E-Financial
CIBN Urges Stability of Financial System
The Chartered Institute of Bankers of Nigeria, CIBN, has stressed the need to create stability within the financial system which it said will go a long way in promoting economic prosperity of the country.
The CIBN, said to achieve this bank customers and stakeholders in the banking industry must embrace the Non-Performing Loans & The Global Standing Instruction (GSI) Policy to enhance loan recovery processes and promote financial system stability.
Mr. Bayo Olugbemi, President/Chairman of Council, made the call Tuesday in his remarks as the Chairman at a Webinar, organised by the Centre for Financial Studies (CFS) of The Chartered Institute of Bankers of Nigeria (CIBN).
Mr. Olugbemi maintained that bad loans have a long-standing issue in the Nigerian banking sector and the GSI will represent a new dawn in the credit management and debt recovery process.
According to him, Banks can only survive when borrowers pay their loans, funds are available to the financial institutions to service other customers and this way they can promote shared prosperity and more people can be lifted out of poverty.
The Webinar tagged CIBN Advocacy Dialogue Series 3.0 focused on “”Non-Performing Loans & The Global Standing Instruction (GSI) Policy: Impact & Insights for Financial Stability’.
Mr. Olugbemi told over seven hundred participants who connected to the programme through Zoom and YouTube that the issues of Non-Performing Loans and particularly those emanating from the attitudes of unrepentant debtors would be more efficiently resolved as a result of this policy.
In his intervention, Mr. Kevin Amugo, Director of Financial Policy and Regulation at the Central Bank of Nigeria (CBN) and keynote speaker at the webinar stated that banks have recovered N50.32 million bad loans from debtors within nine days of the commencement of the Global Standing Instruction (GSI).
” The size of the recovered NPLs was due to the fact that the Central Bank of Nigeria was still working on the GSI protocol for non-individual debtors, which means the recovery was made from individual loan defaulters, while the Other Financial Institutions (MFBs, PMBs, DFI & FCs) onto CRMS as well as Mobile Money Operators will commence onboarding thereafter GSI platforms.” he said.
According to Amugo, the data from the Central Bank of Nigeria showed that NPLs in banks were higher during the economic downturn, and as the figure of NPLs rise, the instability in the sector worsens, adding that between 2015 and 2017, when the country experienced sharp drop in crude oil prices, currency crisis as a result of the drop in foreign exchange inflows and the period of recession, the NPLs rose sharply from 5 per cent to 15 per cent.
Mr. Adesola Adeduntan, Managing Director/CEO of First Bank Nigeria who was ably represented by Olusegun Alebiosu, the bank’s chief risk officer, commended CBN for the recovery made so far, adding that GSI is what we have been looking forward to as a coordinated approach to addressing the NPL issue in the banking industry
In conclusion, Hajia Saratu Iya-Aliyu, National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture who was represented by Mrs. Margaret Orakwusi of NACCIMA said in other to discourage loan default and high NPLs, banks should reduce interest rate,”
Mr. Osaro Eghobamien, SAN, Managing Partner, Perchstone & Graeys and Dr. Biodun Adedipe, FCIB, Chairman, CIBN Research Committee and Chief Consultant BAA Consult were the other Speakers at the event.
E-Financial
Former SEC Leadership Failed to Regulate, Develop Capital Market- ASCSN
Senior Staff Union under the aegis of Association of Senior Civil Servants of Nigeria (ASCSN) of Securities and Exchange Commission (SEC) has accused the past administration of the Commission led by Dr. Lamido Yuguda of failing in its mandate of effectively regulating and developing the capital market, which is an intricate part of the nation’s economy.
ASCSN also urged the federal government to exempt workers of the commission from 50 percent operating surplus remittance
Abba Mamman Ali, chairman of the Union, stated this on Monday during a briefing with journalists in Abuja.
Recall that President Bola Tinubu had last Friday sacked Dr. Lamido Yuguda, former director general and announced a new management and board for the Commission.
While Mr. Mairiga Aliyu Katuka is the chairman of the new board, Dr. Emomotimi Agama is the new director-general.
Abba said the administration of the Yuguda “failed in its mandate to effectively regulate and develop the capital market, which is an intricate part of the Nigerian economy.”
Furthermore, he said the Yuguda-led Management “was insensitive and unresponsive towards issues of staff welfare especially issues bordering on staff promotion, gratuity and increase of staff emolument, amongst many others.”
He said, “Unfortunately, staff morale was at the lowest ebb under the regime of the immediate past Management.
‘It became clear to the SEC Staff Union and our parent body, the Association of Senior Civil Servants of Nigeria (ASCSN) that a vibrant capital market and a highly motivated SEC workforce could only be achieved through a change of SEC Management by Mr President.
“This prompted the Union to cry out to His Excellency, President Bola Ahmed Tinubu. By clearing out the ineffective SEC Management led by Lamido Yuguda, His Excellency, President Bola Ahmed Tinubu has lived up to his sterling reputation as a listening President.”
He said the SEC Staff Union has pledged to collaborate seamlessly with the new board under the leadership of board chairman, Mr. Mairiga Aliyu Katuka and Director General, Dr. Emomotimi Agama, to deliver a vibrant capital market in line with President Tinubu’s Renewed Hope Agenda.
However, to achieve this, he called for the commission to be exempted from the 50 per cent deductions on operating surplus as contained in the Finance Act 2024 because the Commission is a development institution.
He said, “We want this management to look into issues of staff promotion, vacancies and gratuity. We urge them to look at it very well and settle those issues as they concern staff directly.
“Also, there is need for Management to meet with the government on the issue of 50 per cent deductions on operating surplus. These deductions have almost incapacitated the Commission as the SEC has been having great difficulties carrying out its dual functions of regulating and developing the capital market.”
On the capital market, he said the Union is “urging the new management to constitute a market wide committee who will proffer solutions to the various issues currently bedevilling the market.”
E-Financial
Kenya to Extradite Anjarwalla, Binance Executive Linked to Tax Evasion to Nigeria
Kenya is preparing to extradite Nadeem Anjarwalla, a Binance executive wanted by Nigerian authorities for alleged involvement in tax evasion and a dramatic escape from custody.
Anjarwalla was apprehended in Kenya over the weekend in a joint operation involving several agencies, including the Economic and Financial Crimes Commission (EFCC), Nigeria Police Force, Kenya Police Service, FBI, and INTERPOL, following weeks of search efforts.
He is expected to be extradited to Nigeria within the week to face trial on tax evasion charges, with the possibility of additional charges related to illegal passport use and escape from custody.
Anjarwalla, Binance Africa’s regional manager, along with another executive, Tigran Gambrayan, encountered legal issues in Nigeria in February due to their association with the crypto exchange.
Anjarwalla evaded custody in March using a Kenyan passport and had been evading authorities until his recent capture.
This development adds to the ongoing tension between Binance and Nigerian authorities. Gambrayan, who has been detained since February, is currently facing trial for alleged tax evasion.
However, the proceedings have faced delays, with the court adjourning the case twice due to issues with formally serving charges to the exchange. Binance CEO Richard Teng has expressed willingness to cooperate with Nigerian authorities, but specific efforts to secure the release of the detained executives remain undisclosed.
Similarly, Gambrayan’Kenya to Extradite Binance Executive Linked to Tax Evasion to Nigeria attempts to secure bail have encountered obstacles, with a federal high court in Abuja postponing his bail application hearing.
He is presently held at the Kuje Correctional Center pending further legal proceedings.
E-Financial
Moniepoint MFB opens office in Lagos, pledges to do more for customers
In today’s fast paced financial services landscape, which has been defined by the ubiquity of digital and mobile banking tools, microfinance banks continue to play a crucial role in advancing financial inclusion. The hallmark of banking is customer satisfaction as such organizations that consistently invent new ways to meet consumer needs and ensure that they are well catered to are viewed as exemplars.
In a move aimed at enhancing customer satisfaction while providing more outlets for addressing customers’ enquiries and requests, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank has announced the opening of a new office in Lagos.
The new office which is situated on Admiralty Road in the Lekki area of Lagos follows from the relocation of its MFB office from Oyo-Ibadan Rd to Lagos. The new Moniepoint MFB office offers a full suite of banking services that cater to the essential financial needs of its customers, empowering them to truly live productive lives.
Commenting on the development, the Managing Director, Moniepoint MFB, Babatunde Olofin noted that the Bank’s visionary commitment to ensuring the creation of a society where everyone experiences financial happiness and they are sufficiently empowered to bring their dreams to fruition adding that the new branch is in strong alignment with this proposition which alongside its other core digital banking channels, plays a key role in how the financial institution serves and provide solutions to customers across the country.
“As we consistently bolster our digital capabilities, we recognize that physical sites remain an important touchpoint for many customers, who relish the trust, inter-personal touch and clarity at face-to-face conversations which our amazing customer service personnel provide.
“As such, creating connected experiences – physical and digital to provide access to best in class banking services affords us the privilege to deliver customer satisfaction and drive our business growth even as we strive to meet and surpass the expectations of our stakeholders,” he said.
Olofin reiterated that at the heart of Moniepoint’s success are its highly esteemed customers and that judging from feedback, testimonials, as well as the huge adoption of its products and services, the Bank is poised and well positioned to deliver more quality and value-adding banking services.
It will be recalled that Moniepoint MFB recently launched a USSD code,*5573# to offer customers a fast and user-friendly platform for consumers to carry out their banking activities safely and securely. This is in addition to a partnership that has been forged with the Corporate Affairs Commission (CAC) to digitize over 30 million MSMEs in the next 5 years with a view to enabling them to contribute more meaningfully to job creation and national growth.
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