FirstBank appoints Seyi Oyefeso as Executive Director
By Lydia Ngwakwe
FirstBank of Nigeria Ltd., has appointed Mr Oluseyi Oyefeso as Executive Director, Retail Banking in charged of the South.
In a statement on Monday in Lagos, the bank said his appointment, which took effect on March 2, 2023, was subject to the Central Bank of Nigeria (CBN) approval.
Prior to Oyefeso’s appointment, he was the Group Executive Director, Retail Banking South(Lagos and West), having also served as the Country Managing Director, FBNBank Ghana Ltd.
He joined the First Bank in 2006 as a Branch Manager, who served in one of the bank’s top three branches.
He also held several positions, including Business Development Manager as well as Group Heads within the Retail Banking and Institutional Banking Directorates.
Dr Adesola Adeduntan, Chief Executive Officer, FirstBank Group said, “Seyi is a multi-skilled professional with very robust banking experience, proven problem-solving and leadership skills.
“He is a competent leader, a team player and has over the years demonstrated the ability to develop positive business relationships, evidenced by remarkable track-record of business growth.
“We are excited to have Seyi as one of our executive directors and we wish him the best as we collectively reinforced our commitment to strengthening the bank’s contributions to empowering our stakeholders,” Adeduntan said.
He described Oyefeso as a result-oriented executive with over twenty-five years cognate management experience in the banking and financial service industry.
He is also a seasoned banker and chartered accountant, who started his banking career in January 1993.
According to him, he has acquired extensive knowledge in retail, corporate and commercial banking, credit risk management (analysis and administration) as well as financial control.
Oyefeso is a graduate of Accounting and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Associate of the Chartered Institute of Taxation in Nigeria(CITN).
He is happily married with three children.(NAN)(www.nannews.ng)
Edited by Auwalu BirninKudu/Olawunmi Ashafa
First Bank reinforces commitment to celebrating, empowering women
By Lydia Ngwakwe
First Bank of Nigeria Ltd. says it plans to dedicate the month of March to celebrating women across the world.
Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications of the bank, said this in a statement on Thursday in Lagos.
According to her, the celebration is in commemoration of the International Women’s Day, scheduled for March 8.
She said that the bank’s plan to celebrate women, was in furtherance of its role in promoting their socio- economic inclusion in the society.
The theme for this year’s International Women’s Day is “Embrace Equity”.
According to her, the celebration will kick off with series of internal activities, designed to celebrate women.
She said the First Women Network (FWN), Mentoring, Coaching and Sponsorship Pillar Webinar would hold on March 3.
She said the event would be organised by the bank’s First Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation.
“As a member of UN Women, First Bank employs the relevant women empowerment tools, including the Women Empowerment Principles (WEPs) Gender Gap Analysis Tool in the process of assessing its performance and provides progress reports that feed into the WEPs performance indicators.
“First Bank has a ratio of about 39 per cent : 61 per cent female to men employees, while 32 per cent of women in management, driving a deliberate policy consistent with the WEPs – Equal Opportunity, Inclusion, and Nondiscrimination.
“In line with this commitment, FirstBank is partnering with UN Women on March 15, 2023 and is set to play a key role in a scheduled event driven by UN Women.
“This will showcase young women and men between the ages of 18-35 in Nigeria, who are using technological innovations and tools, to promote gender equality, women’s empowerment and inclusion.
“This is in line with the UN International Women’s Day theme for 2023, “DigitALL: Innovation and Technology for Gender Equality”, Ani-Mumuney said.
According to her, the conversation on ‘’Embrace Equity’’ as well as ‘’DigitALL: Innovation and Technology for Gender Equality’’, will be reinforced on Twitter Spaces with notable speakers, including Foluso Gbadamosi, the Executive Director of Junior Achievement Nigeria.
She said amongst the activities, scheduled to round off the women’s month commemoration, is the bank’s support of the Heroism of Erelu Ota.
Ani-Mumuney also said that the play aligns with the bank’s First@arts goal of supporting the arts and women.
She said, “Heroism of Erelu Ota is an untold story of a legendary goddess in Ikorodu Kingdom, who travels on the sea with a mat, and her ability to see what the enemies of Ikorodu are planning in their town, played a huge role in assisting the people of Ikorodu during the Agbala war.”
Ani-Mumuney said the bank remained committed to diversity and inclusion as well as women empowerment through digital education and the provision of opportunities for women to access digital tools.
“It is also to bridge the gender digital divide and achieve gender equality.
“Therefore, as in previous years, FirstBank has dedicated March 2023 as a month set aside to celebrate women and all their remarkable achievements over the years.
“This include their leadership roles and pace-setting standards in Science, Technology, Entrepreneurship, Arts and Mathematics (STEAM).
“We are deliberat0ing about partnering to ensure more impact – ensuring that we touch as many women as possible in women’s month and beyond,” she said. (NAN)(www.nannews.ng)
Edited by Modupe Adeloye/Olawunmi Ashafa
Scarcity of cash: CBN unveils eNaira enhanced services for unbanked, underserved
By Lydia Ngwakwe
The Central Bank of Nigeria (CBN) in collaboration with ChamsMobile Ltd. and Super Agents have developed the eNaira enhanced services to address challenges faced by the unbanked and the underserved.
Mr Bayo Akintoye, Founder/ Chief Executive Officer of Bullnet platform, unveiled the new innovation at a media parley on Thursday in Lagos.
He said that the service, fully run and powered by the Bullnet platform, was employed to suit the pains felt by Nigerians, given the current scarcity of cash in the country.
The News Agency of Nigeria (NAN) reports that the Central Bank Digital Currency (CBDC) the eNaira, established under the project Giant Initiative, was launched by President Muhammadu Buhari in Oct. 2021.
Akintoye said, “The CBN has collaborated with ChamsMobile Ltd., CBN licensed mobile money operator and Super Agents to address challenges faced primarily by the unbanked, the underserved and those on the other side of the digital divide by developing the service known as eNaira enhanced services, where the enaira USSD channel *997*50# can be used to carry out all banking transactions.
“This wallet can be funded directly using this platform with cash purchased vouchers like GSM recharge cards or from a funded bank account using bank cards via the web portal that has been provided or using electronic payments with any authorised agents.
“Users can also transfer eNaira from one wallet to another simply by putting in the recipient’s phone number.
“This service also makes it possible for users to cash out by sending the eNaira directly from their wallets to an ATM and withdrawing the cash equivalent without need of a bank account or bank card
“The users can also send eNaira to a designated account for savings or further transactions.’’
He said the network of banking agents across the country such as the Chamsmobile, Super Agents and other mobile money agents, POS agents among others, would become eNaira extension workers and would be selling vouchers to customers at a profit as well as onboarding new users.
He said they would also be involved in educating the masses about the concept of the CBDC and its benefits and guide users on how to efficiently use the eNaira to suit their purposes and circumstances.
He said they would be instrumental in achieving mass acceptance and quick adoption in the local and remote areas and solving user’s problems.
“For instance, the eNaira extension workers can buy and register SIMs and help customers that don’t have phones already to operate the wallet, even on their phones in case the customers are not able to buy their own phones.
“They can help them to keep physical ledgers for eNaira transactions in places, where there are no mobile services or network,
Akintoye added that the new innovation would allow Nigerians abroad purchase vouchers to fund their wallets and send funds directly to their loved ones who in turn could spend eNaira directly and conveniently no matter their location within Nigeria.
The Bullnet CEO said, “It is expected that Nigerians will proudly associate with this innovation and register to have the eNaira wallet as much as possible. For now, the eNaira is operational only on the 9mobile and MTN network.’’
Mrs Rakiya Mohammed, Director of Information Technology Department, CBN, who commended Bullnet for coming out with a homegrown innovation stressed that the eNaira was introduced to support the traditional banking ecosystem.
“The eNaira which was launched last two years, Oct. 25, 2021, was introduced not to come and replace your traditional banking or financial ecosystem, it was introduced to support what we already have there.
“So, for your electronic payments and cash transactions, the eNaira just came in to create an environment that is more efficient and resilient when you are making transactions.
“I would like to commend the Bullnet for coming out with this innovation, that is talking about the USSD code *997#,’’ she said.
Mohammed, represented by Mr Otaru Abdulkadir, eNaira Project Giant Team, said eNaira was introduced with the mandate of reaching out to the financially excluded, hence, the need to introduce the USSD code.
She said that with Bullnet, CBN was able to find ways where people with limited internet services could fund their eNaira wallet and have a safe wallet.
According to her, it will help to transact without having to go through the difficulties of maybe having cash at hand or having to look for one of those banks out there to transact.
She appealed to the Bullnet team to use all the resources available to them to help in driving fully the adoption of the eNaira.
She also appealed to government agencies and parastatals, business owners and merchants and the like to get onboard the eNaira and make it a platform for all their transactions.
Mohammed stressed that embracing the eNaira would increase the financial literacy for everyone as well as reduce the operational cost for the financial institutions.
Mr Oscar Odogwu, President, Balogun Business Association, who described the innovation as a welcome development, promised his members would key into the laudable innovation.
“It’s a welcome development from the Bullnet; I believe the eNaira will be of help to traders as it will enhance our trade/business and shorten the hassles we are currently going through.
“I believe it will go a long way to improve our business and at the same time, curtail theft because we move around with sums of cash.
“So, we will key into the programme of the government, and we will do our best to sensitize our members on how to use the eNaira.
“I also appeal that the Bullnet should come to our aide because as we all know not all of the traders are literate, but we will do our best to key into the system and help the government and CBN to ensure the cashless policy is sustained,’’ Odogwu said. (NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
AfDB sustainable energy fund provides $1bn assistance
By Temitope Ponle
The Sustainable Energy Fund for Africa (SEFA), of the African Development Bank (AfDB) Group, would provide a one-million-dollar technical assistance grant to the Green Mobility Facility for Africa (GMFA).
In a statement issued on the website of the AfDB on Tuesday, GMFA would provide technical assistance and investment capital.
This is to accelerate and expand private sector investments in sustainable transport solutions in seven countries.
The countries are: Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, and South Africa.
Nnenna Nwabufo, Director-General, East Africa Regional Development and Business Delivery Office, AfDB, said mobility was a fundamental lifeline that connected people to critical services, jobs, education, and opportunities.
“The African Development Bank is committed to building a sustainable and more climate-resilient future by catalysing private investment in low-carbon solutions.
“We believe GMFA will have a tremendous impact on the African market by accelerating the shift to green mobility, reducing over 2,175,000 carbon dioxide equivalent tons of greenhouse gas emissions and facilitating the creation of 19,000 full-time jobs.”
Also, Clare Akamanzi, Chief Executive Officer of the Rwanda Development Board, said the future demand for mobility solutions and vehicle ownership was expected to increase.
“Future demand for mobility solutions and vehicle ownership is expected to increase with rapid urbanisation, population growth, and economic development.
“We are delighted to receive this support from AfDB. We see this as a vote of confidence in our efforts to shift to e-mobility solutions and advance Rwanda’s transition to a low-carbon economy.”
Rwanda is one of seven pilot countries for GMFA.
The SEFA grant is expected to support the creation of an enabling environment for Electric Vehicles (EVs), the design of EV business models and guidelines for the public and private sector.
It would also support the development of a bankable pipeline of e-mobility projects, regional coordination, and knowledge sharing amongst other upstream activities.
This is to help catalyse follow-on private sector financing during the subsequent investment phase of the GMFA. (NAN) (www.nannews.ng)
Edited by Vincent Obi
Fidelity Bank issues largest ticket Tier II local bonds
By Itohan Abara-Laserian
Fidelity Bank Plc says it has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at 8.5 per cent coupon rate due 2031.
Mr Mustapha Chike-Obi, Fidelity Bank Chairman, disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Sunday in Lagos
Chike-Obi said that the bond issuance which was fully subscribed given that total investor interest and commitments in the bonds were N56.6 billion.
According to him, the transaction underscores the bank’s capacity to successfully execute debt capital market transactions.
Recall that in December, the bank announced plans to issue fixed income securities with 10-year tenor to support the growth and development of Small Medium Enterprises (SMEs), retail business as well as its technology infrastructure.
The bank conducted the debt issuance under its registered N100 billion bond issuance programme.
The bonds are unsecured and subordinated, which will qualify as Tier II Capital in line with the Central Bank of Nigeria Guidance Notes on Regulatory Capital for commercial banks in Nigeria.
Chike-Obi said: “The bond issuance further demonstrates our confidence in Nigeria’s debt market.
“It also validates the continued investor confidence in our corporate strategy and aspirations, strong corporate governance structure and solid and stable executive management team with robust history of superior financial performance and returns,” Obi explained.
Mrs Nneka Onyeali-Ikpe, the bank’s Chief Executive Officer, said proceeds from the transaction would be utilised to support growth in the issuer’s risk assets in SME and retail business and investments in technology & retail infrastructure.
Onyeali-Ikpe added that this was in line with the bank’s Tier I aspirations.
According to her, the bank’s business fundamentals have remained strong in spite of the challenging economic environment occasioned by the coronavirus pandemic and the attendant recession.
“The successful bond issuance highlights the confidence in the Fidelity brand, as well as our capability to expand our funding sources, and deliver innovative financial services to our esteemed customers,” she said.
She said that the issue was assigned a rating of A- by Agusto, and A by Datapro and will be listed on both the Nigerian Stock Exchange and FMDQ Securities Exchange Ltd. (NAN)
Valentine: Access Bank unveils offers to celebrate customers
By Chinyere Joel-Nwokeoma
Access Bank has unveiled series of offers to celebrate its customers to mark 2021 Valentine season with a campaign tagged ‘It’s a Love Thing.’
Mr Victor Etuokwu, the bank’s Executive Director, Retail Banking, speaking at the launch in Lagos on Friday said, the campaign, which was the fourth edition, would run from Feb. 10 to Feb. 28.
“Valentine season gives us another opportunity to show love to our customers and reward their loyalty for banking with us.
“We are using this opportunity to thank our customers for their commitment to Access Bank.
“We appreciate our customers as well as non-customers who depend on our services and products to achieve seamless banking transactions and wish everyone a happy valentine’s celebration,” Etuokwu said.
Also speaking, Mrs Adaeze Umeh, Group Head, Consumer Banking, Access Bank, said the offers were introduced to meet the needs of the bank’s customers during the season.
“In the spirit of the love season, we have created unique and amazing offers to meet the needs of our customers this season.
“Our Device Finance offer allows our customers gift their loved ones with new devices for as low as N1,500 per month,” said Umeh.
According to her, all a customer needs to do is to download the Quickbucks App, dial *901# to open a new account or walk into any Access Bank branch to reactivate their accounts and start transacting to enjoy the Valentine Campaign benefits.
“We will also offer 20 per cent discount to the first 4,000 customers who subscribe to our XclusivePlus quarterly plan between today and the last day of February.
“Our merchant customers are not left out of the fun this season, we will be rewarding them with shopping vouchers when they perform transactions up to N200,000 or more on SwiftPay, a revolutionary payment platform designed for SMEs who do business on social media.
“We are offering these and so much more to show how much we appreciate our customers for their consistent patronage,” Umeh said. (NAN)
Senate to invite Emefiele on crypto currencies
By Kingsley Okoye
The Senate has mandated its Committees on Banking and Insurance, Capital Market, ICT and Cyber Crimes to invite Governor of Central Bank of Nigeria, Mr Godwin Emefiele to brief it on crypto currency transactions.
The resolution followed adoption of a motion by Sen. Gyang Istifanus (PDP-Plateau) at Thursday’s plenary on CBN’s decision to stop financial institutions from transacting in crypto currencies.
Gyang in his presentation, said the CBN directive to financial institutions was a follow up to its earlier directives of January 2017 and February 2018 which forbade banks from using, holding and trading in crypto currencies.
He said the decision was predicted on the need to safeguard the economy from adverse effects of crypto currency regime which were unregulated digital currencies issued by anonymous entities.
He, however, said the CBN directive had attracted sharp reactions from Nigerians and had become a topical subject of national discuss.
He said crypto currency was both an opportunity and a threat, hence, the Senate had a responsibility to ensure that Nigeria and its citizens don’t miss out in the opportunities that crypto currency offered.
Contributing, Sen. Biodun Olujumi (PDP-Ekiti) said Nigeria did not create crypto currency and therefore could not possibly kill its operation.
She said Nigeria should not exclude itself from global technological development shaping the world.
“We can regulate and manage crypto currency transactions in Nigeria, we can not kill it because some of our youths are working hard and doing great in technology,” she said.
Sen. Bassey Akpan (PDP Akwa Ibom), said Nigeria must not shy away from technological development, saying that the country must follow the trend in technology in the world.
President of Senate Ahmed Lawan, in his remark said that the CBN needed to educate Nigerians on crypto currency transactions especially its impacts on the economy and security.
He said the Senate wanted more information before it can be guided on next line of action, noting that the motion may not be the last on crypto currency as issues were still developing. (NAN)
Polaris Bank rewards first millionaire, others in ‘Save & Win’ promo
By Lydia Ngwakwe
Mr Lucky Okunzuwa, a customer with the Polaris Bank, Akpakpava branch, Benin, Edo State, has emerged as the first millionaire at the maiden draw of the bank’s ongoing nationwide Save & Win promo.
The bank in a statement said Okunzuwa emerged alongside 60 lucky customers drawn across the six geopolitical zones, winning N100,000 each during the draw which held at its headquarters in Lagos.
The promo designed to enrich Nigerians with a N26 million pay-out, will end in April 2021.
The winners emerged through a transparent draw witnessed by officials of the Federal Competition and Consumer Protection Commission ( FCCPC), representatives of other regulatory agencies; as well as customers and relations of the winners.
The draw was conducted using a hybrid media technology which enabled in-premises event whilst over 600 customers logged in through the bank’s virtual network and social media handles.
The promo is designed to make millionaires of everyday Nigerians by encouraging current and prospective customers of the bank to save minimum of N10,000 monthly, for any three consecutive months within the promo period, starting from November 2020 to April 2021.
The first millionaire of the promo, Okunzuwa, said, ‘‘I am very delighted at winning one million naira in the Polaris Bank’s Save & Win Promo.”
It was like a dream, when I was told but this is a reality. The money will go a long way in supporting my small business to grow.”
I also make a commitment to continue to save more. I sincerely thank Polaris Bank for this novel initiative.’’
Speaking at the unveiling of the winners, Polaris Bank’s Executive Director, Lagos Business, Mr Segun Opeke, said that the event was significant because it was a testament of the bank’s unwavering commitment to impact and enrich the lives of Nigerians
Opeke noted that the reward was aimed at encouraging more people to save and invest their money.
“In tough times such as we are now, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day,” he said.
Opeke said that the Polaris Bank Save and Win Promo is a sure way to save more and also become either a millionaire or win N100,000.
“The promo will produce eight millionaires, while 180 others will go home with N100,000 each across three draws in February, March and April with winners drawn from the six -geo-political zones of the country,” he added.
Ms Susie Onwuka, of the FCCPC; Ezeani Daniel Abumchukwu and Akoji Elizabeth, of the Advertising Practitioners Council of Nigeria and Peace Ibadin of the National Lottery Regulatory Commission, attested to the free, fair and transparent draw that threw up the winners.
The representatives of the regulatory bodies, therefore, commended the bank for making good its promise to the winners.
Contributing, the bank’s Group Head, Product and Market Development, Adebimpe Ihekuna, emphasised that the promo would be on till April 30.
Ihekuna encouraged existing and prospective customers to take advantage of the savings promotion to increase their savings; as well as to get more money to invest, especially the low-income earners.
Polaris Bank is a future-determining bank committed to delivering industry-defining products, and services, across all sectors of the Nigerian economy. (NAN)
Access Bank partners American Express to broaden card usage
By Chinyere Joel-Nwokeoma
Access Bank Plc has partnered American Express to broaden the acceptance and usage of American Express cards in the country.
Mr Robert Giles, Senior Banking Advisor Retail Banking, Access Bank, made this known in a statement on Wednesday in Lagos.
Giles said the partnership would enable American Express Card holders use their cards at a wider range of merchant locations in Nigeria for tourism, business or private visit.
He said international American Express card holders would also be able to withdraw cash from Access Bank ATMs.
“This announcement places Access Bank as the first full-service bank to acquire merchants who will accept American Express Card payments in the country.
“Local merchants will now have the option to accept American Express through Access Bank, thereby not only encouraging increased merchant business activity but also offering travelling American Express Card holders the opportunity to transact using their preferred method of payment.
“This new partnership will broaden the acceptance of American Express payments via Access Bank as well as Access Bank ATMs and ecommerce websites nationwide,” Giles said.
He added that Access Bank merchants who embraced American Express cards would benefit from an additional high-spending customer base.
“We are proud to be partnering American Express to bring some of the best payment solutions in the world to Nigeria.
“This is great news for Nigerian businesses and will help bring foreign exchange inflows into the country. We value the confidence that American Express has placed in us to significantly enhance the payment experience in our market,” he said.
Vivi Galani, Vice President EMEA Network Partnerships for American Express, said the company was pleased with the partnership to expand its presence in Nigeria.
“We are pleased to be partnering Access Bank to continue to expand the presence of American Express in Nigeria, which is an important location for our travelling card holders and a fast-growing market for commerce.
“This agreement will give international card members even more locations to use their cards in Nigeria, whether they are travelling for business or leisure, and this will be particularly important as international travel resumes.
“For local merchants, it provides the opportunity to capture more business from global card holders visiting the country,” Galani said. (NAN)