E-Financial
AfDB Assists TCN to Modernise Transmission Equipment
The African Development Bank (AfDB), said yesterday in Busan, South Korea, that it was assisting the Transmission Company of Nigeria (TCN) to invest in modernisation of its transmission network to improve the energy sector of the country.
The AfDB President, Dr Akinwumi Adesina, told Newsmen on the sideline of the bank’s Annual Meetings that it was also investing in the private sector of the country by providing the commercial banks with significant lines of credit to drive economic development.
He said this was necessary because many of the African countries faced insufficient foreign exchange challenges.
“We are investing in renewable energy, especially in Jigawa and many other areas of Nigeria’s economy”, to assist in advancing the gains of its post-recession period.
“In the case of many African countries, as commodity prices were declining, the AfDB and World Bank have been assisting because many of them have a lot of fiscal and current account deficit,” he said.
He said the bank had disbursed 600 million dollars to Nigeria to help it to exit recession, adding that the government acknowledged that it would have been difficult for the country to come out of the situation without the support.
“We are happy Nigeria came out of it and the issue now is the way forward.”
He reiterated that one of the critical projects of the bank was its assistance for countries through counter technical budget support operations during difficult situations.
Akinwumi had earlier at a news conference, announced that Korea would provide 600 million dollars to finance renewable energy and also deploy young engineers to Africa under its partnership.
He called on African countries to increase their budgetary allocations to finance infrastructure development because many countries under-invested in the sector.
The president said participants and stakeholders at the annual meeting had learnt that industrialisation and accelerated investment in critical areas of economy were catalysts for the advancement of nations.
Akinwumi also announced that the next meeting of the bank had been scheduled for Malabo, Equitorial Guinea in 2019.
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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