Business
Five Commercial Banks Lose N312m To CBN’s Contraventions In 2014
The shareholders funds of five commercial banks dipped by N312 million in 2014, following fines they paid to Central Bank of Nigeria (CBN) for contravening the Banks and Other Financial Institutions Act.
Investigations by our correspondent showed that they are GT Bank, Zenith Bank, First City Monument Bank (FCMB), Access Bank and Sterling Bank.
A breakdown of the figure as contained in the banks’ annual reports showed that Access Bank paid the highest fine of N184 million for various contraventions in the period under review.
The bank was fined N184 million for not obtaining approval from CBN for the additions to investment in properties of N5.15 billion, non-compliance to implementation of the recommendations of a financial services provider, PricewaterhouseCoopers.
It was also fined for contravening the CBN’s foreign exchange manual and weaknesses noted in internal control and know your customer procedures.
A further breakdown of the fine indicated that Access Bank contravened the minimum documentation in the credit file and reporting of public sector deposit in line with CBN guidelines.
Sterling Bank followed by paying N50 million for under reporting of public sector deposits as at Aug. 29, 2014.
Zenith Bank came third in the list of corporate offenders with a fine of N48 million for non disclosure of date of last lodgment on credit print out, appointment of a deputy general manager and incomplete reporting of all transactions of politically exposed persons.
The bank was also fined for incomplete reporting of international funds transfer, incomplete reporting of some currency transactions and misclassification of some public sector deposit among others.
GT Bank during the review period paid N24 million as fine for the appointment of top management without CBN’s approval and infraction arising from anti-money laundering/combating the financing of terrorism spot checks among others.
Similarly, FCMB Group was penalised N6 million for not implementing prior year’s external auditors recommendations, incorrect returns to CBN and failure to comply with ATM operation standards.
Speaking on contravention, National Coordinator, Independent Shareholders Association,Mr Sunny Nwosu, expressed concern about the various amount paid by banks for contraventions in 2014.
Nwosu said the amount would have translated to higher dividend for shareholders, noting that banks should be very careful and avoid wastage of shareholders’ funds.
“If we have a very punitive regulator, we should learn how to manage them,’’ he told newsmen in Lagos.
Nwosu said that the board and management of the banks should bear the cost because of their negligence and not the shareholders.
President, Progressive Shareholders Association of Nigeria (PSAN),Mr Boniface Okezie, said that the apex bank was killing the banks with fines and various regulatory headwinds.
Okezie said that some of the contraventions would have been resolved administratively as against the depletion of shareholders and banks operational funds.
He urged the CBN to temper justice with mercy and allow banks to survive and give investors’ value for their investments.
Pastor Felix Okoroafor (right) winner of Mimi’s Bakery Promo receiving the symbolic car key from the CEO of Mimi’s Bakery Ibierembo Lawrence-Nemi(left) during the Mimi’s Bakery Promo, at Amadi-Ama, Port Harcourt, yesterday
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter