Heritage Bank Plc, hosted the May 2018 edition of the banking technique and practice meeting of the International Chamber of Commerce Nigeria.

The meeting, which 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, deserve urgent attention. He stated that policy summersault and the need for reviews of operation systems have posed a lot of challenges that the visiting team needed to look into and proffer appropriate solutions. 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. 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. 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. Meanwhile, to address the deficiency, the chairman suggested an inauguration of a special committee that will review the status quo and then come up with the treats, risks and opportunities of the current policy.

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