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Glo Partners PenCom on World Pension Summit ‘Africa Special’

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Globacom is the Diamond Partner of the 2016 World Pension Summit ‘Africa Special’ taking place in Abuja next week.

The company said the event is an international platform for knowledge sharing on pension matters and would be held at the Transcorp Hilton Hotel on Tuesday, September 27 and Wednesday September 28, 2016.

The World Pension Summit ‘Africa Special’ is an annual specialized Summit for Africa which is held in conjunction with the National Pension Commission of Nigeria.

The first edition was held in Nigeria in 2014 to celebrate the tenth anniversary of the Nigerian Pension Reform Act of 2004.

The theme of this year’s summit is “Pension Innovations: The African Perspective.”   According to the organizers, the Summit will be attended by finance experts, African social security and pension professionals as well as major stakeholders from around the globe. Discussions will centre on “specific African pension innovations, key scenarios, and scheme developments. There will be presentations on global insights and best practices and these will be shared and discussed by renowned international experts,” the event organizers added.

Former President, Chief Olusegun Obasanjo, is expected to be a guest speaker at the forum, while experts from the African continent and beyond will also present papers.
 
They include Richard Dowden, Director of the Royal African Society, London, Alejandro Maldonado, MD of Mexican National Savings Commission, Mrs. Chinelo Anohu-Amazu, Director General of National Pension Commission; Dr. Ese Stephen Owie, Director & CEO of Centre for International Trade & Policy, Geneva; Solomon Adegbie-Quaynor of Client Leadership Group, International Finance Corporation; Sev Vettivetpillai, Partner and Global Head of Thematic Fund Businesses at the Abraaj Group, Walé Adeosun, Founder and CEO of Kuramo Capital Management, New York, and Wole Famurewa, Markets Editor, West Africa at CNBC Africa.

Globacom said it decided to partner with the Pension Commission to host the 2016 event because it shared the vision of promoting a sustainable pension industry that positively impacts on the economic development of Nigeria. Globacom said the vision will also guarantee better life for Nigerians and indeed Africans after retirement.

“It is our belief that the summit will help address challenges in the pension industry to ensure better retirement life for millions of Nigerians. In addition to this, global attention will be on our country during the summit. We want to ensure a successful event by throwing our weight behind it,” Globacom stated.


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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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