Nigerian press spotlights placing of Cameroon, Vietnam, Croatia on watchlist over money laundering

APA – Lagos (Nigeria)
The report that the Central Bank of Nigeria has asked Deposit Money Banks and Other Financial Institutions in the country to increase monitoring of transactions with businesses and persons in and from Cameroon, Croatia and Vietnam is one of the trending stories in Nigerian newspapers on Friday.
The Central Bank of Nigeria has asked Deposit Money Banks and Other Financial Institutions in the country to increase monitoring of transactions with businesses and persons in and from Cameroon, Croatia and Vietnam.
This was according to a circular referenced: FPR/AML/PUB/BOF/001/029, which was issued, on Thursday, by the Director, Financial Policy and Regulation, Mr Chibuzo Efobi.
According to the CBN, Nigerian banks and other financial institutions need to watch transactions with those countries because they had been recently placed on a grey list by the Financial Action Task Force.
The Financial Action Task Force is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist and proliferation financing.
Any country under increased monitoring is actively working with the FATF to address strategic deficiencies in its regime to counter money laundering, terrorist financing, and proliferation financing.
The apex bank also said that the Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, which banks should closely monitor.
The newspaper says that the Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, on Thursday, announced that the NNPCL would be constructing another international gas pipeline worth about $8 billion.
NNPCL and its partners are currently working on the construction of the $25bn Nigeria-Morocco gas pipeline that is to supply gas from Nigeria to about 11 African countries and transport same from Morocco to Europe.
Speaking during a panel session at the ongoing 8th Organisation of Petroleum Exporting Countries International Seminar in Vienna Austria, Kyari stated that the proposed $8bn pipeline would go through Niger Republic to Algeria and then to Europe.
He disclosed this in a video clip made available to our correspondent by the NNPCL in Abuja. Kyari participated in a roundtable conversation at the seminar titled “Eradicating Energy Poverty.”
He said, “We are building a $25bn pipeline from Nigeria to Morroco through 11 West African countries. There’s another pipeline we are planning to build through Niger Republic, and through Algeria into Europe also, and the potential is between $7bn to $8bn.
“We are also expanding our current LNG (Liquefied Natural Gas) facility with another train. And, of course, what that does is that it doubles the capacity of the current facility and this is going to be made available to the market.”
The NNPC helmsman said there were many other gas projects being handled by the oil company to further deepen the penetration of gas in Nigeria and other nations.
The Guardian reports that to foster collaboration and enhance the understanding of the opportunities and challenges associated with the integration of capital markets in the West African region, the West African Monetary Institute (WAMI) is set to host a Capacity Building/Sensitisation Programme on West African Capital Markets Integration (WACMI) Phase II Project.
The event is scheduled to hold from July 11 – 12, 2023 at the Federal Palace Hotel Lagos, Nigeria.
According to the Director-General (DG), WAMI, Dr. Olorunsola E. Olowofeso, “Integrated capital market will foster cross border investment, stimulate and deepen the regional financial markets through series of activities aimed at harmonising capital market operational rules, providing aggregated financial markets information, providing common market infrastructure, enhance liquidity, promote efficient allocation of capital, increase investment opportunities, reduce costs for market participants, and foster economic growth and stability.
“The project emphasises knowledge transfer and capacity building through workshops and technical training sessions to build the capacity of market operators, regulators, asset managers, financial infrastructure providers and other capital market participants on a range of financial market issues, including regulations, supervision, innovative financing, cross-border investments and settlements.”
The project is funded by the African Development Bank (AfDB) and implemented by WAMI, while lead anchors are the West African Capital Markets Integration Council (WACMIC), a platform for chief executive officers of the Securities Exchanges and Central Securities Depositories in West Africa, and the West African Securities Regulators Association (WASRA), comprised of DG of the Securities & Exchange Commissions in the region.
The programme is expected to sensitize relevant stakeholders on efforts at enhancing cross-border investments across the region through the establishment of a common and integrated platform for the listing, trading, and settlement of securities transactions within West Africa.
Speakers at the event include DG of WAMI Dr. Olorunsola Olowofeso; DG SEC, Lamido Yuguda; CEO of the Nigerian Exchange (NGX), Temi Popoola; Deputy Governor, Economic Policy Directorate, the Central Bank of Nigeria, Dr. Kingsley Obiora and the Project Manager, WACMI Phase II Project, Dr. Abdulrasheed Zubair.
The newspaper says that President Bola Tinubu, in a face-saving measure, yesterday, announced reversal of some of the latter day tax policies taken by former President Muhammadu Buhari before he exited office on May 29.
The move followed recent backlash over the impact some of the administration’s economic policies were having on citizens.
The action, announced by Dele Alake, Special Adviser on Special Duties, Communications and Strategy to the President, is aimed at putting Nigerians at the centre of government policies.
According to him, some of the tax policies were being implemented retroactively, with their commencement dates in some instances, pre-dating the official publication of the relevant legal instruments backing them.
He further explained that the decision is in fulfillment of President Tinubu’s promise to address business unfriendly fiscal policy measures and multiplicity of taxes.
To this end, he said President Tinubu has signed four Executive Orders. They include the Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
According to the presidential spokesman, this is to ensure adherence to the 90 days minimum advance notice for tax changes as specified in the 2017 National Tax Policy.
Alake explained: “As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.”
GIK/APA