ICAN Tasks NDIC on Safety of Depositors’ Funds
By Dipo Olowookere
The president of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs Comfort Eyitayo, has charged the Nigeria Deposit Insurance Corporation (NDIC) to ensure it constantly reassures depositors of the safety of their funds in financial institutions.
Mrs Eyitayo made this call when she led her team to the office of the Managing Director/Chief Executive Officer of NDIC, Mr Bello Hassan, in Abuja.
She said this was necessary as it would boost the confidence of depositors in the nation’s financial system, which will also send a positive signal to foreign investors on the financial stability of the country.
During the visit, the ICAN boss acknowledged the invaluable contributions of the NDIC in stabilising the financial system in Nigeria.
She expressed the commitment of the institute towards the continued partnership with the corporation to achieve greater awareness of the deposit insurance system amongst members of the institute.
In his remarks, the MD of NDIC congratulated Mrs Eyitayo on her assumption of office as the 57th ICAN president, urging her to ensure that chartered accountants continue to uphold the ideals of accuracy and integrity as enshrined in the institution’s motto. He assured the institute of the corporation’s continued support and collaboration.
He also called on the organisation to include a course on the deposit insurance system (DIS) into its programs and modules to deepen the understanding of the scheme within the banking public.
According to Mr Hassan, this would help to bridge the knowledge gap and address misconceptions on the benefits and limitations of the DIS, particularly its contributions to financial system stability.
He noted that public awareness was a critical factor towards ensuring the maximum impact and penetration of the benefits of the DIS on the general public and the financial system as a whole.
Mr Hassan said that partnership with ICAN and other stakeholders to promote public awareness of the DIS had become necessary in view of the novel nature of the scheme in Nigeria and the world at large, adding that the corporation would continue to place a premium on collaboration with its strategic stakeholder in the overall discharge of its mandate.
NGX RegCo Sanctions Infinity Trust Mortgage Bank Over Price Sensitive Info
By Dipo Olowookere
The Nigerian Exchange (NGX) Regulation Limited has sanctioned a leading lender for the real estate sector, Infinity Trust Mortgage Bank Plc, for violating one of its listing rules.
In a regulatory document obtained by Business Post over the weekend, the mortgage bank was accused of failing to “disclose the confirmation of the appointment of the new Managing Director of the bank,” which the regulator could have an impact on the share price of the organisation on the stock exchange.
Last month, Infinity Trust Mortgage Bank, in a statement, announced the appointment of Mr Sunday Olumorin as its Managing Director, succeeding Mr Olabanjo Obaleye, who completed his tenure as the head of the company.
In the notice, the financial institution said the appointment, which was in line with its succession plan, was confirmed by the Central Bank of Nigeria (CBN) on June 15, 2022.
“Having held various senior executive roles with the bank, Olumorin (an executive director in the bank) brings over 20 years’ experience of working across all areas of mortgage, finance, investments, consulting and real estate in Nigeria,” the statement said in part.
This development did not go down well with NGX Regco, which stated that the announcement went against “Rule 17.5: Price Sensitive Information, Rulebook of the Exchange 2015 Issuers’ Rules.”
In view of this, the regulator has forced the company to undergo mandatory compliance training (MCT)
According to the NGX, every listed company is required to provide timely information to enable it efficiently perform its function of maintaining an orderly market.
In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on publication of announcements or press releases via the issuers’ portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect shareholders’ interests are made in the media or via the issuers’ portal.
Also, NGX RegCo sanctioned Multi-Trex Integrated Foods Plc with an MCT for violating Rule 19.6: Submission of Notice and Other Information Documentation to the Exchange; Rulebook of the Exchange 2015, (Issuers Rules), as Guinea Insurance Plc was fined N453,600 for failing to “utilize the issuers portal to file sensitive information.”
OnePipe Secures N2.25bn Collateralized Loan from TLG Capital
By Aduragbemi Omiyale
A collateralized credit facility worth N2.25 billion designed to enable the provision of credit services to the informal sector in Nigeria has been secured by OnePipe.
The debt security-backed loan was provided by a pan-African alternative investments firm, TLG Capital, for the firm to scale up its operations and provide inventory finance to small shops in Nigeria.
According to a statement, the deal was completed by the TLG Africa Growth Impact Fund (AGIF), and it represents TLG Capital’s 34th investment.
OnePipe is a fast-growing financial infrastructure company that enables merchants to access goods on credit from larger distributors who work with OnePipe.
The company has built an extensive network of field officers and partners, including banks and payment service providers. It has also secured a strong roster of equity investors, including Atlantica Ventures, P1 Ventures, Norrsken Foundation, Techstars, Tribe Capital, V&R Associates, Canaan Partners, DFS Labs, Ingressive Capital, Acquity, Raba, Saison Capital, The Fund, and Two Culture Cap.
The investment by TLG Capital will allow OnePipe to expand its operations with a vision of becoming a leading provider of financial services to the informal sector in Nigeria.
According to the International Labour Organization, the informal sector accounts for over 85 per cent of employment in Africa.
Providing financial access to this sector is crucial for economic development and poverty reduction. OnePipe’s model is well-positioned to address this need, and TLG Capital’s investment will help to support this effort.
The CEO of OnePipe, Ope Adeoye, said, “TLG’s extensive experience structuring debt in Nigeria and their deep network across Africa, particularly in venture, made them the partner of choice as we look to scale. TLG is our first debt partner and has been a powerful resource in planning our growth and balance sheet strategy.
“Through this partnership, we’re looking to build the infrastructure to provide credit and payment services to the two-thirds of Nigerian business owners who don’t have access to effective and practical banking services.”
An investment professional at TLG, Isaac Marshall, while commenting on the transaction, said, “Nigeria’s $220 billion cash-based informal sector comprises 38 million enterprises that are the most neglected segment of Nigerian businesses, avoided by both the fintechs and traditional financiers.
“With a clever product to help these businesses to obtain both credit and better purchasing terms on their goods, OnePipe has pioneered a model that can provide sustainable income growth to tens of millions of micro-enterprises.”
TLG Capital’s investment in OnePipe aligns with several Sustainable Development Goals, including SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation and Infrastructure).
By providing credit to informal micro-businesses, OnePipe is helping to create sustainable income growth and promote economic development.
Participants Learn Compliance Requirements at Stanbic IBTC Trade Export Webinar
By Modupe Gbadeyanka
A trade export webinar to educate export business owners on the various regulations and compliance requirements, the best practices for finding the right partners, managing risk, using trade barometers, and building trade relationships with potential clients has been organised by Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings Plc.
The idea of the programme was to empower participants with the knowledge and resources needed to succeed in the export trade sector.
During the webinar themed Getting Your Business Export Ready, attendees gained valuable insights on successfully navigating the complexities of exporting goods and services in the export trade sector.
During his opening remarks, the Head of Enablement and Ecosystem at Stanbic IBTC Bank, Mr Olufemi Oyekola, noted that the exchange of goods through export and import activities determines the economic status of a nation.
He stated that the trade sector was a catalyst for rapid economic growth, which fosters international relations between countries, noting that an economy that would flourish must place more emphasis on exports than imports.
On his part, the Head of Africa China Banking at Stanbic IBTC Bank, Mr Chigozie Onyeocha, stated that, “At Stanbic IBTC, we are constantly on the lookout for the latest trends that support our agenda for business growth.”
Mr Onyeocha added that the webinar aimed to empower export business owners with the knowledge to prepare for headwinds, as World Trade Organization (WTO) economists predict a 1.0 per cent increase in global merchandise trade volumes, down sharply from the previous estimate of 3.4 per cent.
The panel session at the webinar featured seasoned veterans of international trade, who shared their experiences and provided practical advice to help businesses succeed in the global marketplace.
They also discussed the latest trends and developments in the industry, such as the trade barometer, the importance of e-commerce, trade growth of 2023, Africa-China Trade Solutions offerings, and exporting non-oil products.
The panellists included Bamidele Ayemibo, Lead Consultant, 3T Impex Trade Academy; Ifeoma Abdul, Manager, Trade Finance, Business and Commercial Clients, Stanbic IBTC Bank; Lu Fan, Senior Manager, Business Development, Africa China Banking, Business, and Commercial Clients, Stanbic IBTC Bank and Oluwaseun Odunsi, Export Trade Specialist, TPS Trade, Stanbic IBTC Bank.
Others were Philip P Myburgh, Executive Head, Trade and Africa China, Business and Commercial Clients, Standard Bank Group; Chigozie Onyeocha, Head, Africa China Banking; Olajumoke Bello, Head, Enterprise Banking, Stanbic IBTC Bank and Olufemi Oyekola, Head, Enablement, and Ecosystem, Stanbic IBTC Bank.
Attendees also learned about the services offered by Stanbic IBTC Bank to support their export operations, including trade finance, foreign exchange hedging, and international payment solutions. Stanbic IBTC Bank is committed to businesses in their efforts to expand globally.
Latest News on Business Post
- Outrage as NNPC Appoints French-Swiss National to Head Oil Trading Business March 21, 2023
- Currency in Circulation in Nigeria Drops to N982.09bn in February March 21, 2023
- NGX RegCo Sanctions Infinity Trust Mortgage Bank Over Price Sensitive Info March 21, 2023
- 2023 GTCO Food & Drink Festival Holds April 29 to May 1 March 21, 2023
- NASD Exchange Drops 0.05% Amid Losses in Three Stocks March 21, 2023
- Naira Trades N740/$1 at Black Market, N461.50/$1 at I&E March 21, 2023
- Africa is Against Economic Colonization—Mudenda March 21, 2023
- Equity Market Down by 0.05% as Bears ‘Japa’ With N16bn March 21, 2023
- Oil Prices Rebound Amid Banking, Demand Jitters March 21, 2023
- NDEP Eyes Further Revenue Diversification Across Business Segments March 20, 2023