News
Experts Proffer Solutions to Data Breach by Loan Sharks
Experts who gathered for the maiden Consumertrics workshop, held in Lagos, have advocated proper regulation of digital loan sharks.
The experts, who spoke on the theme “Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection”, deplored the unethical practices of many loan sharks and the usual breach of financial consumers’ data privacies.
Muyiwa Ayojimi, CEO of Consumertrics, called for tougher application of consumer protection laws.
He stated that banks’ stringent loan processes have erected barriers within the country’s huge credit market, thereby giving rise to the proliferation of illegal loan sharks.
Babatunde Irukera, CEO of the Federal Competition and Consumer Protection, (FCCPC), said that the practices of many digital lenders violate Section 17 of the FCCPC Act.
Irukera spoke through his representative Marvin Nadah, deputy director- Enforcement at the commission.
Some of the violations, he said, include “high interest loan rate; payable default fee, and unethical loan recovery methods. He added the agency, the Central Bank of Nigeria (CBN), and other institutions are collaborating to ensure compliance to regulatory guidelines.
Clem Omife, deputy director consumer affairs representing Professor Umar Dambatta, executive vice chairman of the Nigerian Communications Commission (NCC) said the CBN needed to take a cue from its Kenyan counterpart on how it is regulating the digital lenders effectively.
Ridwan Oloyede, a data privacy professional, said there are now trackers that could reveal a person’s exact location in some apps. He said consumers’ should be careful about granting people access to their mobile data as doing so makes them vulnerable to privacy invasion. He urged state licensing digital lenders to carry out strict oversight, like their federal counterparts.
Olawale Eleto, head of credit analysis for business banking, Union Bank of Nigeria Plc, agreed that digital lenders require strict supervision. He however said that some borrowers too are only out to defraud the lenders. He therefore urged both lenders and borrowers to act responsibly.
Other panellists who spoke at the workshop included Dr. Jamelaah Sharieff-Ayedun, managing director of CreditRegistry; Femi Daniel, Mastercard’s lead regional privacy counsel (for Eastern Europe, Middle East, and Africa); Clem Baiye, a former National commissioner with NCC and Independent Director, Transmission Company of Nigeria; Afolabi Solebo, the managing director of the Lagos state Consumer Protection Agency (LASCOPA); Olawale Eleto, Head Credit Analysis (for Business Banking), Union Bank of Nigeria Plc.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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