Banking
CIBN to Revamp Banking Practice in Nigeria With A-TEAM Initiative

By Aduragbemi Omiyale
A strategic initiative aimed to revamp banking practice in Nigeria has been introduced by the Chartered Institute of Bankers of Nigeria (CIBN).
The new plan with the acronym A-TEAM means Accelerated Development; Technology and Digital Enhancement; Engagement for Growth; Accountability and Transparent Leadership and Membership Drive for Value.
As part of efforts for its successful implementation, the CIBN is seeking collaborations with financial institutions in the country.
Recently, the President/Chairman of Council, CIBN, Mr Bayo Olugbemi, visited Ecobank Nigeria and he said the A-TEAM initiative will benefit stakeholders in the banking sector.
He applauded Ecobank’s consistent support for the institute over the years to ensure the realisation of its mandate of determining the standards of knowledge and skills development for those seeking to become members of the banking profession.
“We applaud Ecobank Academy as the first corporate member to become a member of the Global Business School Network and for the consistent support for the realisation of the institute’s mandate of determining the standards of knowledge and skills to be attained by persons seeking to become members of the banking profession.
“We, therefore, seek Ecobank’s collaboration and enlistment in our Endowment/Prize Awards in any subject of interest; support towards the renovation of Abuja Bankers’ House; support for the establishment of banking museum by donating artefacts and other relevant materials; and to participate actively in training programmes of the institute,” Mr Olugbemi said.
Further, he congratulated Ecobank Nigeria and the Ecobank Group on winning several International awards, which includes the Best Retail Bank in Nigeria by Asian Banker; Africa’s Best Bank for Corporate Responsibility by Euromoney (Ecobank Group); African Bank of the Year (African Banker); Innovation in Financial Services Award from African Banker (Ecobank Group); EMEA Finance African Banking Awards 2020.
Responding, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, pledged more support and collaboration with the institute, restating that Ecobank will continue to contribute to the efforts of the organisation to become top class and remain relevant globally.
“For us at Ecobank, we are extremely proud CIBNs efforts at ensuring public discourse on the future of the Nigeria economy and the banking and finance industry.
“This is not in isolation of the ethics, professionalism, accountability, transparency, good corporate governance without losing focus of harnessing the opportunities technology has provided in the new world order. Be assured of our maximum support and collaboration at all times,” he said.
Mr Akinwuntan also identified with the efforts of the institute to raise the bar of competency and capacity building in the industry, stressing that with sound professional conduct, every banker will be held in high esteem.
He said Ecobank was working assiduously to ensure a majority of its staff become members of the institute, adding that the bank will also provide more mentees and mentors in its mentorship programme.
“We have a medium to long term programme to ensure all Ecobank Nigeria staff become chartered members of the institute.
“At Ecobank, we take human capacity development very seriously. Some of our staff that wrote the last examinations are now chartered members of the Institute.
“We will also ensure bulk subscription of our staff. We will be nominating 30 mentors and 100 mentees to participate in the second mentorship programme,” he assured.
Banking
Abbey Mortgage Bank Shareholders to Meet May 28 for Dividend Payment, Others

By Aduragbemi Omiyale
Shareholders of Abbey Mortgage Bank Plc will meet on Wednesday, May 28, 2025, for their yearly gathering to discuss the dividend payment proposed by the board and other issues.
The financial institution confirmed the date for the 33rd Annual General Meeting (AGM) in a statement made available to Business Post through its representatives.
The lender, which reaffirmed its commitment to providing long-term value to its customers and shareholders, said the AGM would hold virtually by 11:00am, promising to provide further details for participation on its website and official communication channels in the coming days.
This year’s AGM will provide an important platform for the bank to engage with shareholders, present its audited financial statements for the year 2024, and also discuss key milestones, governance decisions, and strategic goals for the future.
The meeting will also include the presentation of its financial report, dividend payment, discussion on business growth strategies and expansion. It will also serve as a forum for shareholder engagement and feedback.
In the statement signed by its Managing Director, Mr Mobolaji Adewumi, the company expressed its reflection to build on accountability, transparency, and the trust of stakeholders.
“The AGM represents more than an annual tradition, it is a reflection of our accountability, transparency, and the trust we continue to build with our stakeholders.
“We look forward to sharing our progress and vision for the future with our shareholders and the broader community,” the bank, which pledged to continue to play a leading role in the growth and development of Nigeria’s mortgage banking sector, stated.
Banking
Fidelity Bank’s Pre-Tax Profit Rises 167.8% in Q1 2025

By Aduragbemi Omiyale
At the close of the first quarter of 2025 on March 31, the pre-tax profit of Fidelity Bank Plc stood at N105.8 billion, 167.8 per cent higher than the 39.5 billion achieved in the same period of 2024.
This information was contained in the financial statements of the company released to the Nigerian Exchange (NGX) Limited recently.
The top-line of the results was also impressive as the gross earnings went up by 64.2 per cent to N315.4 billion from N192.1 billion.
The lender also witnessed growth in interest income, primarily led by a 38.6 per cent year-on-year and 7.4 per cent year-to-date expansion in earning assets base.
In addition, the non-interest revenue was increased between January and March 2025, driven by FX-related income, trade and commission on banking services, supported by increased customer transactions.
Further, total deposits grew by 11.1 per cent ytd to N6.6 trillion from N5.9 trillion in December 2024, driven by 10.6 per cent ytd growth in low-cost deposits to N6.1 trillion, which represents 92.2 per cent of total customer deposits.
In the same period, local currency deposits jumped by 2.0 per cent ytd as foreign currency deposits surged by 21.4 per cent to $2.3 billion from $1.9 billion in December 2024.
Also, net loans and advances were up by 5.0 per cent ytd to N4.6 trillion, with growth in the bank’s loan book skewed to LCY loans as cost of risk declined to 0.6 per cent from 1.5 per cent in 2024FY.
“We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability.
“As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” the chief executive of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, said.
Banking
N50m Loan Fraud: Appeal Court Affirms Ex-banker’s Seven-Year Jail Term

By Aduragbemi Omiyale
The seven-year jail term slammed on one Mr Onyekachi Nwosu by Justice R. O. Dugbo Oghoghorie of Federal High Court, sitting in Independence Layout, Enugu on January 14, 2021, has been affirmed by a unanimous judgement of a three-member panel of the Appeal Court delivered by Justice Zainab Babe Abubakar.
The former employee of Guaranty Trust Bank (GTBank) was convicted and sentenced for his commission of over N50 million loan fraud.
Mr Nwosu was prosecuted by the Economic and Financial Crimes Commission (EFCC) on a nine-count charge, bordering on forgery and obtaining by false pretence to the tune of N50 million.
The convict, who was an account officer of one Anyaso Chinedu, owner of Floxy Aluminum Odiofele Products Limited, used a forged document titled An Application to Mortgage, Consent to Mortgage and Tripartite Legal Mortgage to deceive GTB into believing that one Mrs Adebimpe Foluke pledged her property as collateral for the said loan to Floxy Aluminium Odiofele Products Limited.
Investigations revealed that he benefited N40 million from the fraudulent act by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.
In the course of his trial, prosecution counsel, Mainforce Adaka Ekwu, an Assistant Commander of the EFCC, called four witnesses and tendered 16 exhibits which were admitted in evidence as Exhibit EFCC 1-16.
At the end of the trial, Justice Oghoghorie held that the EFCC proved its case beyond reasonable doubt and convicted and sentenced Mr Nwosu accordingly.
Dissatisfied with the judgement, the convict approached the Appeal Court, praying it to set aside the judgement of the trial court, while Ekwu, the prosecution counsel prayed the court to uphold the judgment of the High Court and dismiss the appeal on the grounds that “the prosecution proved its case beyond reasonable doubt.”
The appellate court set aside the convictions from the trial court on counts one to eight but upheld that on Count 9, which read, “That you, Onyekachi Nwosu, sometime in September, 2010 in Enugu within the jurisdiction of the Federal High Court of Nigeria, while being an officer of Guaranty Trust Bank and being connected with the grant of loan, knowingly processed and facilitated the grant loan of N50 million to Floxy Aluminum Odiofele Products Limited, received the sum of N40 million as personal gratification, out of the said loan after it was granted, thereby committed an offence contrary to Section 15 (1) (a) (iii) and punishable under Section 16 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap. F2 Laws of the Federation of Nigeria.”
The Appeal Court held that “the evidence of the First Prosecution Witness, PW1 corroborated the confession of the appellant that he collected N40million from the loan sum of N50 million granted to the third respondent (Floxy Aluminum Odiofele Products Limited).
The court held that, “The appellant has admitted that he collected N40 million from the loan sum, which has proved the last ingredient of the offence against the appellant. Consequently, the conviction of the appellant on this Count 9 of the charge by the trial court was in order, in my humble view.”
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