The Nation Newspaper

Category: Money

  • FCMB launches ‘Quick Recharge’ for airtime purchase

    FCMB launches ‘Quick Recharge’ for airtime purchase

    First City Monument Bank (FCMB) Limited has unveiled a self-service, Quick Recharge, which allows its customers to top-up their mobile phones on any Global System for Mobile (GSM) networks.

    The service enables customers to recharge their GSM phones directly from their FCMB account by simply dialling a dedicated code and within seconds the customer’s phone is credited with the value of airtime purchased. This eliminates the delays and other challenges that could come with buying and use of physical recharge cards or PINS.

    In a statement, the bank explained that the Quick Recharge service can work on all mobile devices, including low end phones, smart phones and tablets. There is also no need for its customers to register on the platform as they all have been pre-registered to enjoy the service. The bank pointed out that the benefits of the service includes, instant top-up anywhere and anytime in the country and it is available on the existing GSM networks (MTN,Airtel,Glo and Etisalat) in the country.

     

  • Skye Bank, RT Briscoe partner on automobile financing

    Skye Bank, RT Briscoe partner on automobile financing

    Skye Bank Plc has partnered with RT Briscoe by providing finance for the Ford brand of cars for people who may not have the bulk cash needed to purchase such cars.

    Under the arrangement, the bank will provide 70 per cent  of the cost of the car to its existing and prospective customers during the six-month promo organised by RT Briscoe. The customer contribute 30 per cent of the cost.

    The special arrangement is to complement RT Briscoe’s attractive incentives for aspiring car owners in commemoration of its 10th year anniversary as Ford auto dealers in Nigeria.

    According to a statement issued by the bank, the financing window is available to as many Nigerians who earn a regular income, including business owners with viable and thriving businesses under its Skye Auto finance scheme.

    “ All a prospective buyer needs do is make his or her choice from any RT Briscoe outlet and visit any Skye bank branch with the purchase invoice, 30 per cent of the purchase price and evidence of income”, the bank explained.

    It further said customers who purchase Ford vehicles during the promo period through the bank will enjoy some exclusive benefits like discounted vehicle prices, two per cent interest rate discount on loans granted for vehicle acquisition, and four-year free labour service on such cars.

    Other benefits include free car delivery on purchase, three-year warranty, eligibility to win another Ford vehicle in a raffle draw, among others.

    Skye Bank has an auto loan scheme for its customers through which such customers can buy a wide range of vehicles after paying their equity contribution of 30 per cent, leaving the bank to provide the balance of 70 per cent.

     

     

  • Cybercrime Prohibition Act ’ll check e-fraud, says CBN

    The Central Bank of Nigeria (CBN) has said the passage of the Cybercrime Prohibition Act will help  curb the activities of electronic fraud perpetrators in the country.

    Speaking at the Nigeria Economic Fraud Forum (NeFF) held in Lagos at the weekend, CBN Director, Banking and Payment System Unit, ‘Dipo Fatokun, said the passage of the Act gives the apex bank legal backing for fighting fraudsters including fraudulent bankers.

    He said: “I will give an assurance to the industry that we now have legal backing to fight fraud. The Cybercrime Prohibition Act signed into law this year, is actually a very strong force that will help us in combating electronic fraud. Those things that were allowed in the past, have become criminal offences. It is a deterrent to those that would want to carry out fraud”.

    He said the CBN has instructed banks to forward the names of their staff dismissed for fraud to the CBN, which ensures that such persons do not return to the sector. “We are concentrating on consumer education, encouraging banks to educate their customers on how not to fall victim to e-fraud,” he said.

    He said Nigerian information technology policy clearly states the nation’s commitment to protection of individual privacy as well as data protection. This has led to the passing of the Cybercrime Bill, 2013 which was passed into law in October 2014.

    The Act aims at protecting National Information Infrastructure and has laid down penalties for its violation. Its objectives relate to the provision of an effective and unified legal, regulatory and institutional framework for the prohibition, prevention, detection, prosecution and punishment of cybercrimes in Nigeria.

     

  • More winners emerge in FCMB millionaires’ promo

    Another set of 646 customers of First City Monument Bank (FCMB) Limited won various cash and gifts prizes at the grand finale of the bank’s millionaire promo held in different states across the country. The promo has been extended till January next year.

    At the end of the electronic selection exercise, three lucky customers of the bank were each rewarded with the star prize of N5 million, while three others won N1 million each at the Regional draws held in Lagos, Uyo (Akwa Ibom state) and Abuja.

    A total of 640 other  account holders went home with LED televisions, generating sets, decoders, tablets, smart phones and other consolation prizes at the Zonal draws held in different parts of the country. The winners emerged at the electronic selection exercise which took place across the three Regions and 25 zones of the bank nationwide.

    At the Lagos/South-West Regional draw, Nkem Egwuonwu, won the star prize of N5 million, while Mrs. Philomena Ewohimen, was rewarded with the sum of N1million.

    At the Abuja/North draw,  Adamu Oseni received N5 million for emerging as the star prize winner, just as Dorcas Terfa received N1 million. The winner of N5 million at the South-East/South-South draw was Peters Emmanuel and Oke Owhubetine smiled home with N1 million. In all, a total of 1,932 winners emerged during the FCMB Millionaire Promo through the three draws conducted in April, June and the grand finale in August.

    Speaking during the ceremony in Lagos, the Divisional Police Officer of Ogudu, Mrs. Chioma Ajunw-Opara, praised the bank for introducing the promo. According to her, ‘’the FCMB Millionaire Promo is an opportunity deliberately created by the bank for poverty alleviation’’, adding that, ‘’FCMB has shown enormous magnanimity and goodwill as a financial institution with human feelings and care’’.

    FCMB’s Regional Director for Lagos, Mrs. Bukola Smith, said that with the grand finale of the draws held nationwide, the Bank has fulfilled the promise it made to customers to reward those who participated and qualified in the promo.

  • Heritage Bank, EDC discuss opportunities for SMEs

    Heritage Bank and the Entrepreneurship Development Centre (EDC) of the Pan Atlantic  University (PAU) are looking at ways of improving business opportunities available to Small and Medium Enterprises (SMEs).

    To achieve this, both institutions will next month, hold a conference where top chief executive officers of key institutions will discuss prospects for the SMEs subsector.

    Speakers at the ninth EDC annual SME conference Heritage Bank Executive Director, are Mrs. Mary Akpabome; CEO Centre for Leadership at PAU, Prof Pat Utomi; Founder Coscharis Group, Dr Cosmos Maduka; CEO Design Options, Mrs Ifeyinwa Ighodalo.

    Heritage Bank Managing Director/Chief Executive Officer, Ifie Sekibo said partnering with EDC to organise this conference is part of the lender’s efforts to help SMEs get better and bigger, which is one of the strategic objectives in our its of Enterprise Bank.

    “Each of these CEOs have proven track record in various business endervours which are nationally acclaimed. We believe that their testimonials will serve a big boost of inspiration for SME operators that would attend the conference”, he said.

    Over the years, Heritage Bank has partnered with EDC and other organisations to help SMEs build competence, access new opportunities and develop necessary leadership skills required for success in the business world.

    These include the Heritage Bank SME Clinic, Heritage Governance Model, the Paris Club Credit  Scheme and the Enterprise Stories, a radio programme whichfocuses on stories of successful entrepreneurs. The sponsorship of the Annual EDC’ SME Conference is to complement these initiatives, which are aimed at promoting SME development in Nigeria.

    The SME Conference is a forum for members of EDC Business Network, and other SMEs alike to come together to learn, interact and share experiences. Last year, the conference with the theme “Model, Money and Market- Positioning Your Organization” brought together more than 500 people made up of SME owners, SME stakeholders, representatives of financial institutions. In the past three years, Heritage Bank has partnered with the centre on this annual event.

  • Ecobank, GTBank, Diamond Bank customers get e-payment reward

    Customers of Ecobank Nigeria, GTBank and Diamond Bank emerged the maiden winners in the ongoing Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS).

    The winners who emerged during a raffle draw held in Lagos are Adeyinka Adejuwon, who banks with GTBank and won N100, 000; customer, Julie Chioma Ukwosah , an Ecobank customer won N50,000 cash prize while Jerry Boakye-Mensah who banks with Diamond Bank got a N15,000 cash prize.

    Head, Acquiring Cards and e-Banking Department, Ecobank Nigeria, Funso Oyelohunnu, commended the CBN reward initiative, stressing that it would further encourage the use of e-payment channels.

    She noted that the emergence of Ecobank customer as one of the winners of the draw attest to the efficiency of the Bank’s e-payment channels. “This is a great initiative. As a bank we are glad that one of our customers is one of the winners. This is a further proof that our various e-payment channels are efficient. This is an opportunity to urge both customers and non customers of the bank to make our e-payment channels their choice,” she said.

    Speaking during the redemption of prizes in Lagos for the first three winners, representative of the Banking Payment System Department of the CBN, Isah Abubakar, said the apex bank will keep giving the desired support for the EPIS project. He commended the transparent process used in selecting the winners, noting that the cash-less banking initiative is helping to promote financial inclusion and getting banking to the grassroots. “The CBN is behind the incentive scheme and will support any project that takes banking to the grassroots,” he said.

  • NGO urges EFCC to probe management of defunct Afribank

    NGO urges EFCC to probe management of defunct Afribank

    The Economic Financial Crime Commission (EFCC) has been asked to reopen the case involving the management of the defunct Afribank, it was learnt.

    The Nigerian Transparency Network (NTN), a non-governmental organisation (NGO), petitioned the EFCC on the issue with the aim of ensuring justice for the affected shareholders of the bank.

    According to the group which is calling for the prosecution of the top management of the failed bank, EFCC should revisit the case in line with the present administration’s zero tolerance for corru[tion.

    The group in a press statement signed by its Executive Director, Aliyu Ibrahim, stated that the only way the anti-graft body could assist the shareholders who are already counting their losses is to ensure that those responsible for the collapse of the bank are brought to book in line with the present administration anti- corruption stand.

    The statement reads in part: “We wish to address you gentlemen of the press today as a responsible and responsive civil society organization on behalf of the helpless and seemingly hopeless shareholders of the defunct Afribank Plc whose investment in the shares of the bank has been hanging since the collapse of the bank in 2009 occassioned by alleged financial misappropriation and fraud by the erstwhile executive directors of the said bank.

    “Gentlemen of the press you would recall that sometime in 2009 the economic and financial crimes commission began the prosecution of members of the management staff of the bank over alleged complicity in the issue of financial dealings that led to the collapse of the bank.

    “We also recalled that we have written a letter of petition to the current chairman of EFCC dated 31st of July, 2015 and a copy of it published in an advertorial in the Nigerian Tribune of Monday 3rd August, 2015 requesting for the Chairman of the commission to revisit the matter with a view to properly investigate the matter and begin a fresh prosecution in the general interest of justice and particular interest of the shareholders who are already counting their losses.

    “We therefore use this medium to call on the leadership of EFCC to immediately look into the matter.

    “It is also worthy of note to state that the current administration  under the astute leadership of President Muhammodu Buhari has promised a zero tolerance to corruption, a feat we hope the EFCC will uphold in order to support the objectives of government as it relates to corruption.”

  • NABG urges CBN, DMBs to invest more in agric sector

    The Nigeria Agribusiness Group (NABG) has urged the Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) to pay more attention to investment in the agriculture sector and help government diversity the economy away from oil.

    This was the position of the Nigeria Agribusiness Group (NABG Associates Unlimited), the brainchild of a 23 member Executive Leadership Group headed by major players in the Agro allied sector.

    NABG Chairman, Sani Dangote explained that with the current low prices in oil, agriculture is inevitably the way forward for development adding that with the formation of the Nigeria Agribusiness Group, the group now has a platform to address challenges and find solutions to issues pertaining to the agric industry.

    He spoke at the group’s maiden Annual General Meeting held in Lagos, with theme: “Setting Policy direction, Strengthening Agriculture and Agribusiness Associations, Engaging Strategic Partners and Donors.

    He said the group was created as an organized private sector platform to lead in all matters affecting agricultural stakeholders in Nigeria through setting of policy directions, engaging policy and decision makers in government at all levels and forging strategic partnerships with public and private sector groups across Africa and the world.

    NABG Co-ordinator, Emmanuel Ijewere praised every partner who contributed to the formation of the association. “We appreciate the support of every partner which has led to the formation of the Nigeria Agribusiness Group and look forward to engagements with relevant stakeholders as it concerns the industry” he said.

  • Pay your N250m contribution, BoI urges Gombe

    Pay your N250m contribution, BoI urges Gombe

    The Bank of Industry (BOI) has called on Gombe Sate government to urgently release its outstanding counterpart contribution of N250 million to the matching fund to enable it facilitate job creation in the state through funding of loan under the matching fund scheme.

    The Managing Director/CEO of the Bank, Rasheed Olaoluwa spoke in Gombe during the commissioning of the Bank’s branch in the state capital yesterday.

    He said the sum of N903.4 million was approved as loan for 171 projects; but only 55% of the approved loan amount could be funded under the Matching Fund Scheme because available matching fund was N500 million.

    He said: “Notwithstanding, BOI had disbursed N110 million to 16 enterprises in the state from its own resources” all of which had culminated in the creation of “1,277 direct and 623 indirect jobs, totalling 1,900 jobs created”.

    Gombe state government had in 2011 signed a N1 billion entrepreneurship development partnership with BOI in which both parties contributed N250 million each to create a pool of N500 million which was distributed as loans to prospective entrepreneurs in the state.

    Governor Ibrahim Hassan Dankwambo on his part promised that the second tranche of N250 million would be made available to BOI “when government’s finances improve.”

    He said achievements obtained through the entrepreneurship development scheme include: “171 cooperative societies benefiting from the programme, creation of 1,190 direct jobs, creation of 562 indirect jobs and establishment of 171 enterprises in 24 product lines in agriculture and minerals sectors”.

  • Afren Plc owes Zenith, Access, Stanbic banks N37b

    Afren Plc owes Zenith, Access, Stanbic banks N37b

    Afren Plc’s  debt to Zenith Bank Plc, Access Bank Plc and Stanbic IBTC Bank Limited stands at N37 billion ($185 million) says Renaissance Capital (RenCap).

    A report released yesterday by RenCap, an investment and research firm,  showed that the three lenders have at least N37 billion principal exposure to Afren, which is currently in administration, with “little likelihood that it can  continue as a going concern”.

    RenCap analysts concluded that   as far as the loan is concerned,  Zenith Bank is in the most comfortable position, followed by Access Bank, and then Stanbic IBTC.

    Afren Plc is an independent oil and gas company listed on the Main Market of the London Stock Exchange, with a diversified portfolio of production, development and exploration assets.

    RenCap,  quoting  Afren documents, said Zenith Bank has $100 millon to Oil Mining Licence (OML) 26 and $5 million to Ebok; Access Bank has $50 million to Okwok/OML113 (Aje), $5 million to Ebok; and Stanbic IBTC Bank has $25 million to Ebok.

    “From our discussions with Zenith management and Renaissance Capital’s oil & gas analysts, we believe that of all the banks with credit exposure to Afren, Zenith is in the most comfortable position,” it said.

    RenCap said the asset is producing, located onshore, and has low operating costs – which imply that its production economics still make some sense at currently low oil prices.

    “The February 2014 facility, is primarily secured by a charge over Afren’s interest (via FHN 26 – the SPV) in OML26, and its cash flows. According to Zenith management, other Afren creditors do not have claim to OML26. We do not think Afren plans to sell this asset and our oil & gas analysts believe that its cash flows should be sufficient to repay the loan, valuing the asset at $114 million,” the report said.

    Further analysis of the assets showed that Access Bank’s $50 million to Okwok/OML113 (Aje), according to the bank’s management, showed it has a first-ranking lien on both, but some of the bank’s claims are subject to counterparty consent.

    “Both assets are offshore and not producing. While most of the $50 million was spent developing Okwok, Aje is expected to produce first, by late 2015; Okwok production could happen in 2016/2017. At $50 per barrel, our oil & gas analysts value Okwok negatively at ($161 million) and Aje at $45 million, implying 90 per cent potential credit recovery for Access (facility recovery value largely dependent on Aje),” it said.

    Ebok is located offshore and is Afren’s largest producing field. Afren has a $300 million syndicated facility from a series of local and international banks on this asset. While the loan was originally secured using Ebok reserves, cash flows and material contracts, the creditors’ rights were relegated via an inter-creditor agreement on 30 April 2015, when Afren secured life-saving interim funding of $200 million.

    RenCap analysts concluded that there are legal and contractual technicalities that could cause significant losses with regard to the lenders’ exposure to Afren.