Banking Briefs, BREAKING NEWS
FIRST bank PLC has successfully upgraded its processes to conform to the latest International Organisation for Standardisation, ISO, and Information Security Management Systems requirements. The bank said the re-certification to ISO/IEC to 27001:2005 standards was part of the effort to sustained standards for information security.
Bisi Onasanya, group managing director/chief executive officer of the bank, said the financial institution was committed to subjecting its processes to the highest known management standards in information security in the world to ensure world class service delivery. “Our recertification to ISO 27001 standards reinforces our commitment to enhancing customer experience through robust information as well as investments in our people, processes and technology,” he said.
According to Onasanya, the bank’s customers are the beneficiaries of the ISO certification which include, among others, systems interoperability, quality assurance, due diligence, progressive bench marking and security consciousness, as well as the maintenance of the confidentiality, integrity and availability of the bank’s information assets.
“We are delighted that beyond attaining these certifications, First bank in our little way, has contributed immensely to customer and investor confidence in the Nigerian economy. This is significant to us because we take pride in staying at the vanguard of driving financial services dynamics in addition to institutionalising and setting the pace in ethical business practice in financial services and promoting the national economy.”
In addition to the ISO/IEC to 27001:2005 Certification, First bank also has ISO38500 IT Governance Certification, which provides guiding principles for it on the effective, efficient, and acceptable use of Information Technology within the bank. The ISO/IEC to 27001:2005 Certification is the world’s highest accreditation for information protection and security from ISO.
SEC Punished Sterling Registrars Limited
THE Administrative Proceedings Committee, APC, of the Securities and Exchange Commission, SEC, has cancelled the registration of Sterling Registrar Limited, a subsidiary of Sterling Bank Plc, for unlawful allotment of shares of Japaul Oil & Maritime Services Plc.
The commission also barred Kalstead Farms and five people, including staff of Sterling Registrar from engaging in capital market activities for specified period. It also imposed N5million fines on Sterling Registrar and ordered it to pay N5,000 from the day of the illegal allotment, which was May 6, 2008, to the date the decision was made, even as the case has been referred to law enforcement agencies for action.
The commission said that Sterling Registrar issued questionable return money warrants of N445, 867.71 and N791, 447.32, respectively, to Akin Ekundayo and Aina Folasade.
In it rulings, the SEC said that Sterling Registrar colluded with Kolawole Teluwo to allot Japaul Oil shares to an unregistered company, Kalstaed Farm Investment.
Consequently, Kalstead Farms Investment unlawfully allotted shares in irregular transaction.
Tackling Desert Encroachment
AS part of efforts to tackle desert encroachment, the federal government has disclosed plans to seek financial grants from the African Development Bank, AfDB, World Bank and Jaiz Bank. Darius Ishaku, supervising minister of environment, said the move became imperative in view of the need to improve the living condition of people in the northern part of the country, especially in the eleven frontline states where environmental challenge is immense.
The affected states are, Adamawa, Bauchi, Borno, Gombe, Jigawa, Kano, Katsina and Sokoto. Others are Kebbi, Yobe and Zamfara States. Ishaku said: “Today, we have approached the AfDB and World Bank for implementation of the project. The Jaiz Bank is also ready to support us on the project,” he said. The minister said part of the project was to provide borehole facilities in about 200 communities in the affected states. He added that about 15 million people will also benefit from the programme. The environmental programme is an initiative of the African Union, AU, to address land degradation and desert encroachment. It is also aimed at promoting alternative source of livelihood in the 11 countries, including Nigeria. Other countries involved in the programme include Burkina Faso, Djibouti, Eriteria, Ethiopia and Mali. Others are Mauritania, Niger, Senegal, Sudan and Chad.
According to him, a number of youths and women in 92 affected communities in the region have been trained to raise seedlings for the plantation of trees along the frontline states.
Compiled by Anayo Ezugwu
— Jan. 20, 2014 @ 01:00 GMTTags: AfDB African Development Bank African Union Bisi Onasanya Information Security Management Systems International Organisation for Standardisation ISO Jaiz Bank Kalstead Farms SEC Securities and Exchange Commission Sterling Registrar Limited World Bank