Firm Partners CBN on e-Certificate of Capital Importation

By December 16, 2016 Investment News

In a bid to mitigate the inefficiencies in issuing and managing Certificate of Capital Importation (CCI) in the country, Telnet Nigeria Limited is partnering with the Central Bank of Nigeria (CBN) and financial institutions to develop and implement the Electronic Certificate of Capital Importation (e-CCI) platform.

This was sequel to the approval given to the industry by the CBN via the Financial Market Dealers Association of Nigeria (FMDA) and the Association of Asset Custodian of Nigeria (AACN) to develop an e-CCI system, standardise and automate the various activities involved in CCI issuance, operations and management.

Speaking in Lagos, at the e-CCI Technical Committee Workshop, the Chief Executive Officer, Telnet Nigeria Limited, Mr. Gbenga Odujinrin, said the e-CCI system would significantly boost Foreign Direct Investments (FDIs) in the country, adding that it would increase investor’s confidence by enabling them to remotely access and monitor their investments in Nigeria.

He said the implementation of the ECCI system would, in addition, promote transparency within the industry and enhance the capacity of the central bank to monitor in real-time, the performance of foreign investments in different sectors of the economy, He added that the project is at its advanced stage of completion and the formal launch would be announced by the CBN to relevant stakeholders in due course.

“At the end of the project, Nigeria would be able to say boastfully, that the country is open for business. Our platform is probably one of the leading platforms in developing areas especially in our region. So we are excited about it and we are grateful for the opportunity and also to be part of those transforming the Nigerian economic landscape with this effective and very unique solution in Nigeria”, Odujinrin said.

Speaking further, he said: “What we are doing is that, if you are an investor and you want to invest $100milion in Nigeria, how do you bring it in. Now, it’s transparent to the investor. He can bring it through his bank and have a certificate that shows that he brought in $100million into the economy. So the process is automated unlike in the past when everything was done manually with paper. And overtime, it’s transparent to them.”

Source: <Nigeria Today>