Connect with us

COVER

SEC Announces New Rules on Warehousing, Collateral Management

Published

on

Share

By Tony Obiechina, Abuja

In a bid to ensure the nation has a vibrant commodities trading ecosystem which would in turn translate into foreign exchange earnings for the country, the Securities and Exchange Commission has announced new rules covering warehousing and collateral management among others.

According to a statement by SEC Head of Public Communication, Mrs Efe Ebelo in Abuja on Sunday, every warehouse that stores commodities to be traded on a registered Exchange shall apply to be registered by the Commission, while the Commission shall maintain a Register of all registered warehouses which shall be published on its website.

 A warehouse applying for registration going by the rule, shall submit proof of ownership or registered-lease deed or rent agreement, along with disclaimer from the owner of the Warehouse/property providing waiver of ownership regarding Commodities stored in such Warehouse, in case of leased or rented Warehouse;  present evidence of construction in compliance with the National Building Code, Present evidence of compliance with relevant Federal and State regulation relating to the operation of warehouses, and have  facility(ies) appropriate for storage of commodities.

Other requirements are that the warehouse should have appropriate security arrangements in place, have adequate trained staff with expertise and knowledge of scientific storage of commodities, have requisite equipment for weighing and quality measures of commodities, as well as have comprehensive insurance cover for the building, equipment, stock and other items as may be necessary.

The Rule also states that “The warehouse should be located in a place with access to infrastructure to support its operations and have sufficient space for parking and movement of large vehicles, have an efficient system for loading/unloading of Commodity including proper mechanism for segregation of different kinds/quality of Commodity.

“They are to submit a Standard Operating Procedure (SOP) which shall cover the following among others: Procedures for acceptance of commodities to be deposited and delivery of commodities; procedures for weighing, sampling of goods to be deposited in compliance with industry standards, procedure for verification of commodities and communication to depositors, and procedure for maintaining the quality of the goods stored in line with relevant specifications.

“Others are procedure for Know your depositor, security policy for ensuring the safety of the goods, procedure for the use of modern techniques for storage of goods, procedure for determining and addressing losses due to theft, fire, burglary, fraud, negligence and force majeure events, procedure for internal verification of stock, procedure for maintenance of warehouse and preservations of Stock, Organizational structure and Job description for every staff”.

 The rules states that for a Collateral Management Company to be registered by the Commission, an application shall be filed to the SEC accompanied by the relevant documents.

Some of the documents are two sets of completed appropriate S.E.C Forms to be filed by the sponsored individuals; a copy of the Certificate of Incorporation certified by the Corporate Affairs Commission where a copy not certified is filed, the applicant shall present the original for sighting by an authorized officer of the Commission; a copy of the Memorandum and Articles of Association certified by the Corporate Affairs Commission, which shall among others, include power to act as a Collateral Manager, a copy of the appropriate CAC Form containing particulars of the directors certified by the Corporate Affairs Commission; as well as a Copy of latest audited accounts or audited statement of affairs for companies in operation for less than one (1) year.

The rule further requires Fidelity Bond representing 20% of paid-up capital; sworn undertaking to keep proper records and render returns; evidence of minimum paid-up capital of N50 million. As well as application for registration of a minimum of two sponsored individuals one of whom shall be the chief executive officer.

“The two principal officers of the Collateral Management Company who shall be registered as sponsored officers must have a minimum of a university degree or its equivalent with not less than ten (10) years relevant post-qualification experience; a list of key officers and technical experts engaged and details of their qualifications, which should capture evidence of financial, technical capabilities to carry out the functions of a Collateral Manager, a list of relevant technology systems in place as required by collateral management services; information relating to the relevant Commodities Management Facilities including: Assaying facilities, Warehousing, Aggregation, Computerization and Telephone systems and a well finalized Business Plan;

“Two copies of existing or proposed by-laws or rules, Code of Conduct, Warehousing Guidelines etc.,  instruction and inspection manuals of warehouse activities; detailed information about the promoters and principal officers of the Collateral Management Company; two copies of Warehouse Accreditation requirements of the Collateral Management Company; detailed information about the Technology system to be adopted; and an Undertaking by the CMC to always forward copies of amendments of its Guidelines for approval by the Commission”.

 On Management of the CMC, THE SEC rule stipulates that Board of directors and the chief executive should be appointed with prior approval of the Commission;  key officers are to fulfil the fit and proper criteria as provided in these regulations;  the CMC is expected to maintain the eligibility criteria provided by the Commission and notify the Commission immediately if it ceases to fulfil any of the conditions provided in these rules; 

“Maintain high standard of integrity and fairness in discharging its functions and its dealing with other persons with whom it has agreed in writing to render services as CMC; Fulfil its obligations in a fair, efficient, transparent and ethical manner;  and act with due skill, care and diligence in performing all its functions and discharging all its obligations and responsibilities; 

“Upon Registration, the CMC is expected to display such license, in a conspicuous place, in the principal place of its business; establish the procedure for pledging, in favor of a financial institution, the Depositor’s commodities held with the Warehouse against which Electronic Warehouse Receipt has been issued; and certify a Warehouse”.

COVER

After Five Months Bello, EFCC Standoff Turns Theatric

Published

on

Kogi- tate Governor-Yahaya Bello
Share

From Joseph Amedu, Lokoja

Former Governor of Kogi State Yahaya Bello yesterday honoured the invitation of the Economic and Financial Crimes Commission (EFCC).

A statement from Bello’s Media Office signed by Michael Ohiare said that the decision was made after due consultations with his family, legal team and political allies.

The statement read, “The former governor, who has great respect for the rule of law and constituted authority, had all the while only sought the enforcement of his fundamental rights in order to ensure due process.

“The case has been before a competent court and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing.

“It is important for the former governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former governor believes firmly in the efforts of the administration of President Bola Tinubu to place Nigeria on the path of sustainable economic development and support the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the state work for the people of the state.

“He was accompanied to the EFCC Headquarters by high profile Nigerians.

“It is our hope that the commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.

“Details of his engagement with the operatives of the anti-graft agency will be disclosed later.”

However, EFCC denied that the former governor was in its custody.

The commission, in a statement by its spokesperson, Dele Oyewale said that Bello remained wanted with a subsisting warrant of arrest.

He said, “Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC is incorrect.

“The commission wishes to state that Bello is not in its custody.

“Bello, already declared wanted by the commission for alleged N80.2 billion money laundering charges, remains wanted with a subsisting warrant for his arrest.”

Bello was declared wanted after the incumbent governor of Kogi State, Usman Ododo helped the embattled former governor to escape arrest in April.

Ododo’s arrival with heavy security at the residence of the ex-governor in Wuse, Abuja prevented the EFCC men from effecting his arrest.

Ododo’s entourage drove out with Bello in the governor’s car.

Since then, it was said have holed up in the Kogi State Government House, Lokoja.

Continue Reading

COVER

Alia Hands over Seized Palliatives Truck to EFCC, ICPC in Makurdi

Published

on

Share

From Attah Ede, Makurdi

Governor Hyacinth Alia of Benue State yesterday handed over a truck of palliatives he recently confiscated in Makurdi to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) with a charge on them to conduct a thorough investigations bordering on alleged diversion.

The National Emergency Management Agency (NEMA), had on Sept.

11 through the office of the representative of House of Representatives for Kwande/Ushongo Federal Constituency, Terséer Ugbor deployed two trucks of palliatives to his constituency for onward distribution to IDPs and vulnerable households.

However, one of the trucks containing several materials worth millions of naira was confiscated by the state governor.

Our correspondent had earlier reported that the seized truck was conveying assorted relief materials meant for IDPs in the Kwande/Ushongo federal constituency was caught offloading its contents at a private residence around Kilometre 2 in Makurdi.

Further checks revealed that the palliatives, which were loaded from a NEMA warehouse in Jos found their way to a private residence under the directives of Ugbor.

The governor explained that he gave a standing order that the truck be impounded and moved to Government House Makurdi so as to know why goods released from NEMA for distribution to IDPs in Kwande and Ushongo could be offloaded at a private residence in Makurdi.

Alia who spoke at NEMA headquarters upon his return from the United Kingdom expressed displeasure over the discovery of some hidden facts regarding the matter.

He explained that preliminary investigations revealed that the goods were coming from NEMA and were meant to be sponsored by the state government and lifted by the State Emergency Management Agency (SEMA).

In a letter from NEMA headquarters addressed to the representative of the Kwande/Ushongo constituency, Ugbor, who lobbied for the materials, the agency specified that the state government should pay for the expenses of lifting the materials in Jos and that the materials be taken to the state by NEMA and handed over to SEMA.

Alia who discovered that some of the trucks conveying other materials such as mattresses were still missing, directed anti-graft agencies to liaise with a three-man committee from the state and conduct a thorough investigations to uncover more facts.

“It was also discovered that the materials were to be distributed directly to the affected persons by officials from the agency’s North Central Zonal Office in collaboration with the Benue State Emergency Management Agency team.

“I have directed that the Acting Executive Secretary of SEMA, James Iorpuu, officers of the EFCC, and a few others should monitor the situation and ensure that due process was followed and that the materials were distributed to the rightful people.

“I thank President Bola Tinubu for having Benue people at heart. I therefore use this opportunity to call on the National Assembly members to consider the conditions of vulnerable people in their states and ensure that they provide for their constituents whatever the federal government gives,” Alia stated.

The Chief Press Secretary (CPS) to the governor, Tersoo Kula in a statement in Makurdi, said the Director General of NEMA through a phone call, thanked the governor for being vigilant and also promised to continue to collaborate with the state government to ensure the fair distribution of materials coming from the Federal Government.

Similarly, last month, the governor uncovered the diversion of relief materials for an IDPs camp in Makurdi by SEMA officials.

The diverted food items include: 55 bags of rice, 24 bags of garri, Indomie noodles, beans among others.

The Executive Secretary of SEMA was perplexed, wondering how the governor got wind of the development.

Three staff of the agency were arrested in connection with the incident.The IDPs said diversion of relief materials by staff of SEMA was a common happening.

Continue Reading

COVER

CBN Appoints New Board for Keystone Bank

Published

on

dailyasset-greetings
Share

By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) has reconstituted the board of directors of Keystone Bank.

In a statement by the bank on Wednesday, the move is part of the apex bank’s strategy to ensure sustained growth for the financial institution.

According to the statement, Ada Chukwudozie is the new board chairman alongside five other non-Executive Directors.

They are Abdul-Rahman Esene, Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

In addition, the CBN named two new Executive Directors, Ladi Oluwole and Abubakar Usman Bello.

Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions including Fidelity Bank, Afrinvest, and Global Arbitrage International Inc.

Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.

Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.

Samuel with more than 35 years of experience in banking and treasury operations has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.

Senator Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.

The two new Executive Directors bring their vast expertise to the table. Oluwole, the new Executive Director of Risk Management comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America.

 Bello, Executive Director for the Northern Directorate has extensive experience managing corporate, retail, and public sector clients.

Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam expressed confidence in the new board members, adding that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.

“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.

“We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.

Continue Reading

Read Our ePaper

Top Stories

NEWS2 hours ago

Shettima to Lead Nigeria’s Delegation to UNGA

SharePresident Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.The President has...

NECO NECO
NEWS2 hours ago

NECO Releases 2024 SSCE Results

ShareThe National Examinations Council, (NECO) has released the June/July 2024 Senior School Certificate Examination results (SSCE), with 60.55 per cent...

NEWS3 hours ago

NDDC Unveils Initiative to Enhance food Security in N’ Delta Programmes

Share The Niger Delta Development Commission (NDDC) says it is committed to advancing projects and programmes that enhance food security...

NEWS4 hours ago

Kwara Govt. Seals off 14 Buildings over Concerns about Environment

Share The Kwara Government has in the past few days sealed off 14 buildings due to environmental concerns, the state’s...

Foreign News8 hours ago

Microsoft Boss Warns of Meddling Ahead of U.S. Presidential Election

Share Brad Smith, the president of technology giant Microsoft has issued a stark warning regarding foreign attempts to influence the U.S....

Education8 hours ago

New Dangote Varsity Pro-chancellor Promises to Turn Challenges into Opportunities

Share The newly-appointed Pro-chancellor of Aliko Dangote University of Science and Technology, Wudil, Justice Abdu Aboki, has promised to turn...

POLITICS9 hours ago

KWASIEC says 21,000 Applied for 7,000 ad Hoc job During Saturday’s LG Elections

Share Alhaji Mohammed Baba-Okanla, Chairman of the Kwara State Independent Electoral Commission (KWASIEC), says more than 21,000 persons applied for...

Metro9 hours ago

FCT Civil Service Commission Begins Regularisation of FCTA Staff Appointments

Share The Federal Capital Territory Civil Service Commission has begun the regularisation of staff appointments in the FCT Administration and...

Education9 hours ago

FCT primary Teachers Resume Strike over Unresolved Welfare Concerns  

Share The Federal Capital Territory Wing of the Nigerian Union of Teachers (NUT) on Wednesday, resumed industrial action over unresolved...

NEWS9 hours ago

Nigeria to Lead $7.7trn Global Halal Market – Shettima

ShareVice-President Kashim Shettima has expressed the determination of the country to become number one hub of opportunities in the global...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc