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BUSINESS & ECONOMY

CIN Holds 7th Investiture Ceremony, Annual General Meeting 9th Dec 2023

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The Compliance Institute of Nigeria (CIN), Nigeria’s flagship umbrella body for all compliance professionals and practitioners in the country, will expand its membership on Saturday, December 9, 2023, with new members joining the League of Professional Compliance Officers as it holds its seventh Annual Induction ceremony in Lagos.

The physical induction ceremony will take place at Ijewere Hall, Bankers House, 19, Adeola Hopewell, Victoria Island, Lagos. The event will also be virtual broadcast via Zoom.

The Institute’s Annual General Meeting will also take place immediately following the induction ceremony.

The induction ceremony, by the institute, shall admit a new batch of Fellow Compliance Institute, Nigeria (FCIN), Associate Compliance Institute, Nigeria (ACIN), and Designate Compliance Institute, Nigeria Professional (DCP) who have passed its prescribed examinations.

Six eminent personalities within the public and private sectors in West Africa, who have contributed to the growth and development of the compliance ecosystem, will also be honoured with fellowship membership by the Institute, whilst deserving top performers in the examinations will be awarded prizes.

The hybrid event with the Keynote theme ‘‘Compliance in the Digital Era- The Role of Artificial Intelligence in Enabling an Effective Compliance Culture”, will be delivered by the GM & E,  Mobile Telecommunications Nigeria, Ibe Kalu Etea as Keynote Speaker, and broadcast digitally to both virtual and physical audiences.

It will be witnessed by compliance professionals across the world including policymakers, regulators, law enforcement officers, and standard setters.

According to the Registrar, Compliance Institute, Nigeria (CIN), Mr. Ini Esau, “433 student members, who have completed the professional certification examinations of the institute in 2023, will be inducted, whilst deserving top performers in the examinations will be awarded prizes. Also expected at the ceremony are corporate titans from different sectors.’’

Compliance Officers and organizations today face an increasingly complex and evolving regulatory landscape, making compliance a critical aspect of business operations. In the digital era, artificial intelligence (AI) is emerging as a transformative force, enabling businesses to achieve a more effective and proactive approach to compliance.

The adoption of AI in compliance has the potential to revolutionize the way organisations manage compliance risks and foster a culture of ethical conduct. By leveraging AI, organisations can significantly enhance their compliance effectiveness, reduce costs, and protect their reputation. With the growth and widespread acceptance of Artificial intelligence, no doubt comes with it, its attendant risk.

This year’s thought-provoking topic, ‘‘Compliance in the Digital Era- The Role of Artificial Intelligence in Enabling an Effective Compliance Culture.’’, seeks to help Compliance professionals stay abreast of the interplay of Artificial intelligence, the associated risks and challenges to the workplace.

Reaffirming the institute’s commitment to this year’s topic, the President, of Compliance Institute, Nigeria, Pattison Boleigha, said: ‘‘The global compliance landscape is constantly evolving owing to several factors, including Artificial Intelligence, the dynamic nature of financial crimes, emerging money laundering, terrorist financing and proliferation financing (ML/TF/PF) threats, advancements in technology, and the ever-changing international standards”

Updating industry stakeholders on the progress made by the institute, the Vice President, of Compliance Institute, Nigeria, Isah Aminu Buhari, said, “The Compliance Institute, Nigeria (CIN)  Charter Bill has passed its first reading on the floor of the Senate within a year.

“All necessary steps to ensure that the Bill is passed and signed into law, are being taken. The Bill, when passed will further enhance Nigeria’s efforts to address the deficiencies that led to the ‘Grey Listing’ of Nigeria by the Financial Action Task Force”

The Compliance Institute, Nigeria’s vision is to be acknowledged nationally and globally as the standard-setter for compliance practice within the financial industry in Nigeria, whilst its mission is to maintain and promote regulatory standards for the Industry by facilitating and encouraging professional development and accreditation for its members (individual and Corporate).

The Compliance Institute for Banks and Other Financial Institutions in Nigeria Ltd/GTE, also known as “Compliance Institute, Nigeria” (CIN) was registered on Thursday, 22nd January 2015 and commenced operations in 2017. The Institute was established to encourage, promote, and revive the consciousness of regulatory compliance within and outside the financial industry in the country.

The Institute seeks to create and build a body of professionals and corporate organizations from a range of industries established and recognised for integrity, professionalism, and strict adherence to regulatory and non-regulatory standards in and outside the business environment.

 

 

 

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OIL & GAS

Nigeria, Qatar Gas Cooperation To Pave Way For Global Clean Energy, Says Tuggar

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Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has called for collaboration between Nigeria and Qatar to promote gas diplomacy, energy transition away from nonrenewable energy, and highlighted the key benefits of Nigeria-Qatari relations for Africa and the global gas sectors.

He made the call while delivering a lecture at the Doha Diplomatic Institute on Thursday on the sidelines of President Bola Tinubu’s official visit to the State of Qatar.

The Minister said both Qatar and Nigeria are blessed with hydrocarbon deposits that place them at the centre of the new energy equation. He also stated that while Qatar has the world’s third largest gas reserves and Nigeria is best known as Africa’s largest oil producer, it is primarily a gas province with a small amount of oil. “We are sitting on reserves of 208TCF. We use our reserves to develop our economies – and are confident that we can also develop partnerships that will support the process of transition.”

Amb. Tuggar further stated that it is incumbent on gas-rich countries like Qatar and Nigeria to make a case for gas as a cleaner alternative and transition fuel fit for human use while also adding that “Nigeria requires a partner such as Qatar that shares a similar epistemology of gas as a resource for human utility to develop its gas assets further and expand market share for the benefit of both countries.” He also enthused that “Nigeria can help Europe and other industrial economies to diversify their sources of energy supply. In turn, a more stable market creates more stable prices, and a more stable platform for economic growth, improved living standards and new opportunities.”

The Minister also stated that Nigeria currently has a 6-train LNG with a nameplate capacity of 22MTPA, with an 8MTPA 7th train under construction and another 8th train planned for the near future. Nigeria also has two additional LNG projects that have reached advanced planning stages; Olokola (OK LNG) and Brass LNG. Opportunities for quick Floating LNG projects also abound. But even before that, 150km from Nigeria lies Equatorial Guinea’s Bioko Island LNG, fresh out of gas supplies and ready to take in feedstock from Nigeria.

The Minister said that beyond the LNG, “Nigeria has two major gas pipeline projects with the potential of delivering gas to Europe currently underway- The Trans-Saharan Gas Pipeline through Algeria can potentially deliver a conservative 2 billion scf/d while the 7,000km Nigeria-Morocco Gas Pipeline seeks to join the Maghreb-European Pipeline (MEP) with a capacity of 30 billion cubic metres/day.”

He added that all of these projects provide huge opportunities for Qatar to partner with Nigeria to enter into new markets for gas in Africa and beyond, noting that: “Qatar possesses the requisite big-ticket experience in negotiating complex international business deals as well as the interlocutory mediation skills for the diplomacy required to pull off a Nigeria-Morocco pipeline, where over 15 countries would be involved.

He said the kind of political and economic partnership that is needed to develop such a complex project can be the foundation for a new diplomatic order in the region. He said: “A partnership that further brings us together and can provide new incentives to mitigate or minimize some of the challenges that we have faced, for example in recent months over the faltering of democracy in parts of the region. ,

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BUSINESS & ECONOMY

New CBN Interest Rate Hike Will Worsen Economic Hardship, Job Losses

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Peter Obi, former governor of Anambra State, believes that the Central Bank of Nigeria’s (CBN) increase in the Monetary Policy Rate (MPR) will exacerbate the country’s economic hardship.

According to the Conclave, the CBN increased the MPR by 400 basis points, from 18.75% to 22.75%.

CBN Governor Yemi Cardoso, who chairs the Monetary Policy Committee (MPC), announced the committee’s decisions in Abuja on Tuesday, February 27, 2024.

However, Obi, in a statement posted on his X (formerly Twitter) account on Thursday, February 29, described the increase as counterproductive, claiming it would result in more job losses in the country.

The Labour Party’s (LP) presidential candidate for the 2023 election stated, “Let me confess that being a vintage Onitsha-based trader does not confer on me the status of an economic expert.

“With my vast trading knowledge and my involvement in the real sector, I am of the strong opinion that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5% and the Cash Reserve Ratio, CRR, to 45% will further worsen the economic situation of most Nigerian households, as it is bound to cause more job losses in the productive sector, especially manufacturing and other sectors that rely on bank loans and credit facilities.

“Limiting liquidity in the financial system does not improve productivity, i.e. food production, which is the primary cause of inflation in Nigeria.

Furthermore, only about 12% of the total money in circulation is in the banking system, leaving the remaining 88%, or about N3.2 trillion, outside the banking system.

“So, this measure would be counterproductive because it does not address the intended goal of managing the money supply.

“These new measures will worsen the fragile economy because the supply of funds for the real sector will dry up, and the new MPR rate hike will push loan interest rates above 30%, making it very difficult for real sector operators, particularly manufacturers and SMEs, to repay; resulting, obviously, in increased bad loans and worsening the nation’s economic situation.”

The former governor stated that the most important way for Nigeria’s government to manage the country’s high inflation rate and decline in production is to address insecurity.

Obi stated that the government’s response to insecurity would allow for increased food, crude oil production, and overall production, resulting in cheaper products, particularly food.

Obi added, “This way, we would increase our productivity while also restoring FDI and FPI confidence in the country.

“I must warn that what the Nigerian economy requires right now is hard-headed practical innovation and outcomes. Tinkering with classical economic theories will only exacerbate our crisis.”

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OIL & GAS

NNPC Ltd, OPEC Pledge Collaboration To Attract Investments, Increased Production

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The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Organisation of Petroleum Exporting Countries (OPEC) have agreed to work closely together to achieve the country’s objectives of attracting investment and increasing production.

In a statement, Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, stated that the two organizations came to this accord when the Secretary General of OPEC, Haitham al-Ghais, paid a courtesy visit to the Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, at the NNPC Towers on Wednesday.

Speaking at the event, al-Ghais stated that OPEC was completely aligned with NNPC Ltd.’s vision, as encapsulated in its payoff line: “Energy for Today, Energy for Tomorrow,” because of its inclusive view of energy, as opposed to the view promoted by some quarters that some sources of energy were bad.

He revealed that, despite the pushback on oil and gas, the world would require approximately $14 trillion in investments from now until 2035 to meet global demand, and urged NNPC Ltd to do everything in its power to capitalise on that opportunity to increase production in order to remain a reliable source of energy for the world.

“We will continue to ensure that the market is stable. The global market has to be stable in order for Nigeria to be able to attract investors. If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country. So, we will continue to do that in OPEC. We count on Nigeria’s support”, the OPEC helmsman said.

In his remarks, Kyari stated that NNPC Ltd was working extremely hard to recover lost production and create the ideal fiscal environment to attract investment.

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