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CBN to regulate banks’ regional expansion, executive compensation

The Central Bank of Nigeria (CBN) has said that it would soon introduce measures to regulate regional expansion of banks as well as remuneration and bonuses of executives officers Mr. Charles Akoroda, Deputy Director, Banking Supervision Department of the CBN said in Kaduna, “In line with the Basle Committee’s core principles, the cross border subsidiaries of our banks will also be supervised on a consolidated basis. This requires cooperation and information exchange arrangements between home and external supervisors.

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How Issuing houses undermined Underwriting Rules

Fresh facts have emerged on how Issuing Houses undermined Security and Exchange Commission (SEC)’s rules on underwriting of public offers and hence compelled the Commission to amend the rules to favour them. Recently, the Securities and Exchange Commission (SEC), adopted the recommendations of the Dotun Sulaiman-led Committee on the Review of Capital Market Structure and Processes, which abolished mandatory underwriting of public offers and replaced it with Book- Building or discretionary underwriting

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Access Homes funds Yaba housing project

Access Homes, a subsidiary of Access Bank Plc, is funding a new housing project that will comprise 88 housing units in the Yaba area of Lagos mainland. The project, christened Alcove Homes, which has has taken-off with preliminary works involving site clearing and sand-filling is being jointly developed by GlobalMix Capital Limited in partnership with
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CBN, FOREIGN RESERVES AND THE ECONOMY

In last week’s article, “Dollar Reserves: Who Owns What?” we endeavoured to lift the shroud over the amorphous concept of Nigeria’s foreign reserves. Incidentally, the Senate has lately in consonance with our position, also frowned at the illegality of the component of the reserves defined as excess crude account! (See Daily Independent headline of 23/10/2009, “Sharing of $2bn Excess Crude Fund Illegal – Senate”).

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