On September 22, 2024 Yemi Cardoso will mark one year in office as the governor of the Central Bank of Nigeria at a time of unprecedented economic headwinds. What will his scorecard look like?

A while back, I was discussing with a few friends and as is the case where one or two or more Nigerians are gathered, the discussion segued naturally to the economy. It was school fees season and three of us have children schooling abroad.

At some point, one of my friends blurted out. “Naira is now N1,580 to the dollar. What exactly is Cardoso doing at the CBN?”

This particular friend holds an MBA from a foreign university and runs two businesses in Nigeria so I was quite surprised when he reduced the functions of the CBN governor to just managing the value of the naira.
But it was not surprising. Speak to ten Nigerians and they will express almost the same sentiments. What is Cardoso doing if he can’t manage the foreign exchange rate?

The question is a valid one but also a bit reductionist because the job of a CBN governor extends beyond foreign exchange management, to include formulation and implementation of monetary policy, ensuring financial stability, reserve management, banking regulations, setting interest rates and more.

So, reducing the job description of the CBN governor to just one item in a long shopping list would be akin to a man who spends his time brushing one single tooth out of 32.

Why is foreign exchange management so important to Nigerians? Well, the short answer is that it makes news and impacts us in a lot of ways – school fees, medical care, travel, cost of goods, etc.

The naira has been making serious news since Cardoso assumed the mantle at CBN. According to the most recent World Bank’s biannual publication, Nigerian Development Update, of December 2023, the naira “depreciated against the US dollar by approximately 41% in the official market and by about 30% in the parallel market” between June and December 2023.

This was in the wake of the liberalization of the foreign exchange market or (managed) floating of the naira because the CBN is still intervening to reduce the pressure on the naira. Why was the naira floated? It was to ensure that the naira finds its true value, checkmate round tripping and remove speculative arbitrage. The ultimate aim is to achieve parity through a positive contraction in the gulf between the official and parallel market rates. But this cannot be achieved overnight.

Yemi Cardoso admitted as much when he appeared before the House of Reps in February 2024. Acknowledging that foreign exchange management is a key part of his remit, he also noted that ““the genuine issue impacting the exchange rate is the simultaneous decrease in the supply of, and increase in the demand for, dollars. It also seems that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the apex bank itself.”

This is because boosting the value of the naira against the dollar depends on more than just the CBN defending the naira. There are other factors; oil prices in the international commodity market, a productive economy, growth in exports both oil and non-oil products, increase in foreign reserves and dollar availability which often receives a boost from diaspora remittances, a reduction in the demand for dollars and containment of inflation.

The CBN is working to make these happen and Cardoso hit the ground running by taking quick key decisions; mandated banks to adhere to Net Open Position (NOP) limits to discourage hedging and prevent excessive holding of foreign currency assets. He also ensured that backlogs of unpaid forex obligations were cleared.

But the fact remains that for an economy to grow and the local currency gain strength there must be a convergence of both monetary and fiscal policies? Monetary policy is not a silver bullet.
We saw some movement recently on the fiscal front. The first domestic dollar denominated bond was oversubscribed by 180%. Planned to raise $500 million, the bond secured $900 million in commitments.

While the oversubscription surprised analysts and underlined investors’ confidence not just in the ongoing economic reforms but Nigeria’s economic stability and growth prospects there are concerns that the bond should have been targeted more at diaspora remittances instead of domestic dollar deposits as it put demand pressure on the dollar in local supply and the CBN may have to cough up about $200m in 5 years with interest rates of 9% per annum for bond holders.

While the jury is still out on the bond’s final impact on the economy, the fact remains that seamless fiscal and monetary synergy is required to get us out of the doldrums.

Prior to this, the CBN under Cardoso had recorded an all-time high $553m diaspora remittance inflow in July 2024 up by 130% compared to 2023. That significant uptick was thanks to the CBN’s decision to grant access to new and eligible international money transfer operators (IMTOs) to trade on the official foreign exchange (FX) window, implementing a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs thereby enhancing liquidity in Nigeria’s FX market.

There have been other monetary, credit and foreign exchange policy initiatives introduced by Cardoso which are yielding positive results.

The Monetary Policy Rate was raised to 26.75% in July 2024, the 4th time in seven months. The increase which impacts the cost of borrowing while encouraging savings is to moderate inflation while ensuring price stability. While analysts have argued that it could stifle productive activity, the increase in the MPR appears to be having a salutary effect on month on month inflation with inflation dropping by 1.25% compared to July according to the Nigerian Bureau of Statistics (NBS).

To address the expressed concerns the CBN has lifted import restrictions on 43 goods with the aim of achieving stability and fostering growth because cheaper imported inputs will lead to local production which will in turn boost employment as closed factories re-open and consumers will benefit from more affordable imported retail products.

The restrictions which had been in place for about eight years was ostensibly to conserve forex and encourage local production as importers were barred from using forex sourced from the official market to import the goods. But the reverse seemed to be the case as the imports continued with importers sourcing their forex from the parallel market thereby “exerting additional demand pressure on the parallel market, widening the gap with the official rate and permanently segmenting the market.”

To reduce demand pressure in the foreign exchange market and promote price discovery, the CBN re-introduced the retail Dutch Auction System (rDAS). The Dutch auction mechanism is not new having been applied previously in 1987, 1990 and from 2002 – 2006. The system is helping sanitise the foreign exchange market by allowing for an objective evaluation of forex demand and supply ensuring that demand is for end users. Predicated on the volume of forex available for sale, rDAS, by giving forward guidance, promotes forex stability.

On August 6, 2024 $1.18bn bids were received from 32 banks with total bids of $876.26bn from 26 banks qualifying while $313.69 from six banks were disqualified for various reasons ranging from late submission, wrong template to unverifiable forms. In the pursuit of transparency, all the bids have been published on the CBN website. The effect of the return of rDAS was felt immediately with an appreciation in value.

Aside sale to banks through rDAS, the CBN is also ensuring forex availability to registered and qualified Bureaux de Change operators.

Another key initiative was the announcement that the CBN would no longer indulge the FG’s Ways and Means appetite until the previous loans, put at N18.16 trillion which is 40% higher than total money in circulation as at 2023 are repaid. Cardoso said the bank will insist on following the rules which states that the CBN cannot advance the federal government more than 5% of revenue earned in the previous year. Bold and fraught with political implications, it is meant to reduce currency in circulation and so moderate inflationary pressure.

Cardoso’s attempt to moderate government spending and fiscal dominance has already received political push back with the National Assembly approving an increase of that threshold from 5 to 10% of annual revenue.

In terms of its regulatory functions as banker to the banks, the CBN is focused on ensuring the financial stability of Nigerian banks. It is strengthening the banking system through the upward review of the minimum capital requirements, increase in the Cash Reserve Ratio (CRR) and ring fencing of the banking system through the Unclaimed Balances Trust Fund (UBTF) Pool Account.

According to the recapitalisation guideline issued on March 28, 2024, commercial banks with international authorization are now required to have a new minimum capital of N500bn which the CBN says will “enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.” While the targets differ based on the bank’s licence, the recapitalisation exercise is supposed to take place over 24 months and conclude on March 31, 2026. At the time of writing, share raise offers by Fidelity, Access and Guaranty Trust have been oversubscribed.

The increase of the CRR to 27.5% will help ensure that Nigerian banks are cash positive while reducing the amount of cash in circulation thereby helping achieve the CBN’s inflation moderation agenda.
The Unclaimed Balances Trust Fund (UBTF) Pool Account will warehouse “unclaimed balances in eligible accounts” helping to protect the banking system by limiting incidents of fraud to which dormant accounts are susceptible.

Finally to ensure that the policy initiatives are communicated and understood, the CBN is encouraging transparency with a return to full disclosure in the form of regular publications of reports and data. According to the CBN this is to reaffirm its “commitment to fostering transparency and accountability in the Nigerian economy.” It will also complement the data available from other sources like the NBS thus providing Nigerians a better view of the economy.

But is it working and is any one taking notice? To return again to the question we posed at the beginning; what will Cardoso’s scorecard look like?
While the naira’s battle against the dollar will dominate discourse, his adoption of proactive forex policies, regulatory initiatives and a robust  inflation-targeting framework indicate that Cardoso has shown himself as a CBN governor capable of coming up with and translating strategic initiatives into actionable outcomes.

One year into his tenure, the CBN’s target inflation rate of 21.4% has not been achieved and the naira is still on the back foot relative to the dollar, but time may well be on his side but not so for impatient Nigerians eager to see quick wins.

Toni Kan, is a PR expert and financial analyst

Former Governor of Kogi State, His Excellency, Alh Yahaya Bello earlier today, honoured the invitation of the Economic and Financial Crimes Commission.

This decision was made after due consultations with his family, legal team and political allies.

The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights in order to ensure due process.

According to a statement from the former governor media office, the governor is yet to be interrogated.

THE STATEMENT:

1. Earlier today, we reported the voluntary visit of former Governor of Kogi State, HE Alh. Yahaya Bello to the Economic and Financial Crimes Commission office to honour the Commission’s invitation.

2. In the statement, we reiterated the former Governor’s great respect for the rule of law and constituted authority, and stressed that, all the while, he only sought the enforcement of his fundamental rights in order to ensure due process.

3. The EFCC did not, however, interrogate him as officials told him he could leave. We don’t know what this means yet. As we write, HE Alhaji Yahaya Bello has left the EFCC office. He was accompanied there by the Governor of Kogi State, HE Alhaji Ahmed Usman Ododo.

4. Recall that the case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing. The former Governor decided to honour the invitation to clear his name as he has nothing to hide and nothing to fear.

Ohiare Michael
Director, Media

YAHAYA BELLO MEDIA OFFICE

The Central Bank of Nigeria (CBN) has constituted a new board of directors for Keystone Bank Limited (the bank) as part of the strategy to strengthen the bank’s operations for sustained business growth.

The apex bank also appointed two additional executive directors for the lender.

In a statement by the financial institution on Wednesday, the bank disclosed that Lady Ada Chukwudozie was appointed as the board chairman, alongside five other non-executive directors namely; Abdul-Rahman Esene, Mrs Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Sen. Farouk Bello.

The two new executive directors who were also appointed by the CBN are Ladi Oluwole and Abubakar Usman Bello.

The Keystone Bank new board chairman is a leading figure in Nigeria's corporate world, with nearly 30 years of experience in business strategy, management, and administration. Her expertise spans multiple industries and institutions, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria (MAN), and Vogue Afrique Magazine.

Abdul-Rahman Esene has over 43 years experience in banking, investment management, corporate finance, and advisory services. He has made significant contributions to the financial sector in Nigeria and beyond through his accomplishments and leadership roles at renowned global institutions including Afrinvest, Global Arbitrage International Inc, Fidelity Bank PLC, The Nigeria Air Force, and Louisiana-Pacific Corporation.

Mrs Fola Akande brings over 25 years of exceptional experience in navigating the complex fields of legal, regulatory compliance, risk management, and corporate governance across various local and international markets, including Cadbury, Stanbic Chartered Bank, and Shell.

Akintola Ayodeji Olusoji has over 30 years experience in accounting, finance, business development, risk asset creation, and performance monitoring with a distinguished career spanning financial institutions such as Sterling Bank, Access Bank, Intercontinental Bank, and Global Bank.

Obijiaku Samuel comes with over 35 years of expertise in financial consulting, banking, and treasury operations. He has significantly impacted Nigeria’s financial sector through his achievements and leadership roles at prominent institutions such as Fidelity Bank Plc, Zenith Bank Plc, and PricewaterhouseCoopers.

Sen. Farouk Bello is a seasoned banker with over 20 years of experience and remarkable achievements in financial and banking operations. His leadership roles have spanned both the public and private sectors, including regulatory bodies and private enterprises. With a strong track record, he has successfully shaped and delivered business processes and financial solutions across various institutions like the National Assembly and Guaranty Trust Bank (now GTCO), among others.

Abubakar Usman Bello, Executive Director Northern Directorate, has acquired considerable experience in banking and management which spans various areas of banking, managing commercial, retail, corporate and public sector clients; and has served in strategic leadership and management roles.

Ladi Oluwole, Executive Director Risk Management, brings with him over 20 years of expertise in Enterprise and Credit Risk Management and a proven track record in the financial services industry. Previously, he served as Senior Vice President and Senior Credit Officer at Bank of America, North America, where he managed an extensive credit portfolio within the Corporate, Investment, and Commercial Bank.

Commenting on the appointments, the Managing Director and Chief Executive Officer of the bank, Mr. Hassan Imam expressed strong confidence in the new appointees, stressing that the bank will benefit from their vast experience.

He said: “We are pleased to welcome the new chairman, non-executive directors, and executive directors to the Board of Keystone Bank. We are confident that their extensive experience will be invaluable to us, as we continue to reposition the bank to make the most of emerging economic opportunities hinged on strong corporate governance and to provide our customers with a secure and reliable banking experience,”.

Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

An upstream company, Montego Upstream Services Limited led by its CEO, Owuze Nwuche, is currently battling to recoup a huge sum of N130,099,967 million, allegedly diverted by three workers of the company.

However, in a bid to recoup the said sum, the operatives of Special Fraud Unit (PSFU) of the Nigeria Police, Ikoyi, Lagos, have arrested the three staff said to be behind the funds diversion.

Those arrested by the PSFU in connection with the alleged crimes are: Philemon Obileku; Onyia Jude and Sunday Okelezo.

The three men were however charged before the court, presided over by Justice Deinde Dipeolu, on a two-count of conspiracy and unlawful diversion of funds/price inflation.

At the three men's arraignment on Thursday, the prosecutor, Mr. Daniel Apochi, informed the court, that the defendants and others now at large, between the year of 2022 and 2023, while working as staff of Montego Upstream Services conspired among themselves and unlawfully converted the total sum of N130, 099, 967 million.

The prosecutor told the court that the three defendants committed the alleged crimes, by taken bribery for issuance of orders and contracts price inflation.

Mr. Apochi told the court that the alleged acts of the defendants, contravened sections 18(a) and 18(1)(2)(b) of money laundering (prohibition) Act, 2011 (As Amended 2012).

But all the defendants denied the allegations and pleaded not guilty to the two counts charge levelled against them.

Based on their not guilty plea, the prosecutor asked the court for a trial date. While also urged the court to remand the defendants in the custody of the Nigerian Correctional Services (NCoS), pending the conclusion of the matter.

But lawyer to the defendants, Ademola Olabiyi leading B. J. Adegbesan, informed the court that he has filed his clients' bail application and same has been served on the prosecutor.

Barrister Ademola, after moving the bail application which was not opposed by the prosecutor, urged the court to admit the defendants to bail in the most liberal terms in the most liberal terms.

Ademola also urged the court to consider the period which his clients have been remanded in the police custody. Adding that one of the defendants is in urgent need of medical attention.

The prosecutor, Apochi admitted being served with the bail application and earlier told the court that he was not opposing the application. However, abruptly change his words and said: "I'm opposing the application", after being repeatedly asked by the court on his stand on the bail application.

Following to the prosecutor's change of position on the bail application, the defendants' counsel told the court that the change of prosecutor's stand on the bail application was not from his mind, but was told to opposed the application by the representative of the nominal complainant in the matter.

However, Justice Dipeolu after listening to the parties' submission on the bail application, ordered the remand of the defendants in the custody of the Nigeria Correctional Services (NCoS), till September 20, when their bail application will be entertained and determined.

Charges against the three defendants read: "That you Philemon Obileku 'm’, Onyia Jude ‘m’ and Sunday Okelezo ‘m’ and other still at large, sometime in year 2022 and 2023 in Lagos within the jurisdiction of this honourable court while working as staff of Montego Upstream Services did conspired amongst yourself to commit a felony to wit: fraudulent conversion of sum of N130, 099, 967 being sum obtain from Montego upstream service vendors as proceed of bribes or kick back for issuance of purchase orders and contract price inflation by this conduct, you there by committed on offence contrary to section 18(a) of money laundering (prohibition) Act, 2011 (As Amended 2012) and punishable under the same Act.

"That you Philemon Obileku ‘m’, Onyia Jude ‘m’ and Sunday Okelezo ‘m’ and other still at large, sometime in year 2022 and 2023 in Lagos within the jurisdiction of this honourable court while working as staff of Montego upstream service did directly convert to your own use and benefit the sum of N130, 099, 967 property of Montego Upstream Services, which sum you knew or reasonable ought to have known was the proceed of an unlawful act to conversion of alleged sum of as bribery or kick back for issuance of orders and contracts price inflation by this conduct, you there by committed on offence contrary to section 18(1)(2)(b) of money laundering (Prohibition) Act, 2011 (As Amended 2012)."

Nigeria’s top financial organization with the largest customer base in Nigeria and footprints across the globe, Access Bank, is set to host ‘Corporate Customer Forum 2024’, on September 19, 2024 at the Eko Hotels, Victoria, Island, Lagos, under the theme “Nigeria’s Economic rebirth: Hopes and implications”.

This crucial event is set to host the Minister of Finance and the Coordinating Minister for the Economy, industry leaders and major stakeholders who will speak to the bank’s corporate and commercial business customers about the future of the Nigerian economy while addressing current economic challenges.

The Corporate Forum will serve as a key platform for thought leadership and knowledge exchange, aiming to inspire new ideas and foster collaboration across various industries. The forum will focus on the dynamic intersection of growth and innovation, exploring how businesses can leverage technological advancements, sustainable practices, and inclusive strategies to thrive in today’s rapidly evolving business landscape.

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Access Bank set to host Corporate Customers Forum 2024

by USMAN KADRI

 

 September 9, 2024

 

Reading Time: 2 mins read

Nigeria’s top financial organization with the largest customer base in Nigeria and footprints across the globe, Access Bank, is set to host ‘Corporate Customer Forum 2024’, on September 19, 2024 at the Eko Hotels, Victoria, Island, Lagos, under the theme “Nigeria’s Economic rebirth: Hopes and implications”.

This crucial event is set to host the Minister of Finance and the Coordinating Minister for the Economy, industry leaders and major stakeholders who will speak to the bank’s corporate and commercial business customers about the future of the Nigerian economy while addressing current economic challenges.

The Corporate Forum will serve as a key platform for thought leadership and knowledge exchange, aiming to inspire new ideas and foster collaboration across various industries. The forum will focus on the dynamic intersection of growth and innovation, exploring how businesses can leverage technological advancements, sustainable practices, and inclusive strategies to thrive in today’s rapidly evolving business landscape.

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“We are excited to host the Access Bank Corporate Customers Forum 2024, which promises to be a milestone event for our partners, clients, and the broader business community,” said Rosevelt Ogbonna, GMD/ CEO of Access Bank.

“In a world of constant change, it is vital that we come together to share insights, challenge assumptions, and explore new opportunities. Our theme, “Nigeria’s Economic rebirth: Hopes and implications”, reflects our commitment to not only adapting to change but also leading it.”

“The forum will feature the Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Managing Director, Financial Derivatives company, Bismarck Rewane, Director General, Federal Budget office, Dr. Tanimu Yakubu and a distinguished lineup of speakers, renowned industry experts, thought leaders, and senior executives from Access Bank. Attendees should expect engaging panel discussions, keynote presentations, and networking opportunities designed to inspire dialogue and collaboration.

Key topics to be covered at the forum include: Lead Paper: Accelerated Stabilization and Advancement Plan (ASAP) for Nigeria’s Economic Rebirth, Co-Lead Paper: Making the Accelerated Stabilization Advancement Plan Deliver Economic Growth for Nigeria. And more”. Rosevelt concluded.

The Access Bank Corporate Forum 2024 is strictly by invitation for business leaders, entrepreneurs, policymakers, and other stakeholders who are interested in the future of the financial industry and economic development.

To be part of the Access Bank Corporate Forum 2024, please visit http: // www. accessbankplc. com/corporate-forum or click HERE for more information and registration.

About Access Bank:
Access Bank is a leading financial institution known for its innovative banking solutions and commitment to sustainability. With a strong presence across Africa and beyond, Access Bank provides exceptional service and value to its customers, while fostering economic growth and development.

A Lagos Chief Magistrate’s Court, has remanded a chieftain of the National Union of Road Transport Workers (NURTW) Ganiyu Ayinde Oyedepo, a.ka. Kokosaria, in prison custody, following his arraignment  on alleged offences of conspiracy, assault, and conduct likely to cause breach of public peace.

Chief Magistrate B. Sonuga, remanded the NURTW chieftain, after he pleaded not guilty to the charges, made against him by the operative of the Force Criminal Investigation Department (ForceCID), Alagbon, Ikoyi, Lagos.

Kokosaria was arraigned before the court today, in a charge marked B/40/2024, by Barrister Morufu Animashaun, a legal officer in the legal department of ForceCID, Alagbon, Lagos.

Arraigning the defendant, Barrister Animashaun told the court that the defendant committed the offences in June 5, 2024, at Idimu area of Lagos State, by conspiring with some of his ‘boys’ and assaulted one Alhaji Ade Adele, popularly called Baba Lawori.

Barrister Animashaun further told the court that in the course of the assault, the said Kokosaria’s boys, broke Baba Lawori’s head with a bottle, which inflicted injury on him and caused him grievous harm.

The prosecutor told the court that the offences committed by  defendant, contravened sections 411; 173 and 168 (l)(d) of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State. And punishable under section 168 (2) of the same laws.

The NURTW chieftain, Kokosaria, denied the allegations and pleaded not guilty the charges.
With the defendant’s not guilty plea, the prosecutor, Barrister Animashaun, urged the court to remand him in the custody of the Nigerian Correctional Services (NCoS), pending conclusion of the charges.

But his lawyers, S. Bello with S. O. Egunjobi, orally moved their client’s bail application, saying that he is a noble person and a member of NURTW and that charge against their client is a bailable one, which the court can exercise it’s discretion judicially and judiciously.

They urged the court to grant him bail in the most liberal terms.

The lawyers told the court that their client is a noble person and a member of NURTW and that charge against their client is a bailable one, which the court can exercise it’s discretion judicially and judiciously.

The prosecutor asked the defendant’s counsel of their client is a governor or a popular police. He therefore urged the court to discountenance the bail application.

The prosecutor however, while citing the plethoras of legal authorites, vehemently opposed the bail application on the ground that he is a ‘flight risk’, and that being a member of NURTW does not make qualified him to be a noble person.

Ruling on the bail application, Chief Magistrate Sonuga, after hearing counsel’s submissions, admitted him to bail the defendant in the sum of N2 billion with two sureties in like sum.
The sureties, according to the Chief Magistrate, must be of unquestionable character, with evidence of means livelihood and who must be residing with the court’s jurisdiction.

The Chief Magistrate also ordered the sureties to present to court evidence of three years tax, and have their addresses verified.

Chief Magistrate Sonuga, while adjourning the matter to October 29, for mention, however remanded the defendant in NCoS’s custody, pending the perfection of the bail terms.

Charges against the defendant reads: “That you Ganiyu Ayinde Oyedepo (M) on or about the 25th day June, 2024 at Idimu, Lagos in the Lagos Magisterial District, Lagos conspired to commit Felony wit: Assault Occasioning Harm and committed an Offence contrary to Section 411 of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State, 2015.

“That you Ganiyu Ayinde Oyedepo (M) on or about the 25th day June, 2024 at Idimu, Lagos in the Lagos Magisterial District , Lagos unlawfully procured one of your boys (now at large) who unlawfully broke bottle and inflicted injuries on the head of one Alhaji Ade Adele and committed an Offence contrary to Section 173 of the Criminal Law Ch. C17, Vol. 3, Laws of  Lagos State 2015.

“That you Ganiyu Ayinde Oyedepo (M) on or about the 25th day June, 2024 at Idimu, Lagos in the Lagos Magisterial District, Lagos conducted ourself in a manner likely to cause breach of peace when you threatened and procured one of your boys (now at large) to break bottle on the head of one Alhaji Ade Adele and committed an Offence contrary to Section 168 (l)(d) of the Criminal Law Ch. C17, Vol. 3, Laws of Lagos State 2015 and punishable under Section 168 (2) of thé same Criminal Law Ch. C17, Vol. 3, Laws of Lagos state 2015.”

A wag once said that the road to hell is paved with good intentions.

This aphorism is important in considering the news from the Central Bank of Nigeria (CBN) announcing the sack of the board and executive directors of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). Those affected include the Chief Executive Officer (CEO) and Managing Director (MD), Abbas Umar Masanawa; Kennedy Nwaruh, Executive Director, Operations, and Olatunde Akande, Executive Director, Technical.

The news did not come as a surprise to many watchers and financial analysts who have followed the unraveling mess at the agricultural intervention institution which has as its tagline – “Derisking agriculture, Facilitating Agribusiness” and which was ostensibly set up to “Redefine, Dimension, Measure, Re-Price and Share agribusiness-related credit risks in Nigeria.”

Attention began to focus on the NIRSAL following the appointment of the Jim Obazee investigative committee which unraveled unsavoury tales from the CBN wholly owned NIRSAL.

It ratcheted up with the motion by House of Rep Member, Chike Okafor in July 2024 asking the House to initiate a probe into NIRSAL and others as a means of unravelling the reasons behind the food scarcity which he said was linked to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

Analysts are describing the move as a bold one from the CBN which seems focused on cleaning the Augean stable at the apex bank and reintroducing a new regime of financial responsibility, corporate governance and transparency.

According to its profile on LinkedIn, “NIRSAL was launched in 2011 and incorporated in 2013 by the Central Bank of Nigeria (CBN) as a dynamic, holistic USD500 Million public-private initiative to catalyse the flow of finance and investments into fixed agricultural value chains. NIRSAL seeks to address the causes of low funding levels in the agriculture sector, including lack of understanding of the sector, perceived high risks, complex credit assessment processes/procedures, and high transaction costs.”

All seemed to have been going well with NIRSAL until the launch of the Anchor Borrowers Programme (ABP) under Godwin Emefiele at the CBN. The scheme was set up 2015 by the CBN and launched with fanfare by President Muhammadu Buhari on November 17, 2015. The stated objective was to create a linkage between anchor companies and smallholder farmers to complement each other along the value chain.

On paper, the ABP seemed like a laudable initiative. NIRSAL was supposed to implement the ABP using the instrument of its Credit Risk Guarantee (CRG) which was meant to facilitate the process and effectively reduce the risks of the participating financial institutions (PFI).

The CRG is described on the institution’s website as “the core service provided by NIRSAL…and an instrument issued to protect financiers and investors from possible losses in a finance/credit transaction through a risk-sharing arrangement under which NIRSAL indemnifies the lender or investor of the principal and accrued interest to the limit of a pre-agreed CRG rate.”

Under the terms of the CRG, NIRSAL was supposed to provide a guarantee of between 30%-75% depending on the borrower's agricultural value chain (AVC) segment to the PFI at a 1% CRG fee; while the CBN is expected to bear 50% credit risk on the outstanding amount in default.

There was even as icing on the cake in the form of what NIRSAL called the Interest Drawback scheme under which borrowers who repay their loans on time receive an incentive and relief.

The design was laudable and NIRSAL has shared with pride its 6 Step Request and Issuance Process which track the request for a CRG cover to the disbursement and implementation monitoring stage. Sadly, the implementation now appears to have been anything but laudable. The loans that were disbursed to small holder farmers now appear to have been misinterpreted as grants.

Between the launch of the APB in 2015 and prior to Cardoso’s assumption of office in 2023, over N1.08trn was disbursed but only N503bn or 52.39% had been repaid leaving the CBN with over N500bn unaccounted for.

What went wrong? Many point to a weak loan structure which is difficult to accept when you consider the point already made about a robust Request and Issuance Process at NIRSAL.

Others point to insecurity arising from the intractable farmers/herders clashes while yet others allude to the headwinds from the Covid-19 pandemic as well as flooding and other vagaries of the weather.

These challenges aside, what is becoming increasingly apparent is that NIRSAL appears to have dropped the ball and failed to follow through on Step 6 of its Request and Issuance Process – “Financier disburses the loan to farmer/agribusiness and NIRSAL commences project monitoring through its nationwide Project Monitoring, Reporting & Remediation Offices (PMRO).”

This is what led to the loans, as Honourable Okafor noted in his motion, being “misused, misapplied and channeled to non-farming and non-agricultural purposes.”

So, the Anchor Borrower’s Programme was stymied by a cocktail of issues; weak loan structure, poor corporate governance, mismanagement, misapplication and poor monitoring of the loans leaving a gaping hole of half a trillion naira. Commercial banks have had their licences withdrawn for less and the management must ideally be held to account and this appears to be what the CBN has done.

But more needs to be done and it bears mentioning that NIRSAL has a list of 5 Focus Commodities which were to be prioritized, thanks to the CRGs. They are broken down into: Integrated livestock Commodity – beef, dairy, Hides and Skin; Controlled Environment Agricultural Commodity – fresh fruits and vegetables (Tomato and onions) and Aquaculture; Consumer Commodities – Rice, Potato (sweet and irish) and beans; Export Commodities – V.A Hibiscus, V.A Sesame, V.A Ginger and V.A Shea then Industrial Commodities – Maize, Soya, Wheat, Cassava and Cotton.
It is worth noting that items in NIRSAL’s 5 Focus Commodities were on the list of 43 items on which the CBN removed import restrictions. More recently, on August 28th 2024, the Nigerian Export Promotion Council (NEPC) released its Half Year performance report for 2024 and only Sesame featured in the top 3 non-oil exports for the period. It came in 3rd place after Cocoa Beans and Urea/Fertiliser.

The intention was that the country would, using the instrument of the CRG and support from NIRSAL under the ABP, achieve domestic self-sufficiency and then enough for export.
This hasn’t happened and this clearly must have informed Honourable Chike Okafor’s motion in the House and the action by the CBN.

Looking forward, one wonders what comes next after the cleaning of the stable. Will the NIRSAL baby be thrown away with the murky bathwater of the Anchor Borrower’s Programme? The answer is hopefully not, because as hitherto mentioned, all seemed to have been going well at NIRSAL until the ABP.

So, there may be a return to the drawing board, a recommitment to its core remit and disengagement from the ABP. Time will tell.

*Toni Kan Onwordi is a PR expert and financial analyst

Unrest in NDLEA as officers accuse chairman, Marwa of nepotism, lopsided appointments


There is disquietness in the National Drug Law Enforcement Agency (NDLEA) as some officers of the agencies accused their Chairman, Brig Gen Mohamed Buba Marwa (Retd), of nepotism and discrimination in the administration of the agency.

Some of the aggrieved officers of the Agency who would not want their names mentioned because of fears of victimisation, also accused the NDLEA chairman of being a regional leader who cares only for his northern tribes.

They stated that when Marwa was first announced as the new Chairman/Chief Executive Officer CCEO of NDLEA, every staff of the Agency were jubilating with a very high hopes and spirit that their era of suffering is gone.

But, unfortunately their hopes were dashed as he is allegedly using NDLEA platform for his political ambition to satisfy the interest of his northern people.

“He uses every opportunities in NDLEA to please officers of Northern extraction at the detriment of officers from the southern part of the country. Let me dissect my claim with the following points:
The Chairman/Chief Executive Officer CCEO of NDLEA Brigadier General Buba Muhamed Marwa (retd) who is supposed to be a leader for all and sundry turned out a regional leader who cares only for his northern people”.

They also stated that the recruitment exercise of five thousand personnel of 2023 was one sided, adding that about 75 percent of the recruits were from the North with higher numbers from Adamawa, Katsina and Kano State.

They further alleged that amongst the enlisted personnel were grandparents from the north such as wives of both retired and serving army Generals that can not be beneficial to the Agency.

“These people are far above the required age limit of 30 years. Most of them were declared untrainable by their drill instructors during their training. They formed Army Generals Wives Association in academy while on training. Marwa denied majority of Nigerian youths the opportunity to serve their father land just to satisfy his political and military friends from the north.

“The said recruitment exercise was supervised by his military friend, a retired army Colonel, who he appointed as his Special Adviser from Kano and a serving Lieutenant Colonel, from Katsina. The said retired Colonel was once detained by late General Abacha for allegedly coup plotting. While the serving Lieutenant Colonel, is a friend and course mate to Marwa son in Nigeria army.

“Marwa appointed him as his Military Assistant and later upgraded to Chief of Staff as against the wishes of the NDLEA Directors that are Deputy Commander General of Narcotics DCGN who are far his seniors. They were subjected to report to him until his exit to a military course abroad. These two are the arrow head of Mafia moving NDLEA aground.”

On promotions, the aggrieved personnel said: “promotion in NDLEA is in total mess as qualifications at the point of entry does not matter. It is a clear rule in the Agency that personnel enlisted with SSCE, OND and NCE cannot exceed the rank of Chief Superintendent of Narcotics unless they have additional qualifications which must be approved by the management.

“The rule was bent in the last Promotion Exercise under Marwa for some officers from the North. Brigadier General Buba Muhammed Marwa retired is not what he actually paraded himself to be. He is one of the people that enjoyed the regimental setting in this country and he knows the frustration inherent in promoting junior above the seniors. But he cares not so far his northern people are happy.

“It is an open secret that some desperate officers bring fake degree certificates and management deliberately refused to verify the authenticity of such certificates before promoting them. A situation where double promotions were given to some northern officers and imposed them on their seniors is the order of the day under Marwa.

On posting/appointment they said: “Posting and appointment under General Buba Mohamed Marwa retired is lopsided as more than eighty percent of State Commanders are Northern Muslims and the five newly created Strategic Commands are all headed by northern officers.

“To buttress my point on his ethno-religious agenda in NDLEA, Muritala Muhammed International Airport Lagos MMIA, Kano International Airport, Abuja International Airport, Tincan Port, Apapa Port, Lagos State Command, Rivers State Command, Ondo State Command, Delta State Command, Ogun State Command, Kano States Command and all other States from North that are termed juicy are all occupied by northern Commanders.

“The State Commands available to southern Commanders are those under the control of terrorists like Zamfara, Yobe Ebonyi, Abia, Enugu, bayelsa States”, another officer said.

The aggrieved officers called on President Bola Ahmed Tinubu, to come to their rescue, by looking into the issues raised.

Responding to the allegations raised by the aggrieved officers, the agency’s spokesman, Mr. Femi Babafemi, said the allegations are far from reality. Adding that the last time the agency recruited was almost two years ago and it followed every due process.

He states; “That allegation is far from reality because the last time the Agency recruited was almost two years ago and that followed every due process.”

Two staff of Keystone Bank Limited, Ebele Bernardine Okpala and Perpetua Onyeto, have been arraigned before a Lagos Federal High Court, on charges bordering on alleged conspiracy, theft, money laundering and obtaining the sum of N35 million by false presence.

The two bankers were arraigned last Friday, by the Special Fraud Unit of the Nigeria Police, Ikoyi, Lagos.

The prosecutor, Barrister Eliot Ijie, a Chief Superintendent of Police (CSP) told the court that the two bankers committed the offences sometimes in July 2023.

Particularly, CSP Ijie told the court that the first defendant, Ebele Bernardine Okpala, who worked in one of the bank’s braches in Anambra state, in coniviance with the second defendant, Perpetua Onyeto, who worked at a branch of the bank in Nsuka, Enugu State, to commit the financial fraud.

Specifically, the prosecuting counsel told the court that the first defendant, Mrs Okpala, fraudulently obtained the sum of N35 million from a finance company into her Keystone bank account, as loan and placed lien on the account to enable her secure international travelling documents for her daughter, but later connived with the second defendant, Perpetual Onyeto to lift the lien without authorization from the bank and made away with the money in the account.

The prosecutor also told the court that the offences committed by the two defendants, contravened sections 1(1)(c), Advance Fee Fraud and bother related Offences Act, 2006 and punishable under section 1(3) of the same Act.

He also told the court that the two bankers’ acts, contravened sections 516 and 383 (1) Criminal Code Act LFN 2004. And sections 21(a) and 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under section 18(3) of the same Act.

The two bankers denied the allegations and pleaded not guilty to the five counts charge.

However, at there resumed hearing of the charges against the two bankers today, Justice Deinde I. Dipeolu, after taken arguments on their bail applications, which was not opposed by the prosecutor, admitted the two banker to bail in the sum of N10 million each with two sureties in like sum.

Justice Dipeolu among order, also ordered that one of the sureties, must be a landed property owner within the court’s jurisdiction, while the second surety, must be a Grade level 16 officer in either Lagos or federal government establishment.

The matter has been adjourned to November 6, for the two defendants’ trial.

A law firm, Sovereignty Legal Practitioners, has threatened to file a class action against British Airways over the systematic inhuman treatment of Nigerian passengers using the airline.

In a pre-action letter to the airline dated August 30, 2024, and signed by its Principal Partner, Ife Ajayi, the law firm decried the persistent disruption of scheduled flights to Nigeria as a result of the airline's alleged deployment of faulty and substandard aircrafts to Nigerian routes and noted that it would file a class action against the airline if the practice is not checkmated.

The letter addressed to the Customer Relations department of the airline in London, was also forwarded to the Nigerian Aviation Ministry, Ministry of Foreign Affairs, Attorney-General of the Federation and Minister for Justice, Secretary to the Government of the Federation, Chairman of National Assembly, British Embassy, Nigeria Civil Aviation Authority, NCAA and the Federal Airport Authority of Nigeria, FAAN.

In the letter, the firm noted that hundreds of Nigerian passengers have experienced untold hardship following frequent delays and cancellations of their flights due to technical faults of the aircrafts used on the Nigerian routes.

It recalled an August 29, 2024 incident at Heathrow Airport where Nigerians in an Abuja bound British Airways flight were disembarked after three hours of check -in and later crammed in low class hotels without any definite date or time of departure to their destination.

"Specifically, there have been multiple instances where our clients, that is - 'Nigerian passengers' have experienced significant delays and disruptions due to the use of faulty or substandard aircrafts," the letter reads.

Continuing, it stated: "For instance within the two weeks of the month of August 2024, checked in Nigerian passengers (our clients) have been disembarked after 3 to 4 hours after boarding, due to technical failures prior to departure.

''Most vexatious is the Heathrow Airport experience of Thursday August 29, 2024 where Abuja-bound passengers were disembarked after three hours of check -in without knowledge of when their Airline would be able to airlift them.

"These frequent technical faults raise safety concerns, traumatize passengers particularly children and create the impression of routes not worthy of respect.

"As at today, those Abuja bound passengers most of whom are Nigerians are crammed in low class hotels without any definite date or time of departure to Abuja. These actions have caused severe economic losses and untold health hazards on our clients.

"This has not only caused undue inconvenience, but has also raised serious safety concerns among our clients. It is disheartening to observe that, while British Airways continues to use modern, well-maintained aircrafts for flights to other countries, Nigerian routes seem to be plagued with aircrafts that are technically challenged and prone to faults.

"Surprisingly, Nigerian routes are the most expensive when compared to other international routes, yet our clients are being maltreated and disrespected repeatedly.

"Such a discrepancy in service quality is unacceptable and sends a troubling message to our clients, that their safety and comfort are not as valuable to your airline as those of passengers from other countries. As a globally recognized airline, you should uphold the highest standards of safety and service for all your passengers, regardless of their origin or destination.

"We therefore urge you to take immediate action to rectify this situation. You must either commit to deploying better, fully functional aircrafts on your Nigerian routes or consider discontinuing services to Nigeria if you cannot ensure the safety and comfort of your passengers. It is crucial for you to respect all your customers equally and not compromise the integrity of your operations for any reason."

The law firm also demanded compensation for the passenger's poor treatment and noted that it would file a class action against the airline if the compensations are not made. "In the circumstance, we also demand adequate monetary compensation and damages for our clients for the untold hardship they have been subjected to, due to several delays and cancellation of flights. If these steps are not taken, we shall file a class action against you on behalf of our clients," he concluded.

A Lagos Federal High Court, on Thursday, convicted and sentenced a Canada returnee, Ughenu Nnaife Francis, to 15 years imprisonment, for trafficking in 164.50 kilograms of Cannabis Loud, a prohibited substance.

Ughenu Nnaife Francis, who is a Nigeria-German citizen, was given the jail-term by Justice Deinde I. Dipeolu, who presided over the court, after he pleaded guilty to a three count-charge of conspiracy, trafficking and unlawful important of the banned substance, which was liken to cocaine, heroin and other psychotropic substances, by the National Drug Law Enforcement Agency (NDLEA).

Prior, to Ughenu Nnaife Francis’ conviction and sentence, the prosecutor, Mr. Abu Ibrahim, informed the court that the convict, was arrested with the prohibited drug which he concealed in eight big suit cases, on May 30, 2024, at the ‘E’ Arrival Hall of the Murtala Muhammed International Airport, Ikeja-Lagos, during inward clearance of passengers on of KLM flight from Canada to Nigeria.

The prosecutor also told the court that the convicted Ughenu Nnaife Francis committed the offences with one Black (now at large).

He further informed the court the convict, procured one, Ahmadu Abubakar, who was charged with him, to commit the illegal acts.

The prosecutor told the court that the offences committed by the convicted Canada returned, are contrary to Sections 14(b), 21(2)(d) and 20(1)(a) of the National Drug Law Enforcement Agency Act Cap. N30, Laws of the Federation of Nigeria, 2004. And punishable under sections 11(b) and 20(2)(a) of the same Act.

The convicted Ughenu Nnaife Francis, admitted committing the offences and pleaded guilty to the charges.

Following his guilty plea, the prosecutor, Mr. Ibrahim urged the court to convict and sentence him according to the sections of the NDLEA Acts he was charged with.

The convict, through his lawyer, Uche Okoronkwo after citing legal authorites, pleaded with the court to consider some militating factors, which includes, a first time offender, not wasting the precious time of the court by pleading guilty at the earlier opportunity, in convicting and sentencing his client.

The convict’s lawyer also pleaded with the court to give his client an option of fine in lieu of the jail-term.

Justice Dipeolu, in his judgment after listening to the prosecutor and the allucutor made by the convict’s lawyer, sentenced him to five years in each of the three counts.

The judge however, ordered that the jail terms shall run concurrently. But ordered the convict to pay a fine option of N10 million fine in lieu of the jail-term.

Meanwhile, the convict’s co-conspirator, Ahmadu Abubakar, who is said to be a politician, was granted bail by Justice Dipeolu, after he pleaded not guilty to the charges of conspiracy and trafficking in the same banned substance.

Ahmadu had denied the allegations made against him by the NDLEA when he was arraigned alongside Ughenu Nnaife Francis in a charge marked FHC/L/658c/2024.

Following his plea of not guilty, he was granted bail in the sum of N30 million with two sureties like sum.

One of the sureties must be a Grade level officer in either Lagos State or Federal government establishment, while the second surety must be a landed property owner with the court’s jurisdiction.

Further hearing of the matter has been adjourned till the resume of the court from long vacation.

Indigenous and independent oil marketing and trading company, Matrix Energy Group is under serious allegations of importing substandard petroleum products to Nigeria as media reports linked the company to involvement in importing low-quality petroleum from Russia via Malta for blending before shipping it to Nigeria.

Confidential documents obtained showed that there were importations of fuel from Malta to Nigeria between July 14 and August 3, 2024.

According to sources, the petroleum products imported into Nigeria, including Premium Motor Spirit (PMS), diesel, and Jet A-1 fuel from Russia via Malta were substandard. Sources said that diesel from Russia is typically off-spec and is often corrected in places like Lome and Malta by blending it with other components.

Matrix Energy Group is owned by Abdulkabir Adisa Aliu, who is also a member of the Presidential Economic Coordination Council (PECC). Aliu serves as the Group Managing Director/CEO and overseas operations at a 150-million-liter capacity depot in Warri, known as Bluefin Depot, three ships (Matrix Pride, Matrix Triumph, Matrix S.ILU), and around 600 trucks.

Sources said Matrix Energy is heavily involved in importing Russian products through various blending locations.

An oil blending plant is a facility that blends re-refined oil with additives to create finished lubricant products. These plants use a variety of equipment to mix the oil and additives, including pumps, tanks, and mixers. It has no refining capability but can be used to blend re-refined oil (a used motor oil that has been treated to remove dirt, fuel, and water) with additives to create finished lubricant products.

According to a Bill of Lading dated July 14, 2024, seen by LEADERSHIP, a little-known company, Poly Pro Trading registered in the Dubai Free Trade Zone shipped petroleum products from Malta to Nigeria. In the Bill of Lading, over 200 million liters of PMS were shipped on the vessel named ROMEOS from Malta to Nigeria. The product was said to be off-specification petrol. According to findings, the company’s listed office at OneJLT Towers 05.015, Dubai, is a business center without any physical presence.

The Bill of Lading was signed by Alkas Marine Middle East FZE as agents for and on behalf of Master of MT ROMEOS Captain Richard Torrento.
ROMEOS (IMO: 9326897) is a Crude Oil Tanker and is sailing under the flag of Liberia. Her length overall

(LOA) is 228.6 meters and her width is 32.28 meters.
Sources alleged that Matrix Energy has a link with Poly Pro Trading and ROMEOS to import the fuel to Nigeria through Pinnacle Jetty, Lekki, Lagos adding that Aliu has been leveraging his close connections with top management of the Nigerian National Petroleum Company Ltd (NNPCL) to secure crude oil cargoes for his company from the national oil company.

Energy experts have expressed anger over importation of substandard fuel into the country describing the actions as sabotage and a clear failure of the objectives of the PIA. They asserted that any company found culpable in the illicit act must face the wrath of the law.

Also, according to sources, Aliu is so close to the top officials in the government that his investment in Port Harcourt Refinery is about $ 400 million. He was said to have traveled with the NNPCL top management with President Bola Tinubu on the official visit to Malabo in Equatorial Guinea, recently in his own private jet.

An X user, Arewa Daddy wrote that Aliu seems to be a long player in fuel importation/subsidy scam in Nigeria. According to him, he found on the Facebook page of the special fraud unit Lagos dated 12th October 2020, that Aliu was among those being prosecuted for oil subsidy scam then.

In the document sighted by LEADERSHIP, these products arrived in Nigeria on August 3, 2024, and were discharged into a Pinnacle facility at Lekki, as documented by the Nigerian Midstream and Downstream Petroleum Authority (NMDPRA).

Nigeria’s total import from Malta rose from zero to about N1.03 trillion in 2023, according to an analysis of the foreign trade statistics reports released by the National Bureau of Statistics (NBS). This is as controversy continues to trail the sudden increase in Nigeria’s import from the small Southern European country, following a recent accusation by Aliko Dangote, chairman of Dangote Industries Limited, against Nigerian National Petroleum Company (NNPC) Limited.

Recalls that amid the controversy between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Authority, a test supervised by Members of the House of Representatives on diesel from the Dangote Refinery and those imported into the country revealed that the latter’s products had excessive sulfur levels. Aliko Dangote, President of Dangote Group, also alleged that a cabal in the oil sector had commissioned blending plants and terminals in Malta for shady dealings.

Also, recalls that the Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mallam Mele Kyari had said that he doesn’t own any blending plant in Malta or any other part of the world.

However, a cursory review of the NBS reports shows that Nigeria’s total import for 2023 was N35.92 trillion, which indicates that about 2.87% of Nigeria’s total imports were from Malta, despite no record of any international trade between the two countries in 2022. Also, the import from Malta was 8.41% of the total import from Europe, which was about N12.25 trillion in 2023.

Matrix Energy Group has denied reports that it imported substandard petroleum products to Nigeria. A statement by the Head of Corporate Communications of the firm, Ibrahim Akinola, said the firm had consistently imported products that meet approved specifications.

Matrix statement read in part, “We have never been found wanting in this regard. Our commitment to quality is reflected in the fact that none of our customers has ever rejected our products.

“Indeed, demand for Matrix products often exceeds our capacity to supply, a testament to our reputation for reliability. This success is equally reflected in our fertilizer businesses.

“Contrary to reports, Matrix Energy has never imported or distributed any substandard cargo in our two decades of operation.

“Our depots boast a storage capacity of 150 million liters of liquid products, including LPG and bitumen. However, contrary to the claims made in the publication, we did not discharge 200,000 metric tons of PMS into our facility in July 2024.

“While we have the capacity and customer base to handle such volumes, Matrix Energy has never imported or distributed any substandard cargo in our two decades of operation.”

The statement said the group remained consistent in adhering to the requirements of imported products that meet approved specifications.

“We have never been found wanting. Matrix Energy Group is a wholly indigenous and independent oil marketing and trading company, with substantial investments in strategic infrastructure, including vessels, oil and gas terminals, trucks, and retail outlets across 28 states, including the Federal Capital Territory (FCT).

“Our company is recognized and approved by global international companies, national oil companies, major construction firms, and various end-users.

“Our consistent ability to deliver on all contracts at competitive prices has solidified our strong position in the industry today”.

Partnership offers passengers exclusive discounts from now till December 31st, 2024 across Africa and beyond exclusive discounts on flights - embodying its commitment to enhancing air transport accessibility and convenience.

In efforts to further ease financial barriers to air travel, multiple award-winning airline, Qatar Airlines has extended its partnership with Access Bank for up to 12% discount on both business and economy class tickets to Access Bank customers who book their flights online using Qatar Airways’ website (www. qatarairways. com). From now till December 31st, 2024. Access Bank customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.

This partnership reiterates Qatar Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers. Through diversified methods of payment and exclusive rewards, Qatar Airways continues to ensure traveling and flight bookings remain seamless and accessible to travelers.

As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market says Hendrik du Preez, Qatar Airways' Vice President - Africa. “Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent. We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers,” Du Preez explains.

This announcement comes on the heels of Qatar Airways' recent expansion of routes across the African continent along with increased flight frequencies in various locations - solidifying its network of destinations to over 160 destinations globally.

Iyabo Soji-Okusanya, Access Bank Executive Director for Corporate and Investment Banking expressed enthusiasm about the partnership. "Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year. By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers,” says Soji-Okusanya

For more information on Qatar Airways’ discounted flights, visit www. qatarairways. com or become a Privilege Club member for more exclusive rewards and benefits

Access Bank, Nigeria’s largest bank by assets, has unveiled its ‘Switch to Solar by Access’ campaign to offer affordable financing opportunities to businesses and customers to adopt a cleaner and more reliable source of electricity through solar photovoltaic (PV) and batteries.

Unveiling the campaign, Group Head, Consumer Banking, at Access Bank, Njideka Esomeju said, “In alignment with our commitment to social responsibility and sustainable development, Access Bank Retail banking aims to promote cleaner energy solutions within our communities.

"Recognizing the critical role that renewable energy plays in reducing carbon footprints and fostering environmental sustainability, we are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to solar product.

"We launched the initiative, which ensures that each household can have solar energy, first of all, to reduce costs for them, provide clearer energy and the product will be financed by the bank.

She stated that in ensuring this the bank is in collaboration with credited vendors across the country that are selling solar products. We are collaborating with them to ensure that these are gotten at a good rate. We aim to ensure that all households, commercial businesses and industrial factories are powered by solar.

Speaking on the bank alignment to ESG, the Regional Sales Director of Access Bank, Bolarinwa Animashaun said that the switch-to-solar was born based on engagement with customers of the bank.

His words, "We needed to assist them to provide alternative ways to power their operations. We all know the cost of the tariff of electricity".

He added that the bank is contributing to the Economic, Social and Governance (ESG) seventh goal that was adopted by the United Nations as this specifically aligns it with a global brand.

The product can easily be acquired without pressure to customers and payment can be made over a period of 48 months.

Group Head, W Initiative, Access Bank, Abiodun Olubitan, in her contribution, said that the bank is considering women and women-led businesses in accessing the product .She added that the bank's commitment towards gender empowerment is to inspire, connect and empower women. The product will be given to women at a discounted interest rate as this will enable them to run their businesses on any scale that they want.

According to her, "We are trying to ensure that this product is also positioned to women’s reach.

"The beauty of it is that we are not just ensuring that we have a clean environment, this is also our way of empowering women.

Olubitan stated one of the major target markets for switch-to-solar is underserved, saying that this population is probably 60 per cent of women.

Unit Head, Consumer lending, Access bank, Thelma Luke Nwoye stated in her contribution the objective of the campaign . She said, “We want to take this awareness in collaboration with our partners to the doorstep of every community around us, one individual at a time and one cluster at a time.

“We also plan to educate people about the benefit of solar energy and its impact on environmental sustainability.”

She explained that the Bank will finance the entire solar products, right from panels, inverters, batteries and installation.

She added that this campaign is very important because it speaks to sustainability, social impact and providing finance for individuals or customers where they can purchase and pay over a period of 12 months to 48 months.

Switch to Solar by Access campaign will enable businesses to access up to N50 million and individuals N10 million for the financing of Solar Photovoltaic (PV), Batteries & inverters along with installation, with a competitive interest rate, flexible repayment period of up to 48 months and as low as 10 per cent equity contribution on invoice value.

Lagos State Governor, Mr. Babajide Sanwo-Olu, has lauded the Chairman, Board of Directors, and management of NOVA Bank Limited for remaining resilient and focused to take the outfit to the enviable heights it has reached.

He gave the commendation on Tuesday during the inauguration of the bank’s new business office.

He hailed the commitment of investors and shareholders to Lagos’s conducive business environment despite economic challenges.

“We need to commend and encourage them. The NOVA team had the choice to remain in the merchant banking space or expand, and they chose the latter, committing additional resources to remain competitive and impactful. On behalf of the Lagos State government, I thank and encourage you. We are excited by this milestone,” the governor stated. He also praised NOVA Bank for its talented team and acknowledged the significant contributions of the Board Chairman, Mr. Philip Oduoza, to the Lagos State Security Trust Fund, which has helped improve security in the state.

Sanwo-Olu assured that the government will continue to provide an enabling environment for businesses to thrive.

With the opening of its first commercial banking branch in Victoria Island, NOVA Bank Limited has officially commenced operations as a National Commercial Bank. Formerly known as NOVA Merchant Bank, the institution recently received the Central Bank of Nigeria’s approval of its final licence.

In his address, NOVA Bank’s Chairman and founder, Philip Oduoza, expressed his excitement about the bank’s future. “We are thrilled to transition from the merchant banking space, where we have been very successful, to the retail market, which has a far larger population.

Our goal is to bring excellent service to more people in Nigeria and make a significant impact on the economy through financial services, consumer credit, and our successful suite of products,” Oduoza stated.

He emphasized the importance of the bank’s ‘PHYGITAL’ approach, which combines physical offices with digital platforms, empowering customers to manage their banking needs from anywhere. “This digital experience allows you to bank from your office, your home, or on the go,” he assured. Oduoza also noted that by opening more branches, the bank would support President Bola Ahmed Tinubu’s administration in job creation and economic stabilization.

The bank’s Managing Director/Chief Executive Officer, Wale Oyedeji, highlighted NOVA Bank’s commitment to customer focus and delivering exceptional service. “As we expand our services, we remain dedicated to providing an unparalleled banking experience that integrates physical and digital realms. Our PHYGITAL approach ensures personalized, in-person service and the convenience of cutting-edge digital solutions,” he explained.

Regarding the recent N500 billion banking sector recapitalization requirements, Oduoza mentioned that shareholders, who raised capital through a rights issue last year to meet these requirements, are committed to doing so again. Oyedeji added that the bank is bringing top-grade talent, reliable human capital, and state-of-the-art technology to serve the retail and SME sectors while maintaining its strong position in the market.

Established in 2018, NOVA Bank plans to open additional branches in Lagos, Abuja, Port Harcourt, and Kano, continuing its mission to deliver innovative services and build on its legacy as a leading merchant bank.

Access Bank has revamped its digital loan platform ’QuickBucks’, to boost lending across Nigerian consumers.

The bank said customers can access the bank’s digital loans for businesses, vehicle financing, school fees payment, among others. QuickBucks Loans allow customers to get that assistance fast and easily.

Since the introduction of its first digital PayDay loan in 2017, Access Bank has issued 18 million digital loans amounting to over N740 billion, enabling customers to receive up to N10 million instantly.

Njideka Esomeju, group head, consumer banking, said: “Many Nigerians are facing financial challenges due to the economic situation in the country. At Access Bank, our goal is to enable every Nigerian to achieve financial freedom, which is why we introduced digital lending solutions.”

Esomeju highlighted the accessibility of QuickBucks Loans, stating, “The loan can be accessed through the QuickBucks USSD code, the Access More app for smartphone users, or via the QuickBucks platform on web or app.” She elaborated on the platform’s evolution, noting, “Initially, our digital loans were limited to salary earners with a 30-day repayment term. Now, QuickBucks Loans offer up to 12 months of repayment time for customers with salary accounts, self-employed individuals, active account holders, as well as business and trader account holders.”

Efe Obaigbena, unit head of digital lending, emphasised the purpose and improvements of QuickBucks Loans. “These loans are designed to address our customers’ urgent financial needs,” Obaigbena said. “Since its launch in 2017, QuickBucks Loans have seen significant enhancements. As a responsible lender, we ensure our customers do not face excessive debt by capping our loans at a percentage of salary or account transactions. Eligibility also requires a good credit record across all financial institutions.”

Regarding interest rates, Esomeju stated, “Our interest rates are among the lowest in the industry, ranging from about 5 percent to a maximum of 15 percent, depending on the type of loan.” She added that QuickBucks Loans are designed for ease of access, noting, “For customers with low literacy levels, our USSD code provides a straightforward way to obtain digital loans, allowing them to join the financial system regardless of their financial knowledge.”

Oladisun Dawodu, team lead of digital lending, discussed the bank’s commitment to integrating FinTech innovations.

“Access Bank embraces FinTech culture to distinguish itself in the market. We are preparing for future advancements such as AI-based lending solutions, blockchain technology for secure transactions, and closer integration with financial ecosystems.”

Dawodu, said; “We are investing in technology and strategic actions to ensure QuickBucks Loans remain competitive and responsive to these developments.”

Dawodu said QuickBucks Loans are attractive because they are automated. “Getting a QuickBucks Loan is quick and easy, and so is repaying it. Customers just need to make sure they have enough money in their account on the due date(s) and the payment will be deducted automatically, without any hassle. Our customer support team will also contact you with messages and calls as your due date approaches.”

Nigeria’s largest bank and most valuable brand, Access Bank Plc has rewarded a lucky customer with a brand-new SUV as part of its star prize rewards in the ongoing 16th Season of the DiamondXtra rewarding scheme.

The official car presentation event which took place at the bank’s Head Office in Lagos saw Onyeamechi Uchenna Modestus, an Owerri-based businessman who runs DiamondXtra Account with the Bank,  full of happiness, surprise, and gratitude as he was handed the key of a brand-new GAC GS3 SUV.

The DiamondXtra savings and reward account has been delivering mouth-watering prizes to its loyal customers, culminating in this much-anticipated quarterly car giveaway. DiamondXtra is a special hybrid interest-yielding account, which allows customers to deposit cash and third-party cheques. The season 16 promo has seen Access Bank take customer engagement to new heights with prizes totaling N200 million, including three SUVs to be won quarterly, and other mouthwatering rewards.

The lucky winner of the brand-new SUV, Onyemechi, expressed immense gratitude as he said: I didn’t expect this to come my way. I thought it was a prank. I couldn’t believe it when I got a call from Access Bank that I won a car from DiamondXtra that I should come to their Head Office in Lagos. I was like – I am not interested. I was thinking it’s one of those scammers, that will ask you to send bank details. At a point, I said I was not interested at all, but thank God the lady who called did not give up – she kept calling to convince me that she was calling from Access Bank.

“She asked me to come down to Lagos for an official handover and now, I am here and it’s real. I found out that it is real. I am glad and happy about it. This car would ease my movement and give me comfort and also boost my business, even my personal status. DiamondXtra Account is real. So if you don’t have a DiamondXtra account, you are missing a lot and missing a great chance to win this type of prize. When the marketer came to me then, I didn’t have any idea I would be the one to win the car, I just opened the account and now I am a winner.”

While congratulating the lucky winner, Robert Giles, Senior Retail Advisor, Retail Banking, Access Bank Plc, expressed the bank’s commitment to rewarding its customers: “DiamondXtra has been rewarding customers now since 2008, and customers have been rewarded with all kinds of prizes, sometimes cash prizes. But our customers also told us that they want much more than just cash. They want life-changing experiences. And I think we all know the cost and difficulty of transport today in the country.

“So this year, we’ve been able to change the reward program to reward 3 winners with a brand new SUV, and this is the 1st SUV from the DiamondXtra programme that we’re giving out this year. The bank is doing this because we believe that it’s important to create a culture of savings. We all know that if we save, we can start to either absorb shocks that are not anticipated and reach us or better still, to help us better ourselves through different generations. So we’re trying to encourage the transfer of intergenerational wealth through savings.

“But often people say that when you start, you’re saving small when you begin. The reward doesn’t seem that apparent. And so we’re making savings more interesting with life-changing prizes that will allow customers every month to enter into a prize draw for every 5,000 naira they have, they get one entry into a prize draw that can win cash prizes, so they can win 1 million naira, 500,000 naira, or lots of smaller prizes down to 20,000 naira. Or then life-changing experiences like winning the car, and then other things that are part of the DiamondXtra draw are more to help you enrich yourself and grow. We have now over 5 million customers saving with DiamondXtra alone, of the over 60 million customers in Access Bank, and I think that shows the impact that it’s having on people’s lives.

“And after 16 years, people are voting with their feet and trusting DiamondXtra Firstly, as a safe place to keep their money. Secondly, as a place that they can use to transact. It’s not only a savings account. This is a hybrid account that customers can open by simply dialing *901*5#, and you can do it from anywhere with USSD, anywhere in the country you can open the account. We look forward to being here to celebrate the 20th year, the 25th year, and many more years of success," he said.

Commenting on the impact of the rewarding scheme, Njideka Esomeju, Group Head, Consumer Banking, Access Bank explained that DiamondXtra has impacted millions of  lives and is properly monitored by the National Lottery Commission: “For this year, we did a survey and asked our existing customer base, our over 5 million Diamondxtra customer base: What do you people want us to do this year? So whatever reward we give is based on what our customers want. We have 2 more cars left. We started the Q1, which ended in June. We have another one for this quarter and then the Q4. And then we have regional draws where we give 1 million naira across the regions in the country” she said.

During the unveiling at Alaba International Market in Lagos earlier this year, 48 customers walked away with cash prizes ranging from N20,000 to N200,000, as 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, and one customer won N200,000. In the ongoing season, Access Bank has conducted on-site draws across various regions in the country, rewarding numerous customers.

The DiamondXtra is an interest-yielding hybrid account that combines the features of both savings and current accounts. Over the last 15 years, the DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers. To qualify for the DiamondXtra Season 16, which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of the Access Bank branches to open the account. The more multiples of N5,000 both new and existing customers save, the higher their chances of winning at the monthly, quarterly, and annual draws.

Anti-Corruption fight: Understanding the theory of 'one law for the friend, another for the foe'

I read a statement by some Civil Society Organizations who called out the Economic and Financial Crimes Commission for allegedly shielding perceived friends of the system and unfairly persecuting those in the bad books. They made particular reference to the series of past and fresh petitions against a former Governor of Kano State, Abdullahi Ganduje, over alleged multiple cases of monumental corruption, which the EFCC has ignored.

It was indeed a wake up call for Nigerians, who have allowed politicians or public officials that should be scrutinised for embarrassing corrupt practices distract them with propaganda of corruption allegations usually levelled against perceived enemies of those who contributed to their appointments.

The truth is that the same people who are the enemies of this country have weaponised poverty in a way that it no longer just beclouds the judgments of the illiterates and very vulnerable, but also makes a mess of whatever degrees some of those that are supposed to be enlightened might have garnered over the years. Sometimes, you see otherwise educated individuals comment about critical issues on social media platforms and you wonder which school they passed through as they strive to defend the peanuts they are offered to sell their conscience and plunge the nation into deeper mess. To them, black can actually be white so long as that is the sound that must come out of the trumpet that has been provided by their paymasters.

One critical leg of ensuring good governance, especially in Nigeria - fight against corruption at all levels - has suffered so much as a result of this. It is indeed a shame that as central power changes, those that have been rightly or wrongly tagged super corrupt politicians suddenly become saints chasing after foes from the previous administration or potential threats to their future ambitions. Most times, however, the head of the administration may be immune from the plots and counterplots, but those known as regime cabals, who are mainly kleptocrats, to use the word of a serving Senator, play their cards so devilishly that one would wonder if there would be no tomorrow.

Unfortunately, where there is a genuine fight against corruption, these men who apparently desperately set the anti-graft agencies, particularly the EFCC, against their political enemies cannot walk the streets free. There are facts to back this but specifics would be a topic for another day.

To start with, however, if students of history won't be that lazy to do a meaningful research, it would not be hard to count scores of super corrupt appointees that have been saddled with responsibilities at variance with their appalling levels of integrity. You find them everywhere, even in EFCC.

While many have been made to believe the monstrous narratives being peddled directly or indirectly by the EFCC against a former Governor of Kogi State, Yahaya Bello, for instance, it is heartening to note that not a few Nigerians are able to read in between the lines to see the glaring oppression and political persecution of a perceived alien in Nigeria's Almighty political formula.

I went back to check all what they have turned upside down through fifth columnists and deliberate mischief. I found so many reasons to call on well meaning Nigerians to stand with this citizen against brazen oppression by a few that are currently playing god in the corridors of power today.

The young man, Bello was never invited officially by EFCC, no letter of invitation has been produced till date by the Commission. His media office confirmed this and the Commission never refuted the claim other than the ignoble talk of verbal invitation through the backdoor. Many letters of invitation for former governors and ministers alike are on the internet in case anyone is unclear about what this means. Yet, the Commission laid siege with dozens of operatives on Bello's residence as though he had been invited and refused to honour the invitation or like a person guilty of treason.

Second, even if the Commission had not erred with the no-invitation scenario, the former governor had a restraining order which ought to have been obeyed by a Commission which itself is a creation of the law. But no, the reality in Nigeria is that there is a law for the friend of the system and another for the foe.

We should count how many people have this restraining order and how many were treated like Yahaya Bello. Former Governor of Nasarawa State, Bello Matawalle, had a restraining order that was not even challenged, against a fraud allegation to the tune of N70bn . He is walking free today despite the brouhaha that greeted the case during the Abdulrasheed Bawa administration. Of course Bawa, the prosecutor, not long after that, became a prime suspect of corruption. We will hold our breath, waiting for a safe landing or otherwise for the current Chairman. The same cane used to beat the first wife will sooner than later be used on the new bride. Mind you, a number of politicians have also secured such restraining orders, which were obeyed to the letter. So who is the freeborn and who is the captive?

In Yahaya Bello's case, the EFCC even tried to vacate that order but were refused and so went on appeal. As if they were power drunk, or in a way that looked like they were trying hard to impress key interests, they began to engage in series of missteps, right from the beginning by not even waiting for the outcome of the Appeal Court hearing before taking laws into their hands. And people asked: why the hurry? Why the desperation?
While a substantive judgment had been given, the EFCC still went to get a counter order from a court of coordinate jurisdiction despite the clear judgment that he shouldn't be arrested. On the same day an order of substituted service was given, he was declared wanted with all sorts of oppressive pronunciations. I don't want to focus on why anyone is after him but I want to echo the stance of those who have said this looks nothing like prosecution but persecution with underlying concerns that his life may be in danger.

When one looks at the desperation of some embittered Kogi politicians shouting ethnic agenda, who would dine with the devil to hang Bello out to dry with all manner of unfounded allegations, the real motive for the unwarranted and most unfair defamation may become clearer.
Even the judge presiding over the Yahaya Bello case, each time appears to be afraid of the power drunk counsels of the EFCC who talk down on colleagues and even hand down orders to the judge as if he were on their payroll. Yet, it is not hard to notice the toga of 'we have backers' in their actions as they treat Nigerians to embarrassing drama, and expose the judge to scrutiny in terms of perceived bias. It could even be that in his closet, the judge would know that he has been pushed into miscarriage of justice more than twice in the so-called money laundering case.

It is still unclear how the judge would rule that the defendant must be in court before he attends to preliminary objections bordering on jurisdiction and even on the issue of substituted service. What we understood was that the sitting of May 10 was supposed to be for ruling on these objections, only for the court that had not asked for the presence of the defendant to do a 360 degrees turnaround to accuse him of disrespecting the court. Boom, opposition members joined the cabals to unleash their attack dogs and shopped frantically for questionable CSOs to distort the narrative and make the victim look like the oppressor.

When one walks with the law in Nigeria, he is supposed to be protected, not the other way round. Umaru Ganduje, to the best of my knowledge, has no immunity. His state has levelled over N50bn fraud allegations against him. Mind you, the head of the anti-graft agency of the state, who he appointed, made this claim. However, today, Ganduje is a saint o, next to the holy prophets, in this administration, despite the embarrassing Gandollar saga that has not been laid to rest. What has EFCC done? They have looked the other way! The Bible says "touch not my anointed".

Thrice he was to be arraigned for fraud, alongside his wife, before a Kano High Court, thrice he has ignored the courts. In all, he has shunned the court about five times, according to the CSOs. Heavens did not fall. At some point, he didn't even dignify the court with counsels. No one is threatening to bring the country down over that. In fact, the court has even ruled that his trial would continue without his presence. Another veritable case of one law for the friend, another for the foe!

No one is saying Yahaya Bello is a saint. By all means, public officials must account for their actions while in office. But they are in court, and the law should take its course. All these giri giri, kiti kiti, kata kata are becoming questionable. We shouldn't join the state to make a mockery of our judicial system by forcing what they want down the throats of unsuspecting judges.

No one is a fool in Nigeria. Every discerning person knows that this thing against Yahaya Bello goes beyond corruption for reasons best known to all those concerned. Anyone joining questionable forces against a victim of political ignominy will one day taste the same bitter pill. Nigeria will only progress if we identify the real enemies of the system. Let us start from the anti-graft agency itself. We need a system where the EFCC, if it must work, is allowed to work without political interference.

By the way, before I rest my pen, I want to ask the Chairman of the Commission: how far with the prosecution of your men who allegedly broke into a lady's room in the name of operations? Have they been prosecuted? The last we heard was the order of arrest. How about those who allegedly killed their colleague over a suspect's items? Where are we on the matter?

...Fareedah Bala Abubakar, a public affairs analyst and human rights activist, writes from Katsina.

The ‘Giant in you’ campaign of the FirstBank has again confirmed the common expression that ‘apple doesn’t fall far from the tree’ given the history of the financial brand and its legendary relevance to the growth of enterprises, within and outside Nigeria. 

In its usual creative conjecture, 13O-year-old FirstBank, has hit the airwaves and other media outlets with various visuals to articulate its new campaign ‘The Giant in You’. Breaking down the central message, ‘there is a giant in you’ the campaign stylishly reminds the bank customer that ‘FirstBank Puts You First so you can’ before giving the match order, ‘Live the Giant-Life.

For a bank that settles for the big ‘elephant’, as logo and has remained strong for 130 years, worlds like giant, tall and strides, used in the various visuals are simply validations of its robustness, endurance, doggedness and tall ambition. As part of the ways to convey the bank’s message to its array of patrons, SO&U, the creative agency behind the campaign cleverly selected its cast and buildings, including FirstBank’s corporate headquarters, to reflect the bigness, the tallness and the boldness of the 130-year-old financial institution to rule the world as far as banking and business support are concerned.

Unraveling the ‘Giant’ strides…

Among other reasons, the new campaign must have been conceptualized to position FirstBank as a ‘giant’ and ‘future-ready’ institution that is dependable, innovative and proactive in supporting its customers and stakeholders win in the race to the future and be in a position to take advantage of the opportunities and possibilities of that emerging future.

Driven by the conviction that  consumers want to turn their big dreams into giant successes, the new campaign reminds the consumer that in today’s world of constant disruptions and integrated experiences, the customer needs a strong, stable and supportive partner, with the appropriate platforms, innovative solutions and networks to not only support their aspirations but also be responsive and adaptive enough to anticipate their needs and empower them to success.

Looking through the visuals and the television commercial, it’s easy to conclude that the campaign narrative is not about the brand but the customer. For instance, the creative path illustrates the world as it moves and changes at lightning speed, the customer is reminded that just like the world, everything within it is also changing, from economies to businesses and even opportunities.

“We recognise that to be in sync with the world will require a forward thinking and future ready mindset …and we have created the atmosphere, products and services to help our customers,” the bank stated.

To underscore ‘the big idea’ and the ‘bringing out the Giant in you’ theme, key visuals speak to the essence of the campaign and are accompanied with long and straight legs in a demonstrative form to take the purported giant step. Here the messages are passed under the following; ready to take giant strides?, strides into the future, let’s take giant strides together, stand tall, stand out, think giant solutions, among others.

Facts and figures…

Like Coca-Cola, the world number one brand, one other thing that has consistently worked for the FirstBank brand is that the promoters have never, for once allowed complacency to set in. The implication of this is that the bank is not only the oldest, but also one of the most digitally compliant banks.  Currently, First Bank stands tall via First Bank digital solutions, employs market-leading digital platforms and solution driven products and services. Besides, the use of AI and Robotic Process Automation (RPA) by the bank enables the financial brand to initiate 85 percent of its transactions via digital platforms leading to quick responses to customers’ needs and satisfaction. In this regard, FirstBank has been recognised by Interswitch as the first financial institution in Nigeria to achieve 100 million sustained monthly transactions in electronic payment and it has hit N1 trillion transactions through the FirstMonie Agent network.

Speaking during the unveiling of the new thematic brand campaign, Head, Brand and Stakeholder management at FirstBank, Yinka Ijabiyi, reiterated that FirstBank came up with the new campaign because of its belief that there is a ‘giant’ in every customer, every employee and every stakeholder. He said, “This campaign was informed by our belief that there is ‘giant’ in every stakeholder a giant dream, a giant possibility, a giant idea, a giant life and a giant future waiting to be birthed. Our commitment is therefore to provide all necessary business support, financial know-how and platforms to bring out the giant in every customer,”

Ijabiyi further pointed out that the campaign was conceptualised by the bank in a bid to show customers in its 130 years, that it has been supporting and creating giants and that it has no plan to stop anytime soon. He said the bank, in its celebration of its 130 years in business, came up with a campaign that speaks to the business essence of its brand which is making giants of its customers. “We have always done it and the fact we have been around for such a long time means good to everybody as we have been supporting businesses, individuals and government in those years. “We are making giants and there is no business that interacts with us that does not see the benefits in their business. We are making giants in our customers and we will not stop.

“We are the partner with tailored solutions for every customer, employee, and stakeholder. We have what it takes to turn dreams into giant successes. FirstBank’s services are designed to help customers “giant-size” their dreams, offering businesses the platforms and solutions needed to grow, innovate, and achieve remarkable success.” Ijabiyi added that the array of products, solutions and services offered by FirstBank cannot be compared with any financial services in Nigeria.

For its customers, the bank said “We would enable, inspire and support you with our world of financial services to help you to giant-size your dreams and live your best life”. It also said it “would give businesses and business owners the right platforms and solutions they need to grow, initiate and execute bold ideas.

Meanwhile, the creative agency behind the campaign has hinted to the media that the unveiled materials were mere ‘tip of the iceberg’ as efforts are ongoing to domesticate the same campaign in local languages to connect with customers across the major ethnic groups in Nigeria.

A peep into the past…

When the promoters said First Bank was “truly the first, many grudgingly agreed. But deep inside its competitors – the possible grudging camp – is the truth regarding the extreme distance the bank has given others in performance and people relevance of its operations! They knew the bank was not bluffing. Not only has it rediscovered itself, but the ability to shed its ancient mindset in terms of operations and blend with modern trends in banking have left many agreeing that perhaps, the saying that the older the wine the better it gets in taste actually applies to FirstBank. To this end, it’s not by accident that First Bank has produced at least two former governors of the CBN and a Finance Minister, including Chief Joseph Sanusi and the current Emir of Kano, Sanusi Lamido Sanusi.

Perhaps the current campaign is an offshoot of a story-telling Television Commercial, by the bank to reflect the beginning of modern banking and how the bank has consistently grown with Nigeria’s enterprises through partnership and innovation.

The referenced TVC says it all: A combination of historical renaissance and quite prescient validation of the innovation that usually drives its bewitching communicational ads. From the groundnut pyramids of the north, which was the symbol of the regions commercial edge and the cocoa bean mountains of Western Nigeria to the rubber plantations of the East and Mid-eastern region, First Bank has applied its new campaign to remind its decades-old patrons, customers, and even competitors, that the beat has refused to abate.

Throughout the campaign, FirstBank subtly registers itself in the minds of the banking public that it’s entirely Nigerian – past, present, and the future. The well-crafted historical simulation captures how FirstBank opened its first branch in Lagos in 1894 and started helping merchandise and local traders to grow their businesses. The excitement and enthusiasm on the faces of the bank’s early customers after getting their cash books from the Lagos office say it all. Like someone who has gotten a glimpse of what the future holds with banking, the customers express surprises and happiness. The commercial captures the mood and goes back in memory lane on how the bank has helped many people succeed in their ventures. Subtly, the narrator takes viewers to Kano and reveals how the then richest men in the commercial city were making their deposit of 20 bags of Silver in an atmosphere that looks like the first operational day of the bank.

Perhaps the beauty of the commercial lies more in the way it strikes a balance between the ancient and the modern days through setting and swapping of background colours. This was cleverly explored in referencing the way the bank transformed into an online haven, driven by technology. While reminding the patrons of the bank’s transformation and technological advancement, the narrator is quick to talk about the expansion of the bank beyond the shores of Nigeria to the West-African region and beyond. The TVC also positions FirstBank as a socially responsible brand by touching on various initiatives it has embarked on. Specifically, First Bank’s contribution to Sports through its support for football and athletics is captured very well.

The ‘Giant in You’ is another chapter as the bank begins a fresh journey after operating for 130 years.

Culled from ThisDay

Again, Tinubu's loyalist, Onokpasa, decries 'pull-him-down syndrome' against Yahaya Bello, El Rufai, others

A member of the All Progressives Congress Presidential Campaign Council for Asiwaju Bola Tinubu, Jesutega Onokpasa, has again lamented the sharp division, pull-him-down syndrome and bad blood going on within the ruling APC, warning that it is high time the alleged gang-up against those who played key roles in the emergence of President Tinubu stopped.

Onokpasa, a staunch supporter of President Bola Tinubu, claimed that certain individuals in the party and within Tinubu's government were not relenting in their plot against former governor of Kogi State, Yahaya Bello and his Kaduna State counterpart, Malam Nasir el-Rufai.

He warned some Tinubu's appointees, who he said were using the instrumentality of power to torment Bello and El-Rufai to desist, saying the contributions and support of the former governors in the victory of the party were unquantifiable.

Lamenting in a video clip current ordeals of the National Chairman of APC, Abdullahi Ganduje and his family members, Onokpasa said Ganduje was a victim of political vendetta, noting that it was bad that members of the same political party could be tearing themselves up to the advantage of the opposition.

He took a swipe at the leadership of the Economic and Financial Crimes Commission on its manner of approach against Bello and for allegedly playing double standards on the former governor's case, describing the anti-graft body of being the most corrupt institution in the country.

Onokpasa, a lawyer and chieftain of the APC, while addressing members and supporters of APC in the video clip said, "Seriously, what do we think we are doing to ourselves in this party? I think we all have to sit back and start reasoning deeply, because right now, we are actually misbehaving. We are tearing ourselves apart while those in opposition are regrouping against us. "So, we should all gang up against Yahaya Bello? We should all gang up against Nasir el-Rufai? The other day, Sam was writing an article 'Like Father, Like Fraud'. I mean, you will attack the father and attack the son? Isn't that the rubbish that Atiku Abubakar was doing the other day? Attacking our President's children. He will attack the father and attack the children?"

"What is Sam's contribution to Asiwaju becoming President? Nothing! What is Nasir Rufai's contribution? Unquantifiable. I was there. What is Yahaya Bello's contribution? Unquantifiable. I was there. Some people just feel because they have differences with people, they will use the instrumentality of power to attack party members?

"We are falling apart like this. We won with less than 40 per cent of the votes. We won by the grace of God because it is the will of God for Asiwaju Tinubu to become our President and that is how we won. Then, as we are, the next thing we will start doing is to start ganging up against one another in our party? That he (Bello) will pass through the backdoor? To do what? They (EFCC) just want to collect money from Yahaya Bello. It is not fighting any corruption. You think it is everybody you can shake down? Come and shake me down," he dared the commission.

He insisted that Bello and El-Rufai did not deserve the persecution they were currently experiencing, warning that the APC might fall apart if persecution and pulling down of members are not checked.

"We are just tearing ourselves apart while our opponents are busy gathering themselves together. Yahaya Bello and Nasir el-Rufai are our brothers, they stood with us when it mattered most. They stood with Asiwaju and I love them for doing that and I am not abandoning them. That is not how we live life. People who specialise in that nonsense, that is their headache. That is not how we are brought up, we just stab ourselves in the back. We are falling apart like this. I don't see how this helps us at all.

"All this 'dem say dem say'; we cannot run a government based on 'dem say'. Many people in this administration are carried away with transient power. It will come to an end. Were there no other people before us? People will still come and replace us. Stop scattering our party, stop tormenting our members, our brothers because you want to collect money from them. I urge you all my fellow Progressives, my fellow genuine Batists, for us to keep supporting our President, Asiwaju Bola Tinubu.

"These people are not interested in helping our President reduce inflation, to stabilize prices and make him popular. No! But all these useless people are looking for is how to collect money, how to bad-mouth people. Then they start giving opportunities that ought to come to our genuine supporters to PDP and even obidients," he bemoaned.

FirstBank sponsors ‘The Noble Warrior’ play, a 90th birthday tribute to Wole Soyinka

FirstBank, West Africa premier financial institution and financial inclusion services provider has announced its sponsorship of the Lagos command performance of Eni Ogun – The Noble Warrior, a theatrical performance in honour of Professor Wole Soyinka as part of the lineup of activities celebrating the 90th birthday of the global literary giant and National Icon.

The Noble Warrior – Eni Ogun, produced by Cash Onadele and directed by Oriade Adefila will be performed at the Muson Centre on Saturday 20th July 2024 at 6:00pm.

This is another significant stride in the Bank’s First@art initiative conceived with the key objective of supporting the value chain of Nigerian arts and cultural development for the growth and development of the nation’s creative economy. It is also in recognition of the contributions and achievements of Prof. Wole Soyinka, Africa’s first Nobel Laureate.

Eni Ogun, the Nobel Warrior is set to tell the historic story of the successful defeat of the colonial forces at the hands of natives. This story intends to reposition the truth in history and showcase the repercussions of cultural invasions and the fight for freedom against imposing powerful colonial invasions. The protagonist’s brand persona, Oluwole, a princely noble warrior can be likened to Wole Soyinka and highlights similar personality traits as a fighter and the humane warrior in his 90-year sojourn on earth.

According to the performance Executive Producer, Toye Arulogun, “FirstBank is supporting this special production of The Noble Warrior as tribute to a national and global literary icon in consonance with the philosophy of the First@art initiative, conceptualised for the support of the creative arts and promotion of cultural development”.

“Once again, the leading financial services solutions provider is proud to demonstrate its commitment to sustaining the creative arts industry and this partnership with Adubiifa Network Co. is part of the celebration of a landmark birthday of Prof. Wole Soyinka – pride of our cultural heritage.”

Celebrating the Nigerian living legend, the Group Head, Marketing and Corporate Communications, FirstBank, Ms. Folake Ani-Mumuney said, “we are proud to be part of this special tribute to Professor Wole Soyinka, a true literary giant whose contributions to literature and humanity continue to inspire us all. FirstBank’s sponsorship of the Noble Warrior – Eni Ogun is our modest way of demonstrating our appreciation of his contributions to Nigerian literature and culture; his writings that have transcended borders and he remains a true embodiment of the power of art as a tool to uplift society. FirstBank is woven into the fabric of society, and for 130 years, we have been enabling success in the creative industry value chain through our First@arts initiative and Eni Ogun is another opportunity to reinforce this impact to support and empower small businesses ‘’.

First@arts is FirstBank’s platform for consolidating all its efforts in the arts, supporting the entire value chain of the creative arts, providing much needed financing, showcasing, and facilitating the successes of the industry, as well as enabling customers explore the wealth of opportunities the creative industry has to offer. One of the unique initiatives under the First@Arts umbrella is FirstBank’s DecemberIssaVybe. Through DecemberIssaVybe, FirstBank provides opportunities and platforms for memorable Homecoming Experiences from across the world including for those coming for marriage ceremonies, friends, and family reunions; festivals, funerals, the I Just Got Backs (IJGBs); giving and communal engagement. It has always brought to friends and families of the Bank the most exciting, fun-filled, memorable experience in December.

WeForGood International unveils women championing sustainable solutions in Africa

WeForGood International Unveils Women Championing Sustainable Solutions in Africa.
WeForGood International recently unveiled the X-Women Championing Sustainable Solutions in Africa, a list that spotlights remarkable women at the forefront of environmental sustainability across the continent.

Originally conceived as a celebration of 100 Women Creating a Better Africa (100WCBA) which recognises women who contribute their quota towards the fulfillment of the Sustainable Development Goals in Africa, this initiative has evolved to focus specifically on environmental sustainability in recognition of the urgent need for action in the face of climate change and ecological degradation.

From protecting fragile ecosystems to advocating for renewable energy solutions, these women stand out for their innovative approaches, unwavering commitment, and tangible impact in addressing environmental issues, each making a significant difference in shaping a more sustainable Africa.

Speaking about the initiative, Temitayo Ade-Peters, CEO of WeForGood International, explained: “Our mission is deeply rooted in promoting sustainable solutions and with this well-deserved recognition, we are not just celebrating these women but showcasing their work so that their solutions can be adopted by more people while inspiring others to catalyze action towards a healthier planet and future.”

“As with previous years, this was also open for public nomination across Africa and we are happy with the quality of the results and the potential it holds to spread the message and inspire action around environmental sustainability” she added.  

The X-Women are acknowledged trailblazers who are redefining conservation efforts, promoting sustainable agriculture, and leading community-driven initiatives to combat environmental degradation. From rural villages to urban centers, their work resonates across diverse landscapes, inspiring change and fostering resilience in the face of climate challenges.

2024 X-Women Championing Sustainable Solutions in Africa (X-WCSA).
Rose Sikulu; Co-Founder, Fibertext Green Paper Limited; Kenyan
Lolade ALONGE; CEO, Celloop; Nigerian
Doreen Irungu; Founder/CEO, Ustawi Afrika; Kenyan
Agharese Onaghise; Executive Director, Food & Beverage Recycling Alliance (FBRA), Nigerian
Glory Brendan-Otuojor; Executive Director, Development Impact Pathfinders Initiative (Devimpath), Nigerian
Bekeme Masade-Olowola; Chief Executive/Founder, CSR-in-Action; Nigerian
Sevidzem Ernestine Leikeki; Women Empowerment Officer; Cameroon Gender and Environment Watch (CAMGEW); Cameroonian
Temitope Okunnu; Founder, FABE International Foundation; Nigerian
Onyinyechi Chikere; Founder and Operations Manager, Clozetsales; Nigerian
Ayanda Nyikana; Founder, Apara Global; South African
Crystal Chigbu; Executive Director, The IREDE Foundation; Nigerian
Nina Mbah; Co-founder, The African Climate Stories; Nigerian
Yetunde Deborah Fadeyi; Founder, REES Africa and CEO, Vectar Energy; Nigerian
Sakinat Bello; Lead Consultant, Heela Green Resources; Nigerian
Adejumoke Olowookere; Creative Director, African Creative Sustainable Synergy Hub (ACSSH), Founder, The Waste Museum; Nigerian
Jennifer Uchendu; Founder, SustyVibes; Nigerian
Adejoke Lasisi; Founder and CEO, Planet 3R and Jokelinks Weaving School; Nigerian
Adesola Adegeye; Founder, Greenwithgrin; Nigerian

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Access Bank has announced the opening of applications of its Womenpreneur Pitch-a-ton programme as it will be rewarding 120 female entrepreneurs in business grants and International Finance Corporation (IFC) certified mini-MBA worth over N100 million.

The application process began on June 24, 2024, and will run until August 9, 2024. The Womenpreneur Pitch-a-ton program spans three months and includes an eight-week mini-MBA training program conducted in collaboration with the International Finance Corporation (IFC).

During this period, participants will also have the opportunity to showcase their businesses in pitching sessions to a prestigious Pan-African jury. The top finalists will present their business ideas, incorporating the knowledge gained from the mini-MBA program, and stand a chance to win financial grants and other consolation prizes.

Speaking at the launching of Womenprenuer Pitch-a-Ton season six, yesterday in Lagos, the Group head, Women Banking of Access Bank, Abiodun Olubitan stated that “some years back we conducted a survey on why female owned startup businesses fail within the first five years of existence and we found out that it was due to a knowledge gap which needed to be bridged by providing resources to these women to help their businesses thrive.”

She noted that this birthed the Womenpreneur Program and the program is one of the largest business growth platforms for women in Africa, explaining that the programme is a female focused campaign that seeks to provide quality trainings to business owners through an IFC certified mini-MBA as well as grants to select winners.

According to Olubitan, the main objective of the program is to help women with the requisite knowledge to grow their businesses. The program has been running for the past five years, this is the sixth year running and from previous seasons, we have received impressive and positive testimonials from participants about how the program has helped them improve their businesses and how they have applied the training received to grow their businesses.

She added that the program has produced 645 mini-MBA winners across six geo-political zones in Nigeria as well as 10 other African countries, 65 winners have received over $175,000 in grant prizes as well as 40 other consolation prizes from 2019 to 2023.

[caption id="attachment_79930" align="alignnone" width="1024"] L - R : Oyindamola Oyebola, Team Lead, Women Banking, Access Bank; Abiodun Olubitan, Group Head, Women Banking, Access Bank; and Bimpe Gisanrin, Unit Head, Women Banking during the media rountable at the launch of Access Bank Womenprenuer Pitch-a-ton Season 6, in Lagos recently[/caption]

She also said that “the impact has been enormous and has exposed the participating businesses to new and international clientele and markets, we have had participants who had opportunities to launch their businesses in the international market.

“The women have learnt useful skills such as business marketing, management and digital prowess which they have applied to their businesses to experience the growth recorded.”

Entering its sixth season, the Womenpreneur Pitch-a-ton program is designed to support female entrepreneurs who have been running their businesses for at least one year, have at least 50 per cent ownership or controlling rights, and fall within the age range of 18 to 55 years.

To be part of this exciting journey, please log on to www.womenpreneur.ng to fill your application.

A lot of mischief is going on in the banking sub-sector of Nigeria’s financial ecosystem since the Central Bank of Nigeria (CBN), on June 3, 2024, revoked the banking licence of Heritage Bank Plc.

The not-so-subtle campaign by some faceless groups to demarket an otherwise solid financial institution like the Fidelity Bank Plc., however, has not escaped the attention of discerning banking publics. But it is a mischief taken too far.

In revoking the banking licence of Heritage Bank, the CBN made it clear that its board and management have been unable to improve the bank’s financial performance, a situation which the country’s apex bank says constitutes a threat to the country’s financial stability.

A statement by Mrs. Hakama Sidi Ali, Ag. Director, Corporate Communications of the CBN, said it acted in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

Many Nigerians, particularly those abreast of the goings on in the banking industry did not raise any eyebrows at the news of the revocation and subsequent appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator.

But since then, mischief makers have been bandying the names of other banks – Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank – that will go the Heritage way. To make their spurious claims seem real, they recirculated a circular issued by CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris banks as though it was issued on June 10, 2024.

And even when the CBN, while insisting that the case of the now defunct Heritage Bank was an isolated one, stated unequivocally that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well, such insinuations have persisted.

But the question that continues to concentrate the minds of many Nigerians is: Why Fidelity Bank? Of course, the question is pertinent because even if the January 10 notification memo dissolving the boards of Union, Keystone and Polaris banks is taken to mean that the banks were in trouble, Fidelity Bank was not one of them.

It is, however, instructive that this mischief has become more strident in the last one week since Fidelity Bank signed the necessary documentation to raise about N127.1 billion from a public offer and rights issue to its existing shareholders to raise its capital base in line with the CBN’s fresh capitalisation directive.

The bank is eyeing N97.5 billion fresh funds from its public offer and N29.6 billion from its rights issue which offers existing shareholders one new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share. For the Public Offer, 10,000,000,000 ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share when the acceptance and application lists for the rights issue and public offer open on Thursday, June 20, 2024.

Speaking at the signing ceremony which held at the board room of the bank’s head office in Lagos on Wednesday, June 5, the Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, disclosed that “the proceeds of the combined offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.”

With an international operating licence from the CBN, Fidelity Bank is mandated to raise its capital base to N500 billion within the next two years and for a bank that is sure of its business fundamentals, it is not a surprise that it has effectively positioned itself at the forefront of achieving the revised minimum capital requirements for Nigerian commercial banks. No other bank is yet to embark on the process.

Could that be the reason for the campaign of calumny? If it is, then those on this demarketing campaign are tactless and dim. They would have known that the campaign died even before it took off.

But the dim-wittedness of the agents of doom beggars belief. If not, how could one envisage that one of the high-flying financial institutions in Nigeria could be at the verge of being liquidated? What explanation will even the CBN give for taking such a step because the truth remains that if Fidelity Bank is declared insolvent today, then no other bank is safe.

Why?

Since Fidelity Bank was incorporated in 1987 and began operations in 1988, it has not looked back. Though it started with a Merchant Banking license, it converted to a commercial bank in 1999 in a deliberate push to grow as a private limited liability company. Yet, not satisfied with playing the second fiddle, the bank transmuted into a Public Limited Company in August of the same year. Since then, it has grown from being a marginal player to one of the industry giants, securing its universal banking license in February 2001.

In 2005 during the Chukwuma Soludo-engineered consolidation exercise, Fidelity Bank acquired the then FSB International Bank Plc. and Manny Bank Plc. to become one of the top 10 Nigerian banks. Six years after the consolidation, the bank was ranked not only the seventh most capitalised bank in Nigeria but also the 25th on the African continent. In 2011, it obtained its international banking license and following its renewed retail and digital banking drive, was ranked the fourth best bank in Nigeria in the retail market segment in the 2017 KPMG Banking Industry Customer Satisfaction Survey (BICSS).

Today, Fidelity Bank has presence in all the states and major cities in Nigeria and continues to rank among one of the ten main banks in the country by tier-one capital of nearly $1 billion.

In a report on April 11, 2024 titled, “Fidelity Bank in 2024: A Peek Under the Banking Bonnet,” Proshare, a financial services information provider wrote: “In two decades, Fidelity Bank has sweated its assets to grow gross earnings to N337.05 billion in FY 2022, with an average annual growth rate of 30.3 per cent. The group has diversified its gross earnings, averaging 16 per cent from non-interest income and 84 per cent from interest income. The consistent rise in digital income and foreign exchange gains appears to have supported the continuous rise in the lender’s non-interest income, providing a buffer for rising operating costs.”

Proshare analysts also estimated that Fidelity Bank will rise to full Tier 1 status in its next Tier 1 Banking Sector Report even as it currently leads second-tier banks in gross earnings, profitability, total assets, customer deposits, loans and advances.

In its report on the best performing banks in Q1 2024 based on pre-tax profit, Nairametrics, an online business magazine, said: “Fidelity Bank Plc. posted a pre-tax profit of N39.5 billion, marking a 120 per cent growth from the N17.9 billion pre-tax profit recorded in Q1 2023. During the quarter, the bank posted a net interest income of N99.6 billion, marking a 90 per cent YoY growth from Q1 2023. Fidelity Bank posted gross earnings of N192.1 billion during the quarter, as it also recorded a net income of N31.4 billion, up by 101 per cent YoY from N15.7 billion as of Q1 2023.”

Based on its outstanding financial performance, the bank was voted the most trusted wealth management company for 2023, earning top rankings for “financial soundness, quality of products and services, protecting privacy and security, and sensitivity to customer needs” by Investor’s Business Daily.

The odious attempt to precipitate a run on Fidelity Bank is financial sleight of hand of the worst sort. While the bank is not at any risk considering its very robust fundamentals, the banking industry may be worse for such an invidious campaign if unchecked.

Those who are trying to instigate instability in the country’s financial ecosystem should desist. Competition must not be a sleight of the hand battle.

Customers have taken to social media to lament their horrible experiences with Adron Homes, the company is in the news for the wrong reasons.

Customers of Adron Homes who had bought lands from the company expressed dissatisfaction about the company's lack of fulfillment of several commitments, including the assignment of land even after funds were received.

Some of the customers also accused Adron Homes of using deceptive marketing tactics to lure customers into purchasing properties, such as promising unrealistic returns on investment.

”Adron Homes is a fraudulent company. They allocated a piece of land in Shimawa, near the RCCG area, and gave a complimentary bag of rice and keg of groundnut oil. Shimawa had experienced a developmental boost due to the presence of the Redeemed church. However, years after almost completing the payment, Adron Homes reallocated the land to an entirely different area, a proper tropical rainforest.

“This action seemed like a breach of agreement, so we decided to back out and requested a refund. Unfortunately, their terms and conditions booklet is heavily loaded in their favor, which protected them. They charged a huge percentage of the money as a default fee and even demanded we return the bag of rice and keg of groundnut oil we received before they refunded a ridiculous amount…” one of the customers, @Engr_Series, wrote.

”Adron wey collect money for my hand and tell me told me to oay 1.5m for development fee on half plot i just kuku dash dem d money Adron na fraud,” @vantundenani wrote.

However, while many people continued to share their awful experiences with Adron Homes, others spoke glowingly of the real estate firm.

”Actually I have seen, both local and overseas guys that buy and build. As an architect I have also designed, supervised and built houses for clients in Adron homes. I think the best advise is just pay your money in full, collect your land where you paid for and start building,” @aramitunji wrote.

However, another Twitter user, simply identified as Bodmass (@Bodmas18_) ruled out insinuation that Adron Homes is fraudulent and attributed people’s bad experiences with the real estate company to their inability to ask questions and read their terms and conditions.

Bodmas said; ”In simple truth, Nigerians love the idea of living in an estate, and, the state of the earth’s infrastructure and the serenity of the real estate company puts in place drives them to buy. In the case of Adron Homes, I personally took families and friends to go buy from them after reading carefully the terms and conditions.

“I went there and saw massive infrastructural work and I asked how the company manages to put all these amenities such as concrete roads, drainages, dedicated power supply, and other amenities I saw when I was taken on inspection I was told one has to pay for the infrastructural charges to build and I agreed cos I can see what I’m paying for and why it was necessary. I intend to build and resell some acquired plots of land just when it’s ripe for reselling. The problem is that people don’t ask questions,” @Bodmas18_ wrote.

In response to what he described as an unestablished accusation of Adron Homes, one of the company’s marketers, who pleaded not to be mentioned in this report said that a lot of people don’t have an idea of how real estate works.

When asked if it’s true that people don’t get their lands allocated to them after payments, the marketer explained that Adron Homes has a policy that only those that are ready to build get their lands allocated to them.

”We don’t allocate lands to people until they are ready to build, and this is a transparent policy. It is clearly written in the documents we present to our clients. This is because we marketed these properties with the promise to provide social amenities, and security, amongst other things. Tell, how do you want us to provide security for someone who has a house in one of our estates, but is surrounded by bushes because the land owners that are supposed to be his or her neighbour aren’t ready to build?” he queried.

Efforts to reach Adron Homes Management for their reaction to the development proved futile at press time.

Kogi indigenes to EFCC: Don’t allow embittered, ethnic jingoists lead you astray on Yahaya Bello’s case


Yahaya Bello: Kogi indigenes warn EFCC against failed politicians denting Commission's image with ethnic struggle

Yahaya Bello: Kogi indigenes caution EFCC against ethnic jingoists hiding under activism to actualise selfish agenda

Indigenes of Kogi State have cautioned the Economic and Financial Crimes Commission (EFCC) against those they described as embittered and desperate ethnic jingoists who are strengthening the public opinion that the Commission is collaborating with certain opposition figures to persecute the immediate past Governor of Kogi State, Yahaya Bello.

The indigenes said since the allegation of corruption by the EFCC against the former Governor became a national discourse, "some persons who are afraid of chasing their dreams at the polls have hidden under the veneer of activism to sponsor their tribesmen to impugn on the character of ex Governor Yahaya Bello maliciously".

Addressing a press conference on Wednesday in Abuja, the Chairman of Kogi Youth Leaders Forum, Benjamin Oguche, PhD, specifically noted that those still calling for the arrest of Bello even in the face of an ongoing court process, were either uninformed or out to rubbish the image of EFCC while pursuing their prolonged vendetta mission.

The Kogi youth leaders said this particular group had consistently pursued a "we against them" agenda, causing division and hate among the ethnic groups in Kogi, spreading falsehood and propaganda to the public on the matter.

"It is sad and regrettable that the so-called corruption allegation against Bello, which remains an allegation until established in the court of law, has become an opportunity for chronic political failures to unleash their intolerance and deep-rooted frustration on a state that our founding fathers have laboured so hard to unite.

"Without credible reasons, they have been said to have mobilised resources to fight him for daring to govern a state he hails from and for overseeing a free and fair election which produced another Governor, not from their fold," they stated.

According to them, the polarisation, ethnic and religious colouration that have been introduced in recent times into the EFCC trial of the immediate past Governor calls for worry, especially among every Kogi indigene who has a firm belief in the peaceful co-existence of the state as an indivisible entity.

"Suffice to say that what we see playing out today is a microcosm of what our country represents, where the so called minority is discriminated against, sidelined and treated like a lesser citizen in a country he has made equal, if not greater, contributions to building. The so called minority has been made to believe his voice does not count and his fundamental right to pursue social, economic and political interest taken away.

"Since through divine providence that former Governor Yahaya Bello became governor in 2016, several arrow of ethnic bitterness, needless attacks and corruption profiling have been targetted at him and his government for no offence other than for the simple reason that the responsibility to lead our dear state at that time fell on his shoulder.

"While God saw him through his four years in office, the people of our dear state equally and overwhelmingly renewed their mandate for him, sending him to go again, amidst hate campaign, violence attacks and ethnic war by some ethnic driven elites who have sworn never to allow certain ethnic groups have a taste of leading the state. While this gathering is not about catalogue of exploits he achieved and the records he broke within these eight years, it is important to note that since he left office, same known tribal jingoists and ethnic champions have been having sleepless nights plotting the downfall of the man.

"The anti-Bello protests in the UK last week, Lagos last week and Abuja today highlight the glaring danger those they regard as minority ethnic groups face in the hands of those who feel that their population is for the purpose of suppressing the fundamental rights of others to seek political interest. One continues to wonder where the protesters gathered the money to go on a protest spray, if some people are not bankrolling them, which suggest a sinister plan different from genuine fight against corruption as the public is made to understand.

"We understand that the case for which these hate-induced protests are going on is in the court and the court is a place of orderliness where every party will push their stands without necessarily drawing dagger to murder our peace. We are, however, surprised that dimension of sustained protests have been added to their inglorious mission.

"We have often expressed our confidence in the judiciary and irrespective of how long it could take, the wheel of justice must grind to a logical end. We, however, frown at the seeming open hands the EFCC has been showing to the protesters which is fuelling an unfortunate suspicion that must be immediately corrected.

"While we welcome in its entirety the probe of the former Governor, we, however, reject the deliberate image smearing against him. We call on the EFCC to disregard the propaganda of ethnic agents and face the task of diligent prosecution," the Kogi Youth Leaders advised.

The Kogi State Governorship Election Petitions Tribunal has affirmed the election victory of Gov. Usman Ododo of All the Progressives Congress (APC).

The three-member panel, sitting in Abuja, on Monday, held that the petition against the victory was bereft of substance and accordingly dismissed.

The tribunal headed by Justice Ado Birnin-Kudu, further held that the petitioners; the Social Democratic Party (SDP) and its candidate, Murtala Ajaka, failed to prove the allegations of over-voting and non-compliance with the Electoral Act, 2022 in the petition.

The panel, in a unanimous, decision ruled that all the witness evidence filed before it were incompetent and full of inconsistencies.

...more details later

Hello my dear members of the All Progressives Congress.

Since the last adjournment of the case between the EFCC and our dear brother and fellow party member, former Governor Yahaya Bello of Kogi State, a lot of things have been said about the pronouncement of the court, goings-on and the people that have been haunting our dear brother have been going about saying all kinds of things.

You see, the funny things about this life is that what is is, what is not, is not.

The law is what it is, and according to the law, where there is a case, any case between any parties, those two parties are equal.

Now, where there is a criminal matter under the law, it is all of us as a society, as a state, versus the accused person.

Yet, all of us as a society, as a state, as a country, in that court of law, we are equal to that person, we are not more than that person and that person is not more than us.

That is how a forum, a court is fair.

Now, where a person has been charged to court, and the prosecutor, the prosecuting authority is so incompetent, so ridiculously incompetent, that the prosecuting authority says it is a personal matter, the head of the prosecuting authority says he will resign if he cannot jail the person, where a case is already in court and the prosecutor is so incompetent that while a matter is pending in court, he calls a press conference and starts litigating the case already before the court, in the court of public opinion, that authority has lost its right to prosecute such person.

Let me explain it to you.

You have to be fair in a forum.

By forum, you know it's Latin, that is the court.

Everybody is equal there.

And you have charged someone to court.

You will respect the court; you don't have a choice.

Who are you?

You will respect the court because it is the court that guarantees our civilization.

That is why we are not barbarians.

Because, tomorrow you can say Barrister Onokpasa chased my wife, go and cut his throat; no!

That is why we have courts.

You will take me to court.

It is like the nonsense they were saying about our President that he did this, he did that.

We defeated all of them in court.

Bola Tinubu defeated all of them in court.

In fact, our President disgraced all of them in court and I am proud to have been one of his lawyers.

So, we go to court because the court is the arbiter.

We do not subscribe to jungle justice and a prosecuting authority, a prosecutor, cannot undermine the authority of the court by unilaterally, while a matter is pending before a court of competent jurisdiction, and then he calls a press conference and people are hailing him and laughing ... I mean, what a shame!

The evidence he ought to present in court, he starts presenting it before whoever he called for his so called press conference.

Well, according to the law, you now lose your authority to prosecute the person.

At this moment, according to law, the EFCC no longer has any right to prosecute Yahaya Bello.

That is the law.

We cannot have a government agency tarnishing the reputation of citizens.

We are citizens, we have rights for God's sake.

We are not in a dictatorship.

In any civilized society, the court is paramount, otherwise, the society breaks down.

It breaks down, it collapses.

In constitutional law, we say Legislature, first arm of government; Executive, second arm of government; Judiciary, third arm of government.

That is not how they originated.

In fact, governance first crystalized at the level of the exercise of judicial functions.

It is there in the Holy Bible.

There were judges before there were kings.

Go and read your Bible.

There is a reason why we have courts.

Otherwise, somebody will just shout "thief", "thief" and people will start to lynch him.

What nonsense!

Then, a government agency starts behaving like a mob.

What a shame!

You have charged a person to court, you will wait for the judicial process to take its course.

What we try to prevent in law is self-help.

In fact, the entire idea of the rule of law is to prevent self-help.

So, you and I are quarrelling, instead of me to carry machete or AK47 or rocket launcher to come after you, I will go to the Police first, that is why we have Police; I will sue you to court.

We do not undermine the court; that is what we call sub judice.

In fact, we should probe this EFCC.

They are so carried away.

They just feel they can intimidate anybody, as if everybody in the country is a crook.

We work hard in this country, we are not all thieves.

Unfortunately for the EFCC, they have so mismanaged this matter of Yahaya Bello.

It is not even a question of convicting him, they can't prosecute him anymore.

On what basis?

Imagine if this is a jurisdiction where we have a jury trial, then, you have already castigated the man in public called him a thief, called him this and that.

The people that should be summoned for the jury, did they not hear it?

Have you not already poisoned their minds against the accused? You have!

How can you then prosecute me?

A citizen is the most powerful in a state.

That is the highest office in any country - the office of the citizen.

In fact, when Yahaya Bello was a governor, he was even a junior citizen because he was a servant.

Now that he is no longer a governor, he now occupies the office of a citizen and the government cannot tarnish his reputation.

You can't be prosecuting him in court and then tarnishing his reputation in press conferences and engineering people to be making these ridiculous and stupid videos undermining the court, the Judiciary.

This is what we complained about and to imagine the EFCC doing this.

Sorry, you can no longer prosecute former governor Yahaya Bello.

Thank you.

My name is Barrister Jesutega Onokpasa.

Accessprenuer: Access Bank rewards over 100 Corps members to promote entrepreneurship amongst youths


As part of its commitment to continually empower the youth through various entrepreneurial initiatives, Top commercial bank in nigeria, Access Bank has rewarded over 100 members of the batch A, stream one and batch A stream two corps members across Nigeria with various cash grants.

A total of N30.5million was given out to corps members with winning entrepreneurial ideas in Abuja, Imo, kebbi, Abia, Adamawa, Jos, Delta, Akwaibom, Ogun and Cross River States with the star winners receiving N1 million each.

This is in a continued effort of the bank in promoting entrepreneurship skills among youths, with its scheme called the Accessprenuer.

Bayo Famoroti, branch manager, Access bank, Wuse zone 4, who spoke at the Accessprenuer programme in Abuja, said the aim of the bank is to build the youths and to build the economy, to bridge the gap and resolve the problems around funding for startups.

“As an institution, we understand the role young people play in the community and we are committed to supporting their aspirations.

Research has shown that finance is why businesses fail especially startups, we have decided to solve this problem by supporting young entrepreneurs with finance to form their business ideas through the access bank all for one scheme”

Tosin Ojo, a crocheter, in the Abuja camp who won the competition with N1 million and also won the social media contest with N50 thousand, expressed gratitude to access bank.

“I’m really grateful, I don’t know how I can thank access bank for this great opportunity and I say thank you very much once again”

Another N1m star prize winner in Adamawa, johson, who wants to go poultry business, thanked Access Bank for motivating him with a seed capital to realize his dream and have a brighter future.

The Bank also rewarded other corps members across the country in the 3rd, 4th, 5th, 6th -10th positions with N400,000, N250,000, N150,000, and N100,000 respectively.

The Accessprenuer empowerment scheme by Access Bank Plc has over the years empowered thousands of Nigeria corps members, granting impetus and vitality to kickstart business dreams in the embryo and expand those that have already begun operations.

So far, the Accessprenuer competition has impacted over 600 corps members with over N250 million in seed capital.

They also created a Facebook community for all Accessprenuer winners to be able to interact freely amongst themselves and inspire other young people with similar aspirations. The Facebook community has about 5,000 members.

Access Bank Group and Mastercard join forces to expand opportunities for cross-border payments for African businesses and consumers

Mastercard and Access Bank Group have launched a unified cross-border money movement solution across various African markets, enabling businesses and consumers to send and receive international payments to and from 150+ countries

.Access Bank will provide a fast, assured-value, transparent and traceable payment origination and delivery solution at competitive rates and with a greater choice to the customer

.Collaboration underlines both organizations’ commitment to the African economy by providing a financially inclusive solution that optimizes liquidity and capital in the markets and reduces international transaction costs incurred by businesses and consumers while making and receiving international payments.

A leading multinational bank, Access Bank Group, has today launched an innovative solution in collaboration with Mastercard to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy.

By leveraging the network and treasury capabilities of Mastercard Move, Access Bank, through its cutting-edge Access Africa platform, shall empower individuals and businesses to enjoy instant, traceable, seamless, and cost-effective international transactions.

Effective today, the newly launched solution will be operational across Africa, with expansion plans in place for further penetration across the continent.

The solution offers a global gateway for businesses and individuals that are leveraging Access Bank Group’s deep understanding of the African markets and forward-looking vision that aims to realise customers aspirations through innovative product sets.

Stitching together Mastercard’s multiple complementary network assets and the treasury capabilities of Mastercard Move, this collaboration offers customers more choices with their payment means.

Cross-border remittances continue to play an important role in Africa’s economy, with flows to Sub-Saharan Africa increasing by approximately 1.9% in 2023 to $54 billion as a result of strong remittance growth in Mozambique, Rwanda and Ethiopia, with Nigeria accounting for 38% of the remittance flows.

In 2024, remittance flows to the region are projected to increase by 2.5%. B2B Cross Border payments serve as a lifeline to a large section of businesses who are reliant on regional and international trade to fuel the growth of the African economies.

Speaking at a joint press conference today, Chizoma Okoli, the group deputy managing director, Access Bank, said that Access Bank’s partnership with Mastercard is a testament to the strong alliance between the two organisations notable for innovation and customer-centered approach.

Meanwhile, Access Bank and Mastercard have partnered on several initiatives, including the National Identity Smart Cards, Live B3ta, Prepaid cards, Access Pay and more.

“The unified cross-border money movement solution we are launching today cuts across various African markets where Access Bank operates, and we are working in compliance with the regulatory requirements of each of these countries. Access Bank remains a regulatory compliant entity. Our customers should expect speedy transactions through the unified cross-border money movement solution, like we have done with other solutions,” Okoli added.

“We are thrilled to collaborate with Mastercard to advance financial inclusion in Africa through the Access Africa initiative,” said Robert Giles, Senior Advisory, Retail Banking, Access Bank. “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more inclusive and prosperous future for all Africans.”

Customers in Access Bank’s operating countries in Africa, are now enabled to send and receive cross-border payments globally through to and from various channels including bank accounts, mobile wallets, cards, and cash.

“Empowering Access Bank customers with innovative solutions that prioritize choice, security, and flexibility is an achievement that fills us with great pride. This collaboration signifies our commitment to transforming payment experiences as it not only brings cutting-edge payment solutions to the bank’s diverse clientele, but also extends the reach of Mastercard's financial and digital ecosystem, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy," adds Mark Elliott, Division President for Africa at Mastercard.
Folasade Femi-Lawal, the country manager for West Africa at Mastercard said that Mastercard's partnership-led approach has helped the company establish a strong presence in West Africa and Sub-Saharan Africa.

She added that with Access Bank on board, the customers will enjoy Mastercard cross-border services which allow individuals and businesses to send and receive money securely to 90% of the world's population.

According to her, the service is part of the Mastercard Move portfolio of money movement capabilities, which can move money domestically and internationally to various endpoints, including bank accounts, digital wallets, cards, and cash.

Fable Fintech, an Express Partner of the Mastercard Move Partner Program, was the technical implementation partner of the solution, effectively collaborating with both Access Africa and Mastercard Move experts.

Naushad Contractor, Co-Founder and CEO of Fable Fintech added: “We were fortunate to be the fulcrum of the seamless multi-country integration of one of the largest banks in Africa using the network and resilience of Mastercard's cross-border assets. We look forward to working on more innovative solutions that will empower the lives of African customers and businesses.”

This groundbreaking collaboration represents a significant step towards creating a more inclusive financial ecosystem in Africa, with both parties determined to continue actively leveraging their collective strengths, resources, and expertise to drive meaningful change and financial inclusion for millions across the continent.