Economy
Whistle Blowing: Banks Monitor Workers
By Dipo Olowookere
Nigerian banks have placed their workers under close watch following intense pressure by ‘big’ customers on majority shareholders and directors to monitor overzealous staff eager to take advantage of the whistle blowing initiative of the Federal Government.
Account Officers from different banks told our correspondent the development was to prevent them from squealing on classified accounts by perceived looters and corrupt government officials.
One of them, who confirmed the development off-record yesterday, said: “The close monitoring is very intense now as everyone now watches each other’s back.”
But a Senior Account Manager in one of the commercial banks in Lagos, who also pleaded not to be named because of the sensitive nature of the matter, said the development was not new.
He however admitted it has been increased lately.
According to him, “Monitoring of bank workers is not new but it may be true we are more closely monitored today than what obtained before the introduction of the whistle blowing initiative.
“That is understandable because there is the feeling amongst the top management that some overzealous workers, in a bid to take advantage of the initiative, may embarrass genuine prime customers.
“This may account for introduction of measures to ensure no staff abuses his or her office to the detriment of the bank.
“Besides this internal precaution, bank staff members and indeed banks are closely monitored by the Economic and Financial Crimes Commission (EFCC) and Central Bank of Nigeria(CBN) in a bid to recover looted funds,” he said.
Explaining how bankers are being monitored, the top banker said: “Today, bank workers are closely monitored in two ways; officially and unofficially.
“Officially, we are monitored by regulators like the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).
“There are also internal measures to ensure that bank members of staff do only what they are supposed to do.
“This may differ from bank to bank. The practice is real though I cannot say here that such measures were introduced because the so-called big customers are mounting pressure on directors.
“Perhaps, because the anti-corruption agencies know that bank workers occupy sensitive positions that may enable them to collude with public funds looters, they are today monitored more closely than politicians.”
Another top bank worker at the Corporate Headquarters of one of the commercial banks in Lagos Island, who also pleaded not to be named, gave our correspondent a more precise description of how government agencies and bank management monitor workers in banks.
“Recently, we were asked to fill Assets Declaration Forms. With this, they are able to monitor the progress rate of each staff.
“Of course you know that with BVN, everybody’s accounts can be traced easily. Even if a banker has ten accounts in different banks, it would be easy to trace them.
“In anticipation of false claims of sudden financial windfalls, they have also banned bank workers from betting. This means that no banker, found with suspicious huge sums of bank balance or assets he cannot ordinarily acquire with his income can claim to have become a billionaire overnight through betting.”
The banker also explains that the regulators have set out certain guidelines that will help monitor workers and the banks themselves.
“One of the policies currently employed to achieve this is the directive that all of us must regularly make Suspicious Transaction Report (STR).
“Another is the requirement to report to the Nigerian Financial Intelligence Unit (NFIU), the Nigerian arm of the global Financial Intelligence Units (FIUs) domiciled within the EFCC.
“These are part of the official monitoring procedures in practice today. It is perhaps the increasing demand to abide by these requirements that some workers are referring as undue monitoring,” he said.
Efforts to get the confirmation of the CBN could not yield result as the Acting Director of Communication of CBN, Mr Isaac Okoronkwo, neither picked his calls yesterday nor responded to our text message.
But Chief Iheanacho Uko, a former banker and Principal Partner of U & A Consulting Ltd, said there is nothing strange with banks monitoring the activities of their staff.
Quoting the “general guidelines on institutional policy of anti-money laundering/ combating,” he said there is nothing wrong with banks initiating internal measures to ensure their staff behave appropriately because “every financial institution is required to adopt policies stating its commitment to comply with AML/CFT obligations under the law and regulatory directives and to actively prevent any transaction that otherwise facilitates criminal activity or terrorism.”
“Every financial institution is requested to formulate and implement internal controls and other procedures that will deter criminals from using its facilities for money laundering and terrorist financing and to ensure that its obligations are always met.”
http://thenationonlineng.net/whistle-blowing-bank-workers-close-watch/
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has once again trimmed its 2024 and 2025 oil demand growth forecasts.
The bloc made this in its latest monthly oil market report for December 2024.
The 2024 world oil demand growth forecast is now put at 1.61 million barrels per day from the previous 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, which is 900,000 barrels per day lower than the 1.54 million barrels per day earlier quoted.
On the changes, the group said that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
The oil cartel had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.
OPEC and its wider group of allies known as OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
Eight OPEC+ member countries – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – decided to extend additional crude oil production cuts adopted in April 2023 and November 2023, due to weak demand and booming production outside the group.
In April 2023, these OPEC+ countries decided to reduce their oil production by over 1.65 million barrels per day as of May 2023 until the end of 2023. These production cuts were later extended to the end of 2024 and will now be extended until the end of December 2026.
In addition, in November 2023, these producers had agreed to voluntary output cuts totalling about 2.2 million barrels per day for the first quarter of 2024, in order to support prices and stabilise the market.
These additional production cuts were extended to the end of 2024 and will now be extended to the end of March 2025; they will then be gradually phased out on a monthly basis until the end of September 2026.
Members have made a series of deep output cuts since late 2022.
They are currently cutting output by a total of 5.86 million barrels per day, or about 5.7 per cent of global demand. Russia also announced plans to reduce its production by an extra 471,000 barrels per day in June 2024.
By Aduragbemi Omiyale
A minority equity stake in Chappal Energies Mauritius Limited has been acquired by a Nigerian energy firm, Aradel Holdings Plc.
This deal came a few days after Chappal Energies purchased a 53.85 per cent equity stake in Equinor Nigeria Energy Company Limited (ENEC).
Chappal Energies went into the deal with Equinor to take part in the oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for Nigerian society and various stakeholders.
As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on July 17, 2024, Chappal and Total Energies sealed an SPA for the acquisition by Chappal of 10 per cent of the SPDC JV.
The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
“This acquisition is in line with diversifying our asset base, deepening our gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” the chief executive of Aradel Holdings, Mr Adegbite Falade, stated.
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN