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GLEIF Reaffirms CSCS as the Sole Local Operating Unit for Nigeria

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The Global Legal Entity Identifier Foundation (GLEIF), the independent global body responsible for coordinating the issuance and management of Legal Entity Identifier (LEI) has completed its Annual Accreditation Verification (AAV), upholding Central Securities Clearing System (CSCS) Plc as the sole Local Operating Unit (LOU) for Nigeria and commending the Nigeria’s capital market infrastructure for its adherence to global standards in issuance, administration and management of LEI.

The annual certification exercise, a thorough process instituted by GLEIF, is an assessment exercise aimed at monitoring and accrediting the compliance and performance of all LOUs, globally.

In his report, Mr. Stephan Wolf, Chief Executive Officer of GLEIF, noted: “GLEIF reviewed the updated controls as documented by CSCS Nigeria and rescored the related sections. All sections passed the requirements. CSCS Nigeria has met the minimum requirements of the AAV process. GLEIF wishes to emphasize the importance of ensuring full compliance with all GLEIF requirements as a basic requirement for continued accreditation and the ability to issue LEIs”.

Whilst reacting to the report, Mr. Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS Plc, said, “this is a testament to our continuous investments in systems and people towards ensuring global best practice in everything that we do. I am pleased with the impressive operational review report on our LEI services and accompanying commendation from GLEIF, particularly as it reinforces our commitment to new initiatives targeted at deepening LEI penetration in Nigeria, and broader African continent”.

Mr. Jalo-Waziri used the opportunity to call on all Nigerian corporates that are yet to enroll for LEI to take advantage of the seamless process and avoid probable exclusion from the global market, as regulators across the world increasingly advocate and legislate for LEI as a mandatory KYC requirement for cross-border transactions.

“As part of our initiatives to further attract foreign investors to the country, CSCS is democratizing the issuance of International Securities Identification Number (ISIN) for all eligible securities, as this remains a notable prerequisite for most global fund managers to invest in an offshore financial asset, Mr. Jalo-Waziri noted.

Since the certification of CSCS as the LOU for Nigeria in 2013, it has successfully upheld the gold standards of GLEIF and continue to deepen awareness and market penetration of LEI within Nigeria’s capital market and the broader financial services sector.

As a critical infrastructure for the capital market, CSCS values its role in integrating Nigeria’s financial market into the global economy by supporting market participants in complying with global best practice in entity and securities identification.

In response to the vast opportunities but inherent risks presented by the integration of global financial markets, GLEIF was established with the responsibility of issuing unique identities, known as LEI, to all companies which have or may have cross-border transactions. The LEI is an ISO 17442 standard, which consists of a 20-digit alpha numeric code, unique to each legal entity and is increasingly positioned as a key requirement for companies to participate in cross border transactions.


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Mega Deals as Konga Freedom Sales Goes Live Today

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All is set for the 2020 edition of the Konga Freedom Sales, an annual promotion by the foremost composite e-Commerce giant targeted at celebrating Nigeria’s independence anniversary.

Specifically, the Konga Freedom Sales goes live on Monday, September 21, 2020 and will run until Friday, October 9, 2020 across Nigeria.

The promotion will see the first week from September 21 – 27 focus on giving Nigerians the best prices and unbeatable discounts unmatched anywhere else in the market, with customers also urged to check prices on Konga before making any purchases. In addition, Konga’s customers are in line to benefit from three flash sales during the week.

From September 28, the week which coincides with the memorable occasion of Nigeria’s 60th Independence Anniversary, Konga will offer all classes of shoppers a unique opportunity to enjoy rock-bottom prices and mega deals on a wide variety of genuine products carefully selected by Konga to mark the auspicious celebration.Among these are 60 special products for each day of the promotion in line with the commemoration of Nigeria’s 60thindependence anniversary.

Also, the promotion will run across multiple channels including the Konga website, chain of retail stores located nationwide and via the Konga Bulk platform.

The eagerly anticipated Konga Freedom Sales will see the e-Commerce giant make available heavily discounted products of up to 50% off from multiple categories such as Computers & Accessories, Home & Kitchen, Electronics, quality Fast Moving Consumer Goods (FMCG), Power Solutions, Phones & Tablets, Drinks & Groceries, among many others. Further raising the excitement for the Konga Freedom Sales is the fact that Konga has positioned the promotion as one with which to celebrate Nigerians as the country hits its Diamond Jubilee.

Consequently, the management of Konga has revealed its intention to make it a promotion to remember for every customer.

‘‘Nigeria will be marking its Diamond Jubilee on October 1st. It is a momentous anniversary as 60 years is not a mean feat,’’ disclosed Co-Chief Executive Officer, Konga Group, Nick Imudia.

‘‘In view of this, we have decided to make this year’s edition of the Konga Freedom Sales a special one to celebrate all Nigerians.

‘‘Therefore, we have carefully selected all the products that will go on sale from Monday.

“Our motivation is to make it a memorable occasion for all Nigerians by helping them save money on genuine products across our online platform and retail stores nationwide.

“We encourage everyone to go online at www.konga.com or visit the nearest Konga store or leverage Konga Bulk from Monday to partake in the celebration of Nigerians through the Konga Freedom Sales,’’ he urged.

Meanwhile, an array of world class brands has partnered with Konga for the promotion. These include the likes of HP, Samsung, Lenovo, PZ Cussons, Dell EMC, Infinix, iTEC, Zinox, Tecno, Unilever and many more.

The Konga Freedom Sales goes live nationwide from Monday, September 21 until Friday, October 9, 2020.


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ICANN Launches Pandemic Internet Access Reimbursement Program Pilot

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The Internet Corporation for Assigned Names and Numbers (ICANN) has announced the Pandemic Internet Access Program Pilot for ICANN69, following the ICANN Board’s resolution in support of the pilot program.

To facilitate participation during the remote Public Meeting, the pilot program offers community members who have limited Internet capacity, financial assistance to increase their Internet bandwidth during ICANN69.

Reimbursement amounts of up to USD 60 will be provided to eligible applicants who purchase additional Internet bandwidth (capacity or data limits) for the duration of the month or billing cycle for October 2020.

The services must be rendered by a business entity or Internet service provider, specifically for Internet or cellular data service. The provider must also provide digital or paper documentation of the upgrade costs.

Interested community members must apply in advance of ICANN69 and those who meet the eligibility requirements will be selected to participate. The application deadline is Friday, 2 October 2020 at 23:59 Coordinated Universal Time (UTC).


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FG Launches Central Database for Stolen Asset Tracing

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Federal government has launched a Central Database under the Asset Tracing, Recovery and Management Regulations (ARTM), 2019 and the Central Criminal Justice Information System (CCJIS) under the National Anti-Corruption Strategy (NACS) 2017 – 2011 to assist in the fight against corruption.

FG Launches Central Database for Stolen Asset Tracing

Mr Abubakar Malami, AGF

Mr Abubakar Malami, attorney-general of the federation (AGF) and minister of Justice, at the launch in Abuja, said the database will ensure uniformity of process, access and information feeding to deepen transparency and accountability in the management of recovered assets.

To ensure compliance, he said his office is developing legislation for the full implementation and operation of the CCJIS.

“We will work together to establish and re-enact transparency and accountability in governance and management of our resources which we have committed to do by way of strengthening International Cooperation of our membership of Open Government Partnership,” he said.

In his speech, Mr Femi Gbajabiamila, speaker of the House of Representatives, represented by Mrs Ugonna Ozurigbo, chairman, House Committee on Justice, said the regulation on Asset Tracing, Recovery and proper management of proceeds of crime was signed on October 24, 2019, and took effect from November 1, 2019, replaced the proceeds of Crime Regulation of 2012.

The new regulation titled Asset Tracing, Recovery and Management Regulations 2019 empowers the AGF to take charge of the custody and management of all final forfeited assets, approval and appointment of asset managers and operating and maintaining a database for the records of all recovered assets within and outside Nigeria.

He said, the AGF’s office, under the new regulation, is also required to coordinate inter-agency investigations into recovery matters within and outside Nigeria from all law enforcement agencies whose law empowers them to undertake recoveries and maintaining a depository for all forfeiture orders issued by the Nigeria courts and courts outside Nigeria.

Asset Tracing, Recovery and Management, according to the Speaker, is a core value of good governance and its effective management will serve as a deterrent to would-be fraudulent minded individuals who may find themselves in public offices.

According to him, states resources must not be allowed to be stolen but if that happened by fraudulent individuals, efforts must be taken to trace the proceed, recover same and manage for the interest of the generality of the people.

“When the proceeds of crime are traced and recovered but again looted by government officials, I dare to say such act amounts to the crime of tertiary capacity and must be avoided.

“Assets not accounted for are assets lost; loss of assets undervalues the economic potential of a country and will negatively impact on the net worth of a country. Accordingly, Asset Tracing Recovery and Management is a panacea to rekindling of the value system of a nation,” the Speaker noted.

 


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