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Nigeria Moves To Join New York, Others As Int’l Financial Hub

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Nigeria is set to join a very small elite group of countries operating an international financial hub.
The international financial centre will take off in September, 2022, when the Central Bank of Nigeria will establish The Nigerian International Financial Centre (NIFC).
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, disclosed this in Abuja, yesterday, at the 14th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN).
The conference is themed, “Economic Recovery, Inclusion and Transformation: The Role of Banking and Finance”.
Emefiele revealed that, “the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure”.
According to Emefiele, “The NIFC will take advantage of our existing laws such as the BOFIA 2020, NEPZA and other CBN regulations to create a fully global investment and a financial hub where monies, ideas, and technology will move freely without hindrance.”
This new financial hub, he said, “will curate local and international banks to make them global champions”.
When operational, “the NIFC will be a 24/7 Financial Centre that will complement London, New York and Singapore financial centres and enable an acceleration of our home-grown initiatives”.
He described the theme of the conference as apt, given the unprecedented events of 2020, especially when considered along the measures put in place by policy makers to reverse a significant downturn in economic activities last year.
He revealed that the CBN will, in the next 12 months, establish the Nigerian International Financial Centre (NIFC) to consolidate the growth and resilience of Nigerian banks in the last decade.
He said the NIFC will act as an international gateway for capital and investments, driven by technology and payment system infrastructure.
“This new financial hub, will curate local and international banks to make them global champions. The NIFC will be a 24/7 Financial centre that will complement London, New York and Singapore financial centres and enable an acceleration of our home grown initiatives such as the Infracorp Plc, the N15trillion infrastructure fund which we will be launching in October 2021.
“The NIFC will also complement our initiatives on the Nigerian Commodity exchange and the National Theatre creative hubs for our youths as well as the e-Naira project which will also debut in October 2021. The NIFC will take advantage of our existing laws such as the BOFIA 2020, NEPZA and other CBN regulations to create a fully global investment and financial hub where monies, ideas, and technology will move freely without hindrance”, Emefiele explained.
To prevent an economic crisis occasioned by Covid-19 from spilling into a financial crisis, Emefiele said the CBN worked to protect the interest of depositors by ensuring that banks made adequate capital provisions to cover for unexpected losses.
“We also enabled banks to restructure loans granted to individuals and businesses significantly affected by the pandemic. Our banks also demonstrated exceptional resilience by putting in place business continuity plans, along with the deployment of digital channels, which ensured that the provision of financial services to customers was not disrupted by the Covid-19 pandemic.
“We are delighted that these measures have paid off. Indeed, key indicators in the banking sector continue to reflect that our banking sector remains strong, resilient, and healthy. Capital Adequacy Ratio and Liquidity Ratio in the banking sector have remained above the prudential limits at 15.5 and 41.3 per cent, respectively. The Non-Performing Loan Ratio of the banking industry in July, 2021 stood at 5.4 per cent reflecting continued improvements from 6 per cent in September, 2020. Our banking sector remains well positioned to support the recovery efforts of the fiscal and monetary authorities”, he noted.
Emefiele also stated that the apex bank’s efforts to strengthen the loan-to-deposit ratio policy, has resulted in a significant rise in loans provided by financial institutions to banking customers.
Speaking at the event, President Muhammadu Buhari, urged members of the banking and finance ecosystem to collaborate towards making Nigeria one of the leading economies of the world.
Buhari commended the Nigerian financial services industry for working assiduously to achieve financial inclusion targets and fostering economic growth of the country.
He urged speakers at the event to share insights that will help reposition Nigeria economically and otherwise.
He described the rampaging Covid-19 pandemic as a game changer that altered the way of life across the globe, urging financial experts and other key stakeholders in the country to latch on the opportunities provided by ICT to drive growth.
He hailed current economic rejuvenation efforts by various umpires and called for the tempo to be sustained.
In his goodwill message, the President of Rwanda, Mr Paul Kagame urged the banking sector to live about board to retain their integrity; while working to build a more resilient economy for Africa.
Also speaking at the event, President and Chairman of Council (CIBN), Dr Bayo Olugbemi, said that the conference offers members of the financial sector robust room to brainstorm and forge way forward for the country.
He revealed that the 14th edition has 10,000 participants across global spread and aims to seek ways of moving Nigeria and Africa’s economy forward.
He added that two-day event will drive financial inclusion.
“We have to unleash the potential of the Nigerian economy. We’re poised to develop the members of CIBN and pressed to uphold ethos of the job to get value creation.
“Special focus is on youths considering the importance of their demography. They are here in large numbers. There are macroeconomic issues that need to be tackled. There is work to be done in meeting the financial inclusion target, women empowerment and more”, he explained.

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Mayor Of Housing Wins Man Of The Year Award 

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My-ACE China, known as the Mayor of Housing, has won the 2024 Man of the Year. The award was announced by board of trustees of the DMOMA Awards Academy in Port Harcourt at the week.

The organisers also declared his company, the Construction and Housing Mayor Limited as the brand promoter of the year, the third in a row.

The award ceremony which was held at the Arena Event centre in the GRA area of Port Harcourt was attended by several dignitaries in the society.

The organisers led by Dr. Ezebunwo Nyeche (chairman) and Stephen Chidiebere Okoye (Awards organizer) said in a statement that China was picked for his support and impact to small and medium enterprises in Rivers State, his media footsteps and his consistent propagation and promotion of Rivers State.

They noted that China won over 10 prestigious awards in 2024 alone on his track to promote Port Harcourt as a brand destination and Rivers as a peaceful state.

Handing the award to China, the organisers said the Mayor of Housing always comes to the rescue of events that aim to promote Rivers State, saying the DMOMA Awards would be held in two more cities in 2025.

Responding, Mr China said there is need for more sponsorship of talents in Port Harcourt and the Niger Delta, saying what they lacked was support.

“There is more talent in Port Harcourt but there is more support in Lagos to artistes than in Port Harcourt. So, the top talents in Port Harcourt work 10 times harder than those in Lagos to attract sponsorship.”

He also said Nigeria has a treasure base which is Port Harcourt but that the treasure is not oil and gas but talents. He said he was highly elated to win the of Man of the Year Award with his firm winning brand of the year.

In an interview, My-ACE China said he was particularly impressed with the diligence demonstrated by the organisers and the processes they used to pick winners every year.

He also said the victory showed attention paid by the organisers to unveil the personality behind the corporate masquerade, not just focusing on the company. “It actually reaffirms one of my quotes that a brand can only grow as big as the character of the visioner behind it.”

On his plans to help Port Harcourt compete with Lagos, China said 2025 will meet him doing things with the youths of Rivers State to push the Port Harcourt brand in the social media and rally the traditional press to create a positive narrative of Rivers State beyond violence and political negativity.

“The Garden City has not been enjoying the best of media perception for some years now but this is the first time we have a governor committed to non-political bias in doing his work. He does not consider whether you are a member of his party or not before doing what is right. For the first time, we have a true father of the state to all, and he has been diligently following the blueprint that stakeholders developed at the last Rivers Economic and Investment Summit, making sure he is doing it without political cronyism.”

He said his company would be building the biggest estate and the best, the ‘Alesa Sustainable Smart City, to move from brand perception to brand experience so as to move Rivers State to the next level.

He appealed to entrepreneurs not to be carried away by the old perception but to join the new way. “Position yourself because there is going to be a boom. People are rushing into Port Harcourt and new entrants may take the ground. Think expansion not contraction, think investment not divestment. Else, you miss it.”

 

To fellow estate investors, he admonished them to gear up for regulation. “It is no longer going to be business as usual especially for land peddling and land grabbing. Try to grow up because tangible development is going to take over.

“It is no longer going to be who sells the most land but who develops the most houses. The housing deficit in the land requires effective land development strategies. Any serious land seller should grow into a housing developer because developments are going to be coming into Rivers State and a lot of people are coming into the state.”

He said those that have grown to be developers will be many times richer than those that are just starting or are mere land sellers and peddlers. People should also position themselves because all the foreign investments and local ones will take advantage of this influx.

“The value of influx is coming, so prepare and take advantage.  Be one of those that are big enough to take advantage. Remaining small will not be good but grow big in your products, in your services, because the market is going to grow big.”

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FUBARA MOURNS FORMER RIVERS GOV

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Rivers State Governor, Sir Siminalayi Fubara, has expressed shock and sadness over the death of a former military governor of the State, Major-General Godwin Osagie Abbe (rtd).

Late Abbe, who hails from Edo State, was military governor of Rivers State between August, 1990 and January, 1992.

Governor Fubara described late Gen Abbe as one leader who dedicated himself to the service and wellbeing of Rivers people and humanity during his administration in the State, saying that the death of the distinguished military officer, politician and administrator was a very huge loss to the State, the Niger Delta, and indeed, the entire country, having traversed the length and breath of the nation in the cause of his military and political careers.

“On behalf of my family, the Government and good people of Rivers State, I condole with the family of the Abbes, the Edo people, and the Nigerian military on the demise of this colossus, whose contributions to the unity, peace and development of the nation are legendary.

“While we mourn his painful exit at this difficult time, we pray for the eternal repose of his soul, and urge the family to take solace in the fact that late Gen Abbe lived a fulfilled life in the service of his fatherland.”

 

 

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CHRISTMAS: FUBARA, WIFE HOST RIVERS CHILDREN, TASK THEM ON EXEMPLARY CONDUCT 

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Wife of Rivers State Governor, Lady Valerie Siminalayi Fubara, has noted with delight that Rivers children are well behaved, and has admonished them to remain supportive of their parents while striving always to make a difference wherever they find themselves.

 

Lady Fubara gave the counsel at the 2024 Christmas Children Party, attended by children from the 23 Local Government Areas of the State, including non-indigenes, at Government House in Port Harcourt on Thursday.

 

The Christmas Children Party also witnessed the presence of Governor Siminalayi Fubara, who stopped over to share moments with them, walking from one canopy to another, waving at them, and at other times, shaking hands with them to leave lasting memories on them.

 

The Rivers First Lady pointed to the importance of the celebration of Christmas, which draws attention to the birth of Jesus Christ, demanding that people have a deep reflection of the love that is demonstrated and mission of the birth, which is to redeem mankind.

 

Lady Fubara recalled how she took out time to visit the University of Port Harcourt Teaching Hospital and the Rivers State University Teaching Hospital, where she appreciated God for safe delivery of children born on Christmas day while felicitating with the nursing mothers.

 

She also stated the valuable time spent with motherless babies when she visited the Port Harcourt Children’s Home in Borikiri, old Port Harcourt Township, and celebrated their meekness, innocence and the beauty they bring to the world.

 

She said, “Even today, as we continue the celebration, efforts were made to extend invitation to our children in all the 23 local government areas of our State. In doing this, children from all classes of society, including the physically challenged, have been offered the opportunity to sit together as brothers and sisters, play, eat and dance.

 

“Whilst contemplating the uniqueness of celebrating Christmas on a Boxing Day, steps were equally taken to provide gifts for the children who are there, and also to pray for them, a qualitative fun session that will last in their memories.”

 

Lady Fubara advised all children in the State to remember that Jesus came into the world to make a difference, advising that they must emulate him so that they can positively impact their families and society.

 

She urged them to pray fervently to God to bless and prosper their mothers, daddies, aunties and uncles to better cater to their needs.

 

She added, “Be humble, obedient and supportive at home. Do household chores, and don’t forget to make excellent grades in school next academic session. Children are the joy of every home, and we are glad to have beautiful, well-behaved children in Rivers State.

 

“Thank you all for witnessing this 2024 Children’s Party, and I pray God Almighty to protect, shield and keep you safe from all negative companies in the name of Jesus. I wish you a Merry Christmas and a Prosperous 2025. God bless you all,” she said.

 

Lady Fubara expressed appreciation to her husband and Governor of Rivers State, Sir Siminalayi Fubara, for his absolute commitment to the growth of children, and the immeasurable support that ensured that Christmas Children Party was a success.

 

There were performances by Virtue Dancers, Kalabari Iria dancers, Wonder Time Children of Opobo Kingdom, Children of Rivers State Council of Arts and Culture, Diseye the Poet and DJ Arnold.

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