Digital strategy - Kpmg

 Boye Ademola, Partner & Lead, Digital Transformation, KPMG Africa, in his overview of the event, said “At KPMG, we believe one of the enduring responses to the pandemic now and post-COVID19 is Digital. In simple terms, banks need to urgently scale up on capabilities to deliver products and services via digital channels. It is in this light that we have performed a series of user journey-centered assessments culminating in the Digital Channels Scorecard for retail banks in Nigeria. The Scorecard provides an industry perspective of how effective banks are in delivering products and services to customers via digital channels by measuring user experiences across a range of journeys for each bank. This webinar will attract a variety of business leaders from financial services, telecoms and other sectors that have a keen focus on retail growth via digital capabilities.”

Ngozi Chidozie, Strategy and Digital, Management Consulting, KPMG in Nigeria, commented as follows, “The webinar will highlight our observations on leading practices, emerging trends and perspectives on opportunities for improvement of the overall digital channels experience across the Nigerian retail banking sector. That is why this upcoming event is themed: “Leveraging Superior UX on Digital Channels to drive Retail Banking Growth.”

Ladi Asuni, Partner, Digital Transformation opined that, “The release of the Digital Channels Scorecard publication is the first in a series to come, designed by KPMG for retail banks in Nigeria to have an objective understanding of their competitive positioning with respect to leveraging digital capabilities to deliver products and services. The upcoming webinar will also feature industry experts such as Akeem Lawal (Divisional Chief Executive Officer, Payment Processing, Interswitch), Bode Abifarin (Chief Operating Officer, Flutterwave) and Meaghan Johnson (Internationally renowned Fintech Researcher and UX Expert).

Boye Ademola also added ”The KPMG Digital Channels Scorecard unveils in-depth sector and domain insights from our user journey-centered assessments. It includes a benchmark of Digital Channels for retail banks in Nigeria using the proprietary KPMG Digital Channels UX Assessment Framework which employs the “mystery shopper” review approach. This edition of the publication covers the 17 commercial banks that have a strong focus on retail banking. These banks have international or national banking licenses and retail banking operations across the country.”

Egheosa Onaiwu, Associate Director, Clients & Markets, KPMG in Nigeria, in his statement encouraged “industry stakeholders to register for the event on the KPMG website using the web address, while the main hashtag for the webinar, #KPMGDigitalChannelsScorecard can be used to engage content across the KPMG social media channels, which include LinkedIn, Twitter, Facebook and Instagram.”

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent, 

Asokoro Abuja. FCT.

Tel: +2349062278732

Infrastructure in Nigeria

 Tax Incentive Scheme for Road Infrastructure Development and RefurbishmentOn the 25th of January 2019, President Muhammadu Buhari, GCFR, authorized the Executive Order №007, introducing the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (referred to as “the Scheme”). This initiative has a duration of 10 years, starting from its commencement date.

The Scheme represents a collaborative effort between the Federal Government of Nigeria (FGN) and the private sector, aiming to harness private sector resources and efficiency for the construction, renovation, and upkeep of crucial road infrastructure in strategic economic zones across Nigeria.

Participation in this Scheme is open to all Nigerian companies, either individually or in partnership with other Nigerian firms, as well as institutional investors (referred to as “Participants”). These Participants are interested in contributing to the construction or refurbishment of roads designated by the FGN as “eligible roads” under the Scheme.

Participants will be entitled to offset their future Companies Income Tax (CIT) liability by the total expenses incurred in constructing or refurbishing an eligible road, referred to as the “Project Cost.” This tax credit will remain applicable until the entire Project Cost has been recovered.

Contact Information

Lagos KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329

Abuja 84, Kwame Nkrumah Crescent, Asokoro, Abuja, FCT. Tel: +234 9062278732

Fintech companies are emerging as pivotal players in the economic landscape of developing markets, offering opportunities for both customers and service providers to enhance financial inclusivity, foster innovation, and introduce disruptive business models for increased profitability, growth, and overall value creation. Nevertheless, alongside advanced technology and evolving business models, there are associated risks that must be addressed for long-term sustainability.

KPMG's Fintech Assurance Service is dedicated to identifying, managing, and mitigating the risks inherent in the Fintech technology environment. Our seasoned, multidisciplinary team possesses deep industry knowledge, regulatory expertise, and functional insights, as well as the necessary technical proficiency to assist you in devising and implementing appropriate controls to mitigate risks in your business.

Our Fintech (IT) Assurance Services are custom-tailored for FinTechs, encompassing the following key IT domains:

1. Technology Gap Assessment
2. IT Internal Audit Services
3. Revenue Assurance
4. Data Analytics & Big Data
5. IT Governance, Risk & Compliance Review
6. IT Performance and Change Management Review
7. IT Due Diligence (IT Deals Audit)

Who Benefits from Our Services:

Our services are highly advantageous for FinTech enterprises engaged in the following areas:

• Savings and Investment
• Lending and Credit
• Payments
• Enterprise Financial Software
• AgriTech, RegTech, and other FinTech players

Businesses that typically gain value from our services include:

• Firms seeking independent IT risk assessments and/or compliance reviews, coupled with recommendations for risk mitigation.
• Companies in need of thorough revenue assurance reviews to ensure the accuracy and completeness of reported revenue.
• Teams involved in information technology, information security, risk management, internal audit, legal and compliance, and application development, looking to evaluate (a) development and deployment procedures, (b) secure coding practices and policies, and/or (c) governance and operational processes.

Contact Us:

Lagos: KPMG Tower, Bishop Aboyade Cole Street, Victoria Island Tel: +234 9068459329

Abuja: 84, Kwame Nkrumah Crescent, Asokoro, Abuja. FCT. Tel: +234 9062278732

 

forensics - KPMG

 Assisting clients in achieving the highest levels of business integrity through the prevention, detection, and investigation of fraud and misconduct.

The prevention, detection, and investigation of fraud and misconduct

How KPMG Forensic can help

KPMG Forensic’s over 3000-strong global network of experienced professionals use accounting, investigation, intelligence, technology, economics and deep industry skills alongside consistent global methodologies to help reduce reputational risk and commercial loss, and to improve the value obtained from existing contracts.

The changing nature of business has created new opportunities, but also new risks and potential threats including:

the increasing sophistication of fraud, organized crime and terrorism more complex legislation and regulations, some with increasing extra-territorial reach

developing challenges around technology

complex cross-border disputes

pitfalls from expanding into emerging markets

dependencies on unfamiliar business partners more complex supply and distribution channels

theft and misuse of intellectual property.

Organizations that effectively monitor and swiftly respond to potentially damaging situations such as these are better placed to deal with them quickly and successfully, while reducing adverse financial, reputational or operational impact.

KPMG Forensic offers robust, practical advice, helping our firms' clients deal with:

fraud, misconduct and corruption investigations

tracing funds, assets, companies and individuals

commercial disputes

regulatory compliance

managing risk on buying or selling a business

intellectual property and contract governance

preventing and detecting fraud or financial crime.

 

We can also deploy technology tools to help clients deal effectively with large amounts of data and documentation, to manage and disclose important material or highlight fraud, weaknesses and business opportunities from within corporate data.

KPMG Forensic aims to provide our firms' clients with the tools and services they need to keep on top of the major risks they face.

Our network of over 3000 forensic professionals work in 39 accredited practices within KPMG member firms around the world. The network brings a consistent global approach, combined with a tailored local focus, to sensitive and complicated cross-border engagements.

KPMG Forensic is a trusted adviser to some of the world's leading enterprises. Our teams are located in the major developed markets as well as the key emerging economies in Central and Eastern Europe, Russia, South America, Africa, The Middle East and Asia.

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent, 

Asokoro Abuja. FCT.

Tel: +2349062278732

Audit firms - KPMG

 Discover the top audit firms in Nigeria with our comprehensive guide. Financial statement audits give assurance over information used by investors and the capital markets.

Independent, quality financial statement audits

Financial statement audits give assurance over information used by investors and the capital markets – a responsibility to the public interest KPMG Audit professionals take very seriously, applying powerful D&A routines to create better audit evidence and gain deeper insights, and exploring the role auditors can and should play by engaging stakeholders to better understand their views through KPMG’s ‘Value of Audit’ forum. KPMG professionals – innovating to better serve the capital markets and society as a whole

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent, 

Asokoro Abuja. FCT.

Tel: +2349062278732

audit and assurance - KPMG

Financial statement audits play a vital role in providing assurance to investors and the capital markets. At KPMG, our dedicated team of audit professionals recognizes the immense responsibility they hold in serving the public interest. By utilizing robust Data and Analytics (D&A) routines, we ensure the production of high-quality audit evidence, enabling us to gain deeper insights into the financial information of the companies we audit.

In our continuous pursuit of excellence, we go beyond traditional methods and engage with stakeholders through KPMG's 'Value of Audit' forum. By actively seeking and understanding their perspectives, we strive to enhance the value and relevance of the audit process in today's dynamic business landscape.

Our commitment to innovation is unwavering as we seek to better serve the capital markets and society as a whole. By staying at the forefront of technological advancements, we can continuously improve the accuracy, efficiency, and effectiveness of our audit procedures.

For any inquiries or to learn more about our audit services, please feel free to contact us:

Lagos Office:

KPMG Tower, Bishop Aboyade Cole Street,

Victoria Island, Lagos.

Tel: +234 9068459329

Abuja Office:

84, Kwame Nkrumah Crescent,

Asokoro, Abuja. FCT.

Tel: +234 9062278732

At KPMG, we remain dedicated to upholding the highest standards of independence and quality in financial statement audits, thereby contributing to the trust and integrity of the global financial system. 

ESG

 

A Company’s position on climate change, Diversity Equality and Inclusion (DEI) issues, and other Environmental, Social and Governance (ESG) risks is now viewed – by investors, research and ratings firms, activists, employees, customers, and regulators – as fundamental to business and critical to long-term sustainability and value creation. Especially when facing a cost of living crisis and an array of factors slowing down economic growth, oversight of these risks and opportunities will be a significant challenge, involving the full board and potentially multiple board committees. Now is the time for boards to ‘hold their nerve’ in doing what is right and sustainable over the long-term. Environmental, Social and Governance are the key metrics used to measure Sustainability while Sustainability in itself is the responsible and efficient utilisation of resources that does not hamper with the availability of said resources for future generations. In this thought leadership, both ESG and Sustainability will be used interchangeably.

Research by Mattison Public Relations shows that ESG committees are becoming an increasingly common presence on FTSE 100 boards, with 54% of FTSE 100 companies now having some form of ESG committee – whether that be described as an ESG committee, a corporate responsibility committee, responsible business committee, sustainability committee or environments and communities committee.

However, in Nigeria, most boards do not yet have a dedicated ESG committee; they are beginning to delegate ESG oversight in whole or in parts to various committees.

While committees responsible for ESG will have elements of ESG in their specific terms of reference, drawing on insights from our interactions with directors and business leaders, we highlight eight issues for the board and any committee focused on ESG to keep in mind as they provide oversight on ESG matters.

Clarity of purpose

Oversight of ESG risks and opportunities is a significant challenge, involving the full board and potentially multiple board committees. For example, elements of climate and diversity, equality and inclusion (DEI) oversight likely reside with the audit, risk management, human resources and other relevant committees – as well as the ESG committee, where they exist.

Consideration needs to be given to the coordination between committees as well as the information flows to the committees from the corporate functions (risk, internal audit, operations, legal, etc.) and from the committees to the board itself. For example, climate change might initially appear to reside with an ESGresponsible committee, but it will also likely touch the audit committee (data, the systems that produce that data, and the disclosures within the annual report), the remuneration committee (management incentives), and the nomination committee (the skills and experience of board members and senior management). Overlap is to be expected, but this puts a premium on information sharing, communication, and coordination between the committees. It also requires that committees have the expertise to oversee the issues delegated to them.

Contact Us

Lagos

KPMG Tower,

Bishop Aboyade Cole Street Victoria Island

Tel: +234 9068459329

Abuja

84, Kwame Nkrumah Crescent, 

Asokoro Abuja. FCT.

Tel: +2349062278732