CBN refutes deposit uncertainty on regulated financial institutions - ITREALMS

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The Central Bank of Nigeria (CBN) has refuted certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution, reports ITREALMS.

The apex bank noted that its attention has been drawn to the misleading publication, and wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.

Uncertainty, threats to African economy – ATI

ITRealms:

The level of uncertainty on the continent is hampering the flow of the Foreign Direct Investment, so says the African Trade Insurance Agency (ATI), reports ITRealms.

ATI, ITRealms recalls was founded in 2001 by African States to cover the trade and investment risks of companies doing businesses on the continent, thus providing political risk, surety bonds, trade credit insurance and political violence and terrorism as well as sabotage cover among others.

According to ATI in a press statement made available to ITRealms and endorsed by Sherry Kennedy, for African governments, part of what is at stake are much needed foreign direct investments and access to affordable financing necessary to spur development and, specifically, to close the estimated USD900 billion infrastructure gap.

Kennedy noted that at a recent roundtable in Nairobi, Ministers from across Africa sat together with investors and the private sector to determine how best to tackle the investment and credit risk hurdles in order to make African risks bankable, stressing that it came at a time of geopolitical uncertainties which, according to the World Bank, could lead to “higher borrowing costs or cut off capital flows to emerging and frontier markets”.

Equally, ATI highlighted that the private sector stands to lose billions of dollars in lost opportunities if the requirements for a favourable investment environment are not adequately addressed.

The roundtable was part of the Annual General Meeting of ATI, and witnessed open remarks from the President of Benin, H.E. Patrice Talon.

Ayo Midele/GEE with additional reports from APO

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Orosanye’s ripples: Uncertainty dominates affected govt agencies

ITRealms:

 … CPN, NACETEM, others listed

The ripples of the White Paper emanating from the Stephen Oronsaye-led Presidential Committee on the Restructuring and Rationalisation of Parastatals, Commissions and Agencies, has left uncertainty to dominate the fate of public servants with the exposure of the latest circular on its implementation, reports ITRealms.

This is coming as the Federal Government may have stopped the payment of salaries of over 13 agencies affected including the Computer Professional Registration Council of Nigeria (CPN), National Centre for Technology Management (NACETEM), Nigerian Financial Reporting Council (NFRC) and Industrial Training Fund (ITF) among others.

ITRealms also reports that this uncertainty was heightened on realization by the affected agencies that their January salaries have been stopped through official circular by the Secretary to the Government of the Federation, Senator Anyim Pius Anyim, to the Accountant-General of the Federation (AGF) via the Integrated Payroll and Personnel Information System (IPPIS).

At the weekend, workers of the affected agencies were seen in clusters discussing the development with lamentations.

ITRealms recalls that IPPIS is an integral part of President Jonathan transformation agenda to centralised database system for public service in the country, to facilitate unhindered payment of salaries directly to employee’s account after relevant deductions and remittances, such as tax,  cooperatives, pension, union dues among others.

But the letter dated November 13, 2014 titled “Agencies, Parastatals and Commissions that should not be provided for in the 2015 budget” with reference No: SGF.12/S.11/C.9/T/3, Secretary to the Government of the Federation, Senator Anyim Pius Anyim, directed the Minister of Finance and Coordinating Minister for the Economy to stop funding the affected agencies from the 2015 budget. 

ITRealms reports that similar directive was issued to the AGF on December 1, 2014.

Additionally, The Guardian reported that the letter had read in part: “Recall that as part of the decisions of Government in the White Paper on the Report of the Presidential Committee on the Restructuring and Rationalisation of Federal Government Parastatals, Commissions and Agencies, Government accepted the recommendation that it should cease funding the attached list of Agencies, Parastatals and Commissions with effect from the 2015 Appropriation.

“Accordingly, I wish to request that you take adequate steps to implement these decisions by ensuring that these Agencies, Parastatals and Commissions cease receiving Government funding with effect from the 2015 Appropriation. Attached herewith is a list of the Agencies, Parastatals and Commissions Affected.”

ITRealms notes that the White Paper rejected most of the recommendations of the Presidential Committee on the Restructuring and Rationalisation of Federal Government Parastatals, Commissions and Agencies. Government, just as it accepted some of the provisions of the report, including the scrapping of CPN and reposition of NACETEM from being funded centre to self-generating revenue entity.

Even as FG rejected the merger proposal of the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Code of Conduct Bureau (CCB) to name a few. Whereas the Nigerian Financial Reporting Council ceases to received government patronage through budget provision, the Industrial Training Fund (ITF) has since 2014 been declared self-funded initiative.

+Remmy Nweke (ITRealms) +The Guardian 
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Pix: Senator Anyim Pius Anyim