Heritage Bank, CBN, ICC brainstorm on global trade operation systems

[vc_row][vc_column][vc_column_text]Heritage Bank Plc, Nigeria’s most innovative banking service provider, has hosted the May 2018 edition of the bankinng technique and practice meeting of the International Chamber of Commerce Nigeria. The meeting held at the Victoria Island Office of the financial powerhouse attracted representatives of the ICC Nigeria as well as the experts on the trade desks of different banks operating in Nigeria and the apex bank in the country, the Central Bank of Nigeria.

Welcoming the team, Mr. Dimitiri Dike, Chief Risk Officer for Heritage Bank, noted that the current dynamics in the trade and commerce nationally and internationally deserves urgent attention. He stated that policy summersault and the need for reviews of operation sytems has posed a lot of challenges that the visiting team needed to look into and proffer appropriate solutions. Dike charged the trade experts to review the new global order of international trade that now encourages an open account method of transaction in the global trade. An open account transaction in international trade is a sale where the goods are shipped and delivered before payment is due, which is typically in 30, 60 or 90 days. Obviously, this option is advantageous to the importer in terms of cash flow and cost, but it is consequently a risky option for an exporter.

Responding, Chief (Dr.) Raymond Ihyembe, Chairman, ICC Nigeria Banking Commission, warned that steps must be taken to tackle the possible effects of the current policy. This, he said, becomes imperative in view of the fact that Nigeria’s economy depends solely on crude oil. According to him, any massive drop in the price of crude oil in the global market usually affects the aggregate economy greatly. Ihyembe, therefore, said in such instances trade and commerce, which is supposed to be the safety net for the nation is again facing turbulence as a result of policy change.

Corroborating the chairman’s views, Dr. (Mrs.) Omolara Akanji, Vice Chairman, ICC Nigeria, Banking Commission, advised banks in Nigeria to always attend the global ICC events where policies are formulated. She expressed concerns that Nigerian banks were not at the ICC Banking Commission meeting held in Miami, USA in April 2018, where modalities of the new policy were discussed. According to her, their presence at such occasions would have helped to re-shape their orientation about the kind of reviews and adjustments their current structures require. Meanwhile, the bankers present were of the opinion that they were aware of the new policy, but their common fear is there is currently a gap between the apex bank and the Nigeria Customs. They said banks relate with the documentation presented by exporters and importers, while Customs relates with the goods involved. With this, they said, banks are incapacitated to some extent. To address the deficiency, the chairman suggested inauguration of a special committee that will review the status quo and then come up with the treat, risks and opportunities of the current policy. The suggestion was unanimously agreed to and the special committee comprising five banks was given three weeks to submit its recommendations on how to mitigate the risk of open account policy in the international trade.

[/vc_column_text][/vc_column][/vc_row]

L-R: Dr. Sophia Horsefall, Corporate Relations Manager, SPDC; Osepiribo Ben-Willie, Executive Director of Heritage Bank and Ivy Davies-Etokakpan, President of Eveafrique News at the Women Must Conference 2.0, titled “The Woman and Her Must” organised by The Kilali Tribe held in Port Harcourt.

PRESS RELEASE

Heritage Bank is agent for actualisation of SDG 5-Gender Equality, women empowerment – Kilali Tribe

05/12/2022:  Heritage Bank has been commended for being an agent for the actualisation of Sustainable Development Goals SDG 5 – Gender Equality, as well women empowerment for socio-economic growth.

This was stated by Kilali Tribe at the Women Must Conference 2.0, titled “The Woman and Her Must” organised by The Kilali Tribe which held in Port Harcourt.

The Kilali Tribe is an association of prolific Rivers and Bayelsa State women who come together to support themselves through peer learning, capacity-building initiatives, networking, and mentoring. Also, provide similar structured support to other women within the community.

Speaking at the event, Ivy Davies-Etokakpan, President of Eveafrique News who also member of Kilali Tribe, commended Heritage Bank for taking the lead in championing the empowerment of women over the years in the country.

“We are proud of Heritage Bank for making us soar while promoting women empowerment. Over the years, Heritage Bank has proved to be an agent for the actualisation of achieving SDG 5 – Gender Equality, as well women empowerment,” she said.

The Executive Director of Heritage Bank, Osepiribo Ben-Willie affirmed the need to deliberately adopt measures to deepen women empowerment to drive the nation’s socio-economic growth.

In her closing remarks, Osepiribo Ben-Willie hinted that the Conference had leveraged Kilali Tribe to come up with blueprint in promoting women’s equal right to socio-economic empowerment, as this is at the heart of the SDG5-Gender Equality.

The Executive Director of Heritage Bank affirmed that women all over have proved to be huge economic asset in the act of creation of a new sustainable economy, hence gender inclusiveness and women’s empowerment must be taken as a priority.

According to her, after evaluating the bottlenecks restraining the Kilali Tribe and other women to attain the platforms to grow professionally and thrive in all spheres of t heeconomy, it is a call to action to “tackle the challenges of gender disparity and lack of inclusiveness that have continued to impede the expected rapid economic empowerment that could help unshackle our women’s entrepreneurial prowess and foster more representation for women and girls at decision-making forums and Board levels in comparison to their peers in the developed countries.”

Ben-Willie added that for women to emerge economically and socially as independent there was an urgent need to tackle psychological, social and skill constraints.

Collaborating Ben-Willie’s, the Co-founder and former Group Executive Director of Sahara Group, Tonye Cole, advocated for women and girl inclusiveness across all sectors of the society, including economic participation and decision-making.

According to him, the country should be conscious of gender equality, whilst emphasising that dealing with the psychological constraint will enable women to be balanced emotionally.

He stressed the need for organisation to leverage women positions on Board level, as they are resourceful and could enormously impact to the growth of any society.

Cole also charged women in being deliberate to position and champion course that would put them at the forefront of making difference. //END.//

Ozena Utulu, Ag. Group Head, Corporate Communications