NEWS AGENCY OF NIGERIA
Banking

Again, TAJBank wins best Islamic bank award

347 total views today

TBy Kadiri Abdulrahman

TAJBank Limited, Nigeria’s fastest-growing non-interest banking services provider, has won the Islamic Finance News’ (IFN’s) “Best Islamic Bank in Nigeria 2023”, beating other nominees from across the global geopolitical zones in the competition.

This is according to a statement by TAJBank’s Founder/CEO, Mr Hamid Joda on Monday in Abuja.

”TAJBank had since inception won the BusinessDay Newspaper’s ‘Islamic Bank of The Year’ awards for 2021, 2022 and 2023 and before then it also clinched the Leadership Newspapers’ ‘Bank Of The Year Award’ in 2020,” he said.

The IFN’s Organising Committee explained that the Best Islamic Bank in Nigeria 2023 was conferred on TAJBank in recognition of its superior value-adding, world-class products and innovative service delivery to non-interest banking customers globally.

In his acceptance speech, Joda commended the IFN’s Committee for the global recognition.

The CEO expressed the Board and management of TAJBank’s gratitude for recognising it as an emerging frontline player in the global Islamic banking landscape for the IFN Award for 2023.

“These awards and several others TAJBank had received in the past three years will further encourage us to do more in surpassing the expectations of our growing customers in terms of quality products and service delivery for invaluable value-addition to them and their businesses,” Joda added.

Also commenting on the awards, the bank’s Co-Founder/Executive Director, Mr Sherif Idi, lauded the IFN for the award.

He also commended the customers for their growing confidence in TAJBank to deliver superior products and services with, in some cases, personalized touches to confirm to them that our only interest is in them.

The IFN Organising Committee also commended the TAJBank for hard work, persistence, and innovative strategies that enables the bank to make giant strides in spite of the whirlwinds in the Nigerian economy.

The selection of winners for the 2023 IFN competition was conducted by the IFN Organising Committee with support from the Redmoney Group, the foremost global provider of specialized Islamic financial media services across three core divisions of events, publishing, and training.

It would be recalled that TAJBank in recognition of the non-interest lender’s strict compliance with global best practices, particularly in information security standards in all areas of its operations,TAJBank in 2022 received the Payment Card Industry Data Security Standard (PCI DSS) certification.

It also received three International Standards Organisation (ISO) certifications by the Certification Partner Global (CPG), namely ISO 27001, ISO 22301, and ISO 20000 on Information Security, Business Continuity, and IT Service Management Systems.(NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

Banking , Business

Olarenwaju becomes 23rd CIBN President as expert task institute on economy

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By Grace Alegba

The Chattered Institute of Bankers of Nigeria (CIBN) has sworn in Prof. Pius Olarenwaju as its 23rd President and Chairman of Council.

He was sworn in at a hybrid investiture programme convened at Victoria Island, on Friday inLagos.

Delivering his acceptance speech, the new CIBN President, Prof. Pius Olarenwaju, said the banking sector had remained resilient in spite of various economic shocks.

He said that his strategic focus would be to bequeath generational transforming legacies building on the achievements and innovations of his predecessors in office, adding that change was “inevitable”.

Olanrewaju listed particular areas of focus to include financial innovation, completion of ongoing projects, strategic engagement of shareholders, tackling emerging issues from recapitalisation, and collaboration with the government to ensure the nation’s economic progress.

He promised not to accept defeat but to take bold advantage of the situation through enhanced professionalism determined for excellence.

Olarenwaju also promised promotions of integrity and ethics among CIBN members, and inclusivity of gender across the nation to drive creativity, youth engagement and financial inclusion.

Others, he added, included boosting of membership economy, international and regional partnerships, among others.

He said plans by the CBN and banking reform required supporting of the CIBN and other stakeholders, which had his strong support.

“Will we just accept these challenges and do nothing, no, we will do something,” he said.

He explained the roles of older members in passing down the torch of excellence, promising to deliver on the CIBN mandate.

“We are going to run a responsive government,” he said.

Full of praises for his predecessor’s achievements and impacts, Olarenwaju thanked God for making the transition seamless.

He thanked Babcock University where he was once an employee for giving professionals within their employment special status and paying them special salaries.

Chairman of the occasion, Chief Wole Olanipekun, Founding Partner, Wole Olanipekun and Co, on Friday, urged CIBN to proffer solutions to the nation’s economic challenges.

Olanipekun, a former president of the Nigeria Bar Association (NBA), said that the CIBN as an institution critical to the growth of the economy owed a duty to the nation to chart the right economic direction.

He emphasised the need to build strong institutions rather than individuals in Nigeria, to get the right implementable policies for the rapid development of the nation.

He said that, unlike the NBA, the CIBN was empowered by legislation to sue and be sued, hence, its enormous powers to initiate and pursue implementation of economic and financial reforms.

He said that the CIBN needed to continuously proffer solutions to Nigerian economic challenges.

He advised the new CIBN President, Prof. Pius Olarenwaju, not to drop the strong baton of good leadership handed over to him by his predecessor but to lead the association to a new enviable height.

Dr Ken Opara, immediate past President/Chairman of Council, CIBN expressed satisfaction with achievements during his tenure as he handed over while reeling out the qualities of his successor.

He assured that Olarenwaju and his team would lead the institute to new enviable heights.

Mrs Emily Osuji who represented Bello Hassan, Managing Director/Chief Executive Officer, NDIC commended Opara’s contributions that produced growth in the banking sector while congratulating Olarenwaju for taking over the mantle.

Hassan said digitalization had increased exposure to cyber attacks hence the need for collaboration of all stakeholders towards reducing vulnerability.

Hassan enumerated efforts of the NDIC in ensuring effective deposit insurance that is credible to mitigate risks.

He reassured the support of NDIC in ensuring a sound banking system in the nation while pledging a partnership with the CIBN to promote a healthy banking industry.

Speaker of the House of Representatives, Tajudeen Abbas represented by a member, Nwachuku Eze commended Opara’s leadership where the banking sector achieved a “milestone”.

He said the institute had been a rallying point in driving growth and credibility in the banking sector.

Abbas said the banking sector had a critical role to play in the nation’s economy, adding that the CIBN had continued to uphold high standards to ensure the resilience of the sector.

He urged the new leadership of Olarenwaju to embrace changes brought about by evolving technology.

He called for inclusive growth through continued capacity building of its members while urging the new president to ensure that the banking industry uphold financial inclusion.

He said that the National Assembly was working on coming up with legislation to ensure microfinance banks were better equipped to partner the government in reaching the grassroots.

Edited by Olawunmi Ashafa

President of African Development Bank (AfDB), Dr Akinwumi Adesina
Banking , Business

AfDB, others welcome use of Special Drawing Rights for hybrid capital instruments

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By Lucy Ogalue

The African Development Bank (AfDB) and InterAmerican Development Bank (IDB) have welcomed International Monetary Fund’s (IMF) Executive Board’s approval of the use of Special Drawing Rights (SDRs) for Hybrid Capital Instruments.

The AfDB in a statement, said the IMF approval allowed countries to channel SDRs through multilateral development banks.

It said the AfDB-IDB financial instruments could leverage SDRs by up to four times their value in the form of loans to finance social and climate projects.

“The SDR-hybrid-capital based solution proposed by the AfDB and IDB meets the IMF’s statistical criteria for international reserve-asset status.

“As such, according to IMF rules, countries that lend their SDRs through this pioneering approach can continue to account for them as reserves.

“This innovative SDR-based hybrid capital channelling solution will help unlock new lending by Multilateral Development Banks (MDBs) to address rising global challenges, including climate and food security,” it said.

According to the AfDB, the new instrument offers the opportunity to lend at least four dollars for every one dollar equivalent of SDRs through AfDB, IDB, and MDBs to finance development projects.

It quoted the AfDB President, Akinwumi Adesina, as saying “at a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere.

“The next step is to secure at least five investors to channel their SDRs through MDBs.

”The AfDB and IDB will continue their dialogue with SDR holders to drive forward this innovative financial solution.

“The international community now has at its disposal an innovative approach through which development financing can be mobilised with a multiplier effect and at no cost to taxpayers.

“These are the types of solutions we need to help us tackle Africa’s growing development challenges,” Adesina said.

Dr Ilan Goldfajn, President of the IDB, expressed delight at the IMF Executive Board’s decision.

“With the new SDR-based hybrid-capital instrument, we have a cost-efficient way to finance much-needed sustainable development projects.

“To boost climate resilience, reduce poverty and inequality, and lay the foundation for more inclusive growth in many of our countries.

“The G20 has recommended that MDBs optimise the use of their balance sheets through financial innovation to create additional lending capacity to help countries tackle urgent development challenges,” he said.

The AfDB recalled that in April, the leaders of 10 MDBs published a Viewpoint Note and announced joint steps to work more effectively as a system and increase the impact and scale of their work.

The News Agency of Nigeria (NAN) reports that the SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

Its value is based on a basket of world currencies (U. S dollar, Euro, Chinese Yuan, Japanese Yen, and British Pound).

The IMF’s most recent general allocation of SDRs to its members was in 2021, when the equivalent of 650 billion dollars was issued to help countries respond to the COVID-19 pandemic. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Business , Banking

First Bank, Rotary empower 102 beneficiaries with N20m start-up kits

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By Grace Alegba

The First Bank of Nigeria Ltd, with Rotary Club International, District 9110, has distributed N20 million worth start-up kits to 102 beneficiaries in Lagos to empower them across various trades.

The News Agency of Nigeria (NAN) reports that start-up kits distributed included: grinding machines, plumbing kits, deep freezers, sewing machines, generators, gas burners and cylinders, barbers and hairdressers kits, among others.

NAN further reports that the community intervention project had beneficiaries from the three major ethnic groups in Nigeria drawn from Lagos, Ogun and Oyo states.

Ms Helen Ihonre, Unit Head, Other SME Products E-Business and Retail, FirstBank, during the presentation, offered insights on financial management and economic discipline.

She emphasised the importance of maintaining records and accessing low-interest loans to support business growth and expansion.

She urged beneficiaries to prioritise saving from the inception of their businesses, while discouraging them from keeping funds at home, which might lead to misuse.

“Start saving from the beginning of your business. Don’t wait till you sell and keep the money in your house. Your child will come and say give me, you give him, you will use it to cook soup. At the end of the day, you will not account for what Rotary has done for you.

“So, we want you to open an account and I will give you very few tips on how to succeed in a small business,” she said.

Rotary District 9110 Governor, Ifeyinwa Ejezie, spoke on the significance of economic empowerment in Rotary’s initiatives and called for government collaboration to reach grassroots communities effectively.

She emphasised the role of Rotary in complementing government efforts and stressed the need for recognition and partnership to enhance community development.

“We know that government cannot do it alone and that is why we are assisting them in no small way in doing what they are supposed to be doing in our communities.

“So, the best they can do is recognise Rotary for what it does and then partner with us accordingly,” she said.

She added that the N20 million items distributed was the largest the district had done in one empowerment initiative in recent times.

Bukola Bakare, Rotary International District Governor Nominee Designate, explained the process and challenges of raising funds for the project and how they incorporated Rotary from Singapore to absorb shocks from inflation.

Bakare, who was the Project Cordinator, said, “everything that has been given here today is free for the beneficiaries”.

She said that First Bank was a major sponsor for the project, adding that the 102 beneficiaries were chosen based on a needs analysis from Igbos, Hausa and Yorubas resident in Lagos, Ogun and Oyo states.

“First Bank is our major supporter for this programme, we have a 10-year plan,” she said.

Mr Babatunde Adewale, Permanent Board Member, Lagos State Universal Basic Education, lauded the empowerment programme, while reeling out contributions and projects of Rotary International to schools in the state.

“We really appreciate Rotary and SUBEB will always continue to collaborate with them,” he said.

Mrs Kemi Kalesanwo, Director, Lagos State Agency for Mass Education, said that 22 out of the 102 beneficiaries were from the agency’s vocational training centres.

Kalesanwo said that the state government believed in public, private partnership and was happy with the collaboration with Rotary and First Bank.

She listed projects donated by Rotary to include construction of one of the eight vocational training centres, owned by the agency in Igbogbo area of Lagos.

Kalesanwo, therefore, urged other Nigerians to support government programmes.

Otumba Wemmy Osunde, Chairman, Illisan Development Association, Ogun State, pledged personal commitment to ensuring beneficiaries utilise the items for economic gain.

Adekunmi Adeniyi, an industrial gas burner and cylinder beneficiary alongside other beneficiaries expressed gratitude to Rotary International and First Bank for the initiative.

He acknowledged the impact on their respective trades and crafts.

Edited by Olawunmi Ashafa

Banking

Wema Bank marks 79th anniversary

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By Grace Alegba

Wema Bank on Thursday marked a joint celebration of its 79th anniversary and seventh year of its fully digital bank, ALAT.

Its Managing Director/Chief Executive Officer, Mr Moruf Oseni, disclosed this in a statement in Lagos.

Oseni said the significant celebration commemorated nearly eight decades of service and innovation in the Nigerian banking sector and the bank’s seven years of digital excellence with ALAT.

He said that since inception in 1945, Wema Bank had been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers.

According to Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.

“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees.

“We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations.

“Their faith in us is deeply cherished, and we are honoured to serve them.

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs.

“Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights,” he said.

He said that the bank’s 79 years had been remarkable and it anticipated more inspiring decades of progress with the support of customers and employees towards setting new standards in financial services to redefine the future.

“As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience.

‘Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.

“This anniversary is more than a celebration; it’s a reaffirmation of Wema Bank’s resilience and ongoing commitment to innovation and customer satisfaction in a competitive industry.

“Both Wema Bank and ALAT are poised for further growth, with strategic initiatives designed to enhance customer-centric services and expand the reach and capability of digital banking solutions,” he said. (NAN)

Edited by Olawunmi Ashafa

Banking

FMBN inaugurates new performance assessment system for staffers

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By Angela Atabo/Okon Okon

The Federal Mortgage Bank of Nigeria (FMBN) on Thursday inaugurated the newly introduced workers performance assessment scheme, tagged Performance Management System (PMS)

The News Agency of Nigeria reports PMS replaces Annual Performance Evaluation Report (APER), a form filled manually by civil servants to access their performance for progression.

The Federal Government had in 2023, introduced the new evaluation system PMS, replacing APER, to assess civil servants’ performances across Ministries, Departments and Agencies (MDAs).

Inaugurating a team to implement the new scheme, Mr Shehu Osidi, Managing Director of FMBN, said its members would serve as mentors, facilitators and advocates for the implementation of PMS in the bank.

Osidi tasked the team called, Performance Management Champions (PMS) to lead by example, inspire others to embrace a growth mindset, set ambitious goals, and continuously seek opportunities for learning and development.

He said the bank recognised the critical importance of performance management and had commenced the journey of ensuring accurate assessment of its workers before they received the circular for PMS.

The FMBN boss laud the efforts of Dr Folasade Yemi-Esan, the Head of Civil Service of the Federation (HOCSF) for the introduction of PMS and the level of preparedness of each MDAs for the its implementation.

Earlier, Mr Rikko Owitti, who represented Yemi-Esan at the event said the Champions were the eyes of the Office of the HOCSF in all the MDAs, to perfect the implementation of the PMS

Rikko, the Chief Administration Officer (Infrastructure) Performance Management Department, Office of the HOCSF, said the Champions will be at the centre of the whole process and develop job descriptions in various departments.(NAN)(www.nannews.ng)

Edited by Chidinma Agu/Rotimi Ijikanmi

Banking , General News

Soun inaugurates 15-man committee to promote, propagate Ogbomoso culture, tradition

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By Remi Koleoso

Soun of Ogbomoso, Oba Afolabi Olaoye, has inaugurated a 15-man committee to organise a befiting carnival to showcase the culture and tradition of Ogbomosoland.

The News Agency of Nigeria (NAN) reports that the maiden edition of the carnival, aimed at promoting domestic tourism and attracting tourists to the ancient city, is scheduled for December.

The traditional ruler, while inaugurating the committee at his palace on Sunday, named Prince Williams Adeleye, a former Special Assistant to the President on Media, as its Chairman.

He urged the committee to plan and execute comprehensive activities that would contribute to the socio-economic development, promote cultural enrichment and attract local and foreign tourists to the town.

According to him, the carnival is part of his 25-year development plan to transform Ogbomosoland into a model city.

NAN reports that members of the committee include: Mr Segun Odebunmi, Mr Akinwole Akinwale, Bisi Michael, Tunde Ige, Samuel Bolanta, Mrs Janet Akintoyinba and Mrs Victoria Olojede.

Others are: Prince Dotun Oyelade, Oyo state Commissioner for Information, Olori Nike Olugbodi, Mr Bisi Micheal, Mr Kareem Adebayo and Mrs Fisayo Alabi.

In his remarks, the committee chairman noted that Ogbomosoland is endowed with unique and rich cultural heritage that, if fully harnessed, has the potential to transform the socio-economic landscape of the town.

“There is virtually no family compound in Ogbomosoland, from my little research, that has no unique tradition, be it egungun (masquerade), deity, ijala, oro, etc.

“Even Soun’s palace is a repository of a tourist site.

“In the creative industry, Ogbomoso men and women, old and young, are making their marks, and doing great in the money spinning industry.

“Talk of Baba Lere Paimo (Ogbori Elemoso), Kolawole Ajeyemi, Kunle Afolabi, 9ice, Laolu Gbenjo, Dunsin Oyekan, to mention a few; they are all notable faces in the Nigerian creative industry.

“Our food: amala and gbegiri, eko yangan (pap), bean snacks (akara Ogbomoso) as well as our unique agricultural products (mangoro ogbomoso, cassava and cashew) are much sort after by people from other towns and cities across the country and even beyond,” he said.

Adeleye, therefore, said organising such a carnival had the potential of attracting local and foreign investors to tap into the inherent agricultural value chain, thereby creating jobs and stimulating increased economic activities in the town.

He assured Oba Olaoye of the committee’s commitment to work assiduously for the success of the first Ogbomoso culture and tourism festival.

“We shall give our all, leveraging our expertise, contacts with relevant culture and tourism institutions in Nigeria, the private sector and deploying available resources to make the event memorable,” he said. (NAN) (www.nannews.ng)
Edited by ‘Wale Sadeeq

Banking

FBN Holdings share price gains N1.85, as investors renew interest

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By Rukayat Adeyemi
The share price of FBN Holdings Plc, parent company of the First Bank of Nigeria Ltd., which opened on the floor of the Nigerian Exchange Ltd.(NGX) on Friday at N18.50, gained N1.85 to close at N20.35, following investors’ renewed interest.

Specifically, FBN Holdings led 17 other gainers by 10 per cent and sold a total of 7.74 million shares valued at N156.31 million to close the week.

The News Agency of Nigeria (NAN) reported on Monday that investors reacted to a sudden change in the leadership of a major subsidiary of the Group, First Bank Nigeria, over the weekend.

First Bank, on Sunday appointed an acting Managing Director/Chief Executive Officer, Mr Olusegun Alebiosu, with immediate effect and subject to the approval of the Central Bank of Nigeria (CBN).

The appointment followed the resignation of the bank’s former Managing Director, Dr Adesola Adeduntan, on Friday.

Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said FBN Holdings, is a stock that is widely held, and as a result, any change in its value has far reaching effect on the equities market.

Adonri stated that the volatility of FBN Holdings stock recently was a source of anxiety for retail investors especially.

Meanwhile, shareholders of FBN Holdings on Tuesday commended the proactiveness of the Group’s Board of Directors in appointing an acting Managing Director for First Bank Nigeria, emphasising the importance of continuity in the bank’s operations.

The shareholders expressed confidence in Alebiosu’s capabilities, citing his extensive experience within the bank and the broader financial sector.

Mr Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), expressed optimism that the resignation of the former managing director will not affect the growth trajectory or stability of the bank.

Okezie stated that this is because the new acting managing director is also a strong hand within the bank’s system.

Also, Mr Sunny Nwosu, former National Coordinator, Independent Shareholders Association of Nigeria (ISAN) expressed assurance that the acting CEO would excel in his new capacity, having been within the bank’s system with an impressive pedigree.

Nwosu said that Alebiosu would also excel with the support of the board Chairman, Mr Femi Otedola, who is also highly experienced and influential.

Alebiosu, until this appointment, was the Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank since January 2022.

He has core competence also in oil and gas, project financing, agriculture, shipping and aviation.

Alebiosu completed his Bachelors in Industrial Relations and Personnel Management at the University of Lagos in 1990, after which he obtained a Masters in International Law and Diplomacy from the institution in 1997.

The new CEO started as a graduate at the defunct Oceanic Bank in 1991.

From 2006 to 2011, he served as the Group Head of Credit Policy and Product Programmes at the United Bank for Africa.

He later filled the role of Chief Credit Risk Officer at the Continental Development Finance Institution, African Development Bank, in 2011.

At Coronation Merchant Bank Ltd., where he served until 2015, he similarly led the company’s risk management unit.

An alumnus of Harvard Kennedy School of Governance, Alebiosu also holds a Master of Science degree in Development Studies from the London School of Economics.

He has been a chartered accountant for over two decades and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

He is an associate of the Nigeria Institute of Management, a member of the Chartered Institute of Bankers of Nigeria, and a member of the Nigeria Institute of International Affairs. (NAN)

Edited by Remi Koleoso/Olawunmi Ashafa

Banking

FBN Holdings: Shareholders hail Alebiosu’s appointment

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By Rukayat Adeyemi/Grace Alegba

Shareholders of FBN Holdings Plc on Tuesday commended the proactiveness of the group’s Board of Directors in appointing an acting Managing Director for First Bank Nigeria Ltd., following the resignation of the former Chief Executive Officer.

They gave the commendations in an interview with the News Agency of Nigeria (NAN) in Lagos, emphasising the importance of continuity in the bank’s operations.

The Board of Directors of FBN Holdings on Sunday appointed Mr Olusegun Alebiosu as the acting Managing Director Chief Executive Officer (CEO) of First Bank Nigeria Ltd.

The shareholders expressed confidence in Alebiosu’s capabilities, citing his extensive experience within the bank and the broader financial sector.

Alebiosu, until this appointment, was the Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank since January 2022.

His appointment followed the resignation of Dr Adesola Adeduntan, the former Managing Director and Chief Executive Officer of the bank, effective April 20.

Mr Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), said that the decision of the board to appoint Alebiosu was in a right direction.

Okezie stated that it was a prerogative on the board of directors to immediately appoint someone to fill such a sensitive position so that the operation of the bank would not be affected.

“The company has to move on. Hence, the appointment by the board following the resignation of the former managing director,” he said.

According to him, the Adedutan’s resignation will not affect the growth trajectory or stability of the bank because the new acting managing director is also a strong hand within the bank’s system.

He lauded Adedutan for his service to the bank, noting that his resignation might not be unrelated to pursing and actualising personal ambitions as announced.

Also, Mr Sunny Nwosu, former National Coordinator, Independent Shareholders Association of Nigeria(ISAN), said that it was kind for the former managing director to have voluntarily resigned from the bank after serving for three terms.

Nwosu stated that such action showed that Adedutan had the interest of the bank, the board, the shareholders and customers at heart.

He expressed optimism that the acting CEO would excel in his new capacity, having been within the bank system and with the support of the board Chairman, Mr Femi Otedola, who is also highly experienced and influential.

The ISAN coordinator advised Alebiosu to get the support of the shareholders, customers, board, and other stakeholders of the bank and work closely with them to succeed.

The National Coordinator, Shareholders United Front (SUF), Mr Gbenga Idowu, said he would keep monitoring the performance of Alebiosu as the acting Managing Director of FirstBank

Idowu said that he believed Alebiosu was selected based on competence, noting that the board members who chose him must have done due diligence before reaching the decision.

He insisted that, while he does not like to dabble into management issues as a shareholder of the bank, he would keep abreast of the performance of the acting managing director.

“I will continue to watch him from now, to know what he is bringing to the table, and whether he will do better than Adeduntan or not,” he said.

NAN reports that Alebiosu has core competence also in oil and gas, project financing, agriculture, shipping and aviation.

He completed his Bachelors in Industrial Relations and Personnel Management at the University of Lagos in 1990, after which he obtained a Masters in International Law and Diplomacy from the institution in 1997.

The new CEO started as a graduate at the defunct Oceanic Bank in 1991.

From 2006 to 2011, he served as the Group Head of Credit Policy and Product Programmes at the United Bank for Africa.

He later filled the role of chief credit risk officer at the continental development finance institution, African Development Bank, in 2011.

At Coronation Merchant Bank Ltd., where he served until 2015, he similarly led the company’s risk management unit.

An alumnus of Harvard Kennedy School of Governance, Alebiosu is also an alumnus of Harvard Business School and Harvard School of Government.

He holds a Bachelor’s degree in Industrial Relations and Personnel Management, and also a Master’s degree in International Law and Diplomacy from the University of Lagos.

He obtained a Master’s degree in Development Studies from the London School of Economics and Political Science, and completed Advanced Management Program (AMP) at Harvard Business School.

Alebiosu also holds a Master of Science degree in Development Studies from the London School of Economics.

He has been a chartered accountant for over two decades and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

He is an associate of the Nigeria Institute of Management, a member of the Chartered Institute of Bankers of Nigeria, and a member of the Nigeria Institute of International Affairs. (NAN)

Edited by Olawunmi Ashafa

Banking

CIBN backs bank recapitalisation for enhanced economic growth

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By Grace Alegba

The Chartered Institute of Bankers of Nigeria (CIBN) has expressed support for the planned recapitalisation exercise for banks in the country.

Ken Opara, President/Chairman of Council, CIBN, said this during the 2024 annual lecture of the institute on Tuesday in Lagos.

Opara said adequate liquidity within the banking system was fundamental to fostering sustainable economic growth and development.

He said that the recapitalisation would further help banks to deepen liquidity and guarantee access to credit needed for economic growth and prosperity.

He said that CIBN and the Nigeria Exchange Group (NGX) had formed collaborations toward building capacity for the recapitalisation of banks.

Opara added that the institute was also collaborating with Africa Guarantee Fund (AGF) for capacity building for SMEs, preparing them and building their capacity to access finance.

He called for more allocation of credit to the real sector, which was the foundation of the nation’s economic activities for increased liquidity.

Opara emphasised the need for addressing challenges faced by the sector to enhance its competitiveness against foreign counterparts.

To resolve the challenges, he urged the government to improve further the ease of doing business and infrastructural development, such as power, roads, and rail networks.

The CIBN president also called for industrial centres where companies could co-habit and share common infrastructure,
harmonise and reduce the various taxes and levies, including locating them in a single hub.

He said the theme, “Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity”, was timely to address current challenges in the nation.

“As we navigate the complexities of our current economic landscape, it has become increasingly evident that ensuring adequate liquidity within the banking system is fundamental to fostering sustainable economic growth and development.

“The real economy comprises the agriculture, manufacturing, construction, and services sectors and serves as the tangible foundation of the nation’s economic activity.

“These sectors collectively represent the intricate web of goods and services that drive economic growth, create employment opportunities, and enhance the overall standard of living.

“Despite the significant relevance of the real sector, access to credit for such key sectors compared to other climes is relatively low,” he said.

He said a survey conducted in more than 40 economies and released by Statista in 2024 revealed that nearly 141 trillion dollars worth of credit was lent to the real sector in advanced economies in the second quarter of 2022.

He added that the figures were twice as high as the volume of credit to the same sector in emerging markets.

He commended improvements in liquidity within Nigeria’s real sector but called for increased credit to sector, particularly agriculture.

“According to data from the Central Bank of Nigeria, the Net Domestic Credit stood at 66.4 trillion Naira as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.

“This figure experienced a significant surge to 96.1 trillion Naira by December 2023, highlighting the tremendous potential for growth and development in the real sector,” he said.

He listed credit volume allocated to the key sectors, saying the agricultural sector had N5.8 trillion representing about six per cent of the total credit.

He said the manufacturing sector had N19.7 trillion, representing approximately 21 per cent of the total credit, while the services sector had N36 trillion, representing 37.4 per cent of the total credit.

“I humbly propose that we consider offering more credit to these key sectors and particularly the agriculture sector.

“It is for this reason, ladies and gentlemen, that the recapitalisation exercise is a welcome development.

“The recently announced upward review of the Minimum Capital Requirements of Nigeria by the Central Bank of Nigeria would further empower banks to extend more credit to the economy’s productive sectors,” he said.

The Guest Speaker, Prof. Graham Penn, speaking on the theme, explained how other developed countries were leveraging credit and the need for Nigeria to increase liquidity for economic prosperity.

Penn, a professor of International Finance Law at University College London, listed challenges and measures Nigerian banks, regulators and businesses could adopt to implement laws and regulations to facilitate true sale securitisation. (NAN)

Edited by Olawunmi Ashafa

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