Monday, April 25, 2011
THISDAY, Vol. 16 No. 5845, Page 29
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South,African . Finrts ·Eye ' Nigerian '.Econ~Jlly he Nigerian capital market would soon witness an upsurge in activities as South African firms are planning to swoop on listed securities in the market. This indication came last week T when the Chief Executive Officer of Financial Services Board (FSB); Mr. Dube Tshidi spoke to TIllSDAY during the 36th Annual Conference of the International Organisation of Securities Commissions (I0SCO) in Cape Town, South Africa. Financial Services Board (FSB) is the South African financial industry regulatory body. According to him , South African companies and investors have seen many investment opportunities in the Nigerian market are making various arrangements to access the market. " You may have a thin view of the opportunities in your(Nigeria) market, but we in South Africa see very huge opportunities and I can tell you that investors are making efforts to tap into those opporturJties. At the regulatory level, the FSB and Securities and Exchange Commission (SEC) of Nigeria are cooperating to facili· tate the flow of funds between the two markets;' Tshidi said.
By Goddy Egene~justbackfromSouJhAfricQ Currently, one S,outhem company, Pinnacle Point Group is list· ed on the Nigerian Stock Exchange (NSE), while Oando Pic, which has its primary listing on the NSE i3 also listed on the Jobannesburg Stock Exchange (JSE) Limited. Tshidi noted that going forward , there would be more cross boarder listings between the two countries. ' . He noted that aftermath of the global financial crisis, foreign investors were looking in the direction of Africa capital markets to invest their money for good returns and safety. "If you notice, the African markets have been relatively stable companed to the developed countries. Apart from higher returns investors gel when invest in Africa, experience has shown that our
Banks Set to hnplement Uniform Account Number Policy ith barely few days for the nine month fuU compli· ance period stipulated for migration to the Nigerian Unifonn Bank Account Number Scheme (NUBAN) authorised by the Central Bank of Nigeria (CBN) to elapse, more banks in the country have ex pressed readiness to comply with the directive. THlSDAY findings showed that some banks recently communicated their preparedness [0
W
implemem the scheme to their
customers. , The CBN had th rough a circu· lar lasl July, given banks operating in the country a maximum period of nine months to imple· ment the NUBAN scheme. According to the regulator. the move was to promote best
practice in the account number scheme and also eliminate many of the problems associated with the Automated Clearing House (ACH) as weU as the electronic payment system ge nerally. It had explained that the proposed NUBAN was a l()..digit Bank Account Number fonnat, with a Check Digit constructed to support a modulus check, which enables the presenting bank to perfonn checks. The Check Digit according to the apex bank was derived from an algorithm that operates on a combination of the 3-digit CBN·ass igned Bank Code and the 9-digit Account Serial Number. In line w ith the reg~t1 ation, Skye Bank Pic specifically alert· ed its customers of its readiness to migrale from 13 digits account number to 10 digits at the week· end. A text message from the bank to its customers explained: "Dear customers. This is to infonn you that your account number will soon change from 13 to 10 digits in line with the CBN directive." Head of Corporate Affairs, Skye Bank , Mr. Kayode '')'\l<inyemi , who confinned the development in an interview with THlSDAY, said that the move will increase efficiency in the bank. "It shows that the bank is responsive. We have taken all the necessary interna:l control
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. the Wesl Africa Monetary Institute towards the economic integration of ECOWAS coun· tries, adding that the scheme is also the practice in the United Kingdom.
reduce their cost of operations.
By Obinrw Churw
The banking watchdog had stated that the I(}.digit NUBAN will make Nigeria fuUy comply with the l(}.digit Account Number structure reqUired by
markets are safer. Hence, the growing interest and given the crisis in Egypt, South Africa and Nigeria are the leading markets foreign investors are eyeing;' he said. In terms of regulations, Tshidi said ; African markets were rated very high, saying that FSB is now regarded as the nrim~r one in the World, beating the United Securities Commission, which was number one last year. The FSB boss noted that, the recognition was not for South Africa alone but for other regulators in Africa. He said FSB would continue to share its experience with .other securities regulators as part of efforts to improve the markets in the continent in tenns of regulation. In apparent recognition of the importance of the emerging markets in Mrica, IOSCO last week decided to have a new struc· ture that would enable regulators from emerging markets play leading role in the affairs of the world organisation . Responding to the development, Olainnan of the Presidents' Committee and Deputy Executive Officer of the FSB of South Africa, Mr. Bert Chanetsa, had said: "I am pleased, as Chainnan of the Presidents' Committee, to have presided over the historic d~cis i on by members to endorse future structural changes to the organisation to enable it to face the regulatory challenges in the . coming years. These structural changes will allow IOSCO to oper· ate in a more responsive and coordinated fashion to meet the increasing weight of expectation placed upon it by organisations such as the G20 and the Financial Stability Board. We have embraced the challenges posed by the recent financial crisis and have emerged a sttonger body as a result:'
machineries to ensure that we comply with the CBN directive. From all indications, we are among the first set of banks to express our willingness to com· ply with the policy. "For now, 1 can't give yOll a specific date when we are going to migrale to the IO-digi t directive, but the bulk sms to our customers shows that everything has been instaUed to ensure compli· ance;' Akinyemi added. Further findings from THlS· DAY also revealed thai some other banks are working assidu· ously to ensure that they comply with the directive. Head of Corporate Affairs, Oceanic Bank International Pic, Mrs Nonye Mpho, disclosed to THlSDAY that the bank has embarked on an internal cam· paign to enlighten it workers on the importance of the policy. Mpho who spoj<e in a tele· Chief Oluwole Oduyemi, allii Mrs 01111010 Omotom, phone interview added: '1n the held in Lagos.. .rr!cently last six weeks, we have been advising staff on that and there is a committee working on the migration. We definitely have to comply:' from NAFDAC. On his pan, Head of T he Federal Gov~nament of ., Bank will roll out and make Corporate Affairs, Afribank Pic, Nigeria has joined forces :. ,:. available to farmers a bio-con: Stakeholders including Mr. Moshood Isamotu, revealed with the International .: trol product called aflasafeTM .farmers at the meeung ill that the bimk has since complied . Institute of Tropical .. ' that .would stop the aflatoxin ibadan discussed efforts to wi~ the policy. . Agriculture (IITA) and the 'By Crusoe Osagie ' :, ', menace. ' ' stem aflatoxin sp,-ead. They Early this year, we tranSmit· , ,World Bank to help cbeck,the , ,~, ~ ,;1-!::>,' . ':, . ' " s is ,gOod news to farm· "imartimously saiq tl)at acoJIec· led 10 the T·24 software. T·24 , ntamin ti' ffood b ' .' ',-, ,,'c,, "'.\:, . ",.,.-., th ' .tive action was necessary:to means Temenos 24, which is ~.':' ,': . ~ . a on 0 ' crops, y : ,;:i,'fTpdut.e d ,:by ":!"e ' fu~~~:s; allS!' ey ,now have a. software that helped in structur,·' .. " atoXlns, as. the country alf\lSi'::.·,.~S ,.. u~'· f1a""%.~ : jlflatOlu~: 'to the problem;' say~ .' tackle' afl. toxins; :with Nestle ing aJl our customer accol!nf~ . to. r:nake .agnculture the ,~!m;.~:;.,~_ are.?, q:m~tt~tsi·..~at~; . Bandyopadhyay, ITrA . considering supporting farm· number to 10 -digits;' Isamotu · ." dnver of Its economy. . '. . ' ':.<~,'!fI " , , , d,pe9ple:s .he.lilth,,, gi~t " ." If farmers apply . . ers , with training on· pre· ;add post·harvest handling of mlilt.e explained. " . The new ,~pproach , whicll:" ," , wlth :studies pomtillgto them as , , eTM, Uley can seU their including storage. A source at Guaranty Trust , ",: meludes draw.m g~.'~admap t~\:< "th~ 'oau~ of liver cancer. In . maiZe at premium prices and Lucas Akapa, Senior Bank Pic who pleaded 10 remain tackle aflatoxms, 1~"Prut of the, ',c:' some cases, such as in Kenya, above all it would guarantee the Operations Officer, World anonymous, said the bank has Conamerctal Agnculture aflatoxin·contaminated maize safety of home·grown food and Bank, said the meeting was ,a men installed all the necessary facili. Develop 1 . Program consumed resulted in several health ofconsumers;' headded . success as partners agreed "to ties to ensure that it complies (CADP) that IS bemg supported deaths. Poultry and fish are par· In on·farm research trials in develop a holistic strategy to with tlle directive. . by the World Bank, and unple· ticularly vulnerable to aflatox· Kaduna state· North Central help Nigeria fight aflatoxins.'~ mented In Kano, Kadun a, ins, which influence their pro· Nigeria . during 2009 and However, attempts to find oui"At the end, we hope to have the position of some other com. Enugu , Cross River and Lagos ductivity. 2010, farmers who treated their a road map which will,"";dri· mercial banks proved abortive as sta!~". . . In Nigeria, resource· poor fields with afiasafeTM were ven by Nigerians witll the 'poi· text messages sent to U,eir It IS a major step by the maize farmers face rejection able to reduce the levels of afla· pose of ending the mena", of phones were not replied. govenament towards ensunng fro m the premium food markel toxin contamination by about aflatoxins, enhancing farmerS' Bankers expressed optimism food safety and food ~ecunty; ' due to aflatoxin contamination. 80 to 90 per cent. The efficacy income, and ~ing food that tl,e new scheme will prosays Na~onal Coordmator of The collaboration among of aflasafeTM earned the prod· . mote efficiency and also help,to CADP, AM . Babandi.. '.. Nigeria; iliA; and' the World' ,. uct .. a provisional registration . safety:' he sayS'>
FG, UTA, W'Bank Partner to End Food Contamination
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