Business
CBN Introduces New Payment System
The Central Bank of Ni
geria (CBN) has introduced a new payment system called Real-Time Gross settlement (RTGS) system as part of efforts to implement Payment System Vision (PSV)2020 strategy.
The CBN Deputy Governor (Operations), Mr Tunde Lemo, made this known while briefing newsmen in Abuja last Thursday.
The Tide source reports that Lemo said that CBN put live operations to the new system on December 16, 2013.
He said that the new RTGS was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system in use since seven years ago.
“The SSSS, on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system.”
He explained that the RTGS was an inter bank payment infrastructure that was facilitating the real time settlement of electronic funds transfers on gross and irrevocable basis.
Lemo whose retirement was billed for friday said that RTGS was built on swift standards to allow for safer, easier and faster inter connectivity with other payment system infrastructure both locally and internationally.
“It serves as the nucleus of the national payment system, as all payments finally settle in central bank money through settlement accounts maintained for designated financial institutions.”
On SSSS, he said it would facilitate the electronic management of the entire life cycle of securities transactions.
He said that the system would manage the primary and secondary market securities and facilitate efficient open market operations.
Lemo said that the integration of RTGS and SSSS was a major strategic move with lots of benefits.
The benefits, he said, included reduction of settlement and systemic risks in payment system and provision of collateral management platform to mitigate settlement risks.
“Achievement of instant value for and by bank customers via Straight Through Processing (STP) as funds transfers are transmitted from one party to another without manual intervention,’’ he said.
He said that it would provide efficient payment landscape that would encourage foreign investments and enhance financial inclusion.
Lemo said that the RTGS and SSSS payment system would help improve all retail payment schemes.
He said that it would help to achieve PVS 2020 objectives and meet world class standards as indicated in the principles for financial market infrastructure.
Lemo said that it would also trigger rapid transformation development in the financial market, among others.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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The European Union (EU) says it will end its five-year Agents for Citizen-Driven Transformation (ACT) programme aimed at enhancing the capacity of Civil Society Organisations (CSOs) in Nigeria, on April 14. Mr Damilare Babalola, the National Programme Manager, ACT, said this on Tuesday at a brief event in Port Harcourt. Babalola said that the conclusion of the programme would automatically mean an end for the 21 CSOs based in Rivers. He stated that the EU-funded programme, valued at 13.1 million euros, was executed by the British Council across 10 states, with a presence in the 36 states of the federation. “The programmes’ goals are to assist CSOs in becoming more credible, accountable and effective agents of change, for sustainable development in Nigeria. “The implementation focussed on providing capacity-building skills, referred to as capacity development support to CSOs, to enhance their effectiveness. “Additionally, it aimed to evaluate the regulatory environment for CSOs and promote strategic coordination among them and other key stakeholders in terms of collaboration and advocate, for appropriate legislation and regulations,” he explained. Babalola identified the benefitting states as Adamawa, Borno, Edo, Enugu, Kano, Lagos, Plateau, Rivers, Sokoto and the Federal Capital Territory (FCT). “The ACT programme commenced in 2019 and will officially conclude on April 14, marking the end of five-years of active implementation in the country. “Rivers was among the states where we initiated the programme during our phase two launch in 2020, and we are here to formally close the ACT programme in the state. “ACT has addressed significant challenges affecting the effectiveness and impact of civil societies, especially in creating an enabling regulatory environment,” he added. He expressed confidence that in spite of ACT’s departure from the country, civil society groups have gained sufficient capacity to effectively carry out their responsibilities in their respective focus areas within the communities. The programme manager noted that 273 CSOs benefitted from the programme across the country, with 233 CSOs receiving capacity-building training and 40 others trained to enhance regulatory conditions. In his remark, ACT Rivers Focal Person, Mr Temple Oraeki, emphasised the importance of CSOs collaborating with the state government and international donor agencies to advance their programmes and projects within the communities. “The 21 CSOs, comprising of eight community-based organisations and three network coalitions in Rivers, now serve as our ambassadors, equipped to make positive impact in society. “Therefore, we are leaving behind organisations that are credible partners for the government and international donor agencies to execute their programmes in communities,” he said. Gov. Siminialayi Fubara of Rivers, expressed the state’s readiness to engage with CSOs to implement government policies and programmes in the various communities where they operate. Represented by Diokuma Ismael, the Permanent Secretary of the Ministry of Culture and Tourism, Fubara lauded the EU and British Council for their interventions in the state. “The success of the ACT programme has undoubtedly enhanced the value of civil society organisations in the state and nationwide. “We are prepared to partner with the CSOs that have impacted communities, once all necessary documentations are concluded. “However, it is crucial for CSOs to adhere to proper regulations, to enable the government to identify with them for sustainable development,” he said. Fubara urged the civil society groups to align with the state government’s policy to drive positive change in the communities.
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