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Compliance, due process, capacity building basic on trade desks of banks’—FCMB

To brace for the challenges of managing international trade and commerce in banks, the Managing Director of First City Monument Bank (FCMB), Mr. Adam Nuru has averred that maintaining a sound culture of compliance, due process and capacity building among experts on the trade desks of banks should be accorded priority.

He said, “Banks must also collaborate more with government and other stakeholders to explore better ways to maximise the new and emerging opportunities in the sector.”

“To ensure the business of international trade and commerce is conducted in a responsible and transparent manner, ICC Nigeria should continue to ensure we operate under full and complete compliance with all applicable laws, rules, regulations, policies, and best practices.”

Explaining more while declaring open the bi-monthly general meeting of the International Chamber of Commerce (ICC) Nigerian Banking Commission in Lagos also hosted by the bank, Nuru, represented by the Executive Director of Finance at the bank, Mrs. Yemisi Edun, observed that strengthening the Trade Desks would boost their performance and overall contribution of banks to the development of international trade logistics.

He further commended ICC Nigeria for its commitment towards building a transparent, strong and viable banking industry and international trade platform, especially its efforts at “reviewing the new order of trade that encourages the adoption of emerging global best trade settlement practices.”

Earlier, the Chairman of ICC Nigeria Banking Commission, Dr Raymond Ihyembe, called on financial institutions to upscale their operations with regard to international trade and commerce, saying the commission would continue to “assist in the formulation of policies and guidelines for the banking sector to effectively key into and take advantage of opportunities.”

“We operate in several areas such as arbitration, taxation, and commercial law practice, among others, which are necessary for the success of the banking sector.”