By Adenike Ayodele

Two workers of Fina Trust Micro Finance Bank were on Wednesday arraigned before an Ikeja Magistrates’ Court over alleged stealing of N720, 508 belonging to the bank’s customers.

Sodeeq Adeleye and Idowu Popoola, aged 34 and 38, respectively,  are facing a two-count charge of conspiracy and stealing.

The defendants, however,  pleaded not guilty.

According to the prosecutor, Sgt. Kenrich Nomayo, the defendants committed the offences from May 2020 to  December 2020  at No. 46 Toyin Street, Ikeja.

Nomayo said that the defendants received the money from customers of the bank with an instruction  to pay the money into their accounts.

“All attempts to retrieve the money has remained fruitless; they converted the money to their personal use,” he said.

He said that the alleged offences contravened Sections 287 (7) and 411 of the Criminal Law of Lagos State, 2015.

The Magistrate, Mrs O. O. Fajana, admitted the defendants to bail in the sum of N200, 000, with two sureties in like sum.

Fajana ordered that the sureties should be gainfully employed and  provide evidence of two years’ tax payment to the Lagos State Government.

The magistrate adjourned the case until Feb. 9 for mention. (NAN)

By Chinyere Joel-Nwokeoma

Access Bank Plc said on Tuesday that its transition to Holding Company (Holdco) would offer continent-wide opportunities and support international expansion drive.

The bank’s Group Managing Director/ Chief Executive Officer, Mr Herbert Wigwe, said this at its investor call in Lagos.

Wigwe said that the company would realign for growth through transitioning to a HoldCo to capture continent-wide opportuinites and support the international expansion.

He disclosed that the HoldCo would consist of four subsidiaries namely Access Bank Group, payment business, consumer lending and agency banking as well as insurance brokerage.

He said that Access Bank was in partnership with Coronation Insurance to offer insurance products to the bank’s customers.

According to him, Access Bank-Coronation Insurance bancassurance is already available in Nigeria and Ghana.

Wigwe said that the insurance subsidiary would adopt a dynamic and creative approach to deliver value-added services focused to meet customer insurance needs.

He added that the bank planned to open subsidiaries in consumer lending and agency banking to enhance revenue.

Wigwe noted that the bank’s Africa strategy was supported by its presence in key international markets.

He explained that the strategy would enable the bank diversify earnings away from the volatile operating environments in Africa and orchestrate operations as a global payments gateway.

Wigwe added that it would the company to manage its risk and exposures to soft currencies and enhance profitability without excess risk.

He said that the bank had identified eight African countries for a potential expansion with the kick-off of the African Continental Free Trade Agreement.

Wigwe said that the eight countries were Algeria, Morocco, Egypt, Ivory Coast, Senegal, Angola, Ethiopia and Namibia.

He said that the bank had the largest customer base in Africa, with significant share (44 per cent) digitally active.

Wigwe said that the bank’s number of customers as of third quarter of 2020 stood at 42 million, with 46 million accounts.

The bank chief said the bank had 633 branches and a very strong digital footprint with 53,440 POS, nine million USSD users, 9.5million on mobile applications and  about 3,000 ATMs, among others.

He said that despite challenges, the bank had continued to return strong financial performance.(NAN)

By Chinyere Joel-Nwokeoma

VFD Group, a financial service-focused proprietary investment company in Lagos, is perfecting arrangements for a national banking licence to be a major player in the Nigerian economy in the next five years.

The Group Managing Director and Chief Executive Officer, VFD Group Plc, Mr Nonso Okpala, disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.

Okpala told NAN that the company was making plans for a banking licence from the Central Bank of Nigeria and would undertake a capital raise exercise in February.

He said the board and management of VFD Group had approved the capital raise of N13.5 billion.

According to him, the capital raise will be a combination of rights, special placement and issuance of debt.

He said the funds would be geared toward obtaining a banking license, driving the adoption of its virtual bank and making strategic investments that would add up to its ecosystem strategy.

“In the next five years, VFD Group will be a major player in the Nigerian economy and will start to expand to key African locations and take its poise for a leadership position in Africa in the next 10 years.

“For our stakeholders, I will say, take advantage of the opportunity of the capital raise that the VFD Group is offering in February to be a part of its success story.

“If you have invested in the company, enhance your investment and if you do not have any, make an investment.

“I will say unequivocally, that the VFD Group represents the most compelling investment opportunity in Nigeria today.

“So, everybody should take advantage of it and be part of this remarkable growth because beyond growth and profitability, we want to be able to provide the pace for African economic resurgence,” he said.

Speaking on the impact of COVID-19 pandemic on the company, Okpala said the company performed beyond expectations in spite of the pandemic.

“We have been in existence for 11 years and we have seen and experienced different challenges within the Nigerian economy and the world’s at large.

“This has been our key and compelling strategy in the last 11 years: flexibility, the ability to understand social and economic trends and the readiness to take proper advantage,” Okpala said.

He said in spite of the coronavirus pandemic and extended lockdown, the company remained profitable.

Okpala noted that VFD Group deployed innovation to ensure continuity of its businesses.

“We have deployed as much innovation as possible to ensure that the business thrives.

“I will say that COVID brought a great deal of threat and challenges to everybody but we have found a way to grow and be profitable despite it all,” he added.

Okpala said the VFD Group would likely close 2020 with a profit before tax of between N3.5 billion and N4 billion.

“This is relative to our 2019 performance of N1.9 billion and our 2018 performance of less than a billion naira.

“The growth trend was not altered by the pandemic. Perhaps we could have made more without COVID, but the point remains that we keep a very innovative mindset that keeps us on the path of growth and profitability despite the challenges,” Okpala said.

VFD Group is a financial service-focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur. (NAN)

By Itohan Abara-Laserian

The board of Access Bank Plc on Wednesday announced complete acquisition of Cavmont Bank Ltd by its Zambian subsidiary, Access Bank (Zambia) Ltd.

Mr Sunday Ekwochi, the bank’s Company Secretary, disclosed this in a statement made available to the News Agency of Nigeria (NAN) in Lagos.

Ekwochi said the acquisition was completed after the bank fulfilled the key conditions, including regulatory approvals.

“The merger of Cavmont into Access Bank Zambia is expected to take place before the end of January.

“Following which Access Bank Zambia will emerge as a stronger well-capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market,” he said.

According to him, the bank looks forward to realising the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders.

“Growing our presence in Zambia remains a strategic priority for Access Bank and with the conclusion of the proposed merger with Cavmont, the bank looks forward to realising the synergies from the transaction,” he added. (NAN)

By Lydia Ngwakwe

The First City Monument Bank (FCMB) has named Mrs Yemisi Edun as the Acting Managing Director of the bank in the interim, while Mr Adam Nuru is on leave.

This was  contained in a statement signed by the FCMB management and obtained by the News Agency of Nigeria (NAN) via the bank’s Twitter handle.

“In line with normal corporate practice,  Edun is Acting as the Managing Director of FCMB in the interim period, while Mr Adam Nuru is on leave.

“She has not been appointed as the substantive Managing Director,” the statement said.

Recall that Nuru volunteered to go on leave to enable the bank to investigate the paternity allegations against him.(NAN)

By Itohan Abara-Laserian

Mrs Nneka Onyeali-Ikpe, has formally assumed office as the 4th Managing Director and Chief Executive Officer and first female to occupy the position at Fidelity Bank Plc, effective on Jan. 1.

In an email sent to the News Agency of Nigeria (NAN) on Sunday, in Lagos, the bank disclosed that Onyeali-Ikpe took over from Mr Nnamdi Okonkwo, whose contract tenure ended on Dec. 31, 2020, in line with the bank’s governance policy.

The email assured the bank’s customers that: “under Mrs Onyeali-Ikpe’s leadership, the bank will consolidate on the already laid foundation and track record of performance, to execute the next growth phase.”

“Onyeali-Ikpe was formerly the Executive Director, Lagos and South West Directorate of the bank, and has been an integral part of management in the last six years.

“She joined the bank in 2015 and spearheaded the transformation of the Directorate, leading it to profitability and sustained its impressive year-on-year growth across key performance metrics, including contributing over 28 per cent of the Bank’s profit before tax, Deposits and Loans.

“She is vastly experienced and has spent over 30 years working across various banks, including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank/Enterprise Bank, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking.

“As an Executive Director at legacy Enterprise Bank Plc, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON), as a member of the management team that successfully turned around Enterprise Bank Plc.

“She holds a Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London; and has attended executive training programmes at notable global institutions, including Harvard Business School; The Wharton School, University of Pennsylvania; INSEAD School of Business; Chicago Booth School of Business; London Business School and IMD,” the email said, in a citation. (NAN)