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RIMAN Urges Banks to Embrace Best Risk Management Practices

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Risk Management Association of Nigeria (RIMAN) has charged financial services providers, especially banks, to embrace best risk management practices in their operations as new technologies and processes evolve.

According to the association, the appeal was premised on the emerging risks confronting the nation’s financial system, especially as new technologies evolve.

RIMAN also commended the management of Wema Bank for upholding best risk management practices in its operations.

The commendation was made when RIMAN Executive Council, led by Dr. Ezekiel Oseni, its President, paid a courtesy visit to the Chief Executive Officer of Wema Bank, Mr. Ademola Adebise.

Speaking at the event, Oseni appreciated Mr. Ademola Adebise, the Managing Director of Wema Bank and the Management team for upholding best risk management practices in the bank, noting that it is not only that the bank’s risk management department is well staffed but with highly qualified personnel that are also exposed regularly to capacity building programmes organized by the Association.

Oseni also congratulated the MD of Wema bank and the Board of Directors for the impressive financial performance of the Bank for the first 9 months of this year.

He said: “Your EPS for the first nine-month period of 2021 increased from 9.20k that was recorded for the same period in 2020 to 21.60k, representing 135 per cent growth.

“I am happy to also observe that since 2018 the Bank has been consistent in the payment of dividends. The improved and commendable performance of the bank is not unconnected with the quality of your risk management practice across board and the quality of your risk managers.”

However, he appealed to the Bank to sustain its support for best risk management practices in the Bank and if possible, take it to a higher level. According to him there may never be a lasting solution to cybercrimes as long as new technologies and processes emerge.

“The long-awaited Internet of Things has the potential to breach private data privacy, give unauthorized access to private data and so many other challenges. Internal risk management functions should start addressing these risks ahead of time by looking for customized solutions.

Also, new, stiffer and unavoidable regulations to curtail increasing cyber crimes may be in conflict with some strategic focus of some banks to grow their businesses. It will throw up compliance risks for the risk management function. The banks need to weigh their options and ensure that compliance risks do not materialise.

“RIMAN recently provided public enlightenment and heads up on the recently released Basel III regulations by the Central Bank of Nigeria (CBN) via a well-attended Webinar. Due to popular demand, a rerun of the Webinar is proposed for the first week in December 2021 and this time we would partner with Moody’s Analytics, UK”, he said.

Mr. Ademola Adebise, Managing Director of Wema Bank, thanked the president of RIMAN, the EXCO and the entire members for the continuous support to stakeholders in risk management practice and for professionalizing risk management via the Certified Risk Manager (CRM) professional certification.

He urged RIMAN to sustain the tempo in providing capacity building in risk management. Remarkably, he charged RIMAN to speak more around BOFIA and Regulatory risks to bring together operators and regulators in the industry.


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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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