The Nation Newspaper

Tag: bank

  • Bank directors’ forum coming

    Bank directors’ forum coming

    The annual stakeholders’ forum of the Bank Directors Association of Nigeria (BDAN) for the year will be holding in Lagos on November 18.

    The forum brings together executive and non-executive directors of banks, officials of other financial institutions, regulatory authorities, professional bodies and executives of other leading companies in Nigeria.

    In a statement, the organisers said the forum is an opportunity for banking professionals to   share thoughts on the theme: “Competing Globally from the Boardroom: Reviewing Benchmarks for Nigerian Bank Directors”.

    It said that among other things, this year’s forum is aimed at enlightening directors on the need for banks and companies in the 21st century to have a board that understands the implications of, and need for global competition.

    The event will be chaired by Chairman, Standard Chartered Bank Nigeria Limited, Sir Remi Omotoso and will be attended by Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele who will deliver the keynote address. The guest speaker is Mr. Ayodele Othihiwa, Partner and Head, Financial Services, KPMG, a distinguished professional with broad experience of the Corporate and Board level issues in the financial services sector.

    The target audience for this year’s forum includes: Chairmen, Executives, Non-Executive Directors, Managing Directors of Banks & other financial institutions, professional bodies, Investment Advisers, Consultants, Officials of Chambers of Commerce & Industry, and officials of regulatory authorities.

  • Bank hands over renovated school

    Anglican Nursery Primary School, Olorunsola in Ayobo area of Lagos State is wearing a new look thanks to Access Bank Plc.

    The bank handed over the block of six classrooms and the head teacher’s office it renovated to the Ayobo-Ipaja Local Council Development Area last week.

    Assistant General Manger, Mrs Aina Akintonde, who said the structure was inhabitable before the bank’s intervention, explained that the school was chosen because improving education is one of the focuses of the bank’s Corporate Social Responsibility initiatives.

    “Education is one of the four focus areas of our bank’s corporate social responsibility charter. This is because of its vital role on growth, development and positive change in the society. And as an ardent promoter of socio-economic development and wellbeing, we believe that lending support in the area of education will assist greatly in achieving our objective of contributing to relevant skills and knowledge development,” she said.

    The Council Manager of Ayobo-Ipaja LCDA, Mr Akanji Shadare, praised the bank for the quality of work done.

    “Though, CSR is done voluntarily, I must commend the quality of work done on the renovated blocks of classrooms and the head teacher’s office which confirm that you have really added great value to education and it is hoped that other corporate organisations will emulate your gesture by giving back to the society,” he said.

    Shadare added that the council continues to improve the standard of education within its jurisdiction.

    “This is a transition period yet the administration has never shirked in its responsibility in the education sector hence our investment and commitment to it. In this school, we have recently delivered a brand new block of six classrooms with modern facilities for learning pleasure of our greater tomorrow,” he said.

    The school’s head teacher, Mrs Hannah Emaye, thanked the bank and the council for their support to the school.

     

  • Anambra, shareholders clash over demolished bank

    Anambra, shareholders clash over demolished bank

    The bickering between the Anambra State Government and shareholders of Awka Micro-finance Bank Limited is disquieting. It is over an alleged demolition of the micro-finance bank at the popular Eke-Awka Market by the state government.

    While the shareholders claimed they acquired the land from the government in 2003, the state government refuted the claim, stating that the land belongs to it.

    The said micro-finance bank building was demolished by the government on September 9, this year, without consulting the said owners.

    The incident occurred after the state government was said to have approved a new building for the shareholders on June 13, this year.

    Documents made available to our correspondent revealed that the Anambra State Government had leased the land to the Awka South Local Government Area for 99 years beginning from January 1, 1996.

    However, it was gathered that the local government agreed to sublet a portion of the premises which contained a six-room bungalow for a period of 25 years.

    Also, in the agreement, it was agreed that the shareholders would be paying N36,000 annually to the local government after every 10 years beginning from 2003.

    However, the agreement has allegedly been altered with the intrusion of the state government into the land penultimate week when the bank was demolished after the shareholders had paid for another 10 years to the local government area, to run till 2023.

    The state government argued that it wants to build a food court for traders in the market; a deviation from the original plan by the shareholders to erect a befitting edifice for the bank.

    A contracting firm engaged by the state government to build the food court had written a letter to the Commissioner for Commerce, Trade and Tourism, Ifeatu Onejeme, on September 1, this year, on the need to take over the land.

    Replying the letter on September 3, this year, the commissioner said the construction must be in strict compliance with the building plan.

    Part of the letter reads: “On completion of the project, pay to the Anambra State Government the approved Market Development fees of N30,000 per stall.”

    But the shareholders alleged that what is being built is not what government approved in the plan on June 3, this year before the demolition of the bank on September 9, 2014.

    Our correspondent gathered that due process was not followed in the award of the contract as the contractor applied to take over the land on September 1, this year and the contract was awarded on September 3, without any form of bidding.

    One of the Directors of the bank, Chief Dilim Okafor, told our correspondent that if the government is sincere in what they are doing, why charge N30,000 for each stall while a shop in the area goes for N1.5 million. Does it not show sign of fraud?

    Okafor alleged that all the property of the bank worth over N200 million, including documents, are missing since the demolition of the place.

    Also speaking, another Director of the bank, Ozo James Eze, told our correspondent that what Onejeme was targeting is to pitch the shareholders of the bank against Governor Willie Obiano.

    Eze said they were convinced that Obiano could not have ordered the demolition of the bank, since he had been an apostle of development.

    Okafor revealed that majority of the shareholders of the bank are members of the Awka Development Union (ADU), even as he added that the government had infringed on their fundamental human rights.

    Furthermore, he claimed that the micro-finance bank had over 300 shareholders, adding that they would challenge government’s forcible ejection in court.

    However, Mr. Onejeme told our correspondent in Awka that those claiming ownership of the land were just trying to cause unnecessary confusion.

    He said there was no bank on the land as being claimed by the shareholders in the first place; adding that what was seen on ground was a kiosk.

    “Besides, they claimed that members of the Awka Development Union (ADU) have major interest in the so-called bank. Do I have anything there? Am I not an Awka man? Their action is an act of irresponsibility.

    “Nobody gave them any land. All the documents they are fronting are all faked. How can few people gang up to claim government’s land just like that?

    “That land belongs to the government. We learnt they want to go to court, we are waiting for them. There is no going back in making sure that this administration eliminates rascality in the society.”

    Again, Onejeme said Governor Obiano had vowed to sanitise the state, adding that they, as members of his cabinet had a duty to help him realise his dream of normal society.

    “Anambra State must be a place where discipline reigns. That is one of the cardinal points of the Obiano administration and we must get it right. The structures we are constructing in the market are for the benefit of the downtrodden and not for selfish interest,” he said.

    Meanwhile, the Board of Directors of the bank had approached the court in Awka to challenge the demolition of their structure by government without any form of consultation.

    It is between Awka Micro-finance Bank Limited as plaintiff against Ifeatu Onejeme (Commissioner), Mike Uzuagu (Director Markets, Ministry of Industry, Trade and Commerce), Government of Anambra State and Tony Nwobu (Contractor) as respondents.

    Chief Ozoemena B. Onyali (SAN), counsel to the petitioners, is claiming N200 million as general damages on behalf of his clients against government for unlawful invasion and trespass.

    They are seeking a declaration that the incursion onto the applicants’ leasehold land and premises situate at Eke-Awka Market by the government is an effort to forcibly eject the applicant and therefore a contravention of the applicants’ fundamental rights to own immovable property or interest in immovable property guaranteed by section 43 and 44 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

    “A perpetual injunction restraining the respondents from entering, remaining on, building on, doing anything on the applicants’ leasehold land and premises at Eke-Awka Market or alienating, letting or occupying same,” among other prayers.

    Already, the state government has started building on the land. But will the right owner of the land that has caused so much tension in the state emerge? Only time will tell.

  • Bank’s multi-storey structure illegal, says Dr. Braithwaite

    Bank’s multi-storey structure illegal, says Dr. Braithwaite

    Elder statesman and renowned legal practitioner, Dr. Tunji Braithwaite has told an Ikeja High Court in Lagos that  a 14-storey building being constructed by Standard Chartered Bank is illegal.

    Under cross-examination by the bank’s counsel, Adeniyi Adegbonmire, Braithwaite told Justice Doris Okuwobi that the building which also has a multi-level car park opposite his residence on Victoria Island negates town planning law.

    When Adegbonmire demanded to know if he was not aware that the structure was going to be erected, the former National Advance Party (NAP) presidential candidate said though he was not officially informed, he learnt of the structure and approached the court to stop it.

    Before the cross examination, Braithwaite’s counsel, Razaq Okesiji  sought the court’s leave to file some documents including the structure’s picture.

    Justice Okuwobi granted the request and admitted the documents as exhibits C15 (1), (11) and (111), C16 and C17.

    Leading his client in examination, Okesiji asked Braithwaite to identify from the picture the level of the structure. Adegbonmire opposed the examination, forcing the court to take a short recess to rule on the matter.

    In her ruling, Justice Okuwobi dismissed Adegbonmire’s objection, holding that the exhibit upon which the question arose touches on the res (the suit’s subject-matter.) She said it was in order for the claimant to explain the contents of the documents he front-loaded to the court.

    Responding to the question, Braithwaite said in violation of the court, construction “has now reached the 14th storey and a five level car park from floor two when injunction was granted.

    The judge with the consent of parties adjourned further proceedings to October 28 and 30.

    At the last hearing, Justice Okuwobi dismissed an application filed by the bank against the plaintiff’s amended statement of claims for lack of merit.

    Justice Okuwobi held that she did not see how the issues raised by the claimant had hampered the case.

    She said: “I do not foresee that the defendant/applicant will be denied the right to plead his own case in full and that he will be denied the right to fair hearing.

    “For this reason, this application cannot sail through. Consequently, it is accordingly hereby dismissed.”

    The bank prayed the court to strike out some paragraphs of the claimant’s reply to its amended statement of defence.

    The application followed Briathwaite’s response to the bank’s amended statement of defence in which he raised some “vital” issues to support his position.

    SCB’s Adegbonmire urged the court to strike out certain paragraphs it considered inimical alleging that the claimant is introducing new facts outside the issue in contention.

    Okesiji opposed the motion, saying the contents of the claimant’s reply to the defence statement and witness statement on oath were relevant to the subject matter of the suit. He said they are necessitated by the averments in the amended statement of the defence and the documents introduced by the defence, which were not in existence when the amended statement of claims was filed.

    The claimant, he said, neither departed, contradicted nor added new item to its claim, which should prejudice the defendant.

    Citing several Supreme Court authorities, Okesiji said the reply was within the claimant’s rights, adding that Order 15, Rule 19 of the High Court Rules allows new pleadings to come up in a reply.

    He urged the court to dismiss the defendant’s application, pointing out that the claimant’s reply to amended statement of defence and the statement on oath which the defendant seeks to strike out relate to the Environmental Impact Assessment Procedure in Nigeria. The failure of the defendant to comply with this procedure, has always been the kernel of the claimant’s case, he said.

    In the suit, Braithwaite is seeking an order declaring illegal, the erection of a 15-storey commercial building and multi-level car park by the bank in an otherwise residential area on Victoria Island, Lagos.

    The claimant said he is uncomfortable with the bank’s installation of giant industrial generators directly opposite his house with the concomitant fumes and noise pollution.

    Braithwaite is praying for N10billion damages and a demolition of the building.

  • Wema Bank promotes int’l trade, structured finance

    Wema Bank Plc has reaffirmed its commitment to supporting international trade. The bank’s Managing Director, Segun Oloketuyi disclosed this during a forum the lender organised on trade and structured finance for stakeholders in Lagos.

    The forum, tagged: “Supporting Businesses through renewed Trade Focus” brought together regulators, various stakeholders and regulators in the international trade business in Nigeria.

    He said the trade forum was part of efforts at sensitizing stakeholders on developments within the sector as well as brings various parties – stakeholders and regulators together to discuss issues, challenges and chart a way forward for future development and policy formulation.

    Oloketuyi also said that as part of the ongoing positive transformation at Wema Bank, the bank was well poised to support businesses in the areas of trade and structured finance. He further disclosed that in recent times, Wema Bank has attracted over $100 million in lines of credit for foreign trade and another $50 million in structured finance lines from various institutions.

    The Deputy Comptroller of the Nigeria Customs Services, Aber T Benjamin spoke on the Pre-Arrival Assessment Report (PAAR) scheme, which was introduced by the Nigerian Customs Service in 2013 to fast-track the clearance of cargo and reduce costs at the nation’s ports. He also introduced the new web-based trade portal of the Nigeria Customs Services to handle a customer’s end-to-end trade needs.

    Deputy Director, Trade & Exchange Department, Central Bank of Nigeria (CBN), Onyinye Ahuchogu, commended Wema Bank for the strides it has made in the past four years. She also implored all stakeholders.

    She also spoke of the CBN’s partnership with other relevant institutions in making the international trade process simple and effective in Nigeria. One of the initiatives that came into being as a result of this partnership is the electronic form ‘M’.

     

  • Diamond Bank Hosts first Woman Summit

    Diamond Bank’s Head, Micro Small and Medium Enterprise Propositions Chima Nnadozie has said the bank has restructured to focus on women.

    He spoke at the first Diamond Woman summit in Ibadan held at Mauve 21 Event Center, Ring road.

    He said the bank was working with women but is now prepared to take an advanced step with the Diamond Woman package targeted at women in all sectors.

    The event started with a lecture from Dr Tola Owolabi of the Enterprise Development Centre, Pan African University.

    Speaking on “Pricing:Getting it Right from the Beginning”, Owolabi said: “Pricing is one of the best strategy of advertising and promoting your business and optimality is the key to ensuring happiness between the businesswoman and her customer.

    The Regional Head, Southwest, Diamond Bank, Akin Ogunleye, said importance will be attached to empowering women because when they are empowered there will be development. He added that Ibadan was chosen for the first summit because the women are quite enterprising and very productive.

    “The invitation is not only for the Diamond Bank customers alone, because we believe that once a woman is really convinced of her benefits from a product then you have a good ambassador with that woman,” Ogunleye said

     

  • ‘Breach of contract’: Court fines Australian bank, firms 1.63b euro

    ‘Breach of contract’: Court fines Australian bank, firms 1.63b euro

    For allegedly reneging on a partnership agreement to establish a polymer currency printing plant in Nigeria, the Reserve Bank of Australia and two other firms, Securency Private Ltd and Innovia Films Ltd, based in Australia, may pay damages up to 4billion euro to a Nigerian firm.

    They are to pay 126 million euro for failing to establish a local polymer plant and an additional 1.5 billion euro for breach of contract to transfer to a Nigerian entity or establish a polymer plant in the country.

    This is the value of what would have been saved if the Australian institution, through its subsidiary firms, had transferred and domesticated the technology in the country.

    The Australian apex bank and the firms are to face legal charges, as an Abuja High Court ruling has granted order to their Nigerian partners, Global Secure Currency, to serve them summons.

    Justice O.O. Goodluck of the High Court, Maitama, in the Federal Capital Territory, Abuja, in a July 2 ruling, granted Benoy Berry and Global Secure Currency Ltd an order to serve the summons on the three Australian-based firms, including Securency Private Ltd, Reserve Bank of Australia and Innovia Films Ltd, to appear in court.

    At the resumed hearing, Justice Goodluck dismissed the application of the foreign firms asking it to set aside its  ex-parte order of February 2, 2012 against Reserve Bank of Australia on the grounds that the order was made outside its jurisdiction.

    According to the plaintiff, Dr. Benoy Berry, the Australian apex bank agreed, through its subsidiary, Securency, Australia, to set up a Special Purpose Vehicle (SPV) to facilitate the transfer of Polymer Technology, including a 0-pacification facility (Substrate Plant) in Nigeria; and that the marketing of the 1st defendant’s imported polymer products incidental to the general investment in  the local market would be undertaken ahead of the establishment of local production.

    On the strength of the agreement, Dr. Berry claimed that the Central Bank of Nigeria (CBN) awarded the first contract for the printing of polymer notes to the firms, but  the Australian companies reneged on the  terms and insisted on supplying orders and demands from polymer plants abroad rather than set up a plant in the country.

    Accusing the foreign partners of unfair business ethics, which included “vicious and malicious international campaigns of misrepresentation and harassment,”  Dr. Berry  alleged that the firms have “subjected Nigeria to perpetual import dependency and colossal haemorrhage of foreign exchange,”

    The defendants’ counsel, Mr. Dindam D.Killi, prayed for an order discharging the exparte order of the court, dated February 2, 2012, whereby leave was granted to the plaintiffs to issue and serve the summons and other originating process, on the defendant herein outside the jurisdiction of the court.

    This, according to the defence counsel, is on the grounds that the plaintiff acted mala fide their ex-parte application dated November 9, 2011 failed to make a full and frank disclosure of the true contractual relationship between parties that would have aided “this court in exercising its discretion to grant leave to issue and serve the originating processes outside jurisdiction.”

    Mr. Killi also argued that “this court was misled in granting the order of issuance and service on the defendant by the non-disclosure of the jurisdiction clause in the agency agreement.

    Justice Goodluck held that “upon the ex-facie examination of the plaintiff’s pleadings, this court is of the view that it validly made the order for the issuance of the summons outside the jurisdiction of this court in the absence of any fact in support of the defendants’ contention,” noting also “that there is nothing in the plaintiffs’ pleadings that could have made this court to decide otherwise than to have allowed the application.”

    She ruled that the order directing the plaintiffs/applicants to issue and serve the summons on the defendants “outside the jurisdiction of this court is valid and subsisting.”

    Justice Goodluck upheld the arguments by Mrs. Gloria Zakka Onen, lead counsel to the plaintiffs from the firm of Messrs Adewole Adebayo Esq. and ruled that her order directing them to issue and serve the summons on the defendants outside the jurisdiction of the court was still valid and disallowed the Australian firms’ motion. She accordingly dismissed it.

  • Bank of Ghana keeps rate at 19% as cedi stabilises

    Bank of Ghana keeps rate at 19% as cedi stabilises

    Ghana’s central bank kept its benchmark interest rate unchanged after the government sold $1 billion in Eurobonds and began talks with the International Monetary Fund, helping to revive confidence in the economy.

    The Monetary Policy Committee maintained the rate at a decade-high of 19 per cent, Governor Kofi Wampah said.

    That matched the forecasts of eight of 10 economists surveyed by Bloomberg. Two analysts predicted an increase of 50 basis points to 100 basis points.

    Ghana is struggling to contain an economic crisis that’s pushed inflation to 16 percent in August and caused the currency to lose a third of its value against the dollar this year, the worst-performing currency in sub-Saharan Africa. The cedi has gained 9.2 per cent in the past month after the government said it will seek support from the IMF.

  • Access Bank on technical suspension for right issue

    The Nigerian Stock Exchange (NSE) announced it has granted anticipatory approval for the shares of Access Bank Plc to be placed on technical suspension.

    This is coming on the heels of the proposed Rights Issue of N68 billion by the bank.

    According to the NSE, Access Bank will hold an Extraordinary General Meeting (EGM) on October 13, this year to seek its shareholders’ authorisation for the board of directors to raise additional equity capital in the sum of up to N68 billion by way of a Rights Issue.

    The board of the lender said it believes that the technical suspension is in the overall interest of its shareholders and will preserve their value, on account of the proposed corporate action.

    “The Technical Suspension will be lifted on January 27, 2015 and normal trading activities will resume on January 28, 2015,” the NSE said.

     

     

  • Bayelsa UTD bank on Ebimobowei

    Bayelsa UTD bank on Ebimobowei

    Bayelsa United assistant coach Adams Jonkay believes the club’s leading goal scorer Peter Ebimobowei will play an important role in today’s week 26 Glo Premier League clash against city rivals, Nembe City at the Samuel Ogbemudia stadium.

    The Restoration Boys defeated the Kala – Eku lema boys 2-0 in the first leg encounter at the Krisdera Hotel Stadium, Omoku, Port Harcourt with Ebimobowei scoring the two goals.

    Ebimobewi, who graduated from the feeders team four season ago, is a joint league goal scorer with 13 goals.

    Jonkay said Ebimobowei has lifted the team’s spirit with his superlative performance this season, noting that his form will propel the team above Nembe City today.

    He expressed confidence that the ‘Oyinbo striker’ who wear jersy no 27 for the club will score 27 goals to emerge league top scorer at the end of the season.

    “I think he (Ebimobowei) has Nembe City joker because he always scored against them. He scored the two goals in the first leg that gave us the away win this season. I hope he will repeat the feat today. I am looking up to him to score 27 goals at the end of the season because I want him to be the league top scorer at the end of the season,” Jonkay told SportingLife.

    “Ebimobowei performance this season is a thing of joy for the club as a whole. It is a huge thing to see him play the way he is doing now. All his goals have been a fantastic one; in fact, there is no penalty among his goals unlike the previous top strikers. He is neither take penalty nor free-kick for the team. He is a very important key player in the team and I hope his efforts will help us achieve our aim at the end of the season.”