E-Financial
FBN Capital to Host Government, Business Leaders at Investor Conference
In line with the commitment to provide a platform that will facilitate interaction for identifying sustainable growth opportunities in Nigeria, FBN Capital Limited, the Investment Banking and Asset Management subsidiary of FBN Holdings Plc. will host its Annual Investor Conference in Lagos.
The theme of this year’s event ‘An economy at a crossroads: thriving in the face of new realities’ will be explored through a combination of presentations and interactive sessions with some of the foremost reformers in government, business leaders and senior executives in both the public and private sectors of the economy.
Through the conference, FBN Capital aims to contribute meaningfully to the discourse on how to return the Nigerian economy to growth, temper inflation, boost job creation, and increase awareness on how the government is responding to on-going fiscal and monetary challenges.
According to Lolade Sasore, head of Marketing and Corporate Communications, “Over the past 5 years, we have hosted the annual conference in line with our commitment to facilitating the debate on developing our market, and promoting Nigeria as one of the leading investment destinations in sub-Saharan Africa for both domestic and foreign investors.“
“We will discuss the subject of fiscal stimulus and an expansionary posture; Nigeria’s stance on attracting foreign investment, and explore the workings of the liberalized FX markets. We will also examine some identified success stories in this challenging environment.”
The annual conference, which is now in its 6th year, provides a forum for investors to interact with leaders of the economy, key policy makers in government and senior executives of leading corporate institutions.
Over the years, the conferences have hosted several Ministers covering various portfolios including Finance; Industry, Trade and Investment; Communication Technology; and Petroleum Resources; as well as representatives from the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigerian Pension Commission, amongst others.
It has also featured distinguished international speakers such as Mr. Jim O’Neill, former Chairman Goldman Sachs Asset Management & Chief Economist, Goldman Sachs; Professor Anil Gupta, International Expert on Strategy, Globalization and Emerging Markets; and Mr. Daniel Altman, Associate Professor of Economics at New York University’s Stern School of Business.
The FBNQuest 2016 Investor Conference is supported by ProshareNG, WebTV, BusinessDay, Ventures Africa Publishing and Channels Television.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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