Connect with us

Banking

Ecobank Attracts Nigerians Abroad With Competitive Interest Rates

Published

on

ecobank customer forum

By Aduragbemi Omiyale

Mid-level lender, Ecobank Nigeria Limited, is offering Nigerians living abroad highly competitive interest rates on mortgage loans, investment in the money market, capital market, real estate and treasury products.

The Head of Consumer Banking at Ecobank Nigeria, Mrs Olukorede Demola-Adeniyi, explained that the bank came up with these exciting offerings to support Nigerians in the diaspora.

She said the lender is ready to assist them to finance property ownership in the country, stressing that the terms and conditions are flexible and easily accessible and encouraged them to open a domiciliary account with the bank to access the various opportunities as the packages can also be accessed via Naira accounts.

She said the bank offers financial planning advisory including information on stocks, bonds, real estates and insurance products, in addition to helping customers retrieve outstanding dividends and missing shares.

Mrs Demola-Adeniyi advised them to open a multi-currency online account in Naira, GBP, USD and EURO, adding that they can also download the bank’s mobile banking app, Ecobank Mobile, which is available on app stores to enjoy real-time access to their accounts from the comfort of their home.

“We offer loans for outright purchase of completed properties and refinancing of existing homes. Our financing solutions also provide access to a range of respected property vendors that they can choose from to achieve their desired accommodation.

“We allow up to 10 years tenor at highly competitive interest rates. However, the borrower must be a legal resident of the country they are applying from.

“As a bank, we want to eliminate the associated challenges faced by hardworking Nigerians who are interested in having properties of their own at home here,” she said.

“You can download the Rapidtransfer app to send money home and your beneficiary can pick up USD cash at any Ecobank branch nationwide or have it directly credited into their Ecobank domiciliary account.

“You can also send money through any of our remittance partners such as Ria and Small World for cash pick up and direct credit.

“Other partners such as Western Union and MoneyGram are available for cash pick up only. You can wire funds directly to your foreign currency account through our correspondent bank in USD, GBP and Euro,” Mrs Demola-Adeniyi added.

The banker noted that Ecobank is actively driving the Naira for Dollar scheme of the Central Bank of Nigeria (CBN) which offers N5 on every dollar received over the counter or into an account.

Customers who wish to receive their funds into their account will get one opened automatically in a seamless manner.

She encouraged Nigerians at home to inform their family and friends abroad to take advantage of this initiative so they can earn extra cash on their remittances.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Click to comment

Leave a Reply

Banking

First Bank Reacts to Rumoured ‘Acquisition’ by Otedola

Published

on

First Bank Otedola

By Dipo Olowookere

One of the news items that has dominated the business space in the past few days is the rumoured takeover of FBN Holdings Plc, the parent company of First Bank of Nigeria (FBN) Limited, by Mr Femi Otedola, a businessman in the country.

It was reported that he has ‘acquired’ the lender by pumping about N30 billion into the shares of the company at the stock market, making him the single largest shareholder.

This was linked to the recent rise in the trading volume and value of FBN Holdings equities at the Nigerian Exchange (NGX) Limited, which has spurred questions from various quarters.

But in a statement issued on Friday, the management of FBNH said it was not aware of the businessman emerging as its new shareholder, though it pointed out this could have happened as its shares are always available for purchase at the market by anybody.

In the notice signed by the company secretary, Seye Kosoko, the bank said once it receives notification from Mr Otedola, it will promptly inform the regulators about it as required.

“The attention of FBN Holdings has been drawn to media reports today, October 2021, purporting that a certain individual has acquired a significant shareholding interest in FBN Holdings, therefore making him the majority shareholder of the company.

“As a listed company, shares of FBN Holdings are publicly traded and sale and acquisition of shares are expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report of such acquisition. FBN Holdings will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholdings by the shareholders and the company’s registrars,” the disclosure read.

Continue Reading

Banking

Femi Otedola Quietly Takes Over First Bank

Published

on

Femi Otedola First Bank FBN Holdings

By Aduragbemi Omiyale

There are reports that a billionaire businessman, Mr Femi Otedola, is coming back into the capital market on a big scale a few years after he offloaded his stake in Forte Oil, 75 per cent, which later became Ardova Plc under its new owners.

It is believed that business mogul has pounced on the crisis at FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, which also recently had a board crisis, to take over the company.

According to reports, which is yet to be independently verified by Business Post, Mr Otedola, son of a late Governor of Lagos State, Sir Michael Otedola, is now the single majority shareholder of the first generation lender in Nigeria.

He is said to have acquired N30 billion worth of the company’s equities at the Nigerian Exchange (NGX) Limited, where the firm is listed.

In recent times, there has been an upward movement in the share price of FBN Holdings at the stock market and this has raised many eyebrows as some investors were asking what was driving the hike.

Mr Otedola is not new to the boardroom and it is believed that his entry into the banking space would cause a disruption and make him rub shoulders with renowned bankers like Mr Jim Ovia of Zenith Bank Plc, Tony Elumelu of United Bank for Africa (UBA), amongst others.

Some months ago, many observers were shocked when the Central Bank of Nigeria (CBN) sacked the boards of FBN Holdings and First Bank of Nigeria Limited and it was learnt that the financial institution has been on the life-support of the regulator.

The FBN Holdings board led by businessman, Mr Oba Otudeko was asked to leave and the CBN further ordered the bank to ensure that the debts owed by the directors, including Mr Otudeko, who sits on the board of Honeywell Flour Mills Plc, should be recovered.

A few months after this directive, shares of FBN Holdings and Honeywell have enjoyed a significant rise in value, causing people to ask questions.

If the latest information is correct, it would mean that Mr Otedola was likely the reason for the uptick witnessed in First Bank stocks at the exchange lately.

It means he will have a good representation on the board of the lender and turn its fortunes around.

First Bank is yet to officially inform the investing public about this development.

Continue Reading

Banking

Heritage Bank in Debt Crisis, Reps May Order CBN Takeover

Published

on

Heritage Bank CEO Ifie Sekibo

By Aduragbemi Omiyale

The banking industry in Nigeria may be plunged into another crisis if urgent steps are not quickly taken to address the issue so as to douse the looming tension.

Business Post reports that a few years ago, precisely in 2018, depositors and shareholders of Skye Bank were in a panic mood after the Central Bank of Nigeria (CBN) nationalised the lender to Polaris Bank Limited because of debts and the House of Representatives on Thursday raised an alarm that another financial institution, Heritage Bank, is allegedly swimming in huge debts.

The lower chamber of the National Assembly had invited the bank and its Managing Director, Mr Ifie Sekibo, to explain why the amount the company owes the federal government is more than its share capital, but he has failed to honour the request.

This action has infuriated the parliament, which has threatened to direct the CBN to take over the ownership of Heritage Bank if Mr Sekibo and the bank ignore their latest invite next Wednesday.

Mr Adejoro Adeogun, Chairman of the Adhoc Committee on Assessment and Status of All Recovered Loots, Moveable and immovable Assets from 2002 to 2020 by agencies of the federal government for Effective and Efficient Management and Utilisation, issued this threat at the resumed hearing of the committee yesterday.

“I need to send this message to Heritage Bank that we are not comedians here and we are not joking here. If Heritage Bank owes Nigeria more than its share capital, we will not hesitate to ask the National Assembly to write to CBN to take over Heritage Bank.

“They cannot be owing more than their share capital and feel too big to respond to invitations from the National Assembly. Clerk, you have to write them, give them till Wednesday next week. That is the last time we are going to give them,” an angry Mr Adeogun barked.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: