Heritage Bank, Group Promote Trade

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Heritage Bank Plc said it recently hosted the May 2018 edition of the banking technique and practice meeting of the International Chamber of Commerce Nigeria (ICC)
The meeting which took place in Lagos, according to a statement from the bank, attracted representatives of the ICC Nigeria as well as the experts on the trade desks of different banks operating in Nigeria as the Central Bank of Nigeria (CBN).
The Chief Risk Officer for Heritage Bank, Mr. Dimitiri Dike, 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 systems had 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.
On his part, the Chairman, ICC Nigeria Banking Commission, Raymond Ihyembe, warned that steps must be taken to tackle the possible effects of the policy.

This, he said, became 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, the Vice Chairman, ICC Nigeria, Banking Commission, Mrs. Omolara Akanji 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 was the gap between the central bank and the Nigeria Customs Service.

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 the inauguration of a special committee to review the situation and then come up with the threats, risks and opportunities of the policy.