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Tag: First City Monument Bank (FCMB)

  • FCMB supports capacity building for SMEs

    First City Monument Bank (FCMB) has reiterated its commitment to building capacity of Small and Medium Enterprises (SMEs).

    In a statement, the bank  explained that the rationale behind its capacity building programme, tagged, ‘’Business Enterprises and Sustainability Training (BEST)’’, for SMEs, is to lay a solid foundation for their long-term success.

    The bank added that this will also enable entrepreneurs to have access to business management skills and advisory services, learn and acquire competencies which they can apply for effective management of their respective businesses in a sustainable manner.

    FCMB held the sixth edition of the BEST programme for existing and start-up SMEs held in Uyo, Akwa Ibom State on June 8, 2019. Hundreds of existing and start-up entrepreneurs from the six states in the South-south zone took part and benefitted from the intensive training and empowerment exercise. This followed the huge success recorded at previous editions of the training across Nigeria since it commenced last year.

    The initiative, led by FCMB Training Academy, the bank’s Business Banking Group and seasoned facilitators, focused on business and skills development, marketing, finance and accounting for SMEs. It covered various topical areas such as identifying business opportunities, surviving in a harsh business environment, improving productivity, raising capital, optimising sales, cost and revenue management, among others. It is one of the value-added offerings of FCMB to complement its efforts in the areas of lending and advisory services to SMEs with the objective of stimulating their growth and contributions to overall national development.

    Read Also: FCMB urges SMEs to promote economic growth

    According to the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, the Bank recognises the increasing role and impact of SMEs.

    “The BEST initiative is one of the innovative ways we empower, promote and support the growth of our SME customers because without effective training and exposure, it could be quite difficult for their businesses to succeed. We believe this training will go a long way to impact positively on the SME operators who have participated in this programme. It will propel them to further develop themselves in order to compete favourably within and outside the Nigerian market. We, therefore, urge the beneficiaries to take advantage of the unique opportunities provided by this exercise, because it is a veritable platform for them to take the lead in driving the diversification and growth of the Nigerian economy’’, she said.

    Also speaking, the Head, Training Academy of FCMB, Sola Oyegbade, stated that: “Just like the roots of a tree are responsible for the overall health and strength of the tree, FCMB BEST initiative has become a forum for feeding the SMEs with relevant resources to nurture and nourish their businesses profitably through tested and proven principles for capacity building, skills development and sustainability.

    FCMB Training Academy is playing its part as a skillful gardener alongside other stakeholders to ensure the sustained health and continuous growth of all the SMEs that have subscribed and partnered with us in the BEST initiative’’.

    “I appreciate FCMB. The programme was very enlightening and a full package of information. I have realized that apart from funds, all businesses also need training to succeed’’.

    Another beneficiary and Managing Director of True Colours Fabrics, Mrs. Grace Mbang, stated that: “The BEST programme by FCMB is very impressive and an eye-opener. It provided me with comprehensive business training and mentorship. This will help me understand the needs of my customers and how best I can meet such needs.  The women in business initiative is also a good one for female entrepreneurs like me. I intend to key into it’’.

    Beyond the BEST capacity building programme, FCMB has a number of cutting-edge offerings in the SMEs segment. The financial institution is one of the top participating Banks appointed by the Central Bank of Nigeria (CBN) to drive the N220 billion Development Fund instituted by the apex regulatory institution to provide loans to SMEs. In addition, the Bank offers free banking transactions for a period of three months to new its SME customers.

    FCMB also offers another value-added initiative called SheVentures for women-owned SMEs. It is designed to provide enhanced support to existing and upcoming women-owned SMEs through access to finance, training and mentoring to boost their business in a sustainable manner. SheVentures which also comes with the unique benefit of zero-interest rate for an initial period of three months, is anchored on a unique selling proposition of ‘’Be You’’, which connotes confidence, independence and the courage required by women to fulfill their aspirations. At the launch of the initiative in March this year, some women SME operators received loans ranging from N500,000.00 to N5,000,000.00.

     

  • EFCC arrests Akwa Ibom AIDS director over N30m ‘fraud’

    PERATIVES of the Uyo zonal office of the Economic and Financial Crimes Commission (EFCC) have arrested the Director and Project Manager of Akwa Ibom State Agency for Centre of AIDS, Dr Nkereuwem Akpan, for allegedly embezzling N30 million meant for HIV/AIDS programmes in the state.

    The AIDS programmes include outreach sensitisation, HIV testing and counselling, the purchase of screening and confirmatory test tiebreaker.

    Akpan was reportedly arrested last Thursday following allegation that he allegedly misappropriated the fund, which was paid to the agency last November by the Office of the Secretary to the State Government (SSG) of Akwa Ibom State.

    A statement by the anti-graft agency said investigation into the matter revealed that within the same month the money was released to the agency, Akpan single-handedly instructed that N24,600,000 be moved into the account of a company called Effective Medical Lab belonging to his suspected accomplice, Peter Uduak.

    The statement said Uduak admitted that he received the money on Akpan’s instruction and withdrew same and handed it over to him in cash.

    According to the EFCC, Uduak confessed that he got N100,000 only from the transaction.

    Read Also: We didn’t arrest Okorocha, says EFCC

    The statement added: “It was also discovered that immediately the money hit Uduak’s account, he withdrew the money between November 26 and November 28, 2018, and handed it over to Akpan in cash, and Akpan in turn deposited N22 million into his private account (Life Link Specialist Laboratory) domiciled in Access Bank.

    “Further investigation showed that less than N6 million was used by the suspect for the purposes for which the N30 million was released.

    “During interrogation, the suspect confessed that the essence of instructing the N24,600,000 to be paid into his friend’s company account and later to his company’s account was to conceal the source of the money, having originated from the SSG.

    “The suspect also confessed to using N7,120,000 to buy Christmas rice for people who helped in contacting the authority for the release of the said money.”

    The EFCC said Akpan had made a useful confessional statement, adding that he would be charged to court as soon as investigations are concluded.

    The Commissioner for Health, Dr. Dominic Ukpong, who confirmed Akpan’s arrest, said he did not have details of what led to his arrest.

    “Yes, he was arrested, but I have not been able to get in touch with him since then. I don’t have more details on the matter. I am trying to investigate the claims,” he said.

  • $500,000 ‘fraud’: Court freezes suspect’s three bank accounts

    A Federal High Court in Lagos Friday froze three bank accounts belonging to one Ajineh Pius Erovwose, being investigated by the Economic and Financial Crimes Commission (EFCC) for an alleged $500,000 fraud.

    The accounts are domiciled in First City Monument Bank (FCMB), United Bank of Africa (UBA) and Union Bank Plc.

    Read Also:WAEC to candidates: Beware of fraudsters

    Justice Sule Hassan made the order following an application by EFCC counsel George Chia-Yakua.

    He froze the account, pending the conclusion of the EFCC’s investigation.

    Justice Hassan held: “I have listened carefully to the submission of the applicant’s counsel, and gone through the summons with the affidavit of urgency, affidavit in support, written addresses and the exhibit attached.

    “This application succeeds and the prayer sought is granted”.

    In an affidavit in support of the application deposed to by EFCC investigator, Paul Okoli, the agency said it got intelligence that Erovwose defrauded an American of $500,000 under false pretence through the said bank accounts.

    It asked the banks to place Post No Debit (PND) on the accounts, but Erovwose obtained a magistrates’ court order setting aside the PND.

    The suspect allegedly withdrew the $500,000, leaving a balance of $14,000 before absconding.
    The anti-graft agency said the addresses used to open the said accounts were discovered to be fictitious and that it would be difficult to conclude the investigation or arrest Erovwose unless the accounts were barred.

  • A better Nigeria without oil and gas

    A better Nigeria without oil and gas

    Gold Minds Growers ( GMG ) is an empowerment initiative to change the mindset of Nigerians about the oil and gas sector, and to advocate the need to refocus our policies in the direction of “non-oil sectors” of the economy.

    This will be a significant step towards solving the perpetual problems of unemployment and idleness (especially amongst the youths).

    The programme with theme: “a better Nigeria without Oil & Gas” by Addright Oyetunji Empowerment Foundation, a non-governmental organization (NGO) was launched in 2013, founded by Ademola Issac Oyetunji who is also the president of GMG .

    The NGO which birthed Gold minds growers works in synergy with other well-meaning Nigerians, Government, Agencies, Organization and NGOs to transform Nigeria by utilizing their comparative advantage in other sectors such as Agriculture, Real Estate, ICT, Industries, Miming, Trade and commerce for Nigeria.

    Nigeria, was widely known and recognized across Africa for its economic strength, especially in Agriculture.

    Agriculture was the mainstay of the country for its foreign exchange. However, after the discovery of fossil deposits (crude oil) in Oloibiri (1956), our attention gradually drifted from agriculture. The giant of Africa began to sag in stature and lose its glory.

    According to Mr. Oketokun Tolulope, a member of GMG and a farmer, “I became a member three months ago and fully registered three weeks ago.

    “I got to know about this organization through social media.

    “It really falls in place with what I wanted because I have passion for agriculture; this seems to be an easy way to start. It gives a platform where you can do other work while other people are on your farm working for you.”

    Also, another member of the organization, Mr. Oluwole Otelade said, “I have been a member for three month.

    “I got to know about this GMG through bulk sms. At first I ignored it, however, the text kept coming and I show interest by calling the number.

    “I later met the Director who further explained and I gave it a trial out of risk. Have always been looking for a way to start agriculture my problem has always been about time, land, fund and how to start.

    “This organization has helped me a lot even when I’m not present. All I need to do is pay a certain amount, and they will in turn get people to help with the farming and monitoring.

    However, when it’s harvest time I have to be there physically.

    Presently I am into cassava and short term crops, like maize, melon, ugwu.

    While asking the participants about the economic future of Nigeria without oil and gas, this is what they had to say:

    Oketokun said, “Yes I think so we still have the coco house which was built with agricultural funds; we still have some pyramid in the north built with groundnut fund. Other infrastructures like roads were constructed with agricultural funds.

    “If every Nigerian can find something doing without depending on oil and gas, Nigeria will be rebuilt by Nigerians. The future sets of Millionaires are going to be from agricultural business.”

    Oluwole said, “There is something oil and gas cannot give. When you take from oil, it gradually reduces (obeying the law of nature), but when you take from agriculture you can replenish the soil nutrient; the more the farm area the higher the profit. I think agriculture is the way forward.”

    Bolaji Olayinka, a staff of one of Nigeria’s financial institution – First City Monument Bank (FCMB) also explained the partnership arrangement between GMG and the bank she represents.

    According to her, “this organization have a cooperate account with our bank FCMB. We grant SMA loans especially to farmers. FCMB is like a middle man between farmers and Central Bank of Nigeria ( CBN ).

    “Every fully registered member of GMG has an account with us which means they can be given loan for farming. Before they can grant a loan the account should be above six month. This is an opportunity for farmers to get the much needed help for a successful farming business.”

  • Kalu: Court adjourns N3.2b trial to Sept 11

    Kalu: Court adjourns N3.2b trial to Sept 11

    A Federal High Court in Lagos Thursday adjourned till September 11 the alleged fraud trial of a former Governor of Abia State, Dr. Orji Uzor Kalu and two others.

    Kali, Udeh Jones Udeogu and Slok Nigeria Limited were arraigned last October 31 by the Economic and Financial Crimes Commission (EFCC) before Justice Mohammed Idris on a 34-count charge of N3.2billion fraud.

    They pleaded not guilty.

    Justice Idris adjourned the trial following the conclusion of evidence by the EFCC’s fifth witness, Toyosi Ekorhi.

    Ekorhi, a compliance officer at First City Monument Bank (FCMB), stated under cross-examination by lawyer to the third defendant (Slok Nigeria Ltd), K. C. Nwofo (SAN), that she was not the author of the documents tendered as exhibits by the prosecution.

    On Wednesday, the witness, who claimed she joined FCMB on October 13, 2008, said the documents were retrieved from the archives of the defunct Inland Bank Plc., but she had no knowledge of its contents because she never worked at Inland Bank.

    Under cross-examination by Kalu’s lawyer, Chief Gordy Uche (SAN), the witness said the former governor’s name was not listed as one of the Directors of Slok Nigeria Ltd.

    She added that the second defendant, Udeh Jones Udeogu, was also not a signatory to the company’s account.

     

  • Osinbajo to SIP executors: Help change Nigeria’s socio-economic situation

    Osinbajo to SIP executors: Help change Nigeria’s socio-economic situation

    Acting President Yemi Osinbajo has urged executors of the Social Investment Programmes (SIPs) of the Federal Government to ensure their activities change the current socio-economic situation in the country.

    Osinbajo said this in Abuja on Tuesday while receiving a portal donated by the management of the First City Monument Bank (FCMB) for use in the monitoring and evaluation of the School Feeding Programme under the SIP.

    The acting President stated that the private sector has an active role to play in the implementation of government schemes.

    He, therefore, called on all stakeholders to participate in such programmes with commitment.

    “Our Economic Recovery and Growth Plan really does assume a lot of private sector participation.

    “And we expect that participation to be real and this is the sort of thing we are talking about.

    “I don’t mean just the CSR type of involvement but involvement even in the thinking through how these could be done.

    “We are thinking of doing real a game-changing activity.

    “For example in agriculture; we recognize now that we have got to be able to produce enough rice for our people between now and possibly the end of 2018.

    “We must absolutely stop the importation of rice; there is no reason a country our size with all the arable land that we have cannot produce enough rice for our own consumption and of course export as time goes on,’’ he said.

    He noted that a lot was already going on especially in the Northern borders.

    Osnbajo, however, disclosed that the important thing was that the act of growing rice cannot in itself yield the produce for consumption without the milling aspect.

    “Looking at our milling capacity, which is one of the reasons we are not getting enough rice to the markets, the milling capacity is quite low.

    “But there are a few private sector individuals and companies that are coming into milling now but we really need game-changing activity in that respect,’’ he stated.

    The acting President said some of the mills in the country were very reasonably small mills adding that the country needed to have about 200 metric ton of milling.

    According to him, there is a private investor who has signed up and looking at a million metric tons of milling which he described as huge compared to what the country had some three months ago.

    He said such was the type of game-changing types of investments which the government wanted the private sector to do which could not be provided by government alone.

    The Acting President noted that government could only provide a fraction and could not be providing infrastructure for business when it could not manage such efficiently.

    He said he was excited about what the FCMB represented and had been doing.

    He congratulated the organization for being pro-active and “a company that thinks along with policy makers and with other persons concerned about the Nigerian economy’’.

    Osinbajo expressed Federal Government’s gratitude for the strong support the FCMB had made to the School feeding programme and other efforts of government.

    He said he found the donation impressive because the bank recognized that the business of government should not be left for only those elected or appointed.

    “All of us must be participants because the consequences for good or for ill affect us all,’’ he said and urged other corporate organisations to emulate the bank.

    He said the portal would be extremely useful because the Home Grown School Feeding programme “is clearly the largest of its sort in Africa’’.

    “There is no school feeding programme that matches it in size of complexity as we are dealing with literally millions of school children.

    “And because it is a home grown feeding programme it means there are linkages with agriculture and the entire value chan.

    “It is complex and we are not importing food or selling ready-made food; you have vendors and market people involved in it as well as cooks.

    “it is a very involved process and that is why  this portal is very important because it helps us with the technical aspects to update ourselves, monitor and screen all that is going on,’’ Osinbajo added.

    The Special Adviser to the President on Social Investments, Mrs Maryam Uwais, noted that the bank had engaged the government in December 2015 and offered the portal as its Corporate Social Responsibility CSR).

    She said she was happy it became a reality and being something that the scheme had to take ownership of to be able to engage the states and other participants.

    “It is the first step, we have an enterprise programme office to host all our information so we need to engage with all of that to come up with all we require for a seamless process,’’ Uwais said.

    The Managing Director of FCMB, Mr Adam Nuru, while making the presentation thanked the Federal Government for initiating the HGSF programme to improve the wellbeing of the children.

    He said the bank got involved in the scheme to demonstrate its value as a financial institution committed to delivering exceptional services for life changing opportunities for its customers and the country at large.

    According to Nuru, the portal is an information hub to aid remote monitoring and evaluation of the HGSF programme.

    He said the portal had the capacity to accurately capture data of all school pupils and had a software for parents, teachers and other stakeholders to send daily feedback on the scheme’s field activities.

  • Court adjourns $ .15m fraud case against banker till June 12

    An FCT High Court, Lugbe, on Monday adjourned until June 12, the $150,000 fraud case instituted against a baker, Sylvester John.

    The Economic and Financial crimes Commission (EFCC) had accused the defendant of diverting $150,000.
    The banker, who worked with First City Monument Bank (FCMB), was alleged to have collected the money from one AVM Stephen Onuh, who reported the matter to the EFCC.

    EFCC witness, Muhammed Marafa, on cross-examination by EFCC prosecutor Abubakar Ringim, told the court that EFCC received a petition from FCMB that the defendant collected the said amount from the complainant.

    According to Marafa, the complainant gave the defendant the mandate to open a fixed deposit account with the said amount, but he diverted the money.

    He said that the case was reported to the bank fraud unit of the EFCC.

    “The suspect was arrested and taken to the bank fraud unit, where the copy of the petition was given to him and he willingly volunteered statement.

    Marafa said that EFCC has five bank fraud units in the commission.

    Marafa said that the team of investigators wrote a letter to the FCMB, requesting the statement of account of the fixed deposit account opened by the defendant.

    He said that no such account was opened.

    Counsel to the defendant, Mr Anthony Ameh, said his client was arrested and detained for more than 24 hours without prior invitation.

    He told the court that asking his client to open a naira account, while he was given dollars was against banking rules and procedures.

    Justice Angela Otaruku, who discharged Marafa, ordered the prosecution to bring other witnesses listed to testify.
    The prosecution failed to produce another witness, while the case was adjourned until June 12 for continuation of hearing.

     

  • NGO secures N10 bn loan for young farmers from FCMB

    United Young Farmers Forum (UYFF) has secured a loan of N10 billion from First City Monument Bank (FCMB) to empower 10,000 young farmers in the country.

    President of the association, Mr Orimadegun Wilson, told the News Agency of Nigeria (NAN) on Sunday in Abuja that a pilot phase of the scheme with farmers fron the from the North West and North East geo politicaal zones during this farming season..

    Wilson, who said the loan was derived from FCMB, said the pilot phase was started from the two regions because theof the enthusiasm shown by the prospective participants in the region.

    He added that 75 per cent of the loan guarantee would be covered by Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), while 25 per cent of the risk would be borne by UYFF.

    According to him, beneficiaries are expected to deposit one per cent of whatever was collected to NIRSAL to serve as collateral, adding that the repayment period was one year from the time the beneficiary’s crops mature.

    He also said that the organisation will make a presentation on Bio Organic fertilizer at a joint Federal Government of Nigeria and International Fund for Agricultural Development (IFAD) mission from May 1 to May 12.

    He said that the presentation, which would hold in Katsina, was in line with the Climate Change Adaptation and Agribusiness Support Programme (CASP).

    “UYFF, a Non Governmental Organisation (NGO) is a coalition of young farmers in Nigeria, focused on building the capacity of young people interested in agribusiness.

    “We believe agribusiness is the future for Nigeria, our vision is to create a new generation of farmers who will create wealth, jobs and ensure food and nutrition security in Nigeria.’’

    Wilson also said that the organisation was in partnership with other organisations to build the capacity of the youth in Nigeria.

  • Priest interrogated over banker’s alleged suicide

    The police in Lagos have interrogated the Parish Priest of Our Lady Star of the Sea Catholic Church following the death of a bank manager, Olisa Nwakobi, 44.

    Nwakobi, a manager with the First City Monument Bank (FCMB) was said to have shot himself last Friday following alleged bad loans running into hundreds of millions he approved.

    It was gathered that prior to his committing suicide, the deceased visited the Priest and allegedly left a message for his wife, urging her to cater for their child.

    As a result of that, it was gathered that the police invited the priest for questioning as primary witness, hoping to get more information from him.

    It was learnt that the police commenced investigation into the case following a refutal from the bank on the allegation that the deceased was pressured into recovering or paying the bad loan.

    The bank it was gathered claimed that the deceased incurred huge debts from personal commitments and was about losing everything.

    He was said to have been depressed and frustrated, as his world was crumbling before him.

    A source close to the deceased confirmed he was disturbed by his debt burden, adding that Nwakobi was unassuming, hardworking and generous.

    “He was very worried when he came to me to narrate his debt burden. I was shocked to hear that he had killed himself despite all the assurances I gave him just a night before. This is the most heartbreaking moment of my life,” he said.