Banking
Unity Bank Rubbishes Presidential Panel’s N7bn Debt Claim
By Modupe Gbadeyanka
Last week, the Special Presidential Investigation Panel for Recovery of Public Property (SPIPRPP) alleged that tier-two Nigerian lender, Unity Bank Plc, owes Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria about N7 billion.
The panel had then threatened to take appropriate actions to recover the money from the financial institution.
However, in a statement, the lender said the allegation by the committee was not only false, but “unfounded.”
“We want to categorically state that the allegation by the Panel is false and unfounded,” the statement from the company emphasised.
Unity Bank explained that in September 2018, a team from the SPIPRPP visited the bank as part of “special” investigation into the banking transactions of the government between 2009 and 2018.
“This culminated in a total of three (3) meetings held with the Panel on January 24, 2019, on January 31, 2019 and February 6, 2019 within the premises of the Federal Ministry of Justice, Abuja.
“At the meetings, the panel requested the bank to provide certain information and solely relied on the information provided for the ‘special’ investigation.
“Throughout the review, the Panel refused to invite the MDAs to any of the meetings to corroborate the bank’s records neither was any adhoc investigative process initiated to validate the SPIPRPP findings. Nonetheless, the bank cooperated fully with the panel.
“The panel in an earlier letter requested the bank to accept culpability and pay off a certain sum deemed outstanding which the bank objected and insisted on completing the reconciliation exercise on the basis that the claims presented against the bank were unfounded.
“Instead, the panel unilaterally halted the reconciliation exercise by refusing to admit further documentary evidence from the bank establishing that there were no balances kept in its books for the MDAs.
“The bank’s reconciliation team were made to sign a register of attendance at every reconciliation meeting, and at no time did the team admit to any liability because the process was still on-going and inconclusive,” the statement signed by its scribe, Mr Mohammed Shehu, said.
Continuing, the bank said, “It is therefore surprising for the SPIPRPP to do a volt face and issue a statement alleging sabotage when it abandoned its sitting and investigation whilst reconciliation was still ongoing with the bank.
“Furthermore, while noting the constitutional power of Revenue Mobilization and Fiscal Allocation Commission (RMFAC) as the sole agency of government to investigate, review, reconcile and collect revenue for government, Unity Bank cooperated fully SPIPRPP and its consultants in the investigation process in demonstration of its non-culpability.
“Throughout the process, the bank acted in good faith and as a responsible corporate entity. The bank therefore hereby states its commitment to prove that it does its banking transactions transparently and in compliance with extant banking regulations and at no time took charges on the MDAs outside the requirements of the Bankers Tariff, which guides banking operations in Nigeria.
“It is instructive to note that Unity Bank transferred all the balances of the MDAs in its books to the Central Bank of Nigeria (CBN) as far back as 2016, in line with the directive of the Federal Government of Nigeria.
“The bank further reiterates that the allegations of SPIPRPP are unfounded.
“Unity Bank vehemently refutes these allegations as a misrepresentation of the bank’s position in the reconciliation exercise.
“We hereby call on our customers and the general public to disregard the allegations.”
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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