Banking & Finance Economy Politics

750 delegates expected at World Conference of Banking Institutes in Lagos

Written by Maritime First
  • As Battle to recover $15b gas sales dividends begins

The President, Chartered Institute of Bankers of Nigeria (CIBN), Mr Olusegun Ajibola said more than 750  delegates would participate at the World Conference of Banking Institutes (WCBI) from April 24 to  April 28 in Lagos.

Ajibola told the News Agency of Nigeria (NAN) in Lagos  on Sunday that the conference has the theme ‘’Rethink the future of Banking and Finance and Life Long Learning’’.

According to CIBN President , the participants are expected from  the U. S., Germany, Brazil, Italy, Kenya, Gambia, Togo, Mali, Kuwait, Ghana and South Africa among others.

He said that CIBN, which is the host of the conference, has received the assurance of Lagos State Government to provide adequate security for local and international participants.

He said the institute had engaged the services of over 100 security experts inaddition to the regular security personnel to ensure incident free meeting

“We are assuring participants that there will not be any security incidence.

Ajibola said the theme of the conference was chosen to enable participants to brainstorm om where banks should be by 2020 and the future of  banking and finance.

“The WCBI will teach Nigeria what it should start doing to secure the future.

“This is the time for the presidency to get on round tables to research the countries to invest in and the countries that would invest in Nigeria.

“Forty-nine facilitators are expected to speak at the conference. Twenty-five are renowned international financial experts, while 24 would be from Nigeria,’’ he said.

He urged the Federal Government to make good use of the conference to boost the economy and attract direct investments into the country.

“The Vice President, Prof. Yemi Osibajo, is expected to be the distinguished Guest of Honour at the opening ceremony of the conference.

“Gov. Ambode has also magnanimously adopted the conference as part of the state’s activities to celebrate the 50 years anniversary of the creation of Lagos.

“The speakers include Mr Collin Morrison, President European Banking and Financial Services Training, Mr Adedeji Bakas, Founder Trend office BAKAS and Mr Lee Arthur, Managing Director, New York Institute of Finance.

“Others are Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit  Insurance Organisation (NDIC), Mr Ari Levahi, the Executive Director, Moody’s Analytics, New York and Dr Sarah Alade, Deputy Governor, CBN Director of Economic Policy, among others,“ he said

In the meantime, detectives are probing the whereabouts of $15.8billion Nigeria Liquefied Natural Gas (NLNG) Limited dividends.

Under investigation by the Economic and Financial Crimes Commission (EFCC) are former Petroleum Resources Minister Diezani Alison-Madueke and some former officials of the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC), the upstream arm of NNPC in charge of oil exploration and production.

Some ex-Managing Directors of NNPC, former NPDC bosses and past executive directors are being investigated.

The EFCC stepped into the “missing” cash issue following the audit report of the Nigeria Extractive Industries Transparency Initiatives (NEITI).

The March 2017 Policy Brief of NEITI claimed that its audit report indicated that “it is doubtful if the entire $15.8 billion due from 2000 to 2014 is still intact”.

According to some official documents, the $15,822,713,000.00 dividends came from the NLNG between 2000 and 2014.

The funds were not paid into the Consolidated Revenue Fund of the Federation or the Federation Account.

But about US$7.85 billion out of the dividends was allegedly withdrawn in 2011 under the guise of funding the Brass LNG Project.

Detectives are working on some clues that a huge chunk of the $7.85billion might have gone into the 2011 presidential election campaign of former President Goodluck Jonathan.

NAN with additional report from Nation

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Maritime First