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NDIC Seeks Strict Implementation of Fiscal, Monetary Policies

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Umaru Ibrahim, managing director of the Nigeria Deposit Insurance Corporation (NDIC), has said that effective implementation of fiscal and monetary policy measures are critical towards addressing the unexpected impact of the COVID-19 pandemic on the Financial System.

Ibrahim stated this in a speech delivered on his behalf by Mr. Galadima Y. Gana, Director, Insurance Surveillance Department (ISD), NDIC at the Webinar titled “The Impact of COVID-19 on the Banking System with a Special Focus on Non-Interest Financial Institutions’ (NIFIs)” organised by the NDIC in collaboration with the Islamic Financial Service Board (IFSB).

He described the Webinar event as a crucial platform for stakeholders and regulators in the industry to examine and analyse the issues affecting operations in the Non-Interest Banking sector that have been impacted by the pandemic with a view to proffering effective solutions and interventions to ensure stability of the financial system.

Gana explained that the aim of the Webinar was to bring critical stakeholders in the Non-Interest Banking sector to, among other issues, evaluate the Central Bank of Nigeria’s interventions in the sector in terms of enhancing financial inclusion, gain insights into consumer behaviour in light of the recent Sukuk Issuance as well as highlight global interventions such as the Islamic Development Bank’s Social Welfare Sukuk.

The Secretary General of the IFSB, Dr. Bello Lawal Danbatta, disclosed that since its establishment in 2003, the IFSB has remained committed to the implementation of prudent regulations to promote financial system stability for Non-Interest Financial Institutions (NIFIs).

He said in light of the global impact of the COVID-19 pandemic on the financial system, it is critical for industry operators to strictly monitor their Credit, Market and Operation Risks for operational resilience as well as come up with a coordinated policy response for both domestic and international financial institutions.

Presentations were delivered by Managing Directors and Heads of Units of various NIFIs in Nigeria including Taj Bank Plc, SunTrust Bank Plc, Tijara Microfinance Bank, Jaiz Bank Plc and Sterling Bank Plc.

Members of the academia from across the country including those from Ahmadu Bello University Zaria and University of Lagos also served as panelists during the webinar. Participants tabled their concerns and recommendations in a communique issued at the end of the Webinar.

Highlights of the recommendations include the need for regulators, especially the CBN to address the Liquidity challenges faced by the NIFIs on investible instruments particularly short-term investible windows; the adoption of Social Financing in collaboration with religious bodies that have the mandate to collect zakat (Islamic obligatory charity) and protect Waqf (Islamic charitable endowment)  that could be channeled towards projects targeted at poverty alleviation; the extension of Sukuk to include the corporate private sector and the use of its proceeds in developmental initiatives such as healthcare; and the establishment of Non-Interest Microfinance Banks to target the financially excluded and underserved  segments of the population in line with the financial inclusion drive of the Federal Government.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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