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Sogunle, Stanbic IBTC Bank Boss in Trouble over FME’s N1Bn

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House of Representatives, the lower house has quizzed Demola Sogunle, managing director of the Stanbic IBTC bank, as to why operated an Hyprep account of over N1 billion belonging to the Federal Ministry of Environment allegedly in breach of the treasury single account (TSA) policy.

 

The House, via, it’s Mr Abubakar Nuhu Damburam led ad-hoc committee probing into the level of implementation of the TSA Policy were taken aback that the financial institution operated such an account without a waiver from President Muhammadu Buhari as stipulated by the TSA policy.

 

Series of attempt by Damburam and other members of the committee to get Sogunle to show proof of approval of how the operation of the account by officials of the ministry involved N930 million and $4.9 million failed to yield dividends.

 

The committee insists that a letter from the bank at its disposal signed by the Chief of Staff to President Buhari conveying the decision to exempt the NNPC and the Petroleum ministry is not the same as an approval to exempt the ministry of environment.

Demola Sogunle

Sogunle, however, claimed the decision by his outfit to operate the account was duly approved by government maintained that it would be a tall order for him to go out of his ways to get President Buhari’s approval.

 

Said he: “I want the understanding of the committee on where we are coming from. We cannot write to an entity or be dictating to an entity. I cannot write to the Bank of England for permission and be insisting that the Governor of England be the one to sign it.

 

I can’t say this document must be signed by President Buhari. It does not exist. Even if you ask me to come forty times, I can’t do it. ”

 

Sogunle who was directed to come forth with the evidence by Damburam on Tuesday next week promised to avail the committee of the evidence at its disposal.

 

Adamu Kamale (Adamawa: PDP) warned that the committee would not grant audience to Sogunle in the event he goes out of his way to procure postdated approval from any of the top government functionaries.

 

Damburam who accused the managing director of First Bank Plc, Mr Adesola Adebuntan for allegedly refusing to appear before the committee to shed light on the level of his outfit compliance to the TSA policy threatened to issue a warrant of arrest on him over the act. (Guardian)

 

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E-Financial

CBN Predicts 3 pct GDP Growth in 2019

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The Central Bank of Nigeria, CBN, expects the economy to pick up in 2019, forecasting a gross domestic product growth of 3 percent, up from 1.9 percent recorded last year, its governor Godwin Emefiele said.

Emefiele said the bank would maintain its tight monetary stance in 2019, and sees inflation at 11.31 percent in February and rising to 12 percent this year before moderating.

The governor, who is set to step down in June, told an economic conference in Lagos that the economy would see more growth as the recovery is becoming self-sustaining.

Economic growth has been recovering since the third quarter of 2016, when the recession bottomed out. Higher oil prices helped Nigeria exit that contraction. In 2018, the economy grew at its fastest pace since the recession.

Emefiele expects volatility in the crude oil market to put pressure on the currency but the central bank would maintain its stance on exchange rate over the next year.

He said more than $6 billion had flowed into the local bond market since last month’s presidential election as foreign investors piled into debt to lock in yields as high as 14 percent.

Bond investors had been worried elections would turn violent, not about who won. President Muhammadu Buhari has favoured a strong and stable currency, which bondholders hope will continue.

Buhari won a second term in charge of Africa’s biggest economy in February, defeating his pro-business rival Atiku Abubakar who had touted privatizations and float the currency as some of the ways to grow the economy.

 

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Andrew Dell, Ex-CEO of HSBC Africa Now Senior Advisor to Asoko Insight

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Asoko Insight, Africa’s leading corporate information platform, is delighted to announce the appointment of Andrew Dell as Senior Advisor.

 

As part of its 2019 plan to introduce leading-edge digital tools for global banks to identify and onboard African companies, Asoko Insight has brought on board Andrew Dell as Senior Advisor.

 

African banks and global investors endure significant challenges when it comes to the efficiency of industry sizing, lead generation, on-boarding, and KYC processes. In his role, Andrew will help expand Asoko’s Verify Africa platform among banks and private equity firms active across the continent, supporting their objectives to reduce due diligence costs and grow their pan-African footprint.

 

Rob Withagen, CEO, Asoko Insight said:  “Andrew’s experience and track record are second to none and we’re thrilled to have him on board. He brings a robust knowledge of the KYC and compliance issues that African banks face and which Asoko aims to overcome.”

 

Andrew Dell, Senior Advisor, Asoko Insight said, “Sourcing reliable information to identify, verify and onboard corporate clients across Africa is time-consuming and expensive. Asoko’s purpose-built solutions are addressing the challenge by providing enterprise-access to instant, accurate and up-to-date information on the continent’s leading growth markets, businesses and the people who run them.”

 

 

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Founder Open Vector to Address Nigerian Bankers on Open Banking Opportunities

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Carlos Figueredo, CEO and founder of Open Vector, a professional consultancy firm founded in 2017 with its forte in open banking, PSD2, GDPR and payments, he has consented to headline the Open Banking Masterclass, one of the key attractions of Lagos Fintech Week on April 23, 2019, in Lagos-Nigeria, West Africa.

According to the statement signed by the chairman organizing committee, Dr. Yele Okeremi, Lagos Fintech Week [LFW] is an invigorating week of distinct FinTech events that delivers exciting discussions, stimulating demos and insightful debates. “It is scheduled for April 23-26, 2019 at Oriental Hotel, Victoria Island, Lagos”, he said.

He explained that Open Banking is a trend that is poised to transform how banking is done over the next decade. While only a few countries have started or are in the process of starting. The traction is so strong and it is expected that this trend will become dominant in five years.

“Nigeria cannot afford to lag behind, as we have had various conversations whether we should have open banking, how we should do it, and what are the benefits. This is why we are bringing an expert of Carlos’ status who has wealth of experience and fundamentals of the needs for Open Banking to lead the Masterclass at Lagos Fintech Week in April”.

He pointed out that Figueredo is a recognised open banking SME with over 20 years’ experience in payments, SWIFT, SEPA and PSD2 and started open banking in 2016 as the Head of Data Standards for the UK Open Banking Implementation Entity (OBIE).

Dr. Okeremi said that Figueredo oversaw the ISO 20022 based standard development and the relevant technical elements needed to integrate it across the array of product-based API’s for OBIE, which was the first initiative globally in the banking sector, or any other sector, to have done so.

“In quarter three of 2018 Open Vector was granted by the British Embassy of Mexico City and the Prosperity Fund a component of phase 1 of the Fintech Law delivery. Carlos worked alongside the CNBV (National Banking and Securities Commission) to develop and implement the data standards, which will go live in April 2019.

 

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