CBN, Asset Custodians, FMDA partner to automate Certificate of Capital Importation
The Association of Assets Custodians of Nigeria says it has been working in conjunction with the Financial Market Dealers Association of Nigeria (FMDA) and the Central Bank of Nigeria (CBN) to automate the Certificate of Capital Importation (CCI) process, which is the E-CCI project.
This, Segun Sanni, president of the association, says will be launched before the end of the third quarter of the year, at a press conference announcing the up-coming conference with the theme “Nigeria Road To Emergence,” scheduled to hold in London on May 28, 2014.
Consequently, CCI will now on be issued and controlled electronically, without necessarily having to issue paper document.
“In the same spirit of encouraging automation and strengthen processes, we can interface with the Central Securities Clearing System (CSCS) electronically and automatically, on a platform called the Swift Platform, a global financial platform, by which banks and institutions exchange messages, send funds or exchange fund among one another,” he says.
He discloses that the association wants CSCS to achieve momentum in the usage of the platform, and they are working closely with them to see how the platform can be best utilised to achieve better levels of automation.
He explains that when foreign investors come to invest in the market, they bring in foreign exchange that helps the current account position of the country; they operate with high standards of performance and help boost domestic confidence.
According to Sanni, experts from the Nigerian Stock Exchange, the Securities and Exchange Commission, the Central Security Clearing System, stock brokers, custodians, registrars, investors, asset managers, pension funds and trustees will sit together under one roof and look critically at various issues and challenges, and proffer solutions.
The association, which involves members from Stanbic IBTC Bank, Citi, Standard Chartered, UBA and First Bank, was established about six years ago to represent foreign portfolio investors in Nigeria, thereby portraying the country in a good light and a making it attractive for investors to invest.
“In our role as custodians, we are agents to foreign investors who invest in our market and we represent them to bring full corporate governance to the market as well as help improve the market in the area of infrastructure, products, market rules and market behaviours, among others,” he says.
Kemi Adewole, vice president of the association, says there is so much negative publicity on Nigeria, and within the capital market in Nigeria there is a lot of positive things that the association is doing that they need to showcase through this avenue.
She notes that in the previous conferences, the association tried to explain what they do in the market and what they are trying to achieve, thereby letting foreign investors see that the Nigerian Capital Market is also trying to move in line with the global standard.
HOPE MOSES-ASHIKE AND IFEOMA OKEKE