By Lucy Ogalue

African Development Bank (AfDB) has finalised arrangements to disburse 618 million dollars to Nigeria under the Investment in Digital and Creative Enterprise (i-DICE) programme.

AfDB’s Country Director-General for Nigeria, Mr Lamin Barrow told the News Agency of Nigeria (NAN) in Marrakesh, Morocco on Sunday that the Nigerian government was in the process of recruiting a fund manager for the project.

Nigeria inaugurated a 618 million-dollar technology fund for young investors under the iDICE programme on March 14.

The fund, inaugurated by former Vice-President Yemi Osinbajo, aimed to support investors who struggled to raise money in Nigeria’s technology and creative sectors.

Of the 618-million-dollar fund, 45 million dollars will come from Nigeria through the Bank of Industry.

The AfDB will contribute 170 million dollars; Agence Francaise de Development will contribute 116 million dollars, while the Islamic Development Bank will invest 70 million dollars.

Barrow said the implementation of the project was staggered because of Nigeria’s government transition.

“We were caught up by the transition of government and you have to allow the new government to settle in.

“The steering committee, chaired by the vice-president with membership from the Ministries of Finance, Trade and Investments, Communication, Science and Technology, Information and Culture, met and received a briefing.

“We are now at the point of disbursement and the team has assembled the necessary procurement work.

“This has to do with the recruitment of the transaction adviser and the Expression of Interest for firms that want to manage the DICE funds,’’ he said.

He added that a lot of work had been done and it included advanced meeting on the first disbursement.

“Last week, the French minister that visited Nigeria signed the agreement for the co-financing as DICE is being co-financed by the French Development Agency and the Islamic Development Bank. All the processes are now virtually completed.

“The important thing is that the fund and the recruitment processes for a fund manager will soon occur.

“The fund will be independently managed by the fund manager who will also contribute to the fund by supporting start-ups,’’ Barrow said. (NAN)(www.nannews.ng)

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Edited by Alli Hakeem

By Lydia Ngwakwe

The Chartered Institute of Bankers of Nigeria (CIBN) and the Lagos Business School (LBS) have collaborated to launch novel dual qualification programmes, the MBA/Chartered Banker and SMP/Chartered Banker programmes.

The President, CIBN, Dr Ken Opara, FCIB, confirmed this in a statement on Friday in Lagos.

Opara said the launch took place at a cocktail event at the LBS on Nov. 1.

According to him, the cocktail session was to commemorate the commencement of the CIBN/LBS collaborative Chartered Banker/SMP two-in-one programme.

He said the dual certification programme, which was the maiden edition, would help participants to gain an understanding of the present business environment in Africa.

He said the programme would improve the managerial competencies and strategic thinking capacities of industry executives, while also implementing strategies for effective change processes.

“With an SMP/MBA from LBS and an ACIB certification from CIBN, you gain access to a global network of international business leaders across Africa, the knowledge and skills to accelerate your career and thrive in the African business market at affordable and flexible pay,’’ Opara said.

He added that the programme would provide financial services professionals with a solid foundation in management and leadership through hands-on training, cross-functional skills development, peer learning and case studies.

These programmes, he said, were structured to fast-track competence and skills development of financial service industry professionals.

Opara said the programme would afford participants the opportunity of running one programme and gaining two qualifications.

“This means that you can earn the Chartered Banker designation (ACIB) and the SMP certification by completing a single programme: Chartered Banker (ACIB) and SMP,’’ he stressed.

He urged people to click on the link https://tinyurl.com/CIBNLBSProgram, to read more.

Opara expressed his sincere congratulations to the LBS for their partnership with the CIBN in launching the two-in-one certificate programme.

He noted that the LBS has continued to play a frontline role in the area of executive education in Nigeria, maintaining very high standards.

“As an advocate of future and younger generations, this programme is apt as the mode of delivery is hybrid.

“This would help participants achieve their objectives without limitation. The initiative is leaning into the future and aligns with the changing business landscape.

“I am resolute that this initiative will enhance the desired capacity development in the financial services industry and both institutions, that is, CIBN and LBS will be remembered for packaging the programme,’’ he said.

Opara noted that the CIBN remains commited to its statutory manadate of ensuring the observance and maintenance of ethics and professionalism in the banking and finance industry.

He harped that the institute has remained the conscience and moral compass for the industry in its 60 years of existence.

Prof. Chris Ogbechie, Dean, LBS, noted in his remarks that the financial services sector plays a very significant role in the life of any country.

He said, “As such, the LBS is excited to collaborate with the CIBN toward deepening the knowledge and capacity of professionals in the financial services ecosystem.”

He commended the CIBN for the laudable initiative and admonished practitioners in the industry to take advantage of the unique programme.

The event was attended by President/Chairman of Council of CIBN, Dr Ken Opara, Akin Morakinyo, Registrar/Chief Executive, CIBN, Prof. Chris Ogbechie, Dean, LBS, and the Programme Director, Dr Nkemdilim Iheanachor, LBS, resource persons and the participants. (NAN)

Edited by Chinyere Joel-Nwokeoma

By Lydia Ngwakwe

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) says it’s committed to making internal auditing in Nigeria a world-class.

The Chairman, ACAEBIN, Mr Prince Akamadu, said this in a statement on Thursday in Lagos.

Akamadu, at the association’s two-day training on “Internal Audit staff on Report Writing and Effective Communication Skills,” said the association would remain committed to professionalism.

He also stressed the association’s commitment to improving the quality of internal audit reports that would surpass the expectations of stakeholders.

The training was held in conjunction with Platinum Edge Consulting.

He said the association would ensure that internal auditors in Nigeria had the skills and knowledge they needed to perform their jobs at the highest level.

“One of the association’s core objectives is to develop the capacity of the Internal Audit Function to meet global standards and help auditors to deliver more effectively and efficiently.

“Over the years, ACAEBIN has been passionate about developing the skill set of Chief Audit Executives (CAEs) and Internal Auditors.

“This is one of the many ways the association is adding value to the industry,” he said.

Akamadu urged the trainees to make the best use of the opportunity provided by the exercise.

The statement quoted Mr Mogbitse Atsagbede, the Second-Vice Chairman, ACAEBIN, as saying that capacity development was at the core of the association’s mandate.

According to him, such training is usually bankrolled by the association at no cost to the individual member banks.

“We are committed to promoting competence and professionalism in the industry.

“Our training and capacity development programmes are usually free and we do not compromise on quality.

“We have committed to organising at least two training sessions for Internal Auditors and one for the CAEs (its members) every year,” Mogbitse said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Rukayat Adeyemi

The Fiscal Responsibility Commission (FRC) on Saturday highlighted the risks associated with banks lending in a manner that contravenes the Section 45 of its Fiscal Responsibility Act.

Its Executive Chairman, Mr Victor Muruako, who spoke at a one-day stakeholders dialogue in Lagos, said such manner could also have severe consequences for banks and the Nigerian economy as a whole.

The dialogue was on implementing Section 45 of the Fiscal Responsibility Act.

The News Agency of Nigeria (NAN) reports that the commission began discussions with banks and financial institutions in the country to ensure that their lending practices consistently comply with provisions of the Fiscal Responsibility Act(FRA).

Muruako emphasised that although borrowing by the government and public institutions is a tool for development, lending by banks and financial institutions in violation of the provision is unlawful.

Despite the simplicity and clarity of the Act’s language, he pointed out that banks often approve and disburse loans to subnational governments without fully adhering to the provisions of the FRA.

Muruako said: “Not once in the commission’s verification exercises, has it confirmed that a Proof of Compliance With Provision of the FRA was specifically requested for and obtained by a bank or financial institution before lending to any government.

“Also, only one, out of a recent sample of 13 loans to governments across the country, had an associated ‘Cost-Benefit Analysis’, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.

The FRA chairman said there lawsuits in courts across the country, challenging the propriety of some bank loans to governments and public institutions, based on provisions of the FRA 2007.

Muruako said: “The unsavory effect of this non-compliance, may spread well beyond the individual banks to the inside macroeconomic space.

“Since the commission has responsibility toward macroeconomic stability, we thought it necessary to hold this stakeholders dialogue to get the perspectives of banks and also stem the tide before it’s too late.

“I urge the banks and other financial institutions to support the bold macroeconomic reform initiative of President Bola Tinubu’s administration.

“By being intentional in helping to reduce the risk of macroeconomic instability through ensuring that their lending practice consistently comply with provisions of the FRA.”

Muruako appreciated the leadership of Access bank for their support in organising the event and stakeholders in the financial industry for their cooperation with FRA.

In his remark, Mr Felix Obiamalu, a lawyer, advised the FRC to work toward engaging the Nigeria Governors’ Forum (NGF) and carry them along to ease the implementation of the provision.

Obiamalu, also Associate Director, Legal and Sanctions, Nigeria Financial Intelligence Unit,
stated that the FRA should also be empowered to enforce compliance to the FRA.

This, he noted, could be done by enabling laws to sanction and penalise defaulters of the Act.

In his presentation, Prof. Uche Uwaleke of the Nasarawa State University, Keffi, also harped on the need to curb borrowings from government at all levels.

He said this had become more for consumption, rather than for capital projects.

Uwaleke noted that government borrowings over the years had been on the rise, as the country currently has over N87 trillion public debt.

According to him, this is causing strain on government balance sheet and stifling the nation’s development.

The News Agency of Nigeria (NAN) reports that stakeholders at the dialogue included: representatives of NGF, Nigeria Deposit Insurance Corporation (NDIC), Chief Compliance Officers, Chief Risk Officers, Chief Legal Officers and Chief Executive Officers of banks, among others. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa