Financial Vanguard September 17 edition

SEPTEMBER 17, 2012

Continues on page 18

IST: SEC's prosecution of 260 marketoperators, a futile exercise — Shareholders

… IST toothless bulldog… FG advised to enhance power… Investor apathy persists

BY PETER EGWUATU

Shareholders of quoted

companies across the countryhave lamented that the decision

by the Securities and ExchangeCommission (SEC) to drag 260 marketoperators to the Investment andSecurities Tribunal (IST) for severalinfractions has not yielded any positiveresult as retail investors’ apathy in thestock market still persists.

This is in spite of numerous othermeasures taken by regulators torestore confidence in the market.

The shareholders attributed theapathy to lack of confidenceoccasioned by the regulatorsreluctance to discipline erringoperators, coupled with the slowpace in the dispensation of casesbefore the Tribunal, even as theycalled on the federal government toeither scrap IST and establish afinancial crime court or increase the

power of IST to jail and confiscateproperties of erring operators.

In his comment to Vanguard, Dr.Faruk Umar, Chairman, Advancementfor Rights of Nigerian Shareholders,said, “IST is not the best court toadjudicate cases on capital marketactivities because they don’t havepower to jail and confiscate propertyof people found guilty. IST is like atoothless bulldog. So, in that case, wecall on the federal government toscrap it and set up a financial crimes

court that will have the power to jailand confiscate property. Alternatively, the government canincrease the power of IST to jail andconfiscate property of erring operatorsand its judgment on cases should befinal without any appeal because ofits specialized nature.”

Continuing, he said, “ In thepresent situation where peopleappeal cases already pronouncedupon by IST in ordinary court , itmakes no sense because such caseswill remain there for more than sevenor eight years without being resolved,and the market activity is a dailytransaction, how will aggrievedinvestors wait for such a long timewhen the market itself is dynamic.

So, this is one of the reasons drawingback some investors who had lostmoney from the market, since theirhope of being restituted has notmaterialized.”

In the same manner, Mr. Boniface

From left Benue state governor Gabriel Suswan, General Manager strategic planning and corporate communicationBank of Industry Mr. Waheed Olagunju (standing) , MD/CEO Bank of Industry Ms. Evelyn Oputu, GM AlhajiMohammed Alkali and Honourable Agidani at the signing of MOU on N1billion counterpart fund for MSME Developmentbetween Bank of Industry and Benue state government at government house, Makurdi

CURRENCY BUYING CENTRAL SELLING

CBN Exchange rate as at 14/09/2012

117.28 +1.40

99.66 +1.35

182.80 +3.95

2,663.00 +50.00

20.04 +0.33

DOLLAR 154.78 155.28 155.78

POUNDS 251.0686 251.8797 252.6907

EURO 202.7154 203.3702 204.0251

FRANC 166.6631 167.2015 167.7399

YEN 1.9831 1.9895 1.9959

CFA 0.2856 0.2956 0.3056

WAUA 237.6424 238.4101 239.1778

RENMINBI 24.5078 24.5875 24.6671

RIYAL 41.2714 41.4047 41.538

KRONA 27.1792 27.267 27.3548

SDR 239.8007 240.5753 241.35

CMYK

18 — Vanguard, MONDAY, SEPTEMBER 17, 2012

Cover Story

Continued from page 17

Okezie, Chairman,Progressive ShareholdersAssociation of Nigeria(PSAN), said, “Both theNigerian Stock Exchange(NSE) and IST have not beenable to bring the erringoperators to book. Some of theretail investors arecomplaining that somestockbrokers who collectedtheir money to buy shares ontheir behalf are yet to returnthe money and for theoperators who were draggedto IST, nothing has come outof it.”

To this extent, Okezie,called on SEC to enhance itsenforcement unit to ensurethat investors are protected bymonitoring those cases beforeIST and seeing to their logicalconclusion.

“It is by doing this thatconfidence will begin toreturn to the market. Whathappened is that SECabandoned those cases midway, otherwise most of themwould have been completedbecause the law gave IST 90days to complete cases beforeit,” Okezie enthused.

Mr. Adebayo Adeleke,National Secretary,Independent ShareholdersAssociation of Nigeria, (ISAN)is of the opinion that IST hasbeen trying its best.

According to him, “Therehave been low activities in themarket not necessarilybecause of slow pace in thedispensation of cases beforeIST.

"There might be lowpublicity in terms of casesconcluded by IST, but they areworking, given their

260 market operators dragged to ISThas not yielded result —Shareholders

challenges and constraints.IST is a statutory body set upto address cases involvingcapital market transactionsand has 90 days to completeany case, so I think theTribunal is doing the much itcan. Some of the reasonswhy retail investors haverefused to come to the marketis the losses they made in thepast.

Most of them lost theirlife saving money and

you expect them to come tothe market soonest, no! Theinstitutional investors areplaying the market nowbecause they are using otherpeople's funds to invest. Theysay once beaten twice shy, soretail investors are takingtheir time and they will playthe market as soon as they areconvinced things havenormalized. They are in wait

and see attitudes.”Meanwhile, spokes person

for the IST, Mr. KennethEzea, while responding tosome of the issues affectingIST, said that those cases thatwere referred to the Tribunal by the Commission are eitherconcluded or at variousstages of conclusion.

According to him, “ If thereare any particular case youwant to know somethingabout please specify. You areaware that the 3rd Tribunalwas sworn in on June 3 andthey have since swung intoaction. One of the cases theyhave handled in yourcategory of 260 cases is caseno: IST/OA/25/2010; SEC vs.Finbank Plc and 37 otherswhich was recently struck outfor lack of diligent prosecutionby SEC.”

On the issue of allegedcorruption, Ezea said, “ ISTis not corrupt. Did you hearof any money given to ISTthat was found missing ormisapplied? Did anybodycomplain to you that he paidbribe to obtain justice fromIST? If you have any suchcomplaints please forwardthem for us to deal with.”

Continuing, he said, “Infact, we have many problemsincluding lack of our ownhead office building leadingto high rent and pooraccommodation for staff andlack of courtrooms. We haveonly one courtroom in Abujawhen we should have up tothree. Our annual budgetallocation is always very low,so we can’t fund most thingsespecially publicity. We havebeen crying for governmentto support us.”

,

,

,

,

Both theNigerianStockExchange(NSE) andIST havenot beenable tobring erringoperators tobook

Albert Einstein oncedefined insanity asdoing the same thing

over and over and expectingdifferent results, while theFrench classical author,Francois de la Rochefoucauldsaid ‘ the only thing constantin life is change’.

This paper stresses theimportance ofentrepreneurship educationtowards enhancingsustainable development inNigeria. The problems facingthe country ranging from highrate of poverty, youth andgraduate unemployment;overdependence on foreigngoods and technology; Low

Entrepreneurial EducationRevolution: An Imperative forSustainable Development inNigeria: Part 1

economic growth anddevelopment; among others.This paper therefore arguesthat entrepreneurshipeducation will equip thestudents with the skills withwhich to be self-reliant. Theobjectives and strategies forr e - d e s i g n i n gentrepreneurship educationare also discussed. The paperalso recommended thateducational programmes atall levels of education shouldbe made relevant to providethe youth the neededentrepreneurial skills. It isalso recommended that thegovernment should giveadequate attention toentrepreneurial developmentin the country through theprovision of good economicenvironment.

So it is on this premise Iwould like us to see theNigerian educational systemin light of current realities inthe 21

st century. A careful look

of the current state of affairsin Nigeria reveals that we arein a 21st century economywith a 19th century educationsystem. A system wherebymuch emphasis is still placedon the conventionalclassroom environment withmuch reverence for certificatefor graduates who in mostcases are trained to be jobseekers as evidenced inpresent high unemploymentrate in the land. However, wemust accept the fact that timeshave changed and we mustadjust by transiting from theold styled era of Adam Smithinspired concept of the‘industrialized specialist’which has outlived itsusefulness to a more dynamic,resourceful and I.C.T basedmodel where skills andcreativity takes precedence.Without deviating from thetopic of my speech which isEntrepreneurial EducationRevolution in Nigeria, Iwould like to briefly definesome of the concept in thetopic.WHO IS AN

ENREPRENEUR?

An entrepreneur is a personwho is driven to establish abusiness to take advantage ofthe financial opportunitiesand personal fulfilmentoffered, by pursuing their owndreams and shaping theirown destiny in local, nationaland global economies. Ipersonally define anentrepreneur as anyone whocan convert what he lovesdoing to a moneymakingventure. Entrepreneurship onthe other hand is said to bethe process of planning,operating and assuming therisk of a business. It has alsobeen seen as a process ofcreating a unique value. Forthe purpose of this speech, Iwould be limiting educationto the activity of teachingabout a particular subject.

Revolution on the otherhand has been defined by TheMacmillan English dictionaryas a sudden or major change,especially in ideas ormethods. A revolutionsignifies a drastic turnaround, a new way ofthinking and acting.

So at this juncture, whatthen is EntrepreneurialEducation? Entrepreneurialeducation is a lifelonglearning process, starting asearly as elementary schooland progressing through alllevels of education, includingadult education.

An entrepreneuris a person who isdriven toestablish abusiness to takeadvantage of thefinancialopportunities andpersonalfulfilment offered,by pursuing theirown dreams andshaping their owndestiny in local,national andglobaleconomies

L-R: Secretary General, Nigerian Telecom Awards, Otunba Biodun Ajiboye; Former Governor, Ogun State, Aremo Olusegun Osoba and royal father , Oba Dokun Abolarin, theOrangun of Ila, during the 8th edition of the annual telecoms awards held in Lagos recently

CMYK

Vanguard, MONDAY, SEPTEMBER 17, 2012 — 19

BUSINESS & ECONOMY

Cu r r e n c ydenominationmay not be the

direct cause of inflation but itcan provide a perfect platformand unnecessary spook of theeconomy if not carefullymanaged. To claim there is nolink between inflation andcurrency denomination issheer ignorance or outrightintentional untruth. The claimby NEMT in the Vanguardpublication of 10 September,2012 that the introduction ofthe higher currencydenomination (N5, 000) inNigeria will help shore up theNaira value and that mostpeople who store money inhard currency will nowembrace the higherdenomination is the worsteconomic theory foolery I haveever heard. That thisargument came from the likesof the Minister of Finance (DrNgozi Okonjo-Iweala), theCBN governor (SanusiLamido Sanusi), and theMinister of National Planning(Dr Shamsudeen Usman) ismore surprising. Dr Usmancan save us the burden byexplaining how theintroduction of the N5, 000notes would assist in bigbusiness transaction and whywill it not be in highcirculation only to be mostlyused by the banks.

I have always wondered whythe people in government arearrogant to explain theiractions and intents. Theyassume that the majority ofNigerians are illiterates whodo not understand economicprinciples or financial mattersand must gobble everynonsense and idiocypropounded by thegovernment. Dr Usman, yourargument for the introductionof the N5, 000 denominationsraised serious issues on yourprofile as an economist,banker and former Deputy

The Controversy of theN5,000 denominations:A rejoinder

Governor of CBN.

What most Nigerians fearabout the new N5, 000

denominations and inflationis genuine and can besubstantiated. The economist,Dr Usman should know ofwhat is called “demand-pullinflation”. For the benefit oflaymen, this is simply a termused in describing a scenariothat occurs when price levelsrises because of an

“imbalance” in the aggregatesupply and demand. Dr. Usmanhasn’t explained to Nigeriawhat plans they have to offsetsuch imbalance which is thefear of the average Nigerian,more so, as he mentioned thatthe government’s original planis that the N5,000 notes will notbe in high circulation and willonly be used mostly by thebanks. Of great interest is thefact that Nigeria has nodeveloped trade system and

structure, and most tradeexchanges and paymenttransactions are in volumes ofN10 and N20 notes andtraders’ prefer less coin cashengagement. This makes thefear of the average Nigeriantenable and genuine becausewhen the N10 and N20 coinsare introduced, the preferencefor less coin cash engagementwill lead to a push up inprices of goods in that pricerange to the next price range

of N50 with no coin cashalternative. In turn, thedemand-pull inflation willlead to cost-push inflationwhich creates substantialincrease in the cost ofimportant goods. Therefore, tosay that high denominationdoes not lead to inflation isutter rubbish.

It is not too difficult seeingwhere the government is

coming from or what isintended by the introductionof the N5, 000 denominationsbut Dr Usman made a messand mockery of it in hisargument. The discretionaryfiscal policy allows thePresidency/its agents and theCBN to create a scenario thatcauses demand-pull inflationby engaging in expansionaryfiscal policy which I must sayis not a bad idea at all ifhonestly pursued andexecuted, although, it still hasit owns problems mostly beingthat it could lead to budgetdeficit. I think Dr Usmanshould have first highlightedto Nigerians the benefits ofthis expansionary fiscal policythrough the printing of N5,000 note which they hope willspur the economy and drivegrowth by creating moreprofitable businesses andmore jobs for our idlingyouths. He needed to put upa convincing argument of howthis can drive the economywhile not neglecting theimpact it will have ondemand-pull and cost-pushinflation. To dismiss theseeffects is outright ignoranceand fatal arrogance.

*Tony Okonmah, a financialand economic analyst wrotefrom London.

,

,Sanusi Lamido Sanusi

Dr Usman cansave us theburden byexplaining howthe introductionof the N5, 000notes wouldassist in bigbusinesstransaction andwhy will it notbe in highcirculation onlyto be mostlyused by thebanks

TAT admonishes companies, individual to resolve issues with tribunal

BY FAVOUR NNABUGWU

BY TONY NAVAHOKONMAH

In order to avoid chaosassociated with disputed

accounts, Tax Appeal Tribunalhas admonished corporateorganization and individualsthat have issues with theirtaxation to trash them out withthe tribunal.

TAT Secretary, Mr SakaAliyu made the appeal inAbuja recently when he led adelegation of TAT on acourtesy visit to the NewsAgency of Nigeria (NAN).

He explained that theprocess of going through the

tribunal was easy, stating thata tax payer do not necessarilyneed the services of a lawyerto represent him at thetribunal, while adding thatthe process allows for fairnessand flexibility

”I am happy to inform youthat since inception, thenumber of cases going to theFederal High Court hasreduced drastically. Theyattested to this when wevisited them.”

Aliyu said the activities ofthe tribunal had helped theGovernment to recover hugesums of money from taxdispute resolution.

Though he admitted that therewas apathy on the part ofNigerians to tax payment andtheir ignorance of the availableopportunity to seek redress onthe areas they were dissatisfiedwith.

“Generally in Nigeria, wehave this apathy to taxpayment. But it is a duty ofevery Nigerian to pay taxbecause that is whatgovernment depends on mostlyto service the nation.”

The secretary said the tribunalhad eight tribunals across thecountry which handled 116 taxappeals in the first quarter of

2012 out of which ten weredetermined and two struckout.

Aliyu explained that thetribunal in Abuja handled 19cases as at the end of secondquarter of 2012 out of which13 had been determined.

He said the tribunalcould adjudicate on PersonalIncome Tax, CompanyIncome Tax, Petroleum ProfitTax, Stamp Duty andWithholding Tax, amongothers.

The secretary said thetribunal was not a formal courtbut an administrative court. “It

is a final step before going toa formal court.”

Aliyu said that governmentestablished it to fast- track taxdispute resolution whichmight not receive timelyattention in the formal lawcourt.

Be that as it may, Mr. JideAdebayo, NAN’s ExecutiveDirector (Marketing), whoreceived the delegation onbehalf of Mrs. Oluremi Oyo,the agency ’s ManagingDirector expressed the agencyreadiness to partner with TATto create proper awareness ofits activities to the public.

CMYK

Business & Economy


BRIEFS

The Nigerian ExportPromotion Council

(NEPC) has said that thecountry exported non-oilproducts valued at $1.35billion for the first half of2012. Mr David Adulugba,Executive Director, NEPC,made this known in aninterview with newsmen.Adulugba, however, said thefigure represented about 10per cent decline from the$1.50 billion recorded in thesame period in 2011.

The NEPC boss attributedthe decline to unrecordedexports, the fuel crisis andworkers’ strike in January. Heput the value of non-oilexport for the first and secondquarters of the year at$660.1million and $686.2million respectively asagainst $818.8 million and$676.2 million recorded forthe same period in 2012. Theexecutive director said Nigeriaexported goods worth $161.6million dollars in Januarycompared as against $307.2million dollars in 2011.

Adulugba said the nationexported non-oil productsworth $242.9 million inFebruary 2012 compared to$273.6 million recorded in thesame period in 2011. He alsosaid that Nigeria exportednon-oil products worth $255.7million and $220.6 million inMarch and April this yearcompared as against $237.9million and $250.6 millionrecorded for 2011. He saidthe country’s non-oil exportsin May and June 2012 were$242.6 million and $223.1million, respectivelycompared to $703.5 millionand $222 million recorded inthe same period in 2011.

According to Adulugba,the bulk of the exportedproducts are cocoa andcocoa preparations, oilseeds, sesame seeds, ediblefruits, nuts, citrus, tobacco,fish, shrimps and gumArabic. Others includedrecharge cards, cosmetics,footwear, textiles,confectioneries, insecticides,plastics, empty bottles, electriccables, food, beverages andnoodles. He expressedoptimism that the agencywould achieve its 40 percenttarget for non- oil exportproducts before the end of theyear in line with the keyperformance indicators (KPI).

“At the moment, we areworking assiduously totranslate where we were at $2.8billion per annum to 40percent ($3.92 billion). All sortsof strategies will be adopted to

Nigeria exports $1.35bn worth of non-oilproducts in 6 months

achieve the target within theregional market.” He noted withconcern that the high incidenceof unrecorded exports had beena major challenge to accuratereporting of the performanceof the non-oil sector in thecountry. To address the

challenge, Adulugba saidthe Federal Ministry of Tradeand Investment was makingmoves to establish bordermarkets at some strategiclocations. He pointed outthat the country ’s non-oilexports were dominated by

raw commodities and fewproducts with value addition.“There is the need to step upthe value chain, diversifyfrom commodities andempower the small andmedium scale enterprisesthrough entrepreneurshipdevelopment.”

The African EconomicOutlook 2012, a joint

annual publication hasdescribed Nigeria’s economicgrowth in 2011 as “robust.”The 291-page book wasjointly published by the UNEconomic Commission forAfrica (UNECA), the UNDP,the African DevelopmentBank Group, theOrganization of EconomicCooperation andDevelopment.

The book, which waspresented in Addis Ababa byProf. Emmanuel Nnadozie,the Director, EconomicDepartment and NEPADdivision, UNECA, saidNigeria’s outlook for thefuture remained favourable. Itsaid the robust growthrecorded was driven mainlyby non-oil sector, in particulart e l e c o m m u n i c a t i o n s ,construction, wholesale andretail trade, hotel andrestaurant services,manufacturing andagriculture.

“To mitigate the negativeimpacts of the global

Nigeria witnessed robust economic growth in2011 —African Economic Outlook 2012

economic crisis, thegovernment pursued anexpansionary fiscal policy tomaintain growth and socialsector spending that led topressure on consumerprices.” The book said amajor challenge to increasingthe absorptive capacity of theNigerian economy was thedilapidated state ofinfrastructure, in particularpower, road transport andrailways, and theoverdependence of theeconomy on the oil and gasindustry.

“These are the priorities ofthe transformation agenda ofthe current administrationand are being addressedthrough the creation of anenabling environment forprivate sector participation ininfrastructure development,and through the developmentof non-oil sector.” The bookfurther said that in spite of thedominance of the oil sector,agriculture played asignificant role in the nationaleconomy, accounting for thelargest single share of Gross

Domestic Product (GDP).“Sustained growth in the

agricultural sector is aprincipal factor in promotinginclusive economic growth,reducing poverty andensuring the nation’s foodsecurity.” The book,however, said that in spite ofthe robust growth, theNigerian economy had failedto generate decent jobs aspoverty was widespread. Theunemployment rate iscurrently 23.9 per centcompared with 21.1 per centin 2010.” The book, whichwas the 11

th edition, said the

unemployment rate amongthe youth was 37.7 per cent,one of the highest in sub-Saharan Africa .

“Poverty is also very high andpersistent. Social indicators inhealth and education remainweek.” The book also saidthe Macroeconomic indicatorson Real GDO Growth was 7.8per cent in 2012, dropped to6.7 per cent in 2011 and roseto 6.9 per cent in 2012, whileit was projected to drop to 6.6per cent in 2013.

NAICOM urgespractitioners toembrace newdevelopments

Commissioner forInsurance, National

Insurance Commission(NAICOM) Mr Fola Danielhas advised insurancepractitioners to embrace newdevelopments in the industry.Daniel made the appeal at the2012 Chartered InsuranceInstitute of Nigeria (CIIN)Professional Forum in Ibadan.

According to him, whatseemed to be standardexclusions to some classes ofinsurance in the past are nowseen as stand-alone cover.“New developments ariseeveryday to challenge whatwe knew and the way wehave done things in the past,”he said.

The commissioner said thata professional would not bebetter than a non-insuranceprofessional if he failed torecognise new developments.According to him, practitionershould look beyondprofessionalism and ‘thinkbeyond the box’ in line withglobal changes. Daniel saidthat in making a difference,the practitioner mustdemystify the insuranceprofession. Dr WoleAdetimehin, the CIINPresident, said that the themeof the forum was a call topractitioners to brace up forthe challenges facing theglobal economy.

West AfricaCrude-Strongeras Octobercargoes findhomes

West African crude oildifferentials firmed a

little on as remainingsupplies of Nigerian andAngolan grades found homeswith end-consumers and asanother Asian buying tenderwas announced. Two Indianrefiners are in the market forsweet crudes loading inNovember and both may takeWest African barrels,especially if differentialsremain as depressed as theyhave been with the absenceof many U.S. end-consumers.

Only a handful of the almost160 cargoes due to load acrossthe region in October are stillavailable, traders said, withmore than 30 cargoes ofNigerian, Angolan and otherAfrican producers said tohave been sold over the lastweek.

From left: Mr. Jacques Mulder, General Manager, Next International, Mr. Sunny Ukpaka,National Sales Manager, Next International, Lizzy Iroha, Brand/Marketing Manager, NextInternational, Mr. Alexander Lechat, International Ambassador, Bisquit and Mr. Denis La-houratate, Cellar Master, Bisquit at the formal launch and media presentation of BisquitCognac in Lagos. Photo by Sylva Eleanya.

CMYK

Vanguard, MONDAY, SEPTEMBER 17, 2012— 21

BRIEF

Business & Economy

The Federal Governmenthas announced plans to

revolutionize cocoa productionas parts of its effort to restoreNigeria’s lost glory in theproduction of the cash crop.The Minister of Agricultureand Rural Development, DrAkinwunmi Adeshina, madethis known at Warewa inOgun during the inaugurationof Frangada Natural CocoaPowder, produced by theMulti-Trex Integrated FoodsPlc.

Adeshina said the Federal

FG plans transformation ofcocoa production

Government intended todouble annual cocoaproduction from 250,000metric tonnes to 500,000tonnes by year 2015. He saidthat a Cocoa TransformationTeam led by Dr PeterAikpokodion, has been put inplace to facilitate therealisation of the objective.The minister said thedevelopment has becomenecessary to restore Nigeria’spride of place in global cocoaproduction.

Adesina, who recalled that

Nigeria was the secondlargest producer of cocoaglobally, expressed regretsthat the country had droppedto a distant fourth. “Inaddition, we have become adumping ground for importedfood. Nigeria today, spendsN1.2 trillion in importingwheat, rice, sugar and fish

‘’As we import, we spendour foreign exchange, makingfarmers of other countriesricher,” he said. He said thatthe ministry would befocusing on maximising yield

per unit land area on thecurrent 650,000 hectares ofactive plantation throughinputs like agrochemicals andfertilisers. To this end, thecustomised Cocoa-GrowthEnhancement SupportProgramme (Cocoa-GES) isbeing implemented.” Theminister explained that theprogramme was aimed atsupporting the vulnerablecocoa farmers to access criticalyield enhancing inputs.Adesina said therewere plans by FederalGovernment to partner withthe private sector torehabilitate 200,000 hectaresof land in the next four yearsfor cocoa production.

“The ministry has alreadysent an initial team of expertsto Indonesia to study thecountry’s impressive cocoaplantation strategy. We arealso in consultation with keyState Governments andprivate sector on theimplementation of thisstrategy.” He added that theFederal Government hadconcluded plans toprofessionalise cocoaproduction by investingincapacity building forproducers in agriculturalpractices.

‘’We have developed aMemorandum ofUnderstanding with theCocoa Livelihood Programmeof the World CocoaFoundation (WCF) to train thefirst batch of 70,000 farmersand strengthen 100 farmers’groups. In addition, work isin progress to develop aCocoa Marketing and TradeCorporation, which will beprivate sector-driven andgovernment enabled tocoordinate the cocoa valuechain in the interest of allactors.”

The SteeringCommittee of theVienna 2 Initiative

organized a high-levelworkshop on the topic of banksupervision, resolution andbanking union with particularregard to emerging Europe inLondon last week.

The workshop discussedsupervisory cooperationbetween home and hostsupervisors and resolutionprocedures during normaltimes and periods of crisis.Resolution issues relating tothe banking union frameworkwere also discussed. Held onthe same day as the EuropeanCommission’s release of its

Vienna 2 Initiative brainstorms on bank supervision,resolution in Europe

proposals for the Europeansingle supervisorymechanism—as a first elementof the banking union—theworkshop had a preliminarydiscussion on the implicationsof these proposals for emergingEurope. Since the EuropeanCommission proposals arefocused on supervisoryarrangements, the need forconsistent progress toresolution and depositguarantees was highlighted.There was also a discussion ofthe implications for emergingEurope of options for thebanking union.

Participants in the meetingincluded senior policy-makers

from central banks, supervisoryauthorities and ministries offinance from home and hostcountries, representatives ofmajor cross-border banks,European institutions, as wellas international financialinstitutions. The Vienna 2Initiative plans to presentreports on bank supervision,bank resolution and bankingunion as they affect emergingEurope to various EuropeanUnion policy-making fora inthe near future.

The Vienna Initiative wasestablished at the height of theglobal financial crisis of 2008/09 as a private-public sectorplatform to secure adequate

capital and liquidity support byWestern banking groups fortheir affiliates in CESEE. Theinitiative was re-launched as“Vienna 2” in January 2012 inresponse to renewed risks forthe region from the eurozonecrisis. Its focus is now onfostering home and hostauthority coordination insupport of stable cross-borderbanking and guarding againstdisorderly deleveraging.Western banking groupscontinue to play an importantrole in the Initiative, both bysupporting the coordinationefforts and doing their ownpart to avoid disorderlydeleveraging.

Organisers of theNigerian ICT agenda

series, have at the weekend,said that their event onMobile Number Portability:opportunities and pitfalls,scheduled for September 26,may become the high point ofevents in the ICT sector thisyear.

This, they said, was due tothe growing interest ofindustry players in seeingthat the event achieves its aimof educating the subscriberson the gains andexpectations of the numberportability regime in Nigeria.

The event according tothem, have already attractedthe blessing of top telecomoperators, MTN Nigeria andEtisalat Nigeria, as they haveexpressed interest inensuring a successful hostingof the event.

The forum, which is on theauspices of Private MediaMart Limited and PrincelinkCommunications, is also saidto be attracting the interest ofother notable telecomoperators and infrastructureproviders who are in variousways involved in theimplementation of the MNPforum.

According to the publisherof TechBrandReview andCEO of Private Media Martlimited, Mr Ejiofor Agada,who disclosed this tojournalists at the weekend,“We are extremely pleased tosee the level of regard thesetwo telecom giants, MTN andEtisalat have on the welfareand education of subscribersconcerning the new MNPregime. Their actions havedebunked the perception thatthe operators are here inNigeria just to make gainsout of subscribers” he added.

Agada, reiterated that theforum will highlight so manyareas of interest in MNP andinvite relevant specialists toadvice on how they would beimplemented to affect orbenefit Nigerian users.“Some of the areas include:What porting standard will beemployed in implementingMNP in Nigeria.

MTN,EtisalatbackNumberPortabilityforum inLagos

The Partnership Signing Ceremony Between Ecobank/ MoneyGram took place at the EcobankHeadquarters in Victoria Island Lagos yesterday Px shows Left Mr Herve Chomel, Money-Gram Vice President for Africa and Mr Kingsley Aigbokhaevbo, Executive Director, DomesticBank Ecobank Nigeria at the occasion Px Biodun Ogunleye

CMYK

BRIEFS

Banking & Finance

From left: Chief Joseph Sanusi, former Governor of Central Bank of Nigeria; Arch ThomasAwagu; Chief Mrs Eniola Fadayomi, 1st Vice President and Mrs Oludewa Thorpe, New Fellowof IOD at the 2012 Institute of Directors Nigeria Annual Fellows’ Evening held in Lagos..Photo by Lamidi Bamidele

By NKIRUKA NNOROM

Central Bank of Nigeria,CBN, has approved the

adoption of sustainablebanking principles by banks,discount houses andD e v e l o p m e n t F i n a n c eInstitutions (DFI) in thecountry.

The CBN in a circular withreference number, FPR/DIR/GEN/01/030 to all banks,discount houses and DFIs, theapex bank said theagreement to adopt theprinciples was reached at thebankers’ committee retreatheld two months ago, whiledirecting all financialinstitutions to ensure fullimplementation of theprinciples and guidelines.

Mr. Chris Chukwu,Director, Financial Policy andRegulation Department,CBN, who signed thedocument, said that approvalto adopt the principles was infurtherance of the bankerscommittee’s commitment todeliver positive developmentimpacts to the society whileprotecting the communitiesand environments in whichfinancial institutions andtheir clients operate.

In order to enable effectiveimplementation of theprinciples, Chukwuexplained that the apex bankwould issue five differentdocuments to the financialinstitutions.

The five documents,according to CBN, includethe Nigeria SustainableBanking Principles, theNigeria Sustainable BankingPrinciples Guideline Notes,Nigeria Sustainable BankingPrinciple Power SectorGuidelines, Nigeria

CBN approves adoption ofsustainable banking principles

Sustainable BankingPrinciple Agriculture SectorGuidelines and the NigeriaSustainable BankingPrinciples Oil and Gas SectorGuidelines.

He said, “Successfulimplementation of theseprinciples and guidelines willrequire banks, discounthouses andd e v e l o p m e n t f i n a n c einstitutions to develop amanagement approach thatbalances the environmentaland social (E&S) riskidentified with theopportunities to be exploited

through their businessactivities. E&S riskmanagement would ensurestronger overall riskmanagement for theconcerned institutions.

“The adoption of theprinciples will no doubtenhance the adoptinginstitutions’ financial successover the longer term whileensuring that theyremain environmentally andsocially responsible.”

He noted that incentiveswould be provided to thoseinstitutions that take concretemeasures to embed the

provisions of the principlesand guidelines into theiroperational, enterprise riskmanagement and othergovernance framework.

He, however, stressed thatbanks, discount houses andDFIs are expected to submitregular report to the CBN inline with reportingrequirement that would bemade available to theindustry. The report,according to the CBN, wouldenable it track the progress ofthe implementation andadherence to the principlesand guidelines.

Mobile Banking: Etisalat, banks partner to launch easywallet

By LAZARUSIBEABUCHI andESTHER ONYEGBULA

Speaking at the launch ofthe application in Lagos,Chief Executive officer of thecompany, Steven Evans said,“Statistics have shown that 90per cent of people transferringmoney in Kenya uses mobilephones. Meanwhile, figuresfor Nigeria are less than fiveper cent. Nigeria representsa great potential market inAfrica. It is estimated that over35 million adults use informalway of transferring fund. So,using mobile money gives theunbanked public the flexibilityto transfer money.

“Following CBN adoption ofcashlite policy in January2012, we have seen increasein electronic transfer.Research has shown thatmobile-banking and mobile-payment can help lower thetransaction costs of moneytransfer, increase the flow of

money by making it easier tosend smaller amounts andintroduce those without bankaccounts to a means of securefinancial management. Byenabling people to use theirmobile phones as mobilewallets, we hope to deliverlasting benefits not just for ourcustomers, but also for theNigerian economy.”

Explaining the features ofeasywallet, Chief commercialOfficer of the company, WaelAmmar, said the service workson all Etisalat SIM cards andcustomers are only requiredto register with any of theschemes in order to startusing easywallet.

“The service works on allEtisalat sim cards andcustomers are only requiredto register with any of theschemes in order to startusing easywallet. Customers

are not charged from theirairtime for any transactionsfrom the mobile money SIMmenu.

“Apart from the fact that thisservice can be accessed usingany kind of phone, be it smartphones or low end phones,another key feature of thisservice is that it offers multiplelanguage options forconsumers and customersneed not remember andUSSD code unlike the othermobile options availablenationwide.

“With a developed secureinterphase that meets withinternational standard,subscribers without bankaccount are not excluded.They can do their transactionon easywallet without havinga bank account. This servicealso allows ATM transactionswith out an ATM card,” hesaid.

Enterprise BankissuesMasterCardVerve tocustomers

Enterprise BankLimited (EBL) hasrolled out the

Enterprise MasterCardVerve, an internationalbrand of MasterCard, inpartnership withMasterCard andInterswitch. The card isaccepted worldwide as ameans of payment for goodsand services at over 30.9million MasterCardlocations and over 1.9millionATMs in more than 210countries. With the EnterpriseMasterCard Verve,transactions can also beconsummated in thecurrency of the country aslong as the card is linked tothe customer’s Nairaaccount. The successful roll-out exercise follows a strongbid by the bank to guaranteeconvenient banking servicesto its growing clientele. The Enterprise MasterCardVerve is available at allbranches of Enterprise Bank for easy pick-up bycustomers with activeaccounts in the bank whilethose customers reactivatingtheir accounts and the newones have the card as partof their ‘Welcome Pack’.

Spanish banks’ECB borrowinghits new high

Spanish banks borrowed arecord 412 billion euros

($531.77 billion) from theEuropean Central Bank inAugust, increasinglyobliged to lean on the bankfor funds as concerns overthe country’s debt problemsblocked their access tocapital markets.August’s borrowing levelscompared with 402 billioneuros in July and just 82billion euros a year earlier,according to data publishedby the Bank of Spain onFriday. Spanish banksaccount for 34 percent of theemergency borrowing eurozone banks as a whole tookfrom the ECB, the datashowed. In contrast, banks inIreland, bailed out two yearsago by the EU and IMF,reduced their borrowing byaround 2 billion euros to 120billion euros last month.Spiraling debt costs andbalance sheets ravaged by aburst domestic propertybubble have shut mostSpanish banks out of debt andmoney markets and forced thegovernment to apply for up to100 billion euros in Europeanaid for the lenders.


Etisalat Nigeria, inpartnership withbanks in Nigeria, has

launched easywallet, a SIMapplication mobile bankingplatform which allows itssubscriber to do banking andother transactions with ease.

The company is partneringwith First Bank Nigeria Plc,Guaranty Trust Bank Plc,Stanbic IBTC and ZenithBank Plc on the new product.

The company said thepackage affords itssubscribers a more convenientand secure platform, with aview to bringing mobilebanking closer to the publicand drive the central Bank ofNigeria’s cashlite policy.


CMYK


BRIEFS

Banking & Finance

From left: Henry Egbiki, Regional Managing Managing Partner for West Africa, Ernst & Young,Olutoyin Adepate, Registrar/Chief Executive, Institute of Chartered Accountants of Nigeria(ICAN) and Adedoyin Idowu Owolabi, ICAN 48th President, at the event put together by Ernst& Young in honour of the ICAN President in Lagos.

The Federal Governmentthrough the Central Bank

of Nigeria, CBN, said it hasapproved a concessionaryexchange rate of N145.00 tothe US Dollars for 85,000 Hajjpilgrims.This represents a concessionof about 9.35 per cent fromthe prevailing exchange rateof about N160 to the US dollar.According to a statement bythe CBN, titled, ‘Purchase ofPilgrims TravellingAllowance, PTA, in SaudiRiyal Travelers Cheques(SRTCs),’ signed by Mrs.O.L. Ahuchogu, for theDirector, Trade and ExchangeDepartment, the exchangerate is, however, for theirPilgrims TravelingAllowances, PTA, between$750 and $1,000.According to the her, eachpilgrim is entitled topurchase Saudi RiyalTravelers’ Cheque equivalentof a minimum of US$750.00and a maximum of US$1,500as PTA, while for pilgrimsbuying STRC above $1,000the difference shall be boughtat the prevailing nairaexchange rate to the US Dollaron the day of the purchase.She, however, noted thatunutilized SRTCs by thepilgrims should be sold to theCBN, not later than two weeksfrom the return of thepilgrims.She said, “No commissionshall be charged by the banksfor the sale of SRTCs to theintending pilgrims. The CBNwill commence the issuanceof SRTCs to the designatedbanks from 13th September,2012 at the CBN Branches inLagos and Abuja. Theaccounts of the respectivebanks shall be debited assoon as the funds aredisbursed.“Each designated bank is

CBN approves N145 dollar exchangerate for Hajj pilgrims

By MICHAEL EBOH &LAZARUS IBEABUCHI

required to sell to CBN theutilized SRTCs not later thantwo weeks from the date of thelast inward flight to Nigeriafrom Jeddah, Saudi Arabiaupon reconciliation of thetransactions with the CBNand the accounts of the banks

shall be credited promptly,”she said.The official CBN exchangerate as at Friday stood atN155.78 to US $1.Continuing, Ahuchogu said,“The CBN will commence theissuance of SRTCs to thedesignated banks fromSeptember 13, 2012, at theCBN branches in Lagos andAbuja. The accounts of therespective banks shall be

debited as soon as the fundsare disbursed.Each designated bank isrequired to sell to the CBNthe unutilized SRTCs notlater than two weeks from thedate of the last inward flightsto Nigeria from Jeddah,Saudi Arabia uponreconciliation of thetransactions with the CBNand the accounts of the banksshall be credited promptly.”

BY RITA OBODOECHINA

Ecobank Nigeria hasentered into a strategic

partnership with MoneyGramInternational on fundremittances to Nigeriancustomers, for businessassociates among others.

According to the bank, thepartnership will enable themoffer money transfer servicesthrough the MoneyGramplatform.

The bank also said that it willgives customers and non-customers of the bank theopportunity to send andreceive money throughMoneyGram global networkin any of the over 600

Ecobank partners MoneyGram on fund remittances

branches of Ecobank spreadacross Nigeria.

MoneyGram offers transferservices worldwide through aglobal network of more than267,000 agent locations –including retailers,international post offices andfinancial institutions in over192 countries and territoriesaround the world.

Commenting on thepartnership, the ManagingDirector of EcobankNigeria,Mr.Jibril Aku, whowas represented by theBank’s Executive DirectorDomestic Bank,Mr. KingsleyAigbokhaevbo, said,"MoneyGram is a marketleader in the money transfermarket in Nigeria; the servicecan be accessed in over 3,500

locations around thefederation.

"Ecobank is excited about thepartnership as it gives thebank an additional window toservice the money transferneeds of its customers.

He noted that it is a right-fitpartnership between twoquality brands that willdeliver world class value tocustomers.”

According to Aku, Ecobankis better positioned to offerfinancial services to Africanswherever they might be,adding that the bank isdetermined to go intopartnerships like this, toenable it achieve its cardinalgoal of financiallyempowering the people.Hestated further, “We are

present in more Africancountries than any other bankin the world and byimplication reaching out tomore Africans, no matter theirlocation”.

“The partnership withMoneyGram, no doubt, willstrengthen our resolve toserve the people better”.

The Vice President forAfrica, MoneyGram, Mr.Herve Chormel, also notedthat MoneyGram is veryproud that this partnership isgoing live today.”

“Once more, we bring on-board a quality partner to ournetwork in Nigeria, andcontinue with our mission toprovide the best value in thefunds remittance business tothe Nigerian customers.

FBN CapitalAppoints newdirector, COO

FBN Capital Limited, theInvestment Banking and

Asset Management businessof the First Bank of NigeriaGroup has announced theappointment of FunkeFeyisitan as Director andChief Operating Officer.Ms. Feyisitan joins FBNCapital from JP Morgan inLondon, where she spent 15years in product control,financial control andbusiness operationsmanagement functionsacross the securities andinvestment bankingbusiness. Latterly she was anExecutive Director runningthe business operationsplatforms for Global EquityCapital Markets, and theDebt Capital Markets andAcquisitions & LeveragedFinance businesses inEMEA. She started hercareer as an auditor at BDOBinder Hamlyn UK, and thenworked for Banker’s Trust(now Deutsche Bank) and SGWarburg (now part of UBS),before joining JP Morgan.

ICAN to holdsymposium onFGN budgetBY PROVIDENCE OBUH

The Institute of CharteredAccountants of Nigeria

(ICAN) has announced plansto hold the 2012 BudgetSymposium on the NigerianFederal Government’sBudget.In a statement made availableto Vanguard, signed byAssistant Director, CorporateAffairs, Mr. Dayo Ajigbotoshostated that the President of theInstitute, Mr. Adedoyin IdowuOwolabi would declared thesymposium open whilereviewing and discussing theFGN’s Budgets from 2009-2011 with a view toappraising theirimplementations andrecommending strategies forsubsequent budgets.The conference billed forTuesday, September 18, 2012at the Nicon Luxury, TafawaBelewa Way, Garki, Abuja,would feature the followingtopics: Overview ofBudgeting in Nigeria,Nigeria’s Revenue Profile,Cost of Governance andNational Development,Impact of Successive Budgetson National Development andDeficit Budgeting,Government Borrowing Costs,Fiscal and Monetary Stability.

CMYK


Corporate Finance

BRIEFS

Fed launchesnew round ofbond buying

The US Federal Reservehas launched an

unlimited new effort to drivethe economic recoveryforward by buying $40billionof agency mortgage-backedsecurities a month.

Crucially, the new round ofquantitative easing –nicknamed QE3 – does nothave a defined limit but willcontinue until the outlook forthe labour market gets better.

The open-endedprogramme of QE marks oneof the most significant shiftsby the Fed since the 2008-09financial crises. For the firsttime, the Fed has tied itspolicy to what happens in theeconomy.

“If the outlook for the labormarket does not improvesubstantially, the Committeewill continue its purchases ofagency mortgage-backedsecurities, undertakeadditional asset purchases,and employ its other policytools as appropriate until suchimprovement is achieved in acontext of price stability,” saidthe statement by the rate-setting Federal Open MarketCommittee.

If unemployment stayshigh, then that will mean thatasset purchases continueautomatically, providing aprop to financial markets andthe economy.

Governments andshareholders have

reacted with caution andskepticism to a plan by EADSand BAE Systems to create a$48bn European defence andaerospace group to rivalLockheed Martin and Boeingof the US.

EADS shares closed down10.2 per cent at •25.15 in Parislast week Thursday whileshares in BAE, which hadrisen sharply followingconfirmation of the talks, fell7.3 per cent to 337.1p inLondon.

One top 20 BAEshareholder said: “In theory,this tie-up makes sense as itwill give Europe a companythat can take on the might ofBoeing. But big job lossescould cause political problemsand uncertainty that could hitshare performance and thelong-term worth of holdingthe company’s stock.”

EADS suffered a bruisingdefeat to Boeing last yearwhen it lost out on an orderto build 179 refueling aircraftfor the US Air Force.

Doubts growover EADS andBAE tie-up

How SEC intends to track downfraudsters outside Nigeria

By PETER EGWUATU

In its determination torestore investors’confidence and prevent

further abuses by marketoperators, the Securities andExchange Commission (SEC)has vowed to fish out capitalmarket operators who dupedinvestors and ran out ofNigeria to settle in otherforeign countries.

Director General of the SEC,Ms. Arunma Oteh, whorevealed this to Vanguard,recently, said, “We will notrest in our determination torestore investor confidenceand protection. So, for thoseregistered capital marketoperators who collectedmoney from innocentinvestors with the intention ofinvesting the money in thecapital market and thereafterabsconded to other countries,the Commission will try asmuch as possible to trackdown these fraudsters andbring them back to Nigeria forprosecution.”

On how the fraudsterswould be tracked down, shesaid, “The Commission hasbeen signing bilateralagreement/cooperation onsecurities dealings withmember countries of theInternational Organization ofSecurities Commissions(IOSCO). Also, we intend tosign bilateral cooperationwith security agents acrossthe world. So, there will be nohiding place for anyregistered capital marketoperators who must haveduped investors and ran awayto other countries. We will getthem through these securityoperatives once informationabout these people is sent tothem.

“We will soon be havingcollaboration with the USIntelligence and SecurityAgencies as SEC Nigeria is amember of the IOSCO’sAfrica/Middle-East RegionalCommittee. We would becollaborating with countriesthat are not even members ofIOSCO to make sure we getrid of fraudsters in ourmarket.”

It would be recalled thatISOCO was formed in 1983 asthe international “standardsetter” for securities markets.While it is without actualauthority over its nationalregulator members, IOSCOhas enunciated basicprinciples that should formthe basis for financial marketregulation globally. Despitethe fact that it is inherently ac o n s e n s u s - s e e k i n g

organization, IOSCO iscurrently contemplatingwhether implementation ofIOSCO principles should bea condition for membership.IOSCO’s membershipregulates more than 90percent of the world’ssecurities markets.

On the local scene, the SECrecently collaborated with the

Nigeria Police to strengthenits enforcement unit.

At the inaugurationceremony of the 18-man teamseconded to the Commission,Oteh said, the deployment ofpolicemen to the Commissionwill help speedy resolution ofcases involving marketabuses, fraudulent disposal ofinvestors’ assets, illegal fundmanagement, wonder banks,insider dealings, corporateaccounting fraud and sharemanipulation by capitalmarket operators.

She further declared thatdespite the great successesrecorded by the Commissionin tackling fraudulent

practices in the market, theSEC is not resting on itslaurels as there are still illegalfund managers, wonderbanks, and possible cases ofmarket abuse.

According to her, “It is ourearnest hope that this

synergy with the police willhelp to significantly reduce,

if not totally eradicate, thesenefarious activities to thebenefit of investors and theNigerian capital market.”

She, however, commendedInspector General of Police,Mohammed .J Abubakar forreleasing his best officers tocomplement SEC’senforcement team.

In her words, “ Thepresence of the staff of theoffice of the honourableAttorney General along withyour personnel will obviouslyspeed up the process ofinvestigation and prosecutionof capital market relatedoffences and thereby boostinginvestor confidence and

market discipline.”Meanwhile, in his comment

during the inauguration of the18 man team seconded to theCommission, Abubakarwarned criminals to stop suchact or be prepared to face thewrath of the law.

He charged the policemento be good ambassador of thepolice by ensuring that everyculprit found wanting is dealtwith in accordance with theInvestment and Securities Actand regulation. The 18 manteam is headed by ChiefSuperintendent of Police(CIP), Babakura Mohammed,eight inspectors and others inthe rank and file.

The IGP, said, ‘ It is mysolemn desire to makeNigeria safer for the growthand economic development ofthe nation. Life and propertywhich include tangible andintangible assets must beprotected.”

Continuing, he said, “ Theinter agency collaboration isin the right direction as bothNigeria Police, Economic andFinancial Crime Commission(EFCC) and SEC arecommitted to deliver theirmandate of protecting life andproperty of the people.

There have been severaldiscussions between myselfand the DG of SEC on theissue of having a police deskin the commission, so thedeployment of these men willhelp SEC to discharge theirresponsibilities.

,,We would be collaboratingwith countries that are noteven members of IOSCO tomake sure we get rid offraudsters in our market

Director General of the SEC, Ms. Arunma Oteh

CMYK

26 —Vanguard, MONDAY, SEPTEMBER 17, 2012

CMYK


Micro-Finance

Chaplain,

FRSC, task

motorists on

driving culture

The Chaplain Fellowshipof Nigeria in

collaboration with the FederalRoad Safety Commission(FRSC) and the NigerianCustoms Service haveentered into a strategicpartnership, urgingMotorists, Cyclists, and otherroad users to imbibe gooddriving culture in order toavoid the rising auto crash onthe road.

Speaking during a one dayfasting and prayerprogramme organized by thefellowship to pray against thesequence of road accidentwitnessed on the Badagry,Seme motor ways, Chaplainto the Security Agents, PastorEdward said that distress andanguish are the result ofcarelessness andrecklessness derived fromimpatience drivers, leading totheir families pain and misery.

He said, “reckless driverhave sent innocentpassengers and their familiesto their early grave. Iadmonish all the leaders ofvarious unions to alwayscheckmate their subject toensure safety in our road.”

He appealed to those inauthority to see to therehabilitation of the road fromSeme to Mile-2, to reduce thesuffering of the road users.

“Our security agents areobliged to magnify their

offices to ensure safety of lifeand property, though there isroom for improvement withdevised strategies, everystakeholder therefore must bewilling to make contribution.

“The accident happeningon this axis has been on thehigher side but from now, Ibelieve God that there will bea reduction.”

He explained that the wayforward is for road users to bepatient, saying that the roadusers must also have God intheir heart. “They mustunderstand, especially thetruck drivers that bigger truckdrivers must respect thesmaller road users.

“The FRSC are trying,stakeholders shouldcontribute their quotas, theycannot be able to cover fromhere to Lagos, patient mustbe involved and they musthave love for one another andconsider one another,” hesaid.

BY PROVIDENCE OBUH

Stories byPROVIDENCE OBUH

A cross section of the Yabatech students during an entrepreneurial programme organized forthe student by Academy for Entrepreneurial Studies in Lagos

Introduction of N5,000 note isinconsistent with cashless policy– Stakeholder

The cashless policy and theproposed currencyrestructuring are a reflectionof the inconsistent policyactions of the Central Bank ofN i g e r i a ( C B N ) , s a i dstakeholder in the financialsector.

The stakeholder, who chosenot to be mentioned, toldFinancial Vanguard that therestructuring exercise waswrong as it would furtherenhance fraudulent activities,and as well cause more harmthan good for the economy.

The stakeholder pointed outthat the policies are conflictinggiven that Nigerians are yetto get acquainted with thecashless initiative and then theplanned introduction of thesuper note.

According to thestakeholder, “the policy is notgood for the economy, it iswrong, it is like givingsomething with the right handand taking it back with the lefthand, the CBN is takingsomething out of nothing.

“It is an inconsistent policyand it will further worseninflation in the economy.”

Describing the action as fearon the part of the CBNGovernor the stakeholdersaid, “The politicians are insupport of it because it willgive them room for fraud andthe Governor has to dance totheir tone because he isafraid.”

This initiative is criminal, itwill increase robbery,N500,000 is just a packet, sowhen you go to the bank towithdraw such an amount, youcan attract attention, thestakeholder pointed out.

Also speaking, a smallbusiness operator, Mr.Ayobami Oluwatoyin addedthat the policy will helpreduce the bulk of money theycarry around when

purchases are to be made,while stating on the contrary,“The problem I have with theCBN is that, when they knowthey are coming up with N5,000 note , they shouldn’t haveintroduced the cashlesspolicy.”

Oluwatoyin who said thecoins should not bementioned in the CBN’s plansaid that customers are neverwilling to collect coins intransactions because of theweight.

He gave an instancesaying, “If you want to buyfuel from the fuel station andlet say you have coins aschange, those petrol sellerswill say they don’t havechange, and if you have coinsto pay for transaction theywill reject it, is not only thefuel stations, this is just anexample.

The aggrieved traderlamented that the CBN planrevealed that the policy wasnot for the generality of

Nigerians, saying, “How canthey say some people wouldbe using the note, are thosepeople more superior than theother Nigerians, in fact thatwas what they told us whenthey introduced the N1, 000note.

“I want them to devalue thenaira like Ghana, so thatevery thing can go back tonormal, Ghana money stillhave value they devalued andin Ghana today one dollarexchange for one cedi,” hesaid.

Price of beans soars, food vendorsdeny sales

The inordinate rise inthe price of beans, amajor source of protein

in Nigeria, has called forconcern as food vendors nowwithdraw from sales of thefood to avert loss.

For decades, Beans havebeen a mainstay for bodybuilding, excellent source ofminerals and vitamins, highin fiber and as well has goodcancer fightingcharacteristics and have beenspecifically linked to lowerthe risk of colon cancer.

A small business operator,Mr. James Obioma, said thatthe cause of the rise in pricehas not been ascertained assome ascribe it to thenorthern crisis while others

says it is as a result of thedrop in the production of theplant.

One 'Derica' cup of brownbeans which sells for N220.00before, now sells for N270.00

while the white beans nowsells for N250.00 instead ofN200.00.

Obioma told vanguard thata bag of beans formerlypurchased at N28, 000 now

sell at N42, 000, thepopular 'Oloyin ' beansmoved up to N300.00 perDerica, against the N250.00per 'Derica' few months back.

90% small-business owners leverage onsocial media —Survey

Browsing the Facebook forhours is no longer for

personal pleasure, as surveyrevealed that about 90 per centof small businesses are nowdedicating time to networkingonline.

Meanwhile, LinkedInreleased a new data that shows

small-business professionalsaround the globe use thesocial networking site forhiring, networking and evenpotential funding.

The top five countries withthe most small-businessprofessionals on LinkedIn are:the United State, United

Kingdom, India and theNetherlands and Canada.

LinkedIn’s connectionDirector Mr. Nicole Williamssaid that Entrepreneurs useLinkedIn to conduct research,hold mini conferences,promote their companies andfind mentors.

BRIEFS


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at

Fri

day,

Sep

tem

ber

14,

2012

Documents

Financial Vanguard September 17 edition