Counting on its position as the largest shareholder of the Bank since inception, the Government of Nigeria has made a formal request to the African Development Bank to host its regional office in Abuja.
Kemi Adeosun, Minister of Finance, who spoke at the commissioning of the Bank’s new world-class country office complex in Abuja, asked that the African Development Bank President, Akinwumi Adesina, communicate Nigeria’s desire to host West Africa regional hub to the Bank’s Senior Management and Board of Directors.
“We think being the largest shareholder of the Bank since inception, and the country with one of the largest portfolio of its projects, Nigeria, is the natural and logical place for the Bank’s regional hub,” she said.
The state-of-the-art Nigeria Country Department (RDNG) office complex, situated in the Central Business District of Abuja, the country’s capital, is the first permanent structure is the first permanent structure to be designed and constructed in any regional member country of the Bank.
The building was commissioned by Nigeria’s Vice-President Yemi Osibanjo on behalf of President Muhammadu Buhari.
“I will like to put on record Nigeria’s strong desire and demand to host the regional hub of the African Development Bank,” Adeosun said.
Noting that the Bank had made Nigeria the first regional member country to host a purpose built and Bank-owned office complex, she said the complex would boost Nigeria’s efforts and plans for regional integration in the West African Region.
The improved relationship between the Bank and Nigeria has led to an all-time high portfolio level of about US $6 billion spread over 73 projects across sectors, she said.
The Minister commended the leadership of the Bank for providing a US $1-billion budget loan support for Nigeria during the period of economic recession, of which $600 million had been drawn.
“The signaling effect of that singular act gave the country’s foreign reserves the much-needed boost which helped stabilized the Nigerian currency – the Naira,” she said.
“The African Development Bank has proved to be quite dependable in Nigeria’s ongoing economic reforms and also ticks all the right boxes of strengthening our recovery efforts.”
Akinwumi Adesina, President of the African Development Bank, assured that the Bank would continue to support Nigeria and other African countries to accelerate the development of infrastructure and energy on the continent.
He stressed the Bank’s gratitude to the Government of Nigeria for its continuous support and the land provided for the construction of the property.
“The Bank’s portfolio in Nigeria is currently about US $6 billion and we expect these investments to grow to $8 billion by the 2019,” he observed.
President Adesina said the Bank had invested $500 million in the Development Bank of Nigeria and would also be committing the sum of $200 million in the Transmission Corporation of Nigeria.
As the principal shareholder of the Bank since its inception, Nigeria has consistently fulfilled obligations in sustaining the Bank Group’s international credibility and credit rating.
CIBN Recertifies NDIC Academy as Bankers Training Provider
Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.
The council also renewed the academy’s accreditation for the next three years, effective from June 2020.
Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.
The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.
He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.
Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.
He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.
In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.
Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.
“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).
“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.
He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).
Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.
He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.
The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.
“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.
Deloitte, Heritage Bank, PWC Urge Internal Auditors to Embrace IT to Tackle Fraud
Deloite, Heritage Bank Plc and PricewaterhouseCoopers’ (PWC’s) have urged internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.
Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Ifie Sekibo, the MD/CEO of Heritage Bank, disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.
Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.
ALAT By Wema Bank Upgrades Mobile Banking App
ALAT by Wema Bank, as an innovative financial institution, has introduced its upgraded mobile app – ALAT 4.0- to enable customers to remain connected to do much more. A unique app that provides seamless access to an array of exciting features serves as a platform where customers can personalise offerings to meet their frequent financial and lifestyle needs.
Being a customer-centric financial institution, the upgraded app serves as a one-stop platform that gives customers the option to create unique experiences for themselves; this includes dashboard personalization where customers can decide to hide and unhide their account balance as well as to display the most frequently used feature on their dashboard.
Mr Moruf Oseni, deputy managing director, speaking on the new upgrade expressed his delight, he said “we made a promise earlier this year to improve customer experience by introducing improved unique features to the app. Based on feedback from customers, a lot of effort was put together to ensure we deliver on our promise to ensure this upgrade affords customers a delightful and memorable service experience”.
As part of the new features is the card control option which enables customers to put a limit on their spending habit and the reintroduction of the virtual dollar card which gives customers the ability to make international payments irrespective of the currency.
ALAT has also expanded loan offerings to goal based loans, salary-based lending and device loan. Customers can also top up existing loan amounts, make part payment during the loan cycle at any time and liquidate the loan before the end of the loan cycle at any given time.
Oseni further added, “For us, it is imperative that customers have access to a flexible and seamless user experience on our platform. In introducing exciting features to the app, we ensured that major lifestyle and financial needs can be met through ALAT 4.0. As a bank, we will continue to create innovative solutions for our customers and solidify our lead in digital banking”
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