Wednesday, July 27. 20 11
Business NDIC, USA treasury departmen~ partner on capacity building By Suw.b, Wiliams THE Nigeria Deposit insurance Corpo rati on (NDlC) has enten::d into a technical assistance agreem ent with Ihe Ornce of Ttcbnical AJsi:;tance (OTA) oflhe Uni ted Stales of America (USA)Treasury Department as part of the efforts 10 repositio n th e corporati on and enhaoce its capacity to d ischarge ilJi mandate of d epositor protection. In line with the agreed term s of reference (TOR) of the agreemenl. th e OTA
h u since May 20 11 d eploy~ • Rrsldent Technical Ad visor. Mr. Phillip Morris 10 the NDIe. to facilita te the capacity building programme.A statem enl from NDI C He~d, Com munication &: Public Affairs. Hadi S. Birchl said under lhe ag~ment which is for an initial period of two yttrs. tbe ttchnlca1 assistance invol~ a comprehensi\'C review of the corporatio n's operations in banking supervision. deposit gu:uantec. bank failure resol ution and closures. He .said lhat oLher speclflc ar~s o f the
agr~me nt are Increased techni cal ca pacityofNDIC-stafl'in lhe implcinentatlon of Risk BaRd Supervi~ion (RBS) as it relates to deposit Insurance.design and Implementation ortraining programmes/methods to improvr: th e capa<ity ofNDlC starr In the prompt payment of daims to dr:posltors anda~ilors
Theagrumml also indudes the design aod development o f staiflrainlng modules and operations m;anuililo enhan ce capacity in key areas of risk assets valuation, Purcha.~ & Ass umption (P&A) transac-
tions, asset and real eslate managemenl, problem loan workout, other interventio n ttcbniqucs etc. TI1e US partners are 10 assistth ecorporation in tnnsiting to the new International Financial Repor1lng Standards (IFRS) by providi ng appropriate training to stalT, providegmeral assistance in the dC\'dopmenl of core competencies in enterprise wide risk managemenl framework and provide general ns istance 10 NDIC as requested and appro\'('(j by th e US Treasury Department during the period.
Gombe establishesagric mechanization agency From lawai Ibrahim. Gilmbt
NII3SS launches financial electronic system 8, nn. A. llu!an NIGER IA Inter-BankSeltlement Sys. trm Pic (N IIlSS) has launched a Centra l Mandate Management System (C~ I ~ IS) 10 addrCliS ihe problems and challenges faced by banks and utility sen;ceproviders SIKh as payTV, leasing and insun.nce companies among olhen in the 5dtlcmenl ofbllis by sub scribers, Th is is expected to enhan ce direct debil mand:ttu o f bank cus tomrrs. who li re also subscribers o f utilit y se rvice companirs oiJlem'ise called hill en<. C~ I l\ I S hu been established as a cent ral electronic repository in pursuance of the Central Bank of Nigeria's (CBN) initiath'e of d eepening public conndence in the adoption o f Autumated Direct Debit as a means for c;onS11/11e( bUb paymcnL A communi que from NIBSS indi cates that iJle new 5fStem enables bilI-
er.; to process bill pa),ments errort- scribers and consumers. Indy an d in a cost-effe<:th-c manner, We are determined to propagate while providing electronic payment the Ideals nf Automa ted Direct Debil con\'Cnience for bank customers. . as a veritable option of payments for Wit h CMMS, banks are also :able services in Nigeria and with the sup' 10 pro\'ide modem bill payment support \\'C have rcc.eived from CBN port for their respecti\'e corporate and and Deposit Money &nks who an individual customers. all linked to o ur payment platfonn, -All the 24 deposit money banks - Nigerian fina ndal sector will move to have accepted the Central Mand:ate th e next 1e\'C1in e-payments. This tvill Management System as an initlallve ultimatrl y enable the Nigerian flnan Ihat would co mplement the: CON's clal system 10 co nlrlbute more tuGDI' grol'l1. h': efforl at impro\'ing th e adop tion of Direct Debit payment sys tem In General Manager Operations o f Nlgrri;a," the statement said_ Nige ri;a Inter- Bank ScliJemen t SrsManagi ng DlrKlor/CEO, Nigeria tem (NIBSS), Mr. Niyi Ajao 5;aid - the Int er-Bank SctiJement System Pic Clpability of th e CMMS 10 providc (N IBSS), Mr. Paul lawai said: -rile automatic alertsfreminders to bank Central Ma ndate Management 5,'1- custo mers before p~ym e nt dale, tern would reduce tbe h igh n::jection a utomated ge neration and processrates corrently ch af1llclerizing th e Ing of the electron ic direct debit present paper-based m andate sysinslructions o n due d ates among tern which has discouraged billrn oth ers provides a win-win silualion and service providers (rom cxtending for all stakeholders in the direct debit payment system': posl+payment options to their sub-
Nigeria's USA targets 15-20 pct 2011 loan growth N IGERIA'S United Ban k F.mmanutl Nn o rom for Africa (U DA ) aims lold ana lys ts th ai UBA. to grow its loan book by . the bank w ith th e larg es t d ist ri bution network 15-20percenl in 20 11 and In sub-Sah aran Africa's plans to o pe n subsidiar ies in Mali a nd Angola, the second biggest eco nomy, achieved a loan growth banksald yes terda y. Ch ic( financial orncer of 12 perct:nt in the first
ha lf o f the year a nd was on track to merl its target for201 1. Nnorom u ld UBA aimed 10 rank wit hin th e top six ban ks in Africa and will inc re:1.se its nel work to 2 1, once Mali
and Angola operat ions co mmence. It has 706 branches and operates 1.230 ATMs in ils biggest o pe rat ion, Nigeria. lie didn't give a limerram e ro r th e new operati ons. (Rtu,us)
THE Gombe Stale government has announced the establishmenl of AgricuJl u ra l Mechanization AU lhortly lo ensure rouline ulil i7.a tion ami manage· ment of stale machineries u well as p revenllhe inces· san t cases of broken down tractors th allitlered some mi nistries and agmcies. Governor Ibrahim I lusan Dankwambo who made the announcemem during the laundling of 6(1 new and refurbished tra ctors yeste rday, said the state hasdiscO\'ered wit b dismay thal lhe tractor hiring unit cannot boast of a single servicnble tractor 10 pro· \'ide services to the leaming farmen In the state. The governor who desc ri bed Ihe situallon as
unacceptable and one Ihal requires immedi:u e attentio n, said the silualion informed their decis ion 10 order for the pu rcbase of 35 tractors al th e cost ofN I09 mUllon and th e refurbish ing of the 25 broken o nes at the cost o f N40 million. He said thaI the error! IS to reduce drudger y in th e farming practices, elimi nate wastages, impro\'e on modern mecha ni 7.ed fa rmingand strengthen the stale and localgon:rnment traclo r h iring scheme in an effo rt \0 accord the sector Ihe drsired alien i ion. He said, alread y, the st;ate has employed 147 youth udri\-enand dri\'er's mates to enable th em to be gainfull yemploycU and discounge them fro m indulging into illegal ~ Kalare~ ac livilirs.
Dando posts N33.23bn profit OANDO PLe group has annOllllcet.i a gross pront o r NJ3,2 biJIioll at th e half year mded June 30. 20 11 . According 10 lhe rt'pOI1 rdeascd on the Door of the Nigeria Stock Exchange ytSlrrday, Oandos turnover gwvby 5S pcrcentaIN267.8 billion compared 10 Ihesame period ofN In.9 billion in 20 10 wMe Pronl-lkfore-Tax gr~ by 33 per cent al N 12.8 biUion compaml to N9.6 billion In 20 10 and prontAller-Tax of N6.7 billion compared 10 N5.3 billion at th rsame period in 2010. According 10 Wale llnubu,GroupOliefExecutive, Oando PLC. ·our 201 I half}'COlf (H i) results underline the groups focus on building and dn 1.'loping the higher margin upstream and m idstream divisions whilst sustaining our perfonnance In the downstream division:" In the upstrram. linubu
said the oil fiml focused on the d C\-clopment of E&P assets to ensure that Ihey can increase their production to benent from the favourably high crude oil prices. He said thai lheir Enetg)' Services business maintained ;a 98 pen:ml rig up limt: o n drilling opentions, adding th at they all! nnalizing the n:furbishment of the lhinl rig. which has already been awarded a driUing contract by an Inlernational oil ",""""y. ~1'1I::
rlmccd the completion of the construction of oor second pipeline franchise in the east and we look forward to additional customer connects from the expansion of oo r I~os gas pipeline. The downstn:am division n:liablyconlinues 10 contribote to the grutlps performance wilh increased impor1ation, supply and distribution of petroleum p rodUCIJ across the country.