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Compliance Alert

Compliance-Alert

A primary concern for the Chief Compliance Officer or the compliance Team of a Institution is to manage the ever increasing volume and complexity of regulations. This complexity has a direct effect on Financial institutions (banks, insurance, pension and other financial institutions) and companies listed on the Nigeria Stock Exchange (NSE) these are sectors with increasing intervention by government who is vigilantly monitoring and doing so with strict supervision. Hence the need to be effective and efficient in tracking and managing regulatory changes, both in the domestic and the international market. Understanding the impact of regulatory changes on different business units and product lines will put companies ahead of regulators making it easy for them to implement such regulations. NCH monitors over 50 Regulators in Nigeria including bills passed by the National Assembly and the Presidency. They are over 20 international regulations and standards monitored by NCH. Our monitoring tools helps us stay ahead of regulations and ensures nothing fall through the crack. 

Recent Posts in Compliance Alert

Annuity Funds Hit N170bn As 9 Insurers Resume Business

2017-08-04 1:01 PM | by Nigeria Compliancehub

Annuity Funds have risen to N170 billion from about N145 billion it recorded in June 2016, with over 34,312 annuitants now subscribing to the scheme, LEADERSHIP findings have revealed.
This is coming just as the National Pension Commission (PenCom) has given approval to nine of the 26 life insurance companies to… Read more

Semi-autonomy for NFIU

2017-08-04 12:21 PM | by Nigeria Compliancehub

The Senate has commenced the process of granting autonomy to the Nigeria Financial Intelligence Unit [NFIU] which is presently domiciled in the Economic and Financial Crimes Commission [EFCC] with the passage of the bill for Second Reading. The Senate initiative is in response to the recent suspension of Nigeria from… Read more

EFCC pledges support to AMCON on asset recovery

2017-08-04 11:50 AM | by Nigeria Compliancehub

The Economic and Financial Crimes Commission (EFCC) pledged its support to Asset Management Corporation of Nigeria AMCON, in its drive to recover toxic assets and boost for the nation’s economy.

A statement on Thursday from EFCC spokesman Wilson Uwujaren said the Acting Chairman of the Commission, Ibrahim Magu delivered the pledge… Read more

Osinbajo approves new appointments in federal agencies

2017-08-04 11:18 AM | by Nigeria Compliancehub

Acting President Yemi Osinbajo has approved new appointments into the boards of some Federal Government agencies. In the Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye was appointed as chairman while Dr. Grace N. Chinda, Okolo Titus, Obiora Igwedebia, Mrs. Olubukola Balogun, Group Captain Sam Ewang (rtd.),… Read more

Committee Proposes 3 Years To Issue 180m National ID Cards

2017-08-02 10:56 AM | by Nigeria Compliancehub

The National Database Harmonisation Committee has proposed three years for the capture of 180 million Nigerians and other residents in the National Identification card scheme.

The issuance of the National Identity Cards which started several  years ago had been slowed down due to multiplicity of data collection points but the harmonisation… Read more

NSE: Dangote loss dips market capitalisation by N351.8b

2017-08-02 10:45 AM | by Nigeria Compliancehub

Equities trading on Monday on the floor of the Nigerian Stock Exchange (NSE) opened the week with a lull, having depreciated by 2.77 per cent as more companies released their half year financial statements.

The market indicators depreciated with All-Share Index (ASI) shedding 1020.71 points to close at 35,844.00 points, while… Read more

CBN sets Deadline For IFRS 9 Implementation

2017-08-01 3:05 PM | by Nigeria Compliancehub

The Central Bank of Nigeria has asked commercial banks to implement the International Financial Reporting Standard 9 on or before January 1, 2018 deadline.

The Director, Banking Supervision, CBN, Ahmad Abdullahi, stated this at a breakfast roundtable organised by the Risk Managers Association of Nigeria, in collaboration with Olisa Agbakoba Legal… Read more

GUIDANCE NOTE TO BANKS AND DISCOUNT HOUSES ON THE IMPLEMENTATION OF IFRS 9 (FINANCIAL INSTRUMENTS) IN NIGERIA

2017-08-01 11:48 AM | by Nigeria Compliancehub

This guideline is on Central Bank of Nigeria’s initial Guidance Note on the implementation of IFRS 9 (Financial Instruments) in the Nigerian banking sector.
It communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise considerable judgment and/or elect to use simplifications… Read more

Insurance industry records 12 acquisitions in 3yrs— NAICOM

2017-07-31 11:44 AM | by Nigeria Compliancehub

NATIONAL Insurance Commission (NAICOM) said that 12 insurance companies were acquired in  the last three years.
Commissioner for Insurance, Alhaji Mohammed Kari, who made the disclosure in Abuja, said that  there were three foreign acquisitions in 2014, two in 2015, five in 2016 while  talks to acquire two companies are now… Read more