Business leaders,Bankers to address SME Business owners in Lagos

Founder of Leap Africa, Mrs. Ndidi Nwuneli has been named as the Keynote Speaker of January 9 Collective 4th Anniversary lecture scheduled for Tuesday, January 12th, 2015 at the MUSON Centre, Onikan, Lagos.

Nwuneli, who is co-Founder of AACE Food Processing & Distribution, an indigenous agro processing company will be speaking on the theme: “SMEs the engine room of the economy; who’s talking to them?”

According to Mr. Wole Olagundoye, the Chairman, Anniversary Committee, “Every year, we celebrate our anniversary with various activities, the high point of which is our annual lecture during which we debate and proffer solutions to burning topical issues affecting our nation. This year, rebuilding our economy is one of the federal government’s priorities hence we are focusing on SMEs, being the major driver of true economic growth”

He stated that apart from Nwuneli, Kunle Sonola, Executive Director, Union Bank will deliver a speech as Special Guest while Bunmi Lawson, MD Accion Microfinance bank, Henry Akwara, Director, Mansard Insurance, Akin Oyebode, Head, SMEs StanbicIBTC Bank, Funmi Ajila-Ladipo, President, FADAN will act as Panelists. The event would be moderated by Fanen Acho, Founder/CEO Medleypark Group

J9 Collective’s Publicity Secretary, Michael Effiong noted that the group believes that if the SME sector is galvanized in terms of favourable funding, friendly tax regimes and

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HOW TO AVOID INTERNET BANKING AND ATM FRAUD

1) Confirm that the bank's website address is the correct one.Scammers have produced fake websites that look like the original just to hoodwink people into submitting their authentic details

2)Do not disclose your Internet Banking User Name or Password to anyone, even when the person claims to be an official of the bank.    

3)Please download FREE online protection software from Trusteer available within Internet banking to prevent fraudulent access to your account.    

4)Do not give your Card details out on the phone or in response to any e-mail communication that you did not initiate.    

5)Be on the look-out for unusual devices on an ATM as these could be used in reading your card details to fraudulently clone your Card.    

6) Keep your Card in a secure place just as you would your cash.    

7) Never keep your Card and PIN in the same location.    

8) To enable your bank provide you with important information on your account, please update your contact details (email addresses, phone numbers and physical address) whenever you visit any of the branches.
-gistmaster.com

SANUSI LAMIDO IS THE PROBLEM OF THE NIGERIAN BANKING INDUSTRY-ORI ADEYEMO

Ori Adeyemo, a forensic accountant  and Managing Consultant of Forensic Consulting said the problem of Nigerian banking industry is Malam Sanusi Lamido Sanusi the Governor of Central Bank.

Can we meet you and how long have you been in your profession?

My name is Ori Adeyemo, I have been into Forensic Accounting Consultancy since 1997, but I got into it full time and professionally in 2006.  I am aware that the financial institution in Nigeria is full of fraud. Even the Capital market,
Insurance and other institutions are laced with fraud. But what really catches
my fancy is the banking industry and that’s what affects most Nigerians and
there’s nobody or an individual that at one point or the other has not go to do
with the banking industry. It’s basically the people that made me focus more on
the banking industry and more especially when we have a country with a
depressed economy like Nigeria.
 
Apart from the common Nigerians, what propels you in the profession?

I am aware some sort of people called the Cabal are making so much money from the savings of
the customers and they call it profit while the customers are dying one by one, which was what prompted my investigations to know why the customers’ companies are dying

ACCESS BANK SACKS INTERCONTINENTAL BANK STAFF,SHUT DOWN BRANCHES

By Niyi Tabiti
Several branches of Intercontinental Bank that have been tagged 'not performing' has been shut down by Access Bank, the new owners of the bank just as over one thousand staff of the same bank  lost their jobs. Gistmaster gathered some of the braches of Intercontinental Bank shut down by Access Bank includes the one at Ikeja, Ibafo and Akute.Austin Edoja, the

I AM YET TO RECEIVE MY SACK LETTER-FARIDA WAZIRI

 Farida Waziri, the Chairman of Economic and Financial Crimes Commission (EFCC), who was relieved of her job yesterday morning by the Nigerian government said she is yet to receive her sack letter. 

 In a short interview she granted a national newspaper, The Punch, Mrs. Waziri said she heard the announcement of her removal from office on television like every other person.
 She told a correspondent that no one has communicated the new development to her in writing.
Reasons for her sack? Well, some key players in international financial crime bursting agencies are not contended with the way she has been playing her role in EFCC but that is not to say she has not done anything at all.
-Niyi Tabiti

LATEST NEWS: HITV SAYS GTBANK INVADED IT OFFICE DESPITE A PENDING CASE IN COURT

 This is really a bank-customer relationship gone sour.HITV informed gistmaster that the closure of their office in Lagos yesterday is nothing but invasion despite a pending court case.
 A statement issued in Lagos today by HiTV reads
"On Monday, November 21 at about noon, heavily armed mobile policemen alongside men in suit invaded in a commando style, simultaneously, all HiTV offices in Lagos purportedly acting on some court order instituted by Guarantee Trust Bank Plc over a relationship/financial dispute between HiTV and the bank.

The invading team brandishing a court order sealed HiTV offices thereby partially paralysing activities and causing disruption in its services which has resulted to the loss of signals in some of its Hi channels locally and to its international partners.

For records purposes, we wish to state here that the invasion on HiTV property by agents of GT Bank was a total breach of the rights of HiTV as there is a pending case in court on the same issue and more but the bank in a clandestine manner went ahead to secure an order from another court which they relied on to invade HiTV premises across Lagos.

The Facts:

·      GTBank is a shareholder of HiTV and has financed a significant part of HiTV’s business activities.

·      GTBank participated in the sale of UEFA Champions League 2011/12 season (rights for which were awarded to HiTV) in a manner that was inconsistent with agreed contractual terms.

·      HiTV consequently filed in court the case regarding the improper sale of the UEFA rights along with other issues concerning its relationship with GTBank.

·      Despite there been an existing case in court, GTBank secured an order from another court and invaded HiTV business premises in different locations in Lagos on Monday, November 21 and caused significant distress and embarrassment to HiTV staff and customers.

As a law abiding organisation, HiTV will handle the issue legally and that is why it is calling on subscribers, agencies, and trade and platform partners to be calm and patient while the issue is being tackled. HiTV thanks all for the continuous patronage of the proudly Nigerian Pay TV.

 HiTV apologises for service disruption

Proudly Nigerian Pay TV Company, HiTV, is currently experiencing disruption in its services which has resulted to the loss of signals in some of its Hi channels locally and to its international partners.

This piece of news was contained in a statement signed by the company’s Public Relations Manager, Justin Akpovi-Esade. The company’s management according to Akpovi-Esade are currently working at resolving the issue.

He thanked its valued subscribers for their continued patronage even as he assured that “everything would be fine very soon. A team of competent personnel are working round the clock to ensure the issue is resolved. HiTV values its numerous subscribers and calls for their usual understanding and patience while the issue is being sorted out,” the statement read.

ACCESS BANK GMD AIGBOJE AIG-IMOUKHUEDE SCHEMES FOR CBN TOP JOB?

 Spin doctors of Mr. Aigboje Aig-Imoukhuede the group managing director/ceo of Access Bank are already pushing his ambition as next Governor of Central Bank to limelight. The tenure of the incumbent governor of CBN,Malam Sanusi Lamido Sanusi, will expire next year.
 Gistmaster gathered that the Access Bank boss is silently running a campaign that would get him the job through his connection with Nigeria president, Mr. Goodluck Jonathan.
  He is considered as one of the closest economy drivers to the president. So he is doing all within reach to ensure that he is considered for the job.
 One of his highest selling point is also condered his weakest. According to a source, Aig-Imokhuede and his deputy, Wigwe are jollificating over the aquisition of Intercontinental Bank, yet they have not answered the question of how they managed to acquire a bank  they are indebted to. 
 Going by recent comments of President Goodluck Jonathan on the achievement of CBN governor, Malam Sanusi Lamido Sanusi , he might have his tenure renewed by another 4 years.
 Aig-Imokhuede is an alumnus of one of the prestigeous, Havard University Business School Executive management program, USA.He read law at the University of Benin before proceeding to the Nigerian Law School.He is considered one of the finest bankers we have in Nigeria.
 Efforts to get those in charge of communications in Access Bank to talk about it prove abortive.
 

WHICH NIGERIAN BANK LEAST APPEAL TO YOU?

In Nigeria, there are banks and there are BANKS. I am sure that you guys will agree that despite the recapitalization and confidence reposed in bank customers by the Malam Sanusi Lamido Sanusi, the Governor of Central Bank, Nigerians still want government to do more.
  The other time, gistmaster asked some friends "Which Nigerian bank appeal to you the least and why?" Some of them were quick to mention Fidelity Bank, Unity Bank, Wema Bank and guess what? Most people don't even know that Afribank has changed name to Mainstreet Bank???
 You can hardly find Wema Bank or their ATM anywhere near you, one said.
 

PHOTOS FROM FINATRUST MICRO FINANCE BANK 2ND ANNIVERSARY PRAYER SESSION

Abisoye Fagade of Sodium Brands Solution, Pastor Ituah Ighodalo of Trinity House and Deji Popoola the ceo of Fina Trust Microfinance Bank

Mr. Afolabi Oke, Executive director Global Swift, Pastor Ituah Ighodalo of Trinity House and Mr. Deji Popoola of Fina Trust micro Finance Bank

Deji Popoola of Fina Trust Micro Finance Bank, Pastor Ituah Ighodalo and Mr. Feyi Akinbile, human resources practitioner

Tolu Omoniyi MD Bobo Clothing, Pastor Ituah and Mr. Deji Popoola

Pastor Ighodalo and Mr. Deji Popoola

Pastor Ituah Ighodalo, Mrs. Yemi Oladunni of Eco Bank and Mr.Popoola

As part of plans to celebrate the second anniversary of Finatrust MFB, Pastor Ituah Ighodalo of Trinty House joined members of staff and customers of the micro finance bank, for an early morning thanksgiving service held of the bank's head office in Ikeja, Lagos.

-gistmaster

WESTERN UNION FRAUD:CUSTOMER WHO LOST OVER $3000 IN SKYE BANK SEEK JUSTICE

 Rotimi Onadipe,a Nigerian businessman is very bitter that the western union transaction he went to do at Skye Bank about two years ago is still the source of his problem till today. Onadipe who is already seeking every legal means to get his money back disclosed that he went to collect $3,300 dollars at one of the Skye Bank branches in Ibadan, Oyo State.
 gistmaster.com gathered that after concluding all the necessary formalities,he was told told that the money had already been withdrawn 10 minutes after he released his secret number.
 After investigation, two female staff of the bank were arrested and arraigned before magistrate court in Ibadan.They discharged in circumstances Onadipe as controversial.The magistrate also ordered a re-investigation into the matter.
Two years later, Onadipe is still fighting hard to get his money.Already he had petitioned the Nigeria Bar Association and the Chief Judge of Oyo State so that they can investigate the magistrate who gave the controvesial ruling.
Questions
Should a customer go through this kind of stress?
Are there no data machines to note who reveal the true identity of the person who paid the money and the person who actually received it?
-By Niyi Tabiti

ACCESS BANK CHIEF, AIGBOJE AIG-IMOKHUEDE RINGS THE BELL ON INTERCONTINENTAL BANK WITH 50 BILLION NAIRA

 Aigboje Aig- Imokhuede the group managing director of Access Bank Nigeria Plc is ecstatic about buying Intercontinental Bank off the shelf! Today in Lagos, the latest news reaching gistmaster indicates that Access Bank is coughing out 50 billion Naira to acquire 75 per cent of Intercontinental bank.
 Aig-Imokhuede confirmed today in Lagos that Access bank has concluded all it needed to do to take over Intercontinental Bank. According to him, the merger would have a strong network of about 500 branches when it finally take off. Shareholders of both banks are also expected to vote at the end of September 2011 on the merger.
It would be recalled that Intercontinental Bank, formerly managed by Mr. Erastus Akingbola was ' diagnosed'  of having serious toxic debt problem, amongst other several issues detected by the malam Sanusi Lamido Sanusi led Central Bank of Nigeria.
-By Niyi Tabiti
 

FEMI OTEDOLA BATTLE 5 BANKS OVER 168 BILLION NAIRA DEBT

By Gistmaster.com

Femi Otedola, a 43 years old Nigerian businessman once listed as one of the richest billionaires in the world (2009) by Forbes is in the eye of financial storm over the  monumental debt he owes five banks in Nigeria.

The total debt of Mr. Otedola, the chairman of Zenon Oil is about 168 Billion Naira (Over 1 billion US dollars) as at December 2010.

A quick break down of the debt portfolio shows that Otedola and his companies are owing with Zenith Bank N68 Billion, while the one of GTBank is  stood at almost 31 Billion Naira, FCMB says Otedola is owing close to 19 Billion Naira while that of Access Bank Stood at N15.526 Billion Naira. The one of UBA reads N36.862 Billion.

gistmaster.com learn that some of the banks are always making moves to take over his property in highbrow Victoria Island, Ikoyi,Abuja, Port Harcourt and other places. The shares also use as collateral for the loan will also go into it. At the moment, the total asset used as security for the debt is said to be worth about N70 billion.

Otedola's group claim that banks have over inflated the debt and also made some illegal and fraudulent deductions from their account.Already, Otedola has headed to court, where he hope to get a reprieve. He and his companies want a situation where the bank who grant an independent auditor the privilege to look into the various accounts and find out whether or not, what the banks are claiming as debt are the right figures.

A bank official told gistmaster.com last night that Otedola and Zenon Oil is only using delay tactics. Debt like this can affect banks when they are not paid back. This has led to the collapse of many banks. Did he go to court when he was seeking the loan? We know that the court will give the right verdict.

Always prim and proper in his traditional white attire, Otedola is the son of former governor of Lagos State, Sir Michael Otedola. The businessman used to be close to Alhaji Aliko Dangote before things fell apart between them over a business deal. Otedola's love for Mercedes Benz brand of cars his legendary. He belongs to an elitist boat club with the likes of Jim Ovia, Dangote and others. A top financial of the Peoples Ruling Democratic party (PDP),Otedola also supports Polo game in Nigeria.

Aside property in choice areas,shares said to have been used for the loan are listed below-

1.441 Billion Units of Zenith Bank shares

24.813 million Units of MRS Oil

14.163 million Shares of Mobil Oil

159.395 million shares units of AP (African Petroleum) Plc

67.053 million shares unit of AP PLC

1.775 million shares units of MRS Oil

36.4 million shares of AP PLC

 

 

 

 

 

 

 

 

 

AGAIN CBN SACK BANK CHIEFS...THIS TIME ADENUGA,ATUCHE OTHERS INVOLVED

•Removes Spring Bank directors •Pumps in N200bn loans
The Central Bank of Nigeria (CBN) announced the result of the audit of another 14 banks, sacking the chief executives of three banks; namely Bank PHB, Equitorial Trust Bank and Spring Bank. The CBN also sacked business mogul and chairman, Globacom, Chief Mike Adenuga from the board of Equatorial Trust Bank as well as all the non executive directors of Spring Bank.

The affected chief executives are Mr. Francis Atuche (Bank PHB), Mr. Ike Oraekwuotu (ETB), and Charles Ojo (Spring Bank)

The CBN also announced the appointment of new chief executives for the three banks; namely Mr. Cyril Chukwumah for Bank PHB Plc; Mr. G.O. Folayan for Equitorial Trust Bank Plc; and Mrs. Sola Ayodele for Spring Bank Plc.

The new chief executive officers resumed duties at the banks yesterday.
However, hours before the CBN hammer, former MD of Bank PHB, Mr. Francis Atuche, was said to have “resigned” his position and disappeared. The Central Bank was said to have offered the board of Bank PHB a chance to replace Mr. Atuche with an executive of their choice. But Mr. Atuche refused to resign thereby forcing the CBN’s hand.

In a press statement issued yesterday, the CBN said the special examination conducted on 14 banks indicated that Bank PHB, Spring Bank, Equitorial Trust Bank and Wema Bank were in grave condition.

The statement said, “In furtherance of the Central Bank of Nigeria’s statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria.

The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks — and as such, the books and affairs of all 24 banks in the Nigerian banking system have now been examined.

The Special Examination primarily focussed on assessing the health of the banks with particular focus on liquidity, capital adequacy and corporate governance.

After a review of the findings of the Special Examination report in respect of these 14 banks, the CBN said it came the following conclusions:

“The following 9 banks were found to have adequate capital and liquidity to support the level of their current operations and future growth: Access Bank Plc, Citibank Nigeria Limited Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited and Zenith Bank Plc.

The 10th bank — which is Unity Bank — was adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.

The remaining four banks were found to be in a grave situation: Bank PHB Plc; Equitorial Trust Bank Plc; Spring Bank Plc; and Wema Bank Plc.

“After a careful consideration of the matter, and in exercise of the powers conferred on him by Sections 33 and 35 of the Banks and Other Financial Institutions Act 2004, the Governor of the CBN, by order in writing, has taken a number of measures aimed at arresting the grave situation of these four banks. The measures are:

a)The removal of the Managing Directors of Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc and the appointment of new Managing Directors for these three banks, namely: Mr. Cyril Chukwumah for Bank PHB Plc; Mr. G.O. Folayan for Equitorial Trust Bank Plc; and Mrs. Sola Ayodele for Spring Bank Plc.

b) The removal of all Executive Directors in Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc. New Executive Directors will be appointed for these banks in due course.

c) The removal of all Non-Executive Directors in Spring Bank Plc.

d) The removal of Dr. Mike Adenuga, jnr., CON, as a Non-Executive Director of Equitorial Trust Bank Plc.

e) The order to the board of Wema Bank Plc to recapitalise by 30 June 2010. It is noted that Wema Bank Plc came under new ownership and management in June 2009 who took over a bank already in a grave situation and should not be held responsible for the present condition of the bank.

The CBN will work with the Bank to ensure a successful completion of the recapitalisation exercise.

f) he provision of a total of N200 billion by the CBN as liquidity support and long term loans for the four banks adjudged to be in a grave situation to enable them continue normal business, while pursuing recapitalisation options.

g) The order to the board of Unity Bank Plc. to recapitalise by 30 June 2010. It is noted that Unity Bank Plc was adjudged to have insufficient capital for its current level of operations but was adjudged to have a healthy liquidity position and with no indication of poor corporate governance practices.

The CBN has therefore exercised its powers under Section 13.3 of BOFIA to order the Board of Unity Bank Plc to recapitalise by the said date and the CBN will continue to monitor this situation.

“In addition, the CBN will assist the five banks with insufficient capital in their loan recovery efforts, just as it did with the previous five.

The CBN is happy to report that as at 25 September 2009, the five banks had recovered more than N110 billion of previously non-performing loans.

“The CBN reiterates its commitment to stand by all Nigerian banks and work with their respective boards, management and other stakeholders to restore the stability of the financial system and thus ensure that our banks are able to effectively play their role in economic growth and development.”

In furtherance of the commitment of the Federal Government to the growth and stability of the financial system, His Excellency the President of the Federal Republic, President Umaru Musa Yar’ Adua has directed the Minister of Finance and the CBN governor to liaise with the Attorney General of the Federation, the National Assembly and other relevant stakeholders with a view to fast_tracking the process of establishing an Asset Management Company.

The formation of this company should facilitate an improvement in banking sector liquidity, protection of the earnings of banks from further erosion and a reduction of the debt overhang on the capital market and its participants.

This should provide a much-needed fillip for the revival of the Nigerian Capital Market.

“With the conclusion of the bank audit exercise, we have come to the end of the first phase of the process of restoring financial sector stability.

Ongoing action will focus on building capacity within the regulatory regime; fast-tracking the implementation of risk-based, consolidated and cross border supervision frameworks; easing the flow of credit, particularly to the real sector of the economy; improving governance structures and practices in the financial services sector; and improving confidence in the economy in general,” the CBN said.

CULLED FROM VANGUARD