BUSINESS
FG Committed to Poverty Eradication – SGF
Secretary to the Government of the Federation (SGF), Mr Boss Mustapha has reiterated Federal Government’s determination to eradicate poverty by creating enabling environment for businesses to strive.
He said this at the investiture of Obadiah Nkom, the newly elected president of the Nigeria Mining and Geosciences Society (NMGS) on Saturday in Abuja.
Nkom, also the Director-General of the Nigeria Mining Cadastre Office (MCO), was elected as the 30th President of NMGS in March, at its 55th Annal International Conference in Enugu.
The SGF, represented by Jumai Idakwo, however, added that the Federal Government would need the society to guide it on how best to utilise the country’s solid mineral deposits.
“We are of the view that the NMGS under the president and council will continue to suggest to government various ways and means to improve the current measures geared toward achieving this,” he said.
According to the SGF, this has become imperative, especially in the solid minerals, oil and gas, water and all allied sectors where the professionals in the society are major stakeholders.
He said that government on its part would continue to listen and engage the society at all times as partners in progress in the development of the various sectors of the country’s economy.
Mustapha congratulated Nkom for emerging as the society’s president and wished him a successful tenure.
He noted that his election was a demonstration that the Federal Government was on point in selecting a professional that enjoyed the support and confidence of his professional colleagues as Director-General of the MCO.
“It is the hope and aspirations of government that all professionals in government would also enjoy this level of support and confidence from their colleagues in other sectors.
He expressed optimism that Nkom as president of the society, would engender the right synergy between those in government and those in the private sector.
This, he said, would ensure that whatever policy or programme that emanated from government was with the input of various sectors of the society.
The SGF acknowledged the collaborative reports received from the NMGS since the inception of President Muhammadu Buhari-led administration.
He added that members of the society had participated actively in developing the drafting of various policy documents that had led to the development of road maps in the solid minerals and water sectors.
According to him, the society is also involved in several aspect of the implementation of the road maps.
“It is is the hope of government that the synergy and collaboration will be strengthened as we move forward,” he said.
The News Agency of Nigeria (NAN) reports that governors of Kaduna,Taraba and Adamawa states were represented at the ceremony which was also attended by traditional rulers.
BUSINESS
My Vision to Simplify Payments in Nigeria with Innovative Solutions – Shema
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.”
BUSINESS
Afreximbank Closes $282m India-Focused Club Deal
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.”
BUSINESS
CBN Unveils New Minimum Capital Requirements For Banks
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.