The Federal Government has apologised for asking all account holders in the country’s financial institutions to register their details again.
The media reports that the FG earlier asked all account holders in banks, including insurance companies, to fill and submit a Self-Confirmation form.
The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders on Thursday.
Failure to do so, the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty.
The order to fill another Self-Confirmation form, despite the existing BVN and NIN, had attracted condemnations on social media.
However, in a tweet on Friday, the government apologised for misinformation.
It tweeted, “We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”
In a press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.
The statement read, “This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.
“The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS.
“Reportable persons are often non-residents. And other persons who have a residence for tax purposes in more than one jurisdiction or Country.
“Financial Institutions are expected to administer the Self Certification form on such account holders when the information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.
“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during the account opening processes for the KYC and AML purpose.”
Earlier, the Nigerian government said all persons holding accounts in different financial institutions are required to complete and submit the form to each one of their institutions.
It had tweeted, “This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.
“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”
Nirsal: CBN Reopens Application for N50 Billion COVID-19 Loan for Households and Small Businesses
The Central Bank of Nigeria has started receiving fresh applications for N50 billion COVID-19 loan for small businesses and households affected by the pandemic.
The CBN through Nirsal Microfinance Bank announced it has reopened its portal for households and Micro Small and Medium Enterprises (SMEs) affected by COVID-19 to access up to N25 million.
Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, disclosed this on March 10, 2021 via his Twitter handle.
The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic.
An individual can access up to N25m.
Registration for fresh applications RE-OPEND!
Visit to register https://t.co/NPPh71eVNx kindly share for others.
— Bashir Ahmad (@BashirAhmaad) March 10, 2021
— Nirsal Microfinance Bank (@NirsalMFB) March 8, 2021
Sub Saharan Africa Mergers and Acquisition Transactions Totalled US$ 6.1 Billion in Q1 2021
Refinitiv today released the investment banking analysis for the Sub-Saharan African for the first quarter of 2021. According to the report, an estimated US$99.3 million worth of investment banking fees were generated in Sub-Saharan Africa during the first quarter of 2021, down 39% from the same period in 2020 and the lowest first quarter total since 2014.
While debt capital markets underwriting fees doubled to US$47.1 million, the highest first quarter total since our records began in 1980, fees from equity capital markets underwriting, M&A advisory and syndicated lending all declined from the first quarter of 2020. Equity fees declined 42% to US$21.8 million, while syndicated lending fees declined 74% to US$15.0 million.
Advisory fees earned in the region from completed M&A transactions reached US$15.5 million, down 65% from last year to the lowest first quarter total since 2005. Seventy-two percent of all Sub-Saharan African fees were generated in South Africa during the first quarter of 2021, and 39% were earned from deals in the financial sector. B Riley Financial Inc. earned the most investment banking fees in the region during the first quarter of 2021, a total of US$19.8 million or a 20% share of the total fee pool.
MERGERS & ACQUISITIONS
The value of announced M&A transactions with any Sub-Saharan African involvement reached US$6.1 billion during the first three months of 2021, almost level with the value recorded during the same period in 2020, and a five-year low. The number of deals declined 14% over the same period to the lowest first quarter tally since 2014.
M&A involving a Sub-Saharan African target increased 73% year-on-year to US$4.3 billion during the first quarter of 2021. Domestic deals increased 67% from last year to US$2.5 billion, while inbound deals, involving an acquiror outside of Sub-Saharan Africa, increased 83% to US$1.8 billion. Meanwhile, Sub-Saharan African outbound M&A totalled US$721.4 million during the first quarter of 2021, down 66% year-on-year to the lowest first quarter level in six years.
The Zambian Government, through its mining investment arm ZCCM Investment Holdings, acquired the Mopani Copper Mines for US$1.5 billion in January. The acquisition is the largest deal in the region to be announced so far during 2021.
With advisory work on deals worth a combined U$668.5 million, BofA Securities held the top spot in the financial advisor ranking for deals with any Sub-Saharan African involvement during Q1 2021.
EQUITY CAPITAL MARKETS
Sub-Saharan African equity and equity-related issuance reached just US$18.4 million during the first quarter of 2021, the lowest first quarter total since 1999. Only Nigeria payments processing firm eTranzact raised new equity funds from its follow-on offering. There were no initial public offerings. PAC Capital, Meristem Securities and Standard Bank Group share first place in the Sub-Saharan African ECM underwriting league table during the first quarter of 2021.
DEBT CAPITAL MARKETS
Sub-Saharan African debt issuance totalled US$12.1 billion during the first quarter of 2021, up 36% from the value recorded during the same period in 2020 and the highest first quarter total since 2018. The number of issues declined 6% over the same period. With Ghana’s government’s Eurobond raising US$2.9 billion and The African Development Bank’s $2.5 billion 5-year Benchmark bond, March 2021 saw more proceeds raised from bond issuance in Sub-Saharan Africa than any other month since May 2018, a total of US$7.4 billion. Government & Agency issuance accounted for 64% of proceeds raised during the first quarter of 2021. Standard Chartered took the top spot in the Sub-Saharan African bond book runner ranking during the first quarter of 2021, with US$1.4 billion of related proceeds, or an 11.5% market share.
Wema Bank‘s Financial Fundamentals Remain Strong, Says CEO
The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Ademola Adebise, has reassured customers and shareholders that the bank has strong financial fundamentals and reliable performance metrics, riding on the back of seasoned and astute leadership.
Adebise stated this against the insinuations of weak liquidity. Wema Bank Plc posted gross earnings of about N81 billion and profit after tax of N5.1 billion for year ended December 31, 2020. The CEO explained that the strength and viability of financial institutions were not measured on the isolated performance of one outlier year, stating that, “Wema Bank has continually exhibited not just resilience, but admirable viability over the years with a 30.95 per cent increase in earnings recorded in just 2019.
“Then came 2020, and in spite of the difficulties, we succeeded in achieving impressive results in key areas such as net earnings from fees and commissions, while growing the bank’s asset base significantly.
That’s not all, customer credibility in the bank was also accentuated with a massive increase in customer deposits over the previous year. This is an audacious show of confidence from our customers at Wema Bank. These performance metrics amongst others, are testament to our smart balance sheet optimisation approach which will be affirmed by the time the audited and official 2020 Financial Report is released in the coming weeks,” he said.
According to him, the bank’s performance in the 2020 made it one of the best performing financial institutions in the land given the challenging operating environment.
“We won the BusinessDay award for the Best SME Bank of the Year for 2020. A recognition of our unrivalled support for small and medium scale businesses through loans, business advisory, and ease of payments and transactions. Also, the recently published 2020 KPMG Customer Experience Survey, showed Wema Bank making significant growth in the retail category, climbing up ten (10) places from the previous year to 2nd position, with an above industry average of 74.6 per cent Customer Experience score. This achievement is a mark of dedication to excellent customer service and refreshing support for all our customer categories.
The KPMG Customer Experience Survey grades banks over six universal pillars of Personalization, Integrity, Expectations, Resolution, Time & Effort and Empathy, and Wema Bank has showed a mastery of these pillars and have been outstanding at all of them,” he said.
Adebise added that in line with the bank’s sustainability goal of developing digital solutions for societal impact, it successfully organised the second edition of Hackaholics, a radical gathering of developers, web designers and creative thinkers to develop solutions around key themes of education, health, agriculture, fintech, gaming & betting.
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