NDIC, judiciary, police to prosecute operators, debtors of 103 MFBs

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NDIC, judiciary, police to prosecute operators, debtors of 103 MFBs

The Nigeria Deposit Insurance Corporation, NDIC has disclosed that plans are underway to  prosecute operators and debtors who contributed to the collapse of 103 Micro Finance Banks (MFBs) in 2012.

The Managing Director / Chief Executive Officer, Alhaji Umaru Ibrahim, who revealed this, said NDIC in collaboration with judiciary and the police authorities had concluded plans to prosecute operators and debtors who were culpable for the breach of trust and abuse of office that contributed to the collapse of the 103 MFBs in 2010.

A case in point, he said, was that of Integrated MFB which accounted for over 60 percent of the fund lost in the subsector. “This would go a long way to institute the right attitude and financial discipline in the subsector for the future” he added.

Ibrahim also emphasized the need for adequate risk management framework and sound corporate governance practices as well as self regulation and market discipline to promote confidence and stability in the micro finance subsector. He pointed out that MFBs should be prepared not only to comply with the IFRS financial reporting standards but also to seek deferment on the date while negotiating with FIRS on the exemption from VAT and other tax related matters.

On the MFB regulatory reform guidelines, he advised the National Association f Microfinance Bankm,  NAMB to see the reform as a welcome development as the new licensing regime which allowed the participation of state and local governments should be viewed as a relief and positive contributions toward growth and inclusive ownership. This would encourage more grassroots support at policy making level considering all the benefits associated with such a review for the subsector.

He advised the MFBs to take advantage of the N220 billion MSME fund recently launched by the  Central Bank of Nigeria, CBN for on-lending in the subsector. The fund, he said, would inject the much needed liquidity and raise the standard of entrepreneurship in commerce and agriculture value chain in the country at the rural settings.

Meanwhile, the NAMB President, Chief Jethro M. Akun (MON) has commended the NDIC for its technical and capacity building efforts toward ensuring safety, stability and soundness of the MFB sub sector and called for more collaboration between the regulatory authorities and the association.

Chief Akun, however highlighted the various challenges bedevilling the association by the new governing structure of each category of MFB, particularly the abolition of branches and cash centres for unit MFB, the conversion of all MFBs with over 50 shareholders to Public Limited Company (PLC), compliance with IFRS and removal of NAPEP funds from the books of the MFBs.

He therefore appealed to the corporation to allow the MFBs to have access to the NDIC N16 billion intervention fund to resolve illiquidity challenges facing the sub sector, pointing out that the 6 million customer base of the MFBs could be increased with the support of the Corporation in the areas of advocacy, client services, sustainability, capacity building and accountability.

– See more at: https://www.vanguardngr.com/2013/10/ndic-judiciary-police-prosecute-operators-debtors-103-mfbs/#sthash.hyWfFlbx.dpuf

Oando plans 50 mega filling stations

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Oando plans 50 mega filling stations

Oando Marketing, a subsidiary of integrated oil firm, Oando Nigeria Plc, unveiled plans to build 10 mega filling stations yearly in five years in some major cities.

Its Chief Operating Officer, Mrs. Olaposi Williams, said as a major player in the downstream sector of the oil and gas industry, the firm will ensure that its products get to all parts of the country.

According to her, mega stations will boost job creation.

She said because Lagos is the commercial capital of the country, it will host the first mega stations. They will be opened in Lekki and Ojodu-Berger.

The Federal Capital Territory (FCT), Abuja has two mega stations.

“This passion for excellent delivery of customer services continues to build confidence in our customers who know that we put them first at all times and will continually strive to satisfy them,” she added.

While condemning the improper dispensing of products at filling stations, Mrs Williams said the quality of service at Oando filling stations is consistent.

”We have our monitoring team that goes to our outlets daily to check. Any dealer caught in such act loses his or her contract with us. We do not condone such act. We tell them every day and it is also stated in the agreement we signed with them. Nothing will make us to compromise our station’integrity. This is in line with our vision to have a quality station. If such station does not meet our standard we seal it up,” she said.

Explaining how the project will be implemented, she said the stations will be one-stop shops which can dispense at least three trucks of petrol daily.

She added that Lagos would have the largest share with 50 per cent; Federal Capital Territory, 30 per cent, while East and North would get 10 per cent each.

”We hope to build 10 mega stations every year in the next five years, which will bring the number to 50. We are repositioning our retail outlets across the country especially filling stations that have been driving our volume. Before now, we had over 1,000 stations but we have 338 of them that are dispensing over a million litres per month, about three trucks per day. In the last one year, we have upgraded 10 stations in Lagos, Port Harcourt and Abuja.

”We want to ensure that our fillings stations are beautiful and inviting to customers. We want a situation whereby customers will see it as a thing of pride to purchase our product,” she said.

As the nation’s leading oil marketing retailer, Oando Marketing sells and distributes its products via over 500 retail service stations and over 500 industrial customers cutting across the different geographical zones in Nigeria. Oando Marketing also has two operational subsidiaries in Ghana and Togo with over 40 service stations. This leading position is associated with successes in the petroleum products marketing business.

Nigeria-UK Trade Increases to N1.8 Trillion, Says Tafida

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Nigeria-UK Trade Increases to N1.8 Trillion, Says Tafida

The volume of trade between Nigeria and the United Kingdom (UK) has increased to about £7.2 billion (N1.8trillion), with the balance of trade still in favour of Britain.

The High Commissioner of Nigeria to the United Kingdom, Dr. Dalhatu Tafida, disclosed this during the celebration of the 53rd Nigeria Independence anniversary in London.

However, no further breakdown was given on the figures and the exact period the increase covered.

The independence anniversary celebration attracted members of the diplomatic corps, Nigerians in Diaspora and other friends of the country from different countries and embassies, was well attended.

Tafida noted that relationship between Nigeria and the UK has continued to deepen and widen in all spheres including political, economic, consular, trade and other areas of bilateral relations.

“The high level interaction between the two governments has had a domino effect on the sphere of trade and foreign direct investment, where Nigeria has remained the second largest British investment destination in Africa. Though the balance of trade still remains in favour of Britain, the country is determined that in the foreseeable future to reverse the trend,” Tafida said.

A good indicator of healthy bilateral relations, according to him, is the high level visits between both countries. He cited all the trips made by either President Goodluck Jonathan, the vice president, Mohammed Namadi Sambo or President of the Senate, Mr. David Mark as good examples.

On the other hand, he said the UK prime minister, David Cameron and Jonathan, had discussed a wide range of issues of mutual interest, including security in the West Africa sub region, the petroleum industry bill and human rights situation in the country.

Tafida maintained that the federal government, in transforming the economy, would take the lead where indicators were already bright in the count down to the country’s Vision 20:2020.

He, however, urged Nigerians, especially professionals in Diaspora to continue to plough back in the economy and society. He said the Mission has continued to engage the Nigerian community in the UK through various relevant associations.

He used the opportunity to tell the gathering several proactive roles Nigeria had played to maintain peace in the sub region, including ECOWAS, African Union (AU) and towards peace keeping and other support in logistics in the resolution of the stand-off in Mali, the political log jam in Guinea Bissau, the crisis in Republic of Congo and the Central Republic, among others.

He said the 53rd anniversary dovetailed into country’s programme of activities marking the commemoration of the Centenary of   Nigeria’s nationhood. “We are therefore celebrating today within a celebration, as 100 years in the life of a nation, which is by no means a mean achievement,” he said.

Projecting the image of a country in which he represents as a high commissioner, he said the aim of the Abuja centenary city concept will not only serve as a monumental arcade, but also  to celebrate the uncommon success recorded by a complex country in the 100 years of its existence.

CBN Dangles N5m Prize Money on Financial Institutions

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Banks and financial institutions featuring in this year’s Central Bank of Nigeria (CBN) sponsored football tournament will split total prize money of N5million. The competition is organised in collaboration with the Nigeria Football Federation (NFF).

The final match of the tournament that will feature 32 teams from the banks, financial regulatory agencies and other institutions in the sector is billed for Lokoja Township Stadium on November 16.

The Director, Corporate Communications of CBN, Ugochukwu Okoroafor, told reporters that the winner of the trophy will be rewarded with N2m, while the runner-up will take home N1.5m. The third  and fourth placed teams will get N1m and N500,000 respectively.

The group matches will be played in four centres: Lagos, Minna, Owerri and Lafia. The preliminary matches at the designated centres kicked off on Tuesday and will run through October 8. The quarter-final matches are also going to be played at the same venues.
Okoroafor said that the semi-final matches are billed for Akure and Kaduna respectively on October 19.

He said the tournament is designed to create an opportunity for business and social interaction among players, officials and staff of the competition institutions.

CBN is also tapping into the football platform for the benefit of the stakeholders as the game is a unifying source of national pride and is devoid of ethnic, regional and political colorations.

Joe Anichebe: Image Maker Of BPE

Economic Confidential
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Joe Anichebe: Image Maker Of BPE
The gentility, geniality and amiable mien of Mr. Joseph Chigbo Anichebe has over the years tempered public hostility towards privatisation in Nigeria.
Not minding that the concept of privatisation is much feared and hated by majority of Nigerians, public attitude to the Bureau of Public Enterprises (BPE), secretariat and implementation arm of the National Council on Privatisation has been at the worst of times, tolerant.
Both the Privatisation and Commercialisation Act of 1988 and the Bureau of Public Enterprises (BPE) Act of 1993 defined privatisation as the relinquishment of part or all of the equity and other interests held by the Federal Government or any of its agencies in enterprises whether wholly or partly owned by the Federal Government. But the concept of privatisation has never been popular. Most people believe privatisation is a way of further enriching the elite and the wealthy to the detriment of the poor.
But how did the concept of privatization and commercialisation that was that much opposed came to be tolerated and even clamoured (as in the case of power)?
Joe is surely the wizard behind the excellent public relations success of the BPE over the years. Before he joined organisation in 2000, media representation was negative for more reasons than the general negative attitude to privatisation.  Some of those who worked at the bureau were considered greedy and selfish.
There is a general testimony that Anichebe is a liberal personality and quite unlike most very many Nigerians, does not relate on the basis of tribe or religion.
Since 2000, the man has been substantially in charge of media and public relations of the BPE. If he is assigned other responsibilities, management is quick to draft him back for damage control whenever there is need to regain public confidence. It has always worked. The diversity of his experience is probably to answer for his versatility and success. How could an individual be at home with both the lowly and very important personalities at the same time and with such ease?
Born in Owelli, Awgu Local Government Area of Enugu State on 6 March 1960 Joe later proceeded to Ghana Institute of Journalism, Accra, Ghana and graduated in 1984 with diploma in Journalism after attending Modebe Memorial Secondary School, Onitsha, Anambra State (1976-1981). He obtained a Bachelor of Arts (BA) degree in Journalism from Howard University, Washington, DC and a certificate in General Management from the Harvard Business School (The General Manager Program), Harvard University, Cambridge, Massachusetts; Certificate in Strategic Management from the University of South Africa (NISA).  He has attended several career development programs. Chigbo has held several positions both in the private and public sectors, including, Reporter/Editorial Assistant, Punch Newspapers (1985-87), Co-founder, West Africa Press Syndicate (WAPS) and Sporting Africa Magazine, Accra, Ghana (1984-1985).  He was the Washington Bureau Chief of The Week Magazine from 1996-1999.  He has reported for the Montgomery Journal, Rockville, Maryland and the Community News in Washington, DC.
He served on the United Nations Observer Mission to South Africa in 1994 that supervised South Africa’s first ever all-race elections.  On the political front, he served as Communications Specialist with the Republican National Committee (RNC), Washington, DC. Before joining the BPE in 2000, Joe was a Case Management Specialist (CMS) with the State of Maryland Division of Corrections, Baltimore Maryland from 1996 to 2000.  Chigbo serves in several boards, including Member/Treasurer, Board of Trustees, Gede Foundation, a not for profit organisation with headquarters in Washington, DC.  He is a member of the Society of Professional Journalists (Alpha Beta Chi), USA; National Association of Black Journalists, USA; International Organisation of Journalists (IOJ), Prague; and member, Institute of Directors (IOD), Nigeria. He won the 1992 American Press Institute (API) Summer Fellowship, the 1992 Fannie Granton Scholarship and the 1999 Maryland Correctional Administration Scholarship for graduate studies in Public Policy and Administration. He was the Secretary General of Nigeria Students Union in Ghana from 1983 to 1984.
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