The Nation Newspaper

Tag: bank

  • Maths queen wins N.5m from bank

    Maths queen wins N.5m from bank

    This summer, 10-year old Temilade Ogunsanwo will be spending her holidays outside the country.  It is a gift from her parents for winning the Sterling Bank Mathematics Competition organised for primary school pupils in Lagos and beyond.

    The gesture, they said, has nothing to do with the N500,000 she got from the bank for winning the competition.

    Temilade, a Grade 6 pupil of Tomobid School, Agidingbi in Ikeja, was one of the seven pupils that scored 49 out of 50 marks in the multiple choice examination written by over 1,000 pupils recently. (None among the top 50 scored less than 47).

    When seven of them, later took a second examination, which was in theory, to determine the best three pupils, Temilade scored 96 per cent.

    She was followed by Esther Opemiposi Ojo of Olumowayo Nursery/Primary School who scored 84 per cent, while Ebiakpo Abeokuta scored 81 per cent.

    Their performance impressed the organisers of the examination, Sterling Bank, who praised the pupils for their brilliance.

    At a prize giving ceremony held at Caleb International College, Magodo, Mr Abubakar Suleiman, Executive Director (Finance and Strategy), said the response to the competition has encouraged the bank to make it an annual one.

    “This competition was the initiative of Caleb but as their banker, we immediately decided to support it fully.  We intend to take it to the national stage and make it an annual event.

    “We ended up with more than 1,000 entries from various parts of the country.  The first seven call 49/50.  There was a second round of testing and the performance was still very high,” he said.

    The top 51 pupils in the competition were rewarded with N50,000 each, while the top seven were specially recognised and presented with special prizes at the event.

    Second placed Esther got a cheque of N300,000, while Ebiakpo got N200,000.

    Esther’s teacher, Ayemomisan Olusola, was happy about the credibility of the competition, which he said placed all participants on equal pedestal to compete.  He was glad that his school, located in the suburbs, could perform so well.

    “The competition has been wonderful.  I feel elated that she did so well.  Our products are groomed to be the best,” he said.

    Temilade’s father, Mr Wale Ogunsanwo, a Deputy Registrar at the Yaba College of Technology (YABATECH), said he was not surprised she won.

    “She has a track record of coming first,” he said.

  • Bank presents 65 buses to beneficiaries

    The Infrastructure Bank has recovered 95 per cent of the N10.5 billion loans it granted under the first phase of the Public Mass Transit Revolving Fund (PMTF), its Managing Director, Mr Adekunle Oyinloye, has said.

    Speaking at the hand-over of 65 mass transit buses worth N800 million to beneficiaries in Lagos last weekend, Oyinloye said the recovery of the loans had grown the mass transit revolving loans base to N15 billion.

    Oyinloye said the bank was already working on ways to recover the remaining five per cent through effective risk management system.

    The bank, he said, as the fund manager of the PMTF Scheme Two, was working in collaboration with the Subsidy Re-investment Empowerment Programme (SURE-P), the financier of the Scheme Two.

    Oyinloye urged beneficiaries of the Scheme Two not to regard the buses as “political largess”.

    He said the government had to change the five per cent interest rate per annum under the Scheme One to zero per cent interest under Scheme Two.

    According to him, the bank expects beneficiaries under the Scheme Two to pay on time because of the zero interest rate.

    The bank chief said the buses were to be fully paid for in order to sustain the scheme, which he described as “laudable and people-oriented”.

    Oyinloye stressed that it was only through prompt re-payment that more road transporters could benefit, warning that the bank would not tolerate any default by beneficiaries

    He said under the Scheme Two, every beneficiary had to collaterise their loans to ensure recovery of the facilities.

    “There is a risk management framework around the scheme, so every beneficiary has to collaterise what he has taken one way or another.

    “If we morally persuade them and it does not work on time, we will consider the next step to get our money back because the money belongs to the Federal Government of Nigeria.

    “It is meant for the masses because for other beneficiaries to benefit, previous beneficiaries must pay back,” Oyinloye said.

    He said the aim of PMTF was to enhance national transport services through the Federal Government resources under the SURE-P.

    “I can tell you that from the offices of LAMATA, Transport Ministry to LAGBUS, everybody is, indeed, happy with the presence of our buses on the streets.

    “I want the public to know that this is not the first time Lagos is benefiting from the scheme. Since 2010 when the first scheme started, a lot of our buses ply Lagos roads,” he added.

    Oyinloye said under the SURE–P initiative in 2012, a bulk of the 680 buses came to Lagos through a partnership with Lagos Ministry of Transport.

  • Security guard docked for attempting to use SIM pack as ATM card

    Security guard docked for attempting to use SIM pack as ATM card

    A 24-year-old security guard, Abass Alli, who allegedly attempted to  use a SIM pack in place of an ATM card, on Wednesday appeared before a Tinubu Magistrates’ Court in Lagos.

    Alli, of Ijegun Market, Ojota, is being tried on a charge of attempting to use a SIM pack in place of an ATM card.

    The Prosecutor, Sgt. Daniel Ighodalo, told the court that the offence was committed on May 13, at about 9.40 a.m., at Union Bank Headquarters, No. 36, Marina, Lagos Island.

    He alleged that the accused tried using a SIM pack to withdraw money from the ATM of a bank.

    “A Security guard on duty heard an unfamiliar sound coming from the ATM machine, before he noticed that the light of the ATM went off.

    “When he approached Alli and asked what was wrong, in order not to be caught, Alli quickly threw the SIM pack into a nearby gutter,” Ighodalo said.

    He explained that the offence contravene Section 404(2) of the Criminal Law of Lagos State, 2011.

    Alli pleaded not guilty.

  • Bank customers’ group emerges

    Bank Customers Association of Nigeria (BCAN) has been inaugurated in Lagos.
    The body is to help bank customers address their grievances against banks and regulators of the financial services sector.

    At the inauguration, BCAN President, Dr. ‘Uju Ogubunka, said the forum would help bank operators and regulators collaborate with customers in settling disputes.

    This, he said, would help in achieving financial inclusion for the benefit of the citizenry and the growth of the economy.
    He described the group as a consumer protection-focused organisation that recognises the inter-dependence of providers and consumers of banking products and services.

    Ogubunka said the group would promote and protect the rights and interest of its members. It will also educate the public on the advantages inherent in the operations of efficient banking policies and the need to develop a healthy banking culture.

    Also, the BCAN is expected to provide credible and common platform for customers of banks in the country to consider, take decisions and act on matters of common interest to them.

    The group will also be involved in gathering, analysing, evaluating and sharing information on banking, finance and other related subjects.

  • Gummen attack Police, Bank, Court kills 8 in Jigawa

    Unknwon gunmen Wednesday attacked the divisional police station in Gwaram local government area of Jigawa state and killed seven policemen and one civilian guard in their duty posts.

    Reports says the attackers whom were in tens arrived the scene at about 1:30 AM of Wednesday attacked the police station and other places.

    The attack came when the 15 PDP governors and three deputy governors were in the state (Jigawa) under the auspices of the PDP governors’ forum holding their meetings in the state when gunmen appeared killed the police attached the division.

    Our reporter in the state gathered that the gunmen attacked and burnt down the Sharia court, Unity bank branch that have just been re-opened after suffering a similar attack by some gunmen suspected to be robbers.

    An eye witness account whom prepared anonymity told our reporter that the attack came while he was saying his midnight prayers at 1AM.

    According to him, “I was in my bedroom saying my prayers when the quite night was suddenly interupted by intermittent sound that was similar to gun shots.”

    He stated further that; “I suddenly began to here shouts of people and I started reciting intensive prayers of protection from God while the gunshot also have already woken my wife that also joined me in the prayers,” he explained.

    The Inspector General of Police in charge of zone one of the Nigeria Police Mr. Tambari Yabo Muhammad told journalists that, “there was indeed an unfortunate attack at around 1:30 am that lasted till 4 am that some 200 terrorists came in droves using Improvised Explosive Devices (IED) and attacked a Sharia court, Gwaram local government secretariat and unity Bank.”

    The AIG said four mobile policemen, three conventional policemen and a security guard were killed in the attack”.

    He said,” though no arrests were made but the police were able to put-up a fierce fight that repelled the attack and from the blood stains all over I am sure that they too must have recorded casualties and probably taken them away with them”.

    He said they are about 200 in number and came via motorcycles and cars and disappeared into the night after breaking into the Unity Bank domiciled in the area.

  • Diamond bank promotes 450 staff

    Diamond bank promotes 450 staff

    Diamond Bank PLC has promoted more than 450 of its staff across various grade levels.

    According to the bank’s Head of Corporate Communications Division, Mrs. Ayona Trimnell, the recent promotion is part of the annual performance review exercise to continuously recognize and reward members of staff who have excelled in the workplace.

    “ At Diamond, we have always maintained that the Bank’s performance is linked to the quality of the staff it retains. As such, in the last few days, more than 450 members of staff who have excelled have been promoted.

     

    “For us to continue to perform excellently like we did in 2013, we have to recruit and retain the best people in the industry. That is why, every year, we recruit the best talent in the industry, and also assess our staff on the

    basis of key performance indicators (KPIs) and deliverables,” Trimnell stated.

     

    This recent promotion exercise marks a double celebration for staff of the

    Bank as it recently declared an unprecedented profit after tax of N28.5billion for the last financial year ended.

     

    Diamond Bank has consistently emerged as one of the largest employer of talent in the Nigerian Banking industry with well over 2,224 new recruits in the last financial year, of which 1,181 are fresh graduates from reputable Universities around the country.

  • Bank loans hit N15tr in three months

    Bank loans hit N15tr in three months

    Deposit Money Banks

    (DMBs) lent N15.04

    trillion as loans in the last quarter of last year, a Central Bank of Nigeria (CBN) Economic report has shown.

    According to the report, the figure represented a 14.9 per cent increase, in contrast to the decline of 0.5 and 1.5 per cent at the end of the preceding quarter and the corresponding quarter of 2012.

    The CBN said the development relative to the preceding quarter was due, largely, to the 54 and 1.4 per cent increase in claims on the Federal Government and the private sector.

    The apex bank said when compared to December 2012, aggregate banking system’s credit (net) to the domestic economy, rose by 18.5 per cent, reflecting between 40.1 and 9.0 per cent increase in claims on the private sector and the Federal Government.

    It said banking system’s credit (net) to the Federal Government, at the end of the review period rose by 53.9 per cent to negative N1.4 trillion, in contrast to the 25.5 and 31.4 per cent decline at the end of the preceding quarter and the corresponding quarter of 2012.

    The development relative to the preceding quarter was accounted for, largely, by the increase of 29.7 per cent in Central Bank claims on the Federal Government.

    Also, at the end of December 2012, credit (net) to the Federal Government rose by 40.1 per cent, reflecting a rise in banking system’s holding of Federal Government securities.

    The CBN said at the end of the quarter under review, banks’ credit to the private sector rose by 1.4 per cent to N16.5 trillion, compared with the 3.7 and 2.7 per cent increase in the preceding quarter and the corresponding period of 2012. The development, relative to the preceding quarter, it said, reflected the 0.9 per cent increase in claims on the core private sector during the review quarter.

    The report pegged banks’ foreign assets at N8.51 trillion, a decline of 4.6 per cent at the end of the review quarter, compared with the decline of 2.6 per cent at the end of the preceding quarter.

    The development, the CBN said, was attributed, to the decline in both the CBN and banks’ holdings of foreign assets.

    However, by December 2012, foreign assets (net) of the banking system fell by 5.9 per cent at the end of the review quarter, compared with the decline of 1.3 per cent at the of the preceding quarter.

    Also, other assets (net) of the banking system fell by 3.1 per cent to negative N7.8 trillion, compared with the decline of 13.8 per cent at the end of the preceding quarter, but was in contrast to the 12.1 per cent increase recorded at the end of the corresponding quarter of 2012.

    The CBN said the decline, relative to the preceding quarter, reflected the fall in unclassified assets of both the CBN and the banks during the review period.

    Over the level at end-December 2012, other assets (net) of the banking system fell by 26 per cent.

  • Lemo to bank workers: be ethical, prudent

    Lemo to bank workers: be ethical, prudent

    Former Central Bank of Nigeria (CBN) Deputy Governor, Operations, Mr Tunde Lemo has urged bankers to be ethical in their conduct.

    In an interview with reporters during a send off dinner for him at the CBN Lagos Office, Lemo advised banks not to maximise profit at the detriment of their customers, adding that banking should be based on trust.

    “When you are a banker, it is a position of trust and the public expects so much from you. It is not just for you to be honest, you must be seen to be honest and you must always bear in mind that the interest of the customers and the people you serve is important, much more important than the profit because it is only when they are there, that your bank can be stronger.

    “But if you conduct banking in such a way that you maximise profit to the detriment of customers, when their businesses go down, it will only take time before your own business will go down,” he said.

    The former CBN chief called on banks to support their customers and the business community so that they can grow their businesses because it is only when such businesses grow, that banks could also grow. He insisted that the apex bank has played a key role in the development of the economy, citing the recent privatisation of the power assets as an example.

    According to him, the banks were able to contribute to the power sector reforms as a result of the reforms in the sector. “For the first time in the history of Nigeria, we saw Nigerian banks playing a key role in a major reform of that nature. It was because of the central bank policy that ensured that the banks are not only big, but strong,” he added.

    Lemo explained that with the anticipated rebasing of the country’s Gross Domestic Product (GDP), it would become the biggest economy in Africa.

    The Group Managing Director/Chief Executive Officer, Zenith Bank, Mr. Godwin Emefiele; and his counterpart at Union Bank, Mr. Emeka Emuwa, all commended Lemo for his contribution to the growth of the banking industry.

    Lemo had during his 10-year stay at the CBN served three successive governors namely, Joseph Sanusi, Charles Soludo and Lamido Sanusi who is due for retirement by June this year.

     

  • CBN directs banks to pay 30% MPR on savings

    CBN directs banks to pay 30% MPR on savings

    The Central Bank of Nigeria (CBN) has asked banks to pay a minimum of 30 per cent of Monetary Policy Rate (MPR) as interest on savings accounts.

    The order, contained in the Financial System Stability report issued by the regulator, is part of the ongoing efforts to improve the savings culture among the people.

    The report, endorsed by CBN Deputy Governor, Financial System Stability, Dr. Kingsley Moghalu said the MPR, which is the benchmark rate by which the apex bank determines interest rate, has been kept at 12 per cent since October 2012.

    Moghalu said interest rates were relatively stable in the money market during the first half of last year, though lower than their levels in the second half of 2012.

    He said the report showed average interbank call and open buyback (OBB) rates stood at 11.55 and 11.36 per cent during the review period, down from 13.44 and 12.87 per cent in the second half of 2012.

    The Deputy Governor said average term deposit rate also fell to 6.87 per cent, from 7.51 per cent in the second half of 2012. Also, prime and maximum lending rates fell by 0.43 a n d 0 . 3 4 p e r c e n t a g e p o i n t s to 16.58 and 24.18 per cent in the review period.

    Therefore, the spread between the maximum lending and the average term deposit rates stood at 17.31 percentage points, a 0.3 percentage point higher than the level in the second half of 2012.

    He said with the inflation rate at 8.4 per cent in June 2013, most deposit rates were negative in real terms, while lending and most money market rates were positive in real terms. The negative real rate of return on deposits acts as a disincentive to savings.

    “Thus, as part of the ongoing efforts to improve the savings culture, the CBN revised the Guide to Bank Charges requiring banks to pay a minimum of 30 per cent of MPR on savings accounts, among others,” he said.

    He explained that inflationary pressures moderated in the first half of 2013, partly in response to the tight monetary policy stance of the CBN and the stability in the supply of petroleum products.

    “Year-on-year headline inflation decelerated to 8.4 per cent in June 2013, from 12 per cent in December 2012. Also, core and food inflation declined to 5.5 and 9.6 per cent, from their respective rates of 13.7 and 10.2 per cent in December 2012,” he said while listing key risks to inflation in the short to medium term as possible accelerated fiscal releases in the latter part of the year and the upward review of electricity tariffs.

    He said the growth in money supply was sluggish in the first half of last year. “Broad money supply (M2), grew by 0.7 per cent to N15.5 trillion, compared with the growth of 14.8 per cent at the end of the preceding period.

    On an annualised basis, M2 grew by 1.4 per cent, compared with the indicative benchmark of 16.4 per cent for last fiscal year.

    “The growth in money supply reflected the 4.7 per cent rise in net domestic credit of the banking system, demand deposits (DD) declined by 11.2 and 2.3 per cent,” he said.

     

  • Bank provides water in Plateau

    Bank provides water in Plateau

    Management of the Northern branch of Fidelity Bank has established a programme as part of extending a hand of fellowship to government and communities across the 19 northern states where it operates.

    General Manager and Head North Bank, Fidelity Bank Plc Idris Yakubu gave this indication during the inauguration ceremony of a borehole which the bank constructed for Plateau State Muslim Pilgrims Welfare Board.

    The borehole is expected to be a water source for pilgrims and people of its neighbourhood behind the Evangelical Church Winning All (ECWA) headquarters Jos. The borehole is the sixth of similar projects constructed by the bank since its existence in Plateau State.

    Yakubu said: “The project was initiated and funded by staff of the Plateau State branch of the bank who volunteered a deduction from their monthly salary through a scheme known as Fidelity Helping Hand Project.

    “The Fidelity Helping Hand Project is an initiative where staff of the bank put resources together to execute project that will be beneficial to the community in which they operate.

    “As a bank, we believe that being socially responsible is the most effective way to bring about change in any society. Taking responsibility is the right way. Indeed, the only way that lives can be touched and enriched in Nigeria today; and if every citizen, be they corporate or individual, can play their part, our country will truly rise above its current challenges.

    “As an institution, we take pride in our humble accomplishments, especially in entrenching the culture of true and responsible citizenship among our staff through constant training and re-training, and undertaking integration exercise in all our business offices. It is this passion for our country and for our people that has motivated the staff-driven initiative, which we fondly call the Fidelity Helping Hand Program (FHHP).

    “Through the programme, we have executed water projects, rehabilitated prisoners, deployed medical equipment and renovated schools and orphanage homes. In the North, we have also inaugurated similar projects in Bauchi, Minna, Sokoto, Jalingo, Gombe, Kano, Kaduna and the Federal Capital Territory (FCT) Abuja where we provided water and renovated schools and homes, extending the helping hands required by the beneficiaries.

    “Recently, we handed over five classroom blocks and female hostel block which were renovated by staff of Gombe branch.

    “Members of the staff in Jos branch have moved to support the Plateau State government’s efforts in area of water supply so as to enhance the standard of living of people of the state that have been hosting us this long. This is the third project we have carried out in the state in the last three years.”

    Continuing, he said: “In Fidelity Bank, our philosophy is that we should not sit and wait for government to do it all. We have therefore resolved to undertake similar projects in six other states in the North between now and February next year.

    “I therefore, on behalf of staff and management of Fidelity Bank, handover this newly-constructed motorised borehole to the government of Plateau State for the use of staff of the state Muslim Pilgrims Board, pilgrims and people of neighbouring community.”

    State secretary of the State Pilgrims Welfare Board, Alhaji Salisu Musa said the gesture from the bank is not only a helping hand for government of the state but an upliftment of spiritual obligation of Muslims in the state. He advocated for such gesture to the Christian Pilgrims welfare board.

    Representative of the Plateau State governor on the occasion who is the state Commissioner for Water Resources and Power Alhaji Idi Waziri described the bank as a worthy partner worth of emulation by other corporate organisations in the state.