Tag: bank

  • Lagos/Ibadan expressway will be completed in July 2017, says Infrastructure Bank boss

    Lagos/Ibadan expressway will be completed in July 2017, says Infrastructure Bank boss

    the Managing Director of Infrastructure Bank (TIB) PLC, Mr. Adekunle Oyinloye, has reassured users of the Lagos – Ibadan Expressway that work on the N167 billion project will be completed by July next year.

    Oyinloye, in a statement in Abuja after the bank’s board meeting, said motorists have nothing to fear about the completion date regardless of the current lull on the construction work.

    He promised that work would resume as soon as the legal issues surrounding the project were resolved.

    Construction work, he said, had already reached 30 per cent.

    He said additional financial commitments have already been secured from the project financiers through whom, he added, the initial N50 billion was raised for the project.

    He said that all the stakeholders on the project, including the Federal Ministry of Works, the Infrastructure Concession Regulatory Commission (ICRC) and the contractors – Julius Berger PLC and RCC – were determined to meet the completion date target.

    Oyinloye commended the perception of the Minister of Power, Works and Housing, Mr. Babatunde Fashola, on the state of infrastructure in Nigeria and the concept of Public Private Partnership in rescuing them from decay.

    He also announced plan by the bank to construct a 280-kilometre ”green-field dual carriage way” that will link Abuja with Ibadan through Kwara State.

  • Firm sues bank, others for ‘breach of contract’

    A company, Style 4 Less Limited, has sued Skye Bank Plc and others at an Ikeja High Court, Lagos for alleged breach of contract.

    It is alleging unlawful occupation of Suite 001 of a building on 56, Opebi Road, Ikeja, said to be owned by a cleric but managed by Meridian Properties Limited.

    The company said it rented the  suite for N1.5 million in addition to paying agency and legal fees, damage deposit, service charges and diesel surcharge.

    After a year into the tenancy agreement, Style 4 Less said the property manager increased the rent and demanded for additional fees which it had earlier paid.

    When the company refused to comply with the new charges, its electricity supply was cut off.

    Style 4 Less said its offer to pay for the service charge and diesel surcharge was rebuffed by the property manager.

    The matter was taken before an Ikeja Magistrate Court, which ordered the reconnection of the power supply which was done but was disconnected again.

    The plaintiff further added that as a result of the office being disconnected, Style 4 Less continued to incur huge financial losses as it could not showcase its goods.

    While the matter was still pending before the court, the property manager locked up the shop and prevented the company from gaining access to its goods which it said is worth N9.2 million.

    The plaintiff claimed that its goods were locked up in a store room of the property management company.

    It said the space was given to  Skye Bank which now occupied the entire ground floor and on which the Bank’s ATM machines have been fixed.

    According to the plaintiff, its goods which were seized by the property company in 2013 has not been released.

    It further claimed that it lost N50 million in sales and customers patronage during the period.

    The plaintiff, through its lawyer, Miss M. A. Bamidele, is demanding N90million damages from the defendants for disturbance of its use and occupation of the suite, removal of its goods without its knowledge and for alleged threats and harassment of the company’s management.

    The High Court case is yet to be assigned to a judge, while the one at the Magistrate’s Court  will be heard on February 8.

  • Bank: there was a stay of execution

    The management of the Skye Bank yesterday said Tuns Farm Limited erred by sealing  its Osogbo branches and removing its property.

    The bank described the development as an abuse of the judicial process because of the existence of a notice of appeal and stay of execution order  filed by the bank against an Osogbo High Cour judgement in favor of the customer.

    According to a statement issued by the bank, Tuns Farm abused the judicial process by approaching the same court whose judgement has been appealed for an enforcement order on the bank. The bank said the High Court granted the plaintiff’s request when it no longer had jurisdiction on the matter.

    Head of Corporate Communication Mr. Rasheed Bolarinwa  told reporters in Osogbo: “It is surprising that the aggrieved person has resolved to self-help when it is supposed not to be because the Supreme Court is the final arbiter in the case.”

    He assured customers that the bank would recommence operations in the Osogbo branches today.

  • Bank CEOs, investors for Aba confab

    Chief Executive Officers (CEOs) of banks, foreign government emissaries, captains of industry, development partner organisations and an array of stakeholders are expected to attend the forthcoming Aba Development Summit.

    In a statement, Abia State government expressed its commitment to transforming the city of Aba to enable it realise its full potential. It said the development summit, holding in Aba, the state’s commercial nerve centre, will be taking place from January 13 to 15.

    A letter signed by the State Governor, Dr. Okezie Ikpeazu, explained that the summit is in line with one of the key cardinal development agendas of our administration which is to drive sustainable and all-inclusive development in Abia state. Aba, the commercial nerve of the state, when sustainably developed, will trigger development activities in other parts of the state.

    The summit, being organised in partnership with the Ford Foundation, seeks to convey key policy makers, social, economic and technical experts and investors and entrepreneurs to discuss the key priorities and levers for unlocking the full potentials of Aba.

    Ikpeazu said the summit is also expected to “showcase opportunities for the private sector and development community to partner Aba in particular and Abia more broadly to invest in the infrastructure, power, agriculture, manufacturing and services sectors.

    Aside the expected participating stakeholders, the entire Abia State Executive Council and members of the Abia State House of Assembly, will make up the projected 300 participants, who must be invited guests.

  • UBA Chad, Senegal win Bank of the Year awards

    The Banker Magazine has named UBA Chad and Senegal as Bank of the Year.  Both awards were presented at the Hilton Bankside, London.

    UBA Chad is winning the award for the first time while UBA Senegal has won the award for four consecutive times- 2012, 2013 and last year.

    Managing Director/Chief Executive Officer (CEO), UBA Senegal, Amie Sow, SAID: “We are proud of winning this award for the fourth consecutive   year. It shows we are now the dominant bank in Senegal and the bank all other banks have to look forward to beat. The recognition will only continue to challenge us to explore opportunities to further deepen our market share in the country.’’

    His Chad counterpart said: “Salami Aliyu, “This award shows that the efficiency and business growth drivers which we put in place are beginning to pay-off and get us results. We assure that we will sustain this performance to   enable us retain the award in 2016.”

    The aim of the awards, according to the magazine “is to highlight industry wide excellence within the global banking community.”

    The Banker selects one bank from  120 participants. Over 1,000 applications are collected and judges select winning banks based on those they believe have made the most progress over the past 12 months.

    Associate Publisher Asia and Africa of the Banker magazine, Mr. Philip Church, said the award is a testimony to the trust the banks ‘clients have shown on its operations over the past months.

  • 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.

  • BANK OF INDUSTRY VISITS LAWMAKERS ON FILM SET

    WHAT is the connection between filmmaking and banking? Cash  obviously. The Bank of Industry (BOI) has financed top film projects, such as Biyi Bandele’s Half of a Yellow Sun, Michelle Bello’s Flower Girl and Kunle Afolayan’s The CEO.  Now the Bank  is supporting Queen Amina, a period story of the legendary Hausa Muslim warrior Queen of Zazzau.

    Top officers of the Bank; Mrs. Cynthia Nwuka, Group Head, Creative Industry and Mr. Okey Madu, Assistant Manager were, last weekend, at Shere, a desert and current set of the movie located in Jos, Plateau State, where more than 200 cast and crew members were shooting a war scene that exemplifies one of the travails of the historical queen, played by Lucy Ameh.

    Produced by Okey Ogunjiofor of the Living in Bondage fame, Queen Amina is the second in production, in the series of more than a dozen film projects which have already received a nod from the development bank under the BoI Nollyfund (BNF) scheme, an initial program limit of N1.0billion in easy-access single-digit interest loans.

    Nwuka and Madu arrived the location in the company of veteran Hausa actor and member of the Advisory Board of NollyFund, Alhaji Sani Muazu, and were received by Ogunjiofor and the director of the movie, Mr. Izu Ojukwu, a notable director of epic movies in Nigeria.

    Ogunjiofor who got N50million from BOI for the project was glad to receive the Bank’s officials, introducing cast and crew members as he conducted his quests round some of the equipment on set.

    It was an unusual site for a typical Nollywood film, with state-of-the-art equipment, soundless generating set, location vans, original props, period costumes, and passionate cast and crew members who were excited by the opportunity to be part of a global African story.

    Ogunjiofor, who produced the acclaimed Nollywood pathfinder, Living in Bondage in 1992 is optimistic that this next major project, although coming 20 years after, will make him more prominent than his first movie.

    “I have researched the story of Queen Amina in the last 20 years, and I’m glad that the opportunity to bring it to life has finally come,” he said.

    Nwuka encouraged Ogunjiofor to be steadfast despite the challenges he might encounter in the course of the movie. “You are likely to encounter some challenges as it is with every production. But when that happens, let us know on time so that we can join hands to block it and move on. Before we got to this level with the Nollyfund, it wasn’t easy. I have always said that if Kene Mparu of Filmhouse did not prove that the feat we have attained with Nollywood now is possible; if Kene didn’t run with this assignment, we won’t be where we are today. So we should make it possible so that others coming behind can take it further,” she advised.

    Ogunjiofor however described the cast and crew as die-hard people who would surmount the challenges of the terrain to ensure a successful output. “We are working, and I can assure you that when you see what we have done, you would beat your chest and say we are in the right direction.”

    On the composition of the actors, Ogunjiofor said: “I’m using all-Northern cast to tell this story. I’m using a mixture of Nollywood and Kanywood to build a bridge. What I did for Nollywood in the South that has created a huge industry is what I’m transferring to the North so when I leave the North after this production, the North will never be the same again because all the people we have trained now on how to ride horses and fight with the sword are not Igbos neither are they Yorubas. They are all from this side and these skills are with them now. We are doing this film right in their presence and a lot of them are getting trained at the same time. So, when we leave they won’t go back to doing less of what they are doing now and I am happy that the superstars of the North are all here,” he said, referring to the likes of Ali Nuhu and Sani Danja. “And we have the permission of anybody who is ‘anybody’ in the North in terms of royal lineage for this story, so there is no stopping us,” he told Nwuka.

    The ace producer also spoke highly of his crew members whom he said are experts in their various fields. They include, Izu Ojukwu who is the driver of the whole picture; Peter Kreil, a specialist in lighting and pictures from Austria who is the DOP;  Dagogo Diminas who is handling Make-up and Millicent Jack who is in charge of costumes.

    Ogunjiofor expressed his gratitude to all partners when he said, “Of course we are in collaboration with Clink Studio and our back bone is Bank of Industry, and a little support from with Project Act-Nollywood. So, these are the people who are making my dreams to come true. There are so many other; I have the permission of the Emir of Zazzau because, of course this is his story. Washington has been on this case with me for a long time but I am happy that very soon they will be happy that what they have always wanted to do with me is seeing the light of the day.”

    Nwuka expressed satisfaction at the level of work so far on the project, saying that the passion of the filmmakers can only encourage BOI to continue its support for Nollywood.

    “We are optimistic that filmmakers like you with track record of quality will prove it again. And this can only help to expand the Nollyfund scheme from the initial N1.0billion earmarked. It is our believe that as we produce international standard movies through this partnership, there would be the need to expand our chain of exhibition outlets such as Filmhouse, Viva cinemas, Ozone cinemas and others in the country, even as we get the best out of our accredited indigenous movie studios,” she said.

    Expressing confidence on the project, Nwuka said she was on location to show her Bank’s support for the cast and crew.

    Despite the perceived dearth of auditable business structure among Nollywood practitioners, BoI’s support for the motion picture industry has evolved in a series of joint investments with filmmakers through a well-guided easy-access single-digit interest loans.

    The special product enables Nigeria’s leading movie producers receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.

    During an interactive session with Bank of Industry’s Divisional Head, Large Enterprises, Mr. Babatunde Joseph, at the just concluded Africa International Film Festival, AFRIFF, he noted that the NollyFund was created to give an opportunity to Nollywood stars and fillmakers to make films, tell their stories and also make profit, while helping them with various distribution platforms in Nigeria and Africa at large.

    Interestingly, the Bank has already accredited some reputable Distributors such as G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company, as well as  Studio Operators such as Fans Connect Online Nigeria Limited (i.e. Afrinolly), Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited) to support this initiative.

    It would be recalled that the Bank of Industry had in the recent past, financed creative-industry projects such as Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, G-media and establishing of Filmhouse Cinemas, Viva Cinemas and Ozone Cinemas among others.

  • Businessman sues bank N200m

    Businessman sues bank N200m

    A real estate investor, Mr. Ignay Nwene, has filed a suit at the Lagos State High Court over his inability to register his interest and take possession of a property at 18 Shagamu Avenue, Ilupeju.

    He is seeking N200 million as damages for losses suffered due to a caveat placed on the property by a mortgagor.

    The plaintiff said by virtue of a Deed of Tripartite Legal Mortgage among Onyi Nigeria Limited (borrower), Blessing Onyi  Okwuokei (mortgagor) and Guarantee Trust Bank Plc dated December 8, 2011 and registered at the Land Registry, Alausa, a legal mortgage interest was created over the property.

    The plaintiff said the mortgagor defaulted in servicing a loan granted him by GTBank, following which the bank put out the property for sale.

    Nwene said he bought the property for N39million and spent over N5.1million as fees for the governor’s consent.

    “The defendant also executed and supplied to the claimant other documents required for the claimant to apply for and process the governor’s consent in respect of the said sale.

    “The claimant had passed through or scaled all the stages of the perfection and was at the final state of registration of his said interest, when it was discovered that Okwuokei had caused a caveat/caution dated May 9, 2014 to be put on the Certificate of Occupancy, thus effectively shutting out the claimant from registering his interest in the said property and also prevented the claimant from taking possession of the said property,” the plaintiff said.

    But the defendant (GTBank) averred that as at the time of the sale, there was no caveat registered at the Land Registry against the property.

    “The caveat was entered over a year after the property in question was transferred to the claimant, the defendant having delivered the requisite documents on the property to the defendant via a letter dated March 27, 2013,” the bank said.

    The defendant added it did all it was required to do and cannot be blamed for the plantiff’s inability to perfect his title or take possession.  The case, which is before Justice Oyindamola  Ogala, has been adjourned to January 26.

     

  • FSDH Merchant Bank gets ISO certification

    FSDH Merchant Bank Limited has received a global stamp on the reliability of its system with the award of the International Standards Organisation’s ISO 27001:2013 to the leading Nigerian merchant bank. FSDH is the first among the merchant banks that were licensed by the Central Bank of Nigeria (CBN) to achieve this feat.

    Managing Director and Chief Executive Officer of FSDH Merchant Bank, Mr. Rilwan Belo-Osagie, said that the bank attained the feat through its hard work and dedication of its people, who are seasoned professionals in the banking Industry.

    He explained that the ISO 27001 Certification demonstrates that FSDH has placed information security as priority while reassuring stakeholders that a best practice system is in place, and compliance with CBN banking industry IT Standards is achieved.

    He added that the certification would further enhance investors and customers’ confidence in the bank’s system and processes, which are already regarded as the best in the industry.

    Belo-Osagie said the company will continue to do its best to maximise shareholder value.

    He said the bank plans to do this by constantly realigning and diversifying its operations to take full advantage of unfolding opportunities as they arise.

    He pointed out that its experience as a discount house has helped the FSDH Merchant Bank expand the frontiers on the banking industry.

    “The year 2015 marks the third year of our operations as a merchant bank. We intend to continue with our time tested conservative approach of building a portfolio of risk assets that will stand the test of time; while ensuring that we meet the demands of our customers through the provision of world class financial services at all times,” Belo-Osagie said.

    He added that the bank has since starting operation offered a broader range of services to its clients thereby, deepening its client relationships, in line with the approval it secured from the CBN to commence merchant banking operations.

    He noted that since March 1993 when FSDH began operations as the first discount house in Nigeria, the company has become a financial services group focused on delivering expert financial services to its select clientele, thereby assisting them in achieving their financial goals.

    In continuation of the company’s tradition as a pioneer in the finance industry, FSDH became one of the first merchant banks to be awarded a licence in Nigeria since the repeal of Universal Banking by CBN in 2010.

  • Stanbic IBTC Bank inaugurates loyalty scheme

    Stanbic IBTC Bank inaugurates loyalty scheme

    Stanbic IBTC Bank has launched a two-month nationwide loyalty campaign in which both existing and prospective customers are offered new  opportunities, while also delighting them with valuable gifts for their patronage.

    Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Obinnia Abajue, said the initiative, the third in the series,with the theme ‘Never Stop Moving Forward,’ is designed to encourage Nigerians to freely express the traditional African hospitality in the festive season by showering gifts and love on one another. The list of such gifts, he said, should not be limited to conventional items but should include financial gifts.

    “Besides showcasing the essentials of the festive season, the highpoint being the sharing of gifts, the promotion fits into Stanbic IBTC Bank’s purpose of making progress real to deepen financial inclusion in Nigeria by making financial services and products easily accessible to even a greater number of people, wherever they may be. In doing so, we help in moving the largely unbanked and under-banked segments and communities into the financial mainstream.” Abajue stated, while announcing commencement of the campaign in Lagos.

    The initiative, he added, also aims at encouraging payment card usage for transactions on the bank’s over 400 Automated Teller Machines (ATM) points across the country, its numerous POS platforms and online channels. It will also encourage low-income Nigerians and the younger generations to imbibe a culture of financial planning and savings, which will put them in good stead for future comfort.

    Head of Marketing and Communications, Stanbic IBTC Holdings, Nkiru Olumide-Ojo identified that the key element of the season is the outdooring of the Stanbic IBTC gift card which is a prepaid card that can be used on all payment terminals.