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BUSINESS & ECONOMY

Representatives To Investigate Banks, Financial Institutions For Non-Compliance With CBN’s NOP Directive

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The House of Representatives has directed that the House Committees on Banking Regulations and Banking Institutions hold an investigation into banks and financial institutions’ failure to comply with CBN directives on Net Open Position Limits.

This resolution came after Hon. Babajimi Benson moved a motion of urgent national importance in plenary on Wednesday, urging banks to implement CBN policies on excess long foreign exchange and net open position limits.

Hon. Benson stated that the Central Bank of Nigeria (CBN) is responsible for regulating the country’s monetary policies in accordance with the CBN Act.

Furthermore, in carrying out this duty, the CBN has the authority to issue regulations and issue directives for commercial banks and other financial institutions to follow.

He also stated that Sections 8 (4) and (5) of the CBN Act require the CBN Governor to brief the relevant Committees of the National Assembly during semi-annual hearings and to provide periodic reports to the National Assembly on the economy’s performance.

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“The dollar’s exchange rate against the naira has steadily increased. In the past week, it has risen to N1,520 per dollar. This astronomical rise has been caused by diverse market forces and certain economic policies adopted by the government, including the dollar’s liberalisation.

“Commercial banks and certain financial institutions in Nigeria usually hold back a large part of the forex|they obtain either through purchase, borrowing, or allocation from the CBN rather than lending to their customers in order to sell it when the exchange rate is high.”

The lawmaker went on to say that speculative activity by commercial banks and certain financial institutions has exacerbated the country’s harsh economic situation and made it difficult for legitimate businesses to obtain forex for business transactions.

“The CBN has intervened by introducing new monetary policies to check the rise in the dollar rate, including Net Open Position Limits and holding excess long foreign exchange.”

He recalled that commercial banks and certain financial institutions are hesitant to implement the monetary measures put in place by the central bank to combat the country’s banks and other financial institutions’ unwholesome practices.

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He emphasised that without immediate legislative action to enforce the directives, the country will face severe economic hardship due to rising foreign exchange rates.

However, the House established a Legislative Compliance Committee to ensure full implementation.

BUSINESS & ECONOMY

Over 5,000 Benefit From Gov. Oborevwori’s ‘MORE Grant Scheme.’

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Delta State Governor Rt. Hon. Sheriff Oborevwori has launched the MORE Grant Scheme for petty traders, artisans, and female entrepreneurs with 5,426 people from the state’s poorest and most vulnerable households benefiting.

Governor Oborevwori spoke at the formal launch of the M.O.R.E Grant Scheme at Asaba’s Event Centre, describing the initiative as a comprehensive support system that would empower 5,426 Deltans, including 1,600 petty traders, 1,826 artisans, and 2000 female entrepreneurs across the state.

He described Delta State as being rich in talent and ambition and praised the artisans, traders, and entrepreneurs for being the unsung heroes of the state’s local economies.

He stated, “Your hard work, creativity, and perseverance are the driving forces behind the vitality and resilience of our local communities. As we recognise your invaluable contributions, I want to reiterate the state government’s commitment and willingness to support your efforts.

“The MORE Grant Scheme is a beacon of hope and a catalyst for positive change, as it provides critical resources to help you grow your businesses and improve your livelihoods.

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“To our petty traders from low-income and vulnerable households, despite the daily challenges of life, you have continued to work for a better future for your families and communities through your small businesses.”

“As a demonstration of faith, the MORE Grant Scheme will continue to provide you with the financial assistance you require to improve your businesses, as we remain committed to transforming small businesses into thriving enterprises, thereby improving our people’s quality of life and contributing to the state’s economic growth.”

He challenged artisans to use their skills, craftsmanship, and dedication to preserve the state’s cultural heritage and promote sustainable living.

The Governor went on to say, “The grant being given out today will help you acquire better tools, access quality materials, and reach wider markets, which will, in turn, propel our people’s rich traditions to new heights.

“To our female entrepreneurs, you represent strength and innovation. Despite facing numerous challenges with courage and determination, you have continued to break down barriers and establish new standards. I am very proud of you.

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“This grant programme is designed to provide you and other young women with the resources and mentorship they need to grow their businesses and inspire other women to follow in your footsteps.

“Your success is critical to our state’s progress, and we are committed to supporting your entrepreneurial journey every step of the way.”

Governor Oborevwori assured the beneficiaries that the state would provide workshops, training sessions, and mentorship programmes to help them gain the knowledge and skills required to succeed in today’s competitive market.

“We want to build a community of empowered individuals who collaborate, innovate, and support one another,” the governor stated.

In her welcome remarks, the Commissioner for Humanitarian Affairs, Community Support Services, and Girl-Child Development, Orode Uduaghan, stated that the project was divided into three phases, each carefully designed to empower specific segments of the state and benefit over 5,000 people.

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Uduaghan revealed that the first phase of the project ‘targets the heartbeat’ of the state’s local economy, the petty traders, who, she claims, contribute immeasurably to the state’s tapestry of communities.

According to her, the state government’s MORE Grant Scheme aimed to revitalise their businesses, saying, “We are aware of how impactful even a small additional capital can be for these petty traders who work tirelessly to make a living.”

Weyinmi Eribo and Nneka Okekearu, the event’s keynote speakers, affirmed that human capital development was a platform for breaking the cycle of poverty and praised the governor for providing resources to grow small and medium-sized businesses.

They pledged to work with the state government through their agencies to mentor young entrepreneurs from the MORE grant scheme on how to grow their businesses into large-scale enterprises.

Some of the beneficiaries, including Mr Paul Onwochei (Delta North), Ogemuno Endurance (Delta Central), and Shodipe Gbubemi Sarah (Delta South), thanked Governor Oborevwori for providing funds to help them expand their businesses and urged him to continue the programme so that more Deltans could benefit.

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The symbolic presentation of cheques to some of the more than 5,000 beneficiaries was the event’s high point.

 

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BUSINESS & ECONOMY

How To Verify Certificate Of Occupancy In Lagos By Dennis Isong

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Lagos metropolise

In Lagos, Nigeria, a Certificate of Occupancy (C of O) is a crucial document for landowners. It proves legal ownership of land under the Land Use Act of 1978. With the rising cases of land fraud, verifying the authenticity of a C of O has become essential. Below is a comprehensive guide on how to verify a Certificate of Occupancy in Lagos.

Understanding Certificate of Occupancy

A Certificate of Occupancy is a legal document issued by the Lagos State Government to landowners and property buyers as a legitimate proof of ownership. This document specifies the rights of the individual or entity to the property and land.

Steps to Verify a Certificate of Occupancy

Step 1: Visit the Lagos State Lands Bureau

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Physical Verification: The first step in verifying a C of O is to visit the Lagos State Lands Bureau. This agency is responsible for land administration and registry in Lagos State. They have the complete database and records of all issued Certificates of Occupancy.

Step 2: Submit a Verification Request

Request Submission: At the Lands Bureau, submit a request for the verification of a C of O. You will be required to provide details such as the plot number, block number, survey plan number, and the C of O number. It’s essential to have all these details accurate to facilitate the verification process.

Step 3: Pay the Verification Fee

Payment of Fees: Verification of a C of O comes with a fee. Ensure you inquire about the current fee and make the payment accordingly. Receipt of payment will be required as part of the verification process.

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Step 4: Verification Process

Processing Time: After submission and payment, the Lands Bureau will conduct a thorough verification of the C of O against their records. This process may take some time, ranging from a few days to weeks, depending on the volume of requests being processed.

Step 5: Collect Verification Report

Collection of Report: Once the verification process is complete, you will be issued a verification report. This report will indicate the authenticity of the C of O. If the document is verified to be authentic, the report will serve as added proof of the legality of your property’s ownership.

Why Verify a Certificate of Occupancy?

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The importance of verifying a C of O cannot be overstated. Here are some reasons why it’s essential:

Prevents Fraud: Verification helps to prevent falling victim to land scams and purchasing properties with forged documents.

Confirms Authenticity: It assures the buyer or current owner of the land’s authenticity and legal standing.

Facilitates Transactions: A verified C of O is often required by financial institutions for loan approvals against land or property.

Common Certificate of Occupancy Frauds in Lagos

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While the Certificate of Occupancy is a critical document for property owners in Lagos, it is also a focal point for various fraudulent activities. Being aware of these common frauds can help property buyers and owners stay vigilant and protect their investments.

Forged Documents

Counterfeit C of O: There are instances where fraudsters create counterfeit Certificates of Occupancy. These documents may look remarkably similar to the original but lack the legal backing and verification from the Lagos State Lands Bureau.

Double Allocation Fraud

Multiple Owners: This occurs when a single plot of land is sold to multiple buyers, each provided with a seemingly legitimate C of O. This fraudulent practice not only leads to legal battles but also questions the authenticity of the C of O issued.

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Land Grabbing

Illegal Seizure: Land grabbers, also known as “Omo Onile” in local parlance, might forge a C of O to claim ownership of lands they do not legally own. They exploit unsuspecting buyers by selling these lands and providing fake certificates as proof of ownership.

Bribery and Corruption

Inside Job: Some fraudulent activities involve insiders within the land administration system. Unscrupulous officials might collude with fraudsters to issue or endorse fake Certificates of Occupancy for personal gain.

How to Protect Yourself from C of O Frauds

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To safeguard against these frauds, consider the following precautions:

Verify Before Purchase

Always verify the C of O through the Lagos State Lands Bureau before proceeding with any land purchase. This step cannot be overstated in its importance.

Legal Counsel

Engage a reputable legal practitioner or a property verification expert to conduct due diligence on the property and its documents.

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Research the Seller

Conduct thorough research on the seller or property developer. Check their reputation, past projects, and reviews from previous buyers.

Insist on Transparency

Demand transparency in every step of the buying process. Any reluctance to provide detailed information or rush the process should raise red flags.

Report Suspicious Activities

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If you encounter any suspicious activities or individuals during your property transaction, report them to the authorities. The Economic and Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU) of the Nigeria Police are competent authorities to handle such cases.

I hope you learned something new. Kindly scroll down to save my number and send a message.

*Isong is a TOP REALTOR IN LAGOS. He Helps Nigerians in the Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

 

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BUSINESS & ECONOMY

‘The Financial Times’ Ranks Moniepoint As Africa’s Fastest-Growing Financial Institution

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*Tosin

The Financial Times, one of the world’s leading business news organisations, has ranked Moniepoint Inc, the parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd, as Africa’s fastest-growing financial institution.

The world’s leading financial publication confirmed Moniepoint Inc’s recognition in its annual “Africa’s Fastest Growing Companies” survey, which was released today. Moniepoint has achieved the fastest-growing fintech milestone for the second year in a row, and it is also one of Africa’s top four fastest-growing companies overall.

Statista, a leading research firm known for its insight into African companies’ actual performance, conducted the survey following a rigorous screening process. Companies are ranked in this survey based on their absolute revenue growth rate and compound annual growth rate (CAGR) for the years 2019-2022.Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) put it ahead of hundreds of leading companies in a variety of industries, including technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payment platforms, processing more than $182 billion for customers in 2023. It should be noted that in August 2023, Moniepoint MFB entered the personal banking market, providing dependable banking services to millions of people across Nigeria. The holding company’s global headcount has also doubled, reaching over 1,800 by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by enabling underserved businesses and individuals to access the formal financial system, thereby contributing to the Nigerian government’s key goal.

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Tosin Eniolorunda, CEO of Moniepoint Inc., stated:

“For the second year in a row, the Financial Times has named us Africa’s fastest growing fintech company. Achieving rapid growth and scale is an outstanding achievement; maintaining it year after year is even better. The ranking reflects the dedication and hard work of the entire Moniepoint team, as well as the trust placed in the company by millions of African customers.

“Moniepoint experienced a pivotal year in 2023. Moniepoint has transitioned from being an agency-dominated institution to one that is dominated by merchants as more people adopt digital payment solutions. It is humbling to see how we have become a household name that people know and trust, the go-to for dependable transactions every time.

With our entry into the personal banking market, we have been able to provide seamless and dependable payment solutions to Nigerians, particularly those in underserved communities, as we continue to expand access to financial services and contribute to economic growth and wealth creation. 2024 promises to be even more exciting, with continued growth, driving compliance and innovation, as we maintain our leadership position in the African fintech sector, driving financial inclusion throughout Africa.”

According to David Pilling, FT Africa’s editor,

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“The third year of our expanded ranking of Africa’s Fastest Growing Companies comes as many economies struggle to recover from the Covid pandemic. The FT-Statista list identifies companies that have grown despite adversity, often by disrupting markets…This year’s ranking includes a broader geographical spread of companies than previously. Morocco is the big newcomer, with 12 companies in the top 125, up from three the previous time. Mauritian-domiciled companies also performed well, with nine winners compared to four in 2022. South Africa led the list with 42 companies, Nigeria followed with 25, and Kenya tied for third with 12.

Moniepoint Inc.’s technology supports over five million businesses and their customers, providing all of the payment, banking, credit, and business management tools they require to succeed. Moniepoint has established itself as a market leader in Nigeria across a variety of segments, including commerce, health, and hospitality, among many others. Its transformational and positive strides have earned it local and international recognition.

CB Insights named Moniepoint Inc to its list of the 100 most promising private fintech companies for the second year in a row in 2023. Moniepoint MFB received the Rising Star Family Business Award at the PwC/Businessday Family Business Summit and the Fintech Company of the Year award at the 16th Annual Leadership Newspapers Conference and Awards.

According to industry analysts, Moniepoint Inc is well-positioned to continue delivering innovative solutions that promote inclusivity, drive sustainability, and open up new vistas in the markets in which it operates.

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