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FSDH Merchant Bank to work with Lagos State on revenue collection — Marie-Omogbai

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Ms Stella Marie-Omogbai, FSDH Divisional Head
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FSDH Merchant Bank says it has been enlisted into the Lagos State Electronic Banking System of Revenue Collection and Monitoring (EBS-RCM).

Ms Stella Marie-Omogbai, FSDH Divisional Head, Corporate Banking and the Branches, disclosed this in a statement in Lagos on Sunday.

Marie-Omogbai said the Lagos State Government approved the bank’s application to be included in the State’s EBS-RCM in March.

“On March 30, 2020, the Lagos State Government approved the Merchant Bank’s application to be included in Lagos State’s Electronic Banking System of Revenue Collection and Monitoring (EBS-RCM).

“This feat is yet another first for FSDH Merchant Bank, as it is now the first Merchant Bank to be granted this application in Nigeria,” Marie-Omogbai stated.

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According to her, with this enlistment, the bank will be able to process the following taxes: Land Use Charge bills (LUC) and Lagos Water Corporation bills (LWC).

She said that with the approval, the bank would process Central Billing System such as LASTMA bills, VIO bills and Education Board bills, among others.

Marie-Omogbai said that the enlistment would enable the bank to process WebGUID (these are non-billed payments where the customer or the teller generates the payment code e.g. PAYE, Direct Assessment, Dev. Levy, etc.)

“FSDH is also the pioneer Custom Duty Collecting Bank in Nigeria.

“It is the first Merchant Bank in Nigeria to re-structure into a Holding Company and in November 2012, became the first Discount House to become a Merchant Bank in Nigeria.

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“Providing corporate banking, prestige banking and global markets financing solutions, FSDH Merchant Bank continues to deliver expert and timely financial services within Nigeria and to select clientele, with a goal to succeed together.

“The Merchant Bank was rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited and Global Credit Ratings Co.

“These ratings were given based on the bank’s sustained record of good capitalization, good liquidity, good profitability and an experienced management team.

“Even amidst a crisis, FSDH Merchant Bank continues to find ways to innovate in the Nigerian financial services industry,” she said.

Credit: NAN

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

Business and Economy

CBN To Bars Deposit Money Banks Customers From Accessing Credit If…

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The Central Bank of Nigeria’s has warned that any customer of Deposit Money Banks that violate the Bank verification Number policy will be barred from accessing credit and opening new account.

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The CBN said this in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.

The framework was signed by the Director, Payment System Management Department of the CBN, Mr. Musa Jimoh and was released in its Update Report circular.

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The CBN stated that the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer.

The director in the circular explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any bank. adsbygoogle || []).push({});

Musa said that where a financial institution chooses to continue an existing business relationship with holders of an account/wallets on the watch-list, the account holder will be prohibited from all electronic channels.

He said: “The new framework further stipulates that a customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities, thus, breaches it continued on the customer’s part include – use of forged documents, forgery, compromise, complicity and connivance.

“Also listed as punishable breaches were: duplicate enrolment, use of fictitious information, receipts of proceeds of deception, deception, receipts of fraudulent proceeds and any infractions on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws, and dishonest acts.

“Others were non-cooperation with efforts (as stipulated in the Regulation on Instant Interbank Electronic Funds Transfer) to reverse wrong credit, erroneous, multiple or duplicated payments or credits; and any infringement of the Cybercrimes (Prohibition, Prevention, etc.) Act. 2015.”

The director also said that those who misuse identity and financial information and indulge in identity theft and breach of confidentiality will be punished in line with the new regulations.

“Banks and other financial institutions involved in BVN operations were instructed by the CBN to ensure all operating accounts/wallets are linked with the signatories’ BVNs within 24 hours of availability,” the circular said.

The CBN, however, said it would continue to monitor industry developments and issue further guidance as might be appropriate in the nearest future.

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Business and Economy

Nigeria Central Bank To Inaugurate N15 Trillion Infrastructure Fund In October 2021

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The CBN Governor, Godwin Emefiele has disclosed that   the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.

Emeifele who made this known at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria in Abuja, stated that the innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion.

He said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.

“We do expect that the pace of inflation will moderate as we approach the harvest season,’’ he added.

President Muhammadu Buhari says N300 billion has been disbursed to farmers while 1.6 million poor and vulnerable households are currently benefiting from the Conditional Cash Transfer programme.

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The president who  revealed this while virtually declaring the conference open, said that  some of the various initiatives embarked upon to boost agricultural trade in Nigeria include the Anchor Borrowers Programme.

He stated that the Central Bank of Nigeria had made more than N300 billion available to over  3.1 million smallholder farmers of 21 different commodities.

He said the commodities included Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.

“It is on record that 80% of rice consumed in Nigeria is now produced locally,’’ he said.

He added that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and vulnerable households identified, imploring bankers to play a stronger role in improving livelihoods.

President Buhari said the National Social Investment Programme was biggest in Sub-Sahara Africa and one of the largest in the world.

To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.

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“In May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 Unity Schools nationwide.

“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.

“The Central Bank of Nigeria is providing a N200 Billion financing facility, with a guarantee by the Federal Government,’’ he said.

The president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from COVID-19.

“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.

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The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.

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Business and Economy

Made In Nigeria Phone To Hit Market Soon – ITF

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The Director General and Chief Executive of the Industrial Training Fund (ITF), Sir Joseph Ari has disclosed that the Fund is set to acquire machinery for mass production of ITF Mobile in Nigeria.

He said the Industrial Fund will soon hit the nation’s market when it commences the mass production and it launching into market the ITF mobile phones.

The DG in a press statement signed by the Director, Public Affairs Department, Suleyol Fred Chagu and made available to Journalists yesterday in Jos the Plateau State maintained that the Industrial Training Fund (ITF) has initiated processes for the procurement and installation of a production line specially dedicated for that purpose at the ITF Model Skills Training Centre (MSTC), Abuja, Nigeria’s capital.

Ari, disclosed this when he received the leadership of the two in-house Unions of the Fund in his office at the Headquarters where he also revealed that since the symbolic presentation of the ITF Mobile phone to President Muhammadu Buhari, the Agency has been inundated with requests for partnership from corporate entities within the country.

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In his words, “I have given directive to the Director of Technical and Vocational Skills Training Department, who is also the zonal Director of the ITF MSTC to get all the immediate machines so that we will be able to set up the production line.

“Since the good news, we have also received a lot of requests for partnership, including one from AfriOne, who want to
partner with us. This is good as we cannot do it alone because we are not an island unto ourselves. The main thing is that this product is a home grown product and this lends credence to the fact that we too can do it in Nigeria” he boastfully stated.

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The DG expressed gratitude to the leadership of the two union bodies, “the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSACGOC) and Amalgamated Union Public Corporations, Civil Service Technical and Recreational Employees (AUPCTRE)” for identifying and supporting the Management, saying.
For him, “every leader should have a strategic vision. But you also need followers that will key into the leaders’
vision and happily, that’s what has happened in the ITF. The Unions have been great partners in progress. You
have at all times remodeled, looked at the vision, reviewed it along with us and the areas where you find us going
wrong, you took us back on track”.

He stressed the need for continuous dialogue as recipe for industrial harmony. “The relationship between the ITF, Management and the two Unions gives credence to the fact that it pays to dialogue.

President of Senior Staff (SSACGOC), Comrade Kayode Alakija and the Acting Chairman of AUPCTRE, Comrade Lawal Mohammed Ado earlier on in a separate remarks showered praises on the DG for the milestone achievement and urged the need to speed up the mass production of the android phone which, according to them, would be another source of revenue for the Agency.

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