The Nation Newspaper

Tag: Finbank

  • Ex-Finbank chiefs ask court to dismiss theft charge

    Ex-Finbank chiefs ask court to dismiss theft charge

    A former Managing Director of Finbank Plc, Okey Nwosu and his co-defendants, on Monday asked a Lagos High Court, Ikeja, to dismiss the N10.9 billion theft charge preferred against them.

    Nwosu and three former directors of the bank made the request in separate no-case submissions filed by their counsel.

    The News Agency of Nigeria (NAN) reports that Nwosu is standing trial alongside the trio of Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike before Justice Lateefat Okunnu.

    According to the Economic and Financial Crimes Commission (EFCC), the former bank chiefs are facing a 26-count charge of stealing to which they had pleaded not guilty.

    The EFCC had closed its case on June 28 after calling nine witnesses to testify against the bank chiefs.

    At the resumed hearing of the case on Monday, the defendants’ counsel — Messers James Ocholi (SAN), Seyi Sowemimo (SAN) and Okorie Kalu — said they had filed no-case submissions.

    They told the court that they filed the applications because no prima-facie case had been established against the defendants to warrant them to open their defence.

    The EFCC counsel, Mr. Rotimi Jacobs (SAN), opposed the applications, saying the prosecution had filed its counter-affidavit to the applications which had been served on the defendants.

    Justice Okunnu adjourned the matter till September 30 for hearing of the applications.

     

  • FCMB declares N116.83bn gross earnings in 2012

    FCMB declares N116.83bn gross earnings in 2012

    First City Monument bank (FCMB) has announced a growth of 54.3 per cent in gross earnings for the financial year ended Dec.31, 2012.

    The bank said in a press statement issued in Lagos on Monday that its gross earnings stood at N116.83 billion in 2012, compared to the N75.70 billion it posted in the corresponding period of 2011.

    The bank also declared a bonus of one additional share for every 25 shares held by its shareholders.

    “Profit after tax grew by 256 per cent to N15.12 billion in 2012 while profit before tax appreciated by 252.1 per cent during the review period to N16.23 billion.

    “Its loans and advances improved by 10.7 per cent to N357.79 billion against the N323.35billion declared in 2011.

    “The bank’s total assets appreciated to N909 billion in 2012, in contrast with N895 billion in the comparative period of 2011.

    “FCMB’s merger with the defunct FinBank also impacted positively on the performance of the bank as its operating income grew by 37 percent,” the statement added.

    Similarly, the bank’s first quarter result ended March 31, 2013 showed, a profit after tax of N4.2billion against the N4.1billion made in the corresponding period of 2012.

    Gross earnings increased to N31.41 billion within three months, compared to N26.12billion posted in the preceding year of 2012.

    The Group Managing Director/Chief Executive of FCMB, Mr Ladi Balogun, said that the bank was pleased to return to profitability after the challenges of 2011.

    Balogun attributed the growth to successful merger between the bank and the defunct FinBank.

    “The trend continued in the first quarter of 2013 and we expect our performance to gather momentum as we begin to improve productivity of the immense resources and capacity we have acquired”.

    Balogun said that the bank had set a target to be among the top five banks in the country by the year 2015. (

  • Court orders release of ex-Finbank MD’s passport

    Court orders release of ex-Finbank MD’s passport

    A Lagos High Court in Ikeja on Friday granted the application by a former managing director of Finbank Plc, Okey Nwosu, seeking for the release of his international passport for renewal.

    Justice Lateefat Okunnu ordered the release of the passport while ruling on the application filed by Nwosu’s counsel, Mr. O. Kalu.

    The Judge, however, directed that both the new and old international passports be returned to the custody of the court’s Registrar after the renewal.

    Nwosu and three former directors of Finbank Plc, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike, were charged for allegedly stealing N10.9 billion belonging to the bank.

    Following the discovery, the Economic and Financial Crimes called one of its investigative officers, Mr. Emmanuel Damudu, to testify against the defendants.

    Damudu told the court how N18 billion was debited from Finbank’s sundry account and used to purchase bank shares for seven fictitious companies.

    The witness, who was led in evidence by EFCC counsel, Mr. Rotimi Jacobs (SAN), said the transactions were carried out on the instructions of the defendants.

    He said the companies were Ferbond Real Estate Ltd., Busch Modern Machine Tools Ltd., Tyco Food Processing Ltd., Omdidem Ltd., Eureka Ventures Ltd., Coastal Lake Ltd. and Cannon Investment Ltd.

    He said some of the shares purportedly bought for the companies were later allocated to the defendants and other directors, who paid for them.

    The News Agency of Nigeria reports that the case was then adjourned till February 26 for continuation.

     

  • Shareholders of FCMB, FinBank approve merger scheme

    Shareholders of FCMB, FinBank approve merger scheme

    Shareholders of First City Monument Bank (FCMB) and FinBank have unanimously approved the proposed merger of the two banks.

    The News Agency of Nigeria (NAN) reports that the shareholders gave their approval on Friday at both banks’ Court Ordered Meeting held in Lagos.

    The shareholders also authorised the banks’ directors to consent to any modification on the merger scheme by the Securities and Exchange Commission (SEC).

    Speaking at the meeting, Mr Ladi Balogun, the Group Managing Director of FCMB, said that the merger would provide considerable benefits and opportunities to the shareholders.

    He said that customers, staff and other stakeholders of the banks would be better off after the merger.

    Balogun said that the merger would enhance the market reach and customer convenience through an expanded 270 branch networks for shareholders.

    According to him, the merger would strengthen the commercial banking business they would engage in.

    “This merger will deepen our capabilities.

    “ It will merge FCMB’s strength in investment banking and FinBank’s competitive advantage in commercial, retail and mobile banking,“ he said.

    Balogun also assured the shareholders of increased returns on their investment in the years ahead.

    “The merger of the two banks will ensure a more robust platform for retail growth,“ he said.

    NAN recalls that FCMB, in February, completed the acquisition of the entire paid-up capital of FinBank and had proposed the merger in line with the Transaction Implementation Agreement of July 14, 2011.

    FCMB was selected as the preferred investor by the board of directors of FinBank after a special examination of commercial banks in 2009. (NAN)