Banking
Access Bank Carpets ICPC Over Arraignment Story
By Dipo Olowookere
The management of Access Bank Plc has rubbished reports in some sections of the media that the bank and its official were recently charged to court by the Independent Corruption Practices and Other Related Offences Commission (ICPC).
The lender and its officials were reported to have been dragged to court over their alleged refusal to lift a Post-No-Debit (PND) order on the accounts belonging to Blaid Properties Limited and Blaid Construction Limited.
Reacting to the issue via a statement, Access Bank said the report, which it claimed contained misleading information, was mainly “calculated to embarrass the bank, its executives and stakeholders.”
The financial institution said it was not aware of “any criminal charge filed against it or any of its officers” neither has any of its officers been served with any criminal summons.
“The publications were calculated to harass and intimidate the bank and its officers for no just cause,” the statement noted.
It said, “As a responsible financial institution which conducts its business transparently within the confines of the law, we consider it imperative to state the following facts relating to the matter.
“Contrary to the publication, neither the bank nor any of its officers mentioned in the publication were arraigned by the ICPC as reported.”
Access Bank explained that, “The ICPC had on the January 18, 2017 instructed the bank not to allow any withdrawal from the Accounts which it was investigating at the time. The bank complied with the instruction by restricting the accounts.
“By another letter dated November 6, 2017, the ICPC instructed the bank to lift the PND on the accounts. In compliance with this second directive, the bank took steps to engage the customers to re-activate the accounts which had since gone dormant due to the restrictions earlier placed on them.
“However, by another letter dated November 9, 2017, the Special Presidential Investigation Panel on Recovery of Public Property directed the bank to place PND on the accounts. The Presidential Panel by its letter of November 14, 2017 subsequently, reiterated its earlier directive amongst others and invited officers of the bank to an interview with its instruction on the accounts.
“Again, by a letter dated November 28, 2017, the ICPC ordered the bank to lift the PND on the accounts stating that the order supersedes any order or orders placing PND on the accounts.
“The bank by its letter dated November 29, 2017 notified the ICPC that the PND was at the instance and request of the Presidential Panel and that there was a pending suit and application filed by the Federal Government of Nigeria, Attorney General of Federation and the Presidential Panel seeking to restrain the bank from releasing any funds from the accounts.
“The bank also notified the ICPC of court to transfer the funds in the accounts to the Registrar of the Federal High Court pending the determination of the suit filed by the Federal Government of Nigeria.
“The bank subsequently received an invitation from the ICPC addressed to its branches and not the Group Managing Director or any of the officers mentioned in the media publications. The bank honoured the invitation and there again reiterated the foregoing facts.
“Notwithstanding the clear facts presented by the bank, the ICPC demanded that the bank provide evidence that the PND had been lifted by Thursday December 7, 2017 failing which its officers would be detained.
“Being a responsible organisation, officers of the bank returned to the ICPC with an advice from the bank’s Solicitors again stating why the bank cannot lift the PND in disregard of the directive of Presidential Panel and the case in court in which the Federal Government and the Attorney General of the Federation in suit No FHC/ABJ/CS1114/2017 were seeking to restrain the bank from releasing funds in the accounts.
“Given what had transpired we were therefore rudely shocked to read the newspaper publications given fact that the bank and its officers have not done anything to warrant being charged for any offence.”
Access Bank said it was “at a loss as to how a government agency setup to fight graft would attempt to criminalize the bank and its officers for complying with the directive of the Presidential Panel to place PND on the accounts which are subject of pending suits.”
“We have stated the above facts to clear any misgivings or mischief calculated to embarrass or intimidate the bank. As a responsible corporate citizen, we remain committed to the ideals of good corporate governance, due process and rule of law,” the lender assured.
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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