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Forex market: CBN reinstates 9 suspended banks

Thursday, 01 September 2016 12:08

ABUJA — The Central Bank of Nigeria, CBN, has reinstated the nine banks recently suspended from the foreign exchange market. They were suspended for allegedly failing to remit about $ 2.3 billion fund of the Nigerian National Petroleum Corporation, NNPC, to the Treasury Single Account, TSA, of the federal government. The CBN Director of Banking Supervision, Mrs. Tokunbo Martins, who announced the reinstatement in Abuja, yesterday, explained that the apex bank took the decision after the banks presented repayments plans. According to her, the CBN and the Body of Banks Chief Executive Officers (CEOs) have met several times after the suspension of the nine banks, and eventually agreed to reinstate the affected banks after the CBN was satisfied with the banks’ repayment plans.

Mrs. Martins said: “You will recall that a while ago, a number of banks were suspended from the foreign exchange market and since then, I have received some inquiries, some of you have sent me text messages asking what is going on. “Well, we had engagements with the body of CEOs and they have been interacting among themselves and I am happy to tell you that the banks that were banned are being released from the ban. “And the reason is because all the banks, after discussions and engagements under the auspices of the Body of CEOs at the Chartered Institute of Bankers, CIBN, submitted creditable repayment plans which the CBN considered acceptable. “So, as a result of that, all those banks have been reinstated in the foreign exchange market.” In his remarks, President of CIBN, Prof. Segun Ajibola, said the organization had to intervene in the issue because the outcome would affect the entire industry. He said: “The Chartered Institute of Bankers of Nigeria is very much interested in what is happening among all the players now.” This article was first published at Vanguard paper website

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  • CBN licenses 11 new money transfer operators

    LAGOS—Central Bank of Nigeria, CBN, yesterday, said it had licensed 11 additional international money transfer operators. The CBN named the operators as TRANS-Fast Remittance, Worldremit limited, UAE Exchange Center LLC, Wari limited, and Home Send S.C.R.L. Others are Small World Financial Services Group, Weblink International limited Cashpot limited, DT&T Corporation Limited and Corporation limited and Fiem Group LLC, and DBA Ping Express, CP Express limited. The Central Bank of Nigeria CBN, had earlier granted licenses to three certified operators –Western Union, MoneyGram and Ria. The granting of licenses to the three sparked off protest from money transfer operators which made the CBN open the door for more applications from prospective IMTOs jostling for the Nigeria market, and targeting huge dollar inflows from Nigerians in the Diaspora, who remit over $21 billion annually to national coffers.

    The annual Diaspora remittance to Nigeria is expected to hit $35 billion this year following the devaluation of the naira, which remains an incentive for Nigerians in Diaspora to send more dollars home. The need to license new operators followed the exit of hundreds of international money transfer firms, after the CBN rolled out new guidelines stopping operations. CBN in a statement signed by its acting Director Corporate Communication, Mr. Isaac Okorafor, said “In furtherance of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) has licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria. In line with the existing Guidelines on International Money Transfer Services in Nigeria (2014), the following IMTOs are now licensed to operate in Nigeria” Before the new licenses were granted the CBN, had refuted claims that it has stopped the licensing of interested International Money Transfer Operators, IMTOs, in the country, stressing that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria. The apex bank had observed that this claim is being made by some individuals in spite of its transparency in the licensing of the operators in Nigeria.

    The statement had said: “interested applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria. “The Central Bank of Nigeria remains committed to providing an enabling environment for international money transfer services in Nigeria. It is, however, important to emphasize that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO. ”This article was first published at Vanguard newspaper website

  • Port Security: IMO rates Nigeria high on ISPS Code compliance

    TWO years after the United States government gave Nigeria an ultimatum to put its port security in order, or face sanction, the International Maritime Organisation (IMO) yesterday rated Nigeria high on compliance with International Ship and Port Facility Security (ISPS) Code. IMO’s Lead Consultant, Mr Brian Cranmer, speaking in Lagos at the opening of a five-day ‘train-the-trainer’s programme said the efforts of the Nigerian Maritime Administration and Safety Agency (NIMASA) in ensuring compliance with the Code is quite commendable. Dakuku Peterside Dakuku Peterside He said his conclusion is based on his evaluation of the programmes the management of the Agency has so far put in place for the implementation of ISPS Code in Nigeria.

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    He however warned against the incessant movement of staff which could hamper steady progress especially after some people have been trained in some technical areas. “There is usually a lot of movement of staff, but you need to keep the staff you have got. “The staff you have employed and trained should be technically employed and technically trained and you keep them, because they are your assets. Once you have trained staff, they understand how to carry out audits, inspections, how to do the enforcement programme, then you will find the rest of the programme becomes easy,” Cranmer said. Speaking earlier, Dr. Dakuku Peterside, the Director General of NIMASA, said the training programme was “a demonstration of IMO’s commitment to building competence among member States in the implementation of key maritime conventions.” Peterside said the training is a direct outcome of the IMO Need Assessment conducted between Jan. 25 and 29, 2016, during which a high standard of implementation of the ISPS Code was observed and commended.

    He said that to sustain the positive trajectory of the process, the IMO recommended additional training for key NIMASA personnel and stakeholders in the implementation of the provisions of the code. According to the NIMASA boss, the training would avail participants of a good insight of the DA’s implementation process and a forum for deliberation on contemporary issues related to ensuring compliance by port facilities. He said it will also provide an invaluable networking opportunity for government stakeholders, the importance of which aligns with the effort to build a critical mass of support for the process. Head of the ISPS Unit in NiMASA, Capt. Green Egbodi, an Assistant Director in the agency, said no fewer than 30 participants were undergoing the training. He disclosed that the participants were ISPS officers from NIMASA, the Nigerian Ports Authority, the National Inland Waterways Authority, and staff of the Ministry of Transportation. Capt. Egbodi said that the training was necessitated by findings from a Needs Assessment done earlier in January by the IMO, after it had attested to the country’s compliance with the Code. In his words: “When they carried out the Need Assessment this year, they saw some gaps that should be filled, and the whole essence is to make us close the gaps and make improvements.” “This ‘train-the-trainer’ training is to train some of us and we can now escalate the training further to other agencies and other port facility users in the shipping industry, to make the ports safe.” The training programme, which consists of workshops would build participants and equip them to be able to train others through presentations and necessary exercises.


  • Stakeholders advocate inclusion of informal sector, diversification to boost GDP

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    This article and the image used here was first published on Vanguard News Paper website

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    Innovation is critical to ensure that we continue to make incremental improvements to our processes – and the end goal of improving the customer experience. On the e-commerce side, we have some locations called DHL Pack stations so we don’t actually make a delivery to the end user, we provide a service point that has multiple electronic lockers and the clients can collect their shipments at a convenient time, using protective passcodes to access the lockers. We have also introduced scanner units in 26 countries across Sub-Saharan Africa, as part of our Global Courier Application deployment. These pocket sized Android-based scanners come equipped with touchscreens, built-in location services as well as GPS navigation capabilities, enabling customers to track parcels in real-time. With the new scanner units, customers are able to sign on the device’s touchscreen and within 15 minutes, the electronic proof of delivery will be made available on the website. How would you describe your role in driving the culture at DHL? I am the chief energy officer for the West and Central African region so I live by example and keep my team motivated, well trained and happy. We have shared values, goals and targets because it’s a large company but at the same time, it’s a family company. I’ve been in the company for 35 years now and I learn something new every day. Retraction: Last Monday, the print version of this interview erroneously omitted attributing the introductory note to African Business Magazine. We regret this error.

    This article was first published on Vanguard newspaper website

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