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Osibanjo, Lawan, Others Seek Digitisation of NGX

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Vice President, Prof Yemi Osibanjo, former Central Bank of Nigeria CBN Governor, Mr Sanusi Lamido Sanusi, Senate President Ahmed Lawan, Speaker, House of Representatives, Femi Gbajabiamila and a host of other eminent personalities have canvassed for digitisation of Nigerian Exchange Limited (NGX) and increased collaboration among key players in the nation’s economy, towards driving productive investments that would accelerate an elevated and digitized capital market.

They made the call on Tuesday in Abuja at the maiden edition of the NGX capital markets conference themed: “The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery”.

The event brought together leading policymakers, financial experts, business leaders, investors, international development partners and regulators, led by  Osinbajo and provided a platform to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing for the capital market.

In his remarks, the Vice President stated that, “every smart investor must be looking now at how to be a part of the miracle of the Nigerian Unicorns, the about five or six indigenous Nigerian companies (driven by young Nigerians) that became billion-dollar enterprises since 2015 in the midst of two recessions.”

The Vice President, who emphasized the digital transformation of the markets, highlighted the many opportunities this move would provide for the capital markets, which includes bringing in more young investors.

He advised the adoption of technology “to bring in a new crop of young investors, many of who use their smartphones primarily for engaging with commerce and banking activities today. And you have commendably begun the journey to the digital transformation of the market, following the highly successful example of the banks and, of course, the telcos.”

The VP added, “today, the huge retail outlets already created by the telcos with well over a hundred million subscribers, the wide reach of banks, especially with the numerous financial inclusion initiatives, make this probably the most auspicious moment for digitizing the capital market to bring in the millions of new young retail investors.”

Urging the NGX to see itself as a critical player in the AfCFTA negotiations, the VP added that “we are at a point where we are looking at negotiating Service Rules, we have looked at Rules of Origin already, so this is the time to come into play to get the best deals possible from all our partners all across Africa.”

Prof. Osinbajo also pointed out that the Government-backed N15 trillion Infrastructure Fund being set up in partnership with the private sector will further help to bridge infrastructure gaps.

The VP observed that despite a significant withdrawal of foreign investors and domestic institutional participation in 2021, “the NGX in 2020 was the highest performing exchange with a return of 50% on the All-Share Index, when compared with 98 other exchanges tracked globally by Bloomberg.”

Also speaking after the conference, Mr. Temi Popoola, the Chief Executive Officer, NGX, expressed his excitement about the deliberations, outcomes and agreed way forward by key speakers and panelists.

He said, “as a major propeller of the economy, we are proud to be at the forefront of this milestone which is a defining moment for Nigeria’s finance sector and the capital market specifically.

“The long list of key stakeholders from the public and private sector in attendance at today’s conference shows how open NGX is to leveraging relationships and partnerships to advance its digital transformation agenda”.

“Taking this forward, NGX will continue to deepen and increase access to financial services for Nigeria through technology while championing the infrastructural development as well as the economic growth of the country,” Temi assured.

Held as a hybrid event, the inaugural capital market conference featured a long list of policy makers and business leaders across the public and private sectors in the country.

Present at the event were; Chairman, BUA Group, Alhaji Abdul Samad Rabiu, Chairman of the Conference; Senate President, Federal Republic of Nigeria, Senator, Ahmad Ibrahim Lawan, represented by the Senator Ibikunle Amosun, Chairman, Senate Committee on Capital Market; Dr. Kayode Fayemi, Executive Governor, Ekiti State and Chairman Nigeria’s Governors Forum; Mr. Godwin Obaseki, Executive Governor, Edo State; Malam Nasir El-Rufai, Executive Governor, Kaduna State; Group Chairman, Nigerian Exchange Group Plc, Mr Abimbola Ogunbanjo; Chairman, NGX, Mr. Abubakar Balarabe Mahmoud, Mr. Aigboje Aig-Imoukhuede, Chairman, Coronation Capital; Mr. Oscar N. Onyema, Group Managing Director/Chief Executive Officer, NGX Group Plc;  Mrs. Cathrine Echeozo, Director, Guaranty Trust Holding Company (GTCO); and the Honourable Minister of Finance, Budget, and National Planning, (Dr) Zainab Ahmed,  among others.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“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.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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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.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

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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