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

By Rukayat Adeyemi

Access Bank Plc says it has enhanced its Agriculture Desk to boost sustainable agricultural business and attract global investments.

The Executive Director, Commercial Banking, Access Bank, Ms Hadiza Ambursa, at a news conference in Lagos, said that the move aimed at improving value for its customers and stakeholders.

Ambursa said that the advancement positions the bank at the forefront of Nigeria’s agricultural financing market segment to serve and support agribusinesses in Nigeria.

According to her, this is in line with the Central Bank of Nigeria’s (CBN) directive to banks.
She said that the agriculture desk serves as a specialised unit which is charged with the responsibility of offering financial and advisory services.

She said that the desk also supports prospects and existing players in the agri-business value chain.
Ambursa said this is in the areas of input and supply, primary production, storage, processing, marketing, mechanisation, among others.

The executive director explained that the creation of the desks was to actualise the ‘From Farm to Table’ Policy thrust of the CBN, which aligns with the bank’s vision of contributing to the country’s achievement of sustainable food security.

“Access Bank’s agriculture desk is first of its kind in the Nigerian agricultural financing market segment to bridge the funding gap in Nigeria’s agricultural sector.

“This is done by promoting agribusiness activities through sustainable lending to customers, while providing sustainable and innovative agribusiness solutions for the markets and communities the bank is serving.

“This is done by collaborating closely with the market to understand their unique needs, offering tailored financial products and services to optimise their operations and facilitate expansions.

“Accelerate the growth of agribusiness and enhance the livelihoods of farmers and agro-entrepreneurs, by strategically aligning its services with the evolving needs in the agricultural industry,” she said.

According to her, the bank provides tailored financial solutions that address the unique challenges faced by farmers, agribusinesses and other stakeholders in the value chain with the value addition services.

Ambursa said these include provision of financial and advisory services, market linkages to support sales, capacity building, with special focus on women and youth, stakeholders’ engagement, project monitoring and reporting.

She mentioned that the bank’s agriculture desk has a seamless and simplified process for the accessibility of the service.

The executive director said: ” The agriculture desk is not only about financing; it is about driving transformational change within the agricultural landscape.

“Our commitment extends beyond monetary support to encompass capacity building, technology adoption and market access for our clients.

“The desk’s impressive track record has been built on partnerships with key stakeholders, including government agencies, international organisations and industry associations.

“This collaborative approach has reinforced our reputation as a reliable driver of growth in Nigeria’s agricultural sector.”

Ambursa noted that the bank has positively contributed to the nation’s achievement of self-sustained food security.

She revealed that the bank’s investment in agribusiness, so far, is over N200 billion, which has benefitted over 10,000 Agribusinesses, across Small Holder Farms (SHFs).

Also, Small and Medium Enterprises (SMEs), organised farmer associations or cooperatives and corporates who are financed under various bank’s product and government schemes.

The executive director said that the support for these projects has had impacts, such as increase in food security, job creation, growth in customers’ businesses and increased revenue.

Ambursa stated that with a steadfast commitment to sustainable agricultural business and strategic stakeholders partnerships, the bank is steering the nation and continent toward greater self-sufficiency and global prominence.

She said that the bank had earned several awards to its credits, which includes: 2021 and 2022 Global Brand Magazine Award of “Best Agro Banking Brand, 2021 Nigeria Agriculture Award of Agric Bank of the year.

It also won the 2020 African Banker Awards of “Agriculture Deal of the Year, 2019 Central Bank of Nigeria ‘Agricultural Credit Guarantee Scheme’ Award, 2018 and 2019 Central Bank of Nigeria ‘Most Sustainable Bank in Agriculture’ award. (NAN)

Edited by Olawunmi Ashafa