Finance

Anti-Money Laundering Bill: Buhari Reaffirms Fight Against Corruption

President Muhammadu Buhari has signed the anti-laundering bill with two others

Published

2 years ago

May 13, 2022

Reaffirming his commitment to fighting corruption in Nigeria, President Muhammadu Buhari has signed the anti-laundering bill with two others.

Buhari on Thursday assented to the bills at the Council Chamber, Abuja. The signed bills are the Money Laundering (Prevention and Prohibition) Bill, 2022; the Terrorism (Prevention and Prohibition) Bill, 2022; and the Proceeds of Crime (Recovery and Management) Bill, 2022.

The president said the signed bills aligned with his commitment to fighting against corruption and illegal financial activities to achieve good governance and development in Nigeria.

According to Buhari, the provision of the laws cover all the measures and strategies that can curb “abuses and compromises.”

“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes.”

Buhari stated that the “signing of these Bills into law today strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework.

“It also addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.”

Buhari said the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022 also provide a comprehensive legal and institutional framework for the prevention and prohibition of money laundering in Nigeria.

“It confers the Economic and Financial Crimes Commission (EFCC), the legal status of the unique control unit against money laundering,” he added.

Proceeds of Crime (Recovery and Management) Act, 2022 law includes the seizure, confiscation, forfeiture, and management of properties derived from unlawful activity.

“I have therefore taken time to note the emphasis placed on collaboration, synergy, and unification of strategies and measures to combat the scourge of Money Laundering and terrorism financing and proliferation financing in the Act,” he said.

Saying the new law allows the creation of specific accounts for the proceeds of crime and other confiscated assets to promote financial accountability.

“The primary objectives of these measures are to ensure an effective, unified, and comprehensive legal, regulatory and institutional framework for the implementation of the Acts.

“This is profound and calls for coordinated responses to the challenges posed by the menace.

“I, therefore, charge all relevant agencies to ensure effective implementation of these new laws.

“The robust frameworks diligently enshrined in the Acts can only serve useful purposes when every bit of them is enforced.”

He added that the bills, signed into law, represented not just legislative instruments but very significant governmental actions projecting courage, determination, and sincerity in tackling the menace of money laundering, terrorism, and other financial crimes.

While commending the National Assembly for its tenacity, courage, and commitment, president Buhari said the two chambers “have certainly carved out a worthy legacy for themselves.”

“The bills are a clear demonstration of government functioning at its best with coordination, collaboration, and execution, all towards a common goal,”

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Finance

Currency Reforms Pose Challenges and Opportunities for Investment Banking, Says Former AIHN President

Published

14 hours ago

November 30, 2023

Investors King

The ex-President of the Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, has shared insights on the dual impact of the Central Bank of Nigeria’s currency reforms, highlighting both challenges and opportunities for the investment banking industry.

Chioke made these remarks during the recently held Investment Banking Awards Night in Lagos.

Acknowledging the ongoing currency reforms, he emphasized the transformative nature of these policies, stating, “Nigeria is bracing up to the impacts of the new government and they are already making changes to what I will call non-unorthodox policies.”

He pointed out that the free-floating of the naira and the removal of fuel subsidies, while causing short-term hardships, are integral components of the evolving economic landscape.

Chioke urged industry professionals to leverage their skills and expertise to navigate and capitalize on the opportunities presented by these reforms.

“The investment banking industry is a critical one for the Nigerian economy, and we represent the best brains and the best expertise in that space,” he stated, emphasizing the pivotal role of investment banking in steering the nation’s economic course.

Meanwhile, the Investment Banking Awards Night recognized outstanding achievements in the Debt Capital Market and Equity Capital Markets categories.

Chapel Hill Denham Advisory Limited emerged as the winner in the Debt Capital Market Category, securing accolades such as Private Company Bond House 2022 Award, Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award.

StanbicIBTC Capital Limited received the Best Commercial Paper House 2022 Award.

In the Equity Capital Markets Category, the Equity Deal of 2022 Award was shared among three distinguished companies: Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank, underscoring their impactful contributions to the equity market.

This celebration of excellence reflects the resilience and dynamism of the Nigerian investment banking sector amid a changing economic landscape.

Banking Sector

FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration

Published

2 days ago

November 29, 2023

Investors King

FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.

The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.

As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.

Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”

Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”

FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.

The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.

Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.

This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.

Finance

Retail Investors Could Raise $94 Billion for Climate Change Financing in Nigeria by 2030

Published

2 days ago

November 29, 2023

Investors King

A recent report from Standard Chartered’s Sustainable Banking Report 2023 reveals that retail investors have the potential to raise $94 billion towards climate change financing in Nigeria by 2030.

The report indicates a significant interest among Nigerian investors in climate investing with 95% expressing interest and 91% aiming to increase capital flows towards climate-related initiatives, making it the highest among all markets surveyed.

The research, based on a survey of 1,800 respondents in 10 growth markets across Asia, Africa, and the Middle East, identifies a global potential of $3.4 trillion for climate investing, emphasizing the role of individual investors in combatting climate change.

In the Nigerian context, the report suggests that approximately $60 billion could be directed towards mitigation themes, with renewables, energy storage, and energy efficiency expected to attract the most capital.

Additionally, around $34 billion could be mobilized for adaptation, including resilient infrastructure, the blue economy, and food systems.

While there is a high interest in climate financing, the report notes that various barriers are impacting investor participation.

It recommends concerted efforts from financial institutions, regulators, companies, and individuals to establish a wider range of climate assets, enabling greater retail participation.

The report also emphasizes the role of digital and fintech solutions in simplifying processes for investors and calls for industry-wide alignment on reporting standards and minimum disclosure requirements to boost investor confidence.

Lanre Olajide, Head of Wealth Management and Deposits Nigeria and West Africa, commented on the report, highlighting the critical challenge of financing the collective response to climate change and the need to bridge the funding gap through retail investor capital.

He stressed the importance of improving access to solutions, harmonizing reporting standards, and measuring impact to align investments with areas of interest for a more sustainable future.