivePlus membership comes with an automatic card upgrade to the Diamond Visa signature naira debit card.

    “Diamond Bank is the first bank in Nigeria to go to market with this card. This is a naira card with higher spend limits and enabled for international spend. With this card, our customer will enjoy lots of world class travel and lifestyle benefits such as free access to over 800 Premium airport lounges globally, great discounts and VIP treatment at luxury hotels around the world, free travel insurance cover for them and their family for medical emergencies, lost luggage, flight cancellation and much more anytime they travel. This insurance is also valid for foreign visa applications,” Tukur said.

    She added that there are also benefits closer to home, including free cinema tickets all year around for the movie lovers, free premium events tickets such as concerts, comedy shows and art exhibitions and lots of great offers and discounts from a wide range of merchants across the country ranging from restaurants, bars, hotels, shopping and much more

    XclusivePlus subscribers are also invited to various seminars, conferences and round table discussions covering a wide range of topics such as wealth management & investment, economic outlook, financial planning, assess to finance and lots more. These events will give them the opportunity to acquire knowledge from industry experts and network with like minds.

    “With the XclusivePlus, Diamond Bank is always available to the customer wherever and whenever you need us through the mobile app. With over three million users, the mobile app is loaded with exciting features such as local and foreign currency transfers, bill payments, airtime top-up, esusu, events and movie tickets purchase,” Tukur said.

  • CBN injects $210m into wholesale forex segment, others

    The Central Bank of Nigeria (CBN) yesterday intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window.

    In the latest round of intervention, which was made public on Tuesday, the CBN also made interventions of $55 million each in the Small and Medium Enterprises (SMEs) and Invisibles segments to meet the needs of customers.

    Director, Corporate Communications Department at the CBN, Isaac Okorafor again assured of the bank’s continued mediation in the interbank foreign exchange market in order to guarantee stability.

    It will be recalled that the bank last week also intervened in the wholesale segment of the inter-bank foreign exchange market on Wednesday, November 21, 2018 to the tune of $210 million.

    Meanwhile, the Naira continued its stable run against the United States dollars on Tuesday, November 27, 2018, exchanging at an average of N362/$1 in the BDC segment of markets across Lagos and Abuja.

  • Reduce high interest rate, CBN urged

    The Central Bank of Nigeria (CBN), has been asked to reduce interest rates to enable ship owners upgrade their facilities and compete with foreigners.

    In an interview with The Nation in Lagos, stakeholders urged the government to build a vibrant investment climate for the maritime sector.

    Former Chairman, House Commit-tee on Legislative Compliance, Mr. Moruf Akinderu-Fatai, said there should be policies to create linkages between the maritime industry and other sectors, such as banking and manufacturing.

    He suggested measures like dedicated institutional financing mechanism for the shipping and maritime sector, a comprehensive maritime regulatory policy, to clearly delineate the role and responsibilities of the government and private sector in the development of the maritime sector.

    The purchase of modern vessels, Akinderu-Fatai, a shipper,  said, would also provide jobs for millions of Nigerians and the restive youths across the country.

    He said there was need for a sustained partnership between the private and public sectors for effective funding.

    The country, acccording to him, has not enjoyed the commercial benefits of transporting large quantities of cargoes because local ship owners lack the necessary capital.

    He suggested that the Federal Government should integrate maritime education and training into the national university system so that Nigerians who are interested in seafarers’training can get the  education needed to promote the sector.

    While lamenting the lack of foreign exposure for better performance, he said many operators were bugged down with only practical experience, with little or no academic performance.

    “There is need for more government intervention aside from CVFF to actively encourage the banking sector to support local ship owners to acquire modern fleet, which can sail anywhere in the world,” he said.

    Also, the former President, Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu, said 60 per cent of the inward and outward bound seaborne trade in the West and Central Africa sub-region passes through the nation’s waterways and called on the CBN Governor and the Minister of Transport, Mr Rotimi Amaechi, to assist in developing the maritime industry.

    He said the country needs to expand its merchant fleet based on the high volume of bulk liquid, gas and dry cargoes that pass through its waterways.

    “The fleet to carry the enormous quantity of cargo is estimated at 200 size tankers including combo general cargo vessels and liquefied natural gas vessels,” he said.