Archive for July 2009
THE MONEY LAUNDERING ACT
NIGERIA – Every day we watch local TV and in recent times foreign media, billboards, leaflets, personal encounters with bank officers encouraging and enticing us to open accounts or do a form of business with one bank or the other. You look at it and you think “might give it a try someday”. You might already have an account with one but the beauty of various banks publicity stunts would make you want to open more in other banks.
The bank PHBs’ billboards, being the most seductive with thought provoking quotations, Zenith bank taking over streets with tiny billboards everywhere etc. Promotions like the Diamond banks 50 million naira splash, the bank PHB’s ‘you go win’ promo, the Ecobank’s savers harvest promo, the Intercontinental bank’s ‘Happy savers’ promo and so many others are enough to send you running to the banks to open an account. So one day you walk into a bank to open an account, approach the Customer Service Officer and tell him you want to open one probably a savings account. That is when you realize that it’s not as easy as it seems.
You are being asked to provide a valid Identity card and an evidence of utility for address verification. At that point, you remember you haven’t paid your PHCN or Water bills in months or you are squatting with a friend who pays his. The bill is in your friends’ name or if he is a tenant in his landlords’ name. You inform the bank and the bank staff tells you that you have to get a tenancy agreement in addition to the bill. But how can you when you are squatting with the tenant. 
There is no such agreement in your name. In some cases, you could live in an interior or rural area where you don’t get issued with PHCN bills and your only source of portable water might probably be a central borehole or a stream. Or maybe you just don’t have a valid Identity card (which could be a national identity card, drivers’ license, international passport or an identity card of a recognized company or government establishment).
Maybe you just have the identity card of your social club. So what option do you have left? Probably a physical visitation by the bank staff. But how many staff have the time to go visiting prospective customer’s homes to verify their addresses when maybe all they have to open an account is ten thousand naira. You could just end up being shown the way out. And then you think ‘so much for all the publicity – billboards, TV commercials, T-shirts etc ‘.
So why all these formalities? The much talked about money laundering act. Section 3 subsection 1 of the act provides that “a financial institution shall verify its customer’s identity and address before opening an account for, issuing a passbook to, entering into fiduciary transaction with, renting a safe deposit box to or establishing any other business relationship with the customer”. Section 2 paragraphs (a) and (b) provides that “an individual shall be required to provide proof of his identity, by presenting to the financial institution a valid original copy of an official document bearing his names and photograph; and also proof of his address, by presenting to the financial institution the originals of receipts issued within the previous three months by public utilities”.
The main objective of the act is to easily identify and check against the laundering of proceeds from a crime or an illegal act. Also to quickly apprehend culprits or suspected launderers. Section 1 of the act provides that “no person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding N500,000 or its equivalent in the case of an individual or N2,000,000 or its equivalent in the case of a body corporate”. Section 10 subsection 1 paragraphs (a) and (b) provides that “a financial institution or designated non-financial institution shall report to the Economic and Financial Crimes Commission (EFCC) in writing within seven days any single transaction, lodgments or transfer of funds in excess of N1, 000,000 or its equivalent in the case of an individual, or N5, 000,000 or its equivalent, in the case of a body corporate”.
If the financial institution doesn’t have records of their customer’s identity and addresses, how could they possibly abide to this? One might not help wondering how this affects an individual who watches a banks TV commercial, enjoys it and finally goes to the bank to open an account with a little sum of money. After all, the real money launderers move with millions. That you drive at 20km/hour doesn’t mean you shouldn’t put on your seat belts. A law is a law and just has to be obeyed no matter how little you invest. Although the real money launderers know how to beat the system and provide an apparent legitimate explanation for the origin of illegal proceeds.
Introduction of the illegally acquired money into the banking system in bits, converting the cash into other financial or monetary instruments, investing in real estate, setting up legitimate businesses, purchase of shares of companies and before you realize it, distinction between legitimate and illegitimate funds is extremely difficult.
A lot has to be done to ensure that every Nigerian has a valid means of identification. The National Identification Card, the Drivers license and the International passport are the most recognized. For a non-driver and one who doesn’t travel out, the National ID is your only option. Majority fall into this category. The question is how easy is it to get a National ID especially for those in the rural areas. Banks are losing a lot of deposits due to these laws. Deposits needed for the banks growth, the individuals growth and the growth of the nation’s economy as a whole. Banks in the country are now engaging in various strategies to ensure they shore up their deposit base and boost their balance sheets.
This is coming on the heels of the decision of the banks to adopt the International Financial Reporting Standards (IFRS) for their financial statements. Most banks are now targeting the N1.2 trillion outside the banking system and unbanked segment of the population, which the CBN put as 79%. The laws are good and have come to stay but efforts should be made to simplify the procedures required to get these means of identification while at the same time applying the utmost caution needed. With the aggressive deposit mobilization and marketing strategies of some Nigerian banks, I believe something has to be done urgently or the next TV commercial might just say………… “the bank that delivers…open an account with just five thousand naira and get a free National ID”.
Mgbenu Chidi is a banker and writes from Minna Nigeria for Trendy Africa. Trendy Africa is a Multi Media Production Company based in Texas and are Publishers of Trendy Africa Magazine, Trendy Africa Fashion Xtra and www.trendyafrica.com
BIJOU Lounge in Arlington: The Fun Place
ARLINGTON TX – The cream leather VIP seats, multicolored light effects streaming across the floor, the live band stage and the presence of energized fun people creates a great impression of the set up at BIJOU.
Entertainment groups such as Naija prime periodically put up events to create a diverse presence of activity at this Texas restaurant and lounge. The recently held Ankara and Danshiki night was one of the numerous events that make BIJOU the one stop entertainment palace.
Bijou Lounge and Restaurant, 2301N Collins st, Arlington TX 76011
Photos by Chibuzor Okonta for Trendy Africa. Trendy Africa is a Multi Media Production Company based in Texas and are Publishers of Trendy Africa Magazine, Trendy Africa Fashion Xtra and www.trendyafrica.com
Olu Maintain Presents Kentro World
<!–[endif]–>
New Album drops on “July 27, 2009” – with all due respect press play. Click here to learn more >>
Greg Balogun Marks 50th Birthday With Fanfare
GARLAND TX – Great party characterized by fine people, fine wine and fine canapes. They came from all over;Nigeria, UK, Cali, DC, Oklahoma and other Major Cities. Mrs. Bibiana Balogun and her ever dedicated friends ensured that guests were adequately compensated for the night out.
The combination of groovy tunes from the ensemble of Dallas top DJ Paulo as well as life percussions from the ever energized and youthful anointed band kept guests and celebrants on the Dance floor way beyond the officially stated close time. The photos are just a sneak preview. Watch out for more.
Photos by Tosan Aduayi for Trendy Africa. Trendy Africa is a Multi Media Production Company based in Texas and are Publishers of Trendy Africa Magazine, Trendy Africa Fashion Xtra and www.trendyafrica.com
Who is Niecy Nash?
LOS ANGELES – She’s an actress, producer, comedian, advocate and host of Style Network’s highly successful home makeover show, “Clean House” and stars as the sassy officer Raineesha Williamson on Comedy Central’s hit show “Reno 911!”
With a list of feature film credits which include “Code Name: The Cleaner,” Bishop T.D. Jakes’ “Not Easily Broken” and the Jerry Bruckheimer produced movie “G-Force,” Nash is living the Hollywood dream. 
“I am living my dream,” affirms Nash. “Everything I wanted I have it. I wanted a career in this industry. I wanted fantastic friends. I wanted my hair and makeup done everyday and to eat at fantastic restaurants. Name it. I have been able to live the life of my dreams.”
Despite a lucrative career in television and movies, the 39-year-old Los Angeles native hasn’t always had it easy and has suffered several tragedies in her life including the loss of only brother who was shot on his high school campus. This led Nash and her mother to start up the organization M.A.V.I.S. (Mothers Against Violence in Schools) in his memory. Although she has since retired from that organization, Nash, an avid advocate, works closely with another equally beneficial organization called Dress for Success as an Ambassador and Spokesperson.
“It’s an organization that helps women who are transitioning out of hardships and provides them with different programs to help them get re-established back in the workforce,” she says. “I was asked to be a keynote speaker at a breakfast they gave and once I showed up I absolutely fell in love and have been working with them ever since.”
In the visually dazzling 3D animated movie “G-Force,” a comedy adventure about specially trained secret agent guinea pigs, Nash plays Rosalita, the owner of a local pet store where the pack of animals hide out after a highly sensitive mission fails. Despite a small role, Nash enjoyed being onboard the project which also stars comedian Tracy Morgan, Penelope Cruz and Nicholas Cage.
“Normally I say I don’t work with children or animals,” claims Nash, “but when you have Disney and you put that together with Jerry Bruckheimer you show up. I like things that speak to my sensibility, which is a reason I enjoyed doing this movie. Things that have a very clear message in them resonate with me and I really had a fantastic experience from the moment I found out about the project.”
Samantha Ofole-Prince is a professional entertainment journalist who frequently covers events in the Los Angeles area and can be reached on sofole@gmail.com
Photos by Derek Blanks
Search For The New Face Of Nigeria Underway
NIGERIA – A three year modelling contract in Paris as well as other attractive prices are up for grabs just as Glamour modeling International Agency is set to lauch its new product. See poster for more details.
Black Women Lawyers Host Benefit Happy Hour
FORT WORTH – The Black Womens Lawyers Association of Tarrant County hosted its 2009 “Hotter than July” Happy Hour benefiting the BWL Scholarship Fund. The well attended event held at the YWCA of Fort Worth and was characterized by lots of door prizes, silent Auction, food and beverages.
Notables in attendance included Dallas District Attorney Craig Watkins, Asst. District Attorney Harris, Attorney Valarie Baston, Attorney Lateph Adeniji and Attorney Michael Heiskell.
Others include Judge Clifford Davis, Judge Jennifer Rynell, Chuck Roland and Gloria Reed.
The president of BWL Marla Lee conducted the draws for several gifts that were presented during the event and also ensured that guests were adequately entertained.
Photos by Tosan Aduayi for Trendy Africa. Trendy Africa is a Multi Media Production Company based in Texas and are Publishers of Trendy Africa Magazine, Trendy Africa Fashion Xtra and www.trendyafrica.com
Dashiki/Ankara Edition at Bijou Lounge Arlington
Arlignton – Be at the Bijou launch this saturday for the Naija Prime packaged Danshiki event.
Princess C&C Loveth Redefines Stardom at 2-Day Birthday Shindig
DALLAS – A full year of consistent planning, a full year of intermittent photo sessions by the masters, a full year of payback of outstanding public relations and what do you get; probably the most lavish and most attended two day event in Texas.
We all started out at the Christ Trumpeters Ministries were the Church service and thanksgiving held. The arrival of family and friends in four limousines caused a stir on the not so busy side road. Loveth and Tony were described as kind hearted individuals who also portrayed great family values.
The Red carpet formal disco reception at the upscale Double Tree Hotel in Dallas was a great treat to guests who hit the floor without protocol as DJ Paulo did his thing. Ayuba? Watch out for more great Photos and updates; ok?
Photos by Tosan Aduayi for Trendy Africa. Trendy Africa is a Multi Media Production Company based in Texas and are Publishers of Trendy Africa Magazine, Trendy Africa Fashion Xtra and www.trendyafrica.com
CAUTION ON COMMENTS: “you have the right to remain silent, anything you say may be used against u…”
Trendy Africa is an entertainment and educative media poised at creating an interactive and friendly environment amongst users. Inappropriate comments may be classified.
R Kelly Performs in Nigeria during his first visit ever to Africa.
2009 This day music Festival in Lagos, Nigeria.
jsafrica 