E-Financial
Nigerians Abroad Send $21Bn Home in 2012
Nigerians in Diaspora remitted some $21 billion in the last one year just as the federal government put the number of Nigerian citizens living abroad; legitimately registered and gainfully employed at 15 million.
Senator Anyim Pius Anyim, secretary to the Government of the Federation (SGF) who stated this also said that “It is in recognition of the worthy contributions of Nigerians in Diaspora to national development that the Nigeria Diaspora Day was instituted in 2005’’
Anyim was delivering an address at a press briefing to herald the upcoming Diaspora Day/Conference in Abuja at the weekend and said that this year’s 2013 Diaspora Day would feature activities such as youth empowerment programmes, medical missions, capacity-building workshops, Diaspora conference and others.
Anyim said the Diaspora Day is an opportunity for Nigerian professionals and experts living abroad to meet with professional in the country for productive dialogue.
The SGF expressed Federal Government’s commitment to supporting Nigerian Diaspora to enable them participate actively in national affairs.
Anyim said the Nigerian National Volunteer Service was collaborating with the International Organisations for Migration and other stakeholders in drafting a national policy on the Nigerian Diaspora.
He said that Nigerian in Diaspora were about 15 million Nigerians effectively engaged with better activities, adding that about 500 are registered.
The SGF urged them to invest in Nigeria to promote development. “I want to specially invite Nigerians in the Diaspora to take full advantage of the business opportunities in Nigeria. Come together and open hospitals and bring experts; that will make you to always remember your home and also help in the development of the nation,’’ he said.
He said the 2013 Diaspora Day would be unique because of the ongoing Nigeria centenary celebration as they would have the opportunity to participate in outlined activities and projects.
According to him, one of the projects that will be of interest to them is the Centenary City, conceived to be a modern city with world-class infrastructure and facilities.
The SGF said the Centenary City, a private sector-driven project, offers rare investment opportunities to the Diaspora.
Abike Dabiri-Erewa, chairperson, House Committee on Diaspora, commended the SGF and the committee for their commitment to Diaspora Day celebration.
Dabiri-Erewa appealed to the Nigerians in Diaspora to work together to ensure success of the celebration.
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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