NEWSPAPER REVIEW – 22 October, 2018

BDC CBN, NCC Join Forces against Electronic

Fraud
Exch. Rate (USD) 359
Exch. Rate (Pounds) 468 The Director, Banking and Payment System Department,
Exch. Rate (Euro) 409 Central Bank of Nigeria, Mr. Dipo Fatokun, has disclosed
that measures taken by the central bank in recent times
Inflation 11.28 have resulted to a reduction in the amount of electronic
Crude Oil Price $80.33 fraud in the country.

Fatokun, who also doubles as the Chairman of the

BUSINESS DAY
PFAs invest N1.49 trn in Treasury Bills
The Pension Fund Administrators in the country have
invested N1.49 trillion in Treasury Bills.
The monthly report released by the National Pension
Commission (PenCom) on Sunday In Abuja By Peter
Aghahowa the commission’s spokesman, made the report
Nigerian Electronic Fraud Forum (NeFF) said this on the
sidelines of meeting by the group in Lagos at the
weekend.
According to him, since the last report which showed a
rise in electronic frauds in the country, there has been a
drastic reduction in incidence of fraud in the country.
He also said the CBN was collaborating with
telecommunication companies and the Nigerian
Communications Commission (NCC), to further help curb
electronic and identity theft.

The Commission also disclosed tht the PFAs also invested

To read more on this article, see page 25
N4.22 trillion in Federal Government Bonds, Federal
Mortgage Bank of Nigeria (FMBN) got 10.91 billion; Sukuk
Bonds, N53.15 trillion and Green Bonds, N6.96 billion. THE NATION

To read more on this article, see page 44 NAICOM stays action on recapitalisation,
reclassification
THIS DAY
The National Insurance Commission (NAICOM), said it
Hope Rising for Former Nigeria Airways has shelved plans on its implementation of the Tier-
Based Minimum Solvency Capital (TBMSC).
Workers
NAICOM in a circular, directed insurance companies to
Chinedu Eze writes on move by the federal
continue to operate on subsisting regulatory framework
government to settle the entitlements of former
prior to the issuance of the circular on TBMSC.
workers of the defunct national carrier, Nigeria
Airways
The circular is coming after weeks of confusion among
insurance operators on the next line of action of the
Uncertainty, anger and pain have remained the lot of
regulator on the policy.
former workers of the defunct Nigeria Airways Limited
(NAL) who lost their jobs in 2003 when the federal
government stopped the operations of the national The Federal High Court had on September 13 granted an
carrier. It was finally pronounced dead in 2004 with its injunction sought by some shareholders under the
liquidation. umbrella of Independent Shareholders Association of
Nigeria (ISAN) against the implementation of the policy
pending the determination of the suit.
Since then the clamour for the payment of severance
package started. First, the foreign workers of the defunct
airline were taken care of but government, even after To read more on this article, see page 21
selling the assets of the company did not see the urgency
of also compensating the ex-workers of the national
carrier in Nigeria.

To read more on this article, see page 23

NAICOM,operators should grow long-term
fund
Government intervention in the review and strengthening
of extant legislations on insurance, and better
implementation and enforcement of Insurance Act 2003
and the National Insurance Commission (NAICM) Act
1997 by the regulator, are possible actions to ensure
optimal operation of the Insurance Industry, the Managing
Director, Infrastructure Bank Plc, Adekunle Abdulrazaq
Oyinloye, has said.
Oyinloye, who spoke as a special guest at the 2018
Insurance Brokers Conference & Exhibitions on the
theme: “Insurance Industry: Survive, Thrive,” held in
Lagos, called on NAICOM to enforce compulsory
insurances to boost the industry’s long term funds, saying
the industry has made only a marginal investment in the
infrastructure sector in recent years.
our reporter recounts the dynamic changes in the
bank’s business strategy and how it has been faring
in the agric-business segment.
Your half year result showed a drop and we
understand that you are making some strategic
changes in your business; can you take us through
this?
I think for any organization especially financial institution,
there are three key areas; there is liquidity, capital and
profitability. What will kill you first is liquidity; it milks your
capital and if you are not sustainable over a long time, it
means that you cannot remain an on-going business.
What we have been doing for the last year is, first of all,
ensuring that we have a lot of liquidity by providing great
products and services for our customers across all the
segments that we play.

To read more on this article, see page 21 To read more on this article, see page 18

DAILY TRUST

USADF injects $24m to boost local

enterprises, farming

The United States African Development Foundation

(USADF) has injected $24 million (about N8.7 billion) to
boost local businesses and the agriculture sector of
Nigeria through cooperative societies.

The Executive Director of Diamond Development Initiative

(DDI), the implementing partner for USADF projects in
Nigeria, Mr. Adamu Garba, disclosed this last weekend at
a DDI conference and mini agriculture fair in Abuja.

Mr. Garba said, “USADF has invested over $24m in these

cooperative societies over the years. They are still
working in Nigeria, and we look forward to getting more
assistance from them.”

He noted that USADF had impacted on 450,000 people in

Africa from which 60 per cent were women. In Nigeria,
Garba said about 70 per cent of USADF programmes
was in developing the agriculture value chain and
businesses that had real impact in improving the
livelihood of the rural people.

To read more on this article, see page 22

We’ve disbursed N10bn to agri-business

owners – Diamond CEO

The Managing Director and Chief Executive of

Diamond Bank, Uzoma Dozie, in this interview with