40m Fraud: Judge sets July 13 for close of defence

8 of the Advanced Fee Fraud and Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act. In the five count charge brought against the company and its promoters by the Federal Republic of Nigeria, they are alleged to have on July 2008 within the jurisdiction of the honourable court with intent to defraud conspired with one Laurence Ogbebor presently at large to obtain the sum of N40,000,000 from one Patrick Aibhalemen Harrison Ataman under false pretence that they were Fund Managers and that they were going to invest the said sum under ‘A Guaranteed Investment Product’ which they did not and thereby committed an offence contrary to Section 8 of the Advanced Fee Fraud and Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.

“Midland Capital Market Ltd and Sam Kwendo Bandi together with one Lawrence Ogbebor presently at large, all of No. 10 Zambezi Crescent, Maitama, Abuja on or about July 2008 in Abuja within the jurisdiction of the court are accused to have obtained the sum of N40m from one Patrick Aibhalemen Harrison Ataman under false pretence that they are into Business as Fund Managers that they were going to invest the said sum under ‘A Guaranteed Investment Product’ which they did not and thereby committed an offence contrary to Section 1 (1) of Advanced Fee and other Fraud Related Offences Act 2006 and punishable under Section 1 (3) of the same Act” the Charge stated. When the case came up for close of defence, the last defence witness told the court that the said funds were invested but profit was affected by the global financial crises at the time. The judge thereafter adjourned the matter to July 13 2023 for cross examination of the witness.

The Federal High Court in Abuja had previously ruled that Midland and its Managing Director, Mr Sam Bandi, had a case to answer on allegations of falsely obtaining N40m from a client.

“Prosecution called three witnesses and tendered seven exhibits. After the close of the case by the prosecution, the company and Bandi raised a ‘No Case’ submission and the court ruled in favour of the prosecution and ordered that both the company and Bandi should enter their defence because they have a case to answer.”

CBN targets 100% financial inclusion, unveils e-learning platform, SabiMONI

From Abubakar Yunusa Abuja

The Central Bank of Nigeria (CBN) has unveiled an e-learning platform, SabiMONI, to promote financial literacy and deepen financial inclusion.

Speaking at the launch on Monday, Godwin Emefiele, governor of CBN, said the platform is a fully digital national e-learning platform that provides a knowledge base for financial literacy.

According to Emefiele, SabiMONI is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through selfservice.

“The platform is aimed at supporting our efforts toward ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond,” the apex governor said.

“One of the key drivers of financial inclusion today is no doubt financial literacy.

“It is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately, economic growth and development.”

Emefiele said the absence of or low levels of financial literacy constituted an impediment to financial inclusion.

He explained that the pace of financial inclusion is directly related to the level of financial literacy and financial capability.

To address the financial inclusion gaps, the CBN governor said the National Financial Inclusion Strategy (NFIS) 2022, identified increasing adoption and usage of financial services in priority demographics.

He such demographics comprises the most vulnerable segments such as women, youth, micro, small, and medium enterprises (MSMEs) and rural dwellers.

“Especially, the northern part of the country as well as expansion of digital financial services and platforms amongst its strategic priority areas,”

Emefiele added.

“To enable us to achieve these, we must take deliberate steps to upscale financial capability through financial education programmes.

“The shortage of skilled and experienced persons to drive financial education remains a major hindrance.

“Interestingly, the National Financial Inclusion Strategy 2022 places high priority on financial and digital learning.

“This will serve as a strategy that would enable the creation of a conducive environment for serving or ensuring the inclusion of the most excluded groups.”

On her part, Rashida

Monguno, director of consumer protection, CBN, said financial literacy remained a key driver of financial inclusion globally.

According to Monguno, literacy encompasses knowledge and skills that enable individuals to effectively manage financial resources and enhance their economic wellbeing.

“It also includes trust, confidence, and participation in the formal financial system,” she added.

“Financially literate consumers are always able to make better financial decisions. This is a catalyst for greater financial inclusion and stability of the financial system.”

Monguno said SabiMONI was conceived as an avenue for driving financial education amongst the target segment of the Nigerian population to facilitate financial education programmes for end beneficiaries.

“It will also support efforts at enhancing financial inclusion through digitalisation,” she said.

“With the launch of the SabiMONI platform, we now have a knowledge base where individuals can learn about financial literacy at their own pace from their comfort zones and with ease.”

Report: 37% of Nigerian businesses cut jobs or reduced working hours due to cash scarcity

From Abubakar Yunusa,Abuja

About 36.96 percent of Nigerian businesses had to lay off staff or reduce working hours to weather the cash shortage caused by the naira redesign policy, according to a new report by SB Morgen (SBM) Intelligence.

In its report titled ‘Strapped: Impact of The Cash Scarcity on Individuals And Businesses’, the research organisation examined individuals and businesses across five of the country’s six geopolitical zones excluding the north-east, to see if there was any lasting damage from the naira redesign policy.

The organisation said the data in the report is only up-to-date as of April 6, 2023.

SBM Intelligence said its findings showed that transportation and feeding became more difficult due to the cash squeeze, as transportation workers had to use point of sale (PoS) machines to ease payment for their passengers.

The research organisation said ranging from egg producers stuck with their produce to rice traders who had to bring down their prices to make sales, most of the business owners interviewed were negatively affected by the cash shortage.

SBM Intelligence said the percentage of those who said their enterprise was significantly impacted totalled 76.09 percent, 17.39 percent said their businesses were somewhat affected while 6.52 percent said their ventures were not affected at all.

“Out of the 46 businesses interviewed, 36.96% had to lay off staff or reduce working hours to weather the cash shortage. About 41.30% did not have to make such adjustments,’ the report reads.

“However, when you remove those who said those issues did not apply to them, nearly half had to make staff cuts or reduce work hours. About 47.22% had to make staff or work-time changes, while 52.78% were resilient enough to stand the cash shortage without reducing staff strength or opening periods.”

SBM Intelligence said the Central Bank of Nigeria (CBN) should have pushed for a reduction in transaction failures and beefed up financial infrastructural integrity whilst taking the lead in engaging with regulators and private sector stakeholders to ramp up broadband penetration rather than force-feed Nigerians with a policy.

Speaking on the apex bank’s cashless policy, the firm advised that its targets should be paired with internet penetration and incentives should be private sector-led rather than forced through regulatory mandates.

“When transactions can be seamlessly done in rural and periurban areas, and mobile money operators can conveniently access enough cash to meet demand, rural residents will more readily take up digital channels,” the report further reads.

“Whether the consuming public continues to grow and maintain their bank deposits at levels seen pre-scarcity will represent the ultimate indication of how much institutional credibility the CBN retains.”