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UBA Adopts IFRS, BASEL 2, Global Standards in Governance, Financial Reporting, Risk Management

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The United Bank for Africa has announced further changes to its financial reporting, governance, risk and control architecture in line with its standard setting history and ongoing commitment to implement industry best practice across its global businesses.
These entail an integrated implementation of key international best practices in risk management, financial reporting, internal controls and corporate governance.
The holistic measures have seen the Bank adopting the advanced approaches of Basel II Prudential Standards, International Financial Reporting Standards (IFRS), and Committee of Standards Organisation (COSO) compliance and plans to implement the South African King III corporate governance code, which will be implemented during the course of this financial year.
Mr. Andre Blaauw, group chief risk officer, UBA Plc said the bank has adopted the advanced approaches of the Basel II standard as a best practice framework for credit, market and operational risk management as well as capital management and risk reporting.
He said integrating Basel II with key business practices, such as risk appetite management, loan pricing, loan portfolio management, performance management, customer segmentation and product planning, has proven to be the key differentiator in the bank’s business model success during the recent financial crisis.
“Banks which have merely adopted Basel II for compliance reasons and have not changed the way they were doing their business ran into problems quickly. Given that the Central Bank of Nigeria has set 2012 as the deadline for Basel II implementation, we do not have an urgent compliance deadline but have decided to adopt Basel II as a key enabler of business management and development” he stated.
UBA has a diverse shareholder base and is currently operating in 13 African countries, with an expectation to be in a further 6 shortly, the US, UK and France, all with different regulatory and accounting standards.
The adoption of IFRS has become an imperative to facilitate the bank’s financial reporting and disclosure standards amongst its diverse stakeholders said Mr. Victor Osadolor, UBA Plc’s group chief finance officer.
IFRS is recognized as the global standard for financial reporting. Its most significant impact for Nigerian banks will be in the area of credit provisioning. The IFRS requirements for loan portfolio impairment accounting are rule-based and less subjective than the current practice. 
It is also noteworthy that UBA is also adopting COSO compliance – which relates to the integration of internal audit with wider enterprise risk management. Though COSO is not a Nigerian requirement, as an international bank with a multinational presence, UBA has realized the benefits that the rigour of COSO standard compliance will bring to the robustness of our internal control framework.
UBA plans to commence implementation of COSO, once IFRS is established. COSO certifications will provide added assurance to all stakeholders on the soundness of our control environment.
UBA is already fully compliant with the CBN code on corporate governance, but as a global bank, the adoption of the South African King III Code puts the bank on a par with international peers. Implementation of King III will take place in the last quarter of this financial year. The King Code is widely regarded internationally and King III, the latest version of the code has just been released. 
According to Mr. Blaauw, UBA decided to align with it as the corporate governance code most suitable to an institution with both global and emerging market stakeholder bases, such as UBA.
 

 


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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