[CBN] Banks Get Authorised Signatories Verification Portal

The Central Bank of Nigeria (CBN), in collaboration with relevant stakeholders, has developed an industry portal for the verification of authorised signatories in the Nigerian banking system. The banking sector regulator explained that the move was in furtherance of its efforts in developing a safe, reliable and efficient payment system in the country. The central bank stated this in a circular addressed to all deposit money banks, registrars, insurance companies, embassies and other stakeholders, a copy of which was posted on its website.

The circular titled: “Authorised Signatories Verification Portal for the Nigerian Banking Industry,” was signed by the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun.
The signatories verification portal is expected to replace the printed signature booklets that banks distribute, such that instructions and documents received from other banks can be verified electronically (online).

The portal would be used by banks, Registrars, insurance companies, embassies and any other user of the printed signature booklets, to avoid fabrication of letters coming from the banks.
In addition, the portal is meant to digitise the booklet and also ensure that updates can be made quickly as staff members change functions or move to other institutions.


“In this regard, your (banks) organisation is expected to get in touch with the Nigerian Interbank Settlement System (NIBSS) Plc for the needed training and access rights to the portal, amongst others.
“The registration process and upload of the authorised signatories should be completed on or before August 29th 2014. Kindly ensure strict compliance,” it added

Tony Elumelu Foundation (TEF) Supports Investment in Next Generation of African Leaders
Four foundations of prominent African leaders have received grants from the Tony Elumelu Foundation (TEF). This is to support their work in identifying and developing the next generation of African leaders.

The recipient foundations are the Kofi Annan Foundation, the John A. Kufuor Foundation, the Olusegun Obasanjo Foundation, and the Thabo Mbeki Foundation.

They all share a dedication to the development of Africa through a focus on the continent's young people, an approach that resonates with the TEF's emphasis on entrepreneurship as the key catalyst for Africa's economic transformation.
A statement at the weekend quoted the Chief Executive Officer of TEF, Dr. Wiebe Boer to have said: "There is a critical need in Africa for leadership development. This is a great opportunity for us to support the work of exemplary African political leaders to equip the next generation, so their experience becomes a benefit to us all."

Through the African Leaders Grant, each organisation would utilise the funds to support initiatives associated with the entrepreneurship and leadership development pillar of the TEF.
On his part, former president, Olusegun Obasanjo said while commenting on the grant: "The Tony Elumelu Foundation has previously partnered with the Olusegun Obasanjo Foundation to support our work in youth employment in Africa.

“It is a personal passion Tony and I share and something that this grant will allow us to continue doing.  This collaboration to equip the next generation is an example that I hope others will follow. Africa will be better off for it.”

Also, former UN Secretary General and Founder of the Kofi Annan Foundation, Kofi Annan while speaking on how the grant would be used by his foundation explained: “We very much appreciate this grant from the Tony Elumelu Foundation, which will allow a promising young African graduate to work and gain experience at the Kofi Annan Foundation, on issues of direct relevance to African governance, peace and security".’

According to President Kufuor, “This grant promises a real opportunity for building longstanding partnership with similar foundations in Africa striving to empower our youth.”

Speaking on the legacy of the African leaders involved, TEF Founder, Tony Elumelu said each of the African leaders had taken great pride in fostering the next generation of African business and political leaders that would be the drivers of Africa's future growth and prosperity.
“Africa's development relies on our ability to nurture a new generation of young leaders, as these African icons are already doing," Elumelu added.