- Data Breach: CIBN Asks Bankers to Protect Customers
The Chartered Institute of Bankers of Nigeria has said it is critical for the banking community to display exemplary ethical conduct in the management of personal information.
The President, CIBN, Dr Uche Olowu, spoke during the breakfast session with the theme, ‘Managing a new oil-data protection and management strategies for the Nigerian banking industry,’ which was organised by the CIBN’s Centre for Financial Studies in Lagos.
He said, “Another issue of concern is that of consumer consent or rather ‘consent fatigue’ where organisations seeking legitimate use of data serve customers with several consent notifications or forms.
“Customers, without taking the time to fully understand these forms or notifications indicate agreement. It is my personal belief that we, the banking community must display exemplary ethical conduct in the management of personal information and act as shining beacons to other industries.”
He said the centre, which was a wholly- owned subsidiary of the CIBN, was mandated to provide thought leadership and enlightenment on topical issues affecting the banking and finance industry, as well as the economy at large.
By organising the session, he said the institute aimed to bring to the consciousness of all stakeholders, the importance of data privacy and management via a robust panel discussion, providing measures/best practices to be taken in implementing such standards.
Olowu pointed that data management and protection issues should be of great concern to everyone.
Breaches in data protection guidelines and laws had resulted in reputational damage and a higher risk of illicit activities, such as money laundering and identity fraud, he noted.
He said, “Additionally, McAfee, a global computer security software company, reports that 40 per cent of people worldwide feel they lack control over their personal data – and rightly so.
“Major companies such as Facebook have doused the fire of data breach scandals which put millions of personal records in the hands of criminals.
“On July 12, 2019, British Airways-Owner IAG is facing a record $230m fine for the theft of data from 500,000 customers from its website last year under tough new data-protection rules policed by the UK’s Information Commissioner’s Office.”
He said the banking and financial sector was not immune to these threats, particularly given the sensitivity of data the industry warehouses.
“For example, in 2014, JP Morgan Chase one of the largest banks in America in terms of assets reported a data breach which affected seven million small businesses and 76 million households,” he said.
Union Bank Secures US$40 Million Facility from IFC Global Trade Finance
Union Bank Secures US$40 Million Facility from IFC Global Trade Finance
Union Bank of Nigeria Plc said it has secured a US$40,000,000 finance guarantee facility from the IFC, a member of the World Bank Group.
In a note to the Nigerian Stock Exchange, the lender said the facility would help boost access to finance for local businesses and enable increased international trade for Nigeria.
It explained that the facility “will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses.
“The facility will enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country’s exports can generate much-needed foreign exchange.”
Under the IFC’s Global Trade Finance Program (GTFP) terms of the agreement, GTFP offers benefiting banks partial or full guarantees covering payment risk on Union Bank’s trade-related transactions.
Accordingly, these guarantees are transaction-specific and may vary depending on underlying instruments like letters of credit, trade-related promissory notes, guarantees, bonds, and advance payment guarantees.”
Emeka Emuwa, Chief Executive Officer of Union Bank, said, “Union Bank is pleased to join the IFC’s Global Trade Finance Program. This is a significant achievement as we continue to expand our trade financing offerings to our
customers. Even in these peculiar times, we remain focused on contributing to economic growth by developing tailored solutions that help our customers harness the teeming opportunities that still exist in the Nigerian market.”
Eme Essien Lore, IFC’s Country Manager for Nigeria, said, “Keeping trade moving is essential to growth and job creation, especially during the challenging economic times we are living through today. We welcome Union Bank to IFC’s Global Trade Finance Program and value a partnership that will make a positive impact on Nigeria’s economy.”
Apapa Customs Command Generate N367.6bn in Nine Months
Customs Command Apapa Realises N367.6bn Between January and September
The Nigeria Customs Service, Apapa Command, said it generated N367.6 billion in the nine-month ended September 2020.
Mohammed Abba-Kura, the Customs Area Controller, disclosed this while speaking with newsmen in Lagos.
He said a total of 328 containers of goods worth N19.5 billion were seized during the period. This, he said represents an increase of 37 containers when compared to the same period of 2019.
Speaking further, Abba-Kura said the N367.6 billion realised in the first nine months of the year, represented a 17 percent or N54.1 billion increase from N313.5 billion it collected during the same period of 2019.
The Apapa Command generated N14.3 billion as revenue in the third quarter from customers’ duty and other charges.
He said “The difference recorded was made possible as a result of resilience of officers in ensuring that importers and agents are made to do proper declarations, adhere strictly to import/export guidelines in tandem with extant laws.”
Commenting on the seizures, Abba-Kura said, “These items were seized mainly because of various forms of infractions which range from false declarations, non-adherence to import/export guidelines and failure to comply with other extant regulations as enshrined in the Customs and Excise Management Act.
“In the area of export trade, the period under review recorded exportation of goods worth N26,273,706,822 exported from the country.”
“These exported goods include mineral resources, steel bars, agricultural products among others with a total tonnage of 378,447 million tonnes free on board value of $85.8m. Similarly, the volume of export from January to September 2020 stood at N78.6bn with FOB $257,003,965.”
He added that the compliance level rose to about 60 percent during the period, highlighting the reason for the surge in the number of seizures made.
Nigeria’s Foreign Reserves Dip Further to $35.69 Billion
Nigeria’s External Reserves Decline by $50.84 Million to $35.69 Billion
Nigeria’s foreign reserves declined by $50.84 million in eleven days to $35.69 billion, according to the latest data from the Central Bank of Nigeria (CBN).
In the data released on the apex bank website, the nation’s foreign reserves stood at $35.75 billion as of October 2, 2020 but depreciated to $35.69 billion on October 13, 2020.
The foreign reserves plunged from $44.25 billion posted on August 19, 2019 to $41.85 billion as of September 30, 2019 before sustaining the downward trend to $36.30 billion on June 19, 2020 despite the Central Bank of Nigeria devaluing the Naira twice to prevent huge capital flight that trailed COVID-19 outbreak.
Weak oil prices amid low demand for the commodity compounded Nigeria’s woes as the central bank continues to struggle to sustain foreign exchange intervention and ease dollar scarcity in a nation that depends on imports for most of its consumption.
However, the plunge in revenue generation alongside low foreign direct investment due to the weak economic outlook and low investment sentiment, negatively impacted the attractiveness of Nigerian assets.
The apex bank, in its monthly report released for May, said “Nigeria’s international reserves decreased marginally from $36.43bn at end-April to $36.19bn at end-May 2020.
“The net decrease in reserves was due to the sales of foreign exchange at the Secondary Market Intervention Sales and Investor and Exporter windows as well as payments to external creditors.
“Thus, the level of import cover for goods and services, decreased from 4.0 months in April to 3.9 months in May 2020, but remained above the IMF threshold of 3.0 months.
“A comparative analysis of reserves per capita in May 2020 showed that Nigeria’s reserves per capita was $176.58, compared to $889.73 for South Africa, $491.10 for Angola, $218.94 for Egypt and $24.10 for Ghana.
It explained that “Sequel to the COVID-19 pandemic, the viability of the external sector in 2020 is expected to deteriorate, given the present worsening current account balance and depletion of external reserves driven, largely, by decelerating export receipts, particularly oil.
“Specifically, the degree of external reserves accumulation is expected to decelerate, as outflows are expected to outweigh inflows.
“As a result, external reserves are expected to lie between $29.9bn and $34.3bn at end-December 2020 (predicated on current declining oil price between $20 and $40).”
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