The acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju has disclosed that a total sum of N83.5 billion was disbursed to 776 enterprises by the development finance institution in 2015. He said the interventions further helped to create over 400,000 jobs for Nigerians.
Speaking in Abuja at the bank’s 56th annual general meeting (AGM), he said in spite of the challenging global economy and the 2015 election anxiety with its attendant implication for the business environment, the bank still recorded a profit after tax (PAT) of N44.7 billion, which represented a 761 percent increase from N5.2 billion in 2014.
The bank’s financial statement for the period also showed it grew operating income by 161 percent to N70.7 billion from N27.1 billion while net loans grew by N1.7 billion to N572 billion within the period in review.
He said the bank will seek to further deepen its developmental impact in both core emerging sectors, drive service delivery excellence, and support the development to small and medium enterprises (SMEs) in the country by leveraging strategic partnership, effectively managing enterprise risks as well as leveraging technology.
Olagunju said also disclosed that a total sum of N95 billion had so far been approved for disbursement to over 400 enterprises as at June this year. He added that bank was working assiduously to approving more loans in the second half of 2016 to meet institution’s disbursement target of N212 billion which could potentially creation up to 1 million jobs in addition to the 1.6 million projected under GEEP.
He said by a projection of 2.6 million jobs per annum BOI’s interventions could generate more than 10 million jobs over the next four years to reduce unemployment to single digit. Meanwhile, Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah commended the bank for posting a sustained “impressive financial performance” since its inception 15 years ago.
The minister said he was also excited that BoI had started implementing the N140 billion Government Enterprise and Empowerment Programme (GEEP) which is an aspect of the Federal Government’s N500 billion Social Intervention Package shortly after the 2016 budget was signed into law.
Under GEEP, the development finance bank was chosen by the federal government, given it antecedent, to identify and disburse soft loans to 1.6 million beneficiaries nationwide, mainly market women, youths, artisans and farmers.
He said BoI had brace up to the increasing responsibilities that were being assigned to fulfill the country’s economic development process, particularly in the implementation of the Nigerian Industrial Revolution Plan (NIRP), the National Enterprise Development Programme (NEDEP) and the Government’s Enterprise and Empowerment Programme (GEEP). Speaking at the AGM, the minister further extolled the efforts of management and staff for their commitment to taking the institution to greater heights, by embracing its core values and assiduously pursuing the bank’s vision, mission and mandate.
He, however, charged the bank to intensify efforts at mobilising suitable financial and non financial resources from within and outside the country for the transformation of Nigeria’s industrial sector in accordance with the Nigerian Industrial Revolution Plan (NIRP).
Specifically, he challenges the bank on processing and adding value to the country’s vast agricultural, solid minerals and petroleum resources among other areas of resource endowments and comparative advantage. He assured the bank that his ministry would continue to support its arduous task of transforming Nigeria’s industrial sector in the best interest of present and future generations.
The global oil benchmark, Brent crude, extended its gains on Tuesday, trading above the $50 per barrel mark for the first time since October last year.
The further rise in Brent comes as expectations the United States’ crude draws underpinned a market already worried about potential supply shortages from attacks on Nigeria’s oil industry. It hit $50 per barrel for the first time in 2016 on May 26.
The US crude stockpiles likely fell by 3.5 million barrels last week to mark a third straight week of declines, a preliminary Reuters poll showed.
Crude oil rallied in the past two sessions after militants in the Niger Delta vowed to halt output in Nigeria, which until last year was Africa’s top oil producer turning out about two million barrels per day.
“The market remains concerned about unscheduled supply interruptions with the latest coming from additional shut-ins in Nigeria,” a Senior Partner at the Energy Management Institute in New York, Dominick Chirichella, said.
“With the industry projecting a decline in total US crude oil stocks in this week’s reports, the market bears are remaining on the sidelines,” Chirichella added.
Brent, against which Nigeria’s oil is priced, was up by 55 cents at $51.08 at 6:20pm, after rising to $51.30 earlier, its highest level since October.
US crude’s West Texas Intermediate gained 40 cents to $50.09 per barrel, having touched a fresh 2016 peak of $50.37 earlier.
Both Brent and WTI have almost doubled in value since winter, when they hit their lowest since 2003.
Prices began recovering since end of February on talks of a production freeze by the Organisation of Petroleum Exporting Countries, which, however, did not materialise.
The rally heightened after last month’s wildfires in Canada’s oil sands region and also has been supported by supply outages elsewhere, including Nigeria, Venezuela and Libya.
The Chief Commodities Analyst at SEB, Bjarne Schieldrop, highlighted the positive impact on prices of further disruptions to crude supplies from Nigeria.
He said, “Nigeria’s crude is light and sweet, and of a comparable quality to Brent crude. It is also geographically close to where Brent crude is priced.
“For now, we expect the oil price to continue higher. Lost supply in Nigeria is likely to fluctuate, but the political and social nature of the problem calls for continued outages.”
Royal Dutch Shell Plc has said it won’t attempt to repair a key pipeline in Nigeria for now after militants attacked it a second time last week, according to Bloomberg.
Shell’s Chief Financial Officer, Simon Henry, was quoted to have said that the company had to withdraw repair crews last week after a second attack against the 48-inch Forcados export pipeline.
The pipe links storage tanks onshore with an offshore port. Shell’s resignation over the disabled pipeline suggests a new level of insecurity as a wave of violence hits the oil-rich Niger Delta, leaving the country’s production at its lowest level in nearly three decades.
The US Energy Information Administration, in its short-term energy outlook, said production would fall by 830,000bpd this year to 8.6 million bpd, while it would drop next year by 410,000bpd to 8.19 million bpd.
With N120 billion already disbursed to power sector operators by the Central Bank of Nigeria (CBN) as part of its Development Finance intervention, there are about N93 billion more waiting for the appropriate time and tranche structure.
The intervention tagged Nigerian Electricity Market Stabilisation Facility (NEMSF), was scripted to support operators to the tune of N213 billion in 2014, by CBN, in conjunction with the Bankers Committee- a forum of all the chief executives of banks in Nigeria, headed by serving apex bank governor.
Besides, the intervention is also a follow up to commitments it reached with stakeholders, particularly the Bankers Committee, to address debts owed by generating companies to gas suppliers.
Already, a breakdown of CBN’s interventions programmes showed that the Real Sector Support Facility (RSSF) received N300 billion; the Micro-Small and Medium Enterprises Development Fund (MSMEDF) got N220 billion; the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) got N75 billion; and the Nigeria Electricity Market Stabilization Fund received N213 billion.
Others include the Nigeria Export-Import Bank (NEXIM) support at N50 billion for the Export Refinancing and Restructuring Facility; and the Non-oil Export Stimulation Facility that received N500 billion.
CBN Governor, Godwin Emefiele, said the fourth disbursement of the intervention fund marked a major milestone in the effort of the bank, in collaboration with the Federal Government to achieve a contract based electricity market in the country.
At the event, a fresh lifeline came the way of electricity Distribution Companies (Discos), Generation Companies (Gencos) and gas providers, as CBN disbursed N55.46 billion to the operators.
The development marked the resumption of the development financing scheme by CBN for the sector, which was suspended as a result of costs and pricing issues among Discos, Gencos and gas providers.
Meanwhile, the operators have expressed gratitude for the support and concern of government over their financial inability that has challenged their operational efficiency, but asked for increased disbursement.
A source close to the Niger Delta Power Holding Company Limited told The Guardian that the company got less than N9 billion, while it was looking for N23 billion to smoothen operations and maintain its multiple power stations.
The source said the company has about six or seven power plants, amid gas supply challenges, which its price has remained an issue; sizeable workforce under its employ; recurring insurance payment; and power sector tariff that is impacting on revenue.
While commending the efforts aimed at assisting the sector operators, the source said it would have been better had the tranche been bigger, such that allocations could increase, but hoped that subsequent one would come soon, as well as raised up.
Also at the event, the Power Purchase Agreement (PPA) Activation by Nigerian Bulk Electricity Trading Plc (NBET) was signed to signal activation of industry contracts for power generation under a Contract Based Market.
However, Emefiele noted that one year into the progamme as at February 2016, N64 billion or 30 per cent of the facility earmarked has been disbursed to 18 participants- five distribution companies (N41.06 billion); seven generating companies (N18.46 billion); and six gas companies (N5.24 billion).
These companies committed to using the funds to upgrade/refurbish their equipment and acquire new ones so as to improve service delivery.
The facility was given at 10% interest rate and repayment has commenced.
The latest intervention, which brings total disbursement to N120.2 billion, include 24 industry participants- three Discos; 14 Gencos, NIPP inclusive; one service provider; and six gas companies to further address the challenges of the sector.
New entrants into the scheme are two Discos- Benin and Jos; and eight generating companies that include two IPPs- Agip/Okpai and Shell; and six NIPP plants-Alaoji, Geregu, Ihovbor, Olorunsogo II, Omotosho II and Sapele II.
A further breakdown of the disbursement a showed that total disbursements to date to Discos will now become N49.73 billion; Gencos, N54.29 billion; gas companies N15.73 billion; and service providers, N0.46 billion.
“Our review of the fund utilization and reports of impact by beneficiaries revealed that the intervention resulted in the restoration of a total of 905MW of power into the grid as a result of facility turn around maintenance, contribution of over 25 per cent of the annual capital expenditure budget for the sector.
“Specific reports from Gencos revealed that there was execution of capacity recovery programs in three hydro power stations- Intake under water repair project, overhaul of Unit IV, and compliant metering/supplementary protection at shiroro dam; overhaul of 2G6 at Jebba Hydro and rehabilitation of three units at kainji Dam under permitted utilizations of the facility.
“A total of 300MW capacity increase was reported as a result of fund utilization towards rehabilitation of both plants. Others were Rehabilitation of seven gas turbines at three major thermal power plants- Geregu, Transcorp Ughelli, and Ibom Power Plants,” Emefiele said.
He added that the intervention has also enabled Discos to provide bank guarantees to Nigerian Electricity Bulk Trader (NEBT), purchase of over 171,071 units of meters comprising both maximum demand and single-phase meters.
It also helped in the rehabilitation of over 332kms of 11KV lines and 130km of 0.45KV lines; 70,310 No 500 KVA transformers procurement and construction of 34 new distribution substations and acquisition of 1 mobile injection substation under confirmed permitted utilisation by the initiative.
The direct development intervention of CBN in the nation’s real sector was estimated at about N1.4 trillion, by February 2016, which at various times was accompanied by sustained credit stimulation efforts to enthrone a regime of “reasonable rates” in banks and for the good of small businesses.
The bank noted that the country has no choice now than to support real sector activities, as oil economy has crashed, reiterating that beside the primary roles of monetary, price and financial stabilities, the challenging economic issues globally have necessitated the adoption of developmental angle in regulating the system by emerging and developed economies, which it has also keyed into.
Of course, the Federal Reserve Bank of the United States and Bank of England have at various times directly intervened in boosting the fortunes their economies by injecting funds, subsidising rates and promoting the growth of different sectors.
For Emefiele, the far-reaching objectives of CBN’s implementation of the schemes and programmes for real sector was on the back of inherent potentials like huge employment capabilities, high growth opportunities, significant accretion to foreign reserves, expansion of the industrial base and apparent diversification of the national economy.
“The real sector as you know, is the engine of every economy, as it facilitates the production of raw materials, which add value to the domestic economy and consequently serves as a source of wealth creation and income generation to the productive population, the real sector also provides effective linkages among crucial sub-sectors such as agriculture, manufacturing, power, financial services among others,” he said.
Union Bank Plc has pledged to drive its business priorities by focusing on growing deposit base, transactions income and clientele base in order to enhance profitability.
To achieve this, the bank plans to grow its trade and retail business, growing its public sector business in light of the opportunities created by the present administration, as well as driving more value chain synergies across its businesses in Nigeria and United Kingdom.
Addressing shareholders during the banks 47th yearly general meeting held in Lagos at the weekend, the Managing Director of the bank, Emeka Emuwa listed other areas of focus to include; proactively managing its risks, reducing operational costs, effectively utilising capital and managing liquidity to increase shareholders’ value.
“Today, we are a stronger Bank, better able to serve our customers with innovative products and professional services. We will continue to build on these successes, which are already starting to yields financial success for the bank,” he added.
The Chairman of the bank, Cyril Odu said; “The quality of our earnings is one of the critical pillars of Union Bank’s transformation efforts and the board and management are committed to delivering consistent growth in earnings to ensure that we are able to return to all shareholders in the near future.”
Odu, while reviewing the bank’s 2015 performance said the gross earnings for the Bank increased by eight per cent from N109.8 billion in 2014 to N118.4 billion in 2015. This includes N3.6 billion one-off gain on disposal of subsidiaries as we continued the implementation of Central Bank of Nigeria (CBN) regulation.
The bank, according to him, recorded a profit before tax increase, from N14.4 billion in 2014 to N14.6 billion in 2015, while operating expenses reduced by two per cent fromN57.2 billion to N56 billion in 2015.
He added that customers deposits went up by 12 per cent to N569.1 billion from N507.4 billion in 2014, which, according to him, reflect increase customer confidence in the Bank, and loans and advances also increased by 15 per cent to N349 billion.
The shareholders of the bank urged the management to do everything within its powers to pay dividend to shareholders, noting that the bank paid dividend last in 2008.
They also urged the bank to intensify efforts in its loan recovery in order to increase its deposit base and pay dividend to shareholders in the nearest future.
Specifically, a shareholder, Olatunji Okelana urged the bank to intensify efforts on recoveries in order to increase profitability.
He also expressed the need for the bank to ensure that all the subsidiaries are contribution to the overall growth of the bank.
The naira dropped against the United States dollar at the parallel market from 355 on Friday to 357 on Monday, foreign exchange traders said.
Analysts and traders linked the drop to the mounting fears among traders and investors over the flexible exchange rate policy proposed by the Central Bank of Nigeria.
They said the continued delay by the CBN in releasing the blueprint for the planned flexible exchange rate policy was fuelling hoarding and speculation in the forex market.
The CBN’s Monetary Policy Committee had two weeks ago announced plan to adopt a flexible exchange rate. The Governor, CBN, Mr. Godwin Emefiele, said the blueprint for the proposed policy would be released soon.
The delay has, however, caused the stock market to record huge losses after recording landmark gains following the announcement of the plan to adopt the policy.
“The market’s perception of the lack of clarity over the regulator’s plan on the exchange rate policy is fuelling hoarding and all manner of activities; this is why the naira dropped against the dollar at the parallel market today,” the National President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said.
Analysts had last week said the local currency would trade around 350 per dollar this week as uncertainty over the implementation of the CBN’s planned new flexible exchange rate policy persisted.
The local currency retreated to 350 to the dollar on the parallel market on Thursday from 360 the previous week.
The naira had weakened shortly after the CBN’s Monetary Policy Committee announced plans for new exchange rate policy two weeks ago, but strengthened when the details of the new policy were delayed, Reuters reported.
The Abuja Chamber of Commerce and Industry on Monday blamed the massive retrenchment in the banking sector on the implementation of the Treasury Single Account.
The chamber, while reacting to the gale of job losses in the banks in recent times, called on the Federal Government to come up with measures to assist the financial institutions rather than directing them to stop firing their workers.
The PUNCH had last week reported that Ecobank Nigeria sacked over 1,040 of its employees, while Diamond Bank Plc also retrenched over 200 members of its workforce.
In the same vein, FBN Holdings, the parent company of First Bank of Nigeria Limited, recently said it would prune the number of its employees by 1,000.
As a result of the development, the Minister of Labour and Productivity, Dr. Chris Ngige, had on Friday directed the banks to stop the retrenchment exercise.
The minister further directed that all the retrenchments done in the past four months should be put on hold pending the outcome of a proposed stakeholders’ summit for employers and employees of the banking, insurance and financial institutions scheduled for the first week of July.
“Following the high spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the ongoing retrenchment in the sector pending the outcome of the conciliatory meetings in the industry,” Ngige had said.
But the President, ACCI, Mr. Tony Ejinkeonye, told our correspondent that the implementation of the TSA had left the banks with severe liquidity problems, which had made them to reduce their workforce in a bid to survive.
He said, “The current retrenchment in the financial services sector as witnessed in some Nigerian Money Deposit Banks could be attributed to the adverse implication of the Single Treasury Account policy of the Federal Government.
“The implementation of Federal Government’s Treasury Single Account policy has left the banks with severe liquidity problem, causing the financial houses to cut their workforce so as to remain in business.
“We call on the Government at this time not to play politics with the job-cut crises in the banking sector, as full employment remains the topmost in the list of macroeconomic objectives of any government.
The Nigerian Society of Engineers (NSE) has said it would not take lightly any case of relegating to the background, standard engineering practices and norms, which result to competent results in the federal government’s ongoing restructuring of operations in the Nigerian National Petroleum Corporation (NNPC).
The NSE stated recently in Abuja that in the government’s attempts to reposition the NNPC into a fit-for-purpose national oil company, it must also make credible attempts to ensure that the corporation’s core business of engineering is protected and advanced further.
NSE’s President, Otis Anyaeji told journalists that the society was worried about the position of engineering and science in the ongoing restructuring of the NNPC, and was in this regard calling on the government’s attention to it.
“We are aware that the announced structural changes of NNPC into 30 companies is under review, as the foremost engineering body in this country, we would like to caution that adequate care should be exercised not to send a wrong message that competence in engineering, technology and science is not necessary for enhanced performance of the corporation,” said Anyaeji during a press briefing.
He noted that the reform appears to have taken the shape of subordinating engineers in the corporation to the leadership of other professionals, perhaps because of the pressure for positive commercial performance. He said: “We understand the immediate pressure for positive commercial performance which often gives rise to quick fixes and constant drive for short-term positive news headlines.”
He however noted that the NSE would like to request that a more strategic approach to the reform be adopted, to encourage the building of institutional capacities and competence of the NNPC as more of an engineering firm. “As a nation, we must take the bold step by placing the highest emphasis on the proper use of science and engineering professionals and the promotion of its study amongst the youths.
We have observed increased tendency to appoint administrators into various positions instead of engineers with proven business and leadership skills which is the industry best practice,” he stated. He said, NNPC being an engineering-based corporation needed to have a sole office for an engineer for design approval and process optimatisation.
According to him, the corporation’s disregard for such office translates to perpetual side-lining of Nigerian engineers and the government’s local content development efforts.
The global oil benchmark, Brent crude, rose as much as two per cent on Monday as Nigeria’s oil industry reeled from crippling attacks that have pushed output to its lowest level in more than 20 years.
The uptick in oil price is coming at a time Iran, which is engaged in a battle for market share in a bid to regain customers after years of curbed oil sales that crippled its economy, is ramping up its production and exports.
Output of Nigeria’s Bonny Light crude has fallen by an estimated 170,000 barrels per day following recent attacks on pipeline infrastructure, industry sources said on Monday. Total crude production has fallen by more than 500,000 bpd in a country that was once Africa’s biggest oil producer.
Supply outages from elsewhere, including Canada, Libya and Venezuela, are also forcing United States refiners to draw more from domestic crude stockpiles, according to Reuters.
“At this point, there is no sign that the Nigeria situation is getting any better, and it’s looking worse,” said Scott Shelton, energy broker with ICAP in Durham, North Carolina.
Any spare US refining capacity arising from optimum refinery runs during the summer might not be enough to balance the market without deeper stock drawdowns that would support crude prices more, he said.
Brent, against which Nigeria’s oil is priced, stood at $50.32 a barrel by 6:50pm on Monday, after reaching a session peak of $50.83, the highest since November.
On Friday alone, militants staged three attacks in Nigeria’s Niger Delta, promising to cut output to zero.
Meanwhile, more than 25 European and Asian-owned super tankers are shipping Iranian oil, data seen by Reuters shows, allowing the country to ramp up exports much faster than analysts had expected following the lifting of sanctions in January.
The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years.
According to Bloomberg, Minister of Finance Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit has swelled to a record. Yields on Nigeria’s existing dollar debt are almost twice as high as those for Kazakhstan and Colombia, two other developing-nation oil producers.
While they’re interested in plans to revive growth, investors said they will also demand to know when and how the central bank will end capital controls and a currency peg that have starved the country of dollars and slowed foreign investment to a trickle.
Tapping the offshore bond market this year is crucial for Nigeria to fund a budget of N6.1 trillion ($31 billion) meant to stimulate the economy, according to Rand Merchant Bank. “They will be under immense scrutiny,” an analyst at RMB, FirstRand Limited’s investment-banking unit, Nema Ramkhelawan-Bhana said from Johannesburg.
The Eurobond market, which Nigeria may try to tap for as much as $1 billion, is “an avenue of financing they’re in desperate need of. It’s going to be a tough week for the finance ministry,” she said. Nigeria has sold dollar bonds twice, the last time in mid-2013, when it raised $1 billion of five- and 10-year debt. Yields on its $500 million of securities maturing in July 2023 fell three basis points to 7.5 percent by 12:15 p.m. in London on Monday and have dropped 1.18 percentage points this year. Nigeria’s Eurobonds have gained 8.3 percent in 2016, compared with the average of 9.6 percent for high-yielding emerging-market sovereign dollar-debt tracked by Bloomberg.
Bond investors blame Nigeria’s rigid foreign-exchange regime for draining reserves, which have fallen to a more than 10-year low, and hindering the economy, according to Bank of America Merrill Lynch. The second-biggest U.S. bank by assets says Nigerian Eurobonds would rally more if the government allowed the naira to weaken.
Central Bank Governor Godwin Emefiele has fixed the naira at N197-N199 per dollar since March 2015, even as other oil exporters from Angola to Kazakhstan have let their currencies drop. Forward contracts suggest it will fall 39 percent to N277 in three months and to N324 in a year. The black-market rate has plummeted to around N355 as the central bank runs out of the foreign-currency that companies need to import raw materials and equipment. “Without some kind of exchange-rate reform, we doubt the market would look favorably upon a Eurobond,” a London-based economist at Exotix Partners LLP,Alan Cameron said.
“The government’s unwillingness to adjust is likely to be seen as a major turn-off for many investors, even if the headline debt ratios are low.”
The economy contracted for the first time since 2004 in the three months through March, and a recession is imminent, the central bank said on May 24.
“Feedback from our clients suggests that the removal of the naira peg would be a positive catalyst for the dollar bonds,” a London-based economist at Bank of America, Oyin Anubi, said in an e-mailed response to questions. “The dramatic slowdown in economic growth combined with uncertainty on foreign exchange and risks to oil production means that this is a difficult time to invest in Nigeria.”
Top 10 leading stockbroking firms facilitated trading of 6.594 billion shares worth N56.230 billion in May, accounting for 55.21 per cent of total value traded in the month.
Statistics obtained by THISDAY at the weekend showed that Rencap Securities (Nig) Limited led in value terms, trading N16.236 billion, representing 15.94 per cent. Stanbic IBTC Stockbrokers Limited followed with N9.443 billion, indicating 9.2 per cent, while EFCP Limited facilitated N6.092 billion or 5.9 per cent, while CSL Stockbrokers Limited accounted for N5.251 billion or 5.2 per cent. Cardinal Stone Securities Limited traded N4.335 billion, representing 4.2 per cent, just as Cordros Capital Limited traded N3.534 billion or 3.5 per cent.
Investment One Stockbrokers International Limited occupied the seventh position with N3.458 billion or 3.4 per cent. FBN Securities Limited facilitated N3.063 billion, while Securities African Financial Limited traded N2.819 billion. Morgan Capital Securities Limited accounted for 1.996 billion.
In volume terms, CSL Stockbrokers Limited led with 1.029 billion shares, followed by Rencap Securities with 975.859 million shares. Morgan Capital Securities Limited accounted for 760.171 million shares. EFCP Limited recorded 673.260 million shares, just as Stanbic IBTC Stockbrokers Limited traded 644.355 million shares. Cardinal Stone Securities Limited and Global Asset Management Limited accounted for 643.536 million and 609.871 million shares respectively. Cordros Capital Limited, FBN Securities Limited and Investment One Stockbrokers traded 439.963 million shares, 409.465 million shares and 408.220 million shares in that order.
The NSE had introduced the ranking of stock broking houses trading to stimulate competition in 2011. The exchange has also introduced similar initiatives ensure better performance of dealing members. The NSE launched the brokers oversight and supervision system also known as X-BOSS late last year in order to redefine and automate the level of compliance and market regulation experience between it and the dealing member firms.
The system will help automate the regulatory and oversight function of the NSE over its dealing members thus helping it to achieve regulatory efficiency as well as the exchange’s commitment to implementing global best practice, which will lead to improve transparency and drive operational excellence in the Nigerian capital market.
Head, Broker Dealer Regulation Department of NSE, Mr. Olufemi Shobanjo had said the X-Boss would bring about automation of key regulatory functions with notification capabilities such as monitoring of capital and liquidity; development of a central information repository of dealing members and approved persons; controlled access to information on dealing members based on access rights granted and enhanced regulation based on global best practice.
