Connect with us

Banking Sector

First Bank of Nigeria Limited Partners CFA Society Nigeria to Host Its Annual Flaship Event

First Bank of Nigeria Limited has announced its partnership with CFA Society Nigeria to host its annual flagship event, the Universities Ethics Challenge final

Published

on

FirstBank

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its partnership with CFA Society Nigeria to host its annual flagship event, the Universities Ethics Challenge final, scheduled to hold at Radisson Blu Hotel, Victoria Island Lagos on Saturday, 29 October 2022. 

The Universities Ethics Challenge is designed to increase students’ awareness of the ethical dilemmas and issues they may face when they become finance and investment management professionals.  During the Ethics Challenge, students are given adapted real life ethics case studies to analyze and evaluate ethical issues raised, then make recommendations and present same to a panel of judges from whom they field questions relating to the case presented.

The judges for the 2022 edition of the annual challenge include Oluropo Okunmuyide, Head, Litigation & Dispute Resolution, First Bank of Nigeria Ltd; Taiwo Olatunji, CFA, Head, Investment Banking, Coronation Merchant Bank; Tomilola Olakiigbe, CFA, Head Finance, All-On Energy; Eno Atoyebi, CFA, Managing Director, Valualliance Asset Management and Kazeem Alimi, CFA, Head Secondary Markets, NGX Limited.

22 Universities registered and onboarded for the Challenge which kicked off in May, 2022. Subsequently, 13 Universities, comprising 3 from the North and 10 from the South participated in the regional rounds. The schools included Abia State University, Ahmadu Below University, Zaria, Clifford University, Coal City University, Covenant University, Madonna University, Obafemi Awolowo University and the University of Abuja.   Others were the University of Benin, the University of Ilorin, the University of Lagos, the University of Nigeria, Nsukka and the University of Port Harcourt.

Following a stiffly contested and rigorous semi-finals, 4 of these schools namely: Obafemi Awolowo University, University of Lagos, University of Nigeria, Nsukka and University of Port Harcourt advanced to the grand finale.

According to Ibukun Oyedeji, CFA, the President of CFA Society Nigeria, “strong ethics and high standards of professional conduct play a vital role in the integrity and ongoing success of the investment industry. As new talent joins the professional ranks, it is important that they do so with a commitment to operate according to these principles. Therefore, CFA Society Nigeria whose mission is to promote the highest standards of investment practice in Nigeria hosts this annual Ethics Challenge with the support of First Bank Nigeria Ltd to give university students a unique opportunity to learn about and apply the principles of the CFA Institute Code of Ethics and Standards of Professional Conduct. A more ethical investment profession starts here!”

Expressing her delight at the forthcoming event, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said: “Our sponsorship of the annual CFA Society Nigeria Ethics Challenge competition is one of the ways we contribute to youth empowerment. We commend the CFA Society for its continued commitment to this initiative.

As a financial institution that focuses on nation building, the relevance of ethical practices is demonstrated in our embedded policies and processes, in the initiatives we support such as Samuel Asabia Chair in Business Ethics in University of Lagos. This is because we know that ethical practices are beneficial to finance and investment professionals including all market participants and stakeholders which leads to increased investor confidence in global financial markets,” she concluded.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Banking Sector

Tinubu Aide Urges CBN Governor to Consider Political Impact of Economic Reforms

Published

on

Central Bank of Nigeria (CBN)

Tunde Rahman, a senior aide to Nigerian President Bola Tinubu, has said Central Bank of Nigeria (CBN) Governor Olayemi Cardoso must start factoring in the political effects of CBN’s decisions.

In his piece, titled “Navigating the Dilemma: Political Considerations in Economic Reforms,” sheds light on the complexities facing Cardoso as he seeks to stabilize Nigeria’s economy.

Rahman’s commentary shared through the Presidency’s official channels, acknowledged the challenges Cardoso confronts, particularly regarding the country’s currency devaluation and the contentious plan to relocate CBN staff from Abuja.

While Rahman refrained from direct criticism of Cardoso’s policies since his appointment by Tinubu, he underscored the necessity for the CBN governor to strike a delicate balance between economic imperatives and political sensitivities.

The upcoming meeting of the monetary policy committee presents a pivotal juncture for Cardoso, where discussions are expected to revolve around potential interest rate hikes to counter inflation and bolster the national currency.

Rahman’s insights underscore the high stakes involved in these decisions, especially given the public outcry over soaring living costs and inflation rates nearing three-decade highs.

Cardoso’s commitment to orthodox central banking, following a period marked by blurred monetary and fiscal policy lines, reflects his determination to navigate Nigeria’s economic landscape with prudence.

Nonetheless, Rahman’s op-ed serves as a reminder of the intricate interplay between economic reforms and political realities, urging Cardoso to exercise flexibility in policymaking, especially in matters with broader political implications.

As Nigeria grapples with economic challenges, the spotlight remains firmly fixed on Cardoso and the CBN’s response to the nation’s evolving financial landscape.

Continue Reading

Banking Sector

CBN’s New Foreign Currency Gateway Bank Raises Concerns Over Nigerian Banks’ Liquidity: Fitch Ratings

Published

on

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN)’s announcement of a new Foreign Currency Gateway Bank has stirred concerns over the liquidity of Nigerian banks, according to recent commentary from credit rating agency Fitch Ratings.

The proposed bank, designed to centralize correspondent banking activities, has prompted Fitch to issue cautionary remarks regarding its potential impact on the banking sector’s foreign currency (FC) liquidity.

Governor of the CBN, Dr. Olayemi Cardoso, unveiled plans for the Foreign Currency Gateway Bank to streamline and centralize correspondent banking functions, currently dominated by two major banks.

The initiative is part of the CBN’s efforts to address Nigeria’s persistent forex crisis.

Fitch Ratings expressed apprehension, highlighting the potential negative effects on the banking sector’s FC liquidity.

The agency noted that the centralization of correspondent banking activities, coupled with recent measures by the CBN, might exacerbate liquidity challenges for Nigerian banks.

Furthermore, Fitch cautioned that the recent devaluation of the naira, coupled with the CBN’s circular prohibiting banks from holding net long foreign currency positions, could further strain FC liquidity.

The prohibition on net long FC positions may leave banks more vulnerable to naira depreciation, potentially affecting their capital positions.

The CBN’s move to harmonize different segments of the foreign currency market last June led to significant naira devaluation, with the local currency closing at 899/$ at the official market by the end of last year.

As of February 13, the naira experienced a second devaluation, reaching 1,516/$, marking a 40% devaluation.

While the shift away from a managed exchange rate regime aims to attract capital inflows and mitigate forex shortages, it poses short-term risks such as heightened inflation and potential strains on loan quality and capital adequacy within the banking sector, as highlighted by Fitch Ratings.

As discussions continue, stakeholders closely monitor the implications of the proposed Foreign Currency Gateway Bank on Nigeria’s financial landscape.

Continue Reading

Banking Sector

CBN Mandates Automated Transaction Monitoring to Combat Fraud in Nigeria

Published

on

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has introduced new regulations mandating banks to implement automated transaction monitoring systems to combat the growing threat of fraud in the country’s financial sector.

Under the CBN’s latest ‘Consumer Protection Regulations’ draft, banks are required to adopt advanced measures to protect customers’ assets and prevent fraudulent activities.

These measures include multi-variant customer identification, multifactor authentication mechanisms for transactions, automated transaction monitoring, alert functions, and behavioral monitoring.

The move comes amid a significant rise in fraud cases across Nigeria, with the first half of 2023 witnessing 24,232 reported fraud cases totaling N12.33 billion.

The banking industry has seen 110 executives and junior staff members dismissed due to fraud-related offenses amounting to N82 billion over the past two years.

According to the CBN, sensitizing customers on fraud threats or scams and providing secure and simple user interfaces for digital financial services are crucial steps to minimize the risk of fraudulent activities.

The regulations emphasize the importance of continuous efforts to enhance cybersecurity and protect consumers in an increasingly digital financial landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending