Banking/Finance Archives - Page 17 of 52

Africa’s Biggest Food And Drink Festival Is Back!… 2022 GTCo Food And Drink Festival

Guaranty Trust Holding Company Plc (GTCO Plc), is set to continue its long-running showpiece event– The Food and Drink Festival. For the 5th Edition, this headlining event will hold from Saturday, April 30 to Monday, May 02, 2022, at the GTCentre, Plot 1 Water Corporation Drive, Oniru, Lagos.

The GTCO Food and drink festival brings together the biggest chefs and food lovers from ALL OVER the world in a celebration of all things delicious with family and friends. Over the years, the Food and Drink festival has hosted millions of people and featured enlightening and engaging masterclasses by world-renowned chefs and food business experts. This year, the free to attend three-day festival will feature cooking masterclasses of cuisines chosen from all around the world and over 140 free retail stalls showcasing everything from the best of Nigeria’s street food to bite-sized gourmet treats and fresh farm produce from the farmers’ market. The well-fitted play area is designed to add another layer of excitement for children and keep them meaningfully engaged.

Commenting on the 2022 GTCO Food and Drink Festival, the Group Chief Executive Office of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “Africa’s history and rich cultural heritage is beautifully reflected in its cuisines. The primary objective of the GTCO Food and Drink Festival is to showcase our diversity and industry as a people whilst delivering a sumptuous culinary experience to food enthusiasts across the continent. As our contribution to the development of local SMEs, we want to see our retail customers who also own small businesses thrive by giving them more opportunities to connect with consumers from around the world.”

He further added: “At GTCO Plc, we are committed to offering our customers and communities great experiences with every nteraction and will continue to promote viable enterprises particularly in the food and fashion industries, given the massive capabilities and countless multiplier effects inherent in these critical industry segments.”

Guaranty Trust Holding Company Plc is a leading financial services company providing banking and non-banking services including Payments, Wealth Management, and Pension Fund Management, with a presence across eleven countries spanning West and East Africa as well as the United Kingdom. The Group operates a diversified, Proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement which has endeared the brand to millions of people across Africa and beyond. Over the years, many customers have benefited from its unique loan products including the Food Industry Credit and Fashion Industry Credit designed specifically for businesses in the food and fashion industry.

The 2022 GTCO Food and Drink Festival promises to be an experience of a lifetime. If you have been keen to try all the local street food and would like to go on exhilarating culture-filled culinary adventures, this is your chance!

For more information on this event please visit, www.foodanddrink.gtcoplc.com.

ZENITH BANK REMAINS RESOLUTE, BEATS MARKET EXPECTATIONS WITH DOUBLE-DIGIT GROWTH IN GROSS EARNINGS

Zenith Bank Plc has announced an impressive result for the year ended December 31, 2021, recording a double-digit growth of 10% in gross earnings which rose to N765.6 billion from N696.5 billion reported in the previous year. This is despite a challenging macroeconomic environment aggravated by the coronavirus (COVID-19) pandemic.

According to the bank’s audited financial results for the 2021 financial year presented to the Nigeria Exchange Group (NGX), the Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.

Profit before tax also grew by 10% from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.

Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.

Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.

In 2022, the Group intends to consolidate on the gains achieved in the previous year in all business segments and combine leadership in the industry, innovation and technology to drive improved performance and deliver enhanced returns to all stakeholders.

As a testament to its commitment to its shareholders, the bank has announced a proposed final dividend payout of N2.80 per share, bringing the total dividend to N3.10 per share.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

Wema Bank, ADEMOLA ADEBISE ADMONISHES ACCOUNTANTS ON DATA PROTECTION

Mr Ademola Adebise, Managing Director Wema Bank Plc

The Managing Director and Chief Executive Officer of Wema Bank Plc, Mr Ademola Adebise, has advised accountants to store data safely and protect them against cybersecurity threats and other criminal breaches.

Adebise said this on Tuesday at the 16th Institute of Chartered Accountants of Nigeria (ICAN) Western Accountants Conference themed ‘Digital Economy: Whither the Professional Accountant’ held in Ijebu-Ode, Ogun State.

The MD/CEO who stressed the importance of data storage and security said that accountants in the digital age must be flexible and knowledgeable to save data on storage devices on-premises or in the cloud.

He also noted that in case of loss or data corruption, the 21st-century accountant needs to be conversant with the Disaster Recovery Plan (DRP) to mitigate loss.

Mr Adebise explained that “a large amount of data is sitting on storage. As accountants, we need to safeguard our storage and be versed in data recovery and business continuity planning should there be a loss or corruption of data.

“The accountant must know contemporary issues on cybersecurity – ensuring that digital information is safe and secure, at all times. Going digital exposes you to risk from hackers. So, as an accountant, you need to have an in-depth knowledge of cybersecurity and must know the various data and information security standards to audit the environment.”

Apart from being security conscious and storing data securely, the MD/CEO further noted that modern accountants should understand the changes taking place in the profession, including the evolution from traditional data collection methods.

He said, “these include using Enterprise Resource Planning systems that are interconnected to process data from production, distribution, marketing, and sales. The accountant, therefore, needs to be skilled to understand the complexities, transaction flows of the new ways of doing things and understand what data is saying.”

In Nigeria, the most popular forms of cybercrimes that accountants and other professionals in the financial services sector are susceptible to include fraudulent electronic mails, identity theft, hacking, cyber harassment, spamming and Automated Teller Machine spoofing.

The biggest, however, is still fraud emails. The Nigeria Electronic Fraud Forum (NeFF) revealed that bank customers lost N3.6 billion to cyber-fraud in two years (2017 and 2018).

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) also showed attempted fraud in 2018 alone was about N9 billion.

UBA Gifts Customers Awesome Digital Experience at Valentine with New Internet Banking

Africa’s global bank, United Bank for Africa (UBA) Plc, is set to launch the new internet banking, tagged ‘Made for Love’ in time for the Valentine season which is widely celebrated all over the world as the season of love.

The newly upgraded internet banking has been fully equipped to provide a new digital experience to customers as the bank has invested in cutting edge technology to achieve this with attention to the smallest detail.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who gave insight on the new internet banking system, explained that as always, UBA remains committed towards prioritising customers, which is why the bank has gone the extra mile in conceptualising an outstanding service, with countless benefits and features designed to give its esteemed customers increased control and accessibility to carry out their transactions with ease.

As a key part of the new features, he said the application has been loaded with security elements to protect all financial transactions on the bank’s platform and is securely focused on the ultimate customer experience.

Speaking specifically about the internet Banking payment system, the GMD explained that it is the best in its class and was designed with multiple-factor authentication security features, which makes it extremely difficult to hack. He, however, advised customers not to divulge personal information to third parties, in order to keep the line of transaction fully protected on the part of the customer.

“The new Internet banking comes with a lot of features that are engaging for customers and have made banking transactions a lot easier, while easily addressing customers’ needs, through inbuilt emerging technologies like Artificial Intelligence (AI),” Uzoka said.

He listed some of the upgraded features to include transfer of money from UBA account to other UBA accounts, sending money to saved beneficiaries, card-less withdrawal for self and for third party, personal financial management and so much more.

“Mobile technology is our strategy in UBA, and we have devoted a lot to ensure that we are able to deliver banking services using a web system that is unparalleled across the globe”, Uzoka explained.

Also speaking on the new digital experience, Group Head, Digital Banking, Kayode Ishola, said the new internet banking is the customers’ personal finance manager built with a distinctive user interface that will change the face of banking, adding that the internet banking has been designed as multilingual and multi-currency Web payment system to address the needs of all categories of UBA customers, irrespective of their education and tribe, either for Individual customers or SME customers.

He disclosed that the new Internet banking runs concurrently in the 20 countries of UBA’s operation, interacting in the different languages and cultures in line with the specific needs and regulation of the country in focus, adding that it is sleek and trendy with a seamless user interface and can also speak to the specific country where it is being used.

“Interestingly, we have worked towards creating behavioural insight for our customers and working around this to address the real needs of our customers using the Omni channel platform and running on our open digital platform, which is very interactive and armed with lifestyle services,” Ishola explained.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

We Are Improving Neighbourhoood Banking With 50,000 Agents Point Across Nigeria – Ecobank

Ecobank Nigeria says its vision to use its agency banking scheme to drive financial inclusion is fast yielding fruits as it now has over 50,000 agents locations across the country. According to the bank apart from helping to drive its financial inclusion strategy in Nigeria, the agents are empowered to create wealth and enjoy financial freedom. Head of Agency Banking, Ecobank Nigeria, Olanike Kolawole, who stated this in Lagos said the customer experience is very good as customers can do simple deposit, withdrawal and transfers in their own neighbourhood rather than travel to a bank branch.

“Apart from driving financial inclusion of the unbanked and under-banked, we are improving neighbourhoood banking with our 50,000 agent points across Nigeria. The vision of the Ecobank is to use the agency banking scheme to drive entrepreneurship, provide employment opportunities and support Micro, Small and Medium Enterprises (MSMEs) to contribute meaningfully to the development of nation’s economy. For us as a bank, agency banking is part of our efforts to help more Nigerians embrace entrepreneurship as best strategy to tackle poverty and address growing unemployment. We are out to empower people to create wealth and enjoy financial freedom”. She stated.

Further, she said the bank is happy with its agency banking services providers also known as our Xpress point agents, knowing they are playing a critical role in helping us reach out to the unbanked and underbanked in the society. “They are bringing more people to the banking space through their services. They carry out financial transactions on our behalf and earn commission on every transaction processed. Our services are available for sole proprietors, partnerships, co-operative societies, companies with large distribution network – like petrol stations, FMCGs, telecommunication companies, super agents, aggregators and unregistered businesses such as petty traders, hair saloon and others”.

Meanwhile, the Shared Agent Network Expansion Facilities (SANEF) in it recent report says, Ecobank Nigeria which ranked fourth out of 23 listed banks in the country in terms of agents acquired in 2021, made impressive showing in accounts opening at agency locations. SANEF is an initiative of the Central Bank of Nigeria (CBN), supported by Deposit Money Banks (DMBs), Nigeria Inter-Bank Settlement Systems (NIBSS) and Licensed Mobile Money Operators/Shared Agents. Its major role is to deepen Financial Inclusion in Nigeria; drive financial literacy and campaign awareness on financial products and services.

According to the report Nigerian banks in 2021 acquired over 441,470 agents across the regions of the country, which represents 101% of Year to date achievement against the target set for 2021. Four (4) regions achieved over 70% of Target; Northeast had 67% growth in agent acquisition despite security challenges in the region; Similarly, Southeast recorded131% growth in agent acquisition. Abuja (42%), Rivers (28%), and Lagos (57%) of the total agents deployed in Northcentral, South-south, and Southwest respectively. The Report revealed that 1.62 billion transactions valued at N30.5 trillion were carried out at agent locations, while 3.1million accounts/ wallets were opened at during the year.

Future Face Africa sponsored by Ecobank presents the Winners; Ana Campos – Angolan and Nziza Ken – Rwandan

Ana Campos, a Rwandan and Nziza Ken, an Angolan both winners of Future Face Africa model talent search competition held at Eko Hotels and Towers, Lagos, Nigeria at the weekend

It was all glitz and glamour as winners emerged at the grand finale of the keenly contested Future Face Africa (FFA) model talent search competition which took place at Eko Hotels and Suites, Lagos last Sunday. Ana Campos, An Angolan and Nziza Ken, a Rwandan emerged winners in both female and male category respectively at Africa’s largest model search competition.

The final event had 18 contestants who qualified after a rigorous selection process involving physical castings in eight African countries, as well as thousands of digital applications from all over the world. Some of the 18 finalists were flown into Lagos for a photo session and runway competition – turning their modelling aspirations into a reality.

The two winners won the title of “Africa’s next future face” and received a two-year international modelling contract with a top international modelling agency; as well as $5,000 cash prize. In addition to providing a career start in modelling, the competition also prepares the winners for global modelling roles. The event is majorly sponsored by Ecobank Nigeria.

Speaking at the event, Head Marketing and Corporate Communications, Ecobank Nigeria, Babajide Sipe, said the bank’s decision to sponsor the event is in line with its Pan African vision of developing potentials and talents on the continent, adding that it aligns with Ecobank’s commitment to providing a veritable platform for actualizing the dreams of many young talents who will become global super stars in the fashion and beauty industry.

“We are proud to be sponsors of this event. You know that Ecobank is committed to Africa and focused on giving the young ones every opportunity to realize their potential. Africa has the talent, the resources and the best people across the globe to succeed in any industry. Future Face Africa is a platform to discover some of these talents and to again put Africa in the global Fashion scene.

Future Face Africa, no doubt Africa’s largest model search competition is headed by Elizabeth Isiorho, a pioneer in the African modelling industry and the founder of Beth Model Management Africa, Africa’s largest modelling agency.

FIRSTBANK’S SMECONNECT PORTAL COULD BE THE DIFFERENTIATOR FOR SMES IN NIGERIA

Over a hundred years since banks came into Nigeria, services rendered to small and medium scale businesses were limited to core banking services and transactions. However, those that cared to look further were able to stand the test of time, reinventing themselves with cutting edge financial services that remain key to sustaining its relevance to not just its host communities but the global community.

Based on findings from extensive engagements with customers, internal and external surveys and reports by SMEDAN, Efina and NBS, FirstBank of Nigeria Limited has been deliberate in ensuring that SMEs thrive and grow their businesses as SMEs can access and enjoy the convenience of its industry-leading financial services. FirstBank thus launched the SMEConnect portal to congregate value-adding propositions & services for SMEs on a single platform for easy access.

The value propositions and services on the SMEConnect portal educate and equip SMEs to combat challenges like poor business structure, lack of infrastructure, low market penetration, limited access to information and professional services, inconsistent government policies and others that might stifle their growth.

For example, lack of capacity is one of the most indicted reasons for business failure or stunted growth in business. The SMEconnect portal connects business owners to resources and information to educate them on structuring and better managing their businesses. The platform houses webinars on various important topics to help educate SMEs and build the required capacity.

The blog section of the portal has interesting and informative content like:
Tips for Building and maintaining good customer relationships; Remaining in business after Covid-19; How to scale up; How to successfully separate a financial business account from a personal business account; as well as Creating a Micropension scheme for MSMEs etc.

FirstBank also runs varying degrees of entrepreneurship programs and activities through pieces of training, workshops, seminars, business clinics and webinars, and the events are displayed on the portal for business owners to access.

It is known that over 60% of businesses fail in their first year, not only because of capacity constraints, access to finance is another reason they fail. The SMEConnect portal connects businesses to resources and finances by providing information on the various finance options available to registered users. There is a section of the portal that breaks down the steps to accessing finance for businesses, to simple actions such as opening either savings or domiciliary accounts After all, what would be the essence of all the education and capacity building if the business owner is still unable to access finances and other resources. SMEs that have an account with FirstBank can access direct and indirect funding throughout the business life cycle via grants, debt/loans, and equity.

In addition to other benefits, the platform connects SMEs to Market, Resources, Infrastructure, Talent for business development, Policy and Advocacy, giving them all they need to move to the next stage of their business growth. The portal also integrates SMEs into large distribution networks by connecting them to customers, distributor channels, suppliers, and large corporates.

There are also productivity tools such as the Business Diagnostic tool that helps check the health of a business as well a pool of professionals like accountants, lawyers, digital marketers, consultants and business coaches, which SMEs can tap into. Some of these value-adding solutions are free, and for the few that are not, they come at substantially discounted rates. As the premier Bank in West Africa, First Bank has exceeded the expectation of what its services to individuals and businesses ought to be. The SMEConnect portal is one of First Bank’s initiatives to promote the sustainability of SMEs by exposing them to the knowledge and resources they need to grow their business.

One of the most exciting features businesses get on the SMEConnect portal is the Business Diagnostic Tool earlier mentioned, it is a 15-minute survey where SMEs are asked questions about their business and at the end, get a customised report for their business. This is ordinarily, a service that business owners pay consultants to get, but First Bank has made it available for free even to businesses that do not have an account with them.

There are special offers for SMEs that are registered and have an account with First Bank, and an opportunity to be listed on the portal. You can find businesses listed across different industries like education/training, manufacturing, trade, agriculture, hospitality, transportation/logistics, telecommunications, ICT, healthcare and fitness, sports, FMCG, financial services, media/entertainment, food, real estate, engineering/construction, oil & gas, fashion/beauty, and services.

These registered businesses get to showcase their products/services for free, interact with customers and other SMEs, have an opportunity to attend free monthly capacity building workshops, seminars and webinars; and get exclusive discounts on business development resources such as booking a business coach.

As more businesses sign up and use the SMEConnect portal, it is possible to see a future where Nigerian businesses break even, thrive, and grow amidst challenges.

Culled from Nairametrics

FIRSTBANK REWARDS CUSTOMERS IN TRANSACT AND WIN PROMO

Getting rewarded for spending money is a dream that is probably going to remain exciting for many people, but not for the Firstmonie Wallet users. In a two month Transact and Win campaign that started on November 22, 2021, First Bank of Nigeria Limited is rewarding several customers for carrying out transactions on its Firstmonie Wallet application.

The e-wallet is useful for conveniently paying utility bills, purchasing airtime and data, transferring and receiving money, and many other digital transactions. Just for using the mobile-friendly wallet app, Customers got rewarded with mouth-watering prizes both in cash and kind. The number of transactions done on the app determines the price a user could win.

100 customers who had done 1-15 transactions through Firstmonie Wallet within the month won N10,000 cash price; 53 25kg bags of rice and 50 units of standing fans were also won by customers who carried out 16 – 30 transactions with the Firstmonie Wallet; 2 units of power generating sets, 1 unit of Air Conditioning systems and 1 unit LED Televisions went to customers who carried 31 – 50 transactions; while 2 units of iPhone 12 were won by customers who had carried out over 50 transactions on the app within the month.

Victor Nnanna Onyedikachi, a student of the University of Abuja was one of the winners of the iPhone 12, and while receiving his gift, he admitted that he did not expect to win the prize. “I used the Firstmonie Wallet App, and just like that, I was told that I had qualified. I did not believe it until I saw it myself. I am truly grateful to FirstBank” he said.

Other winners also expressed their pleasure at being rewarded for using a completely user-friendly app. “There is no issue of service error when using it for any transaction. The service is seamless and the app is easy to use” one of them said.

The Group Executive, e-Business & Retail products, Mr Chuma Ezirim had noted that the promo was targeted at appreciating customers for their patronage; and in line with the Bank’s December-is-a-Vybe campaign. “This promo is hinged on the need to appreciate our customers for their patronage, especially as we have had an increased engagement and usages of the various services offered by our mobile-friendly wallet product,” Ezirim said when the promo was being launched.

Interestingly, the promo also includes new customers and users of the app. By simply downloading the mobile app from the play store, or using the *894# USSD string to sign up, anyone can qualify for the promo. The promo runs till January 22, 2022, so what are you waiting for as you could be the next winner of any of these fantastic prizes.

As the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years, First Bank of Nigeria Limited has remained at the forefront of promoting digital payment in the country, and the Firstmonie Wallet is one of the channels for digital transactions.

Little wonder FirstBank was named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” and “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International. FirstBank also bagged the Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years.

Culled from Nairametrics

ACAMB Elects New Executives, as Bolarinwa Emerges President

The Association of Corporate Affairs Managers of Banks (ACAMB) – an umbrella association of communications and marketing professionals, working in Nigeria’s banking sector – has elected new executives who will pilot the affairs of the Association for the next two years.

The hugely attended AGM/ election for key positions, saw Mr. Rasheed Bolarinwa, Head, Corporate Communications of Polaris Bank emerged the new ACAMB President.

First Bank’s Mr. Oze K. Oze was elected First Vice President; Mrs. Lola Egboh of First City Monument Bank (FCMB), Second Vice President, while the new Secretary-General is Mr. Sipe Babajide of Ecobank.

The position of Assistant Secretary General was won by Mr. Omede Odekina of United Bank for Africa (UBA), while Mr. Patrick Osilaja of Fidelity Bank emerged the Financial Secretary.

Wema Bank’s Mrs. Funmilayo Falola is the new Treasurer while Mr. Abdul Imoyo of Access Bank will serve as the Association’s Publicity Secretary. Also on the new executive list is Mrs. Ozena Utulu of Heritage Bank as Social Secretary.

Four distinguished members of the Association namely: The immediate past President, a staff from CBN, NDIC and CIBN respectively are to serve as Ex-officios.

The election of the new officers held on Thursday, 19 January at the Bankers’ House, CIBN Building, Victoria Island, Lagos.

In his post-election acceptance speech, the new ACAMB President, Bolarinwa, assured members that he would reposition ACAMB as a foremost professional Association that they would all be proud of.

He added that his vision also includes innovating post-retirement strategy that ensures members have a sustainable livelihood long after exiting the industry.

“I will be committed to my vision, which is to reposition ACAMB as a foremost professional Association that encourages and ensures every marketing communications professional in the Banks aspires and attains the highest level of professional recognition and fulfillment on the job while at the same time being assured of a sustainable livelihood long after exiting the industry,” he stated.

Bolarinwa, who served in the past executive as a two-term Secretary General, restated his commitment to the upliftment of members in line with his electioneering promises anchored on the four-pillar themed PEAL: Partnership & Platform, Engagement, Advocacy, and Learning & Value-addition (PEAL).

The new President further assured that ACAMB under his leadership would seek partnerships and platforms among strategic institutions and stakeholders with a view to delivering value to members, as well as enhancing professionalism.

He also said his team would embark on advocacy aimed to deepen awareness and knowledge of the banking industry and its contributions to national socio-economic growth.

Earlier, Chairman of ACAMB Electoral Committee, Mr. Segun Shonubi said all aspirants for the advertised position had met minimum requirements as outlined in the Association Constitution and therefore qualify to stand for the election.

A 1996 graduate of Mass Communication, Bolarinwa holds a Master’s degree from the University of Ibadan and MSc degree from UNESCO-certified Mass Communication department of University of Lagos. He is a member of numerous professional bodies. These include Fellow of the National Institute of Marketing of Nigeria (NIMN); Registered Practitioner, Advertising Practitioners Council of Nigeria (APCON), and Member, Nigerian Institute of Public Relations (NIPR).

He has also attended several high- impact function-specific and leadership trainings at top business schools in Nigeria and overseas.

How Loan Fraud has Become Norms in GTBank + How the Syndicate has been Operating

It is important to note that the unsettled crisis that has given Innoson Motors legal rights to foreclose some properties of the Guaranty Trust Bank (GTBank) over issues that has to do with loan discrepancies is still a major issue in the supposedly top Nigerian bank.

Though GTBank had tried to use agents of the government to shut Innoson management up when the car manufacturing company raised questions about the wide difference noticed in the loan repayment process between them and the need for the bank to refund over-deducted payment from the company’s account.

The issue is now about accusations and counter-accusation until the Supreme Court decided that the GTBank indeed needed to refund the loan repayment scam which has risen from about N8.2 billion to a staggering N32 billion it currently stands.

It is important to note that the Innoson case which is still pending in the court is just an high profile case the loan scam syndicate in the bank has been operating unhindered even when some cases are brought to the notice of the management.

There has been so many issues of smaller loans mostly on dormant account that has gone unnoticed, example is the case of one Ola a customer of the bank whose dormant account was used to process loan without his knowledge.

According to Ola who spoke to us “I was using a salary account with GTBank years back, and since it is my salary account I normally utilizes the bank’s short-code to access loans whenever there’s a pressing need after which I will pay back from my salary.

‘I however stopped using the account in 2013 when I got employment into one of government parastatals and I am mandated to open a new salary account this happened about two months after paying my last loan facility with the GTBank. I later tried to access a loan facility from another bank last year (2021) with the intention of using this loan tied to my entitlement to start a personal business while waiting for my payment to come through, I was surprised when the new bank said I am owing GTBank.

‘Findings showed someone collected a loan on the account after more than a year since I last operated it using short-code, the funny aspect is that I did not get any sort notification from GTBank, no text message or emails to that effect, no calls to remind me of supposed loan, you won’t believe it that I opened a new current account with GTBank a couple of years back with the same name and the issues o this loan did not come up. This shows it is a perfect insider’s fraud scheme.’ Ola explained.

Investigations shows this is not a one off occurrence as many has also fallen into the schemes of these loan syndicate who targets dormant accounts for a loan they have no intention of paying back, it was gathered many owners of such account may not even ever know that a loan fraud has been perpetrated on their dormant account.

These undetected loan scam coupled with the GTBank’s disposition to Innoson Motors loan repayment issue more or less reinforce the believe that some of the staffs of the bank with the knowledge of the bank’s management may be cutting corners using likely forgotten account and may now be facing exposure due to the now enforced Bank Verification Number (BVN) by the Central Bank of Nigeria (CBN) which has brought forth Global Standing Instruction (GSI) policy, that exposed the recent loan fraud.

It is therefore important for owners of dormant account in the bank to be on the lookout as the otherwise loan free account may have mysteriously been used to acquire loan by the loan fraud syndicate that has been working underground for a while in the bank, while the GSI in force will debit your active account of the unknown debt.