All Posts in "Month: June 2022"

Mortgage Banking Association projects N1trn annual revenue target for FMBN

By Favour Nnabugwu

 

The Mortgage Banking Association of Nigeria, MBAN, has set a Ntrillion annual turnover for the Federal Mortgage Bank of Nigeria, FMBN.

This is as MBAN has advised the new management team of the FMBN to grow the financial capacity of the sector.

In a courtesy visit on the new Managing-Director of the FMBN, Mr. Madu Hamman, and his team in Abuja, weekend, MBAN said that the N1 trillion annual target would help the bank and the entire housing sector realise set goals more easily.

The association called for more reviews of the laws guiding operations in the mortgage banking sector in Nigeria.

Speaking during the visit, leader of the visiting team and President of MBAN, Mr. Ebilate Mac-Yoroki, expressed the need for the FMBN to automate the operations of the bank, even as it pleaded that primary mortgage banks are allowed fair opportunities to operate.

He said when FMBN decides to take advantage of the opportunities he said abound for the mortgage sector in the capital market, there would be enough funding to meet the several commitments it has on ground, including payment of dividends.

He demanded that the bank gives some latitudes to other primary banks operating along with it in the sector, including clearing the ambiguities surrounding the ‘single obligor’ policy, allowing them take advantage of the rent-to-own package, as well as giving preference to private mortgage banks to hold mortgage moneys that commercial banks currently hold.

According to him, “I’m a product of the capital market, I want to plead that the Federal Mortgage Bank utilizes all the opportunities we have in the capital market and we have also given you a target because you don’t just come as big men, work without target.

“Government will not give you target, but because we are private sector people, we are saying that from now on, your operational target should be in N1 trillion turnover every year. It means this year we’re already in June, we can accommodate N500 million turnover. That way we know that you will have a lot of money, you can pay dividend and so on.

“We also want to plead that you give optimum opportunities for all PMBs to operate, as many as possible, without compromising standards. If anybody has not committed any crime, maybe he has one or two regulatory issues to address, please try and help them so that we can have enough. So please, we want you to know that every PMP is ready to play in a role in this market is trying to accommodate us.

“The other question is, for us to operate, you must also help us operate at optimal levels. There’s this funny question of single obligor that is being raised in some quarters, we don’t know the meaning of single obligor. Money given to PMBs, they are like brokers, like I’m a stockbroker, I can have hundred billion from somebody to buy stock. If I buy, the commission is my own.

“We want to also say that we’ll work with other stakeholders to see how we can amend the foreclosure law we are in the country. Yesterday we were at the Senate we found out you have a lot of knowledgeable, versatile senators, who are ready to help us review a lot of our laws in the housing sector”, he said.

Responding to the requests and tasks made to his team by MBAN, the Managing Director of FMBN, Madu Hamman, said FMBN took the relationship with MBAN seriously, recalling the history of both bodies.

He, however, assured that the issues raised by the banking association would be given adequate attention, observing that processes had already begun on some of the areas.

“We appreciate the relationship, the partnership, the collaboration we have with MBAN, of course, MBAN is FMBN’s primary partner in the market. The inception of Federal Mortgage Bank Act in 1991 gave rise to the issue of primary mortgage coming in and FMBN assuming the supervisory role.

“So, we’ve taken to heart all the issues that have been raised, starting with FMBN processes to be automated. On that, we are happy to say that that is already in progress. The core banking software for the bank is in the process of implementation; first module is life. We’re posting into it, that’s the one that affects FINCORE and treasury. The next module to come up is the credit and NHF, which is the main engine room for our operations. We expect that to come up before the end of June for us to start posting into that”, he said.

“So, from inception, it’s the two of us that were supposed to collaborate together. However, when primary mortgage banks came in and NHF started, we noticed that there was a gap and that led to REDAN coming up. So, REDAN became the second child, but you are the first born so, we take relationship with you seriously”

Patoma Admin by — June 26, 2022 in Others 0
President Buhari approves appointment of Fasanya as SMEDAN’s DG

By Favour Nnabugwu

 

 

ABUJA- President Muhammadu Buhari has approved the appointment of Mr. Olawale Tunde Fasanya as the new Director General and Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN.

The appointment which took effect from 6th June 2022 was contained in a letter dated 23rd June 2022 and signed by the Honourable Minister of Industry, Trade and Investment, Otunba Niyi Adebayo CON.

A statement signed by Ibrahim Kaula Mohammed, Deputy Director/Head, Corporate Affairs unit of the agency described Fasanya as a seasoned technocrat and a certified Business Development Advisor with a proven track record of landmark accomplishments of thirty-five years in the Micro Small and Medium Enterprises, MSMEs ecosystem in Nigeria.

Born on June 3rd, 1962 in Ogbomosho, Osun state , Fasanya holds a Bachelor of Art degree in English and Literary Studies from the University of Ife, now Obafemi Awolowo University, Ile Ife in 1985.

He is also a holder of Advanced Certificate in Public Relations from the Nigerian Institute of Journalism, Lagos and a Masters in Public Administration from the Lagos State University, Lagos in 1994.

A lover of knowledge, Fasanya also parades a legion of other qualifications including a Diploma in Market Business Development Service from the International Training Centre of the International Labour Organization, ILO, among others.

He is due for the award of PhD in Public Policy Analysis and Management from the University of America.

He started his working career in a publishing firm, Jator Publishing Company Ibadan, Oyo state as deputy editor/administrative officer.
He switched into public service, joining the National Productivity Centre , NPC, Abuja where he served as Productivity Officer, Senior Productivity Officer, Assistant Chief Public Relations Officer, and Chief Public Relations Officer between August 1998 to June 1999.

Mr Fasanya also served as Personal Assistant to Hon. Minister of State, Ministry of Defence between June 1999 to February 2002 and later Special Assistant to the Hon. Minister of Solid Minerals between February 2002 to May 2003.

He was a pioneer staff of SMEDAN when it was set up in 2003 serving as a Special Assistant to the Pioneer Director General/CEO of the Agency, Mrs. Modupe Adelaja and was overseeing all units under the Director General’s Office as Deputy Director and Group Head, Corporate Affairs.

He was appointed acting DG of SMEDAN between July to December 2008 and later as Group Head, Strategic Planning, Policy and Coordination between April 2009- January 2011.

Mr. Fasanya upon his promotion in January 2011, was appointed Director, Strategic Planning Policy and Coordination, a position he held till October 2014 when he was promoted as Director, Enterprise Development and Promotion, the engine room of the agency, a position he held till 2018 when he was appointed to another strategic position as Director, Policy Planning, Research, Monitoring and Evaluation, a position he distinguished himself so well till his retirement from the civil service on 3rd June, 2022.

He was a member, ECOWAS committee on the production of MSMEs Development Charter for Member States (2012-2014) as well as Head of secretariat, National Council on MSMEs, among others.

Patoma Admin by — June 25, 2022 in Industry, Trade & Investment 0
Felix Agiwegbemi Ayole ‘Big Felix’ laid to rest in Warri, Delta State

By Favour Nnabugwu

 

 

The burial of late Mr Felix Agiwegbemi Ayole a.k.a. Big Felix who died on May 1, 2022 and was laid to rest on June 24, 2022 at the age of 65 years in Iffie Tsekiri Warri, Delta State

CAPTIONS 

R – Mr Eyituoyomi Felix Ayole, the first son of late Mr Ayole, wife of the deceased, Mrs Rosemary Ayole; daughter, Miss Orighonisan Rosemary Ayole and Miss Rune Oghoghome, a niece to the wife and a daughter to Mr Ayole during the ceremony at Anglican Church Egbokodo, Warri, Delta State today

The late Mr Felix Ayole at the Anglican Church Egbokodo, Warri before he was buried.

This was at St Andrew Anglican Church at the Songs of Service at Okere Road in Warri, Delta State

Patoma Admin by — June 24, 2022 in Metro 0
House Committee demands PenCom audited accounts from 2019 – 2022

By Favour Nnabugwu

 

The House of Representatives Committee on Public Accounts has demanded audited accounts of the National Pension Commission (PENCOM)) from 2019 to 2022.

The chairman of the committee, Hon. Busayo Wole Oke, demanded that the office of the Secretary to the Government of the Federation (SGF) and the Director of the Budget office to furnish the committee with the four audited accounts

Oke also directed the Clerk of Committee to write the SGF and the Budget Office to get these details when the Director General of PENCOM who was represented by the Commissioner in charge of Technical, Anyim Nyerere, appeared before it on Thursday .

The Auditor General of the Federation in a query to the Committee had said that the Commission had failed to render its audited financial accounts since 2013 till date.

However Nyerere said that the Commission failed to submit its audited financial account because it did not have a board at the time under review to ratify it as required by law.

He further explained that PENCOM had prepared the audited accounts from 2013 to 2017 which it submitted to the Office of the Auditor General but were rejected because they had no board in place and that the SGF was in charge of the budget of the Commission during this period.

Nyerere also said that the 2018 to 2020 budgets, by which time a board was constituted, for the Commission had been approved but yet to be submitted.

He said the 2021 and 2022 budgets were still at the draft stages and would be ready for submission within the next 30days.

Chairman of the Committee, Oke, excused the commission for not having a board saying it was not within their powers to constitute a board.

He decried a situation where sensitive agencies of the government like the PENCOM were being allowed by the Executive arm of government to run without boards for long periods of time.

He therefore declared that it was wrong that an agency whose assets had hit N14 trillion would be managed in such a shoddy manner.

He said that the Committee would decide the next line of action on the Commission upon the receipt of the copies of its budgets for the years under review from both the SGF and the office of the Director of Budget.

Patoma Admin by — June 24, 2022 in Pension 0
Naicom senstises FCT agencies on compulsory insurance

The National Insurance Commission, Naicom, organised sensitisation workshop for the Joint Taskforce on Enforcement of Compulsory Insurances in the FCT as a Pilot Scheme.

The workshop is aimed at sensitising members of the Taskforce on the requirements of the law with respect to the compulsory insurances as well as the enforcement modalities to be adopted by the taskforce Committee.

The Taskforce is comprising of the Nigeria Police Force, the Federal Road Safety Corp, the Federal Fire Service, FCT Fire Service, VIO, the Office of the Attorney General of the Federation and the Federal Capital Territory Administration.

The enforcement exercise within the FCT is expected to begin in the next few weeks.

Patoma Admin by — June 23, 2022 in Insurance 0
CFI Speech on joint Guidelines on Oil & Gas with NCDMB

REMARKS OF THE COMMISSIONER FOR INSURANCE AT THE OFFICIAL SIGNING AND PRESENTATION OF THE JOINT GUIDELINES ON SUBMISSION OF INSURANCE PROGRAMME BY OPERATORS, PROJECT PROMOTERS, ALLIANCE PARTNERS, AND NIGERIAN INDIGENOUS COMPANIES IN THE NIGERIAN OIL AND GAS INDUSTRY ISSUED BY THE NIGERIAN CONTENT DEVELOPMENT AND MONITORING BOARD and NATIONAL INSURANCE COMMISSION The Executive Secretary of the NCDMB DCT, NAICOM Chairman, NIA President, NCRIB Directors of NAICOM and NCDMB

Gentlemen of the Press Distinguished Ladies and Gentlemen It is with great delight that I address you on the occasion of the signing and unveiling of the Guidelines on the submission of Insurance Programme by Operators, Project Promoters, Alliance Partners, and Nigerian Indigenous Companies in the Nigerian Oil and Gas Industry.

The partnership between NAICOM and the NCDMB which has led to this jointly issued document is a drive towards strengthening our mutual oversight functions. The Federal Government’s drive towards enhancing local content speaks to the long-term plan burn out of good intention and strategy to grow our economy, develop the Nigerian Industries and her human capital.

It is in alignment with this national interest that we converge this day to append our signatures to the instrument that solicits information evidencing adherence to the Government’s local content determination. It is important to state that, prior to the NOGICD Act 2010, the Insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria. In particular Section 65 (7) of the Insurance Act 2003 made it compulsory for any property located in Nigeria whether moveable or immovable to be insured by a Nigerian registered insurer. Section 67 requires that insurance of all imports into Nigeria must be insured by insurers registered in Nigeria.

In addition, Section 72 prohibits any person from transacting insurance or reinsurance with foreign insurers/reinsurers except with the written permission of the Commission. Following the peculiarity of the Oil and Gas industry, the NOGICD Act was enacted which therefore facilitated the hitherto collaboration between the NCDMB and National Insurance Commission; This amongst others, led to the proactive considerations of the specific provisions of the NOGICD Act relating to the Insurance Industry. The Guidelines for Oil & Gas Insurance Business was issued in 2010 which amongst others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law.

This was done with the primary consideration of ensuring that available In-Country Insurance Capacity is fully filled before any foreign consideration. The overall aim of the guideline is the development of indigenous content through increased indigenous participation. The NOGICD Act 2010 was therefore applauded by the entire insurance industry as it greatly complemented the National Insurance Commission roles and responsibilities in performing its regulatory and supervisory oversight function. In similar vein, Sections 49 and 50 of the NOGICD Act specifically relate to Insurance & Reinsurance and Approval for Offshore Insurance respectively.

The Act also contains a Schedule with recommended minimum levels of Nigerian Content Level measured by percentage spend. The historical synergy between our agencies has therefore necessitated a veritable platform for inter-agency collaboration in order to give effect to the requirements of Section 49 and 50 of the NOGICD Act 2010 by providing guidance to Operators in the Oil and Gas necessary for satisfying the provisions of the law in relation to insurance transactions.

The joint Guidelines which is today issued with the objectives of enforcing and strengthening compliance with the provisions of the referenced sections of the NOGICD Act and relevant provisions of the Insurance Act with respect to companies carrying on insurance business in the Nigerian oil and gas industry is to also enable the Board monitor utilization of in-country insurance capacity. I therefore implore all operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry to note that the sighted relevant laws have demanded our adherence and continued compliance, hence the issuance of this Guidelines. It is on this note that I express optimism in relation to the realization of the benefits of increased local content which are but not limited to; increased retention, growth in in-country technical capacity. Job creation and employment generation, increased penetration and GDP growth, human capacity development, and many others.

Whilst we note the need to secure domestic supply chains through strong backward domestic integration which has the potency of protecting economies from imported contagion of both a health and economic variety, we are also mindful of the capacity gap of the Supply side. Consequently, the National Insurance Commission is committed to creating an enabling environment that will consistently enhance increased capacity of the Insurance Institutions both financially and technically.

Ladies and gentlemen, I want to appreciate the joint team of NAICOM and NCDMB for the invaluable contributions towards the drafting of the Guidelines and other Templates for ease of renditions. I strongly believe that the ongoing partnership will help us discharge our duties and functions in a more effective manner.

My special appreciation goes to the Executive Secretary, NCDMB for his commitment to this course right from the conceptualization phase of this synergy. I am hopeful that this collaboration will serve as a platform to breach any observe gap between the demands of the Oil and Gas Sector and the products offered by the Insurance Industry. Ladies and Gentlemen, thank you for your attention.

Thomas O S

Patoma Admin by — June 23, 2022 in Insurance 0
UK Govt jubilates with Ekiti State on gubanetorial election

By Favour Nnabugwu

The British High Commission has jubilated with  Ekiti State and it’s indigenes for the just concluded being the first major election conducted since the enactment of the Electoral Act 2022.

The UK government in a statement released to journalists commended the Independent National Electoral Commission (INEC) and all other relevant authorities for their efforts in the election

“Our team of observers on the ground noted commendable improvements in the electoral process including the timely opening of polls, better functioning of the Biometric Voters Accreditation System (BVAS) devices for accrediting voters, and the transparent and efficient electronic transmission of polling unit results to INEC’s results viewing portal.

“We are concerned about reports of vote buying during the election and call on the relevant authorities to hold any persons involved accountable. The buying and selling of votes has no place in a democracy.

“As Nigeria moves closer to the 2023 general elections, we encourage people to register and collect their PVCs and to participate actively in the political process. The UK will continue to assist INEC and our partners in their aspiration to support peaceful, credible and inclusive elections in Nigeria.

”We encourage INEC to reflect on other potential improvements to the electoral process ahead of general elections in 2023, especially the re-distribution and assignment of voters to newly established polling units to reduce queuing times, better awareness and implementation of electoral guidelines by INEC staff and improved accessibility at polling units to help with the participation of persons with disabilities.

“We urge any party or individual who is dissatisfied with the process to seek redress in a peaceful manner and through the appropriate legal channels.

Patoma Admin by — June 20, 2022 in Foreign 0
Hoodlums attack Lagos Governor’s Press Crew bus In Tinubu’s Convoy, Two Injured

By admin

The bus conveying press crew covering Lagos State Governor’s Office on Sunday was heavily attacked by thugs between Ebute-Ero and Adeniji, Iga-Iduganran axis on Lagos Island, leaving no fewer than two journalists wounded with others sustaining various scars on their bodies.

The press crew bus which was in the convoy of the All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu, was attacked by the thugs who threw heavy stones repeatedly as it joined other vehicles conveying dignitaries, including Governor Babajide Sanwo-Olu; Kano State Governor Abdullahi Ganduje; and others, who had just left the palace of Oba of Lagos, Oba Rilwanu Akiolu.

Tinubu, who arrived at Lagos Airport at around 3:40 pm, to the waiting hands of an enthusiastic crowd of party loyalists and supporters, had immediately headed to the palace of Oba Akiolu on a courtesy call.

The press crew bus was heavily attacked by the hoodlums, as it drove with high speed to escape while journalists had to lie low in it for many to escape being injured, but still few others still had bruises.

However, a Western Post correspondent, Adeola Ogunrinde and Omatseye Atsenuwa of Smooth 98.1FM got wounded, while Adedoja Salam of TVC went into shock due to the heavy bombardment of stones and bricks thrown at the press crew bus, leaving the windscreen and nearly all the side screens were broken.

Ogunrinde got wounded in the face, while Atsenuwa had his arm hit directly by one of the heavy stones thrown at the press crew bus.

Patoma Admin by — June 19, 2022 in Metro 0
New security outfit will raise investments in free zones – NEPZA

By Favour Nnabugwu

 

 

The Nigeria Export Processing Zones Authority (NEPZA) says the newly inaugurated Special Economic Zone Security (SEZSEC) outfit will cause an upsurge of investments in the zones.

The Managing Director of NEPZA, Prof. Adesoji Adesugba, said this at the passing-out ceremony of 40 officers of the SEZSEC, on Saturday in Lagos.

The the one-month training, was carried out in collaboration with the Department of State Services (DSS).

According to Adesugba, the outfit was borne out of the need to further strengthen the existing security architecture and provide adequate security to lives and properties in the free zones.

Adesugba, who was represented by Dr Oyesola Oyekunle, Director Finance and Accounts, said the authority suffered its share of the poor security situation when hoodlums invaded the Tinapa Free Zone in Calabar and a lot of investments were lost.

He said the outfit would create a safe and secure environment for the zones’ employees, facilities, contracted service providers, members of the public, the special economic zones and NEPZA resources.

“It is no gainsaying that this singular action will cause an upsurge of investment into the zones as investors look to invest in places where their invest will be secured,” he said.

Adesugba, however said the outfit was not created to dislodge the existing zones’ security structure rather it was established to reinforce the collaborative force of sister security services.

Otunba Niyi Adebayo, Minister of Industry, Trade and Investment, lauded the creation of the SEZSEC unit, adding that the decision was apt to secure and keep the special economic zone (SEZ) safe and give confidence to investors.

Adebayo, represented by Babagana Alkali, Director Policy Planning, Research and Statistics, tasked NEPZA to make the zones more attractive to investors, provide high quality infrastructure and be a one-stop shop that would positively impact the economy.

He said the Federal Government offers a number of economic incentives that would attract foreign companies to operate in the SEZs.

These incentives included: full tax holidays for three consecutive year; duty free importation; hundred percent repatriation of capital, profits and dividends; exemption from all import and export licenses; land is rent free for the first six months for any construction project undertaken in the zone.

Mr Salami Ajege, Commandant, States Services Academy (SSA), said the security outfit was expected to gather intelligence that would help combat economic sabotage, boost trade and other related activities wherever they were deployed.

Ajege said to achieve their mandate, the unit would need to ensure professionalism in the discharge of their duties and responsibilities.

He urged them to be smart, diligent, determined to succeed, discreet with information and be ever ready to confront challenges they will be faced with in discharging their duties.

“For no reason whatsoever should you become vulnerable to be used against national interest or national security,” he said.

Also, the Comptroller-General of Nigeria Customs Service, Col. Hameed Ibrahim Ali (rtd) urged the team to learn the rules that guide other government organisations they would work with to avoid stepping on each others toes.

Ali, who was represented by Catherine Ekekezie, Deputy Comptroller-General in-charge of Excise, Free Trade Zones and Industrial Incentives Department, cautioned the personnel against going on a “one-man patrol” to avoid running into trouble.

Patoma Admin by — June 18, 2022 in Industry, Trade & Investment 0
ARC Group, African Bank pay Zambian Government $5.3.m for drought insurance claims

By Favour Nnabugwu

 

Africa Disaster Risk Financing Programme Multi-Donor Trust Fund has present o cheque of.$5.3m cheque to the Zambian for the drought insurance

The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss Agency for Development and Corporation, and managed by the African Development Bank(AfDB).

Presented by representatives from the African Risk Capacity Group (ARC) and the African Development Bank, the parametric insurance payout will aid in the country’s recovery from the extreme drought event during the 2021/2022 agriculture season.

This will enable the timely emergency response activities in communities affected by drought, through the provision of cash transfers and food assistance to ensure food is available for the targeted households during the lean season period, according to an announcement.

The adverse impacts of climate change and climate variability caused droughts in Zambia in 2021 and 2022. Substantial lack of rain impacting crop production resulted in severe food insecurity in districts in the southern and western parts of the country.
The Government of Zambia had earlier signed a memorandum of understanding with the ARC to participate in the 2021/2022 drought risk pool to better deal with the drought and protect vulnerable populations from its adverse impacts.

The Zambian Government made a premium budgetary allocation from its national budget and sought additional premium financing support from the Swiss Agency for Development and Corporation and the AfDB to maintain the insurance policy for the 2021/22 agriculture season.

“ARC offers an African solution to one of the continent’s most pressing challenges, the shocks of climate change, transferring the burden of climate risks away from governments to ARC through sovereign insurance,” said Dr Abdoulie Janneh, ARC Group Deputy Board Chair and ARC Ltd Board Chair.

“The Government of Zambia is our privileged partner, and we stand with them to ensure their vulnerable population and livelihoods are protected against extreme weather-related disasters,” he added.

AfDB Vice President for Agriculture, Humanity and Social Development, Dr. Beth Dunford commented: “The African Development Bank is pleased to see this African Risk Capacity Group payout to the Government of Zambia. We expect this to be the beginning of continued support to help the country enhance their resilience to the shocks of climate change.

“The Bank’s support has brought assistance to farming communities hit hard by drought and poor crop yields, by enabling Zambian authorities to provide them with cash payments and sustaining them from eating their seeds as food, quitting farming as livelihoods, or migrating in search of food and non-existent jobs.”

Zambia’s Acting President, Her Honour W.K Mutale Nalumango, welcomed the payout from ARC to the Republic of Zambia. She said: “With the national treasury experiencing unlimited demand for the provision of public goods and services, the government stands ready to support disaster risk transfer initiatives that lighten the burden on the government.

“I urge other organisations such as the World Food Programme and other international and local civil societies to come on board to help expand the ARC insurance coverage in Zambia by partnering with my government to take up replica and micro insurance.”

The funds disbursed to the Government of Zambia will also boost the local economy and help communities build back better.

ARC’s previous parametric insurance payouts include $14m to the Malawian government in early June, and $10.7m to Madagascar in February.

Patoma Admin by — June 18, 2022 in Insurance 0