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

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

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China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle

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The Mayor of Housing, My-ACE China, has alerted the Governor of Rivers, Akwa Ibom, and Abia states to what he calls an emerging ‘Economic Triangle’ within their states.

Mr China, a real estate success strategist who has won numerous local and international awards, has thus drawn the attention of the governors of the concerned states to the emerging development and has urged them to intentionally accelerate the emergence of the economic triangle.

Speaking to newsmen in Uyo, Akwa Ibom State capital at the conclusion of his business trip to the state, Mr China, who is the managing director of the Housing and Construction Mayor Limited, said the envisaged economic corridor would compete favourably with the Lagos economic hub or even better.

He said: “Talking about ‘Economic Triangle’, the only place that can wrest economic power from Lagos is Akwa Ibom, Abia, and Rivers states axis or corridor. This corridor contains more than Lagos has, if they can be interconnected with smooth roads, ports, and if their blue potentials are unlocked. They will not only wrest power from Lagos but would be more lucrative.”

The investor who is behind the emerging Alesa Highlands Green Smart City in Eleme, near Port Harcourt, said the new ‘Economic Triangle’ has a bigger potential due to massive land assets with the corridor plus blue economy and the existing hydrocarbon industry.

Explaining, Mayor of Housing said Aba (Abia State) provides the biggest fabrication capacity in West Africa to supply goods to the Gulf of Guinea; Port Harcourt provides access to the Gulf of Guinea for off-taking Aba products, and the Uyo provides deep sea port at Ibaka and international airport facilities as well as forest reserves for massive agro-economy.

He said with sea ports in Rivers State and deep seaport in Akwa Ibom, and international airports in Rivers and Akwa Ibom, Aba can focus on adequate power supply and fabrication boom to supply a new booming market around the economic triangle.

By doing this, he said, jobs would spill out in huge quantities and more manufacturers would be drawn from all over Africa to boost the fast coming African Continental Free Trade Agreement (AfCFTA). He said Nigeria would thus have two major trade nodes in West Africa; Lagos and the PH/UYO/Aba triangle.

 

He said goods going to or coming from Chad, Niger, and the rest of Central Africa can head to the Lagos ports or to the Ibaka/PH ports zone in the new economic triangle.

He said with power supply made stable, good roads, excellent security system, and ease of doing business enthroned in the zone, the South-South and South East would become the biggest economic nerve in the near future.

Mayor of Housing called on governors of the three states to be intentional about the new corridor, put away political differences (if any), and create this corridor by agreeing on projects each state would execute with a short period of time so the states would be linked by good roads, communication, security, trade laws, concessions to investors, etc.

He remarked that northerners were already heading to the Onne Port in Rivers State to export goods, saying creating a commission to oversee the development of the ‘Economic Triangle’ would fast-track its emergence.

He observed that people of the three states are peaceful and usually preoccupied with zeal for economic prosperity, saying that if they are linked to such huge opportunities staring at them in the emerging economic triangle, they would totally shun violence and focus on prosperity.

Mr China insisted that the emerging economic triangle would form a big node not only into the Gulf of Guinea economic zone but into Africa because AfCFTA is about production, certification, market availability, and easy transport nodes by sea and air. He said the new economic triangle boasts of all the factors.

“They can only realise this by working together, through collaboration. One state cannot do it but a triangle of the three will create it through seamless interconnection, ports, industrial park, etc. The people will be the richest and internally generated revenue (IGR) will be the biggest in the country,” he said.

 

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Tinubu Nominates Ex-INEC Chair Yakubu, Fani-Kayode, Omokri, 29 Others As Ambassadors

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President Bola Tinubu has sent the names of 32 ambassadorial nominees to the Senate for confirmation, days after he sent the first batch of three names.

Among them are the immediate past chairman of the Independent National Electoral Commission, Mahmud Yakubu, an aide to former President Goodluck Jonathan, Reno Omokri (Delta), and former Enugu State Governor, Ifeanyi Ugwuanyi, among others.

“In two separate letters to the Senate President, Godswill Akpabio, President Tinubu asked the Senate to consider and confirm expeditiously 15 nominees as career ambassadors and 17 nominees as non-career ambassadors,” read a statement on Saturday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In the statement titled, ‘Tinubu nominates 32 additional ambassadors,’ Onanuga noted, “There are four women on the career ambassadors’ list and six women on the non-career ambassadors’ list.”

“Among the non-career ambassador designates are Ogbonnaya Kalu from Abia, a former presidential aide, Reno Omokri (Delta), former chairman of the Independent National Electoral Commission (INEC), Mahmud Yakubu, former Ekiti first lady, Erelu Adebayo, and former Enugu governor, Ifeanyi Ugwuanyi.

“Others are Tasiu Musa Maigari, the former speaker of the Katsina House of Assembly, Yakubu N. Gambo, a former Commissioner in Plateau State and former Deputy Executive Secretary of the Universal Basic Education Commission.

“Professor Nora Ladi Daduut, a former senator from Plateau; Otunba Femi Pedro, a former Deputy Governor of Lagos State; Femi Fani-Kayode, a former aviation minister from Osun State; and Nkechi Ufochukwu from Anambra State are on the nomination list,” the statement read.

Also on the list are former First Lady of Oyo, Fatima Florence Ajimobi, former Lagos Commissioner, Lola Akande, former Adamawa Senator, Grace Bent, former governor of Abia, Victor Okezie Ikpeazu, Senator Jimoh Ibrahim, businessman, lawyer and Senator from Ondo State, and the former ambassador of Nigeria to the Holy See, Ambassador Paul Oga Adikwu from Benue State.

Among the nominees for career ambassador and high commissioner-designates are: Enebechi Monica Okwuchukwu (Abia), Yakubu Nyaku Danladi (Taraba), Miamuna Ibrahim Besto (Adamawa), Musa Musa Abubakar (Kebbi), Syndoph Paebi Endoni (Bayelsa), Chima Geoffrey Lioma David (Ebonyi) and Mopelola Adeola-Ibrahim (Ogun).

The other nominees are Abimbola Samuel Reuben (Ondo), Yvonne Ehinosen Odumah(Edo), Hamza Mohammed Salau (Niger), Ambassador Shehu Barde (Katsina), Ambassador Ahmed Mohammed Monguno (Borno), Ambassador Muhammad Saidu Dahiru (Kaduna), Ambassador Olatunji Ahmed Sulu Gambari (Kwara) and Ambassador Wahab Adekola Akande (Osun).

“The new nominees are expected to be posted to countries with which Nigeria maintains excellent and strategic bilateral relations, such as China, India, South Korea, Canada, Mexico, the United Arab Emirates, Qatar, South Africa, Kenya, and to Permanent Missions such as the United Nations, UNESCO, and the African Union.

“All the nominees will know their diplomatic assignments after their confirmation by the Senate,” it read.

Last week, Tinubu sent three ambassadorial nominees for screening and confirmation.

The nominees were Ambassador Ayodele Oke (Oyo), Ambassador Amin Mohammed Dalhatu (Jigawa), and Retired Colonel Lateef Kayode Are (Ogun).

All three are in the pot for posting to the UK, USA, or France after their confirmation.

“More nominees for ambassadorial positions will be announced soon,” Onanuga revealed.

 

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Investment In Education Remains Top Priority For Gov Fubara – SSG

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The Secretary to Rivers State Government, Dr. Benibo Anabraba, has reiterated that the administration of Governor Siminalayi Fubara remains committed to improving access to quality education at all levels.

Dr. Anabraba gave the assurance while receiving the Deputy Registrar/Zonal Coordinator of the West African Examinations Council (WAEC), Mr Ayanfemi Adeniran-Amusan in Port Harcourt during a courtesy visit.

He emphasised that Governor Fubara remains resolute in sustaining investment in the education sector to improve the quality of teaching and learning.

According to him, “We appreciate the work you are doing and know that our students are amongst the highest in ranking.

“His Excellency, Sir Siminalayi Fubara, takes education very seriously. He is sponsoring the free registration of students for the West African Senior School Certificate Examination (WASSCE) in Government Schools.

“Also, Governor Fubara has approved the establishment of Computer-Based Test (CBT) Centres across the State’s three senatorial districts and the 23 LGAs. The project is intended to improve access to digital learning and examination facilities for students so that our children are at breast with digital literacy, a prerequisite for today’s students.

“We are currently working assiduously to get those centres, both mega and mini, across the three senatorial districts and the 23 local government ready in order to meet up with your deadline,” he said.

The SSG also conveyed the assurances of the Governor to WAEC on Government’s willingness in providing land for its Zonal Office.

Earlier, the Deputy Registrar/Zonal Coordinator of the West African Examination Council, Mr Ayanfemi Adeniran-Amusan, promised to collaborate with the State Government in matters concerning education development.

In another development, the Secretary to State Government, Dr Benibo Anabraba, also met with officials of the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, led by the Assistant Director of Intelligence, Rivers State Command, Barr. Ikediashi Nwamaka.

The SSG while appreciating the Agency for its effort in the protection of vulnerable persons, also raised Government’s concern on the activities of orphanages and care homes in unwholesome practices such as child trafficking, abuse of underaged girls also known as baby-factory, and the lack of regulations on surrogacy.

He however assured that the Rivers State Government has already put plans in place towards legislation to regulate these acts against vulnerable persons, particularly women and children.

 

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