The Nation Newspaper

Category: Money

  • Wema Bank to address customers’ needs

    Wema Bank to address customers’ needs

    By Collins Nweze

    wema Bank, one of Nigeria’s foremost banks has embarked on a number of schemes aimed at addressing the demands of its different customer base in this peculiar times.

    The bank recently announced the opening of a new branch in Oregun, Lagos as it continues its strategic expansion to meet the demands of customers. In a statement made on Monday, 17 August 2020, the bank disclosed that the new branch, which is located at No. 41, Kudirat Abiola Way, Oregun, Lagos State, would strengthen its business in the state in line with its growth path.

    “The new branch follows our strategic growth plan as we are committed to expanding our services to places where there are compelling business opportunities. The bank’s position on this has not changed,” said Executive Director Lagos Directorate, Wole Ajimisinmi.

    This rides on a series of initiatives which the bank embarked on to cushion the effect of the pandemic on individuals, businesses and communities. As a response to the gruesome financial impact of the COVID-19 pandemic on businesses, one of the key initiatives the bank has taken to alleviate the financial strain of her borrowing customers is to suspend the loan repayments for small and medium scale enterprises (SMEs).

    Furthermore, in its continuous bid to support customers in the fight against the pandemic and its financial implications, the bank launched collateral free loan products to support its customers. The loan offering which is open to healthcare businesses, school owners, as well as those dealing in trading or general commerce is available to the bank’s existing and new customers.

     

    In an earlier communication, Wema Bank Managing Director, Mr Ademola Adebise said “As we critically pay attention to supporting players in the health sector, as a Bank, we are also constantly looking into how we can support our customers financially. We hope individuals and business owners take advantage of these programs for their financial wellbeing and to help keep their businesses afloat”.

     

    The Bank is also set to reward its saving customers on the Royal Kiddies Account platform. As a drive towards supporting an early start to financial freedom, Wema Bank launched the Royal kiddies Account program, and now the Bank is set to reward its customers with school support funds in her 2020 Wema Educational Award. By opening a new account or topping up with a hundred thousand naira on an existing Royal Kiddies Account, customers can were able to gain eligibility to win the fifty thousand naira school support fund.

     

    According to the Managing Director, Ademola Adebise “We are a caring bank and we won’t relent in our efforts to continually initiate programs that would be of immense benefit to our customers and their businesses. Considering it’s a continuous process of innovation for us at Wema bank, we encourage our customers and everyone to always look out for our initiatives, as I can assure you there is always something good from us for everyone”.

     

     

  • Anxiety, as insurance firms brace up for huge claims

    By Collins Nweze

     

    There are palpable fears by firms and private individuals whose properties were vandalised and looted by hoodlums if the insurance industry in Nigeria has capacity to meet huge claims by those who insured their properties.

    Some especially the Small and Medium Enterprises did not insure their operating premises and their wares and can not make claims. However Insurance firms in Nigeria are bracing up for potential claims, following the widespread looting and destruction of properties, vehicles, and other assets across the state.

    Most government offices, banks, shopping malls, media houses, toll plazas, and private offices were set ablaze by suspected hoodlums after allegations of soldiers shooting in the air to disperse protesters on Tuesday night.

    This triggered scores of skirmishes across the state with several vehicles, buildings, and properties set ablaze or looted by suspected hoodlums. It is envisaged that when normalsy is restored, businesses will start to take stock of their losses and someone will have to bear the cost. While most insurance contracts exclude damage to property from war, riots, or other forms of force majeure, it is likely that some will pay for the risks.

    According to NAICOM, Insurance companies paid a total non-life insurance claim of N64 billion in 2018 compared to N56.4 billion a year earlier. Out of this total, claims on fire insurance were about N9.1 billion while Motor Vehicle was N17.3 billion. The Insurance sector is currently reeling from the effect of the Covid-19 pandemic, with the sector posting a contraction of 29.53% in the second-quarter GDP report published by the National Bureau of Statistics (NBS). It is likely to drop into a recession when the NBS releases its third-quarter GDP report in a few weeks’ time.

    President Muhammadu Buhari addressed Nigerians on Thursday, demanding an end to the violence in parts of the country as a result of the activities of hoodlums who took advantage of the EndSARS protests. “In the circumstances, I would like to appeal to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy. For you to do otherwise will amount to undermining national security and the law and order situation. Under no circumstances will this be tolerated,” Buhari said. The President also called for an end to the street protests, requesting that protesters should engage the government. He also asked Nigerians to go about their “normal businesses” while demanding that security agencies protect lives and properties.

    “And I call on all Nigerians to go about their normal businesses, and enjoin security agencies to protect lives and properties of all law-abiding citizens without doing harm to those they are meant to protect,” he added.

     

  • CBN okays new rule for chief compliance officers’ appointment

    CBN okays new rule for chief compliance officers’ appointment

    By Collins Nweze

    The Central Bank of Nigeria (CBN) has approved new requirement for the appointment of chief compliance officers (CCOs) by banks.

    In a letter titled: “Re: Status of Chief Compliance Officers,” that was signed by its Director, Financial Policy and Regulation Department, Kevin Amugo, a copy of which was posted on its website, the apex bank said that merchant banks, regional banks (commercial and specialised) have been granted allowance to appoint CCOs on a grade not below an assistant general manager.

    But the CCOs, would however report directly to the Executive Compliance Officer (ECO) of the financial institutions who has sole responsibility for compliance matters in the bank.

    Read Also: CBN sets to assess banks over looting

     

    “Further to the circular Referenced FPR/DIR/GEN/CIR/06/004 of  September 28, 2016 on the appointment of ECO and CCO of deposit money banks, the CBN has after due consideration and presentations by stakeholders on the size, structure, operation and dynamics of classes of operators in the sectors, reviewed the requirements for the appointment of chief compliance officers.

    “Accordingly, merchant banks, regional banks (commercial and specialised) are hereby granted dispensation to appoint CCOs on a grade not below an assistant general manager.

    “The CCOs, will however report directly to the ECO of the financial institutions who have sole responsibility for compliance matters in the bank. Meanwhile, the requirements and responsibilities of Executive Compliance Officers remain as earlier communicated in our circular of 28 September 2016.”

     

  • Porsche Panamera: New experience in driving

    Porsche Panamera: New experience in driving

    By Tajudeen Adebanjo

     

    The Porsche is completing the product line-up for the new Panamera with models that include a 700 PS (514 kW), 870 Nm flagship.

    The Panamera Turbo S E-Hybrid is the most powerful variant in the revamped product line, combining a 571 PS (420 kW), four-litre biturbo V8 with a 136 PS (100 kW) electric motor. Its all-electric range has been increased by up to 30 per cent thanks to a new 17.9 kWh battery and optimised driving modes.

    This also applies to the new Panamera 4 E-Hybrid, where the electric motor is complemented by a 330 PS (243 kW) 2.9-litre biturbo V6, resulting in a system power output of 462 PS (340 kW).

    With a starting price of N82 million, Porsche is extending its E-Performance strategy. Alongside the recently-unveiled new Panamera 4S E-Hybrid, which boasts a system power output of 560 PS (412 kW), Porsche is offering three Panamera plug-in hybrid models for the first time.

    At the heart of the drive architecture is the electric motor, integrated into the eight-speed dual-clutch transmission (PDK) and still produces a power output of 136 PS (100 kW) and maximum torque of 400 Nm. With the various combustion engines on offer, this makes for outstanding driving performance.

    In combination with its standard Sport Chrono package, and powered by a four-litre V8 biturbo engine that now delivers 571 PS (420 kW) instead of 550 PS (404 kW), the new Panamera Turbo S E-Hybrid completes the sprint from zero to 100 km/h in 3.2 seconds – 0.2 seconds faster than its predecessor. It reaches a top speed of 315 km/h, which represents an improvement of five km/h.

    Porsche Panamera
    •The front interior

    The Panamera 4 E-Hybrid takes just 4.4 seconds (-0.2 s) to reach 100 km/h from a standing start on its way to a top speed of up to 280 km/h (+2 km/h).

    The gross capacity of the high-voltage battery has been increased from 14.1 to 17.9 kWh, thanks to the use of optimised cells, and the driving modes have been adapted for even more efficient energy utilisation.

    The Panamera Turbo S E-Hybrid has an all-electric range of up to 50 km according to WLTP EAER City (NEDC: up to 59 km), while the Panamera 4 E-Hybrid can be driven with zero local emissions for up to 56 km, according to WLTP EAER City (NEDC: up to 64 km). The Porsche plug-in hybrid models are preferably charged at home – either via a standard domestic outlet or a power socket. A model-specific charging capacity of up to 7.2 kW is possible with the standard Porsche Mobile Charger. Charging can also be done at public charging points using a Mode three cable.

    The newly designed front end of the Panamera Turbo S E-Hybrid is differentiated by its dual C-shaped Turbo front light modules as well as its larger side air intakes. The revamped light bar at the rear now runs seamlessly over the luggage compartment lid with an adapted contour.

    The options available include darkened Exclusive Design tail light modules with dynamic Coming/Leaving Home animation, three new 20- and 21-inch wheels and two new exterior colours, Cherry Metallic and Truffle Brown Metallic.

    The Porsche Communication Management (PCM) features higher display resolution and includes additional services such as wireless Apple® CarPlay.

    The chassis and control systems have been tuned for sportiness and comfort in all new Panamera models. In some cases, a new control strategy has been implemented. A new generation of steering control system and new tyres ensure improved lateral dynamics and greater precision.

    The flagship Panamera Turbo S E-Hybrid comes as standard with chassis and control systems such as the Porsche Dynamic Chassis Control Sport (PDCC Sport), which includes Porsche Torque Vectoring Plus (PTV Plus), rear axle steering with Power Steering Plus as well as the Porsche Ceramic Composite Brake (PCCB) system.

    The new Porsche Panamera models are available for order. First units are expected to arrive in December. Information on the basic retail price, model specifications and local availability can be obtained at the nearest Porsche Centre.

     

     

  • Activating Lagos economic transformation plan for next decade

    Activating Lagos economic transformation plan for next decade

    The Lagos State has for decades retained its premium position as the economic hub of the nation. The  private sector-led Lagos Economic Summit Group (LESG), popularly called ‘Ehingbeti’,  is one of the state’s initiatives to have private sector’s input on the design and operation of its growth and development plan. The ‘Ehingbeti’ summit has played a pivotal role in the transformation of the state, with useful input from private sector. COLLINS NWEZE writes that the ‘Ehingbeti’ virtual summit slated for next month will attract private sector’s input into the state’s economic and development plan for the next decade.

     

     

    The private sector is the engine of growth across global economies. Successful businesses drive growth, create jobs and pay the taxes that finance services and investment.

    In developing countries, the private sector generates 90 per cent of jobs, funds 60 per cent of investments and provides more than 80 per cent of government revenue.

    The need for private sector input in the design and implementation of the government’s economic plan and execution cannot be over-emphasised.

    Being a major contributor to national income, the principal job creator and employer in the economy, it takes a wise government to seek and secure private sector input in its economic planning and implementation.

    Hence, it was applauded when the Lagos State Government announced that one of its plans for the Lagos Economic Summit (LES), popularly called Ehingbeti, was to get private sector and the citizens to make input on how they want to be governed and the economic route they want the state to follow.

    Ehingbeti will provide a robust platform for deliberations on pragmatic optimisation of the inherent opportunities in Lagos and offer perspectives on how to manage the peculiar socio-economic landscape of the State in the coming decade.

    Co-Chair of the Ehingbeti Economic Summit, Olayemi Cardoso, said the  government would use the summit to sustain socio-economic development in the state.

    As economies around the world begin to implement recovery strategies from the shockwave of coronavirus, Cardoso explained that the virtual Lagos Economic Summit Group (LESG), which will hold on November 10 to 12, will provide a robust platform for deliberations on pragmatic optimisation of the inherent opportunities in Africa’s fifth largest economy, and offer perspectives on how to manage the peculiar socio-economic landscape of the state in the coming decade.

    He said: “The three-day summit, which will be a hybrid of virtual and live events, will draw participation from various sectors of the economy and across the globe. With the absence of the economic summit in the past four years, there seemed to be a decline in the rate of public-private collaboration in this state. This year’s summit is aimed at reconnecting with the private sector, which is the bedrock of the Lagos Economic Summit.”

    Cardoso, who also is the Chairman Citibank Nigeria, said Lagos State continually out-shined other states and is regarded as a state that works is because of the continual dialogue and collaboration with the private sector.

    He said:  ”So, it is a great opportunity for we in the private sector to come together with the government again to show what Lagos is truly made off and show what Lagos can truly do in the most difficult and challenging circumstances of which we are in.”

    “As we go forward into the future of Ehingbeti, we would celebrate the past and the 20th Anniversary and then put our heads together to define the future. And what we need to do to stay ahead in the challenges times that we are about to get into. Also, how everybody can have an input to the process and how would we as private sector talk about our issues, problems to get the government to collaborate and create an enabling environment for greater private sector investment.”

    Cardoso said the new  Ehingbeti logo is an embodiment of meanings and expression of the state ideals. The convergence of colours in the logo connotes the essence of Ehingbeti as a participatory forum for integrating local and international stakeholders to exchange ideas and chart a path for the socio-economic development of Lagos State.

    “The bright star above the image of the iconic ‘Agba Meta’ is a depiction of the result of working together to deliver the stellar accomplishments that define the city state of Lagos and the pervasive atmosphere of economic stability in the state.  I am happy to let you know that the image of the ‘Agba Meta’ is a representation of the sculpted white cap chiefs built to welcome people into Lagos. The logo is to emphasise our pride in culture as we welcome participants to Ehingbeti 2002 and beyond,” Cardoso said.

    Lagos State Commissioner for Economic Planning and Budget, Sam Egube said  the summit, now in its 20th year, is with the theme:  For a Greater Lagos: Setting the tone for the next decade

    He said many decisions reached at the previous Ehingebti summits have been implemented.

    “We need to keep the private sector in the know of how the state should be run. We want to get the private sector input on how to protect the citizens of the state from poverty. The Blue and Red rail projects that is about to start operations, Lekki Toll Gate and others were part of the suggestions raised by the previous summit,” he said.

    He said the state wants to stimulate contribution from the private sector, get them interested in the governance of the state and lead the way in terms of the outcomes.

    ”For example, the whole idea about the blue rail line, the red line, the rail master plan are things that came out of Ehingbeti. Today, we see the rail line is on its way those are big projects that sometimes it is difficult to take such decisions on your own but when the private sector comes together and say let’s do this, it increases confidence in taking such leap. I can tell you that we are on our way to deliver the red and blue line.”

    He further added that the entire Lekki-Ikoyi toll bridge came out of Ehingbeti discussion.  ”The fact that we are trying to expand our activities on the waterways is also Ehingbeti.  Lagos homes ownership scheme rent to build scheme, all of these came out of Ehingbeti,” he added.

    Special Adviser on Sustainable Development Goals, Mrs. Solape Hammond, said the LESG wants to create enabling environment for every one to contribute to the next growth for Lagos while the Director-General at Lagos Chamber of Commerce and Industry, Muda Yusuf, said  Ehingbeti is about inclusiveness. According to him, the summit will help to put the economy on the continued path of progress.

    Also, Academic Director, Lagos Business School (LBS), Prof. Yinka David-West, said everyone has a dream about Lagos, and the summit will help harmonise such dreams for collective good and economic transformation.

  • Wema Bank promotes 214

    Wema Bank promotes 214

    By Collins Nweze

    Wema Bank has promoted 214 of its staff members as part of its policy to reward good performance.

    The promotion cuts across several departments and grades, including senior, middle and junior staffers.

    The bank’s Chief Human Resources Officer Mrs Ololade Ogungbenro said the promotion was part of the bank’s objectives to maintain a vibrant workforce by rewarding hardworking staff members.

    She said: “2020 has been a difficult year for all us but as a bank. We have had to depend on the commitment, innovative efforts, passion and dedication of our staff to ensure we continue to deliver refreshing digital solutions to our teeming customers.

    “Wema Bank is known for maintaining a motivated workforce with high standards of professionalism, innovation and excellence. Despite the current challenges of the Nigerian business terrain, the recent promotion is our way to reassure staff of the bank’s commitment to maintaining overall workforce motivation and support their career growth.”

    Mrs Ogungbenro added: “While it may be impossible to promote everyone, measures have been taken to ensure the career growth of all staff through special courses, training and other strategic partnerships.

    “We have rebuilt our training school, the Purple Academy, which serves as a pathway for new staff to join the bank as well as a learning centre for staff members to increase individual and organisational productivity. We have also partnered with Coursera, one of the largest online courses and training platform in the world, to deliver free courses to staff to enable an increase in capacity, modern-day work practices and knowledge across several areas,” she explained.

  • ‘Africa needs data to boost digital economy’

    ‘Africa needs data to boost digital economy’

    By Collins Nweze

    There is the need for African countries to build the data protections standard across their borders to enhance digital economic growth, Minister of Communication and Digital Economy, Isa Ali Pantami has said.

    Speaking at the inaugural virtual Africa Data Protection Conclave, the minister the National Digital Economy Policy Strategy in Nigeria rests on developmental regulation, digital skills, solid infrastructure, service infrastructure, digital services, soft infrastructure, digital society, emerging technologies, indigenous content creation and promotion.

    In his keynote address, Pantami explained that while African nations continue to build the digital economy, thought must be taken to build the confidence of citizens to ensure there are no data breaches in any way.

    “We need to ensure that nations build their data infrastructure, mining and security to the highest level because this will be the industry of the future to generate economic growth and build wealth,” he said.

  • Stanbic IBTC supports host community

    Stanbic IBTC supports host community

    By Collins Nweze

    Stanbic IBTC Holdings Plc has reiterated its commitment towards creating a positive impact within its host communities through its Corporate Social Investment (CSI) initiatives.

    The organisation recently touched the lives of people in various communities where it operates through the donation of household and skill acquisition items, as well as the renovation and equipping of a hospital cafeteria.

    Speaking during the inauguration of the renovated cafeteria at the Federal Neuro-Psychiatric Hospital, Yaba, Lagos, the Executive Director, Personal and Business Banking (PBB), Stanbic IBTC Bank PLC, Mr Remy Osuagwu, said that positively impacting communities where Stanbic IBTC operates is one of the ethos of the organisation.

    Osuagwu noted that staff members of the Personal and Business Banking department of Stanbic IBTC embarked on the renovation of the cafeteria to ensure that patients at the hospital eat their meals in a hygienic and conducive environment.

    According to him, the humane choice of the hospital was borne out of the need to support it, which plays a critical but often overlooked role in the health care sector.

    Expressing her gratitude to the management and staff of Stanbic IBTC Bank PLC,  Medical Director, Federal Neuro-Psychiatric Hospital, Dr. Yaba, Oluwayemi Ogun explained that one of the ways the hospital is being assessed is the state of its infrastructure.

    She noted that Stanbic IBTC has provided a conducive environment where the kitchen staff members can work in making nutritious meals for the patients.

    Mrs Ogun, however, called on other organisations to emulate the good work done by Stanbic IBTC in supporting neuro-psychiatric hospitals across the country, noting that mental health is one of the most critical aspects of life.

    Earlier on, the department of Enterprise Data Office, Stanbic IBTC Holdings PLC and staff of Stanbic IBTC Insurance Brokers Limited donated household items to St. Monica Orphanage Home, Iju-Ishaga and Heritage Homes llupeju, Lagos.

    gesture, Vice Matron, Old People’s Home, Yaba, Mrs. Olufunmilayo Adekola, urged other kind-hearted Nigerians as well as corporate and non-profit organisations to always remember the poor and the less privileged.

  • Ecobank organises Diaspora summit, showcases remittance products for Nigerians abroad

    Ecobank organises Diaspora summit, showcases remittance products for Nigerians abroad

    By Collins Nweze

    Ecobank Nigeria has announced that it is providing financial services and remittance solutions designed to support and enhance the lifestyles of Nigerians in the diaspora, ensuring their sustainable growth. This, the bank noted, is particularly important today, as the world embraces the new normal following the challenges of COVID-19. According to the bank, this is characteristic of its DNA, as it has historically and consistently been at the forefront of breaking barriers to economic development of Africans by providing convenient, accessible and reliable financial products and services that contribute to the growth of Africa.

    Speaking to a section of the media in Lagos, Olukorede Demola-Adeniyi, Head of Consumer Banking in Ecobank Nigeria, announced that Ecobank has put together a virtual summit to enlighten the public on its different offerings for citizens resident outside the homeland. The summit, planned for Sunday October 18, is themed “Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering as the Nation Celebrates 60”.

    Read Also: Ecobank assures customers of excellent service delivery

    According to Demola-Adeniyi, over the last 60 years, the Nigerian Diaspora Community has contributed immensely to the growth and development of Nigeria through human and capital support, and must be encouraged to continue to play this important role without hindrance, despite the immediate and remote effects of COVID-19. She listed objectives of the event to include providing the attendees with access to information on opening accounts online in Naira and other international currencies, information on Ecobank’s bouquet of money transfer services that make it quick and simple to send money to family and loved ones back home in Nigeria; this includes the bank’s safe, secure and easy-to-use proprietary solution, RapidTransfer and the RapidTransfer App. Other benefits include financial advisory, investment options, financial planning and access to information on BVN Registration. Essentially, the summit will provide all attendees answers to questions that they need to maximize financial solutions available to them.

    Key speakers outlined for the conference include Hon. Mrs Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission (NIDCOM) who will give the Keynote Speech. Others include Mr. Patrick Akinwuntan, MD/Regional Executive, Ecobank Nigeria Limited; Dr. Bashir Obasekola, Fmr. Vice Chairman Board of Trustees Nigerians in Diaspora Organisation Europe (NIDOE), Hon. Dabor Amos Mzahan, President, All Nigerian Nationals in Togo, Dr. Kazeem Bello, President, Nigerians in Diaspora Organisation (NIDO), New Jersey, Mrs. Korede Demola-Adeniyi. Head, Consumer Banking, Ecobank Nigeria and Mr. Linus Adaba. Head, Remittance Distribution, Ecobank Nigeria.

  • AfDB gets award for COVID-19 bond issue

    AfDB gets award for COVID-19 bond issue

    Taofik Salako, Deputy Group Business Editor

     

    THE African Development Bank (AfDB) was selected in a poll of bond market players as the best issuer in the year of a COVID-19 bond for its $3 billion dollar-denominated Fight COVID-19 social bond issued on March 27.

    The winners of the GlobalCapital Bond Awards were announced last month at a virtual ceremony held for the first time in 12 years.

    GlobalCapital is a leading source of information on global capital markets with coverage of all market segments.

    The Fight COVID-19 bond, floated on the Luxembourg Stock Exchange and significantly oversubscribed, was the world’s largest social bond at time of issuance.

    The bond has since been listed on the London Stock Exchange and was admitted on the Nasdaq Sustainable Bond Platform. Bond proceeds, with a three-year maturity, will go to alleviate the impact of the pandemic on livelihoods and Africa’s economies.

    Read Also: Why I nominated, supported Adesina for AfDB job – Buhari

    “The primary debt capital markets’ response to the coronavirus crisis has been resilient and robust. Institutions all over the world from governments and multilateral development banks, to domestic lenders, to companies have raised vital financing to see them through this extraordinary period,” GlobalCapital noted in its winners’ announcement.

    The bond issue is part of a suite of interventions the bank has rolled out to strengthen African countries’ responses to the health and economic impacts of the COVID-19 pandemic. This includes a COVID-19 Response Facility of up to $10 billion to provide flexible and emergency assistance to the Bank’s members to shore up their national budget, economies and livelihoods of their citizens.

    “We are grateful for the market’s recognition of the Bank’s effort in responding quickly to the needs of the continent with its Fight COVID-19 Social Bond which is an important instrument in alleviating the impact of the Covid-19 pandemic on African economies and lives.