Tag: branches

  • Factional transport union threatens to take over leadership, branches in Ogun

    Factional transport union threatens to take over leadership, branches in Ogun

    •Police, state govt disown factional group

    There was anxiety yesterday in Abeokuta, the Ogun State capital, and other parts of the state over a likely outbreak of violence following alleged plan by a group to take over the leadership of the Amalgamated Commercial Motorcycle Owners and Riders Association of Nigeria (ACOMORAN) in the state.

    The Ogun State Police Command, which also admitted it uncovered the plot, warned against throwing the state into a “pandemonium” by any splinter transport union.

    The command said it would deal decisively with such group.

    Addressing reporters in Abeokuta, the leader of the group, Lateef Yekini, claimed that his group was in possession of the original certificate of the association, adding that he was set to resume work this first week of the year.

    Lateef claimed that the tenure of the current leadership of the association, Alhaji Shamsudeen Apelogun, had ended.

    It was learnt that Apelogun’s tenure would have lapsed last Sunday but was returned for another five-year tenure after the amendment of the union’s constitution.

    Lateef said it was his turn to lead the union after the stipulated constitutional tenure of Apelogun.

    The union leader said his boys would take over all the branches in the state this week.

    But the police, through its spokesman Abimbola Oyeyemi, an Assistant Superintendent of Police (ASP), said it recognised only transport unions and groups that were backed by the law.

    Oyeyemi said the police uncovered alleged move to create chaos in the state by factional groups within the transport unions but assured the residents that the command was committed to maintaining peace and order.

    He said: “The command wishes to reiterate its commitment to maintain peace and order as well as protect lives and property of the good and law-abiding citizens of the state.

    “The transport unions that passed through the normal legislative procedure and legally recognised in the state are: the National Union of Road Transport Workers (NURTW), Road Transport Employee Association Of Nigeria (RTEAN), Amalgamated Commercial Motorcycle Owners and Riders Association Of Nigeria (ACOMORAN) and Articulated Motorcycle Riders Association Of Nigeria (AMORAN).

    “Anybody or group claiming to be a faction of any of the above-mentioned unions with the aim of causing pandemonium in the state will face the full weight of the law.”

    Also, the state government warned against any attempt by the Yekini-led group to disrupt the existing peace in the state.

    It warned = the faction to stay away from the motor parks across the state.

    In a statement through the General Manager of Parks and Garages, Ayo Ogunsolu, the government said it recognised ACOMORAN, led by Shamsudeen Apelogun.

    Also, ACOMORAN’s Secretary Kayode Showunmi said the union had no faction.

    The union leader noted that Yekini was no longer a member.

    Showunmi said Yekini lost his membership since 2011, following his problem with the union.

    He said the state and Federal governments recognised and related with Apelogun as the Chairman of ACOMORAN.

     

  • StanChart opens more smart branches in Lagos

    Today Standard Chartered has opened the fourth in a series of 10 smart branches to be opened in Lagos by the end of June this year.

    The latest smart branch is located in the Maryland Shopping Mall to support local growing businesses and Ikeja, the business district area of Lagos State.

    The smart branches compliment the bank’s ongoing investment into digital infrastructure, while aligning with its focus on supporting the rapid expansion of key cities across its global footprint in Africa, Asia and the Middle East.

    Through its recently launched ‘Here for Africa’ campaign, Standard Chartered has reiterated its commitment to the continent and ongoing investment strategy, with Nigeria a key focus for expansion. One of the eight fastest-growing cities in Africa, Lagos generates 25 per cent of Nigeria’s total gross domestic product

    Attending the branch opening in Lagos, Jaydeep Gupta Regional Head, Retail Banking, Africa and Middle East (AME) reiterated, “Africa continues to benefit from the Group’s decision to invest $3 billion over three years in digital channels and systems, enhancing our strategic focus, customer experience and security.

    “We’re excited about the opportunities in Nigeria, and Africa as a whole.  We’re investing to bring the best in banking through our digital channels, as well as giving clients the choice of coming to a user-friendly branch when they want advice and a more personal touch.”

    Jaydeep Gupta opened the new branch alongside Executive Director of Finance for the Bank in Nigeria Yemi Owolabi and the Bank’s Head of Retail Banking for Nigeria, Ebehijie Momoh.  Maryland Shopping Mall Branch is a compact ‘smart branch’, incorporating digital elements such as iPads and free wifi, as well as on-hand experts to help customers maximise the advantages offered by the Bank’s enhanced digital channels.

    Executive Director, Finance for Nigeria, Yemi Owolabi, commented, “Our Retail Banking business in Nigeria has been growing from strength to strength.  Thanks to the support from Government and the Nigerian people, we will continue to invest in our capabilities to deliver increasingly efficient, cost effective and accessible banking for all our customers.  With these additional branches, we aim to extend the reach and accessibility of banking, while freeing up our clients’ time to focus on their personal priorities.”

    Head of Retail Banking for Nigeria, Ebehijie Momoh, commented, “We are aligning with our global retail strategy to streamline our business operations, and build scale in Lagos –  one of our African cities identified for growth, and already benefiting from the Bank’s global platforms, digital innovations and market leading online and mobile channels.

  • ‘If money does not grow on trees, how come banks have so many branches?’

    For as long as we refuse to sit down and grow a viable African economy, we will continue to have our heads shaved. We love to go to the west to learn a very valuable lesson: stupidity does not deserve stardom.

    Now, I do not understand the intricate and complex contents of the subject of economics. For instance, I always thought that the law of demand and supply means that when I stretch out my paws to demand the housekeeping money, it must be supplied. I demand, he supplies. What then is this thing that I’m hearing about the conditions being right?

    I mean what other conditions do I need apart from the triggering circumstances such as empty food bins, a number of rumbling stomachs in the house, and the dog going around whining the irritation out of everyone? The dog has become something of an expert at rousing people’s suspicions, prompting the neighbours to ask: what was wrong with your dog yesterday? I heard it crying throughout the day. Mostly, the paws I hold out in demand have never come back to me empty without a little something, but I found out not long ago that it is not necessarily for the sake of the people in the house; it is to keep the dog quiet.

    When I was young and made an economically unreasonable demand of my parents, I often got the reply in this rather curt question: ‘Do you think money grows on trees?’ I have since found out that it is every parent’s God-given anthem. Back then, however, it usually made sense largely because I had never seen a tree sprouting money and so, I understood it to mean that I was being denied; and also that I had pushed the parents into the exasperation zone and I was therefore just one word away from being cremated. Just one word more, and… It thus always kept me quiet for I had no answer. But the present breed of children appears to have come down to earth with the answer to that question in their left hand. A little girl said to her mother in reply to that question: ‘If money does not grow on trees, how come banks have so many branches?’

    With this question permanently hanging over children’s heads, they soon learn to school their demands to wait for the day they find out just what money does grow on. Such a day soon comes when they find it. It is called getting a job. Birds do it, humans do it also. As soon as a baby bird is old enough, the mother bird pushes it out of the nest to fend for itself, mostly because she’s tired of hunting for the food, chewing it into bits and dropping it into the waiting throat of the wee one. When humans do it, it is generally for the same reason: the fathers are tired of hunting for the money, breaking it into bits and dropping them into the bottomless pit of their teenagers’ pockets. A teenager I know once complained that his father was fond of paying his allowance in large denominations which he often found hard to break. Taxis never have change. Couldn’t his father pay him in smaller denominations? I did not record the father’s reply to that intelligent question.

    In the human realm, therefore, fathers are generally the ones who push the young ones into the world economic market. A highly educated father was said to have enrolled his school-going son in the bricklaying profession ‘for a spell’ so he would know what earning money felt like. The son has never forgiven his father, though remains grateful to him for introducing him early into the activities of the economic community, helping him learn early how not to watch the grass grow under his feet.

    Now, that was not the problem of my grandmother. She never gave the grass as much as a breathing room while she was alive. She was constantly on the move because she believed that there were two ways to make money: beg, steal or borrow being variations of the same theme and one was as good as the other; or work. She chose to give us children the example of work as a way for us to understand how to make our money grow. To this day, I have looked suspiciously at both work and borrowing/stealing/begging and have preferred to make my money grow by putting it to work.

    Sadly, my money is not growing because most businesses today find themselves in an ever upward-growing struggle with the government’s catalogue of inefficiencies: inconstant policies, shortage of electricity, water, peace… So, conditions for creating wealth are simply not there! And so, poverty is becoming contagious because debts are piling up. Worse, I read the other day that the unemployment figure is growing something thick in the country.

    Believe me, learning that the various governments under whose care I have innocently existed over the years had incurred a lot of debts in my name has given me horrific nightmares to say the least, and one prayer; thank God my grandmother is no longer around to hear this. And those of you who still have grandmothers to hear this, well, the best thing is not to translate this news to them. Anyway, most governments I know go about laying aside the little nest egg that will not only take them through many rainy days but also ensure their independence so that they don’t go a borrowing and a sorrowing, because he who goes a borrowing goes a stealing. Indeed, the borrower has just one prayer on his lips on waking: forgive us this day our daily debts, just as we probably forgive those who’re debtors against us.

    Our governments do not do that. What they do instead is to perennially go a blowing, and when the needs are on them something thick, they have simply dusted their begging bowl and gone looking for the Paris Club or the IMF, on my and on your behalf. And, listen to this while I tell you, I hear that all that lolly they are said to have borrowed over those years have not even been spent here according to the dictates of their wise hearts. But the lenders have told them how the money must be spent in the lenders’ nations even before they have reached home. Their duty has been just to come home and tell you and me about the loan. A real economic mess, no?

    I have always maintained that Nigeria, like other African countries, is running an economic system it does not understand. It is a player in a field that is completely foreign to it. The truth is that the modern economic system evolved while we were busy building the thatches on our huts across the breadth of the continent and paying our helpers for their services by returning the compliment. By the time we looked up, the law of supply and demand had been invented to replace communal sharing, and goods and service sectors had also been invented to replace good names. In place of cowries, people had also discovered the use of money.

         So, from trade by barter in the early centuries, Africa was catapulted straight into the market economy of the twentieth century. This is why, in the world economy, we look like new recruits in the army who have no idea of what lies ahead. We have no idea that the first thing they do in the army is shave the recruit’s head. For as long as we refuse to sit down and grow a viable African economy, we will continue to have our heads shaved. We love to go to the west to learn a very valuable lesson: stupidity does not deserve stardom. Now, please don’t ask me what that means.

  • e-clearing at branches may begin in Q4

    Electronic clearing (e-clearing) will be extended to banks’ branches this third quarter of the year, it was leant.

    However, this is subject to the Central Bank of Nigeria (CBN) approval.

    The policy, which became effective last August, could not be implemented in all banks’ networks because of poor technical know-how and infrastructure needed for seamless take-off in those units.

    An Executive of Sybrin Systems Limited, Daniel Parreira, said provision of sophisticated payment solutions, adoption of fully integrated management systems and anti-fraud mechanisms by banks will enable them achieve the feat.

    Decentralisation to branches, he said, will further reduce the pressure on clearing centres at banks’ headquarters.

    Sybrin Limited, a software technology firm based in South Africa, provides e-clearing services and other payment solutions among Africa’s leading banks, clearing houses and corporations.

    Besides, banks are expected to plan transmission of their outward presentation by taking into account presentation volume, the bandwidth of network with the clearing house, and the session window. In the event of an exchange file being received at the clearing house within a session time but not passed to the clearing house, the clearing house would unbundle the exchange file, and reattach to a new session.

    In case e-banking fails, paying bank may return such items with appropriate return reason codes.

    The introduction of truncation process changes the roles and the responsibilities of the various participants in the clearing system and may lead to introduction of certain risks.

     

  • Experts back CBN directives on off-shore branches

    The decision of the Central Bank of Nigeria (CBN) to re-strain banks from using local funds to finance their off-shore subsidiaries will help in protecting depositors, experts have said.

    The former director, Banking Supervision, CBN, Mr Titus Okunronmu, said the apex bank stopped banks against taking such funds abroad for investments to protect depositors.

    He said depositors had lost huge funds to the liquidation of banks, arguing that the apex bank does not want a recurrence. He said the ideal thing is for banks to make money where they are operating and not to repatriate funds generated locally to international markets.

    The moment Nigerian banks start complying with the corporate governance issues of their host countries, they would survive offshore, he said.

    According to him, depositors are crucial to the growth of the industry and any attempt to gamble with their money would have dire consequences.

    He said it would amount to uncalculated risks if banks use local funds to finance foreign subsidiaries, stressing that CBN has taken a good decision. He said banks have demonstrated capacity to succeed by taking some proactive measures, adding that such efforts would improve the economy.

    Former President, Association of National Accountants of Nigeria (ANAN) Dr Samuel Nzekwe cautioned banks against flouting rules relating to raising funds at the international market.

    He said if banks got cheap funds, the tendency to mismanage the cash would be, adding that depositors’ fund are cheap money because banks do not pay special interest on them. He advised them to raise money for investments in countries where they operate subsidiaries.

    Chief Executive Officer, Dunn Loren Merrifield, Mr Sonnie Ayere, said the CBN directive was to prevent banks from using local funds to fund offshore operations.

    “While we cannot blame CBN for warning banks against using the local funds to finance offshore subsidiaries, it is pertinent that the apex bank monitor the banks well to avoid crises,” he said.

    He added: “What CBN is saying is that banks should CBN raise the money in international markets to finance their subsidiaries. Raising capital is a task in the country. If for instance, bank A or B has taken most of its capital abroad, this implies that the bank must raise fresh capital to make its balance sheets look good. To avoid immediate and future problem, CBN has directly puts a safety valve on depositor’s money by issuing the directive.”