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Buhari Orders Termination of e-Passport Printing by Foreign Companies

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By Mathew Dadiya, Abuja

President Muhammadu Buhari has ordered a stop to printing of Nigerian international passports outside the country and directed that the production and personalisation of all Nigerian e-passports and related documentation shall be the sole responsibility of the Nigerian Security Printing & Minting Company (NSPMC).

Popularly known as The Mint, the company was established in 1963 with the objective of producing the nation’s currency notes and coins for the Central Bank of Nigeria as well as security documents for Ministries, Departments and Agencies of government, banks and other blue chip companies.

Special Adviser to the President on Media and Publicity, Femi Adesina conveyed the president’s directive via a statement.

He stated that with the new directive from the President, all existing memoranda of understanding and contracts on printing by other institutions or companies will not be renewed.

The Mint is the largest banknote and security documents specialist printing company in West Africa.

However, its performance was rapidly dwindling in terms of both currency production and security documents prior to 2014.

Under the chairmanship of the Central Bank Governor, Mr Godwin Emefiele, new targets were set, and Managing Director/Chief Executive Officer of The Mint, Mr Abbas Umar Masanawa recounts some of the achievements to include: zero importation of currency from 2014 to date, with attendant benefits of conservation of foreign reserve, revenue and employment generation, as well as safeguarding the nation’s sovereignty.

Mr Masanawa counts the blessings further: “The Mint has returned to profitability. From a moribund organization with heavy losses, the company grew from a loss position of N14. 6 million in 2014 to a profit of N14. 3 billion in 2018. Turnover also grew from N17.8 billion in 2014 to N61. 4 billion in 2018.

“Other achievements include enhanced production capacity, revenue diversification, reduced cost of production, institutionalization of corporate governance, improved staff welfare and industrial harmony, among others.”

The Managing Direction pledged that The Mint would justify the renewed confidence reposed in it by the President, “as we are moving to the Next Level, and poised to boost national security and integrity, we will conserve scarce foreign exchange, improve revenue generation, create job opportunities, and boost acquisition/transfer of technology.”

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BUSINESS

My Vision to Simplify Payments in Nigeria with Innovative Solutions – Shema

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By Raphael Atuu,  Abuja
The Chief Executive Officer of  Wireless Pay,  Chonedu Shema Emmanuel has said  his vision is to simplify payments in Nigeria with innovative solutions through  his wireless banking platform.
Mr Sharma stated this during an interview with Daily Assets correspondent in his office in Abuja recently.


“I have launched one of Nigeria’s Leading payment platforms, ensuring seamless and efficient financial transactions online, the app is a subsidiary of Wired Banking Africa and collaborates with Asset Matrix MFB to deliver secure and efficient payment solutions.

“My company has  an app with key features like NFC tap-to-pay for softPOS, enabling merchants to effortlessly receive card payments, and an alternative USSD option for customers who prefer to pay with USSD codes.
Virtual accounts are also available for those who prefer transfers, and merchants can request physical cards for transactions with an impressive 99.9% uptime.”
Mr Shena added that his vision for the future of Wireless Pay includes sustained growth, expanded services, and becoming a trusted industry leader in payment processing, contributing to financial inclusion across different regions.
 While advising the public to take advantage of  wireless pay ‘s high  features, secure infrastructure, and global accessibility, to transact business, the company is set to capture the business market.
 The CEO maintained that the company is  registered as Wireless Pay Technologies Limited in Nigeria, the US, and the UK,  with a physical office in Abuja, and an entity under WOBILO Africa Limited, Wired Banking Africa, and Corporate Permit and Consultants Limited, further establishing its credibility and commitment to providing reliable payment solutions.
“It has  a collaboration with Asset Matrix MFB to ensure seamless integration and efficient services, the founder stressed that the platform offers transparent pricing, with card transactions capped at 0.5% up to 100 naira and USSD collections capped at 1.3% up to 1,300 naira. Withdrawals and bank transfers incur a flat fee ranging between 15-20 naira.”

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Afreximbank Closes $282m India-Focused Club Deal

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By Tony Obiechina, Abuja
The African Export-Import Bank (Afreximbank) has announced the successful completion of a first-of-its-kind India-focussed club deal for US$282.00 million.
Initiated for the exclusive participation of Indian lenders, and arranged by Bank of Africa UK PLC, the primary syndicated club deal saw participation from Indian lenders through their overseas branches and subsidiaries in the Dubai International Financial Centre in the United Arab Emirates, Singapore and Mauritius.


The facility, which was backed by six participating banks and financial institutions, including five that joined as first-time lenders to Afreximbank, helping the Bank achieve its objective of diversifying its funding sources, carries a three-year tenor.

At a commemorative event held in Dubai, U.A.E., to mark the conclusion of the deal, Haytham ElMaayergi, Executive Vice President at Afreximbank, said that the conclusion of the initiative represented a major milestone for the Bank as it sought to fulfil the key objectives of its funding programme.
Highlighting the importance of investing in, and for, Africa, Mr. ElMaayergi said: “this facility will help Afreximbank to continue to play a major role in the development of intra-African trade and trade between Africa and the rest of the world, particularly with India.
It is a testament to the rapid growth in Africa’s economic relationship with India and is evidence of Afreximbank’s growing ability to harness resources into Africa and to fund trade finance related investments that would have a positive impact on trade between Africa and India.”
Chandi Mwenebungu, Director and Group Treasurer of Afreximbank, reviewing the Bank’s vision for Africa, said that its funding objectives included achieving the diversification of its liability book by geography, investor type and tenor.
Also addressing guests at the event were Said Adren, CEO of Bank of Africa UK PLC, who thanked the lenders for their participation, and Zineb Tamtaoui, General Manager of Bank of Africa, Dubai Branch, who expressed appreciation for the opportunity to put together “a landmark deal that would be a stepping stone to many India-focused club deals going forward.”

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CBN Unveils New Minimum Capital Requirements For Banks

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Gives Them 24 months To Recapitalise

By Tony Obiechina, Abuja 

 Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.

 

Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Mrs.

Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.
 

Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively. 

A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026

According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.   

To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.

Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only. 

It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.

“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.  

“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.

The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024. 

It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted. 

However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024. 

The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.  

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