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Banco Central da Nigéria.
O apoio legal para a política monetária pelo Banco deriva dos vários estatutos do banco, como o Ato CBN de 1958, conforme emendado no Decreto CBN nº 24 de 1991, Decreto do CBN, emendas 1993, n. 3 de 1997, n. 4 de 1997, n. 37 de 1998, n. 38 de 1998, 1999 e CBN Act de 2007.
Seção 12 Sub-seções (1) a (5), Lei CBN de 2007 (Ammended)
A fim de facilitar a consecução da estabilidade de preços e apoiar a política econômica do Governo Federal, haverá um Comitê do Banco conhecido como Comitê de Política Monetária (neste Ato referido como "o MPC")
O MPC consistirá em -
o Governador do Banco, que será o Presidente.
Comitê do MPC.
O MPC terá responsabilidade no Banco de formular políticas monetárias e de crédito.
A nomeação de um membro do MPC de acordo com a subseção 2 (d) e (e) desta seção, a remuneração, preenchimento de vagas temporárias,
A qualificação, posse do mandato e desqualificação estarão sujeitos aos mesmos termos estipulados para um Diretor, de acordo com as seções 10 e 11 desta Lei.
As disposições do Segundo Anexo a esta Lei terão efeito com relação aos procedimentos do MPC.
Sistema de emissão.
As notas e moedas Naira são impressas / cunhadas pela Nigerian Security Printing e Minting Plc (NSPM) Plc e outras empresas estrangeiras de impressão / cunhagem e emitidas pelo Banco Central da Nigéria (CBN). Nas obras de impressão monetária do NSPM Plc, a qualidade é meticulosamente controlada em todos os processos de produção de moeda. Isso garante que cada nota emitida atenda ao padrão exigido. A CBN mantém um escritório chamado Mint Inspectorate nas instalações do NSPM Plc para manter a segurança e a qualidade das notas e moedas Naira.
A moeda é emitida para depositar bancos monetários através das filiais do CBN e as notas antigas são recuperadas através do mesmo canal. A moeda depositada no CBN pelos bancos é processada e classificada para se adequar às notas impróprias, de acordo com a política de notas limpas. As notas limpas são reemitidas enquanto as notas sujas são destruídas.
Moeda em Circulação.
Moeda em Circulação.
Nota: O acima figura os últimos 12 números capturados meses e estão em milhões de Naira.
Procure outras datas.
Financiamento do Desenvolvimento.
O financiamento do desenvolvimento é um dos requisitos para o crescimento econômico sustentável em qualquer economia. A oferta de financiamento a vários setores da economia promoverá o crescimento da economia de uma maneira holística e isso fará com que o desenvolvimento e a melhoria do bem-estar se processem em um ritmo mais rápido.
As iniciativas de financiamento do desenvolvimento do Banco Central da Nigéria envolvem a formulação e implementação de várias políticas, a inovação de produtos apropriados e a criação de um ambiente propício para que as instituições financeiras prestem serviços de maneira eficaz, eficiente e sustentável. As iniciativas visam principalmente o setor agrícola, o desenvolvimento rural e as micro, pequenas e médias empresas.
A inclusão financeira continuou a assumir crescente reconhecimento em todo o mundo entre os formuladores de políticas, pesquisadores e agências orientadas para o desenvolvimento. Sua importância deriva da promessa que tem como ferramenta para o desenvolvimento econômico, particularmente nas áreas de redução da pobreza, geração de emprego, criação de riqueza e melhoria do bem-estar e padrão geral de vida.
Uma pesquisa realizada na Nigéria em 2008 por uma organização de financiamento do desenvolvimento, o Enhancing Financial Innovation and Access, revelou que cerca de 53,0% dos adultos foram excluídos dos serviços financeiros. A busca global de inclusão financeira como veículo para o desenvolvimento econômico teve um efeito positivo na Nigéria, com a taxa de exclusão reduzida de 53,0% em 2008 para 46,3% em 2010.
Sistema de pagamentos.
O sistema de pagamentos desempenha um papel crucial em qualquer economia, sendo o canal através do qual os recursos financeiros fluem de um segmento da economia para o outro. É, portanto, o principal fundamento da moderna economia de mercado. Essencialmente, existem três papéis centrais para o sistema de pagamentos, a saber: o papel da Política Monetária, o papel da estabilidade financeira e o papel econômico geral.
O Sistema de Pagamentos da Nigéria testemunhou realizações notáveis no passado recente, com a introdução de uma série de iniciativas no âmbito da Visão 2020 do sistema de pagamentos.
Iniciativas de sistema de pagamentos.
Implementação do Esquema de Verificação Bancária (BVN) para tratar de questões associadas à ausência de identificador único de clientes bancários no setor Emissão de Diretrizes sobre serviços de transferência internacional de dinheiro na Nigéria Emissão de Diretrizes revisadas para emissão e uso de cartões na Nigéria Implementação da indústria e portal de referência Taxas abolidas no depósito em dinheiro acima do limite da política sem dinheiro.
Liberalização e Desenvolvimento do Mercado Cambial.
Desde a introdução do Sistema de Leilão Holandês de Toda a Venda (WDAS) em 20 de fevereiro de 2006, o Mercado de Câmbio liberalizado testemunhou uma estabilidade sem precedentes, a maioria dos quais inclui o seguinte:
Unificação das taxas de câmbio entre os Mercados Oficiais e Interbancários e resolução dos problemas de múltiplas moedas. Facilitação de uma maior determinação do mercado das taxas de câmbio da Naira face a outras moedas.
Ganhos com o WDAS incluído:
Valorização do mercado paralelo pela primeira vez em 20 anos. Convergência de taxas oficiais e interbancárias, unificando assim as duas. Revisão do Manual de Câmbio As vendas de câmbio para operadoras de Bureaux-de-Change em um esforço para aumentar o acesso de divisas a pequenos usuários finais, colmatar a lacuna de oferta e desenvolver os BDCs (Bureaux-de-Change) locais
Estrutura de Supervisão.
A função de supervisão do CBN está estruturada em quatro departamentos:
Departamento de Política e Regulamentação Financeira desenvolve e implementa políticas & amp; regulamentos destinados a garantir a estabilidade do sistema financeiro. Também licencia & amp; concede aprovações para bancos e outras instituições financeiras.
O Departamento de Supervisão Bancária realiza a supervisão dos bancos de depósitos e casas de Descontos, enquanto o Departamento de Supervisão de Outras Instituições Financeiras supervisiona outras instituições financeiras.
A CBN, em Abril de 1994, comprometeu-se a facilitar um quadro formal para a coordenação das actividades regulamentares e de supervisão no sector financeiro nigeriano, criando o Comité de Coordenação dos Serviços Financeiros (FSCC) para tratar mais eficazmente, através de consultas e reuniões regulares entre agências, questões de interesse comum aos órgãos reguladores e de supervisão.
O Banco Central da Nigéria está aberto para negócios de segunda a sexta-feira, exceto nos feriados nacionais. Nosso horário de funcionamento é das 8:00 da manhã. - 16:00.
Nota: Mailing / Calling significa que você aceita os termos em nosso aviso de e-mail.
+234 9 462 37802.
+234 9 462 37831.
Cartas / Nossa Localização:
Banco Central da Nigéria,
Lote 33, Abubakar Tafawa Balewa Way.
Distrito Central de Negócios,
Abuja, Território da Capital Federal,
E-mails fraudulentos, roubo de identidade e fraude financeira.
O Banco Central da Nigéria está ciente de que seu nome e o de alguns de seus funcionários estão sendo usados para validar uma série de diferentes formas de fraude, perpetradas contra terceiros inocentes. O elemento de roubo de identidade desses golpes pode incluir e-mails fraudulentos, a replicação de faxes do Banco, cópias de nosso site e a criação de uma central telefônica falsa. Exemplos de documentos e sites de réplica ocorreram na Nigéria e em outras partes do mundo.
Embora o Banco Central da Nigéria não se responsabilize por perdas decorrentes de tais sites, serviços ou documentos, estamos dedicados à tarefa de fazer a nossa parte na redução do roubo de identidade e fraude.
Se você tiver alguma dúvida sobre a legitimidade de qualquer correspondência que se pretenda ser do Banco Central da Nigéria, por favor, não hesite em ver nossas 419 renúncias. Se você recebeu o que é obviamente um e-mail fraudulento do Banco, é importante que você não acessa nenhum link, divulgue qualquer informação pessoal ou responda a ela.
Todas as coisas da lei e algumas outras distrações & # 8230;
Mês: janeiro de 2017.
Instrumentos que mostram o recebimento de depósitos monetários por bancos são isentos de impostos de selo.
Revisão do caso de STANDARD CHARTERED BANK NIGERIA LIMITED v. KASMAL INTERNATIONAL SERVICES LIMITED & amp; 22 ORS.
TRIBUNAL DE APELAÇÃO, DIVISÃO DE LAGOS.
(SAULAWA; EKO; JAURO; ADUMEIN; OKORONKWO, JJ.CA)
O 1º entrevistado processou o recorrente e o 2º ao 23º inquiridos no Tribunal Superior Federal, Divisão de Lagos. A alegação do 1º inquirido foi baseada no facto de o 1º inquirido ter celebrado um acordo de agência com o 22º demandado, o Serviço Postal da Nigéria, em que este contratou os serviços do primeiro para cobrar taxas de selo sobre os depósitos de o recorrente e o 2º ao 23º inquiridos. O 1º entrevistado pretendia estar agindo em nome do 22 o entrevistado que delegou seus poderes a ele, para processar em seu nome.
O 1º entrevistado no tribunal julgou, entre outros benefícios, uma declaração baseada na Stamp Duties Act 2004, no Nigeria Postal Services Act 2004 e no contrato de agência entre este e o 22º demandado, o recorrente e o 2º. 23 os inquiridos são obrigados a deduzir e remeter para o 22º inquirido através do 1º inquirido, uma taxa de N50 (cinquenta naira) como imposto de selo sobre todas as receitas, por transferência electrónica e / ou depósitos de caixa, de quantias provenientes de N1, 000,00 (Mil Nairas) para cima, transformadas em contas operadas em todas as suas filiais até a data de término do referido contrato de agência.
O tribunal julgou a favor do 1º entrevistado. Insatisfeito com o julgamento do tribunal de primeira instância, o recorrente interpôs recurso de recurso no Tribunal de Recurso, Divisão de Lagos, pedindo ao tribunal para anular o julgamento.
As partes arquivaram seus respectivos resumos. O recorrente, em seu breve argumento, formulou cinco questões para determinação. O entrevistado formulou quatro questões. A questão cinco do demandante e a questão quatro do respondente se limitam a determinar se a Lei dos Direitos do Selo fornece alguma isenção de taxas de imposto de selo e, se o fizer, se os depósitos dos caixas ou as transferências eletrônicas foram contemplados da seguinte maneira:
Se há isenções na Lei de Direitos do Selo, excluindo os depósitos de caixa do banco da definição de recibos de acordo com a seção 89 da Lei de Direitos do Selo?
O advogado do apelante argumentou que o tribunal de primeira instância não considerou a seção 3 da Lei de Direitos do Selo e o item 4 da Lista da Lei, que têm um efeito conjunto de criação de isenções de taxas de imposto de selo. Em consonância com as exceções criadas pelo item 4 do Anexo à Lei de Direitos do Selo, o advogado do apelante argumentou que um comprovante / boleto bancário carimbado é evidência de pagamento de dinheiro na conta de um cliente de um banco e não equivale a a emissão de um recibo ao cliente que fez o depósito, ou em cuja conta o dinheiro é depositado, de modo a trazê-lo dentro da contemplação das provisões da Lei do Serviço Postal Nigeriano ou da Lei de Direitos do Selo como detidos pelo tribunal de julgamento . Ele contou com a venda v. Bon Ltd (2006) 6 NWLR (Pt. 976) 316.
O advogado da recorrente argumentou ainda que não há nenhuma obrigação da recorrente de deduzir e remeter o imposto de selo sobre depósitos ou transferências, uma vez que a Lei do Imposto do Selo isenta expressamente os documentos que mostram recibos de depósitos monetários feitos por um banco. O conselho instou o tribunal a resolver a questão em seu favor.
O 1º inquirido, na sua resposta, argumentou que o tribunal é obrigado a aplicar a regra literal da interpretação ao interpretar as disposições do Stamp Duties Act e a dar às palavras usadas na lei o seu significado comum. Ao fazê-lo, o recorrente é de opinião que o tribunal só pode encontrar que a seção 3 da Lei e o item 4 da Lista da Lei que prevê isenções não cobrem depósitos bancários e transferências eletrônicas. O advogado do recorrente também argumentou que a isenção não menciona depósitos bancários e transferências e que, se o relator desejasse que ambos ficassem isentos do pagamento de imposto de selo, teriam sido especificamente mencionados no estatuto. Ele se baseou em Oyegun v. Nzeribe (2010) 7 NWLR (Pt. 1194) 577; Exército da Nigéria v. Aminun-Kano (2010) 5 NWLR (Pt. 1188) 429. Ele instou o tribunal a desconsiderar o argumento da recorrente e a resolver a questão em favor da recorrente.
Ao resolver a questão, o tribunal decidiu o seguinte:
Na minha opinião, é bastante óbvio, a partir das disposições da Lei dos Direitos do Selo (supra), que a conclusão acima do tribunal abaixo não está de acordo com a lei. Nos termos da secção 3 da Lei dos Direitos do Selo, é expressamente previsto que os impostos de selo a cobrar em conformidade com as disposições da lei ficarão sujeitos às isenções nela previstas. A referida seção 3 fornece assim:
3. Carga de direitos no Cronograma (1) a partir do início do presente Ato, os deveres a serem cobrados dos vários instrumentos especificados no cronograma do presente Ato serão os vários deveres estabelecidos no referido cronograma, quais deveres substituir os deveres, portanto, exigíveis nos termos dos decretos revogados por esta Lei e estarão sujeitos às isenções contidas nesta Lei e em qualquer outra Lei vigente no momento.
Assim, é conseqüência da provisão da seção 3 da Lei de Direitos do Selo que o item 4 do Cronograma (para a Lei) sob o título & # 8220; Isenções & # 8221; prevê que:
Recibos de dinheiro depositado em qualquer banco ou com qualquer banqueiro a ser contabilizado e expresso para ser recebido da pessoa a quem o mesmo deve ser contabilizado ou por dinheiro retirado de uma conta bancária de poupança.
Indiscutivelmente, as isenções previstas no item 4 do Anexo à Lei de Direitos do Selo (supra) foram devidamente reconhecidas pela seção 3 da referida Lei. É um princípio banal e fundamental, que as disposições de um cronograma de uma Lei sejam devidamente reconhecidas como parte integrante da Lei de habilitação, desde que não haja conflito entre as disposições da Lei e a respectiva programação. Ver NNPC v. Famfa Oil Ltd (2012) 17 NWLR (Pt. 1328) 148 em que o tribunal Apex habilmente afirmou:
"Devo observar que o Cronograma de um Ato / Estatuto faz parte do Ato e é tão potente quanto qualquer parte do Ato & # 8221;
Per Rhodes Vivour, JSC @ 196.
As disposições do cronograma para a Lei, mais especialmente o item 4 em questão, são indiscutivelmente parte das disposições substantivas da Lei de Direitos do Selo, portanto, não podem, por qualquer extensão de imaginação, estar em conflito ou em desacordo com qualquer outra disposição da lei, seção 90 inclusive. E eu seguro.
A questão é resolvida a favor do apelante.
A. Adegbonmire (SAN) com S. Mustafa, Esq. para o recorrente.
R. A. Oluyede, Esq. com Ifeoma Esom (Mrs.) e Gift Onojakpor, Esq. para o 1º Respondente.
Este resumo é totalmente relatado em (2016) 6 CLRN.
Os Cavaleiros de Malta-feudo do Vaticano: um conto de cavalheirismo e soberania.
Por Philip Pullella
CIDADE DO VATICANO (Reuters) & # 8211; Na tarde de 24 de janeiro, um BMW preto saiu de um palácio do século 16 em Roma, atravessou o rio Tibre e se dirigiu ao Vaticano, uma curta viagem para acabar com um desafio descarado à autoridade do papa Francisco.
Dentro do carro estava o inglês Matthew Festing, de 67 anos, o chefe de uma antiga ordem católica de cavaleiros que hoje é uma instituição de caridade mundial com um status diplomático único.
Festing estava prestes a renunciar, o primeiro líder em vários séculos da Ordem de Malta, que foi fundada em 1048 para fornecer ajuda médica aos peregrinos na Terra Santa, para renunciar ao invés de governar por toda a vida.
O movimento visava acabar com uma discussão altamente pública entre Festing e o papa reformista sobre o funcionamento da instituição de cavalaria. O conflito de semanas se tornou um dos maiores desafios internos até o momento para Francis; esforços para modernizar a Igreja Católica Romana de 1,2 bilhão de membros.
Em causa estava a reação da Ordem à descoberta de que os preservativos tinham sido distribuídos por um dos seus projetos de ajuda em Mianmar. A Ordem havia demitido seu grande chanceler, Albrecht Freiherr von Boeselager, que era responsável pela distribuição de preservativos. Von Boeselager se recusou a comentar este artigo.
Embora o uso do preservativo vá contra o ensinamento católico, o Vaticano ordenou uma investigação sobre o disparo de von Boeselager. Posteriormente, publicamente criticou Festing, que se recusou a cooperar com a investigação.
Recuando, Festing & # 8212; um ex leiloeiro de arte da Sotheby & # 8212; entregou uma carta de demissão escrita à mão a Francisco na residência privada do papa, segundo uma importante fonte do Vaticano. Festing, que tem o título de príncipe, recusou um pedido de entrevista.
Em vez de reprimir o conflito, no entanto, a renúncia de Festing foi seguida por outro desafio para Francis & # 8217; autoridade & # 8212; liderada pelo cardeal americano Raymond Leo Burke, crítico do Papa Vocal, de acordo com fontes do Vaticano e dos Cavaleiros.
Em particular: Burke tentou convencer Festing a retirar sua renúncia e continuar lutando contra o papa, dizem essas fontes. No sábado, o Conselho Soberano do Knight aceitou a renúncia de Festing e recolocou von Boselager, uma clara derrota para Burke.
Burke se recusou a comentar este artigo.
A briga sugeriu que Francis ainda está lutando para consolidar seu poder sobre a Igreja quase quatro anos depois, disseram fontes do Vaticano.
Além de uma luta contra os preservativos, o confronto apontava para divisões persistentes entre os conservadores da Igreja e facções mais progressistas que apóiam a agenda reformista do papa, acrescentam.
Francisco está tentando tornar a Igreja menos dogmática e mais acolhedora para aqueles que se sentiram excluídos, como os homossexuais e os divorciados.
"Embora toda essa saga fosse uma questão interna que provavelmente deveria ter permanecido assim, ela se metamorfoseou em um conflito que mostrou a divisão entre conservadores e progressistas". disse Andrea Tornielli, autor de vários livros sobre o Papa Francisco.
O Vaticano se recusou a comentar sobre o confronto e sobre o Papa Francisco & # 8217; esforços para consolidar seu poder.
Ele dirigiu a Reuters para duas declarações públicas. Um deles, em 22 de dezembro, se refere à ordem do Vaticano para investigar o disparo de von Boeselager. A segunda, em 17 de janeiro, seguiu uma promessa de Festing on the Knights & # 8217; página da web para não cooperar com o Vaticano. Ele condenou sua resistência e ordenou que os membros da ordem cooperassem.
Os principais líderes de todos os homens dos Cavaleiros de Malta não são clérigos, mas fazem votos de pobreza, castidade e obediência ao papa.
Um aristocrata alemão cujo pai participou de uma conspiração fracassada para matar Hitler na Segunda Guerra Mundial, von Boeselager foi demitido pelo Festing em dezembro, e acusado de ter permitido o uso de preservativos enquanto ele era o chefe dos Knights; projetos humanitários globais.
Festing o demitiu na presença de Burke, argumentando que o alemão havia escondido o uso do preservativo dos líderes da ordem quando foi nomeado grão-chanceler, de acordo com fontes do Vaticano e do Vaticano.
Imediatamente, o disparo desencadeou o conflito entre os Cavaleiros & # 8217; hierarquia e do Vaticano.
Von Boeselager, um católico devoto, disse em um comunicado em 23 de dezembro que estava totalmente por trás dos ensinamentos da Igreja. Ele fechou dois projetos no mundo em desenvolvimento quando descobriu que os preservativos estavam sendo distribuídos, mas manteve uma terceira corrida em Mianmar por um tempo, porque o fechamento teria terminado abruptamente todos os serviços médicos básicos para pessoas pobres.
A Igreja não permite preservativos como meio de controle de natalidade e diz que a abstinência e a monogamia no casamento heterossexual é a melhor maneira de impedir a disseminação da AIDS.
Na mesma declaração, von Boeselager disse que Festing e Burke disseram a ele que o Vaticano queria que ele renunciasse e que haveria "consequências severas". para a Ordem, se ele não o fez.
O Vaticano negou, em uma carta de seu secretário de Estado à Ordem e visto pela Reuters, que ordenou a renúncia, dizendo que havia dito aos cavaleiros que o papa queria uma solução por meio do diálogo.
O alemão disse que seu saque foi contra os Cavaleiros & # 8217; Constituição e apelou ao papa, que ordenou a investigação.
Festing se recusou a cooperar, emitindo uma série de declarações públicas cada vez mais estridentes. Em um deles, ele chamou a comissão papal que estava investigando o disparo - legalmente irrelevante.
Em uma carta confidencial de 14 de janeiro para os escalões mais altos da ordem e vista pela Reuters, Festing escreveu: "Ao recusar-me a reconhecer a jurisdição desse grupo de pessoas, estou tentando proteger o pedido" # 8217; s soberania & # 8221 ;.
A instituição tem o estatuto de entidade soberana, mantendo relações diplomáticas com mais de 100 estados e a União Europeia e estatuto de observador permanente nas Nações Unidas.
O papa estava irritado com a posição desafiadora de Festing, disse uma importante fonte do Vaticano, e o Vaticano reagiu com uma declaração pública ordenando que os Cavaleiros obedecessem.
Depois dessa ordem pública, Festing mudou de tom e demitiu-se na residência do papa uma semana depois.
A renúncia de Festing foi um choque para muitos dentro dos Knights: alguns deles disseram à Reuters que era semelhante à renúncia do papa Bento 16 em 2013.
Quatro fontes disseram que para muitos outros na ordem, isso foi um alívio. Eles temiam que o conflito estivesse prejudicando a imagem da instituição, cujos 13.000 membros, 80.000 voluntários e 20.000 funcionários médicos pagos ajudam os mais necessitados em todo o mundo.
No dia seguinte a Festing entregou sua renúncia ao papa, o cardeal Burke dirigiu-se até a sede da Ordem em seu apartamento perto do Vaticano e tentou persuadir Festing a retirar sua renúncia, uma fonte do Vaticano e outra dos Cavaleiros.
Burke se recusou a comentar sobre seu encontro com o Festing.
Burke há muito lidera os desafios contra o papa. O papa Francis o rebaixou de um cargo no topo do Vaticano em 2014 sem nenhuma explicação oficial e o designou para ser o patrono. da Ordem de Malta.
Tal & # 8220; patrono & # 8221; posições são geralmente dadas aos cardeais mais velhos depois que eles se aposentam aos 75 anos. Burke tinha apenas 66 anos e o rebaixamento era amplamente visto como um sinal da irritação do papa com a constante crítica do cardeal sobre as reformas de Francisco.
Em particular, Burke contestou as medidas do papa que permitiriam aos católicos que se divorciaram e se casaram fora da Igreja sem uma anulação para retornar ao sacramento da comunhão. Burke se recusou a comentar sobre seu rebaixamento.
Desde o rebaixamento, Burke tornou-se ainda mais um ponto de encontro para conservadores, voando ao redor do mundo para dar palestras para grupos conservadores e muitas vezes dando entrevistas criticando as decisões do papa.
Em novembro, ele liderou um raro desafio público ao papa com três outros cardeais que acusaram o pontífice de semear confusão sobre questões morais importantes, como a da comunhão para os divorciados.
Burke depois disse em uma entrevista que se o papa não respondesse à sua carta, os cardeais poderiam precisar "corrigir". o próprio papa para o bem da Igreja.
O Vaticano não comentou sobre a revolta na época, mas muitos dos defensores do papa criticaram publicamente os quatro cardeais.
O papa irá agora nomear um delegado pontifício & # 8221; para ajudar a executar a ordem, pelo menos até que as eleições possam ser realizadas para um novo Grão-Mestre.
Em uma carta pessoal ao Conselho Soberano em 27 de janeiro e vista pela Reuters, Francisco deixou claro que o Vaticano não queria interferir com a soberania da Ordem, mas disse que seu delegado procuraria "renovar a espiritualidade". da Ordem, especificamente daqueles membros que fazem votos. & # 8221;
(Edição de Mark Bendeich, Philippa Fletcher e Alessandra Galloni)
IDE e clima de investimento da Nigéria: desafios, perspectivas & # 8211; Dr. Ademola Adebisi.
A busca e a mobilização de capital estrangeiro para o desenvolvimento nacional tornaram-se fenômenos universais nas relações econômicas globais. Isto é tanto mais que as economias da maioria dos estados no mundo hoje se apóiam no capitalismo caracterizado por transações econômicas transfronteiriças. Em parte motivada pela busca de matérias-primas, a Grã-Bretanha havia colonizado a Nigéria; e antes de conceder sua independência, assegurou que o país estivesse bem ligado ao capitalismo mundial em uma arquitetura econômica desigual que tornou inevitável a busca por capital estrangeiro.
Hoje, é uma forte filosofia econômica que, para o país se desenvolver, o governo deve atrair inequivocamente o investimento estrangeiro (IDE) para o país. A busca pelo IDE cresceu tanto nos níveis federal e estadual que, funcionários públicos usar todas as plataformas internacionais disponíveis para pedir aos investidores estrangeiros que venham e invistam no país.
Embora a Nigéria não tenha sido privada de investimentos estrangeiros, observou-se que seu clima de investimento não lhe permitiu atrair o tão necessário capital estrangeiro adequado para transformar a economia. As perguntas pertinentes são: Quais são os desafios que o clima de investimento da Nigéria enfrenta? Quais são as perspectivas para o clima de investimento e IDE da Nigéria? As respostas a essas perguntas formarão o foco deste artigo.
A Nigéria havia adotado diferentes políticas públicas que tiveram implicações para o IDE. Desde o período colonial, a Nigéria implementou a “política da porta aberta”, que facilitou o livre fluxo de investimento estrangeiro no país. As políticas de nacionalização e indigenização que sucederam o liberalismo econômico, porém, representaram algumas ameaças ao IDE antes que o país revertesse novamente para abraçar o liberalismo econômico por meio de políticas agressivas de privatização, comercialização e parceria público-privada (PPP). Atos como o Decreto de Promoção de Investimentos e o Decreto de Câmbio (Monitoramento e Provisão Diversa) de 16 de janeiro de 1995 também foram promulgados.
Se a Nigéria oscilou entre as eras do liberalismo econômico e do nacionalismo econômico, qual é então a razão para a busca desesperada pelo IDE?
Primeiro, o IDE proporcionará à Nigéria a oportunidade de injetar recursos adicionais que são escassos para o país. Estes incluem recursos de capital, tecnologia e gerenciamento.
Dois, também facilitará oportunidades de emprego. Isso se torna importante para um país que ainda está trabalhando sob uma taxa de desemprego gigantesca. Por exemplo, no segundo trimestre de 2016, o desemprego ficou em 13,3% acima dos 12,1% nos três meses até março, atingindo o maior nível desde 2009. Terceiro é o desejo de alcançar a meta de superávit na balança de pagamentos do país .
Além disso, através do IDE, o governo pode ganhar mais receitas; e no contexto da globalização, o IDE também é capaz de aumentar a eficiência do capital. De fato, a Nigéria é naturalmente dotada como um refúgio de investimento.
Além de sua terra fértil, a população estimada do país, de 180 milhões, anuncia a mão-de-obra barata e o enorme mercado. Em comparação com o nível esperado de ingresso de IDE que ela deseja atingir, o ingresso de IDE ainda não é suficiente. De fato, o influxo de IDE tem sido consistentemente caracterizado por ascensão e queda. Por exemplo, de acordo com a Trading Economics, de 2007 a 2016, o IDE atingiu uma média de US $ 1348,23 milhões, atingindo uma alta histórica de US $ 3084,90 milhões no quarto trimestre de 2012 e uma baixa recorde de US $ 501,83 milhões no quarto trimestre de 2015.
De acordo com uma publicação da Conferência das Nações Unidas sobre Comércio e Desenvolvimento (UNCTAD), o IED na Nigéria caiu 27%, de US $ 4,7 bilhões em 2014 para estimados US $ 3,4 bilhões em 2015. A UNCTAD atribuiu isso à queda nos preços do petróleo e projetou uma desaceleração adicional. devido à fragilidade na economia global.
Além das tendências na economia global, certos desenvolvimentos ou desafios domésticos retratam a face negativa do clima de investimento da Nigéria e também desencadearam o tipo de vicissitudes que têm sido a narrativa do fluxo de IED. O primeiro deles é o desafio da insegurança.
O país tem sido atormentado por uma série de desafios de segurança que incluem a militância no Níger-Delta, a insurreição do Boko Haram no Nordeste, confrontos inter-étnicos e conflitos religiosos. Em todas estas, táticas terroristas como sequestro e assassinato foram empregadas. Uma situação como esta é, naturalmente, muito assustadora para os investidores estrangeiros.
Outro desafio é a restrição imposta pelo mau estado da infraestrutura do país, ou seja, estradas, fornecimento de energia e abastecimento de água. O mau estado de todas essas facilidades e mais, e a necessidade de que os investidores forneçam a maior parte delas no curso de suas operações, aumentaram o custo de fazer negócios na Nigéria. Em terceiro lugar é o monstro da corrupção. Esse desafio é tão difundido que os investidores estrangeiros não podem deixar de ser desencorajados de fazer negócios no país se não estiverem prontos para jogar bola.
No índice de percepção de corrupção de 2013 publicado pela Transparency International (TI), a Nigéria despencou de 137 de 177 países pesquisados em 2012 para 144º. Por causa disso, não poucos investidores estrangeiros se tornaram céticos em fazer negócios com nigerianos.
A instabilidade que atormentou o mercado de capitais nigeriano e os regimes cambiais (forex) também se tornaram um albatroz para o IDE.
Além disso, em todos os outros índices que podem facilitar o investimento estrangeiro, a Nigéria foi mal avaliada. Estes incluem a facilidade de fazer negócios e o índice global de competitividade. Por exemplo, de acordo com a Trading Economics, entre 2008 e 2016, a facilidade de fazer negócios na Nigéria teve uma média de 145,00 alcançando a máxima histórica de 170,00 em 2014 e a baixa de todos os tempos de 120,00 em 2008.Embora tenha melhorado em 2016 para 169,00 de 170,00 em 2015 , ainda sinaliza um terreno de negócios difícil e hostil para o investimento.
A Nigéria tem um enorme potencial que deve atrair a atenção dos investidores estrangeiros. Isso, no entanto, pode não ocorrer em um futuro previsível, a menos que o país resolva operar cirurgicamente a cara feia de seu clima de investimento. Se analisada de perto, a maioria dos setores da economia do país está bocejando por investimentos.
Mesmo com o clima de investimento prevalecente e arriscado, embora com a ressalva de maior facilidade de fazer negócios, a Grã-Bretanha projeta que os laços bilaterais entre a Nigéria e o Reino Unido podem chegar a £ 11,6 bilhões até 2030 através de exportações não petrolíferas e IDE.
O futuro não é, portanto, absolutamente sombrio para o país no que diz respeito a atrair mais IED.
Isto é mais que o presidente Muhammadu Buhari escolheu três áreas-chave como o foco de sua administração. São economia, corrupção e segurança. Como o tripé constitui o fulcro de sua administração, ele aparentemente vem enfrentando a maioria dos desafios ao clima de investimento do país.
Por exemplo, o combate à corrupção está sendo vigorosamente perseguido; a luta contra o terrorismo e outras formas de violência política também foi levada mais a sério; enquanto o zelo pelo desenvolvimento infraestrutural pela administração é igualmente intenso. Se a administração pode estar comprometida com essas mudanças e se esta direção política pode ser sustentada por sucessivas administrações, há esperança de um clima de investimento atraente e IDE.
Dr. Adebisi escreveu do Colégio Federal de Agricultura, Akure, Estado de Ondo.
SEC, investidores e proteção de ações -Collins Nweze.
Os investidores estão interessados na segurança de seus investimentos. Eles são atraídos por mercados em que seus interesses são mais bem protegidos e os processos de transação são perfeitos.
Consciente desses fatos, a Securities and Exchange Commission (SEC) está tomando medidas para garantir a confiança dos investidores e criar sistemas que tornem as transações livres de problemas. Sua instituição de N5 bilhões de Investors Protection Fund (IPF) para pagar a investidores N200.000 por perdas, em linha com o Plano Diretor do Mercado de Capitais, é uma medida para restaurar a confiança dos investidores no mercado de capitais.
Além disso, a SEC, em colaboração com o Banco Central da Nigéria (CBN), e em conformidade com seu mandato estatutário de promover e facilitar o desenvolvimento de sistemas eficientes e eficazes para a liquidação de transações, emitiu diretrizes para a liquidação de todos os tipos de valores mobiliários. .
Além disso, de acordo com a Parte XIV do Investment and Securities Act (ISA) de 2007, a SEC estabeleceu o IPF e nomeou um conselho de administração para administrá-lo. O objetivo do fundo é compensar os investidores com reclamações genuínas de perdas contra firmas-membro negociadoras, abrangidas por perdas resultantes dessas áreas-chave - a insolvência, falência ou negligência de uma firma-membro negociadora da bolsa; ou delito cometido por uma firma membro negociadora ou qualquer de seus diretores, executivos, empregados ou representantes em relação a valores mobiliários, dinheiro ou qualquer propriedade confiada, recebida ou considerada recebida pela firma membro negociadora no curso de seus negócios como uma transação firma membro.
O diretor-geral da SEC, Mounir Gwarzo, disse que além do IPF, a introdução do dividendo eletrônico e a liquidação direta de investidores foram direcionados para a implementação bem-sucedida do plano diretor.
“Também fizemos outras coisas, como a recapitalização. Nós instituímos um scorecard de governança corporativa e introduzimos o IPF. O fundo garante que, se houvesse alguns problemas que levassem à perda de dinheiro, o investidor seria compensado até um máximo de N200.000. Temos conversado sobre a alteração de algumas das nossas leis no mercado de capitais. Também montamos um grupo de defesa que analisará o mercado e verá como o mercado de capitais pode estar na linha de frente da economia nigeriana ”, disse ele.
Falando ainda mais, ele disse em termos da implementação do plano diretor, a SEC está indo muito bem e continuou a elevar os padrões do mercado.
Segundo Gwarzo, uma diretoria foi criada para ajudar a administrar os negócios do fundo e seus membros garantiriam que as reclamações dos investidores fossem genuínas.
“Se você apresentar qualquer reclamação, há muitos processos rigorosos de verificação para verificar se sua reclamação é genuína e se você é realmente o verdadeiro proprietário desse investimento. Os beneficiários seriam N200.000. Toda a essência de dar os N200.000 é aliviar temporariamente a pressão financeira pela qual a pessoa está passando. No início do ano passado, pagamos cerca de 320 beneficiários ”, disse ele.
Analistas acreditam que o atual baixo patrocínio do mercado de ações nigeriano é em parte como resultado das perdas que sofreram durante a crise do mercado de 2008 e 2009. Muitos dos investidores acreditavam que a proteção que receberam dos reguladores no passado não foi suficiente e, portanto, relutam em retornar ao mercado. No entanto, os atuais reguladores de mercado intensificaram os esforços para proteger os investidores, a fim de aumentar sua participação no mercado.
Por exemplo, a Bolsa de Valores da Nigéria (NSE) assinou um Memorando de Entendimento (MoU) em 2013 com a Comissão de Crimes Econômicos e Financeiros (EFCC). Este MoU tinha como objetivo combater as infrações de mercado e conter os abusos de mercado por causa de sua postura de tolerância zero em infrações ao lidar com empresas-membro e empresas listadas.
A parceria abriu com sucesso linhas diretas de comunicação e compartilhamento de informações com a EFCC para relatar e investigar incidentes que levaram a uma aplicação da lei mais pró-ativa e à recuperação rápida de títulos roubados.
A iniciativa levou à prisão de indivíduos suspeitos de falsificação, roubo de identidade e venda fraudulenta de ações.
No entanto, a medida em que um investidor pode ser protegido é definida pelas leis comerciais e pela aplicação de tais leis, de tal forma que os investidores são protegidos contra a desapropriação por insiders da empresa.
No mercado de capitais, a proteção do investidor geralmente é medida por indicadores que quantificam as proteções explícitas concedidas a acionistas e credores pelas leis corporativas, de falência e reorganização, bem como a qualidade da aplicação da lei. Exemplos de tais proteções explícitas são aquelas que afetam a capacidade dos acionistas de derrubar diretores, inclusive permitindo que os acionistas votem por procuração.
Analistas acreditam que as diferenças na proteção do investidor entre os países são substanciais e são responsáveis por diferenças no desenvolvimento dos mercados financeiros e, finalmente, as diferenças no desenvolvimento econômico. Na Nigéria, o Investment and Securities Act (ISA) de 2007 fornece as maneiras e maneiras em que os investidores estão protegidos.
Além de assinar o memorando de entendimento com a EFCC, a NSE também identificou a educação dos investidores como mais uma verdadeira ferramenta para proteger os investidores no mercado de capitais. A NSE iniciou seu programa de alfabetização financeira na proteção de investidores em fevereiro de 2012. Esse programa foi criado para aumentar a compreensão dos investidores sobre os fundamentos do investimento em torno da construção de carteiras, alocação de ativos e diversificação de riscos. In 2015, The NSE conducted over 172 programmes across Nigeria, including school outreach sessions, seminars and workshops to educate investors, market participants and the general public about responsible investing and sustainable capital formation, reaching about 15,000 people.
To promote sound practices of corporate governance, the NSE introduced the Corporate Governance Rating System (CGRS), an initiative designed to rate listed companies on the exchange based on their corporate governance and anti-corruption culture, thereby improving the overall perception of and trust in Nigeria’s capital markets and business practices.
NSE Chief Executive Officer, Oscar Onyema, said the introduction of the CGRS would improve the overall perception of the capital markets and business practices of listed companies. He said: “It is expected that companies will enjoy tangible business advantages from risk-oriented and/or ethically sensitive business partners and investors. In addition, competitors would be challenged to establish the same level of good governance by setting standards of excellence. Companies would not only set themselves apart from their peers, but also contribute to improving the climate for doing business in Nigeria.”
Similarly, as part of efforts to protect investors by enhancing access to their cash as well as eliminating fraudulent activities in the Nigerian capital market, the NSE, in collaboration with the SEC and Central Securities Clearing System (CSCS), commenced the Direct Cash Settlement (DCS) . The initiative allows for the direct payment of proceeds of sale of securities into an investor’s nominated bank account.
The initiative is a great departure from former practice where proceeds from sale of securities are paid directly into the stockbroker’s account. Stockbrokers then deduct transaction fees and remit the balance to the client’s account. Historically, issues have arisen when the proceeds of sales were not remitted into the clients’ accounts, which necessitating the need for the initiative.
In terms of enhancing surveillance, the NSE equally acquired NASDAQ’s SMARTS Market Surveillance platform to power its compliance programme. The technology will provide the NSE with the surveillance expertise needed to grow and expand the market and equip the exchange with the surveillance tools necessary to monitor market manipulation, including spoofing and layering.
The NSE launched its whistleblowing portal (X-Whistle) in 2014, to enable operators, investors and other stakeholders disclose information on market infractions and abuse. The X-Alert, which allows the investing public to know when a transaction has been made on their account, has also been introduced. Explaining the importance of the initiative, the NSE said: “Each time investors buy or sell a security, an alert is sent via a text message to the recipient’s mobile phone or via an e-mail to the recipient’s mailbox.
“The initiative brought real time notification plus transparency to the market at market rates, while safeguarding against unauthorised sale or purchase of securities.”
To increase the level of market compliance, the NSE also launched the BrokerTraX, a tool that provides transparency of broker and brokerage firm compliance with the rules of the market. Not only this, there was an introduction of X-Compliance Report, a transparency initiative designed to help maintain market integrity by providing compliance related updates on all listed companies.
Recently, the exchange has again commenced the use of enhanced Compliance Status Indicator (CSI) codes on the ticker tape for listed companies as part of efforts to further improve market transparency and integrity, provide timely information for investment decision as well as enhance the protection of investors in the capital market.
Under this initiative, the exchange tags all listed companies with a three character code that indicates the compliance status of the listed company at any particular point in time. This compliance code will enable investors to make informed decisions while ensuring a transparent market guided by timely information.
Debt Management Office steps in.
In a bid to ensure that retail investors benefit from the Federal Government Bonds (FGN Bonds), the NSE has collaborated with the Debt Management Office (DMO).
According to DMO Director-General, Dr. Abraham Nwankwo, there had been efforts to ensure that the FGN bonds were democratised for retail investors to participate since 2012. He said the organisation appointed Stanbic IBTC Stockbrokers to assist in the democratisation of the initiative to ensure that its services were not only for the upper class.
He said: “We wanted Stanbic IBTC to assist us in making sure that every retail investor with little money can also participate in the investment thereon. The NSE is not an elitist platform for only those who are millionaires and billionaires, but also for those with little money like N10, 000 to invest in the government bond and have it listed on the NSE.”
Nwankwo said the move had yielded some positive results, noting that the job was to encourage retail investors to buy FGN bonds and have their bonds traded on the NSE just as big investors.
The Central Bank of Nigeria (CBN), supported by SEC, is also keen on protecting investors’ confidence. The apex bank has set commercial banks’ investment in Islamic bonds issued by state governments to 10 per cent of the total amount on offer.
CBN’s Director, Financial Markets Department, Angela Sere-Ejembi, said the apex bank also fixed a maximum tenor of 10 years for the bonds.
“In view of the need to foster financial system and economic growth and development, as well as complement the efforts of government at various levels, the CBN has approved “Guidelines for Granting Liquid Asset Status to Sukuk Instruments issued by state governments”, to enhance the diversification of sources of funding for development at the sub-national levels,” she said.
She said financial deepening is gradually gaining ground in the Nigerian financial landscape with the introduction of new financial products, including non-interest financial instruments, to cater for the diverse financial needs of the populace and government at various levels.
The adoption of Sukuk issuance by state governments, as an alternative means of financing public expenditure, will contribute to the deepening of the financial system. In the same light, it is expected that other levels of government as well as interested supra-national financial organisations may get involved in Sukuk structuring at some time in the future.
She said to ensure the sustainability of this development, the CBN has considered the need to enhance the quality of Sukuk instruments, by issuing these guidelines to provide for eligibility for the grant of liquidity status to Sukuk issued by state governments at its discount window as well as for the purpose of liquidity ratio computation. This will further deepen the market and promote investment and secondary market activities.
The Sukuk issuance, she said, shall be backed by a law enacted by the relevant House of Assembly, specifying that a sinking fund to be fully funded from the consolidated revenue fund account of the state be established.
The guidelines for the SEC/CBN settlement plan also set out the procedures for the settlement of securities, including the rights and obligations of the parties involved in every transaction. It also covers the settlement procedures and settlement cycle for the trades executed in the Nigerian Stock Exchange traded securities, FMDQ over the Counter (OTC) Securities, NASD Over the Counter (OTC) Securities, Nigerian Commodity Exchange (NCX) traded securities and Afex Commodities Exchange.
Parties to Securities Settlement include, but not limited to Capital Market Registrars, CBN, NSE, Central Securities Clearing System (CSCS) Plc (Central Securities Depository -Clearing & Settlement Agent), Deposit Money Banks (DMBs), Custodians, Dealing Members Firms Page, Discount Houses and Nigerian Commodity Exchange (NCX).
According to a release on the CBN’s website, the general rule is that any securities transaction must trade or be reported through a licensed Exchange in line with the standard settlement guidelines.
“After each day’s transaction (Day T), the clearing/settlement agent (CSCS) shall generate the financial obligations of each dealing positions of the dealing member firms based on their respective settlement banks to arrive at net position per settlement banks,” the statement said.
For Federal Government securities, the statement added that after each day’s transaction (Day T), the clearing/settlement agent shall generate the financial obligations of each dealing member firms. It added that the clearing/settlement agent shall generate the financial positions of the dealing member firms based on their respective settlement banks to arrive at net position per settlement banks.
On Federal Government securities (primary auction), the guideline directed that among other things, after the release of auction result, the government securities issuing agent shall notify each successful bidder (primary dealer) their financial obligations. The successful bidder shall fund its account with the government securities issuing agent for settlement on or before Day T+2.”
The aim of this guideline is to promote competitive, efficient, safe and sound post trading arrangements in Nigeria. This should ultimately lead to greater confidence in securities markets and better investor protection and should in turn limit systemic risk. In addition, the guidelines seek to improve the efficiency of the market infrastructure, which should in turn promote and sustain the integration and competitiveness of the Nigerian securities markets, according to the guideline.
Gwarzo is interested in unlocking the country’s economic potential and creating wealth for the people. It is more concerned about investors’ protection. While many agencies and investment companies began a campaign, urging investors to invest in digital currencies, such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies, SEC warned them about the risk of such investment.
In a statement, SEC said: “The attention of the SEC has been drawn to radio advertisements and other modes of solicitations of the public to invest in digital currencies. The public is hereby advised to exercise extreme caution with regards to digital as a vehicle of investments. This warning is in consonance with similar warnings issued by capital market regulators and central banks across the world over the past few years.”
The Commission alerted the public that none of the persons, companies or entities promoting the initiative has been recognised or authorised by it or by other regulatory agencies to receive deposits from the public or to provide any investment or other financial services in or from Nigeria. The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be risky in nature with a high risk of loss of money, while others may be outright fraudulent schemes.
Continuing, it said: “Given that these instruments and the persons, companies or entities that promote them have neither been authorised, nor any guidelines/regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business.
“The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction, they should ascertain that the entity with whom the investment or transaction is being made is authorised by the Commission or other financial services regulatory authority as applicable to provide such services.”
But the Managing Director, Nigeria Deposit Insurance Commission (NDIC), Umaru Ibrahim, said the corporation and the CBN had set up a committee to look into the trending “digital currency, ‘bitcoin’.
Ibrahim, who spoke at a media forum in Kaduna with “Economic Recession and the Nigerians Banking Sector: Opportunities, Challenges and the way Forward”, as theme, said the corporation had constituted a committee together with the CBN to have a deep study of the phenomenal bitcoin.
“We will look at it’s advantages and disadvantages, what it means for the payment system and what it means for safety and security of customers. We will also look at what it means for money laundering, anti corruption, crime and measurement of money/near money instrument for the economy. But we need a lot of education to do this,” he said.
Overtime, Gwarzo believes that the potentials of the local financial market are enormous and have to be unlocked early to create wealth for the nation, but it has to be done rightly and with the right information. The SEC boss is, therefore, implementing key policy initiatives meant to deepen the Nigeria financial market, secure investors’ confidence and drive investment with new technologies.
Like the CBN, SEC under Gwarzo is aware of the impact of bringing more people into the financial market net and creating seamless dealing platforms that raise confidence level in the market. These policies are not only sustaining investors’ interest, but deepening the financial market.
The e-dividend management system, which was launched last year by the SEC in collaboration with the CBN and the Nigeria Interbank Settlement System (NIBSS) to enable investors have direct access to their dividends, is already enjoying some level of compliance from the investing public.
The SEC boss said the Nigerian capital market has amazing potential to serve as a catalyst for financial inclusion. While most people identify capital markets as important sources of medium-to-long-term capital, a few realised their amazing potential to serve as catalysts for bringing so many people into the financial services sector in the interest of the economy.
Review of the National Industrial Court of Nigeria (Civil Procedure) Rules, 2017.
The National Industrial Court of Nigeria (Civil Procedure) Rules, 2017 (“New Rules”) which was made on the 6th day of December 2016 but came into effect on the 5th day of January 2017 is a remarkable improvement of the National Industrial Court (Civil Procedure) Rules of 2007. The New Rules revokes the National Industrial Court Rules, 2007 and Practice Direction, 2012.
There is the need for the President of the Court to clarify the correct citation and commencement date of the rules before it is fully circulated. Order 1 Rule 2 provides that “these Rules may be cited as the National Industrial Court of Nigeria (Civil Procedure) Rules, 2016 and shall come into effect on the 5th day of January, 2017. However, the short title of the Rules as boldly written on the copy obtained from the court is National Industrial Court of Nigeria (Civil Procedure) Rules 2017. Likewise, the commencement date indicated before the Orders is 3th (sic) Day of January 2017.
Whilst the 2007 rules contained twenty-nine Orders, the New Rules provides for sixty-seven Orders. The difference in the Orders contained in the two rules is an indication of the improvement in the latter over the former.
The New Rules is a reflection of the expanded jurisdiction of the court as provided for by the Constitution of the Federal Republic of Nigeria (Third Alteration) Act, 2010. The New Rules is very detailed on a number of issues, some of which will be discussed shortly. Under the old rules there were a lot of gaps which left the court with no option than to rely on the provisions of Order of that rules, which provides that –
“ Where no provision is made in these Rules as to practice and procedure or where the provisions are inadequate, the Court may adopt such procedures as will in its view do substantial justice to the parties .”
Order 15 of the 2007 rules gave wide room to judges to adopt different procedures in many circumstances where the rules do not make provisions, thereby making the procedures of the court unpredictable and confusing in many circumstances. Though Order 58 Rule 24 of the New Rules is similar to Order 15 of the 2007 rules, resort to it will be very minimal in view of the robustness of the new rules.
Some of the significant innovations in the New Rules are electronic filing of processes and documents (Order 6A); entitlement of deceased employee (Order 10 and 11); Pre-Trial Conference (Order 12);Claims of Sexual Harassment and Discrimination in the workplace (Order 14); procedure in action for breach of international protocol, convention and treaties and proof of existence of international best practice (Order 14 A); enforcement of arbitral award (Order 17 rule 3); reference of disputes to ADR Center (Order 24); fast track matters (Order 25);prohibition of legal practitioners from granting press interview on a matter pending before the Court either within the precincts of the Courts or environs (Order 58 rule 27); appointment of Public Trustee in deserving cases where there is intra-union or intra-organizational dispute before the court (Order 59 )etc.
One of the features of the New Rules is its human face. Order 10 Rule 1 of the New Rules provides that.
“ filing of any process related to or connected with outstanding salary, gratuity, pension, benefits, or any other entitlement of deceased employee in any of the Registries of the Court shall attract twenty-five (25%) percent only of the stipulated filing fees ”.
Order 11 rule 10 provides that.
“ Any process related to or connected with outstanding salary, benefits, allowances, gratuity, pension or any other entitlement of a deceased person filed in any of the Registries of the Court, shall be placed on fast-track”.
Order 25 rule 1 provides for other matters that qualify to be placed on fast track. Suchmatters include, cases concerning or relating to a strike, lock-outs or any other form of industrial action that threatens the peace, stability and economy of the country or any part thereof; a declaration of trade dispute by essential services providers; a trade dispute directly referred to the court by the Minister of Labour and Productivity; any matter relating to entitlements of a deceased employee; and any other matter the President of the Court may direct to be placed on fast-track.
Order 14 Rule 1 lays down the procedures for Claims of sexual harassment whilst Order 14 Rule 2 lays down the procedure for Claims of workplace discrimination.
Order 14A provides that.
“ Where an action involves a breach of or non-compliance with an international protocol, a convention or treaty on labour, employment and industrial relations , the Claimant shall in the complaint and witness statement on oath, include the name date and nomenclature of the protocol, convention or treaty; and proof of ratification of such protocol, convention or treaty by Nigeria.”
It went further to provide that.
“ In any claim relating to or connected with any matter, the party relying on the International Best Practice, shall plead and prove the existence of the same in line with the provisions relating to proof of custom in the extant Evidence Act.”
Before now the procedures to be adopted in these matters were unclear.
Order 17 Rule 3(3) of the rules now provides for the enforcement of Arbitral awards thus- “An award made by an arbitrator may by leave of the Court, be enforced in the same manner as a judgment or order of Court”. This in my view is a good development for commercial entities and their employees who have arbitration clauses in their contracts and a development that will encourage parties and practitioners to adopt arbitration as a means of dispute resolution in labour and employment matters.
Order 24 provides for Alternative Dispute Resolution by way of Mediation and Conciliation at the Court-annexed ADR centre. Where parties are able to resolve their matter by mediation or conciliation, the terms of settlement will be adopted as the Judgment of the Court. However, if parties are unable to settle, the Court may set the matter down for hearing and determination on its merits.
One of the most interesting provisions of the New Rules is the provision of Order 58 rule 27 which provides that:
“ No legal practitioner shall be allowed to grant any press interview, make comments or give any opinion or argument that may touch on a matter which is sub-judice before the Court either within the precincts of the Court, its appurtenances or environs .”
This provision was made to stem the tide of unethical practices of lawyers making statement to the press about matters which are pending before the court. This provision is a reinforcement of the provision of Rule 33 of the Rules of Professional Conduct 2007 which provides that “ A lawyer or law firm engaged in or associated with the prosecution or defence of a criminal matter or associated with a civil action shall not, while litigation is anticipated or pending in the matter, make or participate in making any extra-judicial statement that is calculated to prejudice or interfere with, or is reasonably capable of prejudicing or interfering with, the fair trial of the matter or the judgment or sentence thereon .”
Any legal practitioner who breaches Order 58 Rule 27 of the New Rules is liable to be committed for contempt of court as provided under Order 63 of the rules.
Order 59 Rule 1 provides that :
“where there is an intra-union or intra-organizational dispute before the Court, the Court may suo motu (on its own) or upon a motion on notice by any of the parties make an order for the appointment of a Public Trustee to manage the administration, affairs and finances of the trade union, employees’ or employers’ organization involved in any intra-union or intra-organizational disputes.
Provided that such application shall be accompanied by an affidavit stating the reasons for the appointment of the Public Trustee and the CTC of the Process(es) filed in respect of the intra-union or intra-organizational dispute before the Court.
Provided further that the Respondent(s) is given the opportunity to file a counter affidavit in response to the application and in compliance with the rules of the Court”
Order 59 Rule 2 went further to provide for the qualities to be considered in appointing an individual as a Public Trustee by the Court.
The court through the new rules maintained its status as a court of substantial justice. Order 5 Rule 1 provides that failure to comply with any of the rules of the Court may be treated as an irregularity and the Court may give any direction as it thinks fit. Order 5 Rule 3 provides that the Court may direct a departure from these Rules where the interest of justice so requires. Order 5 Rule 6 (1) provides that the Court may apply the rules of common law and rules of equity in any proceeding before it concurrently, provided that where there is conflict between the two rules the rules of equity will prevail.
By Order 5 Rule 6 (2), the rules provides for departure from the provisions of the Evidence Act in deserving cases. The rules provides that in any proceeding pending before it , the Court may as a specialized Court regulate its procedure and proceedings as it thinks fit in the interest of justice and fair play. In appropriate circumstances, the Court may depart from the evidence act as provided for in Section 12(2)(b) of the National Industrial Court Act, 2006 in the interest of justice, fairness, equity and fair-play.
Order 5 rule 6(3) sums up the flexible nature of proceedings of the Court thus,
“ In any proceeding before it , the Court shall apply fair and flexible procedure and shall not allow mere technicalities to becloud doing justice to the parties based on the law, equity and fairness while also considering the facts of any matter before it .”
In conclusion, the National Industrial Court of Nigeria (Civil Procedure) Rules, 2017 is a watershed in the history of the Court. The Rules will go down as one of the most comprehensive and most flexible Rules any Court can boast of in Nigeria. I commend the President of the National Industrial Court of Nigeria for this milestone and for lifting the Court from oblivion to its present enviable height.
The Author, Mr Ahmed Adetola-Kazeem , MCIArb (UK) is a Legal Practitioner and a Counsel in the law firm of Gani Adetola-Kaseem, SAN LP.
‘Romantic realism’: the seven rules to help you avoid divorce.
We expect love to be the source of our greatest joys. But, in practice, it is one of the most reliable routes to misery. Few forms of suffering are ever as intense as those we experience in relationships. An estimated 42% of marriages in Britain end in divorce; 30% of people in couples describe themselves as “actively unhappy but unable to leave”.
The new year can be gloomy – one in five divorces are filed in January. But we can at least try to understand our sorrows. This does not magically remove problems, but it sets them in context, reduces our sense of isolation and helps us to accept that certain problems are normal.
The problems begin because, despite all the statistics, we are inveterate optimists about how love should go. No amount of information seems able to shake us from our faith in love. A thousand divorces pass our doors; none seem relevant to us. We continue to think of love as an enthusiasm, rather than a skill that might be learned.
One of our gravest errors around relationships is to imagine that they aren’t things we can get wiser or better at. We might do well this new year to develop an emotional skill one could term “romantic realism”, defined as an awareness of what can legitimately be expected of love and the reasons why we will, for large stretches of our lives, be very disappointed by it for no especially sinister reasons. In fact, as in all areas, we can improve how good we are at loving another person. We are ready for a relationship when:
1 We accept perfection is unrealistic.
We should accept from the outset that anyone we could be with will be very far from perfect. We should also grasp the specifics of their imperfections: how they will be irritating, difficult, sometimes irrational and often unable to sympathise or understand us. However, we are a flawed species. Whomever one got together with would be radically imperfect in a host of deeply serious ways. One must conclusively kill the idea that things would be ideal with any other creature in this galaxy. There can only ever be a “good enough” relationship.
For this realisation to sink in, it helps to have had a number of relationships, not in order to have the chance to locate “the right person”, but so that one can have ample opportunity to discover at first hand, in many different contexts, the truth that everyone (even the most initially exciting prospect) really is a bit wrong close up.
2 We learn to blame love, not our lover.
When difficulties strike in relationships, we often fall prey to the idea that we are going out with a particularly cretinous human. The sadness must be someone’s fault: and, naturally enough, we conclude that the blame has to lie with the partner. We avoid the far truer, darker, yet gentler conclusion: that we are trying to do something very difficult at which almost no one succeeds completely. At an extreme, we exit the relationship far too early. Rather than adjust our ideas of what relationships in general are like, we shift our hopes to new people who – we ardently trust – won’t suffer any of the problems we experienced with the last partner. We blame our lover in order not to blame love itself, the truer but more elusive target.
3 We realise that love makes irrational demands of our partners.
The romantic ideal states that we will be nicer to our partner than to anyone else in the world. We selected them because we liked them so much and will therefore bring our kindest and most gentle sides forward in the relationship. We will be a lot nicer with them than, for example, with any of our friends. We like the latter; we love the former.
But the reality is intriguingly and soberingly different. We tend to become, if things go to plan, something akin to monsters in love. We’re likely to be significantly less kind to our partner than towards almost any other human on the planet. What explains our bad behaviour? Firstly, there is so much at stake. Our whole life is on the line. Friends are with us for the evening; our mutual challenges may go no further than the need to locate a half-decent restaurant. But the person we love becomes, if things go well, involved in some of the grandest and most complex matters we ever undertake: we ask them to be our lover, our best friend, our confidant, our nurse, our financial adviser, our chauffeur, our co-educator, our social partner and our sex mate. Together with them, we may set up a house, raise a child, run the family finances, nurse elderly parents, manage our careers, go on holiday and explore our sexuality. The job description is so long and so demanding, that no one in the standard employment market could conceivably deliver perfectly on even a fraction of the demands. Asking someone to be with us turns out to be an impossibly demanding and therefore pretty mean thing to suggest to anyone we would really want the best for.
Love also lends us the safety to show a partner who we really are – a privilege we would, in truth, be wiser and kinder never fully to share with anyone. We are – naturally – appallingly difficult to live with; it’s just that no one ever cared enough about us to tell us. Our friends couldn’t be bothered, our exes wanted to be rid of us without hassle, our parents were blind to our faults. That realisation should breed extreme modesty.
4 We are ready to love rather than be loved.
We start out knowing only about being loved. It comes to seem – very wrongly – like the norm. To the child, it feels as if the parent is spontaneously on hand to comfort, guide, entertain, feed and clear up, while remaining almost always warm and cheerful. Plenty of parents don’t reveal how often they have bitten their tongue, fought back the tears and been too tired to take off their clothes after a day of childcare. We should renounce the desire to be loved and instead strive to love.
5 We accept that relationships require administration.
The romantic person instinctively sees relationships in terms of emotions. But what a couple get up to together over a lifetime has much more in common with the workings of a small business. They must draw up work rosters, clean, cook, fix, throw away, mind, hire, fire, reconcile and budget.
None of these activities have any glamour whatsoever within the current arrangement of society. Those obliged to do them are therefore highly likely to resent them and feel that something has gone wrong with their lives for having to involve themselves so closely with them. And yet these tasks are what is truly “romantic” in the sense of “conducive and sustaining of love” and should be interpreted as the bedrock of a successful relationship.
6 We understand that sex and love do, and don’t, belong together.
The general view expects that love and sex will be aligned. But in truth, they won’t stay so beyond a few months or, at best, one or two years. This is not anyone’s fault. Because relationships in the long term have other key concerns (companionship, administration, another generation), sex will likely suffer. We are ready to get into a long-term relationship when we accept a large degree of sexual resignation and the task of sublimation.
7 We realise we’re not that compatible.
The right person is expected to be someone who shares our tastes, interests and general attitudes to life. This might be true in the short term. But, over an extended period of time, the relevance of this fades dramatically; differences inevitably emerge. The person who is truly best suited to us is not the person who shares our tastes, but the person who can negotiate differences in taste intelligently and wisely. It is the capacity to tolerate difference that is the true marker of the right person. Compatibility is an achievement of love; it shouldn’t be its precondition.
We often complain, at tricky points in our relationships, that love has turned out to be too hard. Perhaps we are repeatedly arguing over small domestic details, perhaps it’s been a long while since there was some uninhibited fun and delight. The difficulties not only distress us in and of themselves, they can also feel illegitimate, contrary to the rules of love – and a sign that the relationship itself must be an error. This is a legacy of Romanticism, an ideology that lulls us into the unhelpful belief that love is not something to be worked at, because it is a feeling and not a skill. We need only surrender to our emotions, and our relationships will thrive. In fact, the contrary is true. We must study love the way we study anything else that matters. We should modestly accept the need to enrol at the school of love.
Aid in reverse: how poor countries develop rich countries – Jason Hickel.
We have long been told a compelling story about the relationship between rich countries and poor countries. The story holds that the rich nations of the OECD give generously of their wealth to the poorer nations of the global south, to help them eradicate poverty and push them up the development ladder. Yes, during colonialism western powers may have enriched themselves by extracting resources and slave labour from their colonies – but that’s all in the past. These days, they give more than $125bn (£102bn) in aid each year – solid evidence of their benevolent goodwill.
This story is so widely propagated by the aid industry and the governments of the rich world that we have come to take it for granted. But it may not be as simple as it appears.
The US-based Global Financial Integrity (GFI) and the Centre for Applied Research at the Norwegian School of Economics recently published some fascinating data. They tallied up all of the financial resources that get transferred between rich countries and poor countries each year: not just aid, foreign investment and trade flows (as previous studies have done) but also non-financial transfers such as debt cancellation, unrequited transfers like workers’ remittances, and unrecorded capital flight (more of this later). As far as I am aware, it is the most comprehensive assessment of resource transfers ever undertaken.
What they discovered is that the flow of money from rich countries to poor countries pales in comparison to the flow that runs in the other direction.
In 2012, the last year of recorded data, developing countries received a total of $1.3tn, including all aid, investment, and income from abroad. But that same year some $3.3tn flowed out of them. In other words, developing countries sent $2tn more to the rest of the world than they received. If we look at all years since 1980, these net outflows add up to an eye-popping total of $16.3tn – that’s how much money has been drained out of the global south over the past few decades. To get a sense for the scale of this, $16.3tn is roughly the GDP of the United States.
What this means is that the usual development narrative has it backwards. Aid is effectively flowing in reverse. Rich countries aren’t developing poor countries; poor countries are developing rich ones.
What do these large outflows consist of? Well, some of it is payments on debt. Developing countries have forked out over $4.2tn in interest payments alone since 1980 – a direct cash transfer to big banks in New York and London, on a scale that dwarfs the aid that they received during the same period. Another big contributor is the income that foreigners make on their investments in developing countries and then repatriate back home. Think of all the profits that BP extracts from Nigeria’s oil reserves, for example, or that Anglo-American pulls out of South Africa’s gold mines.
But by far the biggest chunk of outflows has to do with unrecorded – and usually illicit – capital flight. GFI calculates that developing countries have lost a total of $13.4tn through unrecorded capital flight since 1980.
Most of these unrecorded outflows take place through the international trade system. Basically, corporations – foreign and domestic alike – report false prices on their trade invoices in order to spirit money out of developing countries directly into tax havens and secrecy jurisdictions, a practice known as “trade misinvoicing”. Usually the goal is to evade taxes, but sometimes this practice is used to launder money or circumvent capital controls. In 2012, developing countries lost $700bn through trade misinvoicing, which outstripped aid receipts that year by a factor of five.
Multinational companies also steal money from developing countries through “same-invoice faking”, shifting profits illegally between their own subsidiaries by mutually faking trade invoice prices on both sides. For example, a subsidiary in Nigeria might dodge local taxes by shifting money to a related subsidiary in the British Virgin Islands, where the tax rate is effectively zero and where stolen funds can’t be traced.
GFI doesn’t include same-invoice faking in its headline figures because it is very difficult to detect, but they estimate that it amounts to another $700bn per year. And these figures only cover theft through trade in goods. If we add theft through trade in services to the mix, it brings total net resource outflows to about $3tn per year.
That’s 24 times more than the aid budget. In other words, for every $1 of aid that developing countries receive, they lose $24 in net outflows. These outflows strip developing countries of an important source of revenue and finance for development. The GFI report finds that increasingly large net outflows have caused economic growth rates in developing countries to decline, and are directly responsible for falling living standards.
Who is to blame for this disaster? Since illegal capital flight is such a big chunk of the problem, that’s a good place to start. Companies that lie on their trade invoices are clearly at fault; but why is it so easy for them to get away with it? In the past, customs officials could hold up transactions that looked dodgy, making it nearly impossible for anyone to cheat. But the World Trade Organisation claimed that this made trade inefficient, and since 1994 customs officials have been required to accept invoiced prices at face value except in very suspicious circumstances, making it difficult for them to seize illicit outflows.
Still, illegal capital flight wouldn’t be possible without the tax havens. And when it comes to tax havens, the culprits are not hard to identify: there are more than 60 in the world, and the vast majority of them are controlled by a handful of western countries. There are European tax havens such as Luxembourg and Belgium, and US tax havens like Delaware and Manhattan. But by far the biggest network of tax havens is centered around the City of London, which controls secrecy jurisdictions throughout the British Crown Dependencies and Overseas Territories.
In other words, some of the very countries that so love to tout their foreign aid contributions are the ones enabling mass theft from developing countries.
The aid narrative begins to seem a bit naïve when we take these reverse flows into account. It becomes clear that aid does little but mask the maldistribution of resources around the world. It makes the takers seem like givers, granting them a kind of moral high ground while preventing those of us who care about global poverty from understanding how the system really works.
Poor countries don’t need charity. They need justice. And justice is not difficult to deliver. We could write off the excess debts of poor countries, freeing them up to spend their money on development instead of interest payments on old loans; we could close down the secrecy jurisdictions, and slap penalties on bankers and accountants who facilitate illicit outflows; and we could impose a global minimum tax on corporate income to eliminate the incentive for corporations to secretly shift their money around the world.
We know how to fix the problem. But doing so would run up against the interests of powerful banks and corporations that extract significant material benefit from the existing system. The question is, do we have the courage?
Difference Between WDAS & RDAS.
The Central Bank recently introduced sweeping Foreign Exchange guidelines that is expected to eliminate or drastically reduce money laundering as we approach another election cycle. One of the changes announced was the replacement of the Wholesale Dutch Auction System (WDAS) with the Retail Dutch Auction System (RDAS) . In this blog post, I will attempt to differentiate between the WDAS and the RDAS.
What is a Dutch Auction System?
According to Investopedia A Dutch Auction System is.
1. A public offering auction structure in which the price of the offering is set after taking in all bids and determining the highest price at which the total offering can be sold. In this type of auction, investors place a bid for the amount they are willing to buy in terms of quantity and price.
2. A type of auction in which the price on an item is lowered until it gets a bid. The first bid made is the winning bid and results in a sale, assuming that the price is above the reserve price. This is in contrast to typical options, where the price rises as bidders compete.
To break it down further, for example, the CBN during its auction offers a total dollar sale of $200m. The apex bank offers foreign currency twice a week to keep the naira within a range of three percentage points above or below N155 per dollar. With this in mind Authorised Dealers who have various needs for dollars approach the auction for dollar purchase. Some may be willing to buy $20m, others $10m etc. So during the auction each Authorised dealer tables an offer that may be below the N155/$1 or above it depending on the forces of demand and supply. Therefore if there are more bids above the CBN’s preferred N155 those bidders get to buy dollars while those who bid below lose out and vice versa.
At the end of the Bid the CBN releases its results in its website. The last Bid for WDAS which took place on September 30 was annouced as follows.
SUMMARY OF WDAS NO 74/2013 OF 30TH SEPTEMBER, 2013.
Each licensed BDC was required, to open a Naira Current Account with an Authorized Dealer of its choice, for the purpose of buying forex. A Bureau-de-Change is allowed to purchase forex from the CBN through a presentation of the CBN cheque issued by their banks twice a week (Tuesdays and Thursdays). The Bureau-de-Change purchase equivalent amount of forex from the CBN up to a maximum limit of US$200,000.00 twice a week.
The Authorized Dealer applies to CBN through the WDAS window on Mondays and Wednesdays for a maximum of US$2.0 million. The forex purchased by the Authorized Dealers is disbursed in cash and the BDCs in turn sell to end-users for eligible transactions only, such eligible transactions include: BTA at $5,000 per quarter and $20,000 per annum; PTA at $4,000 per quarter and $16,000 per annum; and others include: Mortgage monthly payment; School fees abroad; Medical fees abroad; Credit Card payment; Utility bills; and Life Assurance premium payment.
The RDAS is an acronym for the Retail Dutch Auction System and as the name implies is a direct sale of Forex by the CBN through the banks to the end users of the forex. Unlike the WDAS, the RDAS is based solely on actual demand of forex by the end users of the forex. As such, the Authorised dealers will only bid for forex based on the number of actual request it has received from its end users. For example, if an Authorised Dealer has received only $1million of confirmed dollar requests from its BDC’s and other end users it can only then bid for that $1million from the CBN auction unlike the WDAS where it can bid for more.
This is essentially Micro-managing??
Yes it is! The re-introduction of the RDAS is an effort by the CBN to micro-manage the sale and utilisation of forex in Nigeria.
Are there other essential differences between the RDAS and the WDAS?
Well, the CBN in their website differentates the two as follows;
under the retail DAS, end-users were allowed to bid through their banks. under the WDAS, Authorised Dealer banks, bid on their accounts and the successful banks would then sell to their customers.
So what are the advantages of the RDAS?
The RDAS is basically a controlled form of forex transactions. By introducing this the CBN hopes to micro manage the sale and usage of forex. Some of the advantages are as follows.
Only confirmed users of forex for legitimate uses will have access to forex Round tripping is expected to be reduced as forex bought from the CBN is essentially monitored and can’t be used for reason other than those specified during bid application Banks will not be able to speculate in the interbank market as all banks will basically know that the dollars bought in any particular auction will be utilised fully before the next auction It will be difficult to sell forex bought from the CBN to the parallel market.
Surely, the RDAS has some disadvantages too doesn’t it?
Well, we can start by looking at the advantages of the WDAS which is the reason why the CBN replaced the RDAS in 2006. However, there really isn’t many as the major difference between the two is that of control. If you therefore are against tight regulations then you will dislike the RDAS and vice versa.
But there is still one major disadvantage that the RDAS has which is that by virtue of its limited status it can create an artificial scarcity of forex. Because the CBN only sells forex to confirmed users other arbitrary users of forex will not be able to buy readily. For example, if you suddenly need to buy $10,000 cash for a transaction, you will have to buy only from a BDC who has that forex. Since, their activities are now heavily regulated it is likely that they may not have as they may have been expected to sell off their stock piles already.
This in turn fetes a parallel market. Therefore, it is likely that importers of forex like tourist or travellers will more than likely sell forex at higher rates to the black market than they would if they sell to the BDC.
Even the CBN acknowledges this point when they touted one of the major achievements of the WDAS. According to them “Sale of Foreign Exchange to Bureaux-de-Change operators in an effort to increase access of foreign exchange to small end-users, bridge the supply gap and develop the local Bureaux-de-Change (BDCs) “.
The New CBN guidelines re introducing the RDAS also introduced new guidelines. Their disadvantages or advantages depends on what side of the glass you are in. They are as follows;
Authorised Dealers/Banks will no longer have substantial stock pile of dollars to meet the insatiable need of forex by customers The CBN will have to dedicate enormous resources towards micro managing the activities of the Authorised Dealers and the BDC’s Authorised Dealers and BDC’s will also have to fill huge amount of paper work brought thus increasing their operational cost Authorised Dealers will continue to sell dollars to the maximum of $250,000 per week to BDC’s. However, KYC forms of the BDC’s will need to be filed and updated regularly. Importer and Exporters of products and services who rely regularly on forex will now need to also dedicate time and resources to strict documentation processes. Increasing scrutiny in the application and usage of forex by all parties. The CBN scrutinises the Authorised Dealers who in-turn scrutinise the activities of the BDC’s and the End users etc. Debit/ Credit card transactions in forex has now been increased from $40,000 per annum to $150,000 per annum. This means if you are traveling you no longer need to buy forex from the black market. With your local debit cards you can go to any ATM abroad to withdraw forex at the prevailing exchange rate locally. Beneficiaries of Western Union and other money transfer networks can only now receive cash in Naira rather than in forex. Corporates who import dollars into the country through banks will now have to declare this import and reasons for brining it in. The forex imported will be converted to Naira immediately upon entry and a Certificate of Capital Importation (CCI) will be issued immediately. Before now, importers of forex need not apply for a CCI. Importers intending to pay for imports of non-regulated products of not more than $250,000 per annum using telegraphic transfers shall only complete the “e-Form M online” supported with a pro forma invoice. However, shipping documents must be submitted by the importer through its processing bank not later than 90 days from the date of the transfer.
Like I mentioned, a lot of these new developments may seem like an over kill or necessary depending on your informed perspective.
NIGERIA: Daily Parallel Market Exchange Rate (February 21, 2018)
CBN has warned Banks to stop charging fees for forex purchases.
Why some banks stopped foreign exchange withdrawal using Naira debit cards.
Nigeria’s foreign reserves hit $36.8 billion, up 42% year to date.
Official: Treasury Bills Calendar For 2018 Q1.
CBN Governor Godwin Emefiele reveals his 2018 forecast.
The question is ; Do we necessarily need to introduce the RDAS in our present circumstance that the value of naira is dropping too fast.
We have devalued but no export products to win more F/X for the country. So a lot more challenges will rear their heads.
Unfortunately too, the only product price are low due to circumstances beyond our control.
Banco de dados da zona raiz.
O Banco de Dados da Zona Raiz representa os detalhes da delegação de domínios de nível superior, incluindo gTLDs, como TLDs com códigos de países, como .uk. Como gerente da zona de raiz do DNS, somos responsáveis por coordenar essas delegações de acordo com nossas políticas e procedimentos.
Muitos desses dados também estão disponíveis através do protocolo WHOIS em whois.iana.
As funções da IANA coordenam os identificadores globais exclusivos da Internet e são fornecidas por Public Technical Identifiers, uma afiliada da ICANN.
Cbn forex auction system
One Supplementary Card.
If you have a complaint, contact your branch or call our contact center on +2348039003700 or email purpleconnect@wemabank.
Just call +2348039003700, or drop into your request in any of Wema Bank’s nearest branch.
Yes, you can rollover only your principal or with the interest.
Term deposits are not exempted from tax and Interest on Term Deposits is subject to Withholding Tax of 10%
The investment would be rolled over at the prevailing market rate.
The Interest Rates on term deposit of the bank is subject to change from time to time and the same is provided on the website of the Bank and also available at every branch.
By checking on ATM.
If you think you are going to fall behind with your payments, the first step is to stop using your credit card and ask any additional cardholder to do the same. You should also advise the Bank as soon as possible so that it is aware of your situation and can advise you of your options and, if necessary, a payment plan. The next step is to establish a payment plan budget to pay off your debt. You will need to review your original budget and cut back on non-essential items.
If you believe there is an unauthorized transaction shown on your account, call +2348039003700 or email purpleconnect@wemabank or go to a branch with a copy of your statement, and details of the transaction. Our representatives will commence a Dispute Investigation, please note this process may take some time; i.e. up to several weeks to resolve as it may be necessary to retrieve information or copy of a voucher from another bank through Visa.
All Wema Bank Visa Credit Card includes a security feature known as a Card Verification Value (CVV). It is printed at the back of your card close to the white signature strip. When you are making a purchase by mail order, online or over the phone you may be asked to quote the printed code in order to verify the card is in your possession.
You can make payments in several ways:
• Wema online Banking, Wema Mobile: Using Online banking, transfer desired repayment amount which must be equivalent to the10% minimum repayment advised on your statement to your credit card account.
• Direct Credit across the counter in Branch: You complete a deposit slip with the card account number and desired repayment amount (either Cash or cheque).
Interest is charged only on utilized amount and not on total Credit limit. There is also an interest free period of up to 45 days. 2% interest (flat) is calculated on the unpaid balance.
Upon approval of an application, a credit limit is determined based on measures such as income, current levels of debt and capacity to repay. While the total balance of spend does not need to be paid off entirely each month, a minimum payment of 10% is required and interest will be charged on the outstanding balance.
The least amount you must pay by the due date is the “minimum payment”, found on your monthly statement. This amount is usually 10% of the total utilized amount plus all fees and interest.
If you notice an unknown or unauthorized transaction on your account call us immediately on+2348039003700 or email purpleconnect@wemabank.
To apply you must be 18 years of age or older, have a salary account in Wema Bank with a minimum net income of One million Naira (1,000,000 NGN per anum) and be able to make regular repayments.
You can apply by visiting the branch closest to you to complete an application form.
To activate your Wema Bank Credit Card you must ll our contact center on +2348039003700 in person and answer some verification/secret questions. Once activation has been confirmed, visit the nearest Wema Bank ATM to change your default PIN thus:
Insert your card and input the default PIN, Select the option ‘PINCHANGE’ and then choose ‘ATM PIN’. You Enter a new four digit PIN (different from the earlier one entered) and re-enter same for Confirmation you wait for the ATM to display or print “PIN CHANGE SUCCESSFUL”
If you are eligible for a credit card upon completion and submission of your application and your new Visa credit card will be delivered to you within 10 working days from the date all the necessary information is received.
Yes you can sell T-Bills before maturity through the OTC market based on the forces of demand and supply. For example a N100,000.00 face value TB maybe selling for less or more depending on the yield expectation of the buyers. If your face value is trading at a higher price, it means you can sell your treasury bills at a profit as such your N100,000.00 can sell for N101,000.00 or more. If your face value is trading at a lower price, it means you can sell your treasury bills at a loss as such your N100,000.00 can sell for N99,000.00 or less. Please note that the above analogy goes for the standard volume of N250million. However, some banks may buy off the lower amounts from their customers.
The CBN does not rollover your investment automatically. However, you can give your bank a mandate to rollover the principal and interest on your T-Bills upon maturity. Reinvesting the income on TB’s provides the unique benefits of compounding interest.
True Yield is your actual return on investment. Using the example above, the initial yield for the N100,000.00 is 10 per cent. However, because they pay you interest upfront, your true yield is actually the N10,000.00 in interest divided by the N90,000.00 actually deducted from your account. That is N10,000.00/N90,000.00 0r 11.11 per cent. This is thus higher than the 10 per cent at which you won. The true yield is completely earned when you hold to maturity.
The interest element of T-Bills is paid to you upfront and credited to your bank account. For example, if you purchase a N100,000.00 T-Bills with an interest rate of 10 per cent, your account is debited with N90,000.00. As such, your N10,000.00 interest is paid up front. Upon maturity, you are paid the full/ “face value” N100,000.00. The upfront payment of your interest makes your true yield actually higher.
You can purchase T-Bills from the secondary market Over the Counter through your bank or a broker. This is also where buyers and sellers of T-Bills trade the notes in exchange for cash. The minimum volume you can purchase from the secondary market is N250million or as advised by the regulatory bodies.
Some of the benefits include:
? Income from T-Bills are also tax free.
? A good source of steady stream of income.
? T-Bills are good investments for people who wish to save.
? T-Bills are considered liquid and can be converted to cash quickly.
? They can be used as collateral for cash backed loans in some banks.
The stop rate refers to the maximum interest rate preferred/issued by the CBN out of all the bids submitted within a bid window. It then means that all the bid rates that fall from and below the accepted marginal rates (stop rate) will win and those above rejected.
The Bid rate is the interest rate that you are willing to receive for the principal that you are investing in the T-Bills. For example you can indicate a bid rate of 10 per cent as your expected interest rate and hope that it is selected, as it will most likely be different from that of other intending buyers.
To buy T-Bills you will have to approach your bank with a request letter or to fill a form. Either way, you indicate the amount you want to buy as well as your bid rate. If you are not sure of a rate, you can choose that advised by your bank.
T-Bills is sold every other Wednesday (bi-weekly) as announced by the CBN. The CBN announces issuances in their websites and in the pages of the newspaper. You can also ask your bank account officer to notify you ahead of an issuance.
You can buy for as low as N1, 000 and in multiples of N1,000 thereafter. However, banks typically accept minimum purchases of N100,000 or more.
T-Bills are one of the safest forms of investment and are backed by the full faith and credit of the Federal Government of Nigeria.
Tenors are usually for 91days, 182days and 364 days. Therefore, if you invest for say 91days, your investment will mature after three months etc.
T-Bills are government guaranteed debt instruments issued by the Central Bank of Nigeria to control money supply in the economy.
T-Bills can be bought through any official dealer. The easiest will be through your bank.
Invisibles Remittances relate to payment for services (intangible transactions) such as School fees, Technical fees, Dividends, Airline Tickets, Loans repayment, Judgment debt, Personal Home Remittance, etc. Payment is by either SWIFT or by Foreign Drafts. However, for Travel allowances, payment is by Traveler’s cheque or Cash. Each payment type has its specific document requirement as stipulated in the Central Bank of Nigeria FX Manual.
This involves processing of Online Form M and shipping documents for Pre Arrival Assessment Report to enable the importer clear consignment on arrival at the ports. The bank does not facilitate the payment on this mode of importation.
A documentary Bill for Collection is an order by the seller to his bank to collect a certain sum from the buyer against the transfer of the shipping documents. Payment can be made by cash or by acceptance of a Bill of Exchange. This means the handling by banks of documents in accordance with instructions received in order to obtain payment and/or acceptance, or deliver documents against payment and/or against acceptance, or deliver documents on other terms and conditions. Against Acceptance of Bill of Exchange or Promissory Note or Letter of Undertaking to make Payment This involves the release of the shipping document to the buyer based on the release condition stated on the Collection Order. Release Free Of Paymentimplies that the shipping document be delivered to the buyer without extracting any commitment to make payment. Documents Against Payment implies that the buyer makes payment before documents are released for clearing the imports. Though internationally recognized, this does not apply in Nigeria as the Central Bank of Nigeria guidelines state that the imported items must be cleared from the port before payment can be made to the supplier. The documents required for Bills for Collection Remittance.
One set of documents from the supplier to the issuing bank(Zenith Bank). Two sets of documents submitted to overseas bank for payment (the document will later be forwarded to the bank) The documents required for processing of Risk Assessment Report (RAR) Processed Form M Bill History Bill of lading/Airway Bill/ Way Bill Original Combined Certificate of Value and Origin (CCVO) Manufacturers Certificate/ Certificate of Analysis/Photosanitary Certificate Customs clearing document (Exchange Control Document) a.) Single Goods Declaration b.) Used RAR c.) Payment schedule d.) Terminal Delivery Order/Gate Pass e.) Duty receipt Authority letter from Customer to buy foreign exchange in line with the company’s signature mandate.
Export transaction is the sales of goods by our customers to buyers outside the shores of Nigeria. Exports of goods may be ‘Commercial’ whereby payments are received in foreign currency as proceeds of sale, or ‘Non-commercial’ whereby no payment is expected or received. The internationally accepted means of payment for commercial exports are Letters of Credit, Bill for Collection and Payment In Advance. Commercial export amount can be FOB (Free on Board) whereby total value of goods does not include freight, or C&F (Cost and Freight) where total value of goods include freight. The exporter will process the Form NXP, forward shipping documents and inflow the Export Proceeds through the bank. Processing of commercial export is through Letter of Credit, Bills for Collection, and Advance payment. We negotiate Export documents, process export levy, draft and certify export proceeds repatriation to the CBN on behalf of our customers.
The report on FGN bonds issued for settlement of pension arrears and local contractors are provided as Special FGN Bonds in the ‘Schedule of FGN Bonds Issued to Date’ (Bond Auction, Operations and Result)
It is a term which describes a shift from issuance of physical certificate to an electronic form. It involves the use of a depository, in this case, the Central Securities Clearing Systems Ltd(CSCS) which provides the platform for the securities. Although DMO still issues physical certificates on request, modern securities trading system de-emphasizes the use of physical certificates. Advancement in electronic communication and custodian services allow book-entry records and trade verification which has made trading more reliable and easier to manage than the use of physical certificates.
It fosters economic development by promoting the use of lon-term funds for lon-term investment in the economy It serves as an efficient way of mobilizing domestic financial resources for productive investment in a non-inflationary manner It allows self reliance of the country by reducing over reliance on short-term borrowing form CBN & commercial banks It provides a basic infrastructure for the development of the financial system and the overall economy It serves as a diversified portfolio investment outlet to corporate and individual investors.
Any time you lend money you run the risk that it will not be paid back – credit risk. Another source of risk for certain bonds (bond with call option) is that your loan may be paid back early, or ‘called’ this is known as prepayment risk. When you buy a bond, the prospectus will indicate whether a bond is callable and give you a ‘yield-to-call’ figure. The greatest danger for a buy –and-hold bond to an investor is rising inflation rate – inflation risk. A rise in inflation makes prices fall and yields-or interest rates-rise. However, inflation risk, credit risk and prepayment risk are all figured into the pricing of bonds. The more the risk the higher the yield. Investors demand higher yields for longer maturities, as the longer you tie your money up in a bond the more at-risk.
Corporate bond are debt obligation issued by private or public corporations. The corporations use the funds for building facilities, purchase of equipment to expand the business, etc. When you purchase corporate bond, the corporation promises to return your money, or principal at maturity date, but you are being paid interest semi – annually. The interests you receive are taxable. Corporate bonds do not give you an ownership interest in the issuing corporation.
These are bonds that help support project relevant to public policies, such as helping certain groups, such as farmers, homeowners, students, etc to raise money for financing specific projects. These bonds do not carry the full-faith and-credit of government. The investors are likely to hold them in high regard because they have been issued by a government agency.
A Letter of Credit (LC) is an undertaking by a bank, on behalf of an importer (the applicant) to the beneficiary to make payment, provided that the exporter complies with all the terms and conditions stipulated by the credit. Letters of credit can be confirmed or unconfirmed and are irrevocable upon Issuance. Payment is made at Sight, Deferred Payment, and Mixed payment or by Acceptance. Cash Backed LC involves the applicant providing funds for the opening of the LC. Unconfirmed Sight and Deferred LC involve payment at a later date upon presentation of compliant shipping documents. Confirmation Line and Usance LC involve opening a Confirmed LC using the bank’s offshore facility which will be repaid by the customer at maturity. Requirements for Letters of Credit.
One set of documents from the supplier to the issuing bank(Zenith Bank). Two sets of documents submitted to overseas bank for payment (the document will later be forwarded to the bank) The documents required for processing of Risk Assessment Report (RAR) Copy of Form M Transport Document Commercial Invoice/Final Invoice Packing List Standard combined Certificate of value and Origin (CCVO) (Form C16) Manufacturer Certificate/Certificate of analysis/Photosanitary Certificate NB: All Shipping documents must be issued after Form M approval date and Letters Credit issuing date. That is shipping Document must not predate Form M and Letter of Credit.
Application forms can be obtained from any of the authorized dealers(PDMMs), or download from the DMO’s website Complete the application forms and submit through any of the PDMMs Common- price auction system is normally employed as opposed to multiple price auctions Payments for the allotment are payable in full on application Minimum of N10,000.00 and multiple of N1,000 thereafter Investors can also access the FGN bonds after the auction through the secondary market FGN bonds purchase is confirmed by registration in the depository (CSCS) or by issue of certificates Interest is paid semi-annually until the maturity date when the principal amount is repaid 9. Payment of interest is through issue of interest warrant (cheque) or direct transfer to current or savings bank accounts.
National Dailies DMO Website – FGN bond Issuance Calendar.
It helps government funds its deficits in a non-inflationary manner It provides benchmark yield-curve for pricing other securities/bonds It engenders rational management of Government’s fiscal and monetary operations It provides the basic infrastructure for the development of the financial system and the overall economy It strengthens the implementation of monetary policy by the Central Bank of Nigeria It introduces transparency, discipline and stability in the financial system.
When you purchase state and local government council bonds you are lending to the issuers who promise to pay you a specified amount of interest (usually semi – annually) and return the principal to you on a specific maturity date. State and local government bonds are debt obligation issued by the state government, local government councils and other governmental entities to raise money to build schools, roads, hospitals as well as other projects for public good.
It serves as risk-free investment It is income is tax exempt It provides relatively high and stable returns The principal element ( collected at maturity) can be used as collateral for securing credit facilities from banks Bondholders that want cash can trade the bonds on the floor of Nigeria Stock Exchange(NSE) for immediate cash before maturity It qualifies as liquid assets for banks from two years to maturity.
Retirement Starting or expanding a business Settlement after apprenticeship Pay children school fees in future(e.g for University education) Building a house Future projects by town unions, associations, student union To fund future social events such as Marriages and weddings, etc Settlement of pension insurance obligation( for Corporate Fund Managers), etc.
When you buy FGN bonds you are lending funds to the federal government for a specified period of time. The FGN bond is considered as the safest of all the investments because it is backed by the ‘full faith and credit’ of the government. They have no default risk, meaning that it is virtually certain your interest and principal will be paid as and when due. The income you earn is exempted from state and local taxes.
A bond is a loan and the investor or holder of the bond is the lender. When you purchase a bond, you are lending money to a government, local government council, state government, federal agency or a corporation, known as the issuer. The government uses it to fund budget deficit, for instance, or to build roads, electric power stations, finance factories, etc. When you purchase a bond, in return the issuer promises to pay you a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it ‘matures’
The key difference between stocks and bond is that stocks make no promise about dividends or returns, but when the Government Issue a bond, it guarantees to pay back your principal (the face value) plus interest. If you buy the bond and hold it to maturity, you know exactly how much you are going to get back. That is why bonds are also known as ‘fixed-income’ investment – you are sure of a steady payback or yearly income. The buyer of stocks or shares in a company has purchased part of the equity and becomes part –owner. He is only entitled to dividend declared by the company when it makes profit.
Your relationship manager would contact you before maturity to agree on whether to terminate the deposit or to rollover, an advice to this effect would be sent to you.
Yes, you deposit can serve as collateral for bank loans.
No, you need not go through any formalities. You just have to send a dully signed letter.
The minimum amount is N100,000 and there is no maximum amount.
The minimum tenor for fixed deposit investment is 30 days, other tenors are in multiples of 30 such as 60, 90, 180, etc. However, should the maturity date fall during the weekend or holiday, 1 or 2 days can be added to the tenor.
Yes you can give a standing instruction on your account and it would be carried out, this can only be countered by a duly endorsed instruction from you.
You would be charged 25% on the accrued interest.
Fixed deposit Account opening Form/ Letter of Instruction Two (2) recent identical passport photographs for each of the signatories Memorandum and Article of Association Valid proof of identification (International passport, National ID card, Voters card or a Driver’s License Proof of address (A recent utility bill, dated within the past three months)
If you already had a current or savings account you will only require to write a letter instructing the bank to create an account on your behalf If you did not have an account with the bank you would be required to provide the following Fixed deposit Account opening Form/ Letter of Instruction Valid proof of identification (International passport, National ID card, Voters card or a Driver’s License) Proof of address (A recent utility bill, dated within the past three months) Duly executed Signature mandate 2 Recent identical passport photographs.
Family member of the Proprietor of the business (Spouse or child or identifiable sibling who share the same name with the Proprietor), Pastor or Imam of an established religious body, Head of the Trade Union, Head of the Market Association and A person of good standing in society eg a lawyer, doctor or civil servant.
Duly executed personal guarantee, notarized statement of net-worth, 2 passport photograph, means of identification and undated, signed cheque leaflet.
You can present a guarantor or guarantee of registered trade association or union or any other form of security available and approved for this product. You do not need a guarantor, if you secure the loan with deposit in your other accounts like savings or fixed deposit or can provide C of O of landed property/lock up shop.
Yes, however, you will need to open a current/MyBusiness Account for disbursement and repayment purposes.
You can use more than one statement of accounts, provided they are in the same name.
Between 3 – 12 months.
will be charged 1% penal charge of the unpaid installment from the date of default.
This is deduced from the business cycle of the customer as expressed in purchase and sales turnover over time.
Sim. Other fees include; Management fee 1%, Commitment fee 1% and Insurance fee 1% on the loan amount; payable only once.
Answer: The rate of interest is based on perceived risk associated with each customer which can either be low or high. It is 2.75%flat per month for low risk customer and 3.25%flat per month for high risk customer. The level of risk is determined by thecustomers’ rating score on the evaluator.
This is a list of assets and liabilities of the guarantor. To make it formal, a notary public will need to authenticate it.
Once you have duly accepted the offer, you will need to get a guarantor that will provide a statement of net worth and undated cheque to cover the value of the loan taken.
Your Relationship Manager will call or bring the offer letter to you for acceptance or rejection when it is ready. This is should be done within 48 hours of submitting your application and required documents.
For individual: Duly filled cash flow loan application form, valid & acceptable means of identification. In addition to the aforementioned; all registered companies must also support their applications with copy of certificate of incorporation/Certificate of registration and Form C07 Your Relationship Manager will fill KYC form for both business premises and residential address and duly filled business loan questionnaire.
Yes, you can enjoy the loan provided you have not defaulted of loan repayment and your cash flow can still accommodate additional periodic repayment.
You can use the statement of accounts from your other banks to support your first application. For renewal of the loan, only credit transactions in Wema bank will be considered. Hence, it is advisable that you move your transactions to Wema bank.
Since you already have an account you can access the loan. However, you will need to reactivate your account first and include 6 months statement of account from your other bank before you can be eligible for the loan. Kindly visit your branch for reactivation process.
Yes you can but you need to open an account with the bank and run it for a minimum of 3 months to enable the bank know the pattern of your business before you can qualify.
Amount obtainable is tied to 80% of average credit turnover of the customer in the last six months subject to a maximum of N1,000,000.00.
At least 12 months; within which he/she may have experienced a full year circle of the line of business.
Amount obtainable is tied to 80% of average credit turnover of the customer in the last six months subject to a minimum of N100,000.00.
No. The ExpressCredit loan ismainly for indigenous businesses/business owners operating within Nigeria.
Any business deemed unfit by Wema Bank management Businesses engaged in pyramid sale distribution plans, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants Businesses deriving its revenue from gambling activities Businesses engaged in any illegal activity Loan packagers Businesses deriving its revenue from the sale of products or services of an indecent sexual nature Businesses primarily engaged in political or lobbying activities Speculative businesses Any business deemed unfit by Wema Bank management.
ExpressCredit as presently designed is for businesses that generate cash inflow on a regular short cycle and can repay on a weekly, fortnightly or monthly basis. Since school’s income is per school terms, it cannot repay within a short cycle, hence schools cannot enjoy this facility as at now.
Most Micro and Small Enterprises sphere (see list below) are eligible as long as its cash flow can accommodate the amount being requested for and it’s appropriately rated on the Evaluator.
Convenience stores Bakery/Delicatessen Hair dressers Tradesmen/ women Law firms Accounting firms Guest houses (duly registered with the Nigerian Tourism Development Corporation NTDC and/or Lagos State Hotel Licensing Authority) Small Hotels (duly registered with the Nigerian Tourism Development Corporation NTDC and/or Lagos State Hotel Licensing Authority) Small scale manufacturing Web designing & programming Any legitimate business deemed fit Wema Bank management.
This loan is available to Micro and Small business concerns as well as individual business owner who trades in their personal names. Their business may not necessarily be registered with the CAC.
Please note that this loan is geared at supporting the above-stated category of customers to grow their businesses. It is for existing and growing businesses and not appropriate for businesses experiencing difficulties or in need of financing to kick start (start-up) activities.
Not more than 15 working days subject to the organization’s speed-to-implement.
Highly competitive implementation fee ? 1.25% per transaction (up to N2,000 cap)
? Manufacturing Companies ? Airlines and other Transport players ? Hotels ? Supermarkets ? SMEs ? Educational institutions ? NGOs/ Churches.
Wema Webpay Solution otherwise known as CIPG (Consolidated internet payment gateway) is web-basedsolution that is integrated into the merchant’s website and this enables cardholders to pay for services using their MasterCard, VISA card, Verve card and eTranzact cards. The solution is based on online web-payment technology, which enables people to pay online real-time from any part of the world.
While we operate a flexible fee structure, our charges on this product are based on the scope of the project. It is treated on organization by organization bases.
Customizable to meet specific organizational needs Provision of specific online robust reporting tools based It provides more details about thepayer i.e who paid? What did he/she pay for? Integration of multiple collection channels Ability to integrate seamlessly with organization’s existing platform to provide for real-time payment Cost efficient compared to bank drafts Generate receipts for the customers.
Every Organization that requires customization ofcollections which include but not limited to the following:-
MDAs (at all level) for IGR collection Institutions of learning / professional bodies Manufacturing sector Aviation and Transport Cable TV operators for bills payment Telecommunication sector.
WemaCollect is Wema Bank’s cutting edge solution that can be customizedto meet our customer’s specific collection needs. The solution is a real-time,robust and highly secured electronic collection solution that enablesorganizations receive payments from her esteemed subscribers in all ourbranches/all bank branches while you monitor payment online real-time atthe comfort of your office. Required parameters are customized to meetorganizational information needs and can be interfaced to work with.
• Transaction float • Portal access fee • Transaction income.
This is highly dependent on the population of the school and also the scope of the project. The pricing is highly negotiable.
Sim. The school can opt for the only the fees payment module and do the portal solution later.
? Endorsed mandate letter ? Computer ? Internet access.
? Primary School ? Secondary Schools ? Colleges of Education ? Polytechnics ? Universities.
Wema Online School Management Solution is a highly personalized web-based solution that captures the entire schools’ process and makes all operationsaccessible via the web, thus allowing schools to effectively serve all stakeholders – students, teachers, administrators, and parents. The solution is based on portal technology, which enables the greatest possible customization and personalization.
e-BillsPay platform are pre-payments and post-payments for goods and services such as • Utility bills (water rate, electricity bills, telephone bills, etc.), • purchases, • Revenue collections, • other fees e.g. school fees, subscriptions, levies, premiums etc.
It is dependent on the scope and fee sharing income agreed with the merchant during setup.
A biller or merchant is the organization profiled on e-Bills Pay by NIBSS to receive payments for services rendered to individual customers.
•Cash •From account.
Two delivery channels have been adopted by Wema bank for initiating e-BillsPay transactions. uma. Branch Teller b. Internet banking.
Yes you can, as long as you have sufficient balance to accommodate the cost.
This account does not have a mandatory minimum opening balance. If you have funds to open the account with, it will be accepted, if not, account will be opened all the same.But note that this account must be funded within 2 weeks.
Sim. Once you reach the N200,000 limit you will need to produce appropriate documents to accommodate your upgrade into Moment or the Standard Savings Account.
No. If there is a need to deposit more than N20,000 you will need to fill multiple deposit slips in order to accommodate that amount.
Sim. There is maximum savings threshold of N200,000 applicable on this account. That means the maximum balance you can have in this account at any point in time is N200, 000. Also there is a single deposit limit of N20,000. That means the highest amount you can deposit at once in this account is N20,000. There is also restriction on electronic transactions. The highest amount you can spend through electronic channels like ATM/Mobile Devices is N3,000 at once and a cumulative daily limit of N30,000 per day.
Generally the unbanked population e.g. Traders, Farmers, Labourersetc.
Easy Life Account is meant for anybody who has previously been excluded from banking services due to their inability to provide account opening documents.
No. Wema Bank branches are online real time and you can have access to your account in any of our branches nationwide, at no cost. You can also transact banking business on any ATM machines across the country and do online banking on your account.
No. Lending is generally not allowed on Savings Accounts. You would need a Current Account or Salary Savings Account to access Personal Loan from the bank.
Your account would be converted to a Personal Savings account. With the personal savings account, there are no limits to how much you can save or withdraw.
If a customer has need to deposit more than the savings limit permitted on Moment Account, the customer would be required to provide a valid means of identification, which could be either of the following: voter’s card, driver’s license, international passport or a national ID.
A customer can withdrawal higher than the ATM limit by entering into any Wema Bank Branch to carry out their transaction.
No. There is no monthly maintenance charge for operating the Moment account. Opening and operating this account is free. The only deduction you could see in your Moment account is the mandatory Federal Government tax on interest payment which is a 10% withholding tax and 5% VAT that are deductible from the interest amount paid to you. These deductions are remitted to the relevant government agency.
Interest rate on Moment Account is the same as that of a Personal Savings Account – 3.6% – 4.5% per annum depending on volume.
Sim. Interest is paid on Moment account. The interest is calculated on daily basis but it is paid at the end of each month and credited directly into your account.
One of our Relationship Managers would visit your residence and sign a visitation report. This report would be attached to your account opening document for your account to be opened. This visitation report is for us to confirm that indeed you reside in the address/operate from the shop stated on your account opening form.
All you require is anyidentification document. Even a letter from your Pastor or Imam, withyour picture endorsed by the introducer, can serve as ID Card. You also need to provide twopassport photographs and a proof of address which could be a copy of your utility bill(PHCN, Water or Waste Management receipt)or shop receipt for shop owners.
Moment Account is a savings account that can be opened by anybody that had previously been excluded from banking services by their inability to provide a satisfactory ID card and proof of address documents.
MyBusiness Account can be opened in any Wema Bank branch in Nigeria.
Sim. MyBusiness account customers who are sole signatories to their account can request for a debit card from the bank.
For now, no. The product is for registered businesses and cannot be opened by individuals who want this kind of charging system on their current account or individuals who run account in their personal names. The bank has however identified that a large segment of the MSME market run businesses in their personal names and we are working towards accommodating them on the product. However, for now, individuals can be accommodated on products like Wema Treasure Account – Individual or Prestige Current Account – Individual.
For instance, in a Bronze variant, for a turnover of N5m, a customer would be required to pay N10, 000 as COT charges on a Corporate Current Account, this same customer would only need to pay N2, 000 in a month on MyBusiness account. There is therefore a saving of N8, 000in a single month.
It is better because it is cheaper for the customer: • A fixed monthly charge is applicable on debit turnover within the variant band • Where debit turnover exceeds the variant limit, reduced COT rate is payable on the excess amount only. • It makes planning easier since customer’s monthly transaction charge is known • Because of reduction in bank charges, the business profit is increased. • There is easy access to Business Booster loan with less stress on collateral.
No. An overdraft line is not allowed on MyBusiness Account because of the minimum balance requirement of the product. If the customer’s account is drawn below minimum balance, COT at N2/mille would be charged on all transactions for the month.
There is no time limit or expected duration for a customer to remain on one variant of MyBusiness Account. There is also no restriction on the number of times the customer can migrate between variants.
The customer can be charged COT on all transactions for the month if at a time prior to the time of switching to a higher variant, account balance was less than the minimum specified. Migration to a new variant is therefore advisably done at the beginning of a new month so that end of day balances throughout that month is equal to the minimum balance required on the new variant switched to.
Yes, this is allowed, preferably at the beginning of a new month. Customers can also migrate from other account types to MyBusiness account provided all documentation is complete. However, an approval is required to migrate from Corporate Current Account to MyBusiness Account.
Yes, charges apply to MyBusiness account monthly irrespective of activity on the account in a month.
Customers require the same documentation needed for a normal business current account with the minimum opening balance applicable to each of the variant. Also customers have to complete the MyBusiness Account Agreement Form indicating the desire and consent to run the business account under its special tariff system. (This form can be found on the Wema Bank Website and Intranet).
myBusiness Account is a current account and does not attract interest payment on balances.
This is because the customer has contravened the minimum balance covenant and the penalty applicable is a COT charge on all debit transactions for the month.
Wema Bank would charge COT at a concessionary rate of N1/mille below the CBN approved COT of N2/mille resulting in a charge of N1/mille on ALL debit transactions for the month.
Sim. The appropriate variant for this level of turnover would be the MyBusiness Account – Gold. With the Gold, the business account would be charged just N7, 500 in a month. During months in which the debit turnover overshoots the threshold, the account would be charged N1/mille for only the excess over the limit.
Wema Bank would charge COT at a concessionary rate of N1/mille below the CBN approved COT of N2/mille resulting in a charge of N1/mille. This charge applies to the EXCESS above the debit turnover threshold of each category.
Sim. MyBusiness Account prospects need to make funds available in their account for the cost of debit card, cheque book and Search Report (a requirement for account opening) in order not to have their account thrown below minimum balance when these charges are taken from the account. Kindly note that there are consequences for having a balance below the minimum balance specified.
No. The turnover limit is applicable to only withdrawals or debit and not deposits/lodgments.
Yes, in Wema Bank, we understand that small businesses operate on a thin trade margin, hence we have fashioned MyBusiness Account to ensure that margin is not eroded by bank charges in form of COT. With MyBusiness Account, there is no COT charge; a customer is just expected to pay a little fee for transactions done on the business account in a month.
Product Name Minimum Opening Balance Minimum Operating Balance Monthly Turnover Limit Monthly Flat Charge MYBUSINESS ACCOUNT -BRONZE N10,000 N10,000 N5m N2,000 MYBUSINESS ACCOUNT -SILVER N25,000 N25,000 N10m N5,000 MYBUSINESS ACCOUNT -GOLD N100,000 N100,000 N40M N7,500.
You can know the suitable variant by the volume of monthly withdrawals from your MyBusiness account. If total withdrawal in a month from your account is usually less than or equal to N5m, then Bronze is for you. If total withdrawal is within N5m and not more than N10m, then Silver is for you. If total withdrawal is usually over N10m but not more than N40m, then Gold would be for you.
Wema Bank recognizes that the nature and size of various businesses differ; hence room was created for every business to operate at their own levels. However, Companies can upgrade once the business experiences growth.
The three (3) variants of MyBusiness Account are: MyBusiness Account (Bronze) MyBusiness Account (Silver) MyBusiness Account (Gold)
Sim. MyBusiness Account was created specifically for micro, small and medium scale businesses. The product has three variants from which any business can choose, depending on the level of turnover done by the business in a month.
No. Debit turnover is not restricted. Customers can withdraw as many times as they want.
COT is the acronym for Commission on Turnover. For every debit turnover transaction on the account, the bank charges COT.
There is a charge of N2/mille on this account. This means, for every N1,000 withdrawn the bank charges onlyN2.
Because it is a transactional account, you can withdraw and deposit money as many times as you want. If interest payment is required, it is advised that you open any of theWema Bank Savings accounts or PCA.
Nada. You can withdraw to the last kobo on your current account provided there is no accrued COT charges.
This is a flexible account that enables customers conduct day-to-day personal or third-party transactions through the issuance or lodgment of a cheque.
No. The COT concession has been maintained automatically on our system, such that any transaction that reduces the balance in the account below the minimum balance or outdoes the monthly turnover will automatically attract COT of N5/mille.
No. You can draw on this account as many times as possible, as long as the debit turnover limit of N20million is not reached in a month and withdrawal does not take the account below minimum balance.
PCA individuals who require a personal loan would be required to open the Wema Bank current account. However, funds in this account can be used to pay monthly rentals on personal loans and Wema Asset Acquisition Scheme.
Yes, a draft can be drawn on PCA and the charges for issuance of a draft/managers cheque would apply.
Apart from the zero COT charge and interest payment on balances, PCA customers also get their first cheque book issued free, and they have access to Wema Bank variouselectronic banking channels.
The customer can draw below the specified minimum balance but COT charge would then apply on all the transactions done in that month.
PCA non-individuals is targeted at small businesses, associations, Clubs, etc. It has a minimum opening and operating balance of N500, 000. They are exempted from COT charges and interest is paid on their balance as well.
Individuals must leave N100,000 in the account at every point in time while non-individuals must leave N500,000 in the account to enjoy the benefits attached to the product.
Individuals require N100,000 while non-individuals need N500,000.
Wema Bank would charge COT at N2/mille for excessdebit transactions above N20mdone in that month.
Debit turnover is the volume of money that you withdraw from your account. In this case, Prestige Current Account will not charge any COT on the first N20m withdrawals per month.
Sim! Zero COT; no charge at all, as long as your monthly debit turnover is within N20million in a month.
Prestige Current account is the product for you. There are two variants of PCA, namely PCA Individuals and PCA Non-individuals. You can open the PCA individual and run your account at zero COT.
No. it is available strictly on request by the parents that may allow their kids make small purchases on their own thereby introducing the kids to electronic banking.
It is an electronic card that is not linked to the account, but can be loaded with funds at any Wema Bank Branch. Funds can be loaded on the card by cash or from the parents accounts in Wema Bank.Your kid can use the E-Purse to make small purchases at POS locations.
No. The balance is your child’s account does not in any way reduce. It would rather increase from interest paid on monthly basis.
Yes, a minimum operating balance of N500is required in the account at every point in time.
Nada. Migration to another account class require the authorization of the account holder.
The parent would have the option to migrate the account to Purple Account, the Wema Bank product for young adults or wait till the child is 18 and then hand over the account management to the child.
The insurance company has the responsibility of verifying every claim.
A child would get the claim of ten times the account balance after the bank has been notified of the accidental death or permanent disability of the administrator. The bank would notify the insurer and after due diligence has been done and claim verified to be true, the child’s account would be credited with insurance pay out.
No. The insurance claim is only accessible if the parent/administrator dies by accident or is permanently disabled and unable to continue to carry out his/her responsibilities as a result of accident.
No. The maximum claim limit from the insurance benefit on this account is N10million. The highest claim any account holder can get in the event of accidental death or permanent disability is N10million.
The child would get N500,000, which is ten times the account balance.
As a parent, this account would give you the full assurance of the continuity of your child’s education in the event of accidental death or permanent disability. This is because this account comes with an insurance benefit on the parent/administrator. In the event of accidental death or permanent disability, the child gets ten times the balance in this account.
Every child who opens this account is given a welcome gift pack. Apart from that, every account holder qualifies to win the Annual Wema Educational award.There is also no cost for draft issuance to pay school fees.
Yes, a new alternate administrator can be appointed by notifying the bank in writing and stating the reason for the desired change and the name and details of the new alternate administrator.
Royal Kiddies Account would be right for her. It is a high interest yielding savings account designed especially for children./p>
Nada. Migration to another account class require the authorization of the account holder. However benefits described on the products for young adults aged between 13 and 24 years would not apply. The account begins to operate as a personal savings account from then on.
The account holder have the option to migrate the account to any preferred Wema Bank product. This would be done on request. Outstanding documentation (if any) would be provided.
Yes, a draft can be issued and no charge will apply for this service, if the draft is for the payment of the school fees. Other purposes will attract normal draft/manager’s cheque issuance fee.
Sim. Interest is paid monthly at a rate of 1% above the normal savings interest rate.
Periodically, account holders would have the opportunity to benefit from incentive packages based on account balances/deposit build-up.
It is different because it is specially designed for young adults, interest payment on it is higher than that of normal savings and special benefits specifically targeted at young adults are available on this product.
Purple account is a savings account designed to encourage a savings habit among the young adults. You can have your parent send money to your account while you are in school for upkeep.
No. This account is designed for all young adults and is to be opened and run by them solely. Your parents can always deposit into the account for your usage.
Sim. This product is specially designed for you. Students of higher secondary schools, tertiary institutions and fresh graduates are eligible to have this account.
Purple Account is Wema Bank product for the teenagers and young adults, aged between 13 to 24 years.
Smart Save can be opened at any branch of Wema Bank.
No. Target savings can be transferred using e-channels and/or standing order instructions.
Account balance would be transferred to the nominated account provided by the customer at account opening stage. Where there is no such account, funds will be made available to the customer in cash or any other form of financial instrument acceptable to the customer upon written request.
The customer’s account would be closed in order to make that amount available to the customer for withdrawal. A new account number would be generated and the balance would be deposited as a new account opening balance; normal deposit or top-up deposit as the case may be may then continue.
The account would be closed in order for the total balance and accrued interest to be made available to the customer.
Sim você pode. The extra on the specified periodic savings amount will be treated as a top-up deposit.
This is the form that clearly shows the customer’s monthly savings amount, savings tenor, account opening deposit, account to liquidate deposits into upon liquidation and other vital information.
Bonus interest will be credited automatically to your Smart Save account as long as all the conditions for qualifying for it is met.
Bonus interest is an additional interest given for meeting savings target. It is 20% of the normal interest paid into the account. It is paid if the customer does not withdraw from the account within a 3 month period and if the customer meet their savings obligation.
Sim. Interest is paid monthly at the normal savings interest rate. Bonus interest of 20% of the savings interest rate also applies.
The initial savings pattern you indicated at the beginning of your savings tenor would remain throughout the period indicated. However money brought in weekly would be recognized as top-up and bonus interest would be paid on the total balance.
Sim. Smart Save account is the product for you. With Smart Save, you can save daily, weekly or even monthly over a period of time for a specific purpose. This account comes with higher returns on your savings to help you further achieve your saving goal.
The system would recognize the inability to fulfill your savings obligation as a debt. This debt however does not attract any charges but bonus interest would be forfeited. Once yourfulfill your obligation by putting money in your account, your debt clears.It is a way to encourage you meet your target as planned.
Once a particular savings cycle is complete and customer withdraws the money, another cycle can begin. The account is so flexible that a new specific purpose can be inputted and savings can begin towards this purpose.
No, this account can be opened independently but having another account is more desirable.
Sim. Smart Save account is the product for you. With Smart Save, you can save daily, weekly or even monthly over a period of time for a specific purpose. This account comes with higher returns on your savings to help you further achieve your saving goal.
You require, an identification document such as Voter’s Card, National ID Card, current Driver’s License and International Passport; 2 Passport photographs, one good reference and the minimum account opening balance in cash or a Wema Bank cheque written in your name.
The penalty for withdrawing more than thrice a month is forfeiture of interest payment for the month. If in the following month, withdrawal is not more than thrice, interest would be credited to the account.
Sim. WTA has maximum withdrawal limit of thrice per month.
In Wema Bank, savings interest rate ranges between3.6% to 4.5% depending on the volume in your account. For WTA, interest rate is 3.6%+1% to 4.5%+1% depending on volume.
Sim. Interest on WTA is 1% above personal savings account rate. The interest is paid monthly on the average balance in the account.
Yes, with Wema Treasure Account (WTA), you can have your own personalized cheque book to pay third party transactions across the counter and also lodge in cheques that are issued in your name. You do all these with zero Commission on Turnover (COT) and being a savings account, you still get interest paid to you on the account balance. The unique features of Current and Savings accounts are merged in WTA.
For non-individuals, N10, 000 while individuals require N5, 000 to open WTA.
Não necessariamente. It depends on the nature of your business and purpose for which the account is required. If your business is large and you require your cheques to be cashable in any bank across Nigeria, WTA may not be suitable, and we would advise you to open the Wema Bank Current account.
WTA is different because it offers special benefits that the generic savings account (cheque lodgment and issuance at zero COT payment) or generic current account (monthly interest payment) does not offer.
Sim. There are two variants of WTA, namely WTA Individuals and WTA Non- individuals. The non-individuals is open to small businesses like yours and professional firms like law firms, Insurance brokers etc.
You may not need your current account anymore if you are okay with your cheques only being payable across Wema Bank branches. The cheque issued on WTA is a non-clearing cheque, which can only be cashed across Wema Bank branches. You will need a standard current account when you want your cheques to be presented at other banks.
WTA is an acronym for Wema Treasure Account. WTA combines the features of savings and current account types. It is an account suitable for people who wants to enjoy the convenience of current account while retaining the benefit of Savings Accounts.
Sim. Apart from the competitive interest rate on your balances, you also enjoy secure and easy access to your funds anytime and access to several of our e-Product like Mobile banking, Internet banking etc.
You require, an identification document such as Voter’s Card, National ID Card, current Driver’s License and International Passport; 2 Passport photographs and the minimum account opening balance in cash or a Wema Bank cheque written in your name.
Savings Account can be opened at any branch of Wema Bank.
No. Cheques are payable only into a current account or dedicated Savings account like Wema Treasure Account (WTA)
Interest will not be credited to your account for the particular month that withdrawal is more than three times.
Você pode retirar a qualquer momento. However, a maximum of three (3) withdrawals within a monthly is recommended to enable you earn interest on the balances in the account.
This is a product that enables customers save towards future financial security. Your balance in this account can be viewed as an investment because you earn interest on this balance.
This loan is available to Micro and Small business concerns as well as individual business owner who trades in their personal names. Their business may not necessarily be registered with the CAC.
Please note that this loan is geared at supporting the above-stated category of customers to grow their businesses. It is for existing and growing businesses and not appropriate for businesses experiencing difficulties or in need of financing to kick start (start-up) activities.
You may contact our 24hr Interactive Contact Centre, Purple Connect, on 07000PURPLE (07000787753), +234-8039003700, send an SMS to 07051112111 or drop us an e-mail at purpleconnect@wemabank.
Alternatively, you could chat with us via our live chat platform by clicking on this link. Our Customer Care Officers are also available to assist you at any of our branches.
Is a Naira denominated Credit card, which provides customers with a revolving credit line, via all channels – POS, Web & ATMs accepted in Nigeria and all over the world, at tens of millions of merchant locations and over 1.8 million ATMs, wherever the Visa logo is displayed.
A credit card is a card to which a certain amount called a ‘limit’ has been assigned for use by the cardholder. The limit is usually the bank’s money availed as credit to the customer subject to various risk acceptance criteria.
A bond is a loan and the investor or holder of the bond is the lender. When you purchase a bond, you are lending money to a government, local government council, state government, federal agency or a corporation, known as the issuer. The government uses it to fund budget deficit, for instance, or to build roads, electric power stations, finance factories, etc. When you purchase a bond, in return the issuer promises to pay you a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it ‘matures’.
Our fixed deposit is designed to help you grow your savings for future investments OR towards a specific event; your dream house or even towards a stress free retirement. We help you grow your savings with guaranteed high returns. Fixed Deposits are tenured deposits that offer competitive interest rates and flexible investment periods of 30, 60, 90 and 180 days and above. Call deposit as the name implies means that the investor can ‘call’ for the deposit at any time since the tenor is not fixed.
The e-Bills pay is collection platform introduced by NIBSS for the purpose of making electronic payments i.e bills, fees, premium, IGR, subscriptions to billers (Merchants) by their customers.
Sim. Wema Bank Personal Savings Account would be right for you.