Having met the requirements set by the apex bank for all existing Development Finance Institutions, DFIs in the country, the Bank of Industry, BoI has secured Central Bank of Nigeria’s licence for its operations.
A statement from BoI explained that the CBN had approved its application for the issuance of the required licence, in line with the CBN guidelines that “all existing DFIs, whether established directly by an Act of the National Assembly, incorporated under Companies and Allied Matters Act, CAMA or any other law shall be required to obtain licence from the CBN.”
Similarly, the bank noted that as part of its plans to drive industrialisation in the country, it had embarked on strategic and tactical initiatives to reposition its operations.
“BoI wishes to reiterate our readiness to continue to provide financial support to SMEs and Large Enterprises with good business propositions. The Bank will also continue to provide business support and capacity building for SMEs.
“We have in recent times taken bold steps, both strategic and tactical, to reposition the Bank among which are the formulation of Strategic Plan 2015-2019; institutionalisation of corporate governance structures; implementation of enterprise wide risk management and compliance systems; and introduction of mobile and digital platforms for interfacing with Nigerian SMEs, thus improving our efficiency.
“We have also Introduced cluster specific SME products for agro-processing, Nollywood, fashion business, and others. We also expanded our branch network from seven to 14 offices to bring our services closers to our customers; our operations have also been certified as we recently secured the ISO 9001:2008 Quality Management Systems, QMS Certification as well as secured good credit ratings from Agusto & Co and Fitch Ratings, BB.
“Our ongoing SME Cluster development initiative will ensure that all credible SMEs in Nigeria can feel the impact of BOI in due course,” the statement read in part
PwC engages stakeholders on new Auditors’ Report Standard
Leading professional services firm, PricewaterhouseCoopers, PwC Nigeria, has called on Nigerian companies and auditors to test run the new International Auditing and Assurance Standards Board, IAASB auditors’ report model at least once before the required reporting period.
The call was made at a breakfast meeting held by PwC for stakeholders, during which key changes to the auditors’ report model and the implications of the new model for boards, managements, regulators and auditors were presented.
Welcoming the participants which included senior finance executives, audit committee members and regulators drawn from various sectors of the economy, Uyi Akpata, Country Senior Partner PwC Nigeria and Regional Senior Partner for West Africa noted that PwC has always found it necessary to engage stakeholders on matters concerning financial reporting and noted that the session will be a first in the series as the country moves towards the December 2016 implementation period.
According to him, “The new IAASB standard is long overdue and a product of many years of discussions among stakeholders on how to make the auditor’s report better. The new model is exigent at this time when there is increased call even among the general citizenry for transparency, good governance and clarity in financial reports.
“This new model gives more insight into the auditing process and is sure to provide answers to many of the concerns raised over the years about audit reports. At PwC we are committed to being at the forefront on issues such as this and will continue to engage stakeholders in open forums as well as through individual private discussions as we explore this new model and prepare to implement it in our audit reports.”
Tola Ogundipe, partner and assurance, Leader for PwC Nigeria set the tone for the day’s session by briefly tracing the history of the new standard and highlighting some key areas the new model departs from the one currently in use.
“The new standard is the end product of a process that started in 2006 when the IAASB and the American Institute of CPAs, Certified Public Accountants commenced a joint academic research to identify, and provide information and insights on user perceptions regarding the financial statement audit and the auditor’s report among different classes of financial statement users. In January 2015, the IAASB released a set of new and revised auditor reporting standards to become effective for financial statements relevant for periods ending on or after 15 December 2016, though early application is permitted.
“Essentially, the regulator’s objectives which informed the review revolve around enhancing the communicative value and relevance of the auditor’s report and modifying International Standards on Accounting, ISAs to accommodate evolving national financial reporting regimes.
“We strongly advise as is our practice at PwC, that companies do at least one dry run with the new standards. This will enable them learn from the experience when actual reporting with it commences in December 2016.”
Partner at PwC Nigeria, Cyril Azobu, presented the key changes to the audit report. He noted that the changes that the IAASB is introducing to the auditors’ reports centre around three key aims: insight, transparency and improved readability. The new standard also gives ‘Going Concern’ more visibility as it describes both the management’s and auditors’ responsibilities regarding going concern.
Another feature of the new model is the emphasis it gives to ‘Key Audit Matters’ which must now be captured and reported by the auditor in the report, Cyril enumerated the content of the new reporting model to include; opinion, basis of opinion, and material uncertainty regarding going concern.

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