The Nation Newspaper

Category: Money

  • Fidelity Bank rewards more Save4Shelter customers

    Fidelity Bank rewards more Save4Shelter customers

    Fidelity Bank Plc’s “Save4Shelter” promotion has rewarded more customers in its third monthly draw held in Lagos.According to the bank, the reward is part of its commitment towards bridging the housing deficit in Nigeria.

    The bank said it would continue to roll out savings initiatives because of the positive relationship between savings and economic development.Some of the winners, who could not emerge in the star prize category had consolation prize of fridge. These were Abdul Rasaq Maruuf Alabi (Dugbe Ibadan branch); Musa Abdulahi (Kofaru Katsina); Nwuonumaru Sunday (Abakaliki branch); Enyong Anietie Friday (FCT); Geoffrey Chigozie Onyeaju (Tin Can Island); Okpara Deborah (Efuru branch).

    For the consolation prize of generating set, Augustus Orichi (Ota branch); Weleke Ezinwo Salome (University of Maiduguri);  Okoye Melvin (Oka branch); Olottah Evenlyn Omonigho(FCT); Emeka Pius Ezenwokike(Balogun branch) and Henry Oghenemudia Ewenodere(Efuru branch).

    In the N500, 000 category, six winners emerged: Bashir Bello Bello (Ilorin branch); Pan Victor Nyam (Jos); Ngwuta Chidi (Usukpe Anambra); Sampson Akachukwu Ojukwu (Otako branch, Abuja); Opokie Nwabuzie Nwenyim (Egbada branch) and Brownson Esseme Wilson (Port-Harcourt branch, G.R.A).

    The highpoint of the draw was the emergence of prize winner of N1 million was National Association of Business and Management Student (Lagos State Polytechnic, Computer Village) while the star prize winner of N2 million was Onuchukwu Mgbechi (Trans Amadi, Port-Harcourt).

    The bank’s Executive Director, Mrs. Chijioke Ugochuwku, said the lender is encouraging savings culture, adding that it is its duty to make sure that people continue to save, even as it continues to perform its financial intermediation role.

    “While we are trying to pursue our financial inclusion, we have put a lot of smile to the faces of our customers, and the promo has been successful. The ongoing promo has two more duplexes to be won, located in Lekki, Lagos and Port Harcourt; over N20 million rent support; refrigerators and generators,” she said.

     

     

  • Winners emerge in Access Bank ‘W’ awards

    Winners have emerged in  the maiden edition of Access Bank ‘W’ awards in honour of Nigerian women who have done exceptionally well in their different fields and contributed to the development of the nation.

    At a ceremony marking the climax of the biggest innovative conference in Africa, the Access Leadership Conference 2015 which held in Lagos,the bank recognised women who emerged winners under the four categories of the W awards. These are the ‘W Entrepreneur of the Year’, ‘W Young Professional of the Year, ‘W Seasoned Professional of the Year and ‘W Amazon of the Year’.

    The former Managing Director,  Bank of Industry, Mrs. Evelyn Oputu, said that Access Bank sought for Nigerian women who, despite their contributions to sustainable socio-economic development not only in Nigeria, but across the globe still pay special attention to whom they really are,  the home maker.

    “The women that are being honoured today are those who despite the challenges we face in this part of the world, still hold their heads high. These are women who have built excellent career in their various fields of endeavour, women who have impacted the world and remained feminine,” Oputu said.

    According to her, women play important roles in the economy through trading, labour, and employment. Indeed, the role of women in the family unit has made them indispensable entities in the struggle to survive against the harsh realities of time and tended to endow them with significant influence in the society, Oputu noted.

    Lucy Alexander, Journalist and Newsreader at Skye News London, who anchored the conference announced the winners as Iquo Ukoh, the first female Executive Director at Nestle Nigeria Plc clinched the ‘W Seasoned Professional’ of the year award. With a career spanning over 34 years, Iquo is a keen advocate of youth empowerment.

    A professional with a passion for challenges, Rashidat Adebisi received the “W Young Professional” award. Adebisi was part of the team that grew AXA Mansard Insurance from a one-time small business to an undisputed industry leader.

  • Skye Bank, KIA Motors sign auto finance pact

    Skye Bank, KIA Motors sign auto finance pact

    Skye Bank Plc and Kia Motors have signed a strategic auto finance agreement to enable customers of Skye Bank, who wish to purchase brand new Kia vehicles, do so without difficulty. The arrangement covers Kia models like Picanto, Rio, Cerrato, Optima and Sportage.

    Speaking at the agreement signing ceremony in Lagos, Head, Retail Banking Group, Skye Bank Plc., Nkolika Okoli, said Skye Bank, as a retail focused bank, is always on the lookout for ways to add value to its customers and the partnership is to provide avenue for customers to easily acquire brand new cars.

    Okoli said, Kia brand is one of the fastest growing brands in Nigeria’s automobile industry today and she described Kia cars as very popular to average Nigerians. She also said that Kia spare parts and Kia service centers are readily available across the country, thereby offering convenience to the teeming car owners.

    Speaking on “who is eligible?”, Okoli said, salary earners and business owners can acquire cars under the partnership with down payment as low as 20 per cent of the total cost of the car. So, rather than opt for fairly used cars popularly called ‘Tokunbo’ in local parlance,  customers are encouraged to provide 20% equity contribution for a brand new car while the balance can be repaid over a four year period. Okoli also noted that there is no need for salary domiciliation for salary earners; they can meet monthly repayment using post-dated cheques.

    Also speaking at the event, Kia Motors’ Chief Commercial Officer, Mr. Sandeep Malhotra, described the partnership as an important one given Skye Bank’s customer centric orientation. Malhotra said the partnership would make ownership of Kia cars very easy, cheap and affordable for anybody with a regular source of income who ordinarily may not have the required money to pay for the car at once.

    He listed the benefits accruable to customers who buy Kia cars under the special arrangement to include free first three services, discounted prices, free delivery, five year warranty and free vehicle tracker.

  • IMF boss to stand trial over $438m payment

    IMF boss to stand trial over $438m payment

    The International Monetary Fund (IMF) chief Christine Lagarde is to stand trial in France for alleged negligence over a $438 million payment to a businessman in 2008.

    She was the Finance Minister in President Nicolas Sarkozy’s government at the time of the compensation award to Bernard Tapie for the sale of a firm.

    Tapie supported  Sarkozy in the 2007 presidential election. Ms. Lagarde’s lawyer described the court’s decision as “incomprehensible”, and said the IMF boss would appeal.

    In a statement, she said she had “always acted in this affair in the interest of the state and in respect of the law.” Tapie was once a majority shareholder in sports goods company, Adidas, but sold it in 1993 in order to become a Cabinet minister in Francois Mitterrand’s Socialist government.

    He sued the Credit Lyonnais Bank over the handling of the sale, alleging that the partly state-owned bank had defrauded him by deliberately undervaluing the company. His case was later referred by Ms. Lagarde to a three-member arbitration panel, which awarded the compensation.

    A French court has ruled that Bernard Tapie should pay back the $438 with interest. Investigators suspected that he was granted a deal in return for his support for Sarkozy. Earlier this month, a French court ruled that Tapie was not entitled to any compensation for that sale and should pay back the €404m with interest.

    France’s Court of Justice of the Republic (CJR) decided that Ms. Lagarde, 59, should be tried on the charge of “negligence by a person in position of public authority” over the compensation case.

    A court spokesman later confirmed the decision. If convicted, she could be sentenced to one year in prison. French media said the CJR investigation magistrates declined to follow the recommendation of another court which last year decided not to pursue the case. “It’s incomprehensible,” Ms Lagarde’s lawyer Yves Repiquet told iTele. “I will recommend Mrs Lagarde appeal against this decision.”

    A spokesman for France’s attorney general said Ms Lagarde would have five days to appeal, once the court decision is made public today or Monday.

    Meanwhile, IMF spokesman, Gerry Rice, said the organisation – which represents 188 member nations, “continues to express its confidence in the Managing Director’s ability to effectively carry out her duties”.

  • CBN blames naira slide on speculators

    CBN blames naira slide on speculators

    The Director, Monetary Policy Department of the Central Bank of Nigeria (CBN), Mr. Moses Tule has said the naira was under pressure because of  currency speculators.

    According to him, the speculators mounted pressure on the naira with a view to making excess gain from currency trading.

    The naira had on Wednesday, exchanged N270 to a dollar, and may continue to fall as government’s dollar earning decline.

    In a statement from the apex bank, Tule said the currency speculators were determined to put severe pressure on the monetary authorities expecting the CBN to buckle and further devalue the naira.

    The CBN, he said,  had a responsibility for the economy and would not fold its arms and allow economic predators feast on the nation’s commonwealth through arbitrage.

    While maintaining that the only rate in the currency market was N196.47 to a dollar, he wondered why indigenous operators in the Bureau de Change (BDC)chose to make huge profit at the expense of customers in genuine need of the currency.

    He lamented that while international operators such as Travelex traded at not more than N7 above the rate, indigenous operators preferred to make profits as high as N50.

    “We know what the fundamentals of the economy are and we will continue to take the right economic decisions on what to do and not when people sitting out there speculating on the currency think the naira should be devalued so that they could make profit out of it,” he said.

    He added: “No country quotes its exchange rate with reference to the BDCs rates. The currency has a reference rate and that is the interbank exchange rate.”

    Mr. Tule, therefore, urged Nigerians to be more patriotic in their dealings rather than engage in activities capable of undermining the integrity and value of the naira. The media, he added, has a role to play in assisting the CBN to curb speculation on the naira.

    Also speaking, a former Deputy Governor of the CBN, Mr. Tunde Lemo urged Nigerians to change their lifestyles and support the drive towards conserving the nation’s foreign reserve, stressing that no developing economy leaves the exchange rate determination free to market forces.

  • Etisalat seeks $2b bank loans

    Etisalat seeks $2b bank loans

    United Arab Emirate (UAE)-based telecoms operator, Etisalat is talking to banks about raising a $2 billion loan as the telecommunications firm seeks funding amid a shift in Gulf loan markets.

    It  joins a flurry of regional companies seeking to secure funding before a likely rise in United States (U.S.) interest rates pushes up borrowing rates, while the availability of loan finance is also being impacted by a liquidity squeeze within Gulf banks.

    Sources aware of the matter told Reuters that Etisalat is keen to close the loan, which will be structured as a revolving credit facility, in the first quarter of next year.

    One of the sources, at an international bank, said the loan would be classified as a stand-by facility, meaning Etisalat could ask for lower pricing as further fees would be levied if the cash is utilised.

    Nobody was immediately available to comment from Etisalat.

    Companies in the UAE have enjoyed several years of cheap funding as banks built up huge capital cushions as a result of strong oil prices.

    But the weakening in oil markets since last year has raised fears of a liquidity squeeze, compounded by expectations that governments in the region will follow an expected move by the U.S. Federal Reserve by raising interest rates in coming months.

    The majority government-owned firm provides services to 169 million subscribers in 18 countries across the Middle East, Asia and Africa, according to Etisalat’s website. In September it allowed foreign and institutional investors to own its shares.

  • ‘Shadow banking’ growth to slow down, says Fitch

    The growth and success of shadow banks will begin to modestly slow in 2016 as regulators step up scrutiny of the sector and banks weigh competitive responses, according to Fitch Ratings. Shadow banks are increasingly likely to become victims of their own success, which will translate into incrementally slower growth, increased operating costs and the beginning of a gradual convergence with the very banks they are aiming to disintermediate.

    The types of entities that may be affected include consumer finance companies, mortgage originators and servicers, installment lenders, marketplace lenders and alternative investment managers and funds, among others. Many regulators are balancing their risk oversight responsibilities with ensuring the availability of credit to consumers and commercial enterprises. Shadow banks broadly perform credit intermediation outside the traditional banking framework, sometimes filling voids banks are unwilling or unable to fill.

    “We expect traditional banks to continue their collaborative approach with shadow banks, at least in the near term, partnering with or lending to them, as a means of participating in their success and gaining technological and strategic intelligence. While this facilitates the growth of a competitor, it allows traditional banks to participate in a potential growth opportunity without attracting the same levels of typical regulatory scrutiny. These partnerships could also provide traditional banks with valuable intelligence on the evolving “fintech” landscape, which could inform their competitive responses over the longer term,” Fitch said.

    JPMorgan’s recently announced partnership with OnDeck Capital to offer small loans designed for small business customers is one of several examples of banks’ collaborative approach. Providing lending (e.g. warehouse facilities, bank lines) is another way for banks to indirectly enjoy the benefits of shadow banks’ success. Banks often lend in senior, secured positions, which may moderate, but not eliminate, their potential losses.

  • Fidelity Bank promotes financial literacy

    Fidelity Bank promotes financial literacy

    Fidelity Bank Plc has equipped the Information Communications Technology (ICT) Centre of Government Secondary School, Mabushi, Abuja. Working under the aegis of the Fidelity Helping Hands Programme (FHHP), one of the bank’s Corporate Social Responsibility (CSR) vehicles, staff of Abuja 1 Bank financed the purchase of 10 brand new computers and provided 10 years unlimited internet access to the school. According to the lender, the provision of reliable broadband internet access is the foundation required to convey personalised, digital learning to every child in the country.

    Speaking at the commissioning ceremony, Managing Director/Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo, said the gesture is strategically aimed at building the capacity of students, particularly on the use of modern ICT tools. According to the bank chief, the renovation of the ICT Centre is in fulfillment of the objectives of the Fidelity CSR practice which rests on a tripod: The Environment, Education and Health/Social Welfare. He pointedly noted that Fidelity Bank strives to reinforce robust, healthy community relations by identifying with host communities in activities that are most relevant to them.

    “We play a leading role by identifying and seeking viable solutions to the problems of the society like youth empowerment, especially those in our immediate operational environment”.

    Okonkwo who was represented by the Regional Bank Head, Abuja 1 Regional Bank, Hassan Imam, explained that the country and humanity will be a better place when every citizen, be it corporate or individual plays his role effectively, “We strongly believe in social advocacy. We also believe that we should not sit and wait for government to do it all alone. We have as a result, extended similar projects and initiatives to other states of the federation.”

    Imam pledged the bank’s support on initiatives that encourage education at all levels through the deployment of strategic projects that enhance the quality and standard of education in the country.

     

  • Ecobank deepens CSR support for indigent students

    Ecobank deepens CSR support for indigent students

    Ecobank Nigeria has awarded scholarships, enrolled the West African Examinations  Council (WAEC) exams for several students of Government Secondary School, Lugbe, Abuja.  The bank also donated various learning materials to the school as part of this year’s Financial Literacy Day.

    Breakdown of the bank’s gesture showed that 100 students benefited from the one year scholarship, 20 students got WAEC enrollment fees, while 1000 exercise books  and  27 white boards were handed  to the school.

    The Financial Literacy Day, an initiative of  the Bankers’ Committee is set aside to focus attention on children and youths in primary and secondary schools in the country  and to empower them by enhancing their financial knowledge and planning skills. It was held in collaboration with Junior Achievement of Nigeria (JAN).

    Speaking at the event, Managing Director, Ecobank Nigeria, Jibril Aku, said the support to the school worth millions of naira was one of the several ways of promoting education and supporting indigent students across the country.

    Represented by Business Executive, Public Sector, Ecobank Nigeria, Shehu Jafiya, the MD enjoined the students and school authourity to put to good use the ‘’kind gestures from the bank.’

    “We believe this gesture will help indigent students who are unable to pay fees or enroll for WAEC. I advise you to face your studies. The importance of education cannot be over emphasised. We are interested to help you succeed in life,” he  said.

    He tutored the students some financial tips, how to manage money, make right decisions and gain financial freedom. Responding, Principal of the school, Mr Gilla Ishaku John,  commended Ecobank for the gesture.

  • Sterling Bank kicks off Shopping Dash Season 2

    Sterling Bank kicks off Shopping Dash Season 2

    Sterling Bank at the weekend, kicked off the second edition of the Shopping Dash programme at Shoprite in Festival Mall in Festac Town, Lagos.

    The event is organised by the bank to reward Children aged four to eight years with its “I Can Save” accounts in five states across the country for being loyal customers. The programme created a lot fun for the children at the event as they were given the opportunity to shop for a period of one minute at the Mall.

    From Lagos, the train will move to both Oyo and Rivers states on  where children can shop at both Shoprite, Ibadan Mall Opposite High Court, Ring Road and SPAR PHC Mall, Azikiwe Road, Port Harcourt.

    On Saturday Shoprite in Kwara Mall, Fate Road, Ilorin and Shoprite, Ikeja City Mall, Lagos went agog with the excitement as the kids shop to the admiration of cheering families and friends.

    The next stop was the SPAR Guru Plaza, 740, Aminu Kano Crescent, Wuse II, Abuja . The final stop on the Shopping spree is SPAR Lekki, Park ‘n’ Shop Shopping Centre, Behind Nicon Town & Total Filling Station, Lekki Express Way, Lagos on December 19.

    Some of the children who had the opportunity to participate were excited while their parents commended the bank for introducing the programme which they said would encourage more parents to open account for their wards.