Banking Briefs
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STERLING Bank has started the Shopping Dash programme in four cities in the country for children with “I Can Save” accounts with the bank. The cities are Lagos, Port Harcourt, Enugu and Abuja and the bank is running the programme in partnership with top Shopping Malls in the country.
The programme affords lucky children the opportunity to do a one-minute shopping dash and pick items of their choice at shopping malls selected for the programme. The programme is meant to reward existing “I Can Save Accounts” holders, an account for children and those willing to open the account during the programme at the stated locations. It is strictly for children between the ages of four and eight.
The bank, in a statement, stated that the build up to the programme was already creating a lot of excitement and enthusiasm as many children accompanied by their parents now visit the offices of the bank to open the account nationwide. The Shopping Dash will kick off in Lagos, at Shoprite, Adeniran Ogunsanya Shopping Centre, Surulere, followed by an exciting show at Shoprite, Polo Park Amusement Centre, Abakaliki Road, Enugu and Shoprite, Ikeja City Mall, Alausa. The train will later move to SPAR, Guru Plaza, Aminu Kano Crescent, Wuse 11, Abuja., and then to SPAR Port Harcourt Mall, Azikiwe Road.
The programme will climax in Lagos on December 21, at the SPAR, Park ‘n’ Shop Shopping Centre, Behind NICON Town & Total Filling Station, Ikate Elegushi Layout, Lekki Express Way, Lekki. To participate in the programme, parents and guardians of children with ‘I can save’ accounts should contact their nearest branch for a voucher that would grant them access to the shopping dash or call Sterling Bank’s customer care.
“This is the first of its kind for children. We have had shopping sprees for parents and adults, but not one specifically tailored for children. We believe that we should create excitement and fun for the children this time around,” the statement said.
To ensure that the kids are well taken care of and protected, the bank said the services of child minders who will be following the children around to ensure they are very safe have been engaged. “We will ensure that medical personnel are in place as well. On the fun side, our children will have balloons and other giveaways to ensure that they leave the mall with smiles on their faces. To take care of children who wish to be part of this wonderful experience, Sterling Bank assured that provision would be made for parents to open accounts for their children at the venue.”
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Financial Reporting Standards for Corporate Governance
THE Financial Reporting Council of Nigeria, FRCN, has said that the adoption of International Financial Reporting Standards, IFRS, in Nigeria will promote corporate governance in the country. It will also enhance foreign direct investments and national economic growth.
Maryam Ladi Ibrahim, chairman, governing board, FRCN, stated this at the train-the-trainer workshop on the IFRS for Small and Medium Enterprises held in Lagos. She said the programme was part of the mandate of the federal government’s agency as enshrined in Section 8 (1)(i) of the FRCN Act No. 6, 2011, which states that the “Council shall monitor and promote education, research and training in the fields of accounting, auditing, financial reporting and corporate governance in Nigeria.”
According to Ibrahim, the overriding goal of the Council is the protection of investors and other stakeholders’ interest. The board strives to ensure that investors get reliable and accurate financial information that will enable them make informed judgment and investment decisions through the development, publication and enforcement of financial reporting standards and corporate governance code that are used by preparers and users of financial statements. “I wish to remind you all that since the return to democratic governance in 1999, our country has witnessed significant economic reforms which entailed deregulation and liberalisation of the economy, divestment of government interests from various public sector enterprises and consolidation of banks and insurance companies. The recent global economic meltdown, with its attendant devastating effects on the capital market and capital accumulation processes around the world, have equally necessitated that concerted efforts be made by relevant national stakeholders to continually sustain the confidence of investors in their economy,” she said.
She said at the financial reporting standards setting level, the global solution was premised on internationalisation and harmonisation of financial reporting standards and jurisdictional financial statements regulation. “As the flagship of financial reporting standards in Nigeria, my board, in accordance with the decision of the federal government readily accepted to immediately introduce, in concert with other regulatory agencies and other stakeholders in the economic scene, measures that will ensure smooth transition to the new financial reporting regime in Nigeria while keeping the phases in mind.”
Ibrahim expressed optimism that the workshop would facilitate efforts to meeting the timelines and milestones contained in the national road map to the adoption of IFRS and promote the general compliance at the level of SMEs.
— Dec. 22, 2014 @ 01:00 GMT
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Tags: Adeniran Ogunsanya Shopping Centre Financial Reporting Council of Nigeria FRCN IFRS Ikeja City Mall International Financial Reporting Standards Maryam Ladi Ibrahim NICON Town & Total Filling Station Polo Park Amusement Centre Shopping Dash Shoprite small and medium enterprises Sterling Bank
