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U.K. Eke Retires From FBN Holdings Amidst Encomiums…As Nnamdi Okonkwo Becomes New GMD

The board of FBN Holdings Plc (FBNHoldings) has appointed the immediate past managing director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo as its group managing director following the retirement of Mr. U.K. Eke, who has completed his two-term tenure..

Okonkwo’s appointment takes effect from January 1, 2022.
Uke, according to the board, tendered his Notice of Retirement on August 10, 2021
The board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the managing director and deputy managing director of FirstBank respectively, for another term.

In same vein, the Board announced the renewal of appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term.

“Uke’s retirement takes effect at the end of the current Financial Year on December 31, 2021. Mr. Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process reengineering and capital market operations.

“FBNHoldings Board has also announced that Eke will be succeeded by Mr. Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022,” Seye Kosoko, the Company Secretary said
Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings more than 30 years unbroken banking career spanning local and international experience.

He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management.

He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team in seven years to achieve remarkable results culminating in tripling profit and shareholder value.
Okonkwo previously served as the Executive Director for Southern Nigeria in Fidelity Bank. He has worked meritoriously on an international level in his capacity as the Managing Director of UBA Ghana; Director, UBA Liberia and a Director of the Ghana National Banking College.

He has served in various leadership positions across other financial institutions including Broad Bank of Nigeria Ltd; Citizens International Bank, Nigeria; FSB International Bank Plc, Nigeria; Guaranty Trust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria.

Okonkwo made remarkable feats as a Director in various organizations including UBA Ghana, UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria Interbank Settlement System Plc, Unified Payment System Ltd and as Chairman, Shareholders Audit Committee FMDQ, amongst others. His appointment is subject to the approval of regulatory authorities.

The board also approved the appointment of Mrs. Tope Orhionsefe Omage as a Non-Executive Director of First Bank of Nigeria Limited by the Board of FirstBank, subject to the approval of the CBN.

The Board also announced the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021.

Ecobank Day: “We Should Be Open To Talk About Mental Health Issues” – Akinwuntan

Ecobank Nigeria has reiterated its commitment towards promoting mental awareness for its staff, customers and the communities where it operates being part of its corporate action to support general wellbeing amongst citizens . This, according to the bank, is necessary in view of the enormous stress people encounter while trying to play their part in sustaining the national economy. The Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan while speaking at the 2021 “Ecobank Day” event in Lagos stated that there was need for people to exercise more sensitivity and be more supportive towards improving mental health.

According to him, “This year, we are focusing on how we can support one another to improve on our mental health. It is something we should be open to talk about; it is something that we should be able to share our concerns so that each of us can be sensitive to how we support one another and to manage the stress available in our environment. So, this year, we are focused on mental health, educating people on how to identify and manage the disease, while also helping reduce stigma and discrimination. We all know that Nigeria is a country with about 200 million people, and there is a lot of stress on all of us. At Ecobank, we encourage staff to speak out through word of mouth, written communication, WhatsApp, sms message, even if it is an anonymous call to support victims. We also try to identify things within the environment that could have a negative effect on our journey to better mental health, and quickly take them out”.

On her part, the Executive Director, Commercial Bank, Ecobank Nigeria, Carol Oyedeji, urged colleagues to find a way to balance work with other aspects of their life. “Please when you close work, shut down your system and find ways to connect with your spouse, family and in any other thing that will give you joy and happiness”. She noted that we must encourage people to feel comfortable to talk about their emotions, without shame, fear of being judged or abuseD. She emphasized that anyone suffering or facing mental health problems should be aware that they can get help.

Experts at the event listed signs to watch out for in mental health to include; negative view of self, feeling alone, giving things away and frequent talks about death. They noted that mental health disorders are one of the most common Non-Communicable Diseases, noting that mental health issues can happen to anyone and it’s important to talk about it and also act on it.

Ecobank Day, is a Group’s flagship annual corporate and social responsibility event that ‘gives back’ to the local communities across the pan-African footprint. The 2021 Ecobank Day had the theme ‘Mental Health – Time to Talk and Act!’. It marks the final stage of Ecobank’s three-year campaign to raise awareness and help prevent Non-Communicable Diseases (NCDs).

Ecobank Day which started in 2013, focusing each year on a specific theme. These have been Education for young people in Africa (2013); Malaria prevention and control (2014); Every African child deserves a better future (2015); ICT education in schools and improving maternal health (2016); Safe water management (2017); Orphanages (2018); Cancer (2019); and Diabetes (2020).

FIRSTBANK PARTNERS NIBSS TO DRIVE DIGITAL PAYMENT CONVENIENCE WITH NIGERIA QUICK RESPONSE (NQR)

FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services organisation has announced its partnership with Nigeria Inter-Bank Settlement System plc (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution.

The NQR is an innovative payment option implemented for all financial service providers and designed to promote quick and fast transactions by scanning the code on one’s mobile device. Also, the initiative reduces cost(s) for merchants and banks in delivering instant value for person to business (P2B) and person to person (P2P) transactions by simply scanning to pay. Unlike other QR schemes, the NQR is implemented with reduced charges that is cheaper for merchants.

The initiative is accessible on the Bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App. And it is also available for the merchant in facilitating their business activities. The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacy, ride-hailing/taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online (Instagram) businesses amongst many others.

To access the service, launch your FirstMobile App and select QR payment. Afterwards, choose NIBSS as a payment provider, then scan the seller’s NQR barcode. Thereafter, the amount is inputted, followed by PIN validation to generate an instant confirmation of the transaction successfully. On the other hand, merchants are to visit any FirstBank branch closest to them for service enrolment.

Speaking on the initiative Dr. Adesola Adeduntan, CEO, FirstBank said “we are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) which has been instrumental to easing and promoting payment convenience with the use of mobile phones. At FirstBank, we recognize the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting You, our customers First.

Nigerians face challenges accessing eNaira App hours after launch

Four hours after President Muhammadu Buhari launched the digital currency, eNaira App, Nigerians are having problems signing into the Central Bank of Nigeria (CBN) digital currency platform.

The eNaira, which was launched 24 days behind schedule, has recorded more than 5000 downloads on Google Playstore and 442 reviews by downloaders, who rated the Central Bank Digital Currency (CBDC) mobile app 2.3 out of five.

The eNaira was launched by the President on Monday.

Complaints have trailed the app’s functionality as users encountered two problems, email, and Bank Verification Number (BVN) confirmation.

But the latter was common among individuals who had downloaded the App.

Attempts by Ripples Nigeria to log into the App were unsuccessful with the message below appearing on the system.

“We have encountered a problem with the BVN validation service, please try again later. Service timeout.” the eNaira App stated after initially showing “Oops, an error occurred, please try again later.”

A quick check on Google Playstore showed a series of complaints with one Nkwachiukwu Cornelius stating: “I am being asked to sign up through my bank only. Is there no other alternative method for signing up? I have tried signing up through my bank but the system is having a problem verifying BVN.”

Another user, Blessing Kay Fash, said: “A great initiative from CBN. However, 2 stars because l am unable to sign in after passing through the first steps of registration using my bank, full name, phone number, and BVN. Not knowing what is happening!”

Etubi Paul retorted: “After filling my details (Names, BVN, DOB, Account Number) it brings a red pop-up message that says, ‘We have encountered a problem with the BVN validation service.’ Pls work on this. The 2 STAR is for the availability of the app in the first place though.”

Biletiri Andrew said: “My BVN is not verified, please how this error can be rectified? It keeps telling me I should try again later or contact support.”

Titilope James lamented, “I give one star only. I tried my best to register but keep saying TOO MANY FAILED ATTEMPT ON BVN. Pls help me out.”

On his part, Chinedum Emezie said: “Very poor app, I filled in all my details correctly and yet it keeps telling me that my account number is incorrect even though it is after several trials it now tells me to contact customer support. Too many attempts were made with the same BVN. Very poor and how can I get this solved.”

Hassan Ahmad noted: “The steps are too much for an average person. Why can’t you just register people with their BVN? I have put all details but it’s saying the first name doesn’t match.”

Source: Ripples Nigeria

BREAKING: CBN Integrates 33 Banks Into ENaira Platform, Releases N200m For Programme Take- Off

The Central Bank of Nigeria has integrated 33 Banks into the eNaira platform with N500m successfully minted by the apex bank for the take off of the digital currency programme.

The CBN Governor, Mr Godwin Emefiele, said this on Monday at the official launch of the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, at the State House, Abuja.

The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.

Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and a cross section of Nigerians, the CBN designed the digital currency.

The eNaira, according to the apex bank, marks a major step forward in the evolution of money in Nigeria.

Speaking at the event, Emefiele said since the eNaira platform went live, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world with over 2.5 million daily visits to the website.

He said so far, N200m has been issued to financial institutions, while over 2,000 customers have been onboarded.

According to him, over 120 merchants have successfully registered on the eNaira platform.

He said, “Today, customers who download the eNaira Speed Wallet App will be able to onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another waller; make payment for purchases at registered merchant locations.

“Mr President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world.

“Mr. President, as you make ground breaking reforms, there have been continuing debate on the true value of the Naira.

“Rather than worry today on the direction of the exchange rate, let us take a step back and analyze how we got here in the first place.”

More details later…

Femi Otedola Reportedly Takes Over First Bank With ₦30bn

Nigerian billionaire businessman and investor, Femi Otedola, on Friday, reportedly took over First Bank of Nigeria Plc.
According to The Street Journal, Otedola took over the bank with the acquisition of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.

Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.

Recall that Femi Otedola had in 2019 divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum.

This act made many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.

The billionaire had expressed interest in going into refining and petrochemicals as well as investing in the real estate and financial sector.

It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.

Recall that the leadership crisis rocking the bank led to the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.

Wigwe, Emefiele honoured with Juris Law Award for outstanding contributions in finance sector

The Chairman, Body of Bank CEOs and Group Managing Director of Access Bank PLC, Herbert Wigwe, has been recognised for his outstanding contributions to Corporate Governance and Rule of Law in Nigeria’s Banking Industry.

Wigwe was presented the Juris Law Award by Chief Justice of Nigeria, Ibrahim Tanko Muhammad at the 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 which held on Tuesday, 12 October 2021 in Abuja.

Also honoured with an award was the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele. The Juris Law Award is presented in honour of leaders who are taking significant steps towards promoting economic growth in Nigeria through deepening institutions, corporate governance and Rule of Law.

Accepting the award, Wigwe stated that he was honoured to receive the award, adding that “through innovative banking initiatives and our underlying sustainability drive, Access Bank will continue to create shared value for all our stakeholders, striking a balance between competitive advantage and corporate social responsibility.”

Wigwe and Emefiele have partnered in the creation of several positive socio-economic initiatives such as the Creative Industries and Financing Initiative; a loan scheme developed to provide access to long-term and low-interest financing for entrepreneurs in Nigeria. In addition, Wigwe, Emefiele and Aliko Dangote were key parties in the formation of the Coalition Against COVID-19 (CACOVID) – a vehicle created to spearhead corporate Nigeria’s support for the federal government’s fight against the deadly virus. The successful coalition funded the establishment of response centres, acquisition of medical equipment, supplies and food palliatives for vulnerable Nigerians.

The 2021 Judges Workshop on Banks and Other Financial Institutions Act (BOFIA) 2020 focused on reforms and the statutory requirements imposed by CBN on all banks and other financial institutions in Nigeria to adopt policies on anti-money laundering and combating the financing of terrorism and cyber security in Nigeria.

Also in attendance of the workshop were the Attorney General of the Federation and Minister of Justice (AGF); Abubakar Malami (SAN); the Appeal Court President, Justice Monica Dongban-Mensen; the Chief Judge of the Federal High Court, Justice John Tsoho; the Former Chief Justice of Nigeria and former Chairman, Board of Governors, National Judicial Institute, Hon. Justice Mahmud Mohammed and other high ranking judicial officers and the legal community.

Winners Emerge in 7th UBA Bumper Savings Account Promo

Winners Emerge in 7th UBA Bumper Savings Account Promo

L-R: Group Head, Customer Fulfilment Centre (CFC), United Bank for Africa(UBA), Prince Ayewoh; Winner of N100,000 cash prize in the UBA Bumper Savings Account Promo, Onyenwenyi Chidinma Confidence and Head of Small and Medium Enterprises (SME) Liability, Babatunde Ajayi, during the presentation of cash prizes to winners of the Bumper Savings Account promo draw, held in Lagos, recently

Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded its loyal customers in its Bumper Savings Promo in line with its unwavering commitment towards prioritising its customers’ financial well-being as well as boosting savings culture in Nigeria.

Since the bank commenced the promo in 2020, over 200 winners have emerged from the initiative that continues to reward loyalty and encourage customers to cultivate a savings habit that helps to stay afloat especially during challenging times.

The promo is open to account holders of the bank from the six geographical zones in Nigeria, and customers only need to open a UBA Bumper account and save a minimum of N5000 in a month to qualify. The more multiples of N5000 they saved, the higher their chances of winning cash prizes and other juicy benefits.

The electronic raffle draw, which is the 7th since inception, was held at Kairo’s Hub on Wednesday, and was witnessed by relevant regulatory bodies including the National Lottery Regulatory Commission and Consumer Protection Council who were on ground to ensure transparency and accountability.

Winners who emerged from the draw, include, Olunwa Osita Ambrose who smiled home with the star prize of a whooping N2m, while Saheed Adeshina Adediran won N1.2m rent for a year. Adewunmi Olaniyi Sobowale, another lucky winner got 500k shopping allowance.

Others who equally smiled home with N100,000 cash prizes were; Bayode Peter Oluwaseun, Archibong Unyime Gift, Yakubu Fali, Alaegbu Promise Uchenna, Onyenwenyi Chidimma Confidence, Maria Obianuju Onyeneke, Emmanuel Kalu, Aramide Afolabi Temitope, Ijeoma Juliet Okika, Taiwo Micheal Odofin, Daina Ochekema Egbe, Ighodalo Thompson, Mercy Effiong, Alice Gabriel, Imrana Bello, Onyedika Promise Umeji, Uzoma Chibuike Timothy, Adewole James Idowu, Opeyemi John Kolawole and Israel Ojima Daniel.

Olunwa Osita Ambrose who won N2m could not hide his excitement when he was contacted over the phone. He screamed, “Thank You God” over and over and took time to appreciate UBA for the wonderful gesture saying; “This is indeed great. Thank you. You people cannot understand the great impact you have made in my life with this reward. It will transform my life greatly. May God almighty bless this bank and all those who conceptualized the UBA Bumper Account Savings Promo,” Ambrose gushed excitedly. “I am committed to the bank for life,” he concluded.

L-R: Group Head, Customer Fulfilment Centre, United Bank for Africa(UBA), Prince Ayewoh; Winner of N100,000 cash prize in the UBA Bumper Savings Account Promo, Bayode Peter Oluwaseun; and Head of Small and Medium Enterprises (SME) Liability, Babatunde Ajayi, during the presentation of cash prizes to winners of the Bumper Savings Account promo draw, held in Lagos, recently

UBA’s Head of Personal Banking, Ogechi Altraide, who presented gifts to some of the winners who were physically present at the event told customers that UBA places them at the very heart of its business which, according to her, is why the bank remains passionate about their overall success and added that this has consistently been proven in numerous ways which is why the bank has continually invested in cutting-edge technology to improve its service delivery and its overall aim of delighting customers.

She said, “With customer-centric promos like the UBA Bumper promo, we have created an ever-increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of October, which is the month of independence commemoration so we can give more Nigerians reasons to cheer while celebrating the country’s independence anniversary”.

“We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them’” Altraide said.

Head, Marketing, Diana Ubah also spoke of UBA’s passionate commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.

“I have witnessed a lot of events like this and I must say the happiness and live changing moments that comes with a customer getting an unexpected reward is indeed a special one! To this end, I encourage those who are yet to join the winning team, should do so quickly. Without any iota of doubt, you always win with UBA” said Ubah.

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

Winners Emerge in 7th UBA Bumper Savings Account Promo

Winners Emerge in 7^th UBA Bumper Savings Account Promo

Olunwa Osita Ambrose who won N2m could not hide his excitement when he was contacted over the phone. He screamed, “Thank You God” over and over and took time to appreciate UBA for the wonderful gesture saying; “This is indeed great. Thank you UBA. You people cannot understand the great impact you have made in my life with this reward. It will transform my life greatly. May God almighty bless this bank and all those who conceptualized the UBA Bumper Account Savings Promo,” Ambrose gushed excitedly. “I am committed to UBA for life,” he concluded.

“We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them’” Altraide said.

Heritage Bank Director, LASAA Seeks Sustainable PPP Model for Financing Advertising Sector

Heritage Bank Director, LASAA seeks sustainable PPP model for financing advertising sector

…Commends Lagos State’s smart city project

The Executive Director, Heritage Bank Plc, Jude Monye disclosed that one of the ways out-of-home advertising industry can attain massive growth was via the adoption of public-private-partnership (PPP) model to ensure its sustainability.

He stated this at the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA) in partnership with Heritage Bank.

Monye commended the Governor of Lagos State, Babajide Sanwo-Olu’s administration for the implementation of the smart city plan with the rollout of 6,000km metro fibre optics, which is the requisite infrastructure for the smart city project.

According to the Bank’s director, “if you have deposit money bank, that is the commercial bank coming in with huge portfolio, you will see massive growth in this industry and to crown it all for me, the governor said what I didn’t know of, all the things that the government is doing with the Fibre optic projects which is towards the smart city that LASAA has also shown to us. With that alone, the PPP model, the banks are going to key into funding this so that the industry can grow.”

He revealed that deposit money banks are careful to lend to the advertising players due to lots of unstructured issues and if tackled, the banks will be willing to lend once they see that the risks in the industry have been reduced.

He, however, stated that the move by Lagos State government for the adoption of digital technology would lead to increased patronage and rev banks’ participation.

“I think lots of unstructured issues that we face and most of the banks that you see on digital media outside is not borne out of the need to advertise because it has not appealled to them, or engaging to their audience, but some of them are just pay back for the loan that they have given,” he stated.

HB LASAA PIX1 R-L: Jude Monye, Executive Director of Heritage Bank Plc; Adedamola Docemo, MD/CEO of Lagos State Signage and Advertisement Agency (LASAA); Joe Igbokwe, Senior Adviser to Governor on Drainage services; Tunji Bello, Commissioner of Environment; Hamzat Obafemi, Deputy Governor Lagos state; Belinda Odeneye, Permanent Secretary, Ministry of Environment & water resources; Adenike Adedoyin-Ajayi, PS Ministry of Tourism; Kayode Pitan, MD of Bank of Industry and kunle Adeniran, MD of Vatebra, during the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA) in partnership with Heritage Bank, held in Lagos recently.

Jude, who reaffirmed that PPP actually was the model, added that there should be a kind of intra-ministerial integrated approach, as this would propel the lending capacity of banks.

Speaking earlier on the topic, “Road map for the Growth of Signage and Out-of-Home Advertisement post-Covid-19 in Lagos,” the Governor who stated that the state was making appreciable progress in the ongoing laying of the metropolitan optic fibre, as well as the installation of smart cameras in strategic locations across the State, affirmed that the technology would help enhance and support the growth of advertising in the Lagos.

Sanwo-Olu, represented by his Deputy, Obafemi Hamzat said his administration would continue to leverage technology to transform the state’s economy while easing impediments for businesses to flourish.

The MD/CEO of LASAA, Adedamola Docemo said the agency would be rolling out policies and programmes that would improve sectoral investment, drive sustainable growth, encourage regular engagement and development of the State.

He stated that with Lagos being the leading state in Out-of-Home advertising investment in Nigeria, the industry has evolved and has consistently contributed its quota over time to the growth and development of Lagos state.