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Nigeria Financial Intelligence Unit Flags Over N150 Trillion in Suspicious Transactions in Q1 2022

Suspicious transactions jumped 23% in the first quarter of 2022 to over N150 trillion

Published

1 year ago

on

First Bank

The Suspicious Transaction Report unit of the Nigeria Financial Intelligence Unit (NFIU) has flagged over N150 trillion in suspicious transactions in the first quarter (Q1) of 2022.

In the Suspicious Transaction Report/Suspicious Activity Report released on Sunday, the financial intelligence watchdog disclosed that the amount represented a 23% increase when compared to the N108.5 trillion flagged in Q1, 2021, Investors King reports.

The report noted that a substantial amount of the flagged transactions were traced to political spending ahead of the 2023 general elections.

According to the report, the transactions were reported by banks, insurance firms, microfinance banks, assets management companies, brokers, and other financial institutions. 

This is in line with the Money Laundering Prohibition Act of 2011 which mandated banks and all other financial institutions to report suspicious transactions to anti-graft agencies. 

Commercial banks accounted for a significant number of suspicious transactions, followed by merchant banks, asset management companies, and then microfinance banks. 

Meanwhile, the Economic and Financial Crime Commission (EFCC) has intensified efforts at tracking campaign spending by political parties and politicians ahead of the 2023 polls. 

Multiple sources claimed that the anti-graft agency has deployed its operatives to track candidates’ campaign spending and monitor their bank accounts as part of actions to combat money laundering which is often prevalent during election periods.

In May 2022, operatives of the EFCC stormed the venue of the PDP convention to apprehend anyone engaging in suspicious currency transactions. 

Similarly, in June, the anti-graft agency visited the APC convention venue for the same purpose. 

The News Agency of Nigeria (NAN) however reported that no arrest was made at both convention grounds despite several reports of foreign currencies exchanging hands at both events.

Investors King understands that the Independent National Electoral Commission (INEC) has fixed the 2023 general election to February 25 and 11th March 2023 for both the Federal and States elections respectively.  

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Banking Sector

FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration

Published

23 hours ago

on

November 29, 2023

By

FirstBank Headquarter - 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.

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Finance

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

Published

23 hours ago

on

November 29, 2023

By

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.

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Finance

Rising Fuel Costs Drive Transportation Expenses Up by 75%

Published

2 days ago

on

November 28, 2023

By

Petrol - Investors King

The recent surge in fuel prices has reverberated through the transportation sector, causing a staggering 75% increase in commuting expenses for the average Nigerian.

The National Bureau of Statistics (NBS) revealed the disconcerting statistics in its latest report, shedding light on the pervasive impact of skyrocketing petrol and diesel prices.

President Bola Tinubu’s withdrawal of the federal government’s subsidy on petrol in May, coupled with the ongoing liberalization of the diesel market, has led to an unprecedented spike in fuel prices.

The NBS’s “Transport Fare Watch for October 2023” indicates that the average retail price for Premium Motor Spirit (PMS) or petrol reached N630.63, a substantial 222.92% surge compared to October 2022.

While the Nigerian National Petroleum Company Limited (NNPC) aims to halt fuel importation by the end of 2024 with refinery rehabilitation projects underway, the current scenario presents a daunting challenge for commuters.

Zamfara state recorded the highest average retail price for petrol at N659.38, while Lagos, Oyo, and Delta states witnessed comparatively lower prices at N590.95, N592.19, and N599.38, respectively.

The North-east zone registered the highest average retail price of N644.16, contrasting with the South-west zone’s lowest price of N616.81.

The surge in fuel costs has cascaded into other modes of transportation. Commuters now face a 75% increase in bus fares within cities, intensifying the financial burden on an already strained populace.

Inter-city bus fares rose by 53.04%, exacerbating the economic challenges faced by Nigerians.

As citizens grapple with the aftermath of these price hikes, concerns linger about the broader economic implications and the potential for further adjustments in response to global market dynamics.

The transportation sector’s resilience and adaptability will be tested as commuters seek innovative solutions to navigate this challenging terrain.

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