Connect with us

E-Financial

Nigeria Loses $10Bn to Illicit Financial Flows – ICPC

Published

on

Kindly share this post

Independent Corrupt Practices and Other Related Offences Commission (ICPC) said Nigeria accounts for 20 per cent or 10 billion dollars (N3.8 trillion) of the estimated 50 billion dollars that Africa loses to Illicit Financial Flows (IFFs).

Nigeria Loses $10Bn to Illicit Financial Flows – ICPC

Mrs Azuka Ogugua, spokesperson for ICPC, in a statement released in Abuja on Friday, quoted the Prof. Bolaji Owasanoye, chairman of ICPC, as stating this during a virtual meeting to review a report on IFFs in relation to tax.

The ICPC Chairman said, “the African Union Illicit Financial Flow Report estimated that Africa is losing nearly 50 billion dollars through profit shifting by multinational corporations and about 20 per cent of this figure is from Nigeria alone.”

The ICPC boss explained that taxes played “very strategic role in the nation’s political economy.”

He said the objective of the meeting was to improve on the awareness on IFFs, especially in the areas of taxation.

The ICPC boss added that the meeting would give participants the opportunity to openly discuss how to effectively use the instrumentality of taxation to curb IFFs through risk-based approach.

“Risk-based approach, that is: monitoring and audit; due process in tax collection; structured tax amnesty framework skewed in public interest; data privacy; timely resolution of audits and payment of tax refunds and intelligence sharing among revenue-generating, regulatory and law enforcement agencies,” he said.

Owasanoye also stated that for the contemporary tax man to remain relevant, he must build his capacity in areas of technology management, solution architects and an astute relationship manager.

Mr Muhammad Nani, executive chairman of Federal Inland Revenue Service (FIRS), expressed concerns that IFFs posed a serious threat to the Nigerian economy as the act robbed the nation of resources that were needed for development.

Nani declared that tackling IFFs would expand the country’s tax base and improve revenue generation, which was required for development.

He consequently pushed for policy reforms that would make it difficult for “capital flights” from occurring so that the country would be placed on the path of growth.

Other discussants at the event identified weak regulatory framework, opacity of financial system and lack of capacity amongst others as some of the factors that fuelled IFFs.

The discussants emphasised the need for capacity building of relevant stakeholders as one of the ways to stamp out illicit financial flows.

They commended ICPC for leveraging its corruption prevention mandate to open a new vista in IFFs discourse in Nigeria.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Benson Ogundeji Takes Helm as MD/CEO of Greenwich Merchant Bank

Published

on

Kindly share this post

Board of Directors of Greenwich Merchant Bank Limited has announced the appointment of Mr. Benson Ogundeji as its substantive Managing Director/Chief Executive Officer, following the receipt of the approval of the Central Bank of Nigeria (CBN).

The Chairman of the Board, Mr. Kayode Falowo, stated, “The Board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer”.

Ogundeji brings over three decades of extensive banking experience to this role. A seasoned financial services professional, he previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank. In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.

Before joining Greenwich, Ogundeji held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria Plc, GTBank Plc, and other notable banks, where he consistently displayed exceptional leadership skills.

Throughout his career, Ogundeji has demonstrated exceptional expertise in business development and operational excellence. His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans.

Having related closely with Ogundeji as an Executive Director and Acting Managing Director in the last four years, the Board is confident about his ability to lead the bank in delivering our strategic goals.


Kindly share this post
Continue Reading

E-Financial

SEC Flags Marino FX as Illegal Crypto Exchange

Published

on

Kindly share this post

The Securities and Exchange Commission (SEC) has issued a public notice disowning Marino FX Limited, a company claiming to be a SEC-licensed cryptocurrency exchange.

According to the regulatory body, Marino FX is neither registered nor authorized to operate in any capacity within Nigeria’s capital market, including the facilitation of cryptocurrency trading.

In a recent notice, the SEC clarified, “Any claim to the public by the company of its registration or license by the SEC is false and misleading.”

The Commission also urged the public to avoid engaging with Marino FX or its representatives. “Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment,” the SEC emphasized.

The SEC reaffirmed its commitment to safeguarding investors and combating fraudulent activities in the Nigerian capital market. This recent clamp down on Marino FX demonstrates that the regulator continues to enhance measures aimed at protecting the integrity of the market and reducing exposure to scams.

Recently, a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20million or 10-years imprisonment or both for Ponzi scheme operators.

Emomotimi Agama, the Director-General of SEC, while speaking at the event, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi operator.

He said that SEC introduced an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.

Agama added that the commission had observed areas which required review in the ISB 2007 to “strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.”


Kindly share this post
Continue Reading

E-Financial

CBN Set to Retire 1,000 Staff, Earmarks N50Bn for Settlement

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) is poised to retire approximately 1,000 employees before the end of the year, according to sources within the apex bank.

CBN Set to Retire 1,000 Staff, Earmarks N50Bn for Settlement

This move is part of a broader strategic realignment aimed at streamlining the CBN’s workforce.

Insiders revealed that the retirement package will cost the bank over N50 billion, with affected workers set to receive generous payouts.

The CBN’s Board of Governors, led by Olayemi Cardoso, has been driving this initiative to reduce the workforce and enhance operational efficiency.

According to Daily Trust, in recent months, the CBN has already disengaged several staff, including 17 directors who served under former Governor Godwin Emefiele.

A circular released by the bank three weeks ago announced the opening of applications for the Early Exit Package (EPP), which will close on December 7.

According to officials, the EPP is a voluntary programme offering eligible employees a financial incentive to exit the CBN early.

At least 860 staff members have already applied for the package, which includes financial incentives, financial planning, and entrepreneurial capacity-building programmes.

The CBN has emphasized that the EPP is a one-time offer, and staff cannot change their minds after applying. The bank has set a deadline of December 31, 2024, for the exit of affected employees.

Staff members who spoke to Daily Trust expressed mixed reactions to the EPP.

One staff revealed that they were offered a package worth between N92 million and N97 million for their four years of service.

Another staff expressed disappointment with the package, stating that it was inadequate considering their years of service.

 

 

 


Kindly share this post
Continue Reading

Trending