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Tag: bank

  • Fraud cases by bank staff rises — NDIC

    Nigeria Deposit Insurance Corporation (NDIC) says the number of fraud cases attributed to internal abuse by staff of banks increased from 231 in 2016 to 320 in 2017.

    Mr Mohammed Ibrahim, Head, Communications and Public Affairs of NDIC, said in a statement in Abuja on Sunday that the figure was in the organisation’s recent report on off-site supervision of the Deposit Money Banks (DMBs).

    “The report relied on a total of 286 responses received from 26 banks during the period and there were 22 NIL monthly responses from the banks as at year ended Dec. 31, 2017.

    “The 286 responses received from banks in 2017 cited 26,182 cases of fraud and forgeries which is 56.30 per cent higher compared to 16,751 cases reported in 2016.

    “Similarly, the amount involved in the fraudulent activities documented increased by N3.33 billion from the N8.68 billion reported in 2016 to N12.01 billion in 2017 or 38 per cent.

    “However, the expected/actual loss slightly-decreased by N24.42 million or 1.03 per cent from N2.39 billion in 2016 to N2.37 billion in 2017.”

    Ibrahim said Internet/Online-banking and ATM/Card-related fraud-types reported constituted 24,266 or 92.68 per cent of all the reported cases, resulting in N1.51 billion or 63.66 per cent of losses in the industry in 2017.

    He said the report also documented other miscellaneous crimes, such as fraudulent transfers/withdrawals, cash suppression, unauthorised credits and fraudulent conversion of cheques.

    Others are diversion of customer deposits, diversion of bank charges and presentation of forged or stolen-cheques.

    He said that 22 Licensed Commercial Banks and four Merchant banks rendered 286 returns on dismissed/terminated staff as a result of fraud and forgeries during the year under review.

    Ibrahim said out of the 26,182 fraud cases reported by the 26 Licensed Banks, 320 cases were attributable to internal collaboration by bank staff.

    “A total of 320 bank employees had their appointments either terminated or were summarily dismissed in 2017, as against 231 in 2016.

    “That represented an increase of 38.53 per cent in the total number of fraud cases reported in 2017.

    “However, the losses arising from the reported cases decreased from N760 million in 2016 to N682 million or about 11.43 per cent in 2017.”

    Ibrahim said that NDIC attributed the improvement to additional internal control measures adopted by the banks in the wake of the proactive corrective measures taken to ensure their compliance with good corporate governance principles.

    He said NDIC would investigate some banks for  inadequate rendition of returns on instances of fraud, forgeries and cases involving members of staff  dismissed or their appointments terminated on grounds of fraud.

    He said that NDIC made the decision in light of the increase the report revealed.

    He said that Section 35 and 36 of the NDIC Act No. 16 of 2006 (as amended) requires all DMBs to submit monthly information/returns on fraud and forgeries to the corporation.

    He said in spite of the Fidelity Insurance Cover taken by banks to address fraud perpetrated by staff, there was still need for the banks to further enhance their internal control and security measures.

    He said this was because of the rising trend of E-Channels (Online banking and Card-related) fraud and forgeries in the industry which remained a serious cause for concern to the organisation. (NAN)

  • IFC: Nigeria contributes to $42.6tr emerging market bank assets

    Global Progress Report on Sustainable Banking Network says Nigeria remains a major contributor to the $42.6 trillion bank assets by 34 emerging markets.

    The report released by the International Finance Corporation (IFC) of the World Bank Group, said the figure represented more than 85 per cent of the total bank assets in emerging markets in the world.

    It named Nigeria a major force in its support towards development and fights against climate change, in line with objectives of the Sustainable Development Goals.

    “Some of the 34 countries are wealthier than others, but all of them have made progress in advancing sustainable finance reforms. Eight countries include Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria and Vietnam reached an advanced stage. “This is because they have implemented large-scale reforms and put in place systems for results measurement,’’ it stated.

    The report further mentioned that there were practical indicators for countries to apply such reforms to their own domestic markets, regardless of their size or stage of development.

    The IFC commended the endorsement of the Nigerian Sustainable Banking Principles by the Central Bank of Nigeria, to ensure a strong level of involvement from 34 national and international banks.

    The report suggested that to continue to advance in growth of sustainable finance, the country’s banking principles should integrate guidelines related to green financial flows and provide financial or non-financial incentives.

  • Bank supports read aloud marathon to improve reading culture

    Bank supports read aloud marathon to improve reading culture

    After five days of almost non-stop reading, Olubayode Treasures Olawunmi got a well deserved rest, courtesy of GTBank at the WheatBaker Hotel, Ikoyi, Lagos.

    The 40-year old is waiting to hear from the Guinness World Record whether his attempt to surpass Nepalese Deepak Sharma Bajaan’s 113 hours 15 minutes record for the longest Marathon Read Aloud was successful.

    He spent 122 hours from Monday to Saturday at the Herbert Macaulay Library last week attempting to break the record – enjoying only two-hour breaks every 24 hours (five minutes each hour).  During the period, he read 23 books – six more than the Nepalese – to various people who visited the library, even at odd hours of the night, to cheer him on.

    Mrs Abisoye Balogun, Project Manager, Corporate Social Responsibility (CSR) unit of the bank, said at an interview on the third day of the attempt that once confirmed winner, Olubayode would get N1 million from the bank.

    She said the bank, which also renovated the library, got involved to promote the reading culture.

    To this end, it mobilised resources to support Boyode’s attempt, including providing the logistics for the filming and timing of the attempt and its transportation to the London office of the Guinness World Record for assessment.

    “We are trying to promote reading in Nigeria.  There is a decline as to the way Nigerians read, write, and basically to the whole literary space.  So when he wrote to us that he needed our support, we thought it was a good idea,” she said.

    Mrs Balogun said many of the books Olubayode read were by Nigerians and Africans in a bid to promote Nigerian authors.

    “We are trying to promote African books, we are trying to promote the Nigerian authors, not necessarily based in Nigeria,” she said.

    Last Thursday, which was the World Book Day, Oluboyode read to various groups of school children who visited the library.

    The library’s children section which Mrs Balogun said was recently re-stocked, was also opened for young children to read.

     

  • Give women their own bank now

    True, there are women everywhere who seem to live life without a sufficient amount of motivation even to take the day’s bath; but you will also get a good number who have the motivation, strength and zeal to seize the world if given half a chance

    Some years ago, this column called on this nation to seriously consider starting a bank exclusively dedicated to serving women, both rural and urban. The government pretended not to have listened. But I am used to harping on a topic. This year’s theme for the international women’s day on March 8 is Press for Progress, and it gives me the opportunity to sound like a broken record again. This is why I want to repeat my prayer that the Nigerian government should please, as a matter of urgency, consider starting a bank exclusively devoted to serving rural women engaged in agricultural activities and city women engaged in entrepreneurial activities.

    I know women need this bank, the same way I know for a fact that cocks do not crow at midnight unless scared awake by a sudden noise, say from a prowling fox. Who does not fear death? I also know that parrots cannot be trusted with secrets; they have a penchant for speaking out of turns; and I know that you can always trust a dog to point out to you the place of its birth, which is more than I can say for myself. See, I know things. So listen to me as I tell you this: women need their own bank!

    There are countless reasons why a women’s bank, put in the right economically sound hands and completely devoid of politics, can alleviate the sufferings of women, particularly in the rural areas. Let me however tell you one story. It is about a woman in a city who wanted to do something to enable her feed her family. There she was, with many mouths yawning at her and threatening to swallow her up of many mornings, and she not having a farthing to help them with.

    The woman looked left and right and there was none to help her – no husband, no relative, just those yawning mouths. But she did look around her and noticed that her children’s penchant for gulping bread was contagious. All the children in her neighbourhood liked to gulp bread. So, she decided to target their taste and approached a neighbour, who happened to head a community bank, for a loan. He it was who pitied her and gave her a loan of five thousand Naira. Now, why on earth are you laughing?

    Anyway, before long, she had sold the lot of bread she bought for five thousand naira and returned the principal for another loan. Gingered, her creditor extended the loan again and even increased it to a higher amount. Till today, dear reader, that woman regularly takes and returns loans as high as ten thousand Naira each week. Yes, sir, her market enterprise is still bread. And, yes sir, her children are no longer yawning uselessly.

    You might think that story would defeat my own argument. No way; that woman was very lucky that she had someone close by that she could call on. Now think of the millions of women in the rural areas who do not have this kind of luck. Do you want every woman to have to wait to be lucky? If there was a more women-friendly, women-dedicated and women-focused bank that any woman can walk into and take that kind of soft loan, many lives would be made better, particularly those of children who yawn endlessly. More importantly, they even do not have to know anyone in order to get help. That is what we call a good society.

    For some reason or the other, many women are now sole breadwinners in their domains, even without the capital. The society knows this and the government also knows this but would not lift a hand to help many of these women who cannot help themselves. The story is told of a limbless woman – no hands, no legs – who had to paint with her teeth just to feed her family. One in a million, yes, but just go to the rural areas and see; come to the cities and see more of such needs. True, you will get many women everywhere who seem to live life without a sufficient amount of motivation even to take the day’s bath; but you will also get a good number who have the motivation, strength and zeal to seize the world if given half a chance. That chance must be given.

    More importantly, women are much more serious with government’s money and so are not likely to take loans and promptly go and marry more husbands with them. For one thing, the society will not let them. For quite another, their children will not hear of it. Have you seen how ferociously protective children are of their mothers? Phew! I know this from experience. So, new husbands are definitely out.

    The government can be sure that any soft loan given will be used by the women for the women and their children. Believe it or not, there are some children who resume school in their tertiary institutions with two thousand Naira for the semester, while some government functionaries’ children resume in the same school with two hundred Thousand Naira as monthly allowance. (You will notice I have capitalised that t out of respect).

    There is a saying that the strength of a place is really no more than the strength of its weakest member. By analogy, the strength of a country is really no more than the strength of its women. Most of the time, women take care of the children and the disabled. As it is now, women have themselves been disabled by the society. Indeed, women are so disabled they are said to be victims of many preventable deaths: maternal, mal-nutritional, domestic, etc. A woman got very badly burnt once from escaped gas while trying to reheat her husband’s food in the night when he returned from his drinking binge and demanded to be fed.

    It is so bad now that greeting a woman has become a dangerous thing; you never know if she will keel over while answering you. In spite of any amount of malnutrition or fragility, God help the woman who goes on strike against any more child birth. Heaven and hell would witness all the efforts to bring her back in line. A more economically active woman would not only be stronger physically but would be more psychologically prepped to withstand social and health-related challenges.

    Seriously, leaving women behind in the pursuit of social development is doing only a half-job. The plight of most Nigerian women, in both the rural and urban areas, must be put squarely in the picture. As a matter of fact, there is no development index worth considering that does not begin with the status of women. Since they are said to constitute the higher per centage of the population and the lower per centage of the labour force in the formal and informal sectors in Nigeria (and many other places), then the government is doing itself a disservice by not channelling the strengths of women towards higher productivity.

    So, if the government wants to get serious with development, it should not limit the use of women to giving multiple births; or welcome dances to political office holders; or being rented for political programmes. The government should give them their bank for real. This is what will inspire women for progress and ensure a happy home for happy children.

    • This article was first published some years ago, yet little has been heard of the women’s bank proposal announced by the government. Hence the need to renew the call.
  • Why we froze Omokore’s firms accounts, by bank

    Why we froze Omokore’s firms accounts, by bank

    A bank official yesterday told a Federal High Court in Abuja why businessman Jide Omokore could no longer access the accounts of his companies in the bank.

    The bank said it stopped transactions on the accounts in view of “a worldwide freezing order” placed on the accounts into which $1.6bn proceeds of sales of Federal Government’s crude oil were allegedly diverted.

    A Senior Manager with Stanbic IBTC Bank and the Relationship Manager for the accounts owned by two of Omokore’s companies, Adedayo  Adesanmi said this yesterday while testifying as the fourth prosecution witness in the trial of Omokore and others.

    The Economic and Financial Crimes Commission (EFCC) is prosecuting Omokore, his two companies – Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited – and others on a nine-count charge of criminal diversion of about $1.6bn believed to be part of proceeds of sales of petroleum products belonging to the Federal Government.

    Also named as defendants in the case are a former Managing Director of the Nigerian Petroleum Development Company (NNPC), Victor Briggs; a former Group Executive Director, Exploration and Production of the NNPC Abiye Membere and a former Manager, Planning and Commercial of the NNPC David Mbanefo.

    Former Petroleum Minister Diezani Alison-Madueke was also named in the case until late last year when the court struck out her name on the grounds that she was listed as a defendant.

    The trial continues today.

     

  • Man docked for allegedly snatching N1.1m from Bank customer

    Man docked for allegedly snatching N1.1m from Bank customer

    The Police in Lagos on Monday  arraigned an unemployed man, Festus Eboh, in an Ikeja Magistrates’ Court for allegedly snatching N1.1million from an unsuspecting customer who was coming out of  a bank.

    The 35-year-old  accused,  who lives at Meiran, a Lagos suburb, is standing trial on a two-count charge before Magistrate O.A. Akokhia

    The Prosecutor,  Insp  Benedict Aigbokhan, told the court that the crime was committed at Guaranty Trust Bank (GTB), Amuwo Odofin area of Lagos,  at about 12.30 p.m.  on Oct. 14, 2017.

    He alleged that the accused and others at large  conspired to snatch bags from customers coming out of the bank.

    The prosecutor said that the accused criminally waylaid and snatched a bag containing N1.1 million,  the property of an unsuspecting customer who had gone to withdraw the money  from the bank.

    Read Also: CBN orders banks to open 7.6m new savings accounts

    “On Oct. 26, at about 10.00 a.m.,  the accused also snatched another GTBank customer’s 30,000USD at the said place.

    “The accused was apprehended by the police after information got to the bank’s  authorities  and the CCTV was reviewed,” Aigbokhan said

    The prosecutor said that the offence contravened Sections 287 and 411 of the Criminal Laws of Lagos State, 2015.

    The accused, however, pleaded not guilty.

    Magistrate Akokhia, who adjourned the case until March 23, granted the accused bail in the sum of               N1 million with two  sureties in like sum.

    She said that one of the sureties should be a blood relation of the accused, must be gainfully employed and show evidence of two years tax payment to the Lagos State Government.

  • Bank directors with bad loans to go

    Bank directors with bad loans to go

    Bank directors with non-performing loans (NPLs) are to quit or be sacked, according to a new Code of Corporate Governance approved by the Central Bank of Nigeria (CBN).

    Director, Bank Examination Department at the Nigeria Deposit Insurance Corporation (NDIC), Adedapo Adeleke, said the new code was instituted to address the rising cases of insider bad loans, which not only represent a conflict of interest, but are against the prudential guidelines for the industry.

    He described corporate governance as an essential pillar in financial system stability.

    Banks’ assets have depreciated in the last three years, with provisions for NPLs hitting N856.9 billion, due to the drop in crude oil prices. A large part of these bad loans is owed by bank directors and are in most cases unsecured.

    Besides, the economic recession showed that the financial industry still harbours weaknesses in governance, as seen in insider non-performing loans, unreported losses, huge exit packages for directors, over-domineering executive management, contravention of regulatory/prudential guidelines and lending limits, poorly appraised credits and weakening of shareholders’ funds, among others.

    Adeleke, who spoke at the weekend in Kano during a media workshop organised by NDIC for finance reporters, said the Corporate Governance Code for Bank Directors is signed by all bank directors at the point of their appointment, and has a section that empowers the banks’ boards to remove any director with insider non-performing loans. That section says: “If you are having non-performing loans, you will be removed. It is already being enforced except that the regulators are not being dramatic in publishing the names of affected directors,” Adeleke said.

    Speaking on the theme: Curtailing the Growth of Non-Performing Loans in Banks: The Role of Regulators and Supervisors, he  said that delay or non-payment of workers’ salaries by government and private companies is  worsening the level of non-performing loans in the industry. He said the rate of non-performing loans is in excess of 20 per cent as against the five per cent regulatory threshold.

    The NDIC director said when salaries are delayed, workers who have borrowed from banks, especially through consumer loans, always find it difficult to pay back. “If the economy is improving, and government can help to fulfill its responsibilities, including prompt payment of salaries, the level of non-performing loans in the industry will drop,” he said.

    “If people working in companies that are troubled borrowed from banks, it is important that the loans be provided for when their employers can no longer pay salaries,” he said.

    He however, expressed confidence that the current rise in crude oil prices will impact positively on the banking industry and businesses and help reduce the rising cases of bad loans in the industry.

    Adeleke said the establishment of the Asset Management Corporation of Nigeria II  (AMCON II) to buy up non-performing loans as being suggested can only be private sector led. “If there is going to be AMCON II at all, it is going to be private sector-led,” he said.

    He said the CBN Prudential Guidelines allows banks to review  their  credit  portfolio  continuously  (at  least once  in a  quarter)  with  a  view  to recognising  any deterioration in  credit quality. Such reviews, he added, should systematically and realistically classify banks’ credit exposures based on the perceived risks of default.

  • Unemployment: Bank advocates sustained support to MSMEs

    The Development Bank of Nigeria (DBN) has called for a sustained support and improved access to finance for Micro, Small and Medium Enterprises (MSMEs) as a means of managing the growing employment crisis in the country.

    DBN Chairman Dr Shehu Yahaya made this call when Queen Maxima of Netherlands and United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development visited the bank in Abuja.

    Dr Yahaya, who implored the Queen to use her office to push urgently for increased access to finance for MSMEs in order to enhance financial inclusion, also said support to MSMEs will address the global domestic population explosion.

    His words: “I will start by providing context to the situation that will confront the world over the next 20 to 50 years if strategic and sustained support is not afforded MSMEs as a critical segment of any economy.

    “The current world population of 7.3 billion is expected to reach 8.5 billion by 2030, 9.7 billion in 2050 and 11.2 billion in 2100. To manage this growth, 600 million jobs are needed over the next 15 years to absorb a growing global workforce.”

    The DBN boss said the employment need in Nigeria will be 30 – 40 million jobs by 2030 (mostly to be provided by MSMEs) and currently, 50 per cent of Nigeria’s Gross Domestic Product (GDP) is attributed to SMEs and this is expected to grow to 70 per cent in 2050. There are over 37 million MSMEs in the country. However, less than five per cent of these businesses have access to credit in the financial system.

    The DBN Chairman noted that MSMEs are collectively the largest employers in many low-income countries including Nigeria, yet their viability is being threatened by lack of access to risk management tools such as savings, insurance and credit.

    Their growth, he added, is often stifled by restricted access to credit, equity and payments services.

    Yahaya, however, noted that to some degree, the global pursuit of financial inclusion as a vehicle for economic development has had a positive impact in Nigeria, as the exclusion rate reduced from 53 per cent in 2008 to 46.3 per cent in 2010.

    He informed the Dutch Queen that DBN has begun lending operations with the provision of over N5 billion to three national microfinance banks for onward lending to 20,000 MSMEs across every sector of the economy.

    Yahaya told the Queen that DBN believes that access to appropriate levels of financial services in the MSME segment can boost job creation, raise income, reduce vulnerability and increase investment in human capital.

    He appealed to the UN Secretary General’s Special Advocate to emphasise to relevant authorities the importance of strong corporate governance and no political interference in the operations of DBN as key success factors.

    Repling, Queen Maxima said she was at DBN to understand what the bank was doing and use her office to support and help in the success of financial inclusion as well as show best practices required to achievesuch policy.

  • Court hears family’s suit against bank, Registrar of Titles Nov. 13

    Justice Beatrice Oke-Lawal of an Ikeja High Court has fixed  No-
    vember 13 for hearing a suit instituted by the Administrators of the Estate of the late Samuel Iyiola Omotoso against Ecobank Nigeria Plc and the Registrar of Titles in Lagos.

    It was over a landed property on 5, Oduduwa Street, GRA, Ikeja, Lagos.

    The Estate Administrators in the suit numbered ID/3967GCMW/17, which emanated through Originating Summons filed by Rotimi Aladesanmi are: Mrs. Oluwafunmilayo Nwafor, Mrs. Omowumni Olugunja, Mr. Elijah Omotoso and Mr. Emmanuel Omotoso, who are the deceased’s children.

    The administrators are contending the propriety of a Mortgage Deed dated August 24, 2001 and registered as No 14 at Page 14 in Volume 2044 at the Lagos State Land Registry in respect of the property, upon which a credit facility of N155 million was extended to JNC Limited by Ecobank.

    They contended that there was no loan advanced to alleged borrowing company, JNC Ltd, by the 1st defendant (Ecobank) pursuant to, or consequent upon the deed of tripartite legal mortgage registered as No. 14 at page 14 in volume 2044 at the Lagos State Land Registry.

    According to the Claimants, no amount was stated on the deed of tripartite legal mortgage as loan covered by the mortgage, neither is there any date for ‘repayment’ of any loan stated.

    They are praying the court to determine three issues: whether by virtue of the deed of conveyance registered as No.32 at page 32 in volume 1605 at the Lagos State Lands Registry, Alausa, Ikeja between Adeleke Adedoyin and Samuel Iyiola Omotoso, as well as the Letters of Administration issued in respect of the Estate of Late Samuel Iyiola Omotoso, the Estate is vested in the Claimants.

    The Claimants also want the court, to determine whether by virtue of the Letters of Administration issued by the Lagos State High Court in respect of the Estate of Late Samuel Iyiola Omotoso, the handwriting analysis of the signature of the deceased on the mortgage deed is a forgery, and whether the said Samuel Iyiola Omotoso was not and could not have been party to the said mortgage deed at all.

    Further more, the Claimants want the court to determine, whether the fact that JNC Limited, which is the borrower on the mortgage deed, is a legal nonentity and that there was no loan advanced at all before the demise of Samuel Iyiola Omotoso, who was stated to be the Guarantor.

    Consequently, they are seeking a declaration that the tripartite mortgage deed between Ecobank Nigeria Plc, JNC Limited and Samuel Iyiola Omotoso, is not valid, null and void and of no effect, whatsoever.

    They also want an order, setting aside the tripartite mortgage in respect of the property, as well as an order directing the Registrar of Titles Lagos State (2nd defendant), to forthwith remove from the register the mortgage deed registered as No. 14 at page 14 in volume 2044 at the Lagos State Land Registry, Alausa, Ikeja.

    The Summons is supported by 17-paragraph affidavit, deposed to by one Akpobome Deniran, a Legal Practitioner with Rotimi Aladesanmi & Co., and a written address in support of the motion and exhibits, which include a forensic report examination and comparison of signatures from the Special Fraud Unit of the Nigeria Police, Ikoyi, Lagos.

    Responding to the suit, the defendants in a preliminary objection, urged the court to strike out the suit for being fundamentally flawed, having been commenced through an originating summons instead of writ of summons.

    The defendants stated that, the suit lacked merit, as they were properly in possession of the property by reason of the tripartite mortgage deed.

    The defendants averred that, they did not forcibly take possession of the property on November 10, 2016 as deposed to by the applicants, but that AMCON took possession of the property on March 31, 2016, pursuant to the order of court.

    They further averred that the deed of legal mortgage, entitles AMCON to sell, assign, retain possession, and occupy the land, the subject-matter of the mortgage.

    “The true position of events is that late Samuel Iyiola Omotoso, was the initial owner of the property at No. 5 Oduduwa Street, GRA, Ikeja, Lagos whose title is registered as No. 32 at page 32 in volume 1605 at the Land Registry.

    “That the 1st defendant (Ecobank) granted several facilities to JNC Limited, which were secured with a Deed of Legal Mortgage dated 24th August, 2011, and entered between the 1st defendant and Mr. Samuel Iyiola Omotoso, over the property at No. 5 Oduduwa Street, GRA, Ikeja, Lagos and subsequently registered as No. 14 at Page 14, Volume 2044 of the Lagos State Land Registry at Alausa, Lagos.

    That the Deed of Legal Mortgage, was executed by the parties in February, 2009, but the Deed was registered in 2011 during the perfection process, to meet the registry requirement since the date on the mortgage forms should not be backdated.

    “That upon the expiration of the facility granted by the 1st defendant, JNC Ltd defaulted in its obligations towards the 1st defendant.

    “That following the inability of the said JNC Ltd to meet the repayment terms of the facilities granted to it, the loan was sold and assigned to the Assets Management Corporation of Nigeria (AMCON) via a Loan Purchase & Limited Servicing Agreement dated 6th April, 2011”, Ecobank averred.

    According to the defendant, Section 44 of the Constitution, does not apply to land taken possession of based on a mortgage.

    They also averred that, there is a loan purchase agreement between AMCON and Ecobank Plc, in respect of JNC Limited account and many other accounts.

     

     

  • Bank advises students to cultivate saving culture

    The management of Skye Bank Plc has charged students to cultivate the culture of savings, if they want to become responsible adults.

    At its ref and win promo and famous campus storm taken to tertiary institutions across Nigeria, the bank said the financial independence of youths is most paramount in order for them to achieve the desired socio-political and financial self-reliance.

    Speaking at the grand finale of the campus storm at the Obafemi Awolowo University, Ile-Ife, the Head, Retail of the bank, Mrs. Ayodele Olojede, said “the promo is aimed at putting our youths in the line of savings and the best way to get that done, is to get them sign on with this Skye  campus plus account.”

    According to her, there could be no better time than now to encourage students to develop the culture of savings, more so there is a clamour in the country for active participation of youths in politics.

    She said Skye Bank considers very imperative, the activation of the campus account saving package and financial literacy for students in tertiary institutions.