September 7, 2024

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5 Counter-terrorism centre, NAFDAC sign MoU on terrorism prevention

Banking

CIBN to build banking school, inducts 485 new members

 

 

By Grace Alegba

The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday said it has begun process toward building a banking school to further enhance professionalism and financial ethics in the banking and financial sectors.

The institute said the project was in addition to its ongoing capacity building certification programmes to promote ethics and professionalism in the sector.

Ken Opara, President/Chairman of Council, CIBN, said this while making an opening speech at the hybrid 2024 Graduates’ Induction and Prize Awards Day (Stream1) of the institute.

The event which saw to the induction of 485 people had members and inductees from viewing centres across the 36 states of the federation in attendance.

Opara said in recent years, the Financial Services Industry had faced numerous challenges and controversies, hence, the need for renewed focus on ethics and professionalism.

He said instances of unethical behaviour, regulatory violations, and breaches of trust had tainted the reputation of the industry and weakened public confidence.

He said high-profile cases of misconduct and infractions had resulted in financial losses and injured the reputation of financial institutions and professionals.

“In response to this challenge, the Institute has implemented a mandatory annual Ethics Compliance Certification Programme, which is being deployed through the CIBN e-Learning Platform for staff of banks.

“The purpose of this certification is not only to address specific cases of misconduct but also to ensure that the practice of banking in Nigeria aligns with global standards as prescribed by the Global Banking Education Standards Board (GBESB).

“By fostering a culture of ethical conduct and continuous learning, we can uphold the integrity of our profession and enhance trust and confidence in the financial services sector.

“Another critical initiative of the institute which will help drive this crusade is the human capital development project.

“This will culminate in the establishment of a banking school which will among other things harp on entrenching ethics and professionalism among practitioners.

“The Governing Council will in the days ahead constitute the Board of that banking school to superintend on the project,” he said.

Opara said the theme of the programme, “Ethics and Professionalism: A Prerequisite for Building Sustainable Careers and Institutions” aligned with the core values of the institute and the banking profession.

He said ethics and professionalism were important in retaining trust, credibility, and sustainability of the banking industry in an era of technological advancements, evolving regulatory landscapes, and dynamic market conditions.

The CIBN boss also reeled out benefits of professionalism, adding that, it required continuous learning and self development for career progression and gaining public trust.

“Today, we shall be inducting a total of 485 graduates, comprising eighteen (18) from the CBMBA route, four (4) from the MSc/ACIB route, 33 from the collaboration with Lagos Business School on Chartered Bankers route, 281 from the regular examination route, and149 candidates as Microfinance Certified Bankers,” he said.

He congratulated inductees, reassured them of CIBN’s commitment and expressed confidence that their knowledge, skills, and ethical values will contribute to growth, development, and sustainability of the financial services in Nigeria and globally.

The Lagos State Commissioner for Finance, Mr Oluyomi Abayomi, commended the capacity building tenacity of the CIBN  having impact across Africa.

Abayomi thanked the institute for supporting the monetary policy of the government and urged the inductees to shun any form of enticement or inducement that could make them engage in corruption.

The Guest Speaker, Mr Abubakar Suleiman, stressed the need to make integrity and credibility the best reasons for entering the banking profession.

He said some people join the profession to earn a living, some for the prestige, entrepreneurship;  and the miscreants who come with intentions to steal or dupe customers.

Suleiman, Managing Director/CEO, Sterling Bank Plc, said while some join banking profession with different motives, “some bankers see themselves as nation builders and they use banking as a platform”.

He urged bankers to use the profession as a platform for transitioning into other higher national responsibilities while maintaining ethical standards.

“Your personal ethics is going to be defined by your intentions,” he said.

He urged the inductees “to have clarity of purpose”, hold the institute in high esteem and uphold public trust. (NAN)

Edited by Olawunmi Ashafa

Banking

Ecobank partners others on ‘+234Art Fair’ to boost creatives’ contributions to economy

By Grace Alegba

Mr Bolaji Lawal, Managing Director/Regional Executive of Ecobank Nigeria, has highlighted the pivotal role of the creative sector in Nigeria’s economic revival.

Lawal said this at the introduction of the +234art fair organised by Ecobank, AFC & Soto Gallery at the bank’s headquarters to newsmen on Thursday in Lagos.

He said that the banking industry four years ago, in collaboration with the Bankers’ Committee, recognised the potential of the creative industry as a catalyst for economic transformation.

Lawal said that banks collectively agreed that the creative sector could serve as a springboard for revitalising the Nigerian economy because of its significant contributions to national development.

According to him, Nigerian banks, through the Bankers’ Committee, invested in revamping the National Art Theatre, recognising the power of empowering individuals within the sector to drive economic growth.

Lawal emphasised that the vast potential within Nigeria’s population, said over 100 million individuals and out of which approximately 60 million reside in urban areas and a significant portion engaged in informal businesses.

He stressed the need to support and empower these entrepreneurs to harness their skills to foster economic sustainability and provide decent livelihoods.

Drawing attention to the success stories of artists like Wizkid and Burna Boy, Lawal underscored the potential for exponential growth if similar opportunities were extended to more people in the sector.

He noted that behind every successful artist, there exists a network of individuals, including managers, publicists, and assistants, whose livelihoods also depend on the success of the creative industry.

“We believe that if we give artists and creatives across the spectrum, they can turn around the economy. We have another population of over 100 million and within the urban area, about 60 million. For those who formerly employed, they’re less than 20 million. So, you have about 40 million people in business with an economic cycle of 24 hours. They just run their own business.

“Now, if we don’t take care of that sector and grow it, we don’t have an economy. The people with this type, they’re not really the core Nigerians. There are so many more people outside.

“But, how can we empower them to work? It’s just their skills. And to earn a livelihood that is decent. So, if we can instigate, empower and drive that, then the economy becomes a lot more viable. Look at Wizkid and Burna Boy. Just with their voices, they are earning millions.

“Now, imagine if we have 5,000 or 10,000 or 20,000. Look, for every successful artist, there are about 50 people working behind them. Supporting them. You have the manager, you have the publicist, and you have the PA.

“So, if we bring out more successful creatives, then we need to solve some of the problems that we have in the country. And we would also earn further currency,” he said.

Responding to inquiries about plans to expand support to other creatives such as content creation and digital art, Lawal expressed optimism, saying, “We are taking significant strides, and the market will ultimately determine the success of our endeavours.

“By embracing digital art and exploring various creative avenues, we can unlock further economic opportunities and address pressing challenges facing our nation.”

Lawal along said that the initiative was spearheaded by collaborative efforts between the local community and financial institutions like AFC, AAP, Chase, and Chida.

According to him, AFC became part of the initiative as a sponsor because it has the same values and aspirations with other involved partners.

Meanwhile, Mrs Tola Akerele, founder Soto Gallery and Curator, +234 Art Fair, also spoke on the transformative potential of the creative sector in driving economic revitalisation.

With a focus on empowering emerging artists to become international earners, Akerele said that the initiative aimed to bolster the arts economy and uplift communities.

She said that within the past eight years, the platform, supporting emerging artists, had catalysed remarkable growth, with many participants transitioning to global exhibitions.

She said that this underscored the impact of providing resources and opportunities for artistic development.

“And now, they’re exhibiting globally. So, it may look like a small beginning, but actually, with all the tools we’re giving them, they can really become very empowered and contribute to the arts economy, which is actually quite a huge one globally,” she noted.

On how the emerging artists were selected, she explained that they were picked not because they were young or old but because they were never showcased internationally.

She said that the process for selection was through their subscription to a podcast across several social media in January.

“So, it’s all being curated. We selected the artists. Because we’re a gallery, we know the quality of the work and the potential of the artists.

“So, there was a call that was done initially back in January. And then from that call, we looked at all the works that were submitted and then made a selection from there, ” she added.

The 10-day fair, which begins on Friday, March 23, curates a diverse selection of artists, including digital art.

With 232 artists exhibiting works ranging from affordable to high-value pieces, the initiative aims to democratise access to art.

Organisers emphasised that while perfection may not be the immediate goal, the initiative represents a crucial step towards realising the transformative potential of the creative economy.

Curated by Soto Gallery, the collaborative approach by Ecobank and AFC will help to catalyse the creative sector by enabling emerging artists to achieve recognition and livelihoods through art sales locally and internationally.

Alongside showcasing artwork, +234Art Fair will focus on enhancing the creative skills of participating artists through workshops with established local and international artists.

The exhibition’s title, ‘+234Art’, combines Nigeria’s country dialing code with the concept of art to signpost a thorough exposition of regional art and how it interacts with the larger art community across the continent and beyond. (NAN)

 

Edited by Olawunmi Ashafa

Banking

Ecobank appoints top executives to drive GTR strategy

 

By Rukayat Adeyemi
Ecobank  Group, a pan-African financial services organisation, has appointed key executives to strengthen its leadership  and effectively drive its Growth, Transformation and Returns (GTR) strategy.
Ms Christiane Bossom, Group Communications Manager of Ecobank  Transnational Incorporated (ETI), made this known  in a notification sent to the Nigerian Exchange Ltd. (NGX) on Thursday in Lagos.
According to Bossom,  Mrs Abena Osei-Poku has joined Ecobank Group as the Regional Executive, Anglophone West Africa and Managing Director of Ecobank Ghana, while Mr Martin Miruka has been appointed  the bank’s Group Executive for Transformation, Enablement and Customer Experience.
Bossom said that Anup Suri had become Ecobank’s Group Executive, Commercial and Consumer Banking, while Mr Michael Larbie had become the Group Executive, Corporate and Investment Banking.
She added that Thierry Mbimi emerged the Group Executive, Internal Audit and Management Services.
Bossom said that the top-level appointments were strategic as Ecobank Group entered its next phase of growth and transformation.
She stated that the financial services organisation aimed to become the bank of choice and a leader in delivering responsive, innovative and affordable financial services and solutions for Africa.
“Ecobank Group has decided to combine the commercial and the consumer businesses, under the leadership of Anup Suri, underscoring its commitment to strengthening these two business units to drive growth.
“In addition, establishment of the new role of transformation, enablement and customer experience underscores the group’s determination to prioritise the necessary leadership for successful execution of its transformation,” Bossom stated.
She quoted Mr Jeremy Awori, Chief Executive Officer of Ecobank Group, as saying that the appointments were crucial to the execution of the bank’s recently-announced five-year GTR strategy.
 “I am delighted that Abena Osei-Poku, Martin Miruka, Anup Suri, Michael Larbi, and Thierry Mbimi are joining our leadership team, each bringing proven, valuable, global and African financial services experience.
“I have no doubt that they will play pivotal roles in driving Ecobank’s future
growth and success,” Bossom quoted Awori as saying.
Ecobank Group a leading private pan-African banking group with presence in 35 sub-Saharan African countries, as well as France, United Kingdom, United Arab Emirates and China.
It has more than 15,000 people in its employment and offers consumer, commercial, corporate and investment banking products, services and solutions across multiple channels. (NAN)(www.nannews.ng)
Edited by Modupe Adeloye/Ijeoma Popoola
Banking

First Bank assures customers of world-class services through ‘Digital Xperience’ centres

 

By Grace Alegba

The First Bank of Nigeria Ltd. has assured its customers of opportunities to experience world-class innovative banking services through the bank’s Digital Xperience centres.

First Bank Managing Director, Adeshola Adeduntan, announced this at the inauguration of the bank’s Digital Xperience centre in Banana Island, Ikoyi, Lagos, on Wednesday.

The bank noted that the centre would be the fourth fully automated branch to give customers the desired banking experience.

It also said that the Ikoyi centre “is a state-of-the-art hub completely automated and made interactive for self-service to eliminate need for tellers or human staff.

“The centre is equipped with ATMs, card issuance stand, a humanoid robot and teller cash recycler”.

The managing director said that First Bank had also begun technological revolution to give customers seamless banking experience.

He said that the Banana Island First Bank Digital Xperience centre would deliver a world-class self-service to customers.

Adeduntan noted that the first three branches were located in Victoria Island, Ibadan and Abuja.

He said that plans were ongoing to roll out additional five branches in choice and strategic locations across the nation before the end of 2024.

“The pillar of the transformation of the bank that we started about seven, eight years ago is investment in technology and deployment of technology to exceed our customers expectations consistently.

“At the heart of our transformation is customers, because we believe that the primary reason why we have been successful over the last 130 years is because we focused on our customers and that focus has not changed.

“Specifically, we have been rolling out the Digital Xperience centres where our customers can walk into a comfortable location of this nature, conduct or transact with us without any human intervention,” he said.

He said that feedback from previous locations were impressive and expressed hope that individuals living in Banana Island and its neighbourhood would take advantage of the centre.

Speaking on the digital edge, he said that customers could issue digital cards themselves.

Mr Chuma Ezirim, the Group Executive, E-Business and Retail Products Division of the bank, said that the bank was considering cloud technology as an important option to guide against internet cuts.

Ezirim said that the inauguration of the Digital Xperience centre was part of strategies to take banking to the door step of customers and come up with solutions to help customers in easier business transactions.

Mr Olusola Odukoya,  General Manager, Banana Island Estate, thanked the bank for opening a Digital Xperience centre in the area.

Also, Mr Callistus Obetta, the Group Executive, Technology, Digital Innovations and Banking Services of the bank, said that beyond automation, the centre provided ambient welcoming environment for users.

Obetta said that world leading cutting edge security and digital biometric authentications were included in backend servers to ensure customers’ funds safety. (NAN)

Edited by Kayode Olaitan

Banking

Aig-Imoukhuede, pioneer Access Bank CEO, returns to holdings as chairman

By Rukayat Adeyemi
Access Holdings Plc has announced Mr Aigboje Aig-Imoukhuede, Access Bank pioneer Group Chief Executive Officer (Group CEO), as its Non-Executive Chairman.
Mr Sunday Ekwochi, Company Secretary, Access Holdings, said this in a disclosure sent to the Nigerian Exchange Ltd. (NGX) on Wenesday in Lagos.
Ekwochi said that Aig-Imoukhuede would replace Mr Abubakar Jimoh, the erstwhile Chairman of the Holdings, who remains on the Board as an Independent Non-Executive Director.
He stated that return of Aig-Imoukhuede was in response to the untimely passing of the immediate past Group CEO of Access Holdings, Dr Herbert Wigwe.
According to him, following extensive consultations with key stakeholders, the Holdings Board unanimously decided to invite Aig-Imoukhuede to the helm of governance of the group.
Ekwochi said: “This visionary and accomplished leader is bringing an outstanding record of accomplishments, wealth of expertise and leadership to guide the group into a new era of success.
“With an illustrious career spanning several decades in the banking and finance sector, Aig-Imoukhuede has proven to be an exceptional and influential leader.
“Having admirably laid a solid foundation for Access Bank’s success as Group CEO between 2002 and 2013, ably supported by his partner and deputy, the late Dr Herbert Wigwe, who later succeeded him.
According to him, under Aig-Imoukhuede’s leadership, Access Bank experienced remarkable growth and established itself as a trusted financial institution within the community.
The company secretary noted that the bank transformed from a minor player into one of Nigeria’s top five banks with presence in nine other African countries and the United Kingdom.
Ekwochi revealed that under Aig-Imoukhuede’s stewardship, Access Bank grew its customer base from 10 thousand to over six million with more than 5,000 employees and an asset base of 12 billion US dollars.
He said Access Bank, under the pioneer Group CEO, achieved numerous milestones and became a globally recognised name, adding that Aig-Imoukhuede’s
strategic vision, innovative thinking, and deep market insight were instrumental to shaping the bank’s success.
“Following Aig-Imoukhuede’s retirement as the bank’s CEO in December 2013, he co-founded the Tengen Family Office Ltd. The office oversees a significant portfolio of investments and businesses in banking, finance, insurance, technology, real estate, and energy.
“Through the Aig-Imoukhuede Foundation, he is focused on building Nigeria’s next generation of government leaders, helping transform public sector effectiveness, and improving access to quality primary health care.
“The decision to bring back Aig-Imoukhuede as the Group’s Non-Executive Chairman reflects the Board’s commitment to our core values and determination to build upon the strong foundation, he jointly established with Wigwe.
“With his return, Access Holdings aims to leverage his extensive experience, industry knowledge, and exceptional leadership skills to consolidate on the growth and accomplishments recorded under Wigwe’s leadership.
“In his new role as Non-Executive Chairman, Aig-Imoukhuede will collaborate with the Board of Directors to oversee strategy and provide guidance to the executive management team.
“His return is not only a testament to his unwavering dedication to Access Group but also a clear demonstration of the Board’s confidence in his ability to lead the Group to new heights,” the company secretary said.
According to him, the entire Access Group family, including employees, customers, and stakeholders, eagerly anticipates Aig-Imoukhuede’s return and looks forward to a promising future under his leadership.
Ekwochi said that with Aig-Imoukhuede’s
expertise, passion, and commitment, the Access Group is poised to embark on a new chapter of impact and sustainable success.
In his reaction, Mr Abubakar Jimoh, past Chairman, Access Holdings expressed his excitement on the development.
Jimoh stated that Aig-Imoukhuede’s appointment to the Board and subsequent election as chairman is a landmark development for Access Holdings, as the board members are excited about their future with the firm.
Commenting, Aig-Imoukhuede said he was thrilled to be back in active service to the Access Group ecosystem.
He expressed that the determined shared vision which Wigwe gave everything for, will be realised.
“I am confident that working with our directors, our exceptional team of executives and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders,” he said.
Access Holdings Plc operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries and over 60 million customers.
The company serves its various markets through four business segments namely: Retail Business, Commercial and Corporate, and has enjoyed what is Africa’s most successful banking growth trajectory in the last twenty years. (NAN)
Edited by Olawunmi Ashafa
CBN Governor, Yemi Cardoso
Banking , Agriculture , Economy/Business

CBN donates over 2 million bags of fertiliser worth N100bn to farmers

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) has donated over 2 million bags of fertiliser brands worth N100 billion to farmers through the Federal Ministry of Agriculture and Food Security.

Mr Yemi Cardoso, the Governor of the CBN, presented the bags of fertiliser brands to the Minister of Agriculture and Food Security, Abubakar Kyari, on Wednesday in Abuja.

Cardoso said that the gesture aligned with one of the core objectives of the apex bank and the agriculture ministry, which is food security.

He said that the initiative also resonated deeply with livelihoods of all Nigerians, and was aimed at curbing escalating cost of food.

“The CBN places a significant emphasis on maintaining price stability as one of its primary mandates.

“Food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated to food and non-alcholic beverages.

“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation,” the CBN governor said.

Cardoso also said that the apex bank had been implementing measures to curb inflation over time.

“But in the short term, the inflationary pressure may persist, predominantly driven by escalating food prices.

“This is why we are strengthening our collaboration with the Federal Ministry of Agriculture and Food Security with the shared objective of mitigating the surge in food prices.

“The CBN has veered away from direct quasi-fiscal intervention and transiting towards leveraging conventional monetary policy tools for executing monetary policy effectively.

“We want to extend our support and closer ties with Ministry, Departments and Agencies (MDAs) that bear this mandate.

“And we aim to enhance our partnership with the agriculture ministry to enhance food productivity and security,” he said.

In his response, Kyari, commended the apex bank for the kind gesture.

He assured the CBN governor that the fertilisers would be effectively distributed to farmers.

“We will deliver the fertilisers to the farmers and ensure its judicious use to address the galloping inflation, ” he said.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, who was also present at the event, commended the CBN for the gesture towards price stability.

According to Bagudu, 2.15 million bags of fertilisers will go a long way towards controlling the ever increasing cost of food. (NAN)(www.nannews.ng)

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Edited by Bayo Sekoni

Banking

ECOWAS President hails bloc’s success story, says aims, objectives achieved 

 Mark Longyen

The President of ECOWAS Commission, Dr Omar Toure, says the subregional bloc has achieved the aims and objectives for which it was formed by its founding fathers 49 years after. 

Toure made this known at a news conference in Abuja to commence a weekly media engagement aimed at giving maximum publicity to ECOWAS activities going forward.

He expressed confidence that the new initiative would fast-track the dissemination of information and facilitate the media’s critical role as partners in the ECOWAS project, and breach observed gaps.

Toure noted that ECOWAS’ major success story was that over the last 49 years, it had been able to unite its 15 member states around its common objectives of socio-economic development through regional integration.

He said: “As captured in Article 3 of the ECOWAS Revised Treaty, Member States have committed themselves to the promotion of integration, leading to the establishment of an economic Union in West Africa in order to raise the standard of living of its peoples.

“And, to maintain and enhance economic stability, foster relations among the Member States and contribute to the progress and development of the African continent.”

According to him, substantive progress has been made in the pursuit of the aims and objectives of establishing ECOWAS on May 27, 1975, touching all facets of the institution’s projects and programmes.

These, he said, included the rights of community citizens to reside and establish businesses within the Community, infrastructure development, harmonization of socio-economic and financial policies, promotion of peace, security and stability.

He enumerated these to include trade and free movement; infrastructure; energy, peace, security, democracy and justice; health; food security and fragility.

The president said that under free trade and movement, ECOWAS succeeded in creating a single market for members’ businesses under its ECOWAS Trade Liberalisation Scheme that was introduced in 1979.

“This immediately made the trade in unprocessed goods, traditional handicrafts free of any restrictions, tariffs, quotas and any encumbrances.

“The ECOWAS scheme means that food items, grains and animals produced within ECOWAS can be sold and consumed anywhere in the Community.

“In addition, manufactured goods in the region, which have a specified percentage of local content, can be traded freely within the Community without tariff, quota, and other forms of obstacles,” he said.

Toure said that in order to ease cross-border crossing, ECOWAS has been implementing joint border posts in the Community, which bring together border officials of two neighboring countries to carry out joint operations to ease crossing frontiers by traders and transporters.

“We have built this joint border between Nigeria and Benin at the Seme-Krake border and between Togo and Ghana at Noepe-Akanu border. Thanks to the financial support of the European Union, these borders posts are now operational.

“There is also another border post that has been made operational between Nigeria and Cameroon, at the Ekok-Mfun border, which was financed by the African Development Bank,” he said.

In terms of infrastructure, the President disclosed that ECOWAS established regional infrastructure policies and regulations for the physical integration of ECOWAS Member States, such as regional highways, railways and airways projects, and maritime transportation plans.

“The Abidjan-Lagos corridor is one of the biggest and busiest economic corridors in Africa. We are developing this highway and extending it to connect Abidjan and Praia via The Gambia, Guinea Bissau, Guinea, Sierra Leone, and Liberia,” he said.

Toure disclosed that ECOWAS had also engaged in major programmes in the energy sector, where a regional energy market was being developed under the West African Power Pool, which has enabled the sale and purchase of electricity among members.

“To support this market, regional electricity regulations have been developed and electricity projects interconnecting Member States are being implemented. Some have been completed linking Benin, Ghana, Cote d’Ivoire, Guinea, Liberia, Sierra Leone and Togo,” he said.

The ECOWAS President noted that a cardinal success story of ECOWAS was its accomplishments in the promotion of regional peace, security and stability, especially through the ECOMOG peace-keeping interventions in Liberia and Sierra Leone.

“In the same vein, ECOWAS is also spending considerable resources on fighting terrorism in the region, while a major intervention is ongoing on maritime security,” he said.

In terms of food security and fragility, the Commission’s President  said that progress had been recorded in other areas, including the establishment of a regional Stabilization Fund in the Gambia and Guinea Bissau, to address fragility in the subregion.

“In the agriculture sector, there are numerous coordinated interventions, such as the ECOWAS Rice Offensive, which seeks to reduce the region’s dependence on importation of rice,” he said.

The Commission’s President said that ECOWAS has also made giant strides in the health sector, prominent among which was the establishment of the West African Health Organisation (WAHO), a specialized institution to handle health issues in the region.(NAN)(nannews.ng)

======

 

Banking

Liquidation dividends: NDIC urges depositors to utilise virtual verification platform

By Aisha Gambo
The Nigeria Deposit Insurance Corporation (NDIC), has advised customers of closed banks to utilise the virtual verification platforms for payment of their deposits.
NDIC’s Managing Director, Bello Hassan, gave the advise on Thursday during the NDIC Special Day at the ongoing 45th Kaduna International Trade Fair, Kaduna.
Represented by Hauwa Gambo, Deputy Director, Communications Department, NDIC, Hassan said the Corporation had launched the Deposit Tracer Initiative in partnership with a mobile money operator, to enable depositors access their unpaid balances through mobile accounts.
Hassan said the Corporation also deployed a mobile application and updated its website for online claims processing, to offer depositors the option of virtual verification during payout exercises.
This, he said, would address apathy among depositors with small balances, adding that the NDIC had significantly improved its processes to ensure swift payment of insured sums to depositors.
He said the Corporation has introduced a “Single Customer View” framework, to expedite payment to depositors of closed banks while collaborating with the judiciary for prosecution of failed insured institutions.
The NDIC helmsman said the efforts had improved debt recovery rate which enabled the declaration of 100 per cent liquidation dividends to uninsured depositors.
He said the Corporation successfully reimbursed depositors during the recent closure of 179 microfinance banks, and four Primary Mortgage Banks (PMBs), which prompted timely payments of insured sums.
According to Hassan, the deployment of digital remote payment strategies by the Corporation helps stimulate electronic funds transfer to verified depositor’s alternate bank accounts.
“It is essential to emphasis that payments are ongoing with depositors holding funds exceeding the insured limit set to receive liquidation dividends following debt recovery and asset sales,” he said. (NAN)(www.nannews.ng)
Edited by Philip Dzeremo/Rabiu Sani-Ali
Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank)
Banking , Oil & Gas

Energy sector: Nigeria gets 60% Afreximbank’s funding – Oramah

By Emmanuella Anokam

The African Export-Import Bank (Afreximbank) says Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa.

The Afreximbank said it has been able to make modest contributions in the oil and gas sector because the bank was predominantly African in ownership and control.

Prof. Benedict Oramah, President of the African Export-Import Bank, said this on Wednesday at the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the Afreximbank President spoke on “Sustainable Strategies for Energy Leadership: Navigating Security, Transition and Finance in a Changing World”.

“The support provided to the sector by Afreximbank is in excess of US$30 billion. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of the total funding of the sector.”

Oramah, represented by Haytham Eimaayergi, Executive Vice President, Global Trade Bank (GTBA), said the continent lacked extensive traditional energy infrastructure.

This, he said, presented an opportunity for leapfrogging in a more efficient way to renewable technology.

According to him, “our aspiration in the area of energy security and energy transition will remain aspiration unless we have access to adequate funding resources that we control.”

He said with a lot of international banks withdrawing funding out of the oil and gas sector, the investment in the industry had become limited with the corresponding impact on exploration and production.

“Afreximbank has intervened in a big way, quickly becoming the largest financier of oil and gas deals in the continent,” he said.

The president stated that Afreximbank and Africa Petroleum Producer Organisation (APPO) are in the final stages of setting up the African Energy Bank.

He explained that the Africa Energy Bank which is being set up under a multilateral financial institution agreement will focus on providing funding for the energy sector in the continent.

He added that it was structured to ensure African origin and control.

“Afreximbank is committed to helping manage and operate Africa energy bank to ensure that it has the best possible chances of success.

“The strategic goal of the Africa Energy Bank is to play a leadership role in shaping the energy landscape in Africa, through strategic partnerships with proven African and international financial institutions and investors.

“It will also provide sustainable financing in the area of the oil and gas sector,” he said.

He, however, appealed for support from member states to achieve the level of capitalisation that would be adequate to support the energy sector.

NAN reports that Secretary-General of African Petroleum Producers Organisation (APPO), Dr Omar Ibrahim, had earlier announced that the decision on which country the proposed African Energy Bank will be sited, is to be taken by the end of first quarter of 2024.

Seven countries including Nigeria, Algeria, Egypt, Ghana, South Africa, Benin Republic, Cote d’Ivoire are jostling for it. (NAN)(www.nannews.ng)

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Edited by Vincent Obi

Aviation , Banking , Defence/Security

Military neutralises 3 top terrorists’ commanders, 43 others in 1 week – DHQ

By Sumaila Ogbaje

The Defence Headquarters (DHQ) said  its  air component of Operation Hadin Kai  on Jan. 10, eliminated three top commanders of the Islamic States of West Africa Province (ISWAP) terrorists in Borno.

The Director, Defence Media Operations, Maj.-Gen. Edward Baba gave the assurance in the weekly report of the operations of the armed forces on Friday in Abuja.

Buba said the three commanders identified as; Abou Maimuna, Abou Zahra and Commander Saleh with their lieutenants in a canoe, were targeted and destroyed by the air strikes.

He said troops had during the week in other operations, neutralised 43 other terrorists with 76 of them apprehended and rescued 27 kidnapped hostages.

He added that the troops recovered 81 assorted weapons and 2,150 assorted ammunition and the sum of N1.2 million amongst other items.

In the South-South region, Buba said the troops of Operation Delta Safe apprehended 29 perpetrators of oil theft and denied oil thieves of the estimated sum of N131.1 million during the week.

He said the troops discovered and destroyed seven dugout pits, 13 boats, 23 storage tanks, two barges, four vehicles, 15 cooking ovens, two pump machines and 16 illegal refining sites.

According to him, troops recovered 139,045 litres of stolen crude oil, 25,115 litres of illegally refined AGO and 5,200 litres of DPK.

“The armed forces will always be mindful of the threat by kidnapping gangs and terrorist across the country.

“Accordingly, we will continually review our internal processes in order to deal with these threats both now and in the long term.

“The military is determined to give the situation the seriousness it deserves so as to create a safer environment for citizens,” he said. (NAN) (www.nannews.ng)

Edited by Edith Bolokor/Chioma Ugboma

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