The Nation Newspaper

Tag: bank

  • Firm seeks N2b damages from bank over alleged ‘unfair report’

    Firm seeks N2b damages from bank over alleged ‘unfair report’

    Abuilding and civil engineering firm,  Omais Investment Nigeria Limited has challenged acommercial bank,  Ecobank Nigeria Limited, at the Federal High Court, in Lagos for allegedly making unfair report about its accounts to the Central Bank of Nigeria (CBN)and listing it as having bad credit.

    Also sued together with the bank was the  CBN as second defendant.

    In a writ of summon, FHC/C/CS/382/15,  by its lawyer, Ehizogie Esezobor,  the plaintiff  made a four-point claim jointly  and severally against the defendants.

    It asked the court for an order directing the first defendant to pay  N2billion as damages for negligent mis-statements.

    The other reliefs being sought are: “an order of restorative injunction directing the first and second defendants to remove the plaintiff’s name from the CBN’s Credit Risk Management System (CRMS) database as a customer having a ‘non-performing loan’ and a declaration that the first defendant’s listing of the plaintiff’s accounts with the CBN’s CRMS database as a non-performing loan amounts to negligent mis-statements”.

    The plaintiff is also asking  for the cost of the action as may be assessed by the court.

    The plaintiff, in a  21-point statement of claim to support the writ of summon,  averred that it used to operate two accounts with the defunct Oceanic Bank International Bank Plc and that following a 100 per cent acquisition of Oceanic Bank by the first defendant in 2011, it became its customer, adding that being its bankers, the first defendant owed it a fiduciary duty ofcare.

    The plaintiff averred that it operated a corporate account and a Pearl account with the first defendant and that as at October 15, 2009, it had N637,958.69 standing credit in its Pearl account and N301,777.46 in its corporate account as at October 30, 2009; the time it stopped transacting and doing business on these accounts with the first defendants. It stated that between October, 2009 and October,  2014, it has had the cause to obtain and has obtained several facilities from various commercial banks to the tune of N5billion and had always repaid them as at when due, adding that its annual turn over was not less than N1billion.

    The plaintiff averred that it came to the company as a shock when in an attempt to obtain a loan from Diamond Bank Plc in January this year that it was revealed that the first defendant had listed the plaintiff as having bad credit at the CRMS of the second defendant to the tune of N6 million and was not informed about it since 2009 when it stopped transactions with the first defendant, by a letter of demand, notification by way of a statement of account or by any other medium whatsoever that it was indebted to the first defendant in any sum.

    The firm claimed to have written two letters to the first defendant dated January 20 and February 24, 2015 respectively,  demanding for a removal/retraction of the report, but that the first defendant, in spite of acknowledging the letters, did not respond until March 5, 2015.

    It claimed that the first defendant, in its reply “unequivocally and expressly admitted having made erroneous deductions in plaintiff’s accounts and despite these admissions refused to remove the plaintiffs name from the second defendant’s CRMS database as having a bad credit”.

    The plaintiff claimed to be involved in a suit number ID/1432/2011 against the defunct Oceanic Bank at the Lagos High Court since 2011 and had appeared at the Lagos State multi-door courthouse for about six occasions with the aim of resolving  all issues of indebtedness between parties, but that the first defendant did not in any manner raised the supposedly debt.                   The plaintiff averred that the acts of the first defendant by reporting that it had bad credit to CRMS have been done intentionally, unjustly and in bad faith as it claimed that the defendant did not in any manner whatsoever disclosed this debt despite having ample opportunity to do so.

    In its particulars of claim, the plaintiff stated that the first defendant breached the fiduciary duty of care owed it by virtue of CBN’s Prudential Guidelines for Licensed Banks and that representations made by listing its accounts as non-performing loan in the CRMS database were false, untrue, inaccurate and misleading.

    It claimed that it has become practically impossible for the plaintiff to obtain facilities from any other financial institutions in the country to carry on its businesses and consequent upon which it has grounded to a halt.   The plaintiff claimed to have suffered colossal losses and damages, seriously injured in its businesses as a result of its being listed in the database, insisting that the representation was done maliciously, without just cause or excuse and was allegedly calculated by the first defendant to cause pecuniary damage to its businesses.

    The plaintiff urged the court to grant all the reliefs sought in its statement of claim.

  • Catering and smiling to the bank

    Catering and smiling to the bank

    For many families, it is no longer fashionable to hire househelps all because of the present economic reality. Families that can afford it now use private caterers whose stock is rising as they also tend to corporate organisations’ needs, writes OKWY IROEGBU-CHIKEZIE.

    Quarterly, the Nigeria Bureau of Statistics (NBS) releases what many perceive as frightening unemployment figures. The figure keeps rising instead of going down. Those who have jobs are pressured, especially the women, who find it difficult to handle home chores along with their jobs.

    For their cooking, they rely on private caterers who are instructed on what to do.

    Many of these caterers do not operate eateries or inns where they cook for the public who can afford it. They often operate from their homes or residences and it is only an insignificant number that have outlets where people eat.

    It is not only private homes that patronise these caterers. Most private schools contract out this job to them, especially to supply lunch to pupils and students everyday to fill the responsibility of working mothers by feeding their children with balanced meal instead of junk food. Most of the middle class families are ready to pay for this service to keep their homes running and their children well fed. Besides, these caterers also supply offices lunch daily on private arrangement with the workers or the firm.

    Also, some state governments are great patrons of these caterers for their school feeding programmes. Though some of these cooks specialise in cooking different dishes, both local and continental, others stick to the local brands. Usually, people start by cooking for their families and friends at events and, subsequently, branch out.

     

    Qualification

    This is one profession that the greatest qualification is innate ability and flair for cooking.But having a professional qualification or some kind of training may be an added advantage. Having a degree, or professional certificate, some operators say, helps in developing a range of transferable skills that one can bring to the job, which includes analytical ability, communication and presentation skills, goal-setting, leadership skills and time management which are all needed for success in the venture.

    The Managing Director, Tasty Foods and Cakes, Mrs. Ifeyinwa Obineche, said she started out with cooking at her elder sister’s wedding to save costs for the family and soon discovered that people started asking for the caterer who cooked for the wedding. She said not too long after that, she started getting contracts to cook at birthdays, wedding ceremonies and others.

    She said: “After doing about five jobs and with a staff of about 12, I decided to register a company. Now we don’t only cook local foods, we also cater for high profile schools by supplying the pupils lunch every day. We also take care of some offices too. We supply them lunch, according to request. After about four years, we branched out into baking cakes, doughnuts and pastries. Today, the staff strength is over 40 while more than 15 serve as ad hoc staff when there is a big job to handle.”

    According to her, she didn’t have a startup capital because people usually pay a higher percentage of the fee charged before the contract is executed.She said there is need for one to have good education to stay in the business.She noted that if one wants to play in the big league, good education and training are important.

    She said some people have dieting challenges, which forbids them from eating certain kinds of food. Some do react to certain types of food, especially sea food because of  health challenges. She noted that with proper training, a cook can advise clients on what to eat or how to mix or combine food for best result and also learn how to create tasty, varied and healthy diets.

    She said, above all, a caterer needs to be neat, courteous and able to meet targets. According to her, some clients can just call you in the morning and ask you to prepare meal for 20 people or cook a particular type of soup for them and store in their freezers. If you fail to meet the target, you can as well be sure that you have lost that account and since this business is built on referrals, if you disappoint one person, it can be very costly to the business.

    On why people need to get professionals to manage their food and eating patterns, she said: “The more junk food you eat, the more likely you are to feel uncomfortable, nauseous, or drained of energy. Every change you make help to improve your diet matters. You don’t have to be perfect and you don’t have to completely eliminate foods you enjoy to have a healthy diet. The long term goal is to feel good, have more energy, and reduce the risk of cancer and disease. Don’t let your missteps derail you – every healthy food choice you make counts.”

    The Managing Director, Mama K Catering Services, Mrs. Kemi Sosimi, said she caters for birthday parties, meetings and conferences but strictly cooks local foods. She said though her mother ran a big food canteen in Ibadan, she never thought she would venture into food business. She was, however, pushed into it after spending over five years in the labour market. She said she had not regretted going into the venture as she has made fortune from it far and above what her mother did because of her level of education.

    Sosimi said she started with her savings of about N20,000 and with initial jobs from friends and family members, she built the business to what it is today. According to her, the business is about networking as people hardly run into you but rather get introduced to you if you meet their demands.

    The way to stay in the business is not to cut corners. You must ensure that your food is served fresh and well prepared. Take care to de-stone your rice and beans, making sure that your service hands are neat, well mannered and can be trusted. You cannot handle a party and people lose their valuables to your service hands and expect to be invited again, she added.

    She said they get patronage because over the years, they maintained integrity with client’s accounts having been on retainership with some of them for years.

    On her staff strength, she said she has about 15 full time workers but hire casuals whenever the need arose. She said her casuals receive N800 daily while those who cook receive N1,200 daily. For family service, she said doesn’t need more than two or three workers to cook and deliver.

    According to her, as one grows in the business there will be a need to buy deep freezers, fridges, generators, plates and cutleries. She believes she has contributed to creating employment bearing in mind the number of people in her employ.

    On what it takes to succeed in the business, she said commitment, training and retraining of hands. According to her, some of the executive clients just want certain kind of soup or stew weekly. “They like trying out dishes from other places and you can’t say that you can only cook a particular soup. “The pay is good, so we go out of our way to learn how to make soups and special delicacies from different linguistic groups in the country,” she said.

     

     

  • We’re committed to building capacity in oil, gas, says bank

    Access Bank Plc is suporting the  Oil and Gas Conference in Abuja, which will end on Thursday.

    Executive Director, Corporate and Investment Banking Division, Access Bank, Elias Igbinakenzua, said the bank was delighted to be a part of the conference, adding that its involvement in the sector was in line with the commitment to contribute to the economic growth of the country.

    “Our support for the oil and gas industry remains strong. This further demonstrates our commitment to increase the capability of corporate customers as we continue to put them first in the heart of our business,” he said.

    Igbinakenzua said that Access Bank has been a major sponsor of the conference, noting that the bank’s participation at the event reflects its focus on being a strategic partner to key stakeholders across the industry value chain.

    He promised the bank’s continued partnership with and assistance to the oil and gas companies by supporting initiatives that will create business opportunities and investments in Nigeria and the African continent.

    He said: “Access Bank has played, and will continue to play a significant role in supporting the growth of the industry by arranging appropriate financing for operators to enable them execute their projects.”

    As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant, he added.

  • UK support for China-backed Asia bank prompts US concern

    UK support for China-backed Asia bank prompts US concern

    The United States has expressed concern over Britain’s effort to become a founding member of a Chinese-backed bank that could rival the likes of the World Bank.

    The UK is the first big Western economy to apply for membership of the Asian Infrastructure Investment Bank (AIIB).

    The AIIB will fund Asian energy, transport and infrastructure projects.

    However, the US has raised questions over the bank’s commitment to international standards on governance.

    In a statement, UK Chancellor George Osborne said the UK had “actively promoted closer political and economic engagement with the Asia-Pacific region” and that joining the AIIB at the founding stage would create “an unrivalled opportunity for the UK and Asia to invest and grow together”.

    The hope is that investment in the bank will give British companies an opportunity to invest in the world’s fastest growing markets.

    But the US sees the Chinese effort as a ploy to dilute US control of the banking system, and has persuaded regional allies such as Australia, South Korea and Japan to stay out of the bank.

    In response to the move, US National Security Council spokesman Patrick Ventrell said: “We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks.”

    “Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards,” he added.

    Osborne Joining the AIIB would help the UK and Asia invest and grow together, UK Chancellor George Osborne said.

    Some 21 nations came together last year to sign a memorandum for the bank’s establishment, including Singapore, India and Thailand.

    But in November, last year, Australia’s Prime Minister Tony Abbott offered lukewarm support to the AIIB and said its actions must be transparent.

  • Medical student challenges bank

    Medical student challenges bank

    The President of the College of Medicine and Pharmaceutical Sciences Students Association (COMPSSA), University of Lagos, Olugbemiga Folasade, threw a challenge to Access Bank Plc on Tuesday to support in equipping laboratories at the College of Medicine.

    Folasade, a 600-Level student of Medicine and Surgery, spoke at an orientation for the 200-Level students who were being welcomed to the college from the UNILAG main campus.

    Access Bank had donated laboratory coats to the new students at the occasion held at the New Great Hall of the medical college located in Idi-Araba and promised to sustain the gesture yearly.  Over 700 students got the coats.

    “We thank Access Bank for providing the coats, which we will wear to the laboratories; but Access Bank can do much more for the labs as well,” he said.

    Responding, the Group Managing Director of the bank, Mr Herbert Wigwe, assured the students and the college management that the bank would rise to the challenge.

    “We will take up the challenge. We will go and discuss and we will come back,” Wigwe replied.

    He had earlier said that the bank was committed to ensuring they had access to financial support if they would tap into it.

    He urged them to be focused on their training so they can address some of the challenges in the nation’s healthcare sector.

    “Medical sciences is a very critical aspect of nation building.  We record high mortality rate…a lot of which can be resolved with good quality healthcare.  You have a bright future.  Don’t look at the challenges in the country; you can really contribute,” he said.

    The bank was presented with a plaque by the Provost of the college, Prof Folasade Ogunsola, who said that apart from distributing the lab coats, Access Bank had donated an alumni centre to the university.

    In her address to the new students, Prof Ogunsola said that they come into training at a time Nigeria is in need for quality healthcare professionals.  She urged them to be committed to their studies as the demands would be very high.  However, she assured them of the faculty’s support every step of the way.

    She said: “You are our hope.  We cannot do anything about the past; but we can do about the future and we will work you hard.  Today, buckle down, pull up your socks and start work.  We expect from you 150 per cent for your school work.

    “This first year is so critical many students don’t pass.  We will walk the road with you.  We already see you as our colleagues and we hope that you can stand on our shoulders to surpass our achievements.”

    Dr Ogunsola led the students through the white coat ceremony in which they unbuttoned the coats and wore them.  She said it symbolized that they understood the privilege of working for humanity.

    On his part, the Chief Medical Director of the Lagos University Teaching Hospital (LUTH), Prof Chris Bode, counseled the students to enjoy every bit of what they have to learn.

     

  • Scotia bank pulls out of Egypt

    The Bank of Nova Scotia has sold its loan and deposit portfolio in Egypt to the Arab African International Bank (AAIB), as Canadian banks continue to assess and reorganise their global operations.

    Scotia had been in Egypt since 1976, with a branch in Cairo.

    The director of Scotia’s international banking communications Marcelo Gomez-Wiuckstern, said the decision to pull out “is purely strategic” as the bank seeks to deploy resources in line with a set of “focused priorities.”

    As part of the agreement, AAIB will become Scotia’s “preferred correspondent bank” in Egypt to serve the customers of Canada’s third-largest bank who do business in the country, said Mr. Gomez-Wiuckstern.

    RBC restructures Caribbean wealth management operations

    How RBC’s acquisition of U.S. wealth manager City National is changing its operations abroad

    “Our focus in this transition was to find a partner who shares our values and commitment to providing great service to our customers,” he said.

    In addition to acquiring Scotia’s portfolio of deposits and loans in Egypt, AAIB picks up a trade finance portfolio.

    Intense global regulation, and domestic growth that is poised to slow, are among the trends causing Canadian banks to re-assess the costs and benefits of their international operations.

    In November, Royal Bank of Canada said a “strategic review” led to the decision to exit the bank’s international client wealth-management business in the Caribbean. Officials at RBC, Canada’s largest bank by market capitalization, said at the time the restructuring was part of a plan to pursue “sustainable, controlled growth and profitable scale” in priority markets.

  • Court orders bank to pay lawyer N10.5m

    Court orders bank to pay lawyer N10.5m

    Justice Oluwatoyin Ipaye of a Lagos High Court, Ikeja, has issued a garnishee order compelling Zenith Bank Plc to pay the judgment sum of N10.5million from the account of People’s Democratic Party (PDP) to a lawyer, Mr. Debo Adeleke.

    The amount represented his professional fees for various court cases handled by the lawyer for the Lagos PDP.

    Justice Ipaye issued the order last week following the refusal of the PDP to pay Mr. Adeleke his professional fees after the court had initially delivered a judgment against the party.

    In her ruling, Justice Ipaye upheld the arguments of the claimant and his request for a garnishee order  to compel Zenith Bank Plc pay Mr Adeleke from the PDP’s account domicile with the bank.

    The judge ordered Zenith Bank Plc to issue a N10.5 million Cheque to Mr Adeleke from the PDP account within the next three days.

    Justice Ipaye regretted that it was very unfortunate that a lawyer would have to drag his client to court for payment after rendering legal services to the client.

    Adeleke had sued both the national headquarters and Lagos State branch of the PDP over their failure to pay him his outstanding legal fees after he had made over 180 representations in court for the party in its election petition matters.

    Adeleke contended that he handled seven cases for the PDP at the Lagos State Local Government Elections Petitions Tribunal between November 2011 and August 2012, saying that the party only paid him N1.45 million out of the N12 million agreed for handling the cases.

    Delivering judgment last November, Justice Ipaye upheld the argument of Mr Adeleke and  ordered the Lagos State chapter of the PDP to pay him N10.5 million as his outstanding legal fee.

    Ipaye had also asked the Lagos State PDP to pay a N50,000 cost in favour of the claimant.

    The Lagos PDP, the judge noted, breached the provisions of Order 11 Rule 4 of the High Court of Lagos State Civil Procedure Rules.

    According to the judge, proof of service before the court showed that the party was served with the court processes, but refused to file its response to the claimant’s affidavit.

    Ipaye posited that the failure of the party to comply with the court rules had shown that the party was not interested in defending the suit.

    She had said then that the court was more than satisfied with the totality of the unchallenged facts of the claimant and therefore, entered judgment in his favour.

    At the resumed hearing last week, counsel to PDP, Mr. Chukwuma Nmesirionye had filed a motion challenging the judgment of the court.

    Moving the application to set aside the judgment, Nmesirionye said the order was against the account of the 2nd defendant (Lagos PDP) and not account of the 1st defendant (the national PDP).

    He argued that the attempt by the judgment creditor to attach the account of the national PDP domicile in Abuja is against the order of the court.

    But counsel to Adeleke, Thankgod, opposed the application.

    Thankgod had argued that the summary judgment gave his client the right to recover his money from the Lagos PDP’s account from anywhere in the country.

    Thankgod said Zenith Bank had confirmed that PDP’s account with them has  enough funds to satisfy the judgment sum.

    He had subsequently  urged the court to dismiss PDP’s application seeking to set the judgment aside.

     

     

  • Enterprise Bank begins MoneyGram ‘Naija Send’

    Enterprise Bank Limited has begun MoneyGram “Naija Send” – Outbound money transfer services from Nigeria with MoneyGram International.

    In a statement, the bank, which is currently undergoing a business combination with Heritage Bank Limited, said the product is one of the ways to positively impact the lives of her customers both in Nigeria and in the Diaspora.

    It said MoneyGram “Naija Send” enables walk-in and existing customers enjoy the opportunity of sending money abroad on the MoneyGram International platform, adding that the product is designed for everybody, and has proven to be a convenient means of meeting personal financial needs.

    The bank said the product makes it easy for parents, who have children schooling abroad, to pay school fees, send pocket money and meet other educational expenses.

    “Under this service, money is sent in naira, but received in the currency of the receiving country. This eliminates the risk attached to carrying physical cash in transit while travelling abroad. For additional security, money sent from Nigeria cannot be received in Nigeria,” it said.

    The bank said with its introduction, customers can now walk into its over 150 branches across the country to receive, or send money to their loved ones in over 200 countries, adding that the service establishes Enterprise Bank firmly as a Send-and-Receive Agent of MoneyGram International.

     

  • Ondo bank robberies

    • The state should learn from Lagos and its neighbours in curbing this menace

    Once bitten, twice shy”. This best described the situation of the banks in Akure, the Ondo State capital, which hurriedly closed shop on Monday, following a rumour that armed robbers were planning to attack some banks in the town. A bank official said their bosses asked them to close operation for the day. “We don’t want what happened in Ikare-Akoko last week to happen to us, so, immediately my boss received the information, he ordered us to close for the day”, she said. Customers who were on their way to the banks were denied access even as those already inside were anxious to get out, to avoid being caught in any crossfire.

    Coming less than a week after armed robbers invaded three banks in Ikare- Akoko in Akoko East Local Government Area of the state, in which about 20 people were killed and an undisclosed amount of money carted away, the panic was understandable. According to reports, the armed robbers who attacked the banks on January 13 came in about four vehicles and blocked all routes leading to the area where the banks are located. They killed some people in the banks as well as gunned down five others in their bid to escape with their loot. They also reportedly killed at least three policemen at a nearby police station. Indeed, the entire town was taken by surprise and schools remained closed the second day because parents were afraid of releasing their children to go to school.

    Even though the police promptly responded to the robbery scare on Monday when alerted by the banks, patrolling the areas where the banks are sited in armoured personnel vehicle, the bandits appeared to have had a field day during their simultaneous operations in the three banks on January 13.  Sadly, this was not the first time such rumour would throw the state capital into panic. Last November, a similar rumour made the rounds in the town that armed robbers were planning to rob some banks. The banks hurriedly shut down.

    This kind of panic is not good for business because each time banks shut down abruptly, businesses suffer. Moreover, robbery and insecurity generally have remained a major issue in many parts of the country. Yet, provision of security is a basic responsibility of government. In Nigeria’s peculiar federalism, the Federal Government controls the Nigeria Police Force and people have questioned the effectiveness of this centralised police system. Unfortunately, the argument for state police has not gone down well with those in power at the centre. Yet, it is becoming obvious that the present arrangement is no longer adequate if truly the country is to have an effective policing system.

    In some states where there is relative security, like Lagos, the state government has invested heavily in security. Indeed, it has even set up a security trust fund through which it has been able to provide some essential gadgets for the state police command. Without doubt, this has helped the command tremendously in its efforts at combating crime. This is a template that some other state governments have adopted and it appears the best that can be done in the circumstance. The fact is that even though the Federal Government has the lion’s share of the country’s resources, it has not been able to provide adequately for the police force. So, state governments that want relative peace in their domain have also had to help the police either directly by way of funding or by providing the police with requisite tools.

    We can only hope the Ondo State Police Command would honour its promise to fish out the armed robbers with a view to making them pay for their crime. This is the least that is expected of them now.