22 — Vanguard, THURSDAY, OCTOBER 24, 2013
Bill on control of funds passes second reading A
bill seeking to regulate the acceptance and utilisation of financial and material contribution of donor agencies to voluntary organisations has passed through its second reading at the House of Representatives. The bill also seeks to subject the acceptance and utilisation of funds from international donor agencies by Civil Society Organisations (CSO) in the country to the control of the Independent Corrupt Practices and other Related Offences Commission (ICPC). The Speaker, Hon. Aminu Tambuwal has, however, warned that the move should not be misconstrued as “gagging” the activities of the CSOs. During the debate, some of the lawmakers opined that the bill, if passed, into law would hamper the activities of CSOs that have been active in checking the excesses of governments. According to the sponsor of the bill , Rep. Eddie Mbadiwe (APGA,Imo), funds from donor agencies ought to be subjected to stricter control going by the security challenges currently confronting the country. He said that there were many non- governmental organisations that were not registered in the country yet, have access to funds from these international agencies. Mbadiwe said this, had constituted a serious threat to national security and urged his colleagues to pass the legislation to checkmate the
ugly situation. Speaking in support of the bill, Rep. Leo Ogor (PDPDelta) said that the parliament has a responsibility to bring the laws of the country into
conformity with global best practises. He said that it was within the mandate of the parliament to bring the activities of NGOs in the country into public scrutiny so as to enhance public safety.
From left: Emeka Iro, Ag. Company Secretary,TrustBond Mortgage Bank; Etigwe Uwa, SAN, Chairman, and Adeniyi Akinlusi, MD, TrustBond Mortgage Bank, at the Completion Board Meeting of TrustBond Mortgage Bank Plc, for Special Placement offer of N500 million, in Lagos.
Global competitiveness: Averti Professionals call for improved business processes By BABAJIDE KOMOLAFE
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VERTI Professionals have called on Nigerian business to constantly fine-turn their business processes so as to survive and succeed in global competition Speaking at the official launch of the company in Lagos, Mrs. Inyang Sami-
Orungbe, one of the four Partners of Averti, said, “Since the smallest of businesses can now operate on a global scale, there is a constant need to fine-tune business processes so they align with worlds best practices”. Speaking on the importance of business processes, she said, “Business process man-
Wema Bank shares listed on NSE, gross earnings hit N26bn By PETER EGWUATU
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The lawmakers said that public safety would be enhanced if NGOs were required by law to ensure that they are registered with the ICPC before accessing funds from foreign countries.
EMA Bank Plc has listed its shares of 26,667,123,333 ordinary shares of 50k each from its special private placing on the floor of the Nigerian Stock Exchange, NSE, just as its gross earnings rose to N26 billion for the third quarter( Q3) unaudited results. The bank’s listing of its shares took place on Tuesday, just immediately after the Bank released its 2013 Q3 results which saw Wema Bank sustain its profits for the second consecutive quarter since 2009 and Gross Earnings hit N26.3billion. In his comments, Tunde Mabawonku, Chief Finance Officer of the Bank reiterated the Bank’s appreciation to all stakeholders who participated in the N40billion capital raise by way of special placing. He further added that the performance of the Bank’s shares on the Exchange and subsequent listing of the ordinary shares from the successful special placing was testament to the confidence
reposed in the Bank by investors, customers and shareholders alike. He was also confident that the Bank will continue its growth trend into the foreseeable future. In an earlier statement, the MD/CEO of Wema Bank, Segun Oloketuyi said that the shareholding structure of the bank remains diverse with no single investor having a controlling shareholding. Over the past four (4) years, Wema Bank has been successfully repositioned against all odds by creating a strong platform for sustainable superior financial performance through quality personnel, better risk management and corporate governance practices, improved systems and processes, and an enhanced capital base. During the successful private placing, a total of 26,667,123,333 Ordinary Shares of 50k each valued at N40,000,684,999.50 were allotted to successful institutional and private investors at N1.50k per share in two tranches thereby raising the Bank’s paid up capital above the threshold for a National Banking License.
agement enables organisations view the progress of their activities in terms of the results through processes. It cuts across the whole organisation and does not focus on individual department. The whole process must be looked at. Averti facilitates overall efficiency across the organisation as regards people, processes and technology using its various products offerings” she added. Explaining the mission of the company, Folake Sanu, another partner of the firm, said that “Averti Professional is a partnership of four professional women, including Bukky Orekoya and Cecilia Osoka, with a combined professional experience of 120 years in various sectors of the Nigerian economy. We are joining forces to help businesses deal with complex challenges that face them in today’s Nigeria. “With combined expertise in business advancement, financing and human capital development, we partner with our clients to offer in-depth practical solutions whilst also providing them sustainable support thereby becoming trusted advisors”, said Folake Sanu According to Cecilia Osoka, at Averti, we earn our clients’ confidence through exceptional performance.
Access Bank launches solution to boost investment, simplify transactions By MICHAEL EBOH
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CCESS Bank Plc has launched a corporate internet banking solution, called Primus, designed to assist in simplifying the processes involved in investment, executing payment, managing receivables and treasury services in the daily dealings of organizations. Speaking during the launch of the product in Lagos, Mr. Aigbojie Aig-Imoukhuede, Group Managing Director, Access Bank, said the launch is part of its five-year medium term strategy to emerge as a dominant player in the Nigeria’s financial landscape. He further stated that the corporate internet banking solution is part of its plan to set up 200 key initiatives over the next couple of years. According to him, the solution is the first in the Nigerian banking terrain and will remain so for a number of years. He noted that Primus is corporate focused and has moved to the computer, all the services delivered in the face-to-face banking platform. Also speaking, Mr. Okey Nwoke, Executive Director, Access Bank, said the product is the minnovative and robust electronic business solution in our landscape today, adding that its services cover the typical deliverables of Chief Financial Officers, procurements and logistics directors. In this regard, he maintained that the areas covered include: payments management, cash flow forecasting, receivables management, investment management, liquidity management, supply chain management, trade services optimization, reporting and reconciliation and foreign exchange optimization. He said, “major feature is that the solution brings all these services under one portal instead of being seen as different independent solutions. Other features are that it is easy to sign on; makes reporting seamless; very intuitive and user friendly. Nwoke noted that Primus is an innovative and robust business solution that focuses on trade, liquidity management, treasury services, collections and payments. He declared that the corporate internet banking solution provides iwith the Treasury System/Investment Gateway for tasks like Folio Balance and activity reporting, purchase of new investment and redemption of new investment among others.