E-Financial
IFC Partners SEC, Others Promote Greater Involvement of Women on Boards
IFC, a member of the World Bank Group, Institute of Directors’ Centre for Corporate Governance and Women in Management, Business and Public Service (WimBiz) are collaborating with the Securities & Exchange Commission (SEC) to strengthen the case for greater participation of women in the socio-economic development of Nigeria.
On International Women’s Day, the stakeholders came together at a roundtable session to discuss the theme “Promoting Gender Inclusive Boards, Organisations and Societies.” The discussions focused on progress, challenges and solutions to improve gender diversity on boards of companies in Nigeria. Participants included government officials, regulators, businesses, industry leaders and other experts.
Anastasia Braimoh, Deputy-Director and Head of Legal Department, SEC Nigeria, said “SEC is focused on developing transparent and efficient companies that will attract and retain investments, strengthen the capital market and contribute to economic development. With the support of IFC and other stakeholders, we are leading the promotion of a more balanced board with greater gender diversity to boost efficiency and overall productivity.”
Although the Central Bank of Nigeria issued a directive that 30% of all board compositions in Nigerian banks must be women, a WimBiz 2014 study found only 19% participation of women on boards in banks.
Eme Essien Lore, IFC Country Manager for Nigeria, said: “Research indicates that firms with a diverse directorate are better contributors to economies. Therefore, IFC, in partnership with the SEC, is promoting gender diversity on boards. This is helping strengthen Nigerian companies’ ethical reputation, increasing transparency and investor confidence and improving their financial performance.”
Globally, IFC has nearly reached a 30% target of female representation on IFC-nominated directors in companies it has invested in and it continues to aim for full parity in the near future.
Corporate governance refers to the structures and processes by which companies are directed and controlled. Good corporate governance makes companies more accountable and transparent to investors, which encourages new investments, boosts economic growth and provides employment opportunities.
IFC’s Africa Corporate Governance program is funded by the State Secretariat for Economic Affairs (SECO), Switzerland, and IFC is the implementing partner for the program.
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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