News
ANADEFI Banks Ring Solution to Banking Crisis
Despite the best efforts of the Central Bank of Nigeria (CBN), the financial industry is still strained by weak counterparty management policy due largely to lack of reliable data and dearth of powerful financial analysis tool that can enable financial institutions evaluate their customers and counterparties, Nigeria CommunicationsWeek can now report.
The result is that as the regulatory authority and risk managers of banks sketch out details of how to improve lending, they are still tied to the mystifyingly complex series of banking rules that produce vicious credit cycle.
People familiar with banking software and regulation said that Nigeria has not yet implemented global risk management standards, such as Basel II, which requires banks to maintain elaborate loss histories; data availability for deriving stress test impacts is limited.
Eager however to consolidate and achieve a robust banking industry through reforms, the CBN has hinted that it would engage specialists to drive the implementation of the Basel II and III, as well as other key initiatives aimed at enhancing effective banking supervision.
Basel III is a global regulatory standard on bank capital adequacy, stress testing and market liquidity risk agreed upon by the members of the Basel committee on banking supervision.
Hussaini Yakubu,, chief operating officer of Mayakorp Limited, a solutions and IT services provider, advised the CBN to begin with a business decision support tool that will come with solution for counterparty risk management, financial analysis and internal rating.
This is due to obvious loopholes in Basel II blamed as one of the major factors of the global financial crisis.
According to Hussaini Yakubu, because of the fragile nature of developing economies, regulatory authorities must ensure that successive banking capital rules do not make the same mistakes.
Nigeria CommunicationsWeek gathered that Basel II collapsed on all the three pillars it was founded under the weight of the crisis before the plaster had even set.
During the crisis, the global financial system came close to a complete halt as a result of problems propagated via financial markets to banks globally.
The need to underpin the liquidity problems of banks is imperative.
Sanusi Lamido Sanusi, CBN governor, recently told an audience at the London School of Economics that Basel III bank reforms currently in development probably won’t prevent banks taking on excessive risk because they are too soft at influencing behavior.
“I think one of the major problems that Basel III will have is that it falls into the…trap of thinking that by simply creating certain capital guidelines you can alter behavior,” he said.
His submission falls aptly in line with Hussein’s recommendation of flexible tool, easy to implement, even for complex projects for the industry before they progress to the full implementation of Basel III.
Hussaini said that ANADEFI Banks, a solution developed by O.R. System of France is just what Nigerian banks need to give them traceable and qualified information.
Nigeria CommunicationsWeek gathered that ANADEFI Banks is fully compliant with Basel II and III and combines external, internal, financial and non-financial data into a single repository for counterparty rating and gives a better understanding of risk origination.
It also standardizes financial analysis and counterparty rating practices within a centralized solution which is robust, flexible and scalable (multi industry, multi financial statements, etc.) and easily maintains rating models and reduces the time to market of the rating model validation to its implementation.
Elsewhere, ANADEFI Information Exchange Platform (AIEP) addresses Central Banks and regulators’ growing need to manage their counterparty risks and Basel II and III compliance requirements.
AIEP is modular software enabling Central Banks and regulators’ risks department to set up a unique repository where are stored all their third parties and risks information.
Two of O.R. System customers have already implemented it with success on some of their platforms, including the enterprises information trade company Société de Commercialisation d’Informations d’Entreprises (SCIE), an initiative of several financial institutions and banks in the West Africa.
Abel Assogba, of SCIE said: “Thanks to its flexibility and reliability the AIEP solution enables us to optimize our counterparty risks management. O.R. System was able to understand our strategic issues and accurately adapted the software to our need for a balance sheets and enterprise rating platform in the countries of our monetary zone. We are now going to extend the solution and use its other modules”
Fabrice Fauconnier, development director at O.R. System: “We know that some central banks have implemented a risks platform but many of them have not found yet an adequate tool for an information exchange platform; our software provides a complete and coherent turnkey solution in response to this strong need.”
News
Senate Committee Partners with Kuda Bank to Tackle Compliance Crisis as Nigeria Loses ₦3.4 Trillion
Over ₦3.4 trillion in financial infractions were uncovered across federal Ministries, Departments, and Agencies (MDAs) in 2021, according to the Auditor General’s report — a staggering figure that highlights Nigeria’s deepening compliance crisis and the urgent need for stronger oversight in public institutions.
In response, the Senate Committee on Legislative Compliance is hosting a high-level workshop to address the root causes of weak oversight and institutional gaps. The two-day event, with the theme ‘Consolidating Strategies for Strengthening Legislative Compliance by MDAs’, will take place on April 15 and 16, 2025 at NAF Suites, Abuja, bringing together lawmakers, regulators, and over two hundred representatives from federal MDAs.
Kuda Microfinance Bank is co-sponsoring the workshop as part of its commitment to supporting responsible innovation, governance, and regulatory alignment in Nigeria’s financial ecosystem.
Rasaq Kadri, Kuda’s Head of Compliance, will deliver a keynote address on the second day of the event, highlighting the efforts of Nigeria’s fintechs to promote inclusion and financial literacy without compromising on compliance best practices.
“When public funds go unaccounted for, it doesn’t just damage government credibility, it affects the entire financial ecosystem, including fintechs,” said Kadri. “We can’t build trust-driven products in a trust-deficient environment. Every time compliance is treated as a box-ticking exercise, we miss the chance to build something that lasts. Fintechs have the tools and perspective to support better governance, but more importantly, we have a responsibility to be part of the solution.”
As a sponsor, Kuda will take the workshop to engage directly with key stakeholders in Nigeria’s regulatory and public service ecosystem.
Plenary sessions will be chaired by the Honourable Attorney General of the Federation, Lateef Fagbemi SAN, and the Honourable Minister of Finance, Wale Edun. Conversations will focus on closing compliance gaps, strengthening institutional transparency, and promoting cross-sector collaboration.
The Senate Committee on Legislative Compliance Workshop is a unique platform for dialogue, knowledge-sharing, and collaborative action.
The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
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