PNGX’s Post

South Africa Asset Forfeiture (AFU) Organizes a Webinar on International Asset Recovery, 15th-17th November 2023.   On the 15th-17th of November 2023, the African Center for Governance, Assets Recovery, and Sustainable Development participated in the webinar organized by the South Africa’s Asset Forfeiture Unit (AFU) Legal Indaba with the theme: Accelerating Domestic, Cross Border & International Asset Recoveries organized by the Asset FFU held at Pretoria, South Africa. This program was organized as a follow up to the FATF-INTERPOL Roundtable Engagement (FIRE) event on 12-13 September 2023. The event was aimed to tackle the obstacles in international cooperation process with specific focus on financial investigation and mutual legal assistance in stolen asset recovery.   The Nigerian perspective was presented by Madam Juliet Ibekaku-Nwagwu on the topic: International Asset Tracing, Recovery, and Return: Global Framework and Nigeria’s Experience”. In her presentation, she gave an in-depth review of Nigeria’s asset recovery measures, as well as the international procedures required in cross-border, tracing, freezing, and confiscation of stolen assets. She also presented the procedure for negotiating and returning stolen assets and what South Africa could do to improve their capability in this field.   #Assetrecovery #anticorruption #legalindaba #internationalassetrecovery #UNCAC #AFU #NPA #internationalcooperation #MLA #FATF #INTERPOL #FIRE #africancenter   The African Center for Governance, Asset Recovery, and Sustainable Development (or “the African Center”) is an independent civil society organization headquartered in Abuja, Nigeria. The African Center collaborates with national governments, international and regional organizations, and non-governmental organizations to promote good governance, sustainable development, and the rule of law. Read more: https://lnkd.in/dhAxzGEr   More information on our work can be found on our website: www.africancenterdev.org To become a member of the Network of assets recovery and management professionals, please click here https://lnkd.in/dvydT63Z  NPA Juliet IBEKAKU-NWAGWU United Nations UNCAC Coalition African Union Africa Network for Environment and Economic Justice, ANEEJ ECOWAS Commission Cleen Foundation Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) MacArthur Foundation Nigerian Bar Association Nigerian Institute of Advanced Legal Studies UNODC Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH GIZ Nigeria & ECOWAS

We are pleased to announce that the Bank of Papua New Guinea (BPNG) has joined the Sustainable Banking and Finance Network (SBFN) as a new member.   BPNG has embarked on a journey to establish an enabling environment that facilitates the management of environmental, climate, social and governance risks and performance in the financial sector. Additionally, BPNG aims to promote capital flow toward activities aligned with environmental and social objectives, including by piloting an Inclusive and Green Taxonomy among selected financial institutions and introducing a Green Refinance Facility to promote the expansion of green loans. We look forward to supporting BPNG in its goal of greening Papua New Guinea’s financial sector. Read more: https://lnkd.in/e5Xsg-u3 #SBFNSustainableFinance #SustainableFinance #GreenFinance #ESG #Sustainability #Taxonomy #SBFN

Long term sustainability of the country relies on renewable energy and its concise & clear regulatory frame work and enforcement must be ensured without further loss of time.

Papua New Guinea operates a developing capital market, characterized by limited infrastructure and a small number of market participants. Clearing and settlement processes have traditionally been manual and paper-based, leading to inefficiencies. PNGX had not substantially changed its settlement processes since it was launched in 1999. Since under new management in 2018 PNGX has launched an ambitious project designed to modernise its market with the creation of a Central Securities Depository (CSD). A CSD is a specialized financial institution that holds securities in electronic form, facilitates the transfer of securities, and ensures the smooth functioning of the clearing and settlement process. The introduction of a CSD in PNG would bring significant benefits to the capital markets and investors. Following on from the recent outline of the role of share registries, the Post Courier outlines some of the benefits and challenges of moving PNG towards a CSD. The implementation of a CSD is a long process. As a first step, the Securities Commission of Papua New Guinea has recently approved newly drafted CSD rules. The eventual implementation of a CSD will take many months of development and a large financial investment by PNGX. #PNGX #PNG #PapuaNewGuinea #GrowYourWealth #InvestInPNG #StockMarket #StockExchange #CSD #CentralSecuritiesDepository https://lnkd.in/g3U-awPu

The introduction of a CSD will mark a pivotal step forward for PNG's capital market infrastructure.  CSD systems facilitate Straight-Through Processing (STP), where transactions are processed electronically from initiation to settlement without manual intervention. This increases speed and efficiency and reduces the likelihood of errors and delays. PNGX is aware many investors would like the ability to trade directly from their mobile phones and PNGX would like to introduce this service. However, before allowing such trading, a CSD must be first introduced to reduce risk and manage volumes.  The implementation of a CSD is a long process. The eventual implementation of a CSD will take many months of development and a large financial investment by PNGX. The journey is just beginning.

We put the spotlight on revenue assurance in the downstream petroleum sector by SML.

Kazakhstan exceeds $12bn investment goal through AIFC (Astana International Financial Centre) Since its inception, the AIFC has contributed KZT 115bn ($242.2mn) to the national budget, with KZT 29.8bn ($62.7mn) of this amount accrued in 1H24. 👉Details — https://lnkd.in/dcUmzV3Y #Kazakhstan #AIFC #Investment #EconomicGrowth #Finance #NationalBudget #1H24 #EconomicDevelopment #CentralAsia #InvestmentGoals

📊🚀Zoom on the news and opportunities that will enliven our financial market this week! CEMAC: Financial market, BVMAC passes the $2 billion mark in global capitalisation WAEMU: The cost of bank credit rose in the 1st quarter of 2024 Investment opportunities💸: This week, the main opportunities on the money market concern #Cameroon, #Gabon # Congo, #Chad and #Equatorial Guinea, which are going to issue BTAs and OTAs. Dear investors, find out all about this news and the details of the various opportunities in our 📊 weekly review. Building wealth, together ! #Cemac #WeeklyReview #FinancialMarkets #Investment #News #Opportunities #Cameroon #Invest #Richesse #Finance #Africa #Stockmarket #MarketTrends #EconomicPerspectives

UzMRC CAN ISSUE GREEN BONDS IN ACCORDANCE WITH THE REQUIREMENTS OF THE “INTERNATIONAL CAPITAL MARKET ASSOCIATION” (ICMA). UzMRC received an external assessment opinion in a second party format on July 22 this year from Kazakhstan's leading financial organization “Astana International Financial Centre” (AIFC) regarding compliance with the Green Bond Principles (GBP)/Social Bond Principles (SBP)/Sustainability Bond Guidelines (SBG), as well as the Green Loan Principles (GLP) of the Asia-Pacific Loan Market Association in accordance with the sustainable development financing requirements of the International Capital Market Association (ICMA). AIFC’s conclusion, which meets these international requirements, allows the Company to issue and place its green bonds on the local or international capital market. Additionally, it enables financing within the framework of green loan principles using the attracted funds. The Company plans to issue its first green corporate bond by the end of the third quarter of this year. #UzMRC #AIFC #GFC #ICMA #GreenBonds

In this legal and regulatory update from Udo Udoma & Belo-Osagie's Oil & Gas Team, Folake Elias-Adebowale, Iwuozo Godson, Noble Chinwendu, Anjolaoluwa Shittu, and Josephine Ukpong review the framework shaping the Central Bank of Nigeria's H1 2024 cash pooling policies, and assess their potential implications for Nigerian petroleum industry stakeholders. Key Highlights: 📅 New CBN Circulars on Cash Pooling Issued: February 14th, May 6th, and May 31st, 2024 🌍 Focus:  Cash pooling arrangements and export proceeds management for IOCs 💰 Key Changes: Restrictions and new allowances for repatriating and utilising export proceeds 📊 Objectives and Implications:       Improved liquidity, strategic financial planning, and opportunities for enhanced local investments 👉 Read the full update at: https://lnkd.in/d2B5u4e7. For information about UUBO’s 23 practice area offerings, visit our website at www.uubo.org and email us at uubo@uubo.org. #LegalUpdate #OilAndGas #NigerianLaw #H12024 #CashPooling #PetroleumIndustry #NigeriaOil #RegulatoryUpdate #CentralBankOfNigeria #NigerianEconomy #ForeignExchange #UdoUdomaBeloOsagie #OilAndGasLaw #FinancialRegulations #IndustryInsight #BusinessLaw #EnergySector #LegalInsights #NigerianBusiness #EconomicGrowth