INTRODUCING ALAT XPLORE APP: NIGERIA’S FIRST LICENSED BANKING APP FOR TEENAGERS
In today’s world, financial literacy has become an essential life skill, particularly for the younger generation. Recognising this need, Wema Bank—Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT—proudly introduces the ALAT XPLORE App, Nigeria’s first licensed banking app specifically designed for teenagers aged 13 to 17.
The ALAT Xplore Appempowers young individuals to take control of their finances while acquiring vital money management skills. ALAT XPLORE is not just another banking app; it is a comprehensive financial tool that seamlessly combines education, engagement, and empowerment for teenagers’ financial success. With a user-friendly interface and interactive features, the ALAT Xplore app provides teenagers with a unique opportunity to learn about banking, saving, and spending in a safe and controlled environment, as they journey towards the realities of adulthood.
The App encourages teens to explore intelligently, providing seamless navigation across its various functionalities and offering teens the chance to customise the App based on their preferences and request one of three unique debit card designs. The ALAT Xplore Cards are issued in the teenager’s name, fostering a sense of ownership, pride and independence that simultaneously instills a sense of responsibility in them as they learn to manage their spending. To request for your ALAT Xplore Debit Card, click here.
One of the standout functionalities of the ALAT XPLORE App is the goal-setting feature. Teens can set savings goals on the App—whether it’s saving for a new gadget, planning a fun outing, or even making a charitable donation. They can track their progress, seamlessly on the App, making the saving process exciting and rewarding for them.
To ensure financial security for the teenagers, the ALAT Xplore App works hand in hand with the ALAT App, allowing parents to guide their children in making informed financial decisions. Teens can easily request money from their parents or guardians in a few clicks on the App, while parents grant the requests and can track their teens’ expenses on the ALAT Xplore App, via the ALAT App. This not only promotes healthy conversations regarding budgeting and financial goals, but also ensures that teenagers can explore financial opportunities with maximum security.
Here’s how the ALAT Xplore App works:
– The Parent or guardian opens an ALAT App Account for their teenager on the ALAT app.
– The teenager downloads the ALAT Xplore App, fills in the required information and sends a link to the parent/guardian requesting permission to use the ALAT Xplore App.
– The parent/guardian grants the permission via the ALAT App.
– Once approved, the teenager can login at anytime, request an ALAT Xplore Debit Card, set up Savings Goals and explore all the unique features on the App, on their phone.
As the first licensed banking app for teenagers in Nigeria, the ALAT XPLORE App powered by Wema Bank is set to revolutionise how teenagers approach money management towards building more financially responsible adults.
The ALAT Xplore App officially launches on Saturday, October 26, 2024. However, teenagers can click here to download the ALAT Xplore App now on PlayStore or AppStore, to start exploring the innovative App.
Want to attend to virtual launch event, click here to register.
System Upgrade: GTBank Customers Stranded for Another Day amid Fraudsters Invasion
The crisis facing the Guaranty Trust Bank Ltd (GTBank) on the upgrade of the bank’s banking platform has extended into another day and against the statement dropped last week by the bank that some banking operations will be available during the process, the customers of the financial institution have been left stranded as none of the promised operations are working.
If it would be recollected, the GTBank had last week in a press release, notified its customers that all branches will close at noon on October 11, reopening at 9:00 a.m. on October 14.
And that digital banking services, including transfers, bill payments, and airtime/data purchases, will only be available during this process, but other functionalities will be limited for 11 hours, from 10:00 p.m. on Sunday, October 13, to 9:00 a.m. the next morning.
Findings now show that both the digital services and others services needed for day to day running of its numerous customers’ lives has not been working even after the bank had announced that the upgrade has been completed, thereby creating panicking amongst the customers.
It was discovered that many branches of the GTBank are shut for customers who has gathered around to try if they can make above the counter transaction.
This gap has also exposed desperate customers to schemes of fraudsters who are cashing in on the gap left by the bank to defraud some of GTBank’s unfortunate agitated customers.
The bank’s activities has come under scrutiny since, they started this system upgrade, as against learning from the issues that befell others, the bank which inside sources revealed is currently working to recruit new set of IT experts to help rescue it from incessant crisis it has been facing recently, seems not to have wisely prepare against such occurrence.
Meanwhile, customers of the GTBank has since trooped to various social media platforms to air their grievances with lost businesses and other loses or other disappointment faced.
According to an X user under the handle @monathegirl she was asking the CBN about the sanctions they will be imposing on GTBank, while also seeking for compensation for the loss accrued due to the bank’s service disruption.
Another X user facing the same frustration of doing transactions even after the bank has announced that it systems has been successful upgraded as complained;
Zenith Bank Enhances Customer Online Experience with Revamped Digital Channels
Zenith Bank, one of Nigeria’s foremost financial institutions, has successfully restored full operational services across its electronic transaction channels, ensuring that customers can now enjoy seamless access to digital banking services.
This restoration follows temporary disruptions caused by a routine upgrade of the bank’s technology infrastructure, which aimed to optimize service delivery but impacted e-channel services recently.
In a post shared on Thursday through its social media platforms, the leading lender confirmed that all services across its electronic channels have been fully reinstated.
Reiterating its commitment to providing quality digital services, the bank assured customers of exceptional service with its newly enhanced technology infrastructure, designed to deliver seamless and innovative financial solutions.
The announcement stated:
“We are pleased to inform you that access to our digital channels has been restored, allowing you to perform transactions conveniently via your preferred platform.
We appreciate your patience during the IT infrastructure upgrade and sincerely apologize for any inconveniences you experienced.
Rest assured, we are dedicated to providing you with exceptional service, and the new IT infrastructure we have implemented will enable us to do so moving forward.
Thank you for choosing to bank with us.”
Important Reminder
Zenith Bank will NEVER call, SMS, or email you requesting your card details, PIN, token codes, mobile/internet banking login details, or any other account-related information.
We will also NEVER ask you to click on a link to update your bank information or activate your account. If you receive such messages, please DO NOT respond.
Access Holdings Leads Action in Sickle Cell Awareness Month
L-R: Amaechi Okobi, Chief Communications Officer, Access Holdings PLC; Ms. Timi Edwin, Sickle Cell Champions and Founder, CrimsomBow Sickle Cell Initiative, and Esther Graham, Team Member, Sustainability, Access Holdings PLC, at the Access Sickle Cell Awareness Initiative event to mark Sickle Cell Awareness Month at the institution’s headquarters in Lagos…recently.
In a heartfelt demonstration of solidarity and compassion, employees of Access Holdings PLC came together to donate 159 pints of blood as part of an initiative to commemorate Sickle Cell Awareness Month.
The donation drive, which saw over 200 employees participate, was executed in partnership with the Lagos State Blood Transfusion Service and the Boat Foundation/Life Bank. This contribution will directly support sickle cell champions, who often require urgent blood transfusions due to life-threatening complications from the disease.
Amaechi Okobi, Chief Communications Officer at Access Holdings PLC, spoke on the significance of the initiative, stating, “Every pint of blood donated represents hope and survival for someone living with sickle cell. We are incredibly proud of our staff who volunteered and our partners who made this possible. Access Holdings is committed to championing causes that change lives and create lasting impact.”
In addition to the donation drive, Access Bank, the flagship subsidiary of Access Holdings, hosted a webinar, featuring a distinguished panel of speakers, including Prof. Ebele Uche, Professor of Haematology at the Lagos State University College of Medicine; Dr. Bodunrin Osikomaiya, Executive Secretary of the Lagos State Blood Transfusion Service; Dr. Sola Adebekun, Executive Secretary of the Temitayo Awosika Help Foundation, and Ms. Judith Ojonugwa Mathew, a sickle cell champion. The webinar focused on raising awareness about the challenges faced by individuals living with sickle cell and emphasised the importance of regular blood donations in managing the disorder.
The panellists shared insights on healthcare gaps, the need for increased blood supply, and the impact of public-private partnerships in supporting sickle cell patients. The event also included personal stories from sickle cell champions, highlighting their daily struggles and the importance of timely interventions like blood transfusions.
Access Holdings’ involvement in this campaign underscores its dedication to advancing healthcare initiatives that benefit vulnerable communities. As Africa continues to see over 300,000 babies born with sickle cell each year, the need for advocacy, support, and healthcare solutions remains urgent. Access Bank’s leadership in these efforts reinforces its commitment to building a healthier society and creating long-lasting positive impact.
Segun Agbaje’s GTCO (GTBank) under Scrutiny over Huge Net Income Interest Profit Declaration, despite Pending Court Cases on Overcharging
Mark Twain, American humorist, journalist, lecturer, novelist and moralist was ascribed to have said “A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.” This simply means one can’t expect bankers to be of help when they are really needed, this much can be used to describe how the Segun Agbaje led Guaranty Trust Holding Company Plc/ GTBank, has been working against its clients for personal profit.
There has recently been so much noise about the ₦1 Trillion plus profit declared by the financial institution. According to the report made available the Segun Agbaje led group was said to have made a large chunk of the announced growth of its income from the Net Interest Income (NII), which recorded a 176.9 per cent growth to ₦491.5 billion from ₦177.5 billion last year.
For a clearer understanding the Net Interest Income (NII), is the difference between the profit earned as interest on loans given to borrowers against the money it pays out as interest on deposits or loans to depositors and its lenders.
The most common effects of net interest income on borrowers according to findings includes; Higher Interest Rates (this is the period whereby financial institutions arbitrarily raise interest rates to enable them make money). Overcharging (this is such that the financial institution manipulate things so additional fees are imposed or charges on borrowers), Stifling Innovation and Growth and many more.
With Segun Agbaje’s GTCO announcing ₦314 billion increase on the previous year coupled with the current economic crisis facing the country, there is strong indication that the many accusations against the group as inherited from the GTBank on overcharging by several companies may be founded.
If it would be recollected, the bank before and after it metamorphous into the Holdings Company it currently is, is not new to sanctions that has to be with disregard for laid down rules, in 2018, the UK Financial Conduct Authority (FCA) stopped GTBank UK from taking on new customers, note GTBank UK is an independent subsidiary of the GTCO.
The bank was later fined £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls between October 2014 and July 2019, the huge fine became necessary when lesser fine of £525,000 in August 2013 for serious and systemic failings fails to deter the bank.
In a similar action of disregard to rules for profit maximization the GTBank Ghana’s Foreign Exchange Trading License was suspended earlier this year over breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operations for a month in accordance with the relevant law in Ghana.
The Segun Agbaje led organization’s knack for bending the rules for profit was a major reason most people are calling on CBN and other relevant agencies to investigate the announced profit especially with regards to NII as the litigation against the bank on issues that has to do with overcharging is still pending before various courts in Nigeria.
If it would be recollected, overcharging is the main bone of contention of the now more than ₦20 billion case between GTBank and Innoson Motors. Innoson had dragged the bank to court for over-charging on a loan facility it got from the Segun Agbaje led bank.
Information was that Innoson has decided to conduct a proper auditing when they started getting strange charges in their account, it was the process that revealed GTBank has over-charged it to the tune of ₦786million over the course of several years dating back to 2004, after which Innoson informed the bank.
It was when the bank denied it and insisted that Innoson is still owing them that the company was forced to seek court help where a subsequently judgement was given in May 2013, and the Segun Agbaje led bank was asked to pay the sum of ₦559,374,072.09, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004 since that was the interest rate on the loan, till satisfaction of the judgment debt.
The court also added a 100% penalty as stipulated in the CBN Guidelines for excess charges by banks, which brought the total judgment cost then to ₦2.4 billion, but is likely to be more that ₦2o Billion at the moment because the bank has been finding way to stop the execution of the judgement.
Another case pending in court against the Segun Agbaje led GTCO, was made public knowledge last year when GTBank through a receivers’ manager tries to illegally (by pronouncement of a court) take over properties of Stallion Group Nigeria over a purported ₦13 billion debt, whereas the CFO of Stallion Nigeria contends that it is not owing GTB any longer and that on the contrary, it is on record that it has paid more than what was outstanding to GTB by ₦6,423,700,000.
Stallion Nigeria in its application, which was granted by the Court had explained that the preliminary KPMG forensic audit report had established that GTB overcharged Stallion, in excess, fraudulent and illegal charges of ₦4,693,625,637.49, adding that GTBank had accepted this finding by the auditors.
Stallion has been in court with GTBank since 2019 over allegations and claims with Stallion winning against GTBank at the Court of Appeal, Nigeria. The Court of Appeal presided over by the Honourable Justices Daniel-Kalio, Sirajo and Banjoko, had previously delivered Judgment in favour of Stallion Nigeria against Guaranty Trust Bank Plc on 24 February, 2022 and set aside the Ruling of Honourable Justice Saidu in favour of GTBank.
The problems that come with the Overcharging and Higher Interest Rate are some of the profit driven actions the Segun Agbaje led group, has been heaping on many of their customers that makes doing profitable business difficult. While some are locked in prolong legal battle with the bank and the group as a whole, some had been forced to throw in the towel.
One of the companies that was not so lucky because of the nature of business is Toyin Subair led HiTV, in an interview the lawyer turned businessman granted a news media in 2019, he lamented how 25% – 27% interest rate becomes a burden that killed the company in his word “At 25-27% interest on debt, most businesses cannot survive and you will be a slave to the banks for life. That is why they take collateral from you. They lend against your collateral not your business case. Regardless of our strong cashflows, the funding requirements continued to increase.” He explained
Stating further while advising prospects, “HiTV was paying an average of 1.1billion Naira approximately in interests and guarantee charges annually, for over 5 years! For a new company, we did a damn good job but really got blown out. I never live by debt and so was really ignorant about how interest works up till HiTV and of course since then you won’t catch me near it. But what do you do when you have to? They say internationally that “equity is more expensive than debt”, but that is NOT true in Nigeria. Debt is way too expensive and destructive.” He continued.
Knowing the antecedent of the Segun Agbaje led financial group well-meaning Nigerians has been calling on relevant regulatory agencies to look into the declared Net Interest Income and put in place measures to make sure the effort of the government to revamp the economy will not be frustrated by the company’s insatiable appetite for profit.
Group Investigates and Exposes GTBank Unprofessional Banking Practices
An investigation report by a civic organization has been released bordering on allegations of “unscrupulous, unethical and criminal activities” levelled against the Guaranty Trust Bank Limited (GTBank), a subsidiary of Guaranty Trust Holding Company Plc (also known as GTCO PLC).
The report was released by the Global Integrity Crusade Network (GICN) and signed by its President, Edwin Omaga on Friday.
The Guaranty Trust Bank is led by Segun Julius Agbaje who is presently the Group Chief Executive Officer since August 2021.
A statement signed noted that the Private Investigation Report (PIR) is compiled pursuant to Section 24 (d) and (e) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) read together with our Objective No.2.
The statement noted that it was pertinent on the group to help ensure that corrupt practices are abolished in the country.
It was noted in the report that the Guaranty Trust Bank Limited was incorporated on 19 July, 1990 and licensed to engage in commercial banking and other allied services within Nigeria and elsewhere.
The report further stated that the Bank has Ordinary Shares of 25 Billion with 8 Active Directors but its only Shareholder and Person With Significant Control is Guaranty Trust Holding Company Plc, represented by Segun Julius Agbaje.
“In the United Kingdom, Segun Julius Agbaje started the Bank by registering same at the Companies House as Rainsouth Limited with Number 5969821 on 8 December, 2006. The said Rainsouth Limited went through various changes until it became Guaranty Trust Bank (UK) Limited on 17 March, 2008.”
The group further noted that as of the time of its report, there are over 10,000 customers exposed to grave danger without their knowledge, as accounts were allegedly opened in the Guaranty Trust Bank in their name without their consent.
“One of the corrupt practices recently linked to Guaranty Trust Bank Limited in Nigeria has to do with Unsolicited Accounts Opening. This is a situation where a customer did not approach the Bank or show any interest in maintaining an account with the Bank. Yet, the Bank goes ahead to source for the customer’s information such as telephone number, date of birth, Bank Verification Number (BVN) and other vital details to open account for the customer without his/her consent.”
“The aim of this practice is to increase the customer base of the Bank, thereby giving it high ranking in terms of size, capacity and profitability. We submit that Unsolicited Accounts Opening tantamount to breach of data privacy, identity theft and can expose the innocent account holders to lots of financial crimes. As at today, there are over 10,000 customers in the database of Guaranty Trust Bank Limited who are already exposed to grave danger without their knowledge.”
It was further noted in the report that some of the affected customers threatened to sue the Bank.
The Guaranty Trust Bank asides from this were alleged in the PIR of hurriedly putting together misleading financial statements and declaring false profits to mislead the public on its financial positions.
“We have equally uncovered that Guaranty Trust Bank Limited has been declaring profits that do not reflect its actual financial performance. For instance, GTCO PIc on 11″ September, 2024 released its Audited Consolidated and Separate Financial Statements for the period ended 30 June, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) wherein the whooping sum of #1.004 Trillion was declared as Profit Before Tax. This caused the Group to be reported all over media as “the first Nigerian financial institution to cross the N1trillion mark in profit.”
“It is our finding that these figures as contained in the Audited Statements are mere conjectures hurriedly put together by Segun Julius Agbaje and his team to deceive the Securities and Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN), Central Bank of Nigeria (CBN), customers/investors and the general public into believing that all is well with GTB.”
It was further stated that the bank could not justify its stated profit of N1trillion which it released to the public, with a suspicion that the profit could have been declared through roundtripping.
“Ladies and Gentlemen, there is no gainsaying the fact that Guaranty Trust Bank Limited has become notorious over the years for engaging in deceptive accounting practices to artificially inflate profit figures. For instance, no substantial pieces of evidence presented by Segun Julius Agbaje to support the assertion that GTCO PIc made over #1 Trillion in profit as at 30 June, 2024. Even at that, it is very possible that the figures were generated through roundtripping.”
“This is a process where funds are moved in and out of the Bank through different accounts or entities to create an illusion of legitimate transactions. The combination of this process and other unethical business practices within the Bank points towards the direction of systemic corruption, fraud and money laundering, which are opened for further investigation by the relevant agencies.”
“It is feared that such ugly situation if not properly checked could have the tendency of not only undermining customers/investors’ confidence in the Bank but pose significant risks to the stability of Nigerian financial sector.”
It was also revealed in the PIR report that the Guaranty Trust bank had been punished severely for different violations at the international level.
“Surprisingly, Segun Julius Agbaje did not tell Nigerians that the corporate image of Guaranty Trust Bank Limited has been terribly battered in many foreign countries where it is carrying on business. He lied by stating in the recent Audited Statements that GTCO PIc ensures compliance with disclosure requirements under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (FCA). The truth is that Guaranty Trust Bank (UK) Limited was sanctioned by the same FCA to pay a financial penalty of £525,000 for breaches of Principle 3 (Management and Control) of the Authority’s Principles for Businesses between 19 May, 2008 and 19 July 2010.”
“In another development, the FCA imposed on Guaranty Trust Bank (UK) Limited a financial penalty of £10,959,700 pursuant to Section 206 of the Financial Services and Markets Act 2000. As usual, the Bank agreed to resolve this matter at an early stage and was given a 30% discount which reduced the fine to £7,671,800. The FCA in justifying this financial penalty, which was paid with customers/investors’ funds not later than 24″ January, 2023, stated that Guaranty Trust Bank (UK) Limited again failed to put in place policies and procedures to prevent and detect money laundering. FCA considered this repeated misconduct to be a direct result of the inability of the Senior Management within the Bank, over a prolonged period of time, to formulate and implement an effective plan capable of addressing the weaknesses identified in its AML and financial crime systems and controls.”
The statement further revealed that the Guaranty Trust Bank had been suspended in Ghana for various breaches of foreign exchange operations.
“our investigation took us to the Bank of Ghana where we discovered that the Foreign Exchange Trading Licence of Guaranty Trust Bank Ghana Limited (GTB) was suspended for a period of 1 (One) month with effect from 18 March 2024.”
“ The Press Release dated 4 March 2024 indicates that the said Licence was suspended as a result of various breaches of the Foreign Exchange Market Regulations, including fraudulent documentation in foreign exchange operations. By the Press Release, the Bank of Ghana cautioned GTB to put in place effective controls to ensure strict adherence to the extant Regulations and Guidelines.”
The statement wondered why the Guaranty Trust Bank allegedly carried out many infractions in Nigeria without any due sanctions to it.
“One begins to wonder the number of infractions committed by GTB in its originating country – Nigeria without due sanctions from Regulatory Bodies and Anti-Corruption Agencies. We are certain that it is not too late for the Regulatory Bodies and Anti-Corruption Agencies to act by rescuing the soul of GTB. The time to act is now!” the statement read.
The report also recommended that the Governor, Central Bank of Nigeria (CBN) should forthwith dissolve the Board and Management of Guaranty Trust Bank Limited so as to allow thorough investigations.
They also called for the suspension of Segun Julius Agbaje as Group CEO of Guaranty Trust Holding Company Plc and retrieve from him all files or documents relating to Guaranty Trust Bank Limited to avoid interference with further inquiry into the issues raised in the PIR.
It was also stated that if found guilty of Corporate Governance, CBN acting jointly with the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force and Department of State Services (DSS) “should deal decisively with Segun Julius Agbaje and prosecute him like Mrs. Cecilia Ibru, who practically milked the defunct Oceanic Bank Plc dry before the Banks Consolidation era in Nigeria.”
Other recommendations made include that the Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) as well as Financial Reporting Council of Nigeria (FRCN) “should urgently step into the affairs of Guaranty Trust Bank Limited with a view to safeguarding customers/investors’ funds and portfolios before the Bank fails completely”
It was also stated that the Senate Committee on Banking, Insurance and Other Financial Institutions, “House Committee on Banking as well as House Committee on Banking Regulations should jointly or individually convene a Public Hearing whereat Segun Julius Agbaje will be summoned to appear and defend the weighty allegations contained in our Private Investigation Report (PIR).”
The group also called on the UK National Crimes Agency (NCA), Crown Prosecution Service (CPS), Financial Conduct Authority (FCA), Financial Ombudsman Service, British Prime Minister, Governor Bank of England, US Department of Justice, US Securities and Exchange Commission, Federal Bureau of Investigation (FBI), US Federal Reserve Board (FRB), British High Commissioner to Nigeria and Governor Bank of Ghana to shut down all operations of Guaranty Trust Bank (GTB) in their territories.
“By so doing, GTB will be prevented from turning the United Kingdom, United States of America and Ghana into a safe haven for money laundering, terrorism financing and other sundry economic crimes.” the statement released noted.
“That in addition to the above, UK National Crimes Agency (NCA), Crown Prosecution Service (CPS), US Department of Justice and Federal Bureau of Investigation (FBI) are requested to commence prosecution of Segun Julius Agbaje in line with appropriate laws for all the infractions he has used GTB to commit within the territories of both United Kingdom and USA.”it further read
It was also recommended that all the properties allegedly acquired by Segun Julius Agbaje using proceeds of crime in Nigeria, United Kingdom, USA and other parts of the world be confiscated and forfeited permanently to the Federal Government of Nigeria.
Infrastructure Upgrade: Zenith Bank Apologizes for Disruptions, Assures Customers on Improved Services
Nigeria’s leading financial institution, Zenith Bank, has reassured its customers of improved services following recent infrastructure upgrades.
In a message posted on Thursday, the bank apologised for the service disruptions experienced across its e-channels during the upgrade period.
The bank clarified that the glitches were a result of routine information and technology maintenance, which is essential for optimizing service delivery.
Zenith Bank emphasized its commitment to ensuring 100% uptime, stating that it takes this responsibility “very personally” and continuously allocates resources to maintain uninterrupted service availability.
In the statement, the bank expressed its sincere apologies for any inconvenience caused to customers during the upgrade process, highlighting that the information technology enhancements are designed to improve the quality of service for its esteemed clientele.
The message reads in part:
Dear Valued Customer,
We sincerely apologise for the service disruptions you experienced recently on our banking channels. This was due to an information Technology upgrade aimed at improving the quality of service we provide.
We have made significant progress with the upgrade and you can now perform transactions conveniently with the following Zenith bank Channels:
Your Zenith Bank Debit Card
The Zenith Bank Mobile App
The Zenith bank Internet Banking Platform
Zenith Agents nationwide (Agent Banking)
You can also visit any of our branches nationwide to perform your transactions
Please direct all enquiries to Zenith Direct on +234 201 278 7000,
0700ZENITHBANK, 0904 085 7000 Or via email at Zenithdirect@zenithbank.com
Wema Bank Shines at Global SME Finance Forum Conference Awards 2024
…Awarded:
• SME Financier of the Year (Africa)
• Platinum Award for Best Financier for Women Entrepreneurs (Africa)
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received two awards of excellence at the Global SME Finance Forum Conference Awards 2024 which held in São Paulo, Brazil between September 16 & 18, 2024. The awards received are SME Financier of the Year (Africa) and Platinum Award for Best Financier for Women Entrepreneurs (Africa).
The Global SME Finance Forum is the world’s leading, technically oriented and geographically diverse platform focused solely on scaling SME financing worldwide. Managed by this Forum, The Global SME Finance Forum Conference Awards is dedicated to acknowledging the effective and successful practices of financiers across the world, honouring the innovative products and services these financiers create for SMEs, recognising the impressive results in expanding finance and services to SMEs, and celebrating these exceptional financial institutions. Wema Bank emerged Africa’s top financier not just for the general SME landscape but also particularly for women-owned SMEs, at the 2024 edition of the annual Global SME Finance Forum Conference Awards.
Reputed as the Bank of choice for Micro, Small and Medium Enterprises (MSMEs), Wema Bank received recognition for its commendable track record of developing innovative, sustainable and significantly impactful products, services, solutions and opportunities for businesses of all sizes across Nigeria. The Bank’s impact ranges from affordable financing options and seamless payment collection solutions to access to market, digital solutions for efficient business operation and management, SME Advisory services, and a vast range of products tailored to the needs of businesses across every part of Nigeria. Through its women-focused proposition, SARA by Wema, Wema Bank continues to tailor its SME offerings specifically for women, helping these women build sustainable businesses and access the resources needed to scale and thrive. The Bank further supports overall growth and well-being of these women with affordable to free healthcare packages. It is beyond doubt that Wema Bank is indeed deserving of its recognition as Africa’s top financier for SMEs and particularly, women entrepreneurs.
Expounding on the Bank’s glaring commitment to empowering MSMEs, the MD/CEO of Wema Bank, Moruf Oseni, articulated the big picture for the Bank. “MSMEs make up the bulk of Nigeria’s economy and they are critical to not only mitigating unemployment and other macroeconomic challenges but also promoting innovation and significantly boosting the economy towards national development. At Wema Bank, we recognise the potential that MSMEs hold as well as the challenges that threaten the maximisation of this potential, and we have made a lifelong commitment to providing viable, seamless, accessible, affordable, reliable and effective solutions tailored to the needs of businesses of all sizes across Nigeria; especially women-owned businesses. There is a rising need for intentionally inclusive empowerment strategies in not only stimulating growth in the SME sector but also bridging the gap in gender equality, and we have undertaken the responsibility of fulfilling that need. As a Bank, our mission is to empower lives through innovation, and as always, we will continue to seek more effective ways to empower businesses for optimal productivity and sustainable growth”.
“We are honoured by the global recognition accorded to us by the Global SME Finance Forum and as we receive these awards, we reiterate our commitment to providing businesses with the resources they need and a bouquet of intelligent solutions that mitigate prevalent challenges and make business management and operation seamless, maximally profitable and efficient. Thank you to the Global SME Finance Forum for the acknowledgement, and also to our valued customers who continue to entrust the future of their businesses and their financial well-being in our hands. This prestigious recognition honours our unwavering commitment to empowering SMEs and fostering innovation in SME finance, further fuelling our drive to consistently go above and beyond in accelerating growth for SMEs and delivering optimum value to every stakeholder. We are indeed the Bank of choice for MSMEs and women across Nigeria, and we will never relent in empowering women to thrive and businesses to scale regardless of economic fluctuations”, Oseni remarked.
Wema Bank continues to raise the standards of banking and financial services in Nigeria, demonstrating a commitment to generating positive impact across diverse verticals, a dedication to exceeding expectations and a passion for empowering lives and businesses for success.
Businesses interested in accessing the Bank’s tailored range of finance options and business-centric solutions are encouraged to visit https://wemabank.com/smes or send an email to smehelpdesk@wemabank.com to get started.
WEMA BANK SET TO LAUNCH SEASON 4 OF ITS 5 FOR 5 PROMO REWARD INITIATIVE From October 1st, 2024
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to launch the 4th season of its transformative reward initiative, the Wema Bank 5 for 5 Promo. The highly anticipated Season is scheduled to kick off on Tuesday, October 1, 2024.
Introduced in 2021 the Wema Bank 5 for 5 Promo is a reward initiative pioneered by the Bank with the goal of rewarding its diverse range of customers for active loyalty to the brand, its products, and offerings. The Promo is executed seasonally via thoroughly regulated live draws where winners are selected from the Bank’s pool of active and transacting customers, based on the stipulated minimum requirements and modalities of the season. With benchmarks for qualification set as low as N5,000 in monthly transactions, the Wema Bank 5 for 5 Promo has evolved through each season, solidifying its repute as a source of hope, financial support, business growth and goal acceleration for thousands of Nigerians nationwide.
Over the course of 3 seasons, the 5 for 5 Promo has disbursed over N150,000,000 to 2,378 Nigerians across the six geopolitical zones in Nigeria, with 639 customers winning N31,500,000 in season 1, 539 winning N31,850,000 in season 2 and 1,200 winning N90,000,000 in the 3rd season of the 5 for 5 Promo which spanned August 2023 to July 2024. As a new season of the Wema Bank 5 for 5 Promo approaches, tensions are heightening as Nigerians await a new season of financial rewards and pleasant surprises from Wema Bank. Customers of the Bank are encouraged to request a debit card or get onboarded on the ALAT app and *945# and start transacting via any of these channels in anticipation of the season’s kick-off. Other Nigerians interested in participating are encouraged to open Wema Bank/ALAT account(s) to get started.
Reiterating the Bank’s commitment to providing a rewarding banking experience for its customers, Moruf Oseni, MD/CEO of Wema Bank, elaborated on the significance of the Wema Bank 5 for 5 Promo for its customers. “At Wema Bank, we have made it a duty and core value to provide optimum returns for our customers, and this commitment is evident in all that we do as a Bank. ‘Optimum returns’ for Wema Bank is limitless which is why we continue to raise the bar and set new standards, innovating new and improved ways to provide a highly rewarding banking experience for our customers. It is this sense of duty to our customers that inspired the launch of the Wema Bank 5 for 5 Promo”.
“The past seasons of the Wema Bank 5 for 5 Promo have been highly successful, but I can assure you that the coming season will be the biggest in 5 for 5 Promo history to date. We are, yet again, raising the bar, and with more to win this season, every Wema Bank customer is in for a treat. It’s beyond the rewards customers are getting. With the 5 for 5 Promo, we are telling customers that we’re grateful, showing them that we care, and empowering lives and businesses to thrive. Through this initiative, we have made undergraduate millionaires, established businesses across Nigeria, boosted existing ventures despite economic fluctuations, given hope to Nigerians of various ages and walks of life; and this season, we are more than prepared to exceed all milestones, break new ground and transform more lives for the best. The Wema Bank 5 for 5 Promo Season 4 kicks off on October 1 and we have a special Independence Day live draw to kickstart the season, so I welcome every Nigerian to Wema Bank and encourage all to get on ALAT, request a Wema/ALAT card or onboard on *945# and get ready for an intriguing new 5 for 5 Promo Season, bigger than ever before”, Oseni concluded.
The Wema Bank 5 for 5 Promo season 4 promises to be a game changer and every Nigerian can participate and secure big wins throughout the season by being a Wema Bank customer and getting onboarded on the valid transaction channels which include the ALAT app, the Wema/ALAT card and the Bank’s USSD Banking platform, *945#.
All transactions made using the qualifying Wema Bank and ALAT transaction channels from October 1, 2024, are potentially qualifying transactions and could secure rewards ranking in millions for Nigerians across Nigeria.
T&Cs Apply.
The Segun Agbaje GTCo’s Underhand Tactics that Destroyed Toyin Subair‘s Highflying HiTV Media Dream
…Agbaje’s Record of Financial Betrayal: The HiTV Collapse and Beyond
By Abubakar Musa
You couldn’t have forgotten so soon, many years ago, inside the massive banking hall of GT Bank, Toyin Subair wept and wailed. Yet nothing happened. Toyin was down and out, grunting and growling, but the bankers were ready to fight to the finish.
Indeed, in the complex corridors of Nigerian power and business, tables often turn, and those once perceived as underdogs can quickly rise to newfound prominence. Such is the case of Toyin Subair, the former HiTV boss, who has re-entered the political elite as the Special Assistant on Special Duties and Domestic Affairs to President Bola Tinubu. Once ruthlessly hounded by Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company (GTBank), Subair is now determined to use his newfound clout to repay Agbaje for the calculated destruction of his once-promising digital satellite broadcaster, HiTV.
Subair’s ascension to the presidency’s inner circle has rattled Agbaje, whose insidious role in bringing HiTV to its knees is widely known. What was once a professional and financial downfall for Subair has transformed into a determined vendetta. With the tables now turned, Subair is poised to extract his pound of flesh from the GTBank boss, using his leverage to settle the score.
Agbaje’s Role in HiTV’s Collapse: A Plot of Financial Ruin
HiTV was once a beacon of innovation in Nigeria’s media landscape. Launched with the ambitious goal of bringing premium football leagues such as the English Premier League and UEFA Champions League to millions of Nigerians, HiTV held a unique position as an indigenous digital broadcaster that was competing with global media giants. Its visionary founder, Toyin Subair, was widely hailed as a trailblazer in the media industry.
However, Segun Agbaje saw an opportunity not to support Subair’s promising enterprise, but to exploit and eventually crush it. Under the guise of financial assistance, GTBank extended a series of loans to HiTV between 2007 and 2010. The N9.5 billion loan package was structured not as a genuine lifeline, but as a trap—a set of onerous terms that would suffocate the company’s cash flow and make it impossible to meet its obligations.
What followed was a carefully orchestrated financial downfall. The loans were designed to bleed HiTV dry, with crippling interest rates that drained the company’s resources. Agbaje, in his role as GTBank’s chief, weaponized the bank’s facilities to ensure HiTV’s inevitable collapse. It wasn’t a failure of business on Subair’s part; it was a deliberate and calculated plot by Agbaje to eliminate HiTV as a business rival.
By 2011, HiTV had crumbled under the weight of its debts. Agbaje’s shrewd manipulation of financial instruments, paired with GTBank’s ruthless collection tactics, ensured that Subair would never reclaim the dream he had built. Agbaje’s successful exploitation of HiTV stands as a grim case study in how far some banking executives will go to assert control and crush competition.
Corporate Warfare: How Agbaje Weaponized GTBank and Law Enforcement
Agbaje’s destruction of HiTV wasn’t limited to financial instruments alone. When the company began to falter under the weight of its debts, he ramped up pressure through more aggressive and overt tactics. With HiTV on the verge of collapse, Agbaje called in the debts and unleashed a barrage of lawsuits against Subair and his company. Legal petitions flooded the courts, and Subair found himself embroiled in a vicious legal battle, while HiTV was buried under an avalanche of litigation.
Agbaje’s cunning extended beyond the boardroom and into the legal sphere. Leveraging his influence over law enforcement and legal agencies, he ensured that HiTV would have no chance of recovery. Law enforcers and banking regulators, seemingly bent to his will, became instruments of HiTV’s demise. Subair, once a celebrated entrepreneur, was left helpless as Agbaje systematically dismantled everything he had built.
Pundits argue that if Subair had been more cautious and courageous, he might have found a way to defy Agbaje’s vampiric tactics and reclaim HiTV. But Agbaje’s elaborate scheme left little room for maneuvering. The GTBank chief’s playbook for exploiting corporate clients was perfected to such an extent that few could withstand his onslaught.
Agbaje’s Reputation as a Corporate Villain
In many circles, Agbaje’s reputation as a shrewd but morally bankrupt banking executive has only grown since his success in neutralizing HiTV. His modus operandi—extend generous loans under predatory terms, then crush the debtor when repayment becomes impossible—has been employed in multiple instances, with Subair’s case being one of the most publicized.
Agbaje’s track record of exploiting and extorting promising entrepreneurs has earned him the image of a corporate thug—someone more interested in financial domination than in legitimate business growth. As critics point out, he has turned GTBank into a weapon of financial destruction, targeting companies like HiTV, only to leave them in ruins while the bank walks away unscathed.
The collapse of HiTV was not an isolated event but part of a broader pattern of corporate treachery. Agbaje, through his shadiness and corporate criminality, has positioned himself as a figure more feared than respected in the world of Nigerian banking. His critics argue that his success comes not from brilliance or innovation, but from his ability to manipulate financial systems to serve his personal ambitions at the expense of others.
Subair’s Return: Poised for Payback
Fast forward to today, and Toyin Subair is no longer the defeated entrepreneur licking his wounds after the HiTV collapse. As a close aide to President Bola Tinubu, Subair has regained his footing and now wields significant influence in Nigeria’s political high society. This newfound relevance has become a source of anxiety for Segun Agbaje, who must now reckon with the possibility that Subair will use his position to seek retribution for the destruction of HiTV.
Pundits speculate that Subair is leaving no stone unturned in his quest for payback. The scars of HiTV’s collapse remain fresh, and Subair’s determination to even the score has only grown stronger over the years. Now, with the backing of the country’s highest office, Subair is in a position to bring Agbaje to book for the calculated corporate warfare that ruined his digital broadcasting dream.
Agbaje, once the predator in control, may now find himself vulnerable as Subair eyes the opportunity to extract his pound of flesh. The former HiTV boss is poised to turn the tables, using every tool at his disposal to ensure that Agbaje faces the consequences of his ruthless tactics. For Subair, this isn’t just about financial retribution—it’s about justice for a dream destroyed and a legacy stolen.
As Agbaje continues to face public scrutiny for his role in the collapse of HiTV, the rise of Toyin Subair serves as a stark reminder that power dynamics can shift dramatically. And for Segun Agbaje, the reckoning may have only just begun.
