From L-R, the Permanent Secretary, Ministry of Finance, Mrs Lydia Jafiya, the CGC Customs, Wale Adeniyi, The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, Executive Secretary, Nigerian Shippers’ Council (NSC), Mr Pius Akuntah, during the launch of the World Customs Organisation (WCO) Assisted Time Release Study in Lagos on Thursday.
TRS
By Aisha Cole
The Comptroller-General of Customs, Wale Adeniyi, says the service is well equipped to implement the Time Release Study (TRS) to reduce cargo clearance and facilitate trade in Nigeria.
Adeniyi made the disclosure during the launch of the World Customs Organisation (WCO)-Assisted Time Release Study in Lagos on Thursday.
The TRS, he said, is a strategic and internationally recognised tool developed by the World Customs Organisation for the clearance of goods from arrival until the physical release of cargo.
Adeniyi said that in 2010, the Nigeria Customs Service (NCS) underwent a comprehensive TRS, conducted by the USAID MARKETS Project, focusing on the Apapa Port and Seme Border.
He said that about 20 cross-cutting recommendations, including the development of an Authorised Economic Operator (AEO) programme, implementation of a single window system, purchase of additional cargo handling equipment, infrastructure repairs at the ports among others, were made.
He said that a second attempt, though unsuccessful, was made in 2018 due to a lack of proper collaboration among the relevant agencies.
“Today’s exercise builds on the lessons learned from both the 2010 and 2018 attempts.
“We have made significant progress since then, including the implementation of paperless clearance and advancements in our AEO programmes.
”Provisions under the new Customs Act now speak to the imposition of penalties to deter non-compliance.
“Today, we are joining other Customs Administrations in the world that have embraced the tools developed by the World Customs Organisation (WCO) to promote the growth of international trade.
“The WCO remains steadfast in its commitment to advancing customs procedures through various instruments and tools, such as the Revised Kyoto Convention (RKC) and the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA).
“Among these initiatives is the Time Release Study (TRS), developed to provide comprehensive insights into customs operations’ efficiency as the TRS in Nigeria, starting with TINCAN ISLAND Port, serving as the pilot location.
“The TRS method is a systematic and standardised approach used to measure the total duration of time from the arrival of goods at the customs border until their release,” Adeniyi said.
He explained that the TRS initiative represented a critical step in our ongoing efforts to optimise the trading experience and customs operations in Nigeria.
Adeniyi said for the implementation of TRS, the NCS was deploying the AEO programme, Advanced Ruling, and establishing a Customs Laboratory as part of its ongoing efforts to facilitate trade and improve government revenue.
Mr Lan Saunders, Secretary-General, WOC, said that the fulfilment of TRS was based on the WCO methodology.
He said that the system would enable Nigeria’s compliance with the requirement of Articie 7.6 of the WTO Trade Facilitation Agreement (TFA).
“The TFA encourages WTO members to measure and publish their average release time of goods periodically and consistently.
“TRS is being conducted as a diagnostic to find bottlenecks in the trade flow process factually and to take necessary measures to improve the effectiveness and efficiency of border procedures by reducing clearance time.
“TRS is an instrument with which customs and other government agencies, along with private sector stakeholders, can measure the cross-border flow process related to imports, exports, and transit movement of goods periodically,” Saunders said.
Some of the benefits of TRS, according to him, include the improvement and strengthening of efficiency of customs administration and other government agencies, which allows all stakeholders to synergise.
He listed other benefits to include the creation of better conditions for accelerating the international movement of cargo subject to import, export, transit, or any other customs regime related to the clearance and release of cargo.
Saunders, in a Zoom presentation, said that TRS would also lead to improvement of the country’s international competitiveness in the global market and collaboration with stakeholders to enhance supply chain.
Also speaking, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, represented by the Executive Secretary, Nigerian Shippers’ Council (NSC), Mr Pius Akuntah, commended Customs for establishing the platform to enlightened stakeholders in trade facilitation.
Oyetola said that the customer’s TRS was a unique analysis among customs worldwide to evaluate an efficient customs clearance process.
He said that the TRS would streamlined customs procedures and improved trade facilitation.
The Minister of Finance, Mr Wale Edun, who was also represented by the Permanent Secretary, Ministry of Finance, Mrs Lydia Jafiya, said that implementation of the TRS would foster a business-friendly environment.
He said this would also assist several countries in Europe and America to be attracted to bringing cargo to Nigeria.
Edun urged stakeholders to collaborate for the successfull implementation of the TRS, which would reduce time excess cargo clearance and trade facilitation period.
The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, commended the NCS for the initiatives geared towards enhancing trade and ease-of-doing-
business in Nigeria.
“I am absolutely confident they will be a great success and
Nigeria will reap their benefits through sustained economic growth in the coming years,” she said.
While encouraging stakeholders to embrace the business, Uzoka-Anite said that she was inspired to facilitate trade and increase Nigeria’s trade volume.
She said that effective trade facilitation required efficient coordination across the entire supply chain.
She added that the approach required careful planning and
collaboration across a wide range of government departments and agencies as well as close cooperation with the private sector.
”I wish to announce that we will re-launch and revitalise the National Trade Facilitation Committee (NTFC), where the Federal Ministry of Industry, Trade, and Invest the Nigerian Customs Service, and
many other MDAs will work.
“They will work alongside the private sector, to effectively plan and implement more successful trade facilitation reforms that will continually increase our trade volume year on year,” Usoka-Anute said.
The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, commended Customs for taking a bold step in changing the narrative of cargo clearance in Nigerian ports.
Jamoh said that NCS had proven that it was not too late to reduce cargo clearance in the ports with the implementation of the TRS.
He said that the TRS would enable clearing agents to understand the actual time required to release cargo at the ports.
Jamoh called for collaboration and commitment among stakeholders to remove the bottle necks affecting cargo clearance.
Another representative of WOC, Mr Stephen Muller, urged customs to report and publish the TRS operations within six months for evaluation. (NAN)
The Money Lenders Association (MLA) has backed the recent enforcement by the Federal Competition and Consumer Protection Commission (FCCPC) aimed at ensuring ethical operations in digital lending in Nigeria.
Mr Gbemi Adelekan, President, MLA, made this known in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.
NAN reports that the acting Executive Vice Chairman of FCCPC, Dr Adamu Abdullahi, had warned against persistent violations of consumer rights by digital money lenders.
Abdullahi affirmed the FCCPC’s commitment to intensifying enforcement efforts to end consumers’ exploitation while ensuring digital lenders comply with regulations.
Adelekan expressed MLA’s sympathy with members of the public on activities of some unlicensed and illegal digital lenders.
“The association wholeheartedly supports the measures by the FCCPC, to sanitise and safeguard people from online fraud, unethical practices and foster a reliable digital environment, especially at this crucial time in the Nigerian economy.
He urged the general public to exercise caution when applying for loans online by ensuring that they only deal with licensed and approved digital money lenders.
Adelekan advised the general public to be careful and carry out their Know Your Client on digital lenders before applying for loans, while being careful of “too good to be true” offers from unscrupulous operators.
“MLA condemns in its entirety, this unprofessional act perpetrated by some unscrupulous lending organisations (not our members).
“Money Lenders Association is duly incorporated under the Laws of the Federal Republic of Nigeria, with its primary objective being the advancement of the money lending industry, and safeguarding the interests of the public and customers using our lending platforms.
“The association actively collaborates with the FCCPC and government to address the practical challenges faced by members of the public and our members, in their daily operations.
“As part of our commitment to ethical practices, members of our Association adhere to a comprehensive code of practice which facilitates self-regulation of our activities, to ensure compliance with FCCPC and government regulations, to promote trust and confidence,” he said.
The MLA president identified key pointers to look out for in obtaining loans physical location, approved practitioners, other customers review among others.
He stressed that any lender that promised the approval of loan requests without a background analysis, was definitely a red flag.
“It is important to know that your digital lender has a physical location where the business is registered or where the company operates from. This information can be available on the lender’s website.
“Consumers are encouraged to consider only licensed and approved Digital Money Lenders by the Government and FCCPC. Check the FCCPC’s website for the list of approved Digital Lenders and the Lender’s website (if there is one) to ensure that you are dealing with a legitimate provider.
“Security deposit is a No-No-No!!!. A lender asking for a security deposit or a substantial payment before the loan application is considered is definitely fraudulent.
“Any lender asking the borrower to pay a substantial amount i.e. Bond or security deposit before an application is considered, is definitely a red flag.
“The general public should be careful of using “apk loan links” from unsolicited telesales agents, to apply for loans. For your mobile app loan applications, the Association only recommends the use of apps published on Google Playstore/Apple store.
“Intended customers can also check www.moneylenders.ng for more information,” he said. (NAN)(www.nannews.ng)
The leadership of the newly established Nigerian-Spanish Business Council for Commerce Industry, Mines and Agriculture has promised to boost investors’ confidence in Nigeria by enhancing business relationship between the two countries.
President of the Council, Ide John Udeagbala, made this known while briefing newsmen on the formation of the council on Wednesday, in Abuja.
Udeagbala said the council was the result of a Memorandum of Understanding (MoU) signed between Nigeria and Spain in 2022 in the course of the visit of the then President Mohammadu Buhari to Spain.
According to him, in the said MoU, both countries committed to the exploration of ways through which business relationship between them could be enhanced.
“This Business Council is the project vehicle for the achievement of the purpose stated above.
“As a result of the birth to this business council, we look forward to a more robust business relationship between the two countries at the inter- governmental level.
“We also expect mutual introduction of businessmen from both Nigeria and Spain to areas of business interest; smooth facilitation of trade mission to and from the two countries.
“And, building of human capital and business logistics for the advancement of commerce and Industry in both countries.
“It is believed that the mutual benefits of this relationship will cascade down the line and be of huge benefits to the ordinary persons in both countries,” he said.
Udeagbala said the membership of the council shall be open to reputable individuals and companies who have business interests in Europe and Africa and wish to use the two countries as an entry point.
He said that the council would also encourage and work towards the establishment of industries in Nigeria by Spanish Investors.
The president added that the council would its best to protect such interests and ensure that their operations impact positively on the reduction of unemployment in the country.
He said the main purpose was to authenticate businesses both on both side and to ensure that it gives that confidence.
“We shall also maintain a robust relationship with NACCIMA and other bilateral and city chambers in the country for the purposes of the Ideals enunciated above,” he added.
The Deputy President of the council, Dr Membre Otaji, said the council would be a gateway for many Spanish businesses and individuals to tap into the big market of over 200 million people in Nigeria.
He said some of them were already in the country, adding that the council would help them to become legitimate in Nigeria and make inputs into growing the Nigerian economy.
The Coordinator, Mr Jasper Nduagwuike, said the council would be key players in several sectors of the economy, adding that they would start with agriculture with a view to contributing maximally to the sector. (NAN) (www.nannews.ng)
Mr Dinesh Rathi, Chief Executive Officer (CEO), Lagos Free Zone (LFZ), says the support from the federal and state governments has been instrumental in fortifying the performance of businesses within the zone.
Rathi said this on Tuesday in an interview with the News Agency of Nigeria (NAN) in Lagos.
He explained that the zone had received investment of more than $2.5 billion, which was already fully deployed on the ground towards manufacturing assets.
He noted that over the last 10 years, the zone had created more than 4,000 direct and 15,000 indirect jobs, which had benefited the local youths from the host communities.
He added that it had been projected to grow to more than 35,000 direct jobs by 2035.
Rathi said that while the regulatory environment played a crucial role in business operations, collaborative efforts between the federal and state governments had streamlined regulatory processes.
This, he explained, made it more conducive for businesses to operate within the Free Zone.
According to him, this includes initiatives to simplify licensing procedures and reduce bureaucratic bottlenecks.
“In addition, both levels of government have demonstrated a strong commitment to infrastructure development.
“This includes the ongoing expansion of road networks and power supply enhancements. These infrastructural investments directly benefit businesses by improving connectivity and operational efficiency.
“The two biggest examples of support from government agencies are the efficient customs operations at LFZ and the fast-tracked construction of the coastal road development, ” he added.
The CEO also disclosed that in the past five years, LFZ had demonstrated remarkable growth in trade volume, experiencing steady increase in committed Foreign Direct Investment (FDI) with the total investment of $2.5 billion during the period.
He expressed optimism of a continued upward trajectory, projecting a significant boost in trade volume.
“While specific figures are contingent on various factors, our forecast indicates 100 per cent phase 1 occupancy by 2029.
“This positive outlook is underpinned by our commitment to fostering a business environment, attracting diverse industries, and capitalising on the infrastructural developments, including the recent advancements at Lekki Deep Seaport
“Essentially, we have made it possible for companies to now make in Nigeria for the whole continental market.
“We believe the Lekki Port and LFZ combination can be a silver bullet to the problem of logistics. As such, this development at Lekki Deep Seaport holds tremendous prospects for businesses within the Lagos Free Zone.
“Evidently also, this development unlocks the locational and infrastructural advantages for multiple manufacturing and logistics sectors that will be able to service both the domestic and regional markets from within Nigeria with unprecedented efficiency,” he said.
Rathi, however, acknowledged that operating in a dynamic business environment like that of Nigeria comes with its set of hurdles, chief of which, he said, was the current macroeconomic uncertainties.
“The impact of such volatilities poses challenges for businesses operating in the country.
“However, companies within the Free Zone actively engage in risk mitigation strategies to navigate these uncertainties,” he said.
On the Zone’s gains, Rathi said infrastructural development within LFZ had reached a notable milestone, with its investment profile growing continually.
He said that ongoing projects include the recently EDGE certified Irele Tower, as well as the groundbreaking ceremony for the Natural Gas Facility at Lagos Free Zone.
Raiti noted that the project marks a pivotal moment in its commitment to sustainable and efficient energy solutions.
“We are experiencing an increase in both local and international investments, indicating a high level of confidence in the strategic positioning of the free zone.
“Notable investments span industries such as food and beverages, assembly, pharmaceuticals, engineering, chemicals, and downstream oils to mention a few.
“There are numerous incentives and business opportunities available for any investor who wants to invest in the Lagos Free Zone such as exemption from paying any levies, taxes, or rates at local, state, and federal levels.
“Qualitatively, our biggest impact on the Nigerian economy comes from providing a hassle-free ecosystem with reliable industrial infrastructure that allows companies to focus on growth rather than overcoming operational challenges,” he said.
The CEO urged the Nigerian government to focus on developing and sustaining campaigns to promote both Nigeria and its free zone scheme within the right global and domestic markets to further stimulate investment.
NAN reports that the LFZ, currently home to more than 30 companies, reflects a diverse range of industries and sectors that have chosen to establish their operations within the Free Zone.
Globally, brands like TATA International, Kellogg’s, Colgate, Palm-Olive, and Arla have chosen to establish their operations within the Free Zone. (NAN)(www.nannews.ng)
===============
Edited by Deborah Coker/Olawunmi Ashafa
Mr Olumide Adedoyin, the Registrar, Chartered Institute of Treasury Management (CITM), has urged the Federal Government to phase out higher denomination notes, such as the N1000 and N500 Naira notes, to strengthen the Naira.
Adedoyin made this call in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
He said N1000 and N500 notes were more susceptible to counterfeiting, and illicit financial activities, hence, they should be phased out in a bid to reform the nation’s currency.
“To reform the nation’s currency, there is need for the Federal Government to implement a currency reform that involves demonetisation or gradually phasing out higher denomination notes, such as the N1000 and N500 notes.”
Commending President Bola Tinubu’s proactive measures to combat the misuse of the Nigerian currency and the economy, Adedoyin highlighted the importance of embracing cashless policies and promoting electronic payment systems to reduce the reliance on physical cash.
He further urged the government to enhance financial inclusion initiatives, emphasising the positive impact on managing currency supply and reducing the demand for higher denomination banknotes.
Adedoyin stressed the need for robust anti-corruption measures to curb illicit financial flows, including money laundering, contributing to the devaluation of the Naira.
He also called for economic diversification to reduce reliance on oil exports and boost foreign exchange earnings from various sectors.
These proposed measures, Adedoyin insists, should be implemented in a coordinated and holistic manner, considering potential social and economic impacts to ensure a smooth transition and acceptance of the reforms. (NAN) www.nannews.ng
The Nigerian-British Chamber of Commerce (NBCC) has called for more incentives targeted at enhancing the performance of the manufacturing sector.
Mr Ray Atelly, President, NBCC, made the call at the Chamber’s Presidential News Conference on Tuesday in Lagos.
Atelly said this would help to further create jobs, lift people out of poverty and engender socio-economic growth.
The News Agency of Nigeria (NAN) reports that the NBCC, established 47 years ago, has the primary mandate of promoting trade and investments between Nigeria and Britain.
Atelly said that a survey conducted by the chamber indicated some critical issues experienced by businesses and manufacturers in Nigeria.
He listed them to include insecurity, inflation, Naira exchange rate, floatation of the Naira, unending tax audits, multiplicity of taxes, too frequent changes in government policies, cost of governance, cyber security concerns, and others.
He added that low manufacturing incentives, frequent loss of skilled workers, inadequate protection for local industries, low patronage capacity, absence of consumer credit also affected business and manufacturing competitiveness.
The NBCC president said the country must provide better incentives that addressed key components of manufacturing such as adequate power supply, access to raw materials and machineries for production.
“It is very important to begin to provide protection for Nigerian products and produces and address influx of substandard items competing with made in Nigeria goods across the country.
“We must let them have preferential access to loans and finances that help them with procurement of vital components for manufacturing.
“Every challenge has a solution. We are more interested in the solutions than in the lamentation that is only time consuming and finger pointing, but serves no viable purpose.
“Whatever the solution, we believe that government must act with urgency like never before and we reiterate that the time to act is now,” he said.
Atelly also emphasised the need to stop handing out cash to individuals as palliative when they can be trained to become more productive.
He said the NBCC,as part of its efforts to drive investments in women and youth, has launched a Non-Governmental Organisation (NGO), called the Women and Youth Entrepreneurship Development Centre.
The NBCC president, noting that the initiative would be launched in April, called for support from nations across the commonwealth to drive the NGO to achieving its mandate of skill empowerment and economic development.
“It is time to truly invest in our youths and increase their participation in economic activities beyond peripheral roles and borderline operations.
“It is time to produce. Let us produce with rudimentary tools and upscale as we go along. But produce, all the same. Produce as a national policy and flood our markets with made in Nigeria manufactured goods,” he said.
Atelly urged the National Assembly to take far reaching steps to cut the cost of governance in Nigeria, starting with the National Assembly numbers.
He said that while the institution remains an icon of democracy, it should consider reducing the number of elected representatives at both chambers.
He instead said such funds should be rechannelled into a massive training programme for Nigerian youths.
Addressing the country’s inflationary pressures, Mr David Brown, Honorary Treasurer, NBCC, said the chamber eagerly awaited the clarity and policies from the next Central Bank of Nigeria (CBN) Monetary Policy meeting on Feb. 26.
Brown projected an increase in the country’s Monetary Policy Rate to help stabilise inflation.
Addressing the ban on styrofoam by the Lagos State Government, Akin Osuntoki, Deputy President, NBCC, said health, environment and climate change must take priority over the negative effects on the losses the ban incur on jobs.
He noted that government had done the same thing and he projected a spiral effect on the health and environment.
“There maybe negative effects on jobs but the issue of sustainability, climate take frontline position.
“The rains would soon be here and we would see how much gains the ban brings as it reduces flooding, and other environmental ills.
“Government, however, can find some support for businesses in that sector that may have been affected one way or the other by the ban,” he said. (NAN)(www.nannews.ng)
The Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA), has signed a Memorandum of Understanding (MoU) with the Federation of Pakistani Chamber of Commerce and Industry (FPCCI) to foster economic linkages and business collaboration.
The News Agency of Nigeria (NAN) reports that the MoU was signed in Lahore, Pakistan on the sidelines of the just concluded 3rd edition of Engineering and Healthcare Show.
Mr Tajuddeen Dantata, the CEO of Afrimeridian Business Limited, signed the MoU on behalf of KACCIMA while Mr Zaki Aijaz, Vice President of FPCCI signed for the Pakistani business group.
Dantata said the MoU was to ensure transfer of technology and exchange of knowledge between the two parties, as well as leverage the ease of doing business to support exports and foster economic linkages and international business collaboration.
Responding, Aijaz said that the FPCCI would look into some of the areas of concern it had identified to promote transfer of knowledge between both parties for their mutual benefits.
The Engineering and Healthcare Show drew participants from across the world, especially manufacturers and and other business interests in areas such as minerals and marbles, chemical, safety, gems and jewelries, sports, pharmaceuticals, automotive, household items and agriculture. (NAN) (www.nannews.ng)
L-R-: Ms Habibah A. Waziri and Mr Yusuf Tafida, the two new independent non-executive directors of Ronchess Global Resources Plc.
Ronchess Global Resources Plc has announced some leadership changes under its Board Chairman, Mr Adeolu Adeboye.
In a statement on Monday in Lagos, by its Chief Executive Officer, Mr Jackson Ukuevo, the company’s Board of Directors, during a recent meeting, re-appointed Mr Temitope Adebosin as the Executive Director.
Ukuevo noted that the company saw Adebosin’s reappointment as a clear indication of his commitment and valuable contributions to the company.
According to him, in addition to the new appointment, the construction giant has also informed the Nigerian Exchange Ltd. and investors about the appointment of two new independent non-executive directors, Mr Yusuf Tafida and Ms Habibah A. Waziri.
Ukuevo said that the new appointees would bring with them extensive industry experience and play an instrumental role in enhancing the strategic direction, governance and success of the company.
“Mr Yusuf Tafida, a seasoned financial professional with more than 15 years of experience in the banking industry, is an expert in accounting, treasury management, and financial planning.
“He has a proven track record of providing top-notch consultancy services to clients and is also well-versed in Business Consulting, Client Relations, and Project Management.
“Mr Tafida is the founder of Koopersmith Professional Services, a firm that provides first-tier consultancy services in human resources management and development.
“He has previously worked with First Bank of Nigeria and held various positions such as financial analyst, credit risk officer, branch manager, and relationship manager in the public sector group,” he said.
According to him, Tafida holds a Master’s Degree in Treasury Management from Bayero University Kano and a Bachelor’s Degree in Accounting from the same university.
Ukuevo added that the appointee possessed professional certifications such as Certified National Accountant and Fellow, Institute of Management Consultants.
Similarly, he said that Ms Habibah Waziri remained an experienced Human Capital Strategist and Business Solutions expert with nearly a decade of experience deploying successful growth roadmaps for MSMEs and multinationals across Africa.
“She has established strong partnerships locally and internationally and trained over 3,500 candidates to create competitive global workforces.
“She has held positions at Moneda Invest, Suburban West Africa & Infrastructure Concession Regulatory Commission,” he said.
According to him, Waziri holds an MBA in Strategic Marketing and an undergraduate degree in Communications and Electronics Engineering from the University of Leicester, United Kingdom.
“She is a Fellow of the Institute of Management Consultants and is dedicated to advancing workplace excellence and innovation.
“Her appointment is a testament to Ronchess’s commitment to delivering world-class solutions to its clients and creating a diverse and inclusive workplace.
“As the board believes Ms Habibah’s expertise will be critical in driving growth, innovation, and helping Ronchess achieve its goals,” he said.
Ukuevo said that the construction giant aimed to become a top player in African infrastructure management, focusing on road, rail, airport, and waste management services.
He said that the company was committed to delivering innovative and sustainable solutions to its clients. (NAN)
The Illmi Children’s Fund (ICF) and Peace Microfinance Bank (PMFB) have signed a Memorandum of Understanding (MOU) to financially empower teachers and educators.
The Managing Director of ICF, Mrs Maryam Augie-Abdulmumin, disclosed this on Saturday in Lagos.
The News Agency of Nigeria (NAN) reports that the MOU, is to set up the TARM (Training, Advocacy, Research, Mentorship) Cooperative, a ground-breaking initiative designed to empower teachers financially and support their crucial role in education.
Augie-Abdulmumin said the partnership with PFMB was to empower female teachers in their work with adolescent girls.
She noted that the programme would offer teachers training in the prevention of Gender -Based Violence (GBV) at home and school.
Augie -Abdulmumin added that the co-operative also sought to help both male and female teachers plan for a secure retirement.
“This partnership will also empower teachers who become members to retire to a future of ease.
“ICF is committed to social impact through empowerment and entrepreneurship ,and we could not pass off the golden opportunity that this partnership offers us to do what we do best,” Augie-Abdulmumin said
On her part, the Managing Director of PMFB, Ms Judith Onyishi, said that the partnership was aimed at giving teachers access to financial tools to plan for the future.
“Through this partnership with ICF on setting up the TARM Cooperative, we are giving teachers access to financial tools and resources they need to plan for a secure future while strengthening their ability to continue to do their work whole-heartedly.
“We believe that teachers deserve a retirement plan that is dignifying and gives them hope.
“The TARM Cooperative is a significant step towards ensuring financial stability for teachers, allowing them to focus on their important work of educating and inspiring the next generation of leaders.” Onyishi said.
According to her , TARM Cooperative offers a diverse range of benefits to eligible public school teachers, with future expansion planned for private schools.
She added that the benefits included secure retirement plans, easy access to loans, flexible payment options, financial literacy training and entrepreneurial growth. (NAN)
Photo: Officials of NGX and Abbey Mortgage Bank at the mortgage bank’s facts behind the figure presentation to the NGX on Thursday in Lagos
By Rukayat Adeyemi
Abbey Mortgage Bank Plc said that its total assets stood at N54.3 billion, with a market capitalisation of N27 billion, an increase from the N22 billion posted as at December 2022 financial year.
Its Group Managing Director/CEO, Mr Mobolaji Adewunmi, presented these figures at the Physical Facts Behind the Figures Presentation by Abbey Mortgage Bank at the Nigerian Exchange Ltd. (NGX) in Lagos.
Adewunmi also said the bank reported a 33.5 per cent increase in deposits, amounting to N39.906 million in the 2023 financial year.
He also said that the bank’s total liability, during the year under review, stood at N45.85 billion and with a release of 602 million shares.
Adewunmi attributed the accelerated growth in performance to capital injection by strategic investors, navigating a challenging regulatory environment.
Adewunmi also highlighted the impact of foreign exchange rate fluctuations on building material and housing prices, as well as the high ratio of non-performing loans (NPL) in mortgage banks.
“In 2020, our NPL ratio was about 75 per cent, and across most of the mortgage banks. There is very much high NPLs, while the regulatory minimum for mortgage banks is actually 20 per cent.
“When you start seeing figures like 25 to 30 per cent, it becomes worrisome.
“In the last three years, we have worked to ensure that there is a crash in the NPL and we are already on eight per cent, which is far below the benchmark,”he said.
He noted that despite these challenges, the company remained committed to facilitating homeownership and reducing the housing deficit in Nigeria.
Adewunmi mentioned the company’s efforts to meet the ongoing recapitalisation requirements set by the Central Bank of Nigeria (CBN), demonstrating its commitment to remaining a robust player in the industry.
Mr Jude Chiemeka, the Acting CEO of NGX, commended Abbey Mortgage for choosing to present its financial performance and strategic developments.
Chiemeka emphasised on the importance of ongoing engagement with investors and the capital market ecosystem.
He explained that Abbey Mortgage, as one of the seven nationally licensed Primary Mortgage Banks (PMBs) in Nigeria, would continue to play a prominent role within the national financial landscape.
The acting NGX boss said that the company, which operates in the mortgage and lending sector of the Nigerian economy, had an initial authorised share capital of N5 billion.
According to him, the firm has since grown its shareholder funds to over N7 billion, to position it as one of Nigeria’s most capitalised mortgage banks.
Chiemeka commended the mortgage bank for maintaining its commitment to adopting the best standards, processes, and practices.
He said this decision had enabled the firm to deliver innovative products and exceptional services, while striving for sustainable leadership and financial success.
He charged Abbey Mortgage to continually strive for sustainability, by adhering to higher standards of corporate governance, deeper social impact, higher regulatory compliance, and greater returns for shareholders.
Chiemeka noted the NGX remained committed to assisting issuers derive great value from their interactions with the market.
He said:”By positioning ourselves as the African Exchange of choice, we will continue to adopt rules aimed at improving the corporate governance of our listed firms.
“NGX will also offer products and services that are tailored to the needs of investors in a fair and orderly market”
Edited by AbdulFatai Beki/Olawunmi Ashafa
X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
