Connect with us

E-Financial

Sekibo, Obi, others Harp on Security, Leadership for Economic Prosperity

Published

on

Kindly share this post

Ifie Sekibo, managing director/ceo of Heritage Bank Plc, and other notable Nigerians have affirmed that the apt way to boost economic prosperity and peace in the country is to start addressing leadership challenges and insecurity.

L-R: Prof. Oyelowo Oyewo; Coordinator of the Nigerian Association of Constitutional Law (NACL); Dr. Oruene Finebone – Secretary, Mediacal Women Association of Nigeria, Rivers State Branch; Barrister Sotonye Inyeinengi-Etomi, President of the Men’s League of Christ Church Port Harcourt; Very Rev. (Dr), Ivan Ekong, Asst. Resident Minister, Christ Church Port Harcourt; Figbene Briggs, Regional Head, South South 1 & 2 Zone; Dr. (Amb.) Victoria Ekhomu, Group MD/CEO of Trans-World Security Systems Ltd.; Very Rev. Jonathan Udofia; Pastor Ituah Ighodalo, Trinity House, International Christian Worship Center; Elder (Engr.) Stanford Tassie and Alabo (Arc) Duboye Donald Graham-Douglas, during the 2nd Edition 2022 Forum, one-day International Colloquium organized by The Men’s League of Christ Church Port Harcourt, tagged, “What do Nigerians Want?”, held in Port Harcourt.

Sekibo and other notable Nigerians like the Presidential aspirant of Labour Party, Peter Obi, Pastor Ituah Ighodalo, Prof. Oyelowo Oyewo, Dr. Victoria Ekhomu and Barrister Sotonye Inyeinengi-Etomi, during the 2nd Edition 2022 Forum, one-day International Colloquium organized by The Men’s League of Christ Church Port Harcourt, tagged,

“What do Nigerians Want?”, extensively brainstormed on the kind of leadership the country needs and how to rescue the country from its current debacle.

Speaking on the topic, “The Economy Nigeria Needs to Break Forth,” Sekibo stressed that of important to achieving the transformation the country needs, there was urgent need to address insecurity, which according to him, is the foundation of prosperity, as no nation can achieve much where the is no peace.

Sekibo, represented by Segun Akanji, divisional head, Strategy & Business Solutions, emphasized that for security purposes, there must be an established functional and value adding identity system in place.

“On a higher note, I think one of the things that we need to achieve as a country is the issue of functional and value adding identity management, which is still far away from us, although, some people know that we have BVN, NIMC and a few other identity capture systems but they have not been as functional and value adding, like the social security number that most people in advanced economies carry,” he stated.

Sekibo further explained that to achieve a prosperous economy, Nigeria needs to find ways and means by policies to build dual circulation economy which thrives on three pillars.

According to him, we need to focus on building dual circulation economy where we can expand domestic production and demand by making sure that the masses are employed.

“We need to make our people are productive and stop putting subsidy in unproductive zones. When you give subsidy to people with inadequate or no income, they really cannot add value to the economy, and money has a way of flowing away due to import of consumables from other countries and because of this, a larger portion of every consumption or cash given as subsidy gets out of the country,” said Sekibo.

The bank’s helmsman further explained that to expand the domestic production, government must give the private sector support to drive employment creation, technology, which is riding on innovation and manufacturing must be in place and, the population which is an added advantage must be well educated.

He highlighted the need to examine how the country could add value to primary production for global export, emphasizing on reduction of over dependence on foreign markets but rather increase local production for export, whilst also increasing demand on local products.

Sekibo further affirmed that if states could function as proper federating units and take the lead of the competitive comparative advantages therein, wealth creation would be achieved that would bring about the desired changes.

The former governor of Anambra state and presidential aspirant, Peter Obi lamented the huge indebtedness of the country, which he blamed on unproductivity due to the inimical situation of high unemployment rate resulting to over 80million Nigerians being jobless.

He blamed the cumulative failure of government over the years on insecurity, failure to migrate from sharing formula to production formula and lack of will to transform the power sector and the need to focus and support the micro, small and medium enterprises (MSMEs).

In his paper titled, “The President Nigeria Needs”, Pastor Ighodalo harped on the need for leadership change.

He argued that what the country needs now are leaders who have vision and are ready to sacrifice for the common man, stating, “things must be done differently”.

Ighodalo believed leadership remains the bane of Nigeria’s transformation, stressing that once we get good leadership other things will fall in place.

Prof. Oyewo while speaking on the topic “Restructuring and True Federalism” was of the view that some responsibilities need to be decentralized like the police, power provision and railway.

Once there is decentralization, he believes that the state will have less dependence on the centre, “rebalancing of the constitution in terms of power and security. So, there is reason for state police.”

Oyewo maintained that regions are closer to the people, thus it will boost security, the economy and sense of belonging by the populace.

He also identified data and planning as key factors in ensuring that programmes are tailored towards the people.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly. This arrangement, aimed at addressing seasonal foreign exchange (FX) demand, will be effective from December 19, 2024, to January 30, 2025.

In a statement signed by T.G. Allu, CBN’s acting director of trade and exchange, the apex bank said BDC operators would buy FX from authorized dealers—banks licensed by the CBN—exclusively to meet retail market demand.

“To meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NAFEM for the purchase of FX from Authorized Dealers, subject to a weekly cap of $25,000,” the statement read.

BDC operators must fully fund their accounts before accessing the market at prevailing NAFEM rates, choosing only one authorized dealer for transactions under this arrangement. A maximum price spread of 1% is allowed for retail pricing by BDCs, and all transactions will be reported to the CBN’s Trade and Exchange Department.

The CBN reiterated that personal travel allowance (PTA) and business travel allowance (BTA) remain available through banks for legitimate travel needs. The bank emphasized that all FX transactions must be conducted at market-determined exchange rates.

“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility,” the statement added.

Earlier in September, the CBN approved FX sales to eligible BDC operators at a rate of N1,590 per dollar to cater to demand for invisible transactions, reflecting ongoing efforts to stabilize the FX market.


Kindly share this post
Continue Reading

E-Financial

Diaspora Remittances to Nigeria Reach $4.22 Billion in 2024, Says CBN

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has announced that diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024.

This figure represents a 61 percent increase, or $2.62 billion more than the amount recorded during the same period in 2023.

CBN Governor Olayemi Cardoso shared the figures during an interactive session with the Senate Committee on Banking, Insurance, and Other Financial Institutions at the National Assembly on Wednesday. “The year-on-year increase reflects significant growth,” Cardoso noted.

He also reported that remittances rose from $336 million in September 2024 to $402 million in October 2024 on a month-to-month basis.

Cardoso expressed optimism about continued growth in remittance inflows, saying, “The remittance inflows would continue to rise by the end of the year, given the current trajectory.”

He attributed the surge to improved efficiency in the remittance system, the positive effects of President Bola Tinubu’s policies, and increased trust among Nigerians in the diaspora to contribute to national development.

In addition to remittance updates, Cardoso addressed the state of Nigeria’s external reserves, which he said had grown to $42.01 billion as of December 12, 2024, from $38.35 billion on September 30, 2024.

“External reserves rose largely due to receipts from crude oil-related taxes and third-party receipts in Q3 2024,” he explained.

He added that Nigeria’s external reserves could fund over nine months of goods and services imports, surpassing the international benchmark of three months. “Our external reserves level is a robust buffer against shocks,” Cardoso said.

On the issue of cash shortages, the CBN governor reiterated the enforcement of the new policy imposing a fine of N150 million on any bank branch found distributing new naira notes illegally to currency hawkers.

Cardoso also shared his outlook for the Nigerian economy in 2025. “Distinguished Senators, as we conclude this briefing, I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism,” he said.

“The gradual stabilisation of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

This comes as the CBN continues to implement measures to strengthen the economy. On October 17, the apex bank reported that remittance inflows had risen to almost $600 million by the end of September, while on June 25, it granted eligible IMTOs access to trade on the official FX window.

 


Kindly share this post
Continue Reading

E-Financial

Fraud in Bank Branches Surges by 31 Percent in Q2 — FITC

Published

on

Kindly share this post

The Nigerian banking sector has witnessed a concerning rise in fraudulent activities, with incidents of fraud in bank branches increasing by 31 percent in the second quarter of 2024.

Fraud in Bank Branches Surges by 31 Percent in Q2 — FITC

This alarming statistic was disclosed by the Financial Institutions Training Centre (FITC) in its Fraud and Forgeries report, highlighting significant challenges to the integrity of the country’s financial system.

Fraudulent activities in Nigerian banks led to a staggering N42.33 billion in reported losses during the first half of 2024.

This sharp rise was driven by escalating fraud across multiple channels, most notably within physical bank branches.

The FITC report revealed that fraud in bank branches rose dramatically to N42.2 billion in the second quarter, compared to N133.9 million in the first quarter.

The FITC data also pointed to a massive 1,560.3 percent increase in computer and web fraud. Losses in this category surged from N24 million in the first quarter to N400.8 million in the second quarter.

In contrast, mobile fraud witnessed a significant decline, dropping by 59 percent from N216.4 million in the first quarter to N88.7 million in the second quarter.

Interestingly, no cases of ATM-related fraud were recorded during the period under review.

The figures also indicate a shift in fraudulent activities involving various financial instruments. Card fraud saw a notable decline of 47.66 percent, with cases dropping from 21,469 in the first quarter to 11,231 in the second quarter. Conversely, cheque-related fraud rose by 36.67 percent, increasing from 30 cases in the first quarter to 41 in the second quarter.

Mobile fraud recorded an even steeper decline in value terms, dropping by 99 percent from N21.6 billion in the first quarter to N216.36 million in the second quarter.

These figures suggest evolving strategies among fraudsters, with some methods becoming less prevalent while others gain traction.

Amid the rising tide of fraud, legal actions have also intensified. In one notable case, an Abuja Federal High Court issued a 30-day freeze on 818 bank accounts linked to a N10 billion cyberattack on a Nigerian bank.

The court’s directive, issued on October 15, 2024, was based on a motion filed by the police against James Akagwu Isaac and other suspects, including several financial institutions.

Analysts say the surge in fraudulent activities underscores the urgent need for heightened vigilance, enhanced security measures, and robust regulatory interventions in Nigeria’s banking sector.

While the decline in some fraud categories, such as mobile and card fraud, offers a glimmer of hope, the sharp rise in branch-based and web-related fraud highlights the evolving tactics of fraudsters.

To combat these threats effectively, experts recommend that banks must invest in advanced fraud detection systems, conduct regular staff training, and strengthen internal controls.

Collaboration between financial institutions, law enforcement agencies, and regulators will also be crucial in mitigating the impact of fraud and safeguarding the financial ecosystem.

The FITC report serves as a stark reminder of the vulnerabilities within the banking sector and the need for proactive measures to address them. Without sustained efforts, the rising trend of fraud could pose significant risks to Nigeria’s economic stability and the trust of consumers in the financial system.

 

 

Credit: Tribune


Kindly share this post
Continue Reading

Trending