DAILY TRUST
23
Monday, August 15,2011
Business/Finance 'Internal al.!ditQrs
important to MFB$' By (I"'reml n.1t -ahim THE rck Qf i l licmailludilor~ In r-. lic I'Ofin:mcc Ballks (MFB.s) is \'cry signifiom\ 10 the growth o f the ,sub-sc-.:lor, the chairman o r the Naliollal Association of Mic rofin:mce Banks (NMHh), leth ro Akun has said. He S<J.id !his at tht' w~kend al a one-day training workshop organized by NAMBs in Abuja. He said the training was necessitated by the role or Inlernal Aurlit0f5 ill MFBs fot control mra.~ures. ~a}'ing the sub-seclor of MI:Ss is new and there is need 10 build Weir capacity in this new
system. He said: ~ Thal is why we ha\'e gathered th!m in all these placts because the role of internal auditors in a sub-seclor like MFBsls very signiflc:llIt. "They can make or mar the system because they come in betwl"'elllhr-managemrn t and the board and also overset' the ac tivities of every sector of the bank since they are there internall y. Th ~ are more or less the policeman ill the ~Iem." He said Ihe Irainlng b«amte n«essary ho.-ause samte of Ihte aud itors ....'erte not tnined in the new syslem. Hl:said theYlrylind make sure thallhey control fraud so thallhe little gai n Ih~y makc is secured for the growth of the banks while also ndding Ihal this Is tht flrst of Ihe sirniegic programmes they have mounlN and SIUI hope to do more.. One or the rllcllilalon.. Mr. Felil Emenike. who spoke on fr.lloo detection In MFBs said fr.llud OCCUI"5 as a ftesult o( grteted ""hich is facilitated by opportu nily. molive' and n.llonalization bul he added Ihal Ihe role of the auditors is to mue it difOcult ror Ihe opportunil), to exlsL He also said Ihal the respens! bllit)' of the instllutlon to a large exte,,, depenw on individual within the sut.-sector.
UBA to partner Senegal on economic development UNITED Dank {or Africa (USA) has said that II will partner with the administration or Abdoulaye Wade of Senegal in (unhering its economic and developmenlal growth .genda. A statement from the oonk said il has planed financiallnterventlon in adVllnci ng the growtb lind dCl-'C!opmtent of Senegal through a fresh commitment to fund key projects in ene"BY. agriculture and transportal ion sectors uf the economy. UBA had in 2010extended 53(}(1 1IIt1llon 10 Senegal's national 011 rcOner), company, SocIete Africaine de Raffinage (SAR) for SC:CUrili· saUonoroi l imports. 111e agreonent in principle was a fallout or bilateral meeting held II theweeb:nd in Dakar.
Senegal by the representatives ofURA Group, led by its Managing Direclor, Mr. Phillips Oduor.3 and govternment of Senegal, repre· sented by Senior Minister {"r Energy. Transportation and Infrastructure. Mr, KlIrlm Wade.. Oduot.a said UBA is working with Ihe Se:n~al este governmenl lo lIctiVlllc all shorl and mediunt plans marsh;illed by lhego,.. emment of President Abdoulayc Wade to jumps tart adequacy In energy; accelerate growth in tr.llnsport. th rough the e:tI:panslon of Air Scnegal'scapability and increased road infra· str ucture. RWe have been overwh elmed by the nrale, gles ofthte governmen t, and commilmerll to actualise lis developmental goals; and based on our capacity 10 flnance big licket transac ·
lions as demonstrated In earlier \'entures. all parties are convinced o{lhe sustainabUlly and workability or the new putnenhip: OdU07.a uid. The Senegalese Senior fl.Iinister. Karim Wade said Africa ~nnot de\'e!op without slrong African rmanciaJ institutions. f.miJiar with risks and idiOS)'nCJasic:s prevailing on the continent. He said: ·We hoIve sucussrul relationship wllh USA. background by the finandaJ bridge provided III Energysector. What I\'C are doing now is 10 increase t he fron tier or partnership in IIdd ressing crilical needs in Ihal seclor and In lransport. rood infr.ulructurellnd agriculture,He salt.1 Senegalese guvernmenl is happy with the CIIpabllity and commitment demonstrated by USA Group.
'Agric-financing key to Nigeria's economic growth' UNION Bank or Nigeria Pic (UBN) says rroper flnancing of the agrkultural sector Is the key to unlock ing !h~ nation's «onomic lITOW!h. The bank'; Group Managing Direclor. Mrs Funke Osibodu. reiterated thlr; in the bank's latest qU;!Irterly publiCltion released on FndAy io L1g>l.S. Osibodu said the Federal Govc:rn ment 'lffded to Idopllhe UN's recommendation ofinvnlIng 10 pcr c~1 of the naliun's Gross Dome: lic Product (GOP) in agriculture. She :ldde,1 Ihat ag riculturlll raw malerial; would booSI the non-oil export sector apart frum
providing food for the people. Oslbodusald the blink lvusel· ling the p~ce In spite oflts re<apllalisation challenges, by disbursing N3.04 billion as at March. to Ihe sector. She noted that Ihe bank dis· bur~ over NIO billion to farm enin2010. - In furtherance or Ihi., the bank hasexccutrd.n governmenl agriculture financing schemes and creatively fashioned 11$ o ..... n way of helpln§ farmen every farming season, 5he " id. Osibodu said the bank had assi5ted the CRN to ad,lteve its objectiva o( Conllnerdal Agricultural Credll Scheme.
She added that the rationale behind the scheme was to fllst tnck Ihe development of Ihe agricultural sector of the «onomy, t\£coftling 10 her, Ihe K~eme provides credit facilities to rom, mercial agricultural enterprises at a singledigitlnleresl rate.. Osibodu added that this had enhanced nalional rood security by increasing food supply and e(f«lIng lower agrlcult urnl produce and priCC$, She stressed Ihat this WIS also aimed al reducing th e cost of agrlcullunl r.roductiun to enable farmers exp olt Ihe poll!ntlal1l n the sector 10 increase their OUlput and generate employment.
Osibodu was cOllfldenl Ihat the drive would increase the nalion's foreign exchange earnings and provirJe Input ror the Induslrial se<lor on • sustainable basis. (NAN)
~escheme provides credit facilities to corrr mercial agricultural enterprises at a single digit interest rate.
Sterling
Bank buys ETB NIGERIA'S Sterling Bank said It has signed '" deal to buy Equi. lorial Trust Bank (ETS). paving the \\'lIy ror Ihe rescued lender 10 recapitalise ahead of a September 30 deadline. ETB was onte of nIne lenders rescued in I 54 billion bailout in 2009. The cenlral bank has sel a SeptemberdeadUne for thl! lenders 10 sign recapltalislltion deals or fuce effective nillionalisalion or IIquh.lalion. I'nur lenders were nationalised last V\'Ctk, in a 5u1prise pre·emptlve move. (Relltrn)