Analysis and implications of Nigeria’s new Executive Order on Voluntary Declaration of Offshore Assets

The Federal Government of Nigeria (FGN), on 8 October 2018 (Effective Date), issued Executive Order 008 (Order), backing the implementation of the Voluntary Offshore Assets Regularisation Scheme (VOARS or the Scheme).

CBN introduces special foreign exchange window for investors and exporters

The transformation of the traditional finance function

Finance is arguably the lifeblood of an organisation and stakeholders have high expectations of the Function‘s performance. An effective Finance function, which includes all aspects of Finance, Tax, Treasury and typically, Risk Management in some cases etc., makes a positive contribution to the achievement of the organisation‘s strategic objectives and to its value creation goals.

IFRS reporting – Matters arising on Derivatives

It is over six years that Nigeria adopted the International Financial Reporting Standards (IFRS) to align the country with global reporting. Initially, there was deep apprehension around the success potentials of the implementation roadmap. Some people/entities thought that the road map may be hitched and may have to be suspended at a point in time; but that is not the reality at this moment. The reality is that IFRS reporting has debuted successfully and every stakeholder (private and public sector) is expected to hone their understanding and skills for compliance with this global reporting framework.

IFRS 15 – Revenue from contracts with customers

Board consideration As with any new IFRS implementation, board oversight at an early stage and on an ongoing basis is critical. In order to ensure an effective and efficient implementation process, it is imperative that the board remains engaged in this process and sets the tone for the entity.

IFRS 15: Are you ready for the “Big Change ?

The recognition criteria of revenue in accounting standards is about to change—and your entity might be significantly affected, maybe even more than you expect!

Building Organisational Capacity for Successful Implementation of IFRS 9

Upgrading to the latest International Financial Reporting Standards (IFRS 9) is a large transformational event for all financial institutions, regardless of their size and complexity.

Bridging the Gap between IFRS 17 and IFRS 9

As insurers begin to understand the implications of implementing IFRS 17, a key consideration is the interrelationships between IFRS 17 and IFRS 9 and how these can be maximised to their advantage. Key takeouts from this report  IFRS 17, the new Insurance Standard focusing on insurance liability reporting, will have far-reaching consequences for an insurer in terms of modelling, data, processes and systems; ultimately resulting in a fundamentally different statement of comprehensive income and more onerous disclosure requirements. However, as insurers contemplate the expected impact of the Standard, they need to be aware of the interrelationship with the Financial Instruments Standard – IFRS 9 – which impacts the valuation of insurers’ assets for accounting purposes. The synergy between IFRS 17 and IFRS 9 needs to be considered in terms of: the changes required by the two Standards; and the complications arising from having two separate effective dates that may be…

Sustainable Banking as a Driver for Growth: A Survey of Nigerian Banks

Financial services regulators in Nigeria increasingly see sustainable banking as an avenue to promote the sustainable development of the nation. As such, key regulators have established and continue to improve frameworks, guidelines and regulations mandating banking institutions to implement sustainability in their business operations and activities.

Leveraging digital to unlock the base of the pyramid market in Africa

The level of formal banking and insurance penetration across Africa remains low due to the fact that consumer spending power for the majority of the population is low and unsteady. This has been seen as a hindrance to providing products and services through traditional distribution models, even though this market represents the majority of spending power in Africa. This represents an opportunity – particularly for products that are tailored to the needs of the low-income segment– that remains largely untapped.

CBN introduces special foreign exchange window for investors and exporters

CBN introduces special foreign exchange window for investors and exporters

The Central Bank of Nigeria (CBN) on 21 April 2017 announced that it has set up a special foreign exchange window for investors, exporters and end users. The announcement was made via a Circular referenced FMD/DIR/CIR/GEN/08/007.