22 — Vanguard, THURSDAY, JUNE 13, 2013
World Bank initiative to facilitate ICAN’s global membership BY PROVIDENCE OBUH
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HE Financial deal entered into by World Bank and the Institute of Chartered Accountants in England and Wales, mother body of Institute of Chartered Accountants of Nigeria (ICAN) will fast track its global member status. In his speech during his th investiture as the 49 ICAN President, in Lagos, Alhaji Kabir Mohammed, said “One critical issue that has continued to confront young members of the Institute is the prospect of labour mobility. Indeed, failure of past effort, at signing reciprocal relationship with some International Federation of Accountants member-bodies has been the subject of serious engagements between the Institute and the World Bank. Through a World Bankfinanced twinning arrangement with the Institute of Chartered Accountants in England and Wales, the very Institute that gave birth to ICAN, this huddle will soon be surmounted. “To achieve this, the Institute’s syllabus, training manuals and certification processes, are being comprehensively reviewed and examinations under the new syllabus are due to start with the November 2014
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From left: Dayo Babatunde, Financial Sector Leader for West Africa; Bunmi Akinde, Senior Partner, Advisory; Bisi Sanda, Transaction Advisory Services Leader for West Africa and Adekunle Salau, Advisory Leader for West Africa, at the formal presentation of its Private Equity Survey Report to the media, in Lagos. diet. Products of the new syllabus will write only the tax and law papers of the Institute of Chartered Accountants in England and Wales examinations and become members of that revered global body. “In anticipation of this, the Chartered Institute of Management Accountants, UK, has
By WILLIAM JIMOH Tranzact International Plc, an electronic and mobile payment technology company, has announced plans to maximise the gains of on-going electronic payments reforms instituted by the Central Bank of Nigeria, CBN , in a bid to increase the usage of electronic products and solutions across the country. Mr. Felix Ohiwerei, the company’s Chairman, who stated this at the th company’s 9 Annual General Meeting (AGM) in Lagos, said they will continue to invest in both their technology and human resources to achieve the set objective. “The CBN’s continued pursuit of a cashless economy has been a great opportunity for our sector. eTransact continues to position itself as a key stakeholder and provider of alternative electronic and mobile payment solutions to various industries and will continue to take full advantage of this opportunity. “In 2013, we will continue to invest in our technology and human resources so that we can enhance our market dominance in our key product areas. We will keep strengthening our alliance and partnership with our mobile banking and mobile money partners to ensure that our active users and subscriber base continue to grow. “As we continue to position our business and operations to take advantage of the var-
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Stanbic IBTC Bank commences Saturday banking services By NKIRUKA NNOROM
offered to grant direct admission to ICAN members, subject to their writing one paper in its final qualifying examinations. In view of the expected benefits, the Council under my leadership will ensure scrupulous implementation, of the various components of the World Bank initiative.
eTranzact to maximize opportunities in e-payment reforms
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ious opportunities in the industry, we will also align our business processes, standards, as well as financial processes with global best practice and world class standards required of business such as ours,” Ohiwerei said. Recalling the company’s achievements in 2012, he said that they have fully complied with the International Financial Reporting Standards, IFRS, adding that henceforth all the company’s financial reports and disclosures would comply with the global standards. eTranzact recorded an increase in gross revenue of over 300 per cent in the last three years from 2010 to 2012, just as its profit after tax grow by almost 60 per cent in the years under review. Ohiwerei added that, “We are also in the advance stages of our internal restructuring and realignment of our operating units to help drive performance and improve efficiency. All these steps have been taken to position the company as the market leader so that we can meet the requirements of our clients and stakeholders.” “We are poised and committed to be the leading regional and subsequently a global player in the electronic and mobile payment market. Our policy remains to deliver secure, cost effective and innovative electronic and mobile payment services that are compliance to global accepted standards,” he added.
We will build technical capacity within the Secretariat to sustain the gains of the above initiative.”
Fidelity Bank wins award for SMEs’ support
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idelity Bank’s efforts to grow wealth and raise a new generation of entrepreneurs in the country paid off handsomely at the weekend when the Bank won the award for the Best Bank in Support of Small and Medium Scale Enterprises (SMEs). The organisers of the Businessday Banking Conference Awards said that Fidelity Bank came tops amongst three other banks – Access Bank and Diamond Bank that were nominated for the award after a critical assessment of their loan portfolios and overall contribution to the SME sector. The Awards was instituted as a credible way of rewarding banks that are supporting economic growth in the country without putting the financial sector at risk. Receiving the award, Head, External Communications, Fidelity Bank Plc, Ejike Ndiulo, who represented the Group Head, Marketing Communications, Emma Esinnah, thanked the organisers for believing in the Bank. He said that the award is a testament to the Board and Management of the Bank’s efforts geared towards the growth of the economy and poverty reduction.
TANBIC IBTC Bank, a member of Stanbic IBTC Holdings Plc, has announced the commencement of Saturday banking in key cities across Nigeria. Weekend banking is a window designed to enhance access to financial services. In a statement, the bank said the new service window, which will further expand financial inclusion in the country, is available at major shopping malls and markets where Stanbic IBTC Bank has branches across the federation. These include Ikeja Shopping Mall, Lagos; The Palms, Lekki, Lagos, and Grand Towers Abuja Mall, Federal Capital Territory, as well as the regular markets. Commenting, the CEO, Stanbic IBTC Bank, Mr. Yinka Sanni, said that as Nigeria’s huge unbanked population steadily migrates to the formal banking system, the bank is well positioned to help everyone actualise their aspirations through the availability of branches and service points where top-ofthe-class services and products can be easily accessed. Noting that the Nigerian financial services industry is rapidly evolving, Sanni said it is imperative that the changing needs and goals of both existing and potential customers are constantly monitored to enable the provision of appropriate products and solutions.
Hamdi named Ernst & Young world entrepreneur of the year
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AMDI Ulukaya, the Founder, President and CEO of Chobani, based in the United States, has named the Ernst & Young World Entrepreneur of the year 2013 at an awards ceremony held in Monte Carlo’s Salle des Etoiles. Hamdi was picked from among the 49 country finalists vying for the title across 47 countries, each of whom had already been named the Ernst & Young Entrepreneur of the year in their home countries. Turkish-born Hamdi founded Chobani in upstate New York in 2005 and launched Chobani Greek Yogurt two years later. Less than six years after launch it is the best-selling yogurt brand in the US with annual sales approaching US$1billion. Chobani has 3,000 employees and operates the largest yogurt factory in the world selling its products to Australia and the UK as well as the US.