Banking
Bank Customers Condemn Vilifying Posts About FCMB on Social Media
**Legal Expert Says Bank Can Take Action Against Peddlers
The Bank Customers Association of Nigeria (BCAN) late Sunday detested in unequivocal terms the attempt by some social media commentators and publishers to disparage the image of the First City Monument Bank (FCMB) in the face of the ongoing controversies over alleged extra-marital affairs of the bank’s Managing Director, Mr Adam Nuru, describing the act of the commentators as unjustifiable.
The National President of the umbrella body of bank customers in Nigeria, Dr Uju Ogubunka, in a chat with BRTNews.ng, condemned the ongoing efforts of some agents on social media platforms to denigrate the FCMB brand through photo-shopped posts that don’t represent the ideals the bank had been noted for over the years.
The chartered banker and former Registrar/Chief Executive Officer of the Chartered Institute of Bankers of Nigeria (CIBN), while reacting to enquiries by our correspondent on the alleged infidelity of the bank’s chief and raging calls for his sack and other issues relating to the saga, said most of the calls were not logical when analysed within the context of professionalism and implications for the financial system.
According to him, since the issues being raised remain just allegations, there is need for everyone to wait until investigations promised by the bank’s board on the matter are completed and the findings made known that passing judgment on the embattled Mr Nuru can be reasonable.
He said: “This is, according to you, an allegation. No right-thinking person relies on the allegation to take action. Perhaps, the exception is investigative action. As per the question on people calling the CBN to sack the MD, CBN is not the employer of the CEO. So, action, if there is any to be taken, is not for the CBN to take.
“Again on the denigrating postings by some Nigerians or commentators on social media about FCMB, I want to say it is not the business of bank customers to take a position on issues that are said to be allegations. So, it will be honourable for BCAN members to ‘mind their business’
“The Nigerian banking industry has a Code of Ethics which can situate the issue when or if investigated and results show a breach of the ethical code. I suggest that premium should not be placed on the unverified and unconfirmed “allegation”. Science and technology have advanced that determination of paternity can easily be ascertained.
“There is no need to tarnish or damage peoples’ and institutions’ names, based on the allegation(s)”, Mr Ogubunka stressed.
Over the past few days, some social media abusers and commentators have thrown caution to the winds by ‘photo-shopping’ the FCMB logo and inscribing ‘Your wife and I’ rider on it thereby portraying the bank in bad light.
Commenting on such acts from a legal perspective, a legal practitioner, who spoke on the condition of anonymity, said “all those engaging in that type of act are actually ignorant of the law.
“In all honesty, such acts are libellous and if the FCMB board or even shareholders decide to take legal action against any of them, including those sharing such detestable messages through their platforms, they will all be in serious trouble.
“For God sake, how could anybody descend so low to be tampering with the image of a legal person all in an attempt to validate an allegation against the MD which is yet to be legally proved?” the lawyer queried.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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