Fidelity Bank Supports Improved Maternal Health in Lagos

Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.

The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.

Through the FHHP, staff across the bank's business locations identify projects that benefit their immediate community and gather funds to implement them. The bank's management then matches this contribution with an equivalent amount and allocates it for the chosen projects.

Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”

Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths. In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria. This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”

Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, "This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.” 

“On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center. We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.

One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels. The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Polaris Bank Wins SERAS Award, Africa’s prestigious Sustainability/CSR recognition

Polaris Bank over the weekend, added yet another feather to its cap by winning Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s most renowned and prestigious Sustainability/Corporate Social Responsibility (CSR) recognition, for its consistent and impactful critical community interventions across Nigeria over the years.

At the 18th edition of the SERAS Awards, held at the Oriental Hotel, Lekki, Lagos, recognition came the way of Polaris Bank in what the organisers described as “the Banks unwavering commitment to sustainable development and impactful community interventions across Nigeria”.

The SERAS Awards, widely regarded as Africa’s gold standard in Sustainability and CSR, celebrates organizations that exemplify innovation, impact, and excellence in advancing sustainable development. The awards spotlight large corporations, SMEs, and nonprofits that champion solutions with lasting societal and environmental benefits.

This year’s ceremony brought together an elite gathering of business leaders, global sustainability experts, policymakers, and CEOs dedicated to shaping Africa’s sustainable future. For Polaris Bank, the recognition reaffirmed its leadership in driving transformative change through its strategic Sustainability and CSR interventions.

Polaris Bank’s extensive portfolio of Sustainability, ESG and CSR initiatives which earns it” “Best in Rural Population Integration” award at the SERAs, underscores its commitment to improving lives and fostering sustainable growth in rural and underserved communities. Over the years, the Bank has implemented critical interventions across Nigeria, ranging from providing basic infrastructure to supporting vulnerable groups. Some of its notable achievements include:

Sponsoring the Acquisition  and Planting of 2,000 economic trees across communities in Nigeria...e.g Ajingi community in Kano State.

Donation of equipment and renovation of the Ibeju-Lekki Skill Acquisition Centre

Installation of boreholes in key but underserved communities to provide access to clean water in rural areas.

Delivering educational resources/essentials —including libraries, sandals, bags, uniforms, books, and pens—to over 15,000 indigent students across public secondary schools in Nigeria, ensuring their continuous education with many in remote communities.

Providing over a decade free breast cancer screening support to some 20,000 women and retreat/experience sharing for survivors that has reduced mortality rate in Nigeria.

Establishing hospitals, and reconstruction/rehabilitation centers for victims of sexual violence, and vocational centers for women.

Donating ICT laboratory to IWD Skills Acquisition Center and promoting financial literacy programs in schools.

Launching medical outreach programs and supporting Internally Displaced Persons (IDPs) through significant donations.

These interventions have not only improved living standards, but have also stemmed rural-to-urban migration by making the communities more attractive, conducive and habitable and self-reliant.

Polaris Bank recently demonstrated its commitment to community resilience with the reopening of its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. Following appeal from stakeholders within the community, the Bank’s management approved the complete reconstruction and re-equipping of the branch The reopening marked a turning point for the Sagamu community, restoring access to critical banking services and underscoring Polaris Bank’s role as a trusted partner in economic recovery.

Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, highlighted the Bank’s dedication to sustainability and social impact. “We thank SERAs for the recognition of our bank’s strategic intervention and consistent investment across communities on project that impact positively on the people and the environment”.

In Polaris Bank, Kayode says, “Sustainability is not just a cliché, and it is not a destination, but a journey. Our involvement in community development projects is something borne out of our deliberate effort to impact the citizens through enhanced socio-economic interventions that reduces the impact of climate change on our environment, as it affects the economy and people at large.” he stated.

Participants at the award ceremony leveraged the classy evening, “to connect with like-minded professionals and organizations championing sustainable business practices at an event that celebrated Africa’s sustainability leaders and reaffirmed the shared vision of driving positive, lasting change across the continent.

As a trailblazer in Sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion innovative solutions that address pressing societal challenges.

Polaris Bank Partners Amtis Skills Place to Empower Young, Next Generation Designers

In its determination to produce the next generation of young designers who will go on to capture the imagination of the world in fashion, Polaris Bank partnered, with Amtis Skills Place, a body dedicated to producing contemporary vocational skills to young Nigerians to identify, train and mentor young designers through the 2024 Amtis Fashion Competition.

Since its inception in 2015, Amtis Skills Place has been committed to equipping young Nigerians with vocational skills, bridging the gap between traditional education and the evolving job market.

This year’s event, proudly sponsored by Polaris Bank brought together emerging designers aged 18 to 35 gathered to design garments inspired by vintage styles. Teams include; fashion designers, makeup artists, and models working collaboratively. Participants were judged on creativity, craftsmanship, teamwork, and adherence to the vintage theme, celebrating classic fashion eras; while empowering the next generation of entrepreneurs.

The competition, organized by Amtis Skills Place, culminated in an awards ceremony where three finalists emerged as winners. Wuraola Robert clinched the top prize of ₦500,000, while the second and third-place winners were awarded ₦300,000 and ₦200,000, respectively.

In an address to the participants delivered on behalf of Polaris Bank’s Managing Director/CEO, Kayode Lawal remarked: “Polaris Bank ensures that you achieve your dreams in the right perspective, which is why we partnered with Amtis Vintage Fashion. We can assure you that there will be bigger things in the coming year: a more expanded event, more content, more giveaways, and greater empowerment for the business sector.”

The Managing Director of Amtis Skills Place, Omotunde Adebusola, commended Polaris Bank for their pivotal role in supporting entrepreneurship in the country especially, the competition saying: “We are deeply grateful to Polaris Bank for believing in our vision to nurture young talents. Their partnership made this year’s event a resounding success, and we look forward to even greater collaborations in the future.”

The overall winner, Wuraola Robert, expressed her gratitude after receiving the grand prize saying: “I am overwhelmed with joy and gratitude to Polaris Bank for this incredible opportunity. This competition has transformed my career, and I’m excited to invest this prize into growing my brand.”

The Amtis Vintage Fashion Competition exemplifies the mission of Polaris Bank and Amtis Skills Place by empowering participants to translate their creativity into viable careers.

Polaris Bank was adjudged Nigeria’s Best Bank for MSMEs of the Year in Business Day’s Banks and Other Financial Institutions (BAFI) Awards & Nigeria’s Best Bank in MSME Lending in the maiden MSME Awards organized by Nairametrics & The Economic Forum.

Polaris Bank Trains More Than 5,000 Journalists Pan-Nigeria In 10 years

 

Polaris Bank Limited, Nigeria’s leading digital retail commercial bank, has empowered more than 5,000 journalists across the country through its yearly media capacity building workshops in the last 10 years.

The 2024 edition of the media workshop, which held on Thursday in a hybrid format, focused on "Integrating AITools in Contemporary Media Practices for Innovation and Excellence."

Speaking at the event, Rasheed Bolarinwa, Head of Brand Management and Corporate Communications at Polaris Bank, noted that the bank will continue to provide its unwavering support for the journalists and the media as a vital pillar of society.

"We believe that journalists and the media plays crucial role in shaping public discourse and fostering informed citizenship," Mr. Bolarinwa said. "Our commitment to training journalists across the media spectrum, is rooted in our belief that they (journalists) deserve the best possible support to excel in their profession."

He said the bank started the media training partnering journalism clinic and holding workshops in various cities across the country. The media clinic which focused on divination of the media, was facilitated by Mr. Taiwo Obe, a veteran journalist.

Bolarinwa disclosed that more than 500 journalists registered for the 2024 edition and expressed the hope that the bank will continue to do more to support journalists and the media by bringing the best faculty to facilitate contemporary issues at its subsequent media workshops.

The programme featured a diverse range of topics, including; creativity, AI tools, and critical thinking. Dr. Chike Mgbeadichie, a Senior Lecturer at the Pan-Atlantic  University, provided insights into the application of AI tools in media practices while Mr. Lekan Otufodunrin, Executive Director of the Media Career Development Network, discussed contemporary media trends such as multimedia journalism, fact-checking and data journalism.

Dr. Mgbeadichie noted that at the end of the seminar, participants will be able to reflect deeply on thinking, actions and processes needed to generate ideas, possibilities and actions. He added that journalists should be able to figure out how to analyze, synthesize and evaluate information; know the different AI tools available in the media space as well as understand the benefits of AI tools in contemporary media practices, among others.

Mr. Otufodunrin explained that journalists should be adept at the use of solutions journalism to enhance their investigative capabilities, using new tools such as OSINT, Geo journalism, data analysis, digital forensics, website blogs, social media, newsletters, podcasts e-publishing and social media engagements, among others.

Participants from across Nigeria, both online and in person, expressed their gratitude for the opportunity to enhance their skills. Segun Adeleye, publisher of Worldstage, commended Polaris Bank for its continuous dedication to fostering media excellence in Nigeria.

Court Adjourns Arraignment Of Two Lawyers, Businessman Accused Of Forgery, Damage To Property Nov 28

                       Ademola Owolabi

Justice S.I. Sonaike of the Lagos High Court, TBS has adjourned the arraignment of two lawyers, Ademola Owolabi, the managing partner of Ademola Adetokunbo & Co., and Adebayo Akeju, who is a partner in a law firm called Adon Partners, Lagos, as well as a real estate developer, Alex Ochonogor, to November 28.

Ochonogor is the owner and managing director of Bluecrest Homes Limited, where Owolabi is also the company secretary.

The adjournment followed the absence of the suspects and their counsel in court on Monday, when the matter was called before justice Sonaike.

The suspects are facing a five count charge of conspiracy to commit forgery, forgery, and willful damage to property pressed against them by the Lagos State government in suit marked LD/23611C/2024.

When the matter was called, the Director of Public Prosecution (DPP) of the Lagos ministry of Justice, Dr Babajide Martins announced his appearance. He told the court that the AG directed him to call a meeting on the matter. He said in view of the directive, the court should adjourn the matter.

Consequently, the court adjourned the matter till November 28, 2024 for arraignment/further report from the DPP office. Prior to this, a mild drama ensued when the matter was called. The case file was not before the court. This reporter gathered that the Deputy Chief Registrar requested for it on Friday. As a result, the judge called for it and waited until it was retrieved.

Meanwhile, while the defendants have refused to appear in court for arraignment in previous dates, instead they petitioned the Attorney General of Lagos to discontinue the charge and also induced the Police to re-investigate the case which is already in court.

In addition, the defendants are also intimidating the complainant’s witness through the Police.

In a petition to the AG dated October 11, copied to the DPP, the witness, Alao AbdulFatai explained that officers attached to General Investigation Section (G.I) of the Force CID Annex, Alagbon, Ikoyi Lagos invited him surreptitiously into the unconstitutional act of fresh interrogation on a matter before the court.

He mentioned the officers who interrogated him as CP. Ronke Okunade Nurat, CSP. Olatunbosun Olawale and

Inspr. Suleiman Umaru.

AbdulFatai, who is a lawyer wrote: “When I got there, I was staggered when confronted with the same facts that I had made a statement on and already before the court, which was different from the Letter of Invitation Police sent to me.

“Unfortunately, I had to make a statement on the same issue, under reservation of the unconstitutionality of reinvestigating a matter that is already before the court, the said re-investigation, being on the request of the accused persons.

“This is strange because all over the world, an accused and his lawyers are always happy on shoddy Police Investigation because it gives them the leeway to get exonerated in court. However, in this case, the accused asked police to reinvestigate to exoneration them.

“At the said re-investigation, the talking point of the officers from what I saw was that they were making a case for the accused, meaning that they were either influenced to conduct the investigation that way, or there was a petition to that effect, of which the intention is to intimidate me as a witness, or thwart the matter in court. no petition was shown to me.

“I had written a petition of threat to life against the trio, because I am now in fear of my life and I copied your office. kindly find your copy as attached, most especially that Bayo Akeju has gone to press to libel and defame me by stating in a publication that I have been disbarred.”

This reporter gathered that the Principal Secretary to the President of Nigeria, Hakeem Muri-Okunola, popularly called HMO, is the one pulling the strings from Abuja to aid the accused persons to evade justice, although HMO had vehemently denied the allegation too.

Counsel to the complainant, Anthony Omaghomi had also expressed concern that Ochonogor perfected titles when there was a registered caution on the property.

He has consequently asked the Registrar of Title, Lagos State Land Bureau Alausa Ikeja, Lagos State to provide him with the outcome of investigation and deregistration of consent “issued to Ochonogor registered as No: 40/40/2525 over all that parcel of land situate, lying and being at Lekki known and referred to as Plot No. 10 Block 133 Lekki Peninsula Residential Scheme 1, Eti-Osa Area of Lagos State of Nigeria containing an Area of approximately 1139.98 Square Meters with Certificate of Occupancy registered as No. 36 at page 36 Volume 1994W.”

According to charge against the trio, the statement of offence in count one says: “Conspiracy to commit a felony to wit: Forgery contrary to Section 411 of the Criminal Law,Ch.C17, Vol.3, Laws of Lagos State, 2015.”

Particulars of offfence states: “Ademola Owolabi (M), Adebayo Akeju (M), Alex Ochonogor (M) and others (now at large) sometimes in year 2015 at B604, Safe court Apartments, Ikate, Lekki, Lagos State in the Lagos Judicial Division conspired among yourselves to commit a felony to wit: Forgery.”

In count 2, they were charged with forgery contrary to Section 365 (1) of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

“Ademola Owolabi (M), Adebayo Akeju (M), Alex Ochonogor (M) and others (now at large) sometimes in year 2015 at B604, Safe court Apartments, Ikate, Lekki, Lagos State in the Lagos Judicial Division with intent that it be acted upon as genuine did forge an affidavit of loss of certificate of occupancy purportedly sworn at the Registry of Ministry of Justice, Alausa, Lagos State on 23rd day of September, 2014 to falsely indicate that the original of Certificate of Occupancy Number 36/36/1994W issued to one Hamza Al- Mustapha got missing.

Also, contrary to Section 365 (1) of the Criminal Law, Ch.C17, Vol.3, Laws of Lagos State, 2015, the suspects were accused of forging a Demolition Notice Number 0000025 titled "Audit of Illegal structures within Government Schemes Acquisition and Revocation Areas" purportedly issued by the Governor's Office, Lands Bureau, Directorate of Land Regularisation, Secretariat, Alausa with the intent for it to be acted upon.

They were also accused of procuring a forged Memorandum of Loss of Certificate of Occupancy purportedly dated September 25, 2014 to falsely indicate that original of Certificate of Occupancy Number 36/36/1994W issued to one Hamza Al-Mustapha Certificate got missing as well as willfully and unlawfully destroying a bungalow located on Plot 10, Block 133, Lekki Peninsular Residential Scheme 1, Lagos State, property of one Dr. Obidigwe Eze, who resides abroad.

The background to the charge is that Owolabi and Akeju both lawyers materially aided Ochonogor a businessman, in dispossessing Dr Eze of his property known as Plot 10 Block 133, Lekki Penninsula Residential Scheme 1, Lagos State.

USP Communications Limited sold the land to Dr Eze in May 12, 2005, where he erected a bungalow and has been in peaceful possession.

Upon invasion of the property by the accused persons for land grabbing purposes, the Police waded in and investigated the root of their title.

The investigation revealed that Owolabi and Akeju had forged series of documents to establish that the property still belonged to Major Hamza Al-Mustapha, who was the original allottee, but has since sold the property in 2002 to Continental Properties, who in turn sold to USP Communications that finally sold to the current owner, Dr Eze.

Relying on the premise of alleged missing title documents to the land, Akeju allegedly approached Major Hamza Al-Mustapha, while still in Prison, on the basis of assisting him in facilitating the sale of the property to Ochonogor, who had indicated interest in purchasing the land and provided funding for all the false documentation, forgeries and demolition of Dr Eze's home.

Al-Mustapha reportedly informed Akeju that he has sold a property in that location, instructing him to confirm from his lawyer, Abdulfatai Thomas to ensure that the property is not the same he had sold, but the suspect did not contact Thomas as instructed. He went ahead to concoct documents, demolished Dr Eze’s home and sold the land to Ochonogor, who immediately began construction against court injunction to stop.

NGX Rates Fidelity Bank Highest On Corporate Governance

Fidelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices.

Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime Iwenekhai, explained that the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” Iwenekhai said.

He pointed out that the special character combination “CG+” underlined compliance with best practices and highest corporate governance standards, which entitle the rated companies to special privileges at the stock market.

Corporate governance compliance at the stock market includes prompt submission of detailed operational results from period to period as required by the market rules, full disclosures of all material and regulated information and accurate rendition of reports and accounts.

Also, compliance includes ensuring that the company’s shares are not encumbered in a way that impinges on free float or number of shares available to the general investing public for efficient price discovery, compliance with all investor-protection safeguards in communication with shareholders and organizing statutory meetings as required among others.

The Nigerian Exchange (NGX) noted that the compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated, referencing some of the criteria for its corporate governance rating.

Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said corporate governance compliance rating is “extremely important” as it indicates to the investing public the quality of compliance of a company to listing requirements.

“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance”.

“High rating means very good in doing the right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi, a leading market operator and member of the board of Securities and Exchange Commission (SEC), said.

Managing Director, HighCap Securities, Mr David Adonri, noted that “CG+ means excellent corporate governance rating”.

“When a company is organised and upholds good corporate governance, the benefit to stakeholders is maximized,” Adonri said.

Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar said Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments.

According to him, while the bank has a good succession plan, the calibre of the independent non-executive directors on the board gives shareholders strong confidence of the kind of board oversight they will be expecting.

National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said Fidelity Bank’s impressive performance over the years had been built on good corporate governance.

“My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth,” Igbrude said.

National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said Fidelity Bank has created a “very excellent impression” in the minds of shareholders.

According to her, the bank has continually showcased exemplary leadership with continuous impressive results, with successive growths over the past five years.

“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” Bakare said.

National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said good corporate governance was the cornerstone of Fidelity Bank’s sustained growth and impressive returns over the years.

“Fidelity Bank remains one of the best stocks that investors should look forward to investing in for better returns. I’m very optimistic about the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for a more promising future,” Okezie said.

The NGX tags defaulting companies for poor corporate governance and also applies various monetary and non-monetary sanctions, including fines ranging between N100,000 to N100 million, partial or full suspension of trading, naming and shaming with a red alert tag and compulsory delisting in extreme cases.

TTB/Union Bank: A Call for Transparency By Investigators

In the last three days, we have seen a storm of allegations regarding the ownership of Titan Trust Bank Limited (TTB) and Union Bank of Nigeria Plc ("Union Bank"), and this has captured public attention. These claims, reportedly stemming from a report submitted to the President by a Special Investigator, Mr Jim Obaze, have initiated a critical discussion around transparency. However, the lack of access to the report begs for an open dialogue to clarify the unfolding narrative.

The core accusation revolves around the former Central Bank Governor's alleged use of intermediaries in acquiring Union Bank and doubts about whether Titan Bank met the reported purchase price. To understand the gravity of these claims, it's imperative to grasp the financial magnitude of the investors steering these banks.

TGI Group, with assets exceeding ₦3.75 trillion and 2022 revenues surpassing ₦1.74 trillion, emerges as a financial powerhouse. To underscore this, the sale of its subsidiary "Chivita" to Coca-Cola Group companies in 2020 for more than USD 500 million, a figure nearly three times the alleged equity element in the Union Bank acquisition, speaks volumes about the group's financial robustness. TGI Group's financial resilience, underscored by concrete figures, paints a picture of stability.

Contrary to these allegations, documents availed necessary parties indicate that payment for Union Bank shares was indeed made, raising questions about the accuracy of claims suggesting non-payment and highlighting the importance of verifying such financial transactions. Titan Trust Bank’s chairman, Mr Tunde Lemo, has strongly refuted the allegations made by the special investigator, providing details and names that can confirm the transparency and integrity of the transaction. Drawing parallels, it's akin to questioning a transaction's legitimacy while the receipts stand as concrete evidence. 

The news of Mr. Lemo being summoned by the special investigator once again has been making waves in the business community. The investigator has written a letter in reaction to the rebuttal made by Titan Trust Bank. The letter stated that Mr Lemo and TTB’s rebuttal was offensive. 

The letter is filled with many allegations, and it has raised questions about the independence and bias of the investigation. Many wonder whether Mr Obaze is singling out Mr Lemo for unknown offences or if the investigation is truly unbiased and objective.

It is important to note that Mr. Lemo is a respected figure in the business community, and many have lauded his efforts. He has always been known for his dedication and hard work. Therefore, the allegations made against him have come as a surprise to many.

The scrutiny extends to Luxis and Magna, the UAE-based holding companies accused of lacking a physical presence in Dubai. Yet, in the global business landscape, such corporate structures are commonplace. TGI's financial fortitude backing these entities accentuates their credibility, emphasising the need for context in evaluating business practices. TGI, in its statement, categorically affirmed that “the entire transaction was managed by highly reputed global financial institutions including Rothschild and Citibank. And like most major acquisitions, the process took years to complete.  A USD 300 million loan was sourced from the African Export-Import Bank (Afrexim), and the rest of the capital was sourced from the proceeds of TGI’s sales of its Chi Ltd business to Coca-Cola, all to finance the acquisition of Union Bank.”

Another layer to the controversy involves a "mysterious shareholder" supposedly providing interest-free long-term loans. Examination of the financial records reveals that these loans were granted within the TGI Group, illustrating a standard business practice. Parallels can be drawn to global corporate scenarios, where loans within a closely-knit business ecosystem are considered normal.

The allegations surrounding Mr. Cornelius Vink, the founder of TGI Group, necessitate a balanced perspective. As a distinguished Dutch national, his cooperation in providing requested documents to the investigator showcases a commitment to transparency. Analogously, it mirrors other reputable figures in international business who willingly subject themselves to scrutiny.

Turning our attention to the alleged recommendation for the government to take over Union Bank, the financial stability of Union Bank and Titan Bank, coupled with the investigator's apparent lack of statutory powers for such recommendations, raises questions about the credibility of this assertion. It's akin to questioning the legitimacy of a referee's call beyond the established rules of the game. Mr Obaze lacks the necessary statutory powers to make such calls and appears once again to be arrogating powers to himself that are not legal. Perhaps we should remember and question his many ‘allegations’ against corporate entities and individuals that were just him bloviating.

Amidst this uncertainty, the call for transparency echoes louder. TGI Group's financial resilience, fortified by concrete evidence, underscores the importance of a candid dialogue to address the swirling allegations surrounding the Union Bank/Titan Trust Bank transaction. The figures presented and the parallels drawn serve as signposts guiding the need for clarity in this complex financial tapestry. 

The business community eagerly awaits the outcome of this investigation and hopes the truth will come out. Until then, these questions must be answered.

1. Why did the Special Investigator go to the media instead of taking the usual investigative or legal route? 

2. Is this an attempt to create negative publicity for the Banks, TGI and personalities involved without presenting any evidence? 

3. If the Special Investigator believes that Mr Godwin Emefiele owns the bank as he has alleged, why hasn’t he provided any evidence after such a lengthy investigation?

4. Why is he specifically targeting and harassing legitimate business owners and professionals?

5. Is the Special Investigator suggesting that the government is willing to face significant consequences by seizing private investments, especially when the nation is actively trying to attract foreign investments?

It is prudent for Mr Obaze to remember that rather than this media trial that he has embarked on, “affirmanti non neganti incumbit probation” – the burden of proof lies on him, who asserts.

Houston, Texas gears up for Fidelity Bank's FITCC Trade Expo

 All is now set for the Fidelity International Trade and Creative Connect (FITCC) billed for Houston, Texas in the United States of America.

Labeled as FITCC Houston, the second edition of the international expo will take place from the 24th to 25th of October, 2023 at the plush George R. Brown Convention Center, 1001 Avenida de las Americas.

Following the successful maiden edition that held last November in London with over $200million worth of deals closed, the bank is set for another edition of the globally rated expo. This year’s edition follows the tradition of promoting Nigeria’s non-oil exports as well as facilitating integrations to global supply-chain networks.

“Fidelity Bank is very much invested in supporting export trade and has consistently demonstrated this by the interventions and innovations that we bring to the space,” Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe talks up the motivation behind FITCC 2023:

“Beyond the instrument of financing, some of our key interventions in the space revolve around business management capacity development with initiatives like the Export Management Programme (EMP) which we host in partnership with the Lagos Business School and the Nigerian Export Promotion Council (NEPC) and market access development initiatives like FITCC.”

Over the course of two-days, guests would be exposed to exhibitions by some of the very best of Nigerian businesses operating in the commodities, agriculture, FINTECH, fashion, arts, and allied sectors. Similarly, several panel discussions would hold across the various halls at the venue as stakeholders and leaders in the business, regulatory and investment sectors of the US and Nigerian economies share ideas on bilateral trade opportunities.

FITCC Houston would climax with a gala dinner on Wednesday, 25 October 2023 which would feature award-winning Nigerian hip-hop star, Kcee amongst other entertainers. Registration for this event is still open at www.fitccusa.com.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels. 

The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Photo: The Alternative Bank Debuts with Spectacular Multi-City Launch

The Alternative Bank, Nigeria’s newest entrant into the financial services sector, launched in spectacular fashion by holding simultaneous launch events in three major cities across the country - Lagos, Abuja, and Kano, making it the first synchronized multi-city brand launch in Nigeria’s history.

The Alternative Bank is the ethical banking subsidiary of Sterling Financial Holdings.

L-R: Chairman, The Alternative Bank, MUHTAR BAKARE; Executive Chairman Stratevium Nigeria LTD, DR. PRISCA NDU; Head of Product Omnibiz, ZAINAB ARILESERE and CEO, The Alternative Bank:, HASSAN YUSUF during the launch of The Alternative Bank in Lagos recently.

Speaking from Lagos, Managing Director of The Alternative Bank, Hassan Yusuf, said, “We believe that banking should be a platform for shared prosperity, where everyone benefits. And this explains why we refer to our customers as partners, because we believe we are on a journey of wealth creation where profits are shared, and customers are provided with funds without incurring interest charges.”

Speaking at the launch event in Abuja, Executive Director of The Alternative Bank, Garba Mohammed, said “The Alternative Bank is here to create wealth-for-all in a sustainable way, by doing things differently and taking a different model to partnering with its customers.”

The launch events featured the presentation of digital products to attendees, designed to bring more people into the formal financial sector with an albeit unconventional approach to e-commerce, investments, assets financing, and renewable energy with solutions such as AltMall for e-commerce, AltInvest for ethical retail investments, AltPower for affordable renewable energy solutions, AltDrive for new and pre-owned vehicle financing, and WasteBanc for the monetization recyclable waste. 

In recognition of the unique financial needs of individuals and businesses, The Alternative Bank offers personalized financial consultations, tailored solutions, and one-on-one guidance towards ensuring that customers achieve their financial goals. The zero-interest banking principle is dedicated to fostering sustainable practices, responsible investments and financial decisions that contribute to positive social and environmental impacts.

The Alternative Bank also recently launched an innovation in retail investments with the first AltCoin which affords investors the opportunity to preserve and grow their wealth by investing in gold.

The Alternative Bank started in 2014 as Sterling Alternative Finance, after the Central Bank of Nigeria licensed then Sterling Bank Plc to operate a non-interest banking business and has since grown to become one of the largest ethical banks in Nigeria’s non-interest banking sector. 

With the recent completion of Sterling’s transition to a full-fledged financial holdings company, The Alternative Bank will operate as the non-interest banking subsidiary of the Group, while Sterling Bank Limited will continue to provide conventional banking services.

Jubilation As BUA Reduce Price Of Cement To 3,500, Promise More Reduction

It is safe to say this is indeed a great news to Nigerians as BUA Group has decided to bring down the price of Cement effective October 2, 2023.

According to a statement from the Cement manufacturer, the organization decided to bring the price reduction forward rather than waiting till when its new production lines were completed as it had earlier promised.

"We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.

Signed:

Management

01 October, 2023

Stanbic-IBTC Bank In Trouble As Tribunal Slams N120m Fine

 

The lead judgment delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr Clement Osuya, the sum of N1 million as cost of filing the action.

“The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.

The tribunal, however, refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.

Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.

Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.

According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.

It could be reported that Osuya had filed a petition against the bank challenging the failure of the bank on two occasions to transfer the sum of N500,000 from his IBTC account to his Access bank account.

He claimed that the money was for the payment of school fees for his children.

He told the tribunal that on Sept. 8, 2022, he filled out a form under NIS Instant Payment option for a transfer of the sum of N500,000 to his Access Bank account.

He held that whereas the money, on both occasions left his IBTC account as the account was debited, it never arrived his Access bank account because it was not credited.

Osuya told the tribunal that the reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.

He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment and a dent in his reputation as he was forced to collect a loan.

The bank, through its counsel, Mr Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.

Osigbemhe, in a brief remark, expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.

Counsel to the claimant, Ms. Deborah Solomon, for her part thanked the Tribunal for the well-considered judgment.

The fine is to be paid into the tribunal’s remitta account.

"My mission is to make Enugu State a preferred destination for investment, business, tourism and living." Barr. Peter Mbah (Enugu State PDP Governorship Flag Bearer)

Enugu State will soon witness a radical disruptive administration. That is the promise of the 2023 standard bearer of the Peoples Democratic Party (PDP) in Enugu State, Peter Mbah. The technocrat who thinks out of the box has excelled in both private and public life. In this interview, he explains among others why he decided to join politics after leading his company, Pinnacle, to become one of the oil industry’s leading players. Pinnacle is number one in the oil and gas downstream sector and owns one of the largest oil facilities in Nigeria today, with a world-class storage facility that has enabled the industry to cut down immensely on costs and turn-around time in operation.

*Not many knew you before you emerged the standard-bearer of the PDP in Enugu State. Many would like to know where you were coming from?*

I am Peter Mbah , from a town called Owoh in Nkanu East in Enugu State. Nkanu East is a local government. I am a lawyer by training; I trained in the United Kingdom. I did my LLB in the United Kingdom, came back and attended the Nigerian Law school and got called to the Nigerian Bar. I went on to do my LLM at the Lagos State University. I did my LLM in maritime and commercial law. In Maritime law, I had bias for oil and gas. So, my inroad into the oil and gas industry is not by accident. It is something that I had always wanted to do. Then I went on to earn an MBA at IESE Business School, Barcelona, Spain, University of Navarra. It is one of the leading business schools in the world. They have continued to remain number one in the last eight years ahead of Havard, Standford and the rest of other business schools. They are actually the parent school of the Lagos Business School. They were part and parcel of the Lagos Business School. I am also an alumnus of the Lagos Business School. I did my Chief Executive programme there. I did a post graduate study in strategy and innovation at the University of Oxford beside business schools. I have attended a lot of executive programmes both at Harvard and Stanford. So, I started what you see here today sometime in 2008. We started the Pinnacle Oil and Gas as another oil business. We started off in a one bedroom studio apartment; three of us. I had my secretary and somebody who ran errands for me. We have grown that business from one bedroom studio apartment to where you are today, the headquarters of Pinnacle. For those of you who may not know, Pinnacle is today the leading company in the industry. We are number one in the oil and gas downstream sector. The downstream sector is a mature sector and market where you have all the established companies-the big players, Mobil, Connoil, Oando and the rest of them. They all play in this space. We came in from that zero base of nil reckoning and we grew the company to number one today by market share and revenue. That did not happen by accident. It happened because of the passion we have for excellence –focus, creativity and innovation. Obviously, we did not grow the company incrementally, otherwise, all we would have done is to do catch up. We would not be where we are today if all we had done was to grow incrementally. We knew we wanted to become a dominant player and for a market that is already mature, for you to displace the dominant players already there, you have to do something creative.

*So, what did you do?*

You have to think outside the box which was what we did in Pinnacle. We looked at the space and we found out that there are compelling business problems and we needed to provide solutions to them. So, we looked at the operations space and we noticed that what we were doing in that space was suboptimal. We had a lot of multiple handlings. We had a situation where we had to bring products in large tankers and those large tankers could not go into our terminals, into the jetties to discharge because of the draught restrictions. So, what we did was to say to ourselves, how do we eliminate the multiple handlings because those multiple handlings in the maritime world, you pay per minute. The hiring of vessels is done on an hourly basis. So, if you have to keep a big tanker offshore and you have to hire a smaller vessel to go and pick products from the big tanker and take to your terminal, you are actually incurring multiple costs. This is because you are incurring the cost of keeping the big tanker, the demurrage is on you; the cost of hiring the shuttle vessels to go and lighter the big tanker is also on you. These created a lot of operational inefficiencies. So, we felt that there must be better ways of doing things and we then started thinking about solutions to the problems; how do we ensure that we take out the cost of keeping the mother vessel and take out the cost of hiring the shuttle vessels. What we did was to come up with a design of a terminal where those big vessels can berth without bringing them to the shore so that they can discharge from that location all the way to the tank farms. So, we built an offshore intake facility; what you could describe as an offshore port in an open sea. We built a terminal and had to run a subsea 40 kilometer network of pipelines all the way from the terminal to the location of the offshore terminal. So, what that did in effect was that it enabled us to bring in those large tankers that ordinarily would have taken you 30 days to empty. This is because for each voyage, you spend like eight days and typically, we do four voyages to empty a tanker of 60,000 metric tonnes. But what we designed and built offshore, we were able to discharge that same cargoe in the terminal within 48 hours. So, what used to take our competitors 30 days to do, we turned it around in 48 hours. Since September last year, we became the market leader in terms of volume and market share. We currently have 23 per cent market share. Perhaps the next company to Pinnacle has five per cent. So, these attributes that were driven by me also reflected in my sojourn when I had a four year stint in the public sector. I worked at various times as Chief of Staff and Commissioner for finance. As a Commissioner for finance, some of you would know that I am old in the media. I won an award then as one of the outstanding finance commissioners in the country given to me by Newswatch. Again, it was because of what we did; we got into the system and noticed a lot of suboptimisations. We disrupted those suboptimisations and ensured things were done optimally. We created value for our people. We came in and noticed that the budget at the time did not reflect government priorities. It was largely done in an incremental basis. We developed an economic empowerment strategy that reflected government priorities and we had to allocate funds to those government priorities. We started our budget on a zero base capturing all the government priorities. We looked at all the critical sectors. Some of them could not be contained within the budget cycle. We had to design a midterm expenditure framework which allowed us to deploy funds to that sector in order to achieve our output. So, we did all those things also mindful of the passion we have for excellence. So, what has taken me into this new phase of my life which is to serve our people as their governor starting from next year, is largely again driven by my vision and mission for my people. My mission essentially is to deliver a quality people-focused governance and to make Enugu State the preferred destination for investment, business, tourism and living. I envision an Enugu State that will be one of the top three states in this country and our aim is to achieve a zero percent rate in our poverty headcount index. We also have a clear governance philosophy but like I said earlier, this is not my day to begin to unveil my manifesto. We also believe that Enugu State has witnessed an appreciable growth on account of prudent and creative management of our resources particularly in the last seven years of this administration. There has been a buildup of new infrastructure and maintenance of the existing facilities. Enugu as most of you already know, discharges its obligations to our teeming civil servants. We are also today arguably the safest and most peaceful state in the country. And you know there cannot be any sustainable development without peace and the current administration has invested hugely in making sure that Enugu continues to be safe and peaceful. You hear about the South East and the commotion going on here and all that but it is almost like Enugu is insulated from all that. Those things do not happen by accident. It is also a deliberate strategy that this current administration has taken to ensure people of Enugu State continue to live in peace and safety. So, to sustain these achievements and also to build on it, require more than just having a mere appreciation of the status quo; it takes a commitment for one to harness the human and material resources of the state. It requires someone with a good head; someone whose past record both in the private and public sectors cannot be questioned. I think that essentially is what is driving the kind of support we are getting across stakeholders and the leadership of our party. We have identified that, in order for us to take our state and be able to compete and achieve this sort of record that we are talking about. I want to grow our economy to become one of the top three in this country. Enugu State’s GDP currently is at $4.4 billion annually. That is our current GDP size. We are saying that we want to grow that economy from $4.4 billion to $30 billion. This is because the three top states in the country today are Lagos which has a GDP of about $37 billion, second is Rivers State with a GDP of about $27 billion and the third is Delta with a GDP of about $22 billion. We want to in the next four to eight years be able to grow our GDP from $4.4 billion to $30 billion. That is not something you can achieve by growing incrementally. Refer to the background I gave, the private sector; that when we came out, our ambition was to dominate the industry and we knew we could not achieve that by growing incrementally. When you talk about incremental growth, you might be looking at a growth rate of about five to six percent annually. That would never take you to becoming the top three states in this country. So, what we want to do is to achieve a quantum leap, to leapfrog and that can only happen through disruptive innovation, creative and radical innovation. How do you essentially make Enugu State the preferred destination where businesses find attractive to come and invest, where investors are queuing with their funds to invest, where tourists are all running to because that is a safe haven and they all have their attractions to visit. I think that requires getting a lot of things right. And one that stands out is the ease of doing business which is something the state is already doing very well. We intend to build on that. We intend to make sure that businesses have the ease of setting up in Enugu; ease of procuring their construction permits; procuring their property registration and most importantly, the enforcement of contracts. And that would obviously require us to strengthen our institutions, judiciary and security. So, we are poised to doing that.

Initially when you joined the race, leaving such a flourishing company like Pinnacle, how did you feel knowing the caliberof opponents up against you like the former Deputy Senate president, Ike Ekweremadu?*

When I made my introductory remarks, I talked about what one was driven by. We have different values that drives us in life. Some are driven by extrinsic values; by this I mean things that are materialistic. You could spend a lot of time dwelling on how much output you are able to get from a particular decision you have to make. Some are driven by intrinsic values. That speaks to those decisions you make in life that your drivers are essentially how satisfied you are in it. Assuming you have a job offer somewhere, you may decide to stay put where you are earning less than move to a place where you are getting more. This is because your drive for making that decision is not expensive; it is not the money but the satisfaction you get; the people you work with; people around you. You wake up in the morning and you look forward to going to that office. That is intrinsic. So, if you remain where you are, it is because of the satisfaction you are deriving from the place. And there are people in life that are driven by transcendent values. I think that is where I fall in and that is the feeling that drove my going into this race. Transcendent in the sense that it transcends self; it is no more about how much satisfaction you are getting; how much material things you are exposed to. It transcends you and you are thinking about how your work and decision would impact on the third party. So, it is no longer about the self; it is about others. I think that is what essentially drove me into this race. The feeling is largely about how can provide solutions with all that is going on in this country; we feel the desire that perhaps the solution may not necessarily come from the centre. It may be strengthening the subunits, making sure that Enugu is doing very well, Lagos is doing very well and that other states are strong. If we are able to get 15 or more other states of the federation well strengthened and doing very well, we are done and fine as a nation. People would find Nigeria attractive to come and live as a nation. So, I am such an advocate that our solution may not necessarily come from the centre. It may well be that if we get the subunits right, then that would rub off on what happens at the centre. It may not be a top bottom solution but could be a bottom top solution. That is my strong belief and what got me into this race.

What made Ekweremadu to say he was not going on with his ambition and that he would now support you after you emerged?

First of all, I find the position he took very honourable. One of the things that Ekweremadu and I share in common is the passion for the development of our people. I have engaged him privately; we talked about our people and how we can improve the lives of our people and he also noticed that I am passionate about the development of our people. We had always said to ourselves that this is not going to be a bitter contest and that however this pendulum swings, that we would be fine. This is because our interests are largely our people; it is not about what he or I would eat as individuals. So, it did not come to me as a surprise that he gave his support and to have his people support me, and that he said he was no longer pursuing his ambition. I think that like every other clime where you have parties conducting their primaries, the objective of those people who are involved in that race is that it is obvious to them from the onset that it is just one of them that would emerge as the flag bearer. And what you notice is once someone begins to gain traction or becomes a leading person in the poll, what you notice is that there will be some horse-trading, negotiation going on between the campaign management of the guy leading the poll and the guy who believes his popularity is waning, to say look, I have this beautiful idea, how can you guys incorporate it in your programmes; my support base is interested in this project, can you guys incorporate it, I will lend my support. So, you see all those kinds of negotiations going on. The recent one that happened was in the US between Bernie Sanders and Biden. It took Biden agreeing to implement some of the programmes Bernie has in medicare and students’ loan for him to come out openly and declare open support for Biden. This is where people genuinely want to serve their people and all they are doing is to see how they can integrate things that their support base is passionate about into the winning team programme. That is essentially what you do in primaries and largely what you witness also in what has played out with my other colleagues.

What are the factors that will shape your choice of a running mate?

Again, I think that I am not one of those who subscribe to the idea that your running mate should be like a spare tyre. I think a running mate should be somebody who should bring value to the team and who should also be capable of governing in the event that you are not there. That would really be the factors that I would be considering in the value proposition of my running mate; someone who is capable of fitting into my shoes if anything should happen to me.

We know you are likely to win; what is the assurance that in future, there will be no predecessor/successor crisis?

I think one of the greatest achievements we have had in Enugu State is that since the beginning of the Fourth republic, since 1999, we have remained a PDP state. In the last 23 years, Enugu State has been governed by the PDP. The state of our union continues to be stronger and stronger. That is what we are experiencing here in this company. It is like a family affair. It is like going into a boardroom to have a dialogue and coming out to say this person should go and represent us in the assignment that we have all agreed should be executed. I do not expect any predecessor/successor crisis.

After you picked the governorship ticket of your party, you immediately reached out to other aspirants; what is the level of response from them?

I think I am humbled by the responses I have received thus far from my colleagues. It has just been so humbling. I cannot think of any exception; all the aspirants that ran the race with me, we have reached out to one another; they have sent their congratulatory messages and declared support. We are intact and the state of our union as a party continues to be stronger. We treated everything that happened as brotherly affairs and we continue to foster the unity as a party. The responses have been great and we continue to forge that alliance.

Why do you want to leave this size of business for politics?

You look at the state of business and the size of business I do and you would truly wonder why on earth would anybody leave this size of business and at this time of growth to do what I am going in to do in an uncharted waters of politics. I earlier talked about the values that drive people. But above all, I don’t know how much you hear or know before today about Pinnacle; we are typically not very loud people but the truth is that we are the industry number one. Any player in any industry that is at the state where Pinnacle is, the CEO of that company would never want to resign. That is because it is the desire of any CEO to play a leadership role in the industry. We play such a leadership role that if anything affects Pinnacle, you would feel it in the market place because of the share volume we control. In an established market like the downstream, to have a 23 per cent market share is no mean feat. It is major and what that means is that as a CEO, I look forward to coming to the office everyday. I know that when I cough, the market will quiver. So, it is a lot of sacrifice and even what we do here in terms of revenue is way beyond what a state like Enugu does. There is no way I could have been driven by extrinsic values to go into where I am going now. We are in good stead. I am not leaving Pinnacle at a point where it is shaking. I am leaving Pinnacle where the ovation is at its loudest; everybody would wish to be in a position that I am right now. That is the real difference and this is almost like a baby I have nurtured in the past 14 years and you can imagine that it is also somewhat emotional for me to even make that decision to leave. But I think that the driver for me is beyond myself. If you realise that there are certain decisions you take and you go back to your room and you cry, then you wake up and you realise that it is for the betterment of the larger society, you say okay, you have to do it.

Driving Sustainable Impact Through Community Development; Union Bank and Employees Returns for Third Employee Volunteer Day

 

For the third consecutive year, Union Bank and its employees celebrated their Employee Volunteer Day (EV Day) with a series of targeted charitable donations and projects, aimed at improving the lives of Nigerians. 

In line with the Bank’s efforts to drive sustainable impact and accelerate community development, EV Day is an employee-funded initiative that allows Union Bank and its employees the opportunity to give back to the community through various projects and activities that drive positive social change. 

The latest instalment of the initiative tagged “It Starts With U” involved a bottom-up approach where employees were encouraged to identify needs within their host communities that required timely attention after which they pooled resources to solve some of these identified problems in these areas.

Through the initiative, 20 impactful projects were executed and commissioned in different communities across three regions in the Nation. The projects which directly impacted over 253,000 people were centred around creating strategic development with a clear focus on Health & Wellness, Environmental sanitation and Education and Welfare in Nigeria.

Three projects were executed and commissioned In the South West region where Bolade Jegede, Regional Executive for South West, led the team of Union Bank Volunteers to the Island maternity Hospital Lagos where they donated Medical equipment to the Neonatal unit to support existing facilities and help reduce neonatal mortality rate which is currently about 25% of the death toll for age 5 and below.

In the South East region, a total of eight projects were implemented across various states. Rosemary David-Etim, Regional Executive of the region led a team of over 100 employee volunteers to commission the renovated toilet facility at Comprehensive Secondary School Douglas Road Owerri, Imo State to support the governments’ efforts towards preventing pupils from contacting or spreading germs and infectious diseases which is now a national concern as only 10% of Nigerian schools have basic hygiene services, including toilets.  

Nine projects were also commissioned in different locations across the Northern Region. The regional executive Fatai Baruwa, represented by Helen Okene, and other UBN Employee Volunteers carried out environmental sanitation in Dei-Dei building market Abuja and donated waste bins to the market traders to improve waste collection and disposal within the market.

 

Other projects executed include; Donation of N2M to COPE towards breast and prostate cancer screening for at least 200 underprivileged men and women, donation of food supplies to various orphanage homes, donation of communal boreholes, school renovation, donation of traffic box to the traffic control unit of the police force. 

Commenting on the initiative and expected project impact, Union Bank Chief Executive Officer Emeka Okonkwo, said 

“Union Bank is known for leading the charge for social impact. The theme for this EV Day tagged ‘It Starts with You’ is a necessary reminder of the role each of us must play as individuals in upholding and driving sustainable impact in the communities we serve. I am so inspired by Team Union and incredibly fortunate to work with colleagues that prioritises our vision of community development and corporate citizenship”

Also commending the level of employee engagement, Chief Brand and Marketing Officer, Ogochukwu Ekezie-Ekaidem, said – 

“Employee Volunteer Day is an initiative that is very close to my heart. Since 2019, we have executed projects in 30 locations across the country impacting over 300,000 lives. I am grateful to every employee that has donated to the successful execution of these projects.” 

Introduced in 2019, EV Day reinforces Union Bank’s dedication to building a workforce that is conscious about giving back to the communities where they live and work. The first edition was a sanitation exercise carried out in 15 locations across the country with participation from over 1,200 Union Bank employees along with their family and friends. In 2020, the Bank and its Employees raised N10 million to provide the gift of water to over 15,000 Nigerians through the establishment of communal boreholes in six communities nationwide.

At Union Bank, Community Development remains one of our core focus and we will continue to provide support to the communities where they operate. 

Iwd: Unity Bank, Nasme Partner To Empower Women-Owned Msmes

  

Unity Bank has received commendations for its commitment to women empowerment at the National Association of Small and Medium Enterprises, NASME’s International Women’s Day, IWD celebrations held in Alausa, Lagos recently to push the frontiers of sustainable and inclusive development in Nigeria.

The National Deputy President of NASME, Otunba Gbemisola Oduntan gave the commendation while addressing participants at the event.

She said the partnership with Unity Bank enabled NASME to roll out an engagement programme for women entrepreneurs in commemoration of the IWD, adding that the programme specifically targeted those in MSME sectors and provided a platform for corporate partners to join collaborative initiatives that will impact positively on the businesses of individual members of NASME in Lagos.

Delivering a keynote, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Oluwatomi Somefun, who was the Chairman of the occasion said Unity Bank Plc would continue to support pioneering efforts with genuine intent on inclusivity, removing biases and unlearning stereotypes, even as the Bank continues to introduce innovative banking solutions that support and empower Micro, Small and Medium Enterprises, MSMEs operated by women in Nigeria.

According to Somefun, Nigerian women continue to play a pivotal role in driving the growth of the Nigerian economy through their overwhelming involvement in economic activities as major operators of MSMEs in Nigeria as they account for 41 per cent of MSMEs in the country.

Referencing the Bank’s latest retail solution, Yanga Account, which is targeted at women-owned MSMEs, Somefun reiterated the Bank’s commitment to introducing innovative products and services that support and unlock the true potentials of Nigerian women entrepreneurs.

Represented by Head, Personal and SME Banking, Dr. Opeyemi Ojesina, Somefun said the bank’s quest to grow retail segment “has enabled us to pay extra attention to women-led businesses more than any other financial services provider in Nigeria”.

She said: “Just recently, we launched the Yanga account, which is a new retail product designed to deepen beneficial impact on Micro, Small and Medium Enterprises, MSMEs operated by women in the mass market retail space.

The Yanga account targets businesses of women mainly in farmers’ cooperatives, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. living in the communities or cities.”

She explained, “The Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55% of the financially excluded Nigerians have access to basic and life-changing financial services.”

She added, “The Yanga account will also be incorporating an affordable Health insurance scheme not only as a part of the product bouquet underpinning the Bank’s belief in health and wellness which translate to wealth creation but also to drive insurance penetration which is presently at 2% in Nigeria. We, therefore, believe that this will provide essential ingredients to growing a business as well as adding greater value for Yanga account holders.”

Over 200 women and members of NASME participated in the NASME IWD engagement programme featuring exhibitions of various businesses and it was, therefore, a platform for the Bank to on-board participants onto the Yanga Account Experience.

Sterling Launches Omni X Platform, Breaks New Ground In Liquidity Management For Corporates

 

In a bid to improve banking experience for non-bank and other financial institutions, corporate clients, UHNIs and HNIs,  Sterling Bank Plc has launched a revolutionary digital platform, named Omni X.

Omni X, an integrated investment and liquidity management platform, presents the Bank's wide range of digital products and service offerings to users. The novel solutions which is configured to enable businesses invest and raise seamlessly also complements Sterling’s existing corporate Internet banking platform.

Mr. Yemi Odubiyi, Executive Director, Corporate and Investment Banking, Sterling Bank, who disclosed this in a statement issued by the Bank said, “Omni X is deliberately designed to offer a simple, easy and effective platform to manage the daily liquidity needs of corporates.”

At a recently held focus group event for captains of industry, the Group Head, Client Coverage and Financial Institutions, Kashetolulope Lawal, highlighted that Omni X would provide convenience to corporate clients by expediting financing decisions, speeding up transaction processing times, automating investment processes, while minimizing the incidence of human errors associated with manual processing to improve customers’ experience and drive business productivity; dovetailing into profitability for users.

“Omni X becomes an imperative solution for corporates across various sectors to invest and raise financing simultaneously where possible due to; the nature of their businesses, the time sensitivity attached to these activities and the culminating desire for an improved solution that does the most in the shortest time possible."

Omni X also incorporates corporate account opening and other services for seamless on-boarding and transaction processing as well as solutions for investments, liquidity management and access to advisory services.

He  also hinted that the platform is designed to simplify the major banking needs of businesses, investments and financing in the financial and other allied services sectors, adding that the innovation is by far more than what any financial institution has done in Nigeria.

Lawal further added that "beyond the vanilla financial services that can be accessed, Omni X will allow organizations achieve corporate account opening, manage investment and collection services, and access financing solutions including but not limited to cash backed and trade settlement loans."

" Omni X as we have designed it, will solve corporates’ concerns on how to invest, finance and make the most of available capital, in as close to real time as possible. It is yet another statement of commitment by Sterling Bank not just to innovative banking, but also to the Nigerian economy. Omni X will improve their productivity and offer services from the viewpoint of an industry leader,” Lawal said.

Valentine Season: Polaris Bank Excites Existing and Prospective Customers with Mouthwatering Rewards

Polaris Bank has announced plans to delight its existing and new customers this Valentine season with a series of mouthwatering rewards.  

The Bank announced this over the weekend through its Group Head, Strategic Brand Management, Mr. Nduneche Ezurike, while intimating the general public about its Valentine Campaign tagged "Valentine Purple Love Season."   

Mr. Ezurike said that "The reward campaign which will run from February 12th to 18th 2022 is another opportunity to show love to our esteemed customers by rewarding their loyalty for banking with us."    

"Valentine is known globally as a season of love and sharing, and as a Bank which puts her customers at the center of everything we do, we deemed it fit to delight them with exciting rewards in commemoration of the Valentine season," he remarked.    

To stand a chance to enjoy the reward, Ezurike said that participants are to write a love letter to their partner using any of the following Polaris Bank keywords (minimum of 5 keywords) in their sentences to form exciting meanings. The words are Rainbow, Campus Plus, Starter, Emerging, Excel, Young Achievers, Salary Advance, Pearl, Save Plus and VULTe.  

Additionally, they are to upload a video (30secs) or a photo of the love letter on Instagram and tag @polarisbanklimited; use the hashtag #PolarisPurpleLove; follow Polaris Bank as well as invite friends and family to follow Polaris Bank handle.  

The top 43 most liked posts will be selected as winners. The first prize winner will get a cash prize of N250,000 credited to his/her Polaris Bank Account; the first runner up wins N150,000 credited into his/her Polaris Bank Account while the second runner up will get N100,000 and consolation prizes of cash rewards of N50,000 each for 40 other winners.  

The criteria for qualifying are as follows:  

Participants must have active Polaris Bank accounts/re-activate dormant accounts or open a new Polaris Bank account.  

Participants must top-up or deposit N10,000.00 into the active, re-activated, or new account.  

Participants to follow and submit entries via Instagram using the hashtag #PolarisPurpleLove.  

On Saturday, 19th February 2022, Winners will be announced via the Bank's Instagram handle.   

Polaris Bank, adjudged the Digital Bank of the Year, is a future-determining Bank committed to delivering industry-defining products and services to individuals and businesses.  

Sterling Gifts Investment Portfolios to 50,000 Nigerians Youths

 

Sterling Bank PLC; a leading commercial bank in Nigeria and Africa’s Most Agile Company, has chosen to celebrate this year’s Valentine season by gifting 50,000 young customers with an audacious bouquet of stocks in 14 of the top performing equities currently listed on the Nigerian Stock Exchange.

With the Valentine-4-A-Lifetime campaign, Sterling is giving the gift of continuing returns with a portfolio of stocks from the best performing companies on the Nigerian bourse. This unique gift, comprising carefully selected shares from leading companies in the telecommunications, manufacturing, construction and infrastructure, consumer-packaged-goods, and financial services sectors, has been curated based on the equities’ proven records of outperforming the market and delivering value to shareholders, regardless of economic conditions. Some equities in the bouquet include Sterling Bank, Dangote, MTN Nigeria, AXA Mansard, Fidson Pharmaceuticals, Unilever, Cadbury, UAC Nigeria, RT Briscoe and Julius Berger. 

Speaking on the first-of-its-kind Valentine’s gift in Corporate Nigeria’s history, Chief Marketing Officer of Sterling, Ibidapo Martins, said that recent thoughts on the true meaning of love were the inspiration for this unique gift. 

According to Martins, “Real love is more than just an expensive dinner, flowers and perfumes.  When the dinner is eaten, the flowers withered, the music stopped and the lights are out, what will be left of Valentine’s Day?” He concluded by saying that, “This is why the leadership at Sterling has chosen to give something much like true love, that grows every day, appreciating in value for the receiver with each passing day. This gift lays a foundation for a life of value; by starting the young customer on a path for continuous earnings tomorrow and beyond with an investment in today’s best stock options.”

“The first 50,000 youth to apply and complete the process will receive the equities within 48hrs of having their BVN validated, and will be free to transact in the equities once their portfolios are set up. Like most opportunities that come knocking, some will embrace it and commence a life of saving and investing, ultimately leading to their financial freedom.  While others will squander the gift.” Martins added.

Chief Executive Officer of I-Invest, a leading tech-based investment firm and creators of Nigeria’s first treasury bills investment mobile app, Mr. Seye Olusoga, commented that each bouquet comprises shares combined from these top-performing companies. The selected companies have a combined valuation of over 8 Trillion Naira on the NGX as of 11 February 2022, with recipients of this special gift given the opportunity to create a better future by making the right choices today. 

In a statement about the campaign and partnership, Mr. Olusoga said, “The path to wealth runs through investing and entrepreneurship. In many cases, the foundation for the entrepreneurs is their investment portfolios with which they can break free and live out their dreams because the right choices for tomorrow have been made today with shrewd investments.”

To enjoy this special gift of a lifetime, interested recipients are encouraged to download and register on the OneBank mobile app on iOS and Google Play Stores with additional details of the special gift being made available on sterling.ng/truelove.