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NASBto establish IFRS academy for banks , others lIu lIlyl O nubll . Ab uja
TRONG indicalions have emerged IlllIl Ihe Nlgeri;,n Accounting StiIDdards Boord \\;11 belore the end of thIS year e51ablish an academy when! ca.pocity in the ;,rea of Intemtltional Finandal ReporUng Standards will be built lor banks and other compames operi'ting in the country The development WI!lS confirmed by the Dimetor. Banking SupelV1sion of the Central Bank of Nigerill.. Mr. Joe "~'OIe. in Abuja He !WIid U...,I aheady. the bankers commiUee comprising chief executives; of the 24 Deposit Money s"nks had already given approya i for the commencement of the lICademy He. h~, dId not give lull dmi\s 01 the acOOem~' but noted Ihat the adoption of the ~Ii'lndards by NigellM banks would ml!lke financial inlormation easy and meamngfuL ""The NASB has notified us of its InlE'lltion to build an IFRS atOOem!.: in Nigeria to aid CClpOOty and ability of insillullons Ivithin the finanoal system and I want 10 say Ihal we have Identified With them and supported this init"'h",e. ~ he saKI. m"jon\y 01 Already. the Dr-ISs had begun the prep;!lmtion of their annual accounts in line \Vlth the IFRS The Federlll Government had in September last year unVeiled the IFRS bluepnnt TIle implement;,Uon according to the document would be carried out in three
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pha~
The lilst phase \\'oukl make it mandclory for 0'111 publicly Ii~ted entities i'lnd signlflUn t Public Interest En tities to prep3re their financial statemenlS using applicable IFRS from January I. 2012 The blue print noted thallhe chOICe 01 January 1. 2012. was anchored on the need to effectIVely transit to IFRS over a three· year peTiod For the secood phase. aD other public entllies would be eotpected to mand..'ltol'ily «iopI IFRS lor statutory pu~ by January 1. 2013. while Sm<lll and Medium En terprises would transit under the third phase Irom January 2014 The CBN Governor. Mr Lamklo San~i. had last monlh ~Pfes-<:ed sati!;laclion I\li th the progress :>0 far made by ban~ in the adoption 01 the /FRS. He had said. MWe need to key in to the galIl of the IFRS to achieve hilnnonisalion of i!W:COUnting reporhng S/<lndards and policies 50 that comparison of finallCJi\l Informallon win be easier lind more meaninglul ~..s JurisdlchofU ~On this. I 3m pleased to reveal that Nigeril'l has made meaningfu l progress In impll!mcnling a phase adoption process of the IFRS for btonks operahng 10 the COUnTry -
ICPC recovers N724m bad loans for FMBN O hUlllle klIn Lartey, A buja
W'dspar t of thedeb l ()\ved by e'5 ti'lte devel..,.,ers under the National HouSlll9 Scheme HE Independent Corrupt Although the FMBN other S<lid it WM still working on Practices and related offence'S Commission the unpaid loans by estate 5aid on ThUT5day 11 hlld developers in the counlry. recovered N724m bad loans the ICPC stressed that the for the Federal Mor tgage debt recovery was one o f the Bank of Nigeria first n!Sults 01 ib intervenhon The ICPC said I hC'C~="C"' ::,,_'C'C'Ch.C FMSN to ensu~ Ihal
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Nigenans ()\\Ifleo thei r homes at affordable prices. A report by the ICPC on its intervention al the ~lBN showed that II variety 01 problems contribu ted 10 the in"bility of tM blink to assist Nigerians get their O\",n homes. Spec!fically. the commiM;on noted thai some
esli'lledevelopencomplalned aboul undue delay and non relei.1~ of approved loans as ....:ell il§ the interest charged by Fr-IBN MThe5E' problems resulted in II 10lill abandonment or non·completion 01 housing project:5 As the housing units were uncompleled. the effect was shilled upon
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L·R. Budget Mannger._ BUA Mr Ejike Nwollsc; Group Operating ; E1Cecutive Cho;mlon. AIJlo}i Abciu/sa",ad Roblu. Group oecutive Director. Corporate Bonking. Ecooonk Pic, Mr Albert Wen. Gloool Account Manager. Mr Benson Ogunde}I: and Loar! Account Manager. Mrs Olll~remi Bolodeokll. dur/n9 a collrr~y 1115illo BUA GI'OlIP by Ecobo" k's monagementtenm. In Lagos. 011 Thursday_
SDAN plans compensation framework for · b ank d Irectors lind
Omobolaji Solagbll d e
HE Bank Directors Assocli!tlol1 of Nigeria has ini tiated move'S to drill! a compenSltlion frameo.lIOIk for bank directOl"S In Niger.., A statement by the association on Thursday e~plained thaI the associ;,tlon ",as pallnerlllg a lin",ncial t~ining centre to design the framewolk The VtCe·Preskient. BDAN. Mr Ashim Oyeklln. was quo ted as saying. "In a bid to pll'ly Ii more active role in the industry and contribule to its development SOAN hlIs engaged the services o l the Financ..,l Insti tutions Tm ining Centre to develop a three· yei'lr stra tegic plan and also conduct a survey of bMks' directors compensation around Ihe world with the purpose of developing a compenSli tion for banks' fmml!\\lork director.; in Nigeria The sti'ltement also !laid that the association. which is the umbrella body 01 non-execulJVe directors of banks. would hold 115 annUlil stakeholders forum In October to d,seuss the future of banking in Niger.., Speakmg on the forthcoming annual stakeholders' forum of the association. the General Secretary. SOAN. r-I r. Vemi Jdo,."'l.I. said that the annual
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stakeholders forum ,,:Quld b rin!] togethe r execul1ve and non·executive directors of banks. offioals 0 1 olher I'inancill1 mstitUlions. regulatory authorities. profeSSional bodies and executives of other leading compank!:s in Nigena to nel\vork With one another lind also share thoughts on the banking Industry Idowu S<lld. ~You will note that the banking industry has gone through phenomenal changes in thela~ Ihreeyear.; vis·a,vls the global financial arsis. the Central Bank of Nigel1a', in tervention and banking reforms. licensing 01 mobile banking opemtofs. of Islamic Int roduction banking just to mention a lew Thew ilnd many more changes liS well as the new democratic atlmimstratJon are li!)lpected to change the practice and business of banking in Nigeria "While change is inevitable. the bE-st way 10 profit Irom change is to prepare fOI il. and bank directors being key dec ision maken in the Indu~hy need to be abreast of how these chi'lnges will shape Ihe future 01 banking in Nigeria 50 {IS 10 be prel'l3red and pmi tion their organi5ations to benefit Irom these changes: He added thi'lt part of the
objectives and rcsponsibilitie'S of BOAN was to create a lorum to enlighlen O'Ind edocate ils members with regard 10 their mponsibihhn to their banks.
vOur eotpecl;,tions are lhat the presentlltions.di!oCl.l5!'iions recommendations from the forum wi ll significantly help Ihe Industry prepare and lake advantllge of t ' changes to inAuence tile luture of lhe blinking business In the country: he lidded
the National Housing Fund sub§CTibers who could not derive ~ny benefits 'rom their conlrlbutions In terms of purdillsing the needed hOUSing units. - the report stated. The ICPC report lurther slated Ihal high indebledness by estale developers due to non repayments 01 loans: escalation in projects cost. issues 01 In terest willivers on loans IIheoiXly granted. lack of proper monitoring of projects location and Improper financlilll records keeping i'lnd documentation were some of the problems fllCing the mOTtgage bankers ~ During tM periods c~red by the review. lIbou t N34.8bn was received from NHF con tr ibut1on! while N13.5bn was collected as Internal GeneT<lted Revenue. while /I sum 01 N24.16bn was disbursed as loons 10 estale developers and N i l 4bn to primary mortgage Instilutioll$ on behalf 01 NIIF subscribers.the ICPC !WIid The ICPC ts part of a committee Slake holders that was set up 10 .miist Ihe morlgage bank achieve its alms 01 providmg funds to Nigerians 10 enable them build 3nd OUtn affordable IS·member commillee comprises Ihe Central Bank of Nigeria. Fr-IBN. f..limstry 01 Lands. Housing and Lh~n development. Relll Estate Developer.; Associahon. FederalCapltalDevelopmenl Aulholily. and the Nigeria Labou r Congr~s Olhersare r-10rt~ Banks AssocIa tion of Nigeria. and the Surveyor Generat of the r'edel<ltion
FG seeks more insurers for agric sector H E Federal Government T has WIld it bring on board more insurance will
companie.s to slrengthen the operatloMI base of Ihe agriculture sector of the Mtion's economy T he Minister 01 Agriculture and Rural Development. Dr Akin AdeSiM. gave the indication in AbuJd on Thursd"y In an interview with the Neil'S Agency oj Nigeria
·We are taking NAIC to task In all il5 lIctivihes to Sf!'e how we wn gel private sector inS\.lrance into the sector so Ihat we can have more contpetitlon and d rive dO\\Ifl tM premium co:st:' M said. HE' Wlid Ihe dectsion became imperahve In view of ongoing e fforts to revolu tionise agricultural pruetke. the threat of climale change. the Incessant flood across the country i'lnd otlwr natuml dis.Mters. A farmer from &yelsa StO'lte. Mr Pious Mukoro. who also spoke with NAN On the issue. described the move as a welcome development whose time WilS "long
overdue. ~
stressing ti.at are not enjoying any benefll from NAIC ~ Mukoro argued INlt the Nationa l Agricultur.d In!K] rance Corporulion was "no longer farmer friendly" lind thaI the only option lor the governmen t ....:as to ~act fast lind shop for more IIlsurance flnns thai will under.;tand the plight of Ihe farmersAnotherlmmerlromKwaril S ta te. Mr BoIaji Agbf"yangi. .....-ho also supported the government plan. !WIki that it would enable Iilrmers to have a wide range 0 1 choice of insul<lnce companies to lake care of their risk. He Mivocated coIlabori'ltlon among all the in5Ufimce companies wilh Similar mandate to com pete I\llt h NA IC to ensure adeq ua le cover for fa rmers Agbeyangi Wlid that if the Ministry of AgOOllture could bl~ak the NAIC monopoly. many farmers would be In terested in laking the risk of borrowlIlg from banks to expand Iheh farms and venlure Into other fi'lrming lICIivities ~llIrmers
Bllik~u Niml. Haria farmer from Kefk Nassal1lwa Slate. said thill to guamntee sustllin<'lble farming. government must enS\.lle insumnce cover lor small·scale farmer.; She said that Wllh adequate lnsufimce In place. with \01.... premium. many farmers would 5I\()W more jnten~:!lt in f.,rming. add ing that the farming environmen t In Nigeria had become 100 unfriendly With alat of risks Alimi 1Iiso observed thllt more than 80 per tent 01 the M tion', soil had been degrOOed. leacilng 10 lOlA. yield and making It dimwit for farmers to meet their ti'lfgets in lood and olner ayrkultuml pnxluchon She urged the governmen t to slrengthen cooperative SOClelies to the country to m;,ke II easier lor farmers to embrace insurance servICes NAN recalls tllllt NAIC \\'iI:!l established by the Federal Government In 1987 to provide risk rover for Nigerian farmers. among other lunctions
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