₦airaland Forum

GTBank wins 2016 Euromoney Best Bank in Nigeria... Reaffirms position as a leading global brand.



Foremost African financial institution; Guaranty Trust Bank plc has once again reaffirmed its position as a leading global brand with its recent recognition as the ‘Best Bank in Nigeria’ at the 25th anniversary of the Euromoney Awards dinner, held on Wednesday, July 6, at the Tower of London, United Kingdom.
The bank was also adjudged the best digital bank in Africa.
GTBank has consistently played a leading role in Africa’s banking industry. It is therefore not surprising that the bank has won the best bank in Nigeria award for 8 consecutive times outside of 2013, when it was recognised as The Best Managed Bank in Nigeria.
The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation
The Euromoney Awards for Excellence, launched in 1992 and now in its 25th year, were the first of their kind in the global financial publishing industry. The nature of the banking industry is changing, and this year we have made fundamental changes to the categories in our Awards for Excellence to reflect this.

Euromoney’s Awards for Excellence cover global categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world.

The Pan-African banking group Ecobank has won the 2016 Euromoney Excellence Awards for ‘Best Bank for Corporate Social Responsibility (CSR) in Africa’ and ‘Best Bank for Transaction Services in Africa.’The bank was also adjudged the best bank in Ghana and Malawi for the second time consecutively making it 4 awards won by the Bank in 2016 alone.

The awards were presented to the bank at the 25th anniversary of the Euromoney Awards dinner, held on Wednesday, July 6, at the Tower of London, United Kingdom.

“The Bank was awarded the Best Bank for Corporate Social Responsibility in recognition of the bank's progress in the enhancement of its operations through its 'CSR' initiative, as well as commitment to rising the standards of customer experience through its many services including Western Union,” posited a Euromoney official.

Receiving the award on behalf of the Ecobank, Ms. Julie Essiam, Ecobank Foundation Chief Executive Officer, said that at the bank they are passionate about transforming the communities in which they serve across Africa.
Ms. Essiam said: “Through strong partnerships like our work with the Global Fund to Fight AIDS, Tuberculosis and Malaria, we are making long-term positive change. Our award for corporate social responsibility is gratifying and it demonstrates the powerful impact that the private sector makes on development in Africa.”

She assured that the Bank will sustain the growth momentum while noting that the award is an honor not only for Ecobank, but for employees and customers who have been instrumental to the bank's success.
On the award for the Best Transaction Banking Services, Ecobank’s Transaction Services Group Head Patrick Gutmann said the award highlights their growing reputation as one of the leading transaction banks in Africa.

“We provide innovative transaction services in the 36 African countries in which we operate, and this award shows that we are not only delivering this service, but excelling at it; and this is the second consecutive year that Ecobank subsidiaries in Malawi and Ghana are being honored for their performance,” Gutmann said.

The Euromoney Awards for Excellence, launched in 1992 and now in its 25th year, were the first of their kind in the global financial publishing industry. The nature of the banking industry is changing, and this year we have made fundamental changes to the categories in our Awards for Excellence to reflect this.

Euromoney’s Awards for Excellence cover global categories, best-in-class awards in all regions and the best banks in close to 100 countries around the world.

ikbnice:
He's human. The first impulse will be to keep the money.

Up close and personal with the native of Olamabaro in Kogi, Mr. Ogbanago Muhammed Ibrahim


I squat with my brothers one in Egbeda and the other at Oshodi

I’m on a salary of N30,000 monthly

I'm a graduate of Kogi College of Education.

I want to get married but don't have money now

Got Commendation letter from Technocrime.

I would still return it if it happens again


[img]http://naijabankers.com/download/file.php?id=32[/img]





At a time when people were bemoaning the current economic realities, when the value of the Naira was eroding faster than the speed the light, when prices of household commodities have hit the roof, when almost all the economic indices were in the negative. A security guard with Technocrime attached to UBA on a salary of N30,000 who saw a wad of $10,000 equivalent of N3.5M. (a quick maths will tell you it would take him 10 Years to earn that amount), decided against the common instincts of keeping the money to returning it.

The gesture has not gone unnoticed as the Chairman of UBA, Mr Tony Elumelu, in rewarding the rare show of honesty and integrity grilled into one invited him to his office where Ibrahim met with some board members and senior staffers of the Bank.
It also earned him a commendation letter from his office Technocrime Securities.

Here is an excerpt of the interview Mr Ogbanago Muhammed Ibrahim, A rare person, A security man with a heart of gold who deserves more than just mere mention on the internet had with Naijabankers.com correspondents.


Q: What prompted your course of action?

A: By the Grace of God. I am a honest and sincere Muslim. I believe that a good name is better than riches. I saw the money just by the gate. I brought it inside our office. 20% of me wanted to keep the money. The remaining 80% didn’t want to. Eventually i took the money to the Branch Manager Funmi Ojuile. She was surprised and was full of praises for me over what i did. Later the man who came to withdraw the money came looking for it. He prostrated on the ground for me and prayed for me on hearing what happened. He was only an employee asked to withdraw the money, which was part of the total withdrawals made from the company’s account that day. The man was almost in tears saying he would have been locked up in Kirikiri had the money not been found. He added that the education of his 3 children in the University would have suffered a great deal. He told me he had no money to give me, but prayed that his God would reward me.


Q: Tell us about your meeting with the Chairman, Tony Elumelu. It must have been very rewarding?

A: I must confess that is the highest point of this whole episode. You will agree with me that seeing an influential man like the Chairman does not happen easily. How many managers even have the privilege of seeing him let alone given the sort of attention and reception he gave me. I did not only meet him, but i met with the board. He asked me to address them, and that was worth more than anything for me.

[img]http://naijabankers.com/download/file.php?id=31[/img]





Q: (Cuts in) ...it must have been financially rewarding as well?

A: (SMILES) I laugh when people imply that or ask me that question...The Chairman rewarded me in ways far beyond my expectation. I’d rather not go into details about that. I am eternally grateful to him. It was all over the social media with some from his handle.

Q: Do you feel adequately rewarded and compensated?

A: I did not do it to be rewarded. However, I feel very well appreciated. I have been receiving calls from all over the place. Infact my HOD at Kogi College of Education called me recently and told me how proud of me he was. So also many old friends of mine and relations have been calling me. I have been granting interviews upon interviews. I may not have money now. But i have a good name. My name has gone far beyond where i can easily get to. That to me is more than any financial reward. My God will bless me with my own riches. I am a devout Muslim. I would never touch another man’s money.

[img]http://naijabankers.com/download/file.php?id=30[/img]




Q: Would you tow the same line if you stumble on this kind of money again?

A: I would do exactly the same thing...I believe a good name is far better than riches.


Q: How does your company, Technocrime Securities feel about the news?

A: They are very excited. I got a commendation letter from them.


Q: Are you married?


A: (SMILES) I am not married yet. I am still looking for money. I know i ought to have been married, i have younger ones who are married and are doing well but i will soon.

Q: How old are you?

A: I am old o...I am 29 years old. I was born on July 5th.


Q: Wow...Just Yesterday...Happy Birthday in arrears.

A: Thank you.


Q: Don’t you think the money you returned could have been handy in getting you married?

A: (LAUGHS) Maybe, maybe not...but I would rather raise my money in honesty... This reminds me of the question the Chairman asked me, when i told him my salary was N30,000. He said “Do you know that it will take you 10 Years to earn that amount”. I believe i would make my money clean. I did not do it for financial rewards.


Q: So your current salary is N30,000?

A: Yes...I’m on a monthly salary of N30,000.


Q: Where do you stay? And how has this affected you in your neighbourhood?

A: I squat with 2 of my brothers. One lives at Egbeda and the other lives at Oshodi


Q: You don’t have a place of your own?

A: No. I squat with my brothers.


Q: What was their reaction to the issue, knowing that N3.5M is more than enough to get you a place of your own?

A: (LAUGHS) They are very happy. My brothers know me...I have always been a man of integrity. They would never involve me in matters they know will question my integrity because they know what my reaction would be. So they were not surprised when they knew about it.

Q: As a graduate of NCE, Have you tried getting a teaching job? Don’t you think your job as a security man is below you?

A: Well...It is. You know the economic situation in the country. I actually got a job with a private school in Egbeda which was to pay N18,000 per month. You and i know that would not take me anywhere. If it were a government job, i would gladly take it and start building a career off it. So i opted for this. I am believing God for a better job.


Q: Do you have a word for the youths out there who would rather take to vices than this humble route you have taken?

A: The youths have to realise that we have a lot to do to better the lots of this country. The image of this country has to be redeemed. The world should know that we are honest people. A good name name is better than riches. I believe that there are 3 routes to popularity. One, is through political office, second is through criminality and the third is through good deeds. And i choose the third. I am happy and fulfilled seeing my names all over the internet, in the papers, on TV, hearing it on radio and it’s for a very good deed.

-Naijabankers.com

sunjos79:
Won't depositors quickly withdraw their hard earned money? Once bitten,twice shy!

stagger:
What I cannot understand is this:

Why would any member of the board of directors, the Chairman, MD or anybody in such positions be allowed to borrow such staggering amounts of money from banks they are supposed to be administering? Does this not constitute conflict of interest? N82billion owed by a director? N109 billion incurred by the Chairman? Gracious me!

Skye Bank Crisis: What It Means For Your Money


The Central Bank of Nigeria on Monday dissolved the Management and Board of Skye Bank Plc following months of speculation about the financial health of the bank. The CBN Confirmed this via a circular on its website explaining why it took this decision. The CBN explained that it took this decision because Skye Bank had failed a stress test that it conducted for the bank.

Since the banking crisis in 2009/2010 the Central Bank conducts periodic stress test to gauge the financial health of commercial banks enabling them identify any potential case of a bank collapse before it occurs. In this particular instance, the CBN confirmed that it had taken proactive measures to dissolve the bank’s management and board because Skye Bank had persistently failed to meet its liquidity ratio and capital adequacy ratios benchmark set for commercial banks. Skye Bank’s non-performing loan ratios have also been higher than the benchmark set by the CBN.

Before we get to how this might affect you, we will attempt to explain what some of these ratios mean using simple illustrations that we hope you can understand.

A Bank’s liquidity ratio is simple the ratio of a banks liquid assets to its liabilities. A bank’s assets will include its loans, investments in bonds, treasury bills etc. thus cash and/or other investments that can easily be sold for cash (cash equivalents). Its liabilities are the total cash deposited into the bank by you and I as well as other loans that the bank might have borrowed to un-lend to borrowers. The CBN stipulates that a bank must have a liquidity ratio of about 30%. This means that its total cash and cash equivalents must at least be 30% of the deposits and other cash the bank might have borrowed. Skye Bank failing this test means that it does not have enough cash to pay its current liabilities. This in layman terms means that should a lot of people decide to withdraw their deposits from Skye Bank, the bank may not be able to pay them even if it sold all its assets.

A Bank’s Capital Adequacy ratio refers to how much equity a bank has in comparison to its loans. The Central Bank currently stipulates that a bank like Skye Bank must have a CAR of not less than 15%. Skye Bank has now breached that limit because it has far less equity when compared to its debts. This could be either because its loans have increased in proportion to its equity or because it has incurred a lot more losses due to bad loans.

The banks non performing loan (NPL) ratio is basically the percentage of the banks loans to borrowers that have gone bad. The Central bank sets this threshold at about 5% of the bank’s total loan portfolio.

This limits explained above are triggers for the CBN to enable it immediately identify banks that might be at risk of distress before they get into distress. The only way to avoid distress in this Skye Bank example, will typically be to raise more equity capital. If the bank has more equity (new cash) then it logically will meet all the ratio’s above (except for the NPL ratio). Unfortunately, the management of Skye Bank has not been able to raise capital in almost two years since it started shopping for new investors.

What it means for your money?

Those who deposited money in the bank

The Central Bank includes Skye Bank amongst its list of 8 Systemic Important Financial Institutions (SIFI). As a SIFI, the CBN considers any issue that affects the financial health of the bank as capable of causing more harm in the financial sector of the country. This is why they stepped in to sack the management of the bank.
The CBN also gave Skye Bank over a year to raise capital which would have meant that the current management will remain had it raised enough capital.
The CBN made it clear that the bank was not yet in distress but had breached a buffer that could lead it into distress if urgent action is no taken.
Based on this, depositors money is intact and will not be lost. The CBN says you need not panic to withdraw you cash as the CBN will ensure that you get your cash whenever you need.

“It is important to reiterate the fact that Skye Bank is not in distress and remains a healthy bank in the system. The CBN hereby assures depositors, shareholders and all relevant stakeholders that there is no reason for concern or panic as we seek their continued cooperation at this time.”CBN
The implication of a panic withdrawal of cash is that, when everyone does so, the bank finds it difficult to meet everyone’s demand. In fact, we doubt that there are any banks that will survive a panic withdrawal by its depositors.
Despite this, if we had our life savings deposited in that bank we will likely withdraw it. Your life savings are always better invested in Treasury Bills.
If we are however asked to open an account in Skye Bank today we will probably decide not to until we are sure that the bank has met all the limits set by the CBN.
If we are also asked whether to deposit a cheque into our Skye Bank account (we don’t have any) we will likely object.


Those who bought or want to buy Skye Bank shares

For those who own shares in Skye Bank, we will strongly recommend a sell at the moment. We have recommend sell in several articles on Skye Bank in the past and still maintain a sell rating on the stock today
Skye Bank, shares dropped by 9.5% to 95 kobo on Monday as investors rushed to dump the stock. At a point we saw over 80 million units on offer with no buyer.
Skye Bank results are not yet out so we expect a major write down leading to significant losses maybe reported. As such we won’t see dividends from this country in recent times.
Skye Bank’s share price may rise in again if it secures or announces a new strategic financial investor.


People who borrow money from the bank

Small Businesses who owe Skye Bank loans and have defaulted in payments should get set for an aggressive push to recover the loans. The new management will likely come down hard on them threatening to publish their names or call on their collaterals
If you are however on the verge of securing a loan from Skye Bank then count yourself unlucky as that loan may not be granted by the new management. No mater how far you have gone in your negotiations, they will likely put you on KIV
You should also expect new negotiated terms of your loan agreement if it is close to the end or on the verge of a renewal. Since the resignation of Management was mostly because of the bad loans on their books, the new management may likely want to renegotiate the terms of those loans.


I do business with the bank

For suppliers or contractors of Skye Bank, we advise that you hold on from delivering further supplies to the bank till you are very sure of how you get paid. If you supply essential products that the bank needs, then they pay you. If otherwise, apply caution and don’t fall victim
Make sure that you also secure all your documentation and get them ready in case you are called in during any investigation or request for proposals.
A new management also means an opportunity to know new people and get a mutually beneficial supply deal.

-Nairametrics

omenpetrol:
I have been privilege to work with some Nigerian banks and essentially they fall into 2 major categories. 1; Wise and Non-Complacent and 2; Unwise and Complacent.

1. Wise and Non-Complacent. The are banks that got it right from the onset or who have failed and learnt their lessons. E.g GTBank, Access and Wema, Union etc.

2. Unwise and Complacent. These are reckless banks who are still dwelling on past glory. They have gone through troubled time and have not learnt their lessons e.g Firstbank, Heritage, Ecobank etc.

Be wise with your deposits. Wonder why First Bank introduce so many Illegal charges? It might just be the next to go burst. Thank me later.

Horlawale1:
Am a big lover of mathematics, but lately am losing interest.

Sincere question, how can this be use to solve economy situation, or how is this applicable in real life.

While some School Cert holder are discovering new inventions in China, we are here looking for 'X'
Who X help

Nigeria education sector needs review.
My opinion

awikonko:
I hope the NFF is reading this piece. This young striker deserves to be in the National team. @mods pls do the needful, let's support a budding talent

travy:
Is it true that when you deposit for example let's say 100,000 dollars, the staff/marketer that referred you gets a bonus and even more bonus every time you receive deposit into your account since he/she referred you?

sage50:
There are diff grades and diff pay i diff banks. General manager, assistant general manager, senior manager, manager, senior banking officer, banking officer, assistant banking offficer, entry level (might be slightly diff in banks). Then u have contract staffs. A general manager earns over 2m per month nd get profit of like 30-50m a year. An entry level earns btw 110-240,(diff banks diff pay). A banking officer gets like 250-400k. Co ntract staff get like 50-70k. Alot of Nigerians dont know bankers are paid well because dey mostly deal with d contract staffs in branches. Real bankers are in d head office

company500:
I just want to ask everyone here at nairaland how much top executives are being paid in Access bank as total compensation every month or annually. I need the information for a research I'm conducting. please help me with any information

Hey guys,
I need your candid opinion and advice on this. I am first class graduate of Civil Engineering from one of the prestigious federal university in Nigeria.
I won all expense-paid scholarship to Thailand and also secured job with sterling bank.
Sterling bank job total take home is around 198k but I am confused whether to take up the job or go for my masters degree.
I am particularly confused because of job insecurity associated with banking industry as well as deviating from my career aspiration of becoming an Engineer.
I am also concerned of not being able to secure decent job when I come back after my masters programme in Thailand.
I will be glad for your honest opinion and advice

fistonati:
If you don't activate it from your bank's, it won't work. Am talking from experience

How to recharge your phone from Your Bank Account

How to recharge phone from your bank account. (All banks)
1.Access bank:*901* amount#
2.Eco Bank*326*amount#
3.Fidelity:*770*amount#
4.FCMB:*389*214*amount#
5.First Bank:*894*amount#
6.GTB:*737*amount#
7.Heritage bank:*322*030*amount#
8.keystone:*322*082*amount#
9.Sky bank:*389*076*1*amount#
10.Stanbic IBTC: *909*amount#
11.Sterling:*822*amount#
12.UBA:*389*033*1*amount#
13.Unity bank:*322*215*amount#
14.Zenith:*966*amount# or *302*amnt# (for mtn users)
15.Diamond bank(yellow acct. only):*710*555*
phone no*amount*pin#
To know your BVN, dial *565*0#.

sashx:
Access Bank pays well man. Just believe me

eluquenson:
UBA for sure, the Africa's Global Bank

We are proud