Banking

FSDH Merchant celebrates  pioneer Custom Duty Collecting Bank in Nigeria

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Economy

FSDH Merchant Bank to work with Lagos State on revenue collection — Official

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FSDH Merchant Bank says it has been enlisted into the Lagos State Electronic Banking System of Revenue Collection and Monitoring (EBSRCM).


Ms Stella Marie-Omogbai, FSDH Divisional Head, Corporate Banking and the Branches, disclosed this in a statement in Lagos on Sunday.

Marie-Omogbai said the Lagos State Government approved the bank’s application to be included in the State’s EBSRCM in March.

“On March 30, 2020, the Lagos State Government approved the Merchant Bank’s application to be included in Lagos State’s Electronic Banking System of Revenue Collection and Monitoring (EBSRCM).

“This feat is yet another first for FSDH Merchant Bank, as it is now the first Merchant Bank to be granted this application in Nigeria,” Marie-Omogbai stated.

According to her, with this enlistment, the bank will be able to process the following taxes: Land Use Charge bills (LUC) and Lagos Water Corporation bills (LWC).

She said that with the approval, the bank would process Central Billing System such as LASTMA bills, VIO bills and Education Board bills, among others.

Marie-Omogbai said that the enlistment would enable the bank to process WebGUID (these are non-billed payments where the customer or the teller generates the payment code e.g. PAYE, Direct Assessment, Dev. Levy, etc.)

FSDH is also the pioneer Custom Duty Collecting Bank in Nigeria.

“It is the first Merchant Bank in Nigeria to re-structure into a Holding Company and in November 2012, became the first Discount House to become a Merchant Bank in Nigeria.

“Providing corporate banking, prestige banking and global markets financing solutions, FSDH Merchant Bank continues to deliver expert and timely financial services within Nigeria and to select clientele, with a goal to succeed together.

“The Merchant Bank was rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited and Global Credit Ratings Co.

“These ratings were given based on the bank’s sustained record of good capitalization, good liquidity, good profitability and an experienced management team.

“Even amidst a crisis, FSDH Merchant Bank continues to find ways to innovate in the Nigerian financial services industry,” she said.

Edited By: Kamal Tayo Oropo/Oluwole Sogunle (NAN)

 

https://nnn.ng/fsdh-merchant-bank-to-work-with-lagos-state-on-revenue-collection-official/
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General news

COVID-19: Architects seek ways to save construction industry, economy

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Members of the Lagos State Chapter of the Nigerian Institute of Architects (NIA) told the Federal Government on Sunday to adopt measures to save the construction industry from the impact of the coronavirus pandemic.


The architects made the call at their online business meeting, facilitated by the chapter in Lagos.

Speaking on “The Economic Impact of COVID-19 on Architecture and the Construction Industry,’’ the architects said the construction industry was central to the success of the nation’s economy.

Contributing to the discussion, a U.S.-based project manager, Dr Chi Iromuanya, said that how governments, especially in African nations responded to the challenge of COVID-19 would make or mar the construction industry of such nations.

He said that architects in various countries must evolve methods to come up with architectural designs and general construction practices to use machines and technology and reduce human involvements.

Iromuanya lauded the decision of the Nigerian Government to gradually re-open the economy, arguing that Nigeria and other African did not have enough buffer resources to shut down their economies like developed nations.

He advised African leaders to not only shut their physical borders to foreign interests but to also shut their economic borders for up to 30 years to allow total economic recovery in their countries.

“It should be a lockout not lockdown. Yes, a lockout of economic adventurers into our fledgling economies. Yes, lock them out for 30 years for introspection and self-rejuvenation.

“Within this period of transformation, our economic agencies will involve only persons and institutions with real skin in the game and populations and organisations that will subject themselves to the laws of the land.

“It will preclude the likes of Dick Cheney and his Halliburton from future economic adventurism into Africa at no personal cost to themselves and hopefully usher in a new dawn of self-actualisation.’’

Iromuanya noted that the Chinese model of giving loans and building infrastructure for African nations was ok but that African leaders must find a way to remove endemic corruption in their countries.

“The Chinese are taking over because our leaders want to make money. The Chinese are merely taking advantage of our very poor value-system,’’ he stated.

Also speaking, the Chairman of FSDH Merchant Bank Ltd., Mr Femi Agbaje, highlighted economic opportunities created by coronavirus, calling for the creation of more SMEs through grooming of the informal sector.

He said that Nigeria’s informal sector was bloated because of poor infrastructure, advising government to increase budgetary allocations to education, health, agriculture and general infrastructure.

In her presentation, Mrs Jennifer Mpyisi, an architect from Uganda, called for rapid design solutions by professionals to meet up with the challenges of COVID-19.

`We architects need to be planning and designing differently. There should be a shift in urban planning. We need to take mass housing delivery important.

“Architects should create rapid design solutions. We should use this time to be innovative. Collaborative deign laboratories should be created.’’

She lamented the inadequacies of the current reality of democratisation of housing designs in African countries that “have been incapable of bridging the huge housing deficit in the continent’’.

The Chairman of the Lagos State Chapter of the NIA, Mr Fitzgerald Umah, said that coronavirus had changed life and work culture, hence the resort to virtual business meetings to provide solutions.

Umah said the online seminar was aimed at preparing members of the institute for life after lockdown because of anxieties and uncertainties that would plague various segments of the nation’s economy.

“This period has revealed the need for our government to invest in health care, housing and infrastructure, which are the bedrocks of any economy.”

He also stressed the need for architects to adopt new measures and technologies for the construction industry to thrive during and after COVID-19.

Edited By: Emmanuel Nwoye/Silas Nwoha (NAN)

 

 

https://nnn.ng/covid-19-architects-seek-ways-to-save-construction-industry-economy/
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Economy

CBN says contributions to its COVID-19 relief fund hit N15bn

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The Central Bank of Nigeria (CBN) on Wednesday said that monetary contributions to its relief fund under the auspices of Private Sector Coalition Against COVID-19 (CACOVID) stood at N15 Billion.


CBN Director of Corporate Communications, Isaac Okorafor, said in a statement in Lagos that the donations were from 37 donors, including individuals, banks and other corporate bodies.

“A breakdown of the contributions showed that CBN and Aliko Dangote donated N2billion each.

“Abdul Samad Rabiu (Bua Sugar Refinery), Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund.

“Pacific Holding Ltd, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills and Multichoice Nigeria Limited also made donations.

” Similarly, FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank and Keystone Bank donated.

“Others are Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, Ahmadu Mahmoud and Handy Capital Ltd make up the list of those that have sofar made contributions to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the CBN,” he said.

Okorafor said that the coalition appreciated the list of good spirited individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.

He called on more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic. According to him, Nigeria can overcome the scourge when all hands are on deck.

Edited By: Wale Ojetimi
(NAN)

https://nnn.ng/cbn-says-contributions-to-its-covid-19-relief-fund-hit-n15bn/
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Economy

COVID-19: Nigeria private sector coalition raises N15.3bn so far

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The Nigeria Private Sector Coalition Against COVID-19 (CACOVID) has so far realised  about N15.325 billion as contributions to tackle coronavirus in the country.


This was made known in a document released to Nigeria News Agency by Mr Isaac Okorafor, Central Bank of Nigeria’s (CBN) Director, Corporate Communications Department in Abuja on Wednesday.

The document showed that the money raised as at April 1, had CBN and Aliko Dangote as the highest contributors of two billion naira each.

It also revealed that Abdul Samad Rabiu (BUA Sugar Refinery), Segun Agbaje (GTB), Tony Elumelu (UBA),  Oba Otudeko (First Bank),  Jim Ovia (Zenith Bank), Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated one billion naira each to the relief fund.

It also disclosed that Deji Adeleke of Pacific Holding Ltd made N500 million donation.

According to the document, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills donated N250 million each and Multichoice Nigeria Limited contributed N200 million

The coalition said other contributors who gave N100 million are FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank, and Keystone Bank.

It stated that Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd donated N50 million each, while Ahmadu Mahmoud gave N20 million and Handy Capital Ltd donated five million naira.

It noted that the coalition was full of appreciation to the good spirited and generous individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.

It, however, urged more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic, stressing that Nigeria could overcome the scourge with all hands on deck.

Edited By: Felix Ajide
(NAN)

https://nnn.ng/covid-19-nigeria-private-sector-coalition-raises-n15-3bn-so-far/
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