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BoI, FCMB Partner to Support Local Content Policy

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The Bank of Industry, in partnership with the First City Monument Bank, yesterday unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd.

Kayode Pitan, Managing Director, BOI, said at the inauguration of the vessel tagged: “MV Bello’’ in Lagos, that the joint financing demonstrated their supports for deepening the country’s local content policy.

Pitan, who was represented by Mr Joseph Babatunde, General Manager, Large Enterprises, BoI, said that the financing was to generate employment and grow the country’s economy.

“The vessel is the first vessel supported by BoI. The aim is not to leave the oil and gas industry to all comers; we need more indigenous companies to be able to take our destiny in our hands.

“For us at BoI, we like ventures that will create employment and add value to the economy of the country.

“We will do more to support many industries that need long term financing.

“The loan will be paid over a period of six to nine years with reasonable moratorium period that allows the company to stabilise and take the benefits to expand its operations,” he said.

Pitan said that financing of the vessel had created 220 jobs and would gradually attract all other services rendered in the value chain.

“Today, BoI is also signing a MoU of $200m local content development fund in Abuja for the oil and gas sector; I see a bright future for the industry,” he said.

Also, Mr. Adam Nunu, Managing Director, FCMB, said that the bank would continue to provide solutions and financial support to different sectors of the economy.

“We have demonstrated how local players can help to support the larger marine industry which is hugely dominated by foreign companies,” Nunu said.

He said that FCMB would continue to invest in various specialised industries to boost economic growth.

In his remarks, Mr. Andrew Otike-Odibi, Managing Director, C & I Leasing Ltd., said that the vessel was the biggest addition to its fleet of vessels.

Otike-Odibi said that the financing revealed Federal Government’s commitment to boosting its local content policy in the oil and gas sector.

He said that the acquisition of the vessel would reduce foreign exchange demand, increase human capacity development and the number of vessels in the company’s fleet.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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