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

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

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

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

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

By Grace Alegba

Wema Bank has launched the fifth edition of its tech competition, ‘Hackaholics’, to foster innovation and empower youths as well as startups in addressing societal challenges.

The bank made this known at a news conference to announce Hackaholics 5.0, on Thursday in Lagos, with the theme, “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”.

The fifth edition of Hackaholics pledges a total cash prize of over N70 million for top innovators across Africa.

Hackaholics is an annual tech and innovation competition birthed by Wema Bank in 2019.

It provides a platform for young Nigerians with tech-driven ideas to bring their game-changing ideas to life, scale their ventures and access a wider market for these tech-enabled solutions.

The Executive Director of Retail and Digital Business, Wema Bamk, Mr Tunde Mabawonku, said the essence of Hackaholics was to bridge the gap in Africa’s macroeconomic landscape through innovation.

He said, “Our mission as a bank is very clear, ‘Empowering Lives Through Innovation’ and this is the exact purpose behind Hackaholics.

“Within the bank, we have transformed the status quo and redefined the standards with cutting-edge solutions and technology, hence our position as Nigeria’s most innovative bank, but we didn’t end there.

“With Hackaholics, we have taken our innovation drive outside the bank, empowering youth for success and facilitating the development of transformative solutions tailored to the needs of diverse Nigerians and even the African populace.

“By embracing innovation, fostering a culture of collaboration, and prioritising customer-centricity, we have and will continue to transform and position Wema Bank as a digital leader, in action, products and services.

“Our aspirations are not merely about implementing new technologies; they are about fundamentally transforming how we operate, to be Simple, Seamless, Convenient and Reliable in service to our customers.”

Mabawonku said that Hackaholics aligns with the sustainability vision of the bank, ‘Developing Digital Solutions for Societal Impact.’

According to him, this year aspires to expand into Pan-African frontiers, taking the magic from the Hackaholics train beyond Nigeria.

“So, how can we improve the health sector across Africa? How can we transform the education sector? How can we drive positive change across various verticals?

“Hackaholics is the platform that not only challenges creative minds and piques curiosity to bring those ideas to life but also provides invaluable tools and resources to amplify the ideas, taking them from Idea to Product for the world to benefit.

“Interestingly, Hackaholics itself came and began as an idea. Today, it has been metamorphosed into the formidable platform we see today.

“With Hackaholics, we are on the way to birthing and discovering another unicorn in Africa, and I hope that you will stick with us as this journey unfolds,” Mabawonku said.

Expatiating on the details of Hackaholics 5.0, Wema Bank’s Head of Innovation, Mr Solomon Ayodele, said that the theme was anchored on two principal factors.

According to him, these include the Meta Idea and African Prosperity.

“We are challenging the youth to develop extraordinary ideas that will proffer practical solutions to our local problems as Africans.

“This year, we are widening our scope across the six geopolitical zones in Nigeria, and we are also touching Africa.

“As you may know, we launched the Hackaholics Digital Summit last year, culminating the Hackaholics 4.0 journey in grand style.

“This year, you’re going to experience the Coachella of the tech industry at our Hackaholics 5.0 grand finale tech festival, and the journey begins today,” he added.

Ayodele also explained that this year’s Hackaholics would not be limited to entries from specific verticals.

“Any verticals you can think of will be accepted. Our focus for Hackaholics 5.0 is the brilliance of your mind, so we leave it to you to discover a problem area that matters and develop an innovative solution that will drive a positive impact.

“Our goal is to birth solutions that address diverse aspects of real-world challenges, and you have the opportunity to be a part of this transformative journey.”

Winner of the Wema Bank’s Hackaholics 4.0 edition, Mrs Jane Agbaohwo, Chief Executive Officer of IRETI Healthhub, said that she came up with a solution called Breast Beam, an innovative device, that helps to solve the problem of late diagnosis of breast cancer.

Agbaohwo said that the personal experience of her mother’s battle with breast cancer motivated her to take action and contribute positively by creating a device that could potentially help others in similar situations.

According to her, participating in the competition and winning proved to be a turning point for her.

The vertinary doctor explained that the support and guidance she received from the bank’s innovation team were instrumental in refining her business idea and preparing her for the challenges ahead.

She noted that the pre-pitch event with the master class provided her with valuable insights and skills needed to align her concept with industry standards and demands.

The grand scale edition will be executed over a six-month period, touring 10 universities across Africa and challenging the youth to pitch unique, innovative and practical Digi-Tech solutions.

This is to positively impact the acceleration of progress, development and prosperity not just in Nigeria but across the African continent. (NAN)

Edited by Olawunmi Ashafa

By Grace Alegba

3T Impex Trade Academy, a trade consulting firm, on Saturday, identified critical skill gaps within Nigeria’s banking sector that were hindering the country’s export trade volume and economic progress.

These skill gaps were identified in the academy’s 2024 survey, titled, “Nigerian Trade Finance Skill Gap Assessment Survey”, which was unveiled in Lagos.

Dr Bamidele Ayemibo, Lead Consultant, 3T Impex Consulting Ltd., during the presentation of the survey, shared insights gathered from 716 banking professionals across 21 banks nationwide.

“This landmark survey has laid bare the existing skill gaps and challenges faced by professionals in the trade finance domain within the Nigerian banking industry,” he said.

Key findings from the survey highlighted significant challenges, including training deficits among 50 per cent of bankers, with only 12 per cent possessing trade certifications in trade services units.

Also, 38 per cent of bankers identified knowledge gaps as a major obstacle in managing international trade operations and financing, while 65 per cent demonstrated experience and knowledge gaps.

Ayemibo emphasised the impact of these skill gaps on banks and Nigeria’s overall trade volume, stressing the urgent need for targeted interventions to address these challenges.

He said that the lack of expertise affected banks and impacted Nigeria’s overall trade volume, which was lagging behind other developing countries with similar or even smaller populations like South Africa.

“The repercussions of this knowledge gap are manifold. Banks, which are pivotal in facilitating international trade transactions, face heightened financial risks due to inadequate understanding of payment methods, trade finance, and risk management.

“This lack of expertise may lead to inaccurate credit assessments. potential defaults and financial losses, thereby compromising the stability and profitability of banks and shaking confidence in the financial system.

“Moreover, inefficiencies in trade documentation, compliance, and understanding of trade rules can result in delays, errors, and non-compliance with regulatory requirements.

“Such shortcomings can tanish the reputation of banks and discourage foreign businesses from engaging in trade with Nigerian counterparts, further dampening the country’s trade prospects,” Ayemibo cautioned.

He further explained the importance of immediate action through tailored training programmes, curriculum enhancements, and policy interventions.

“Bridging these gaps is crucial not only for the growth and competitiveness of Nigerian banks but also for the overall economic development and prosperity of Nigeria,” he said.

Speaking with newsmen, Ayemibo underscored the necessity of a holistic approach to skill gap bridging, aligning banker training with monetary and fiscal policies.

He also emphasised the need for government support in export training to reduce the increasing ignorance of export opportunities among Nigerians, thereby stimulating mass job creation and economic growth.
He stated: “Ignorance of export among Nigerians was also increasing the “Japa” Syndrome, and the government can intervene with supporting export trainings for mass job creation and economic boost.

“There is a very serious need for the fiscal side to begin to consider export readiness for training the citizens, particularly those that have the capacity to be able to produce for export.

“Now the exchange rate is coming down. We need to sustain this tempo by increasing the number of exports.

“This means building capacity and growing the number of exporters in the country.”

Mr Gabriel Idahosa, President and Chairman of the Council at the Lagos Chamber of Commerce and Industry (LCCI), emphasised the significance of balanced trade for Nigeria’s economic prosperity.

“A trade becomes balanced when we are importing and exporting. If as country we are only importing and we are not exporting, then we can never have a balanced trade,” he said.

He advocated regular exports of Nigerian goods, services, culture, and tourism to spur mass employment and increase foreign exchange reserves.
He commended the management of 3T Impex Trade for its contributions to the specialised training.

Akin Morakinyo, Registrar, Chartered Institute of Bankers of Nigeria (CBN), who explained principles of trade balance, highlighted the importance of capacity building on the national development.

He also commended the academy for the survey, while pledging CIBN’s commitment and support to effort on capacity building.

The News Agency of Nigeria (NAN) reports that after unveiling the “Nigerian Trade Finance Skill Gap Assessment Survey”, certificates were presented to the academy’s graduands. (NAN)

Edited by Olawunmi Ashafa