- NSE Donates N100 Million to Support Efforts at Curbing COVID-19
The Nigerian Stock Exchange (NSE) announced a donation of N100 million to intensify the fight against the global pandemic, COVID-19, in Nigeria.
The bourse said N60 million of the total sum will go to the Capital Market Support Committee for Covid-19 (CMSCC), while the remaining N40million will be devoted to the “Masks For All Nigerians” campaign.
The CMSCC is a Securities and Exchange Commission (SEC) led committee, comprised of the capital market community and set up to galvanize the capital market ecosystem to play an active role in curbing the spread of Covid-19 in Nigeria.
The exchange explained that the “Masks For All Nigerians” campaign will see the NSE donate over 100,000 reusable face masks to states most affected by the Covid-19 pandemic.
Speaking on the donation, Oscar N. Onyema, the Chief Executive Officer, NSE, said, “At the Exchange, we recognize the health and economic impact of the Covi-19 pandemic on Nigerians and the need to adopt more proactive steps in stemming the tide. In line with our tradition of supporting the communities where we operate, we have launched the Masks For All Nigerians campaign to ensure that protective masks get into the hands of citizens in the more vulnerable places.”
“Through our media enlightenment engagement, we will raise awareness on the proper use of masks, continue to encourage adherence to the guidelines that have been provided by relevant agencies and emphasise that wearing of masks alone is not enough protective measure against Covid-19. We have also been deliberate with this intervention by patronising local manufacturers in our efforts to support indigenous businesses, who we have mandated to comply with the mask production specifications provided by the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC),” Onyema further stated.
The President of the National Council, NSE, Abimbola Ogunbanjo added that “We are facing an unprecedented existential threat that requires us to adopt a more collaborative approach in fighting this pandemic especially where social interaction is inevitable. As we work to encourage the use of Personal Protective Equipment through adequate production and distribution of reusable face masks, we call on the capital market ecosystem to support this initiative by wearing a mask when in public settings and donating masks especially to those at the bottom of the pyramid so as to protect lives leading to the reactivation of our economy.”
Leaked Documents Reveal Money Laundering Scam Worth $2tn
Several leaked documents have revealed how the world’s biggest banks enable criminals to launder money around the world.
The documents showing about $2tn of transactions are popularly called FinCEN files.
The BBC reports that the FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017. They raise concerns about what their clients might be doing.
The documents are utilised by the banks to report suspicious behaviour. However, they may not be proof of wrongdoing or crime, the report said.
The Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury is saddled with the task of analysing information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes.
The FinCEN files revealed how top tier banks such as HSBC, JP Morgan, Barclays Bank, Deutsche Bank, Standard Chartered amongst others helped highly connected individuals move money round several accounts in the world.
JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it.
One of Russian President Vladimir Putin’s closest associates used Barclays Bank in London to avoid sanctions which were meant to stop him using financial services in the West.
Some of the cash was invested in works of art, the report added.
UK Banks to Ditch Clients Across Europe
UK banks are “outrageously failing” many tens of thousands of expat clients across Europe as they plot to shut their accounts and cancel credit cards within weeks due to post-Brexit rules.
This is the damning assessment of Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, as most of Britain’s biggest banks send letters to customers in the EU warning them that all services are to be scrapped unless they have a UK address.
Mr Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.
“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licences.”
He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.
“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”
Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.
“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.
In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi currency service designed with those with an international lifestyle in mind.
“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Mr Green.
He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.
“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”
NNPC Says Private Investors Will Finance Rehabilitation of Downstream Assets
Private Investors to Finance NNPC Rehabilitation of Downstream Assets
The Nigerian National Petroleum Corporation (NNPC) during the weekend said a group of private investors would finance the proposed rehabilitation and replacement of its aging downstream assets, especially petroleum pipelines, across the nation.
In a statement released in Abuja, the Group Managing Director, Mallam Mele Kyari, said some of the assets to be replaced were as old as 40 years and long overdue for replacement.
The managing director explained that the investors to be engaged would be doing the financing under the Finance, Build, Operate and Transfer, BOT, Model, adding that the model became imperative given the state of the nation’s downstream infrastructure.
He said: “Some of these assets are as old as 40 years and they are due for replacement; and when you want to do a replacement of this scale, you do need a lot of resources.
“And we know that we require these assets so we decided that we bring in private partners who will fund these pipelines, they will construct it, they will operate it with us and then ultimately they will fully recover their investment from the tariff which we will pay for using these pipelines. And as soon as they recover their cost and their margin, they will hand over these assets back to us.”
According to the NNPC boss, no fewer than 78 firms have already submitted virtual bids indicating their willingness to undertake the rehabilitation of the downstream pipelines, associated depots and terminal infrastructure of the NNPC through the financing model.
He added that the final partners would be selected by the end of the first quarter of 2021.
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