Banking
Ecobank Denies Owing Anambra Tax Office
By Dipo Olowookere
Ecobank Nigeria Limited has reacted to closure of its branches in Anambra State on Thursday, June 1, 2017, by the local tax office based on a purported Exparte Court Order on account of Legacy Oceanic Bank alleged PAYE back tax for the period between 2006 and 2011.
In a statement issued on Friday, the lender said it was not indebted to the Anambra State Board of Internal Revenue as alleged.
The bank noted that it has “not contravened any law in Anambra State, known to us, for which our branches should be stopped from operations and we remain amenable to working with the State Government within the ambit of the law.”
In the statement, the financial institution said as a law abiding organisation, it “has paid all taxes assessed due and payable to the Anambra State Government.”
“The bank’s tax consultants had been and are still engaging the State Internal Revenue Service in respect of the purported tax claims. We have since provided evidence of payment made in respect of the tax assessment based on the provisions of the law,” the bank said.
“Meanwhile, officials of the court, based on a writ of attachment served on the bank reflected an unjustifiable tax claim which basis they closed down branches of the bank in Anambra State. The bank will continue to engage the Internal Revenue Service for an amicable resolution,” Ecobank said.
The lender apologised to its “customers for the inconvenience of this closure and wish to assure all stakeholders that Ecobank continues to operate its banking business across the country in a transparent and ethical manner.”
By Modupe Gbadeyanka
Customers of Stanbic IBTC Bank have been applauded for embracing a savings culture despite tough economic climes.
This commendation was made recently at the live draw for the Reward4Saving Promo Season two held in Lagos, where 70 more customers who met the minimum saving criteria across seven regions were rewarded with cash prizes.
The promo, launched in 2022, aims to encourage a savings culture among customers and reward the same habit. The campaign is open to all Stanbic IBTC Bank customers who have saved a minimum of N10,000 in their Stanbic IBTC Bank savings account for 30 days. The cash reward prizes range from N100,000 to N2 million.
As part of the bank’s effort to ensure a transparent and fair process, regulatory officials and the media attended the selection of winners through a live draw.
While speaking at the event, the Head of Consumer Clients at the lender, Ms Sadiya Ojo, reiterated the bank’s commitment to continue to reward its customers for their dedication and loyalty.
She also assured that the company would continue to provide innovative financial solutions that meet its customers’ needs.
“Stanbic IBTC has rewarded over 700 customers with N100,000 since the commencement of the Reward4Saving Promo Season two. We still have one monthly draw, one quarterly draw, and the grand finale before the promo ends.
“We actively encourage customers to build healthy financial habits and get more money as a reward for succeeding,” Ms Ojo said.
On his part, the Head of Data Enablement and Insights at Stanbic IBTC Bank, Mr Kolawole Adebayo, appreciated the regulatory authorities’ support and guidance in ensuring a fair process, noting that deploying technology enables the selection to be made through best practices.
“We carry out these draws using computerised technology. We see all the processes, from client transactions to data collection, applying all the business cases presented to the point where the algorithm pushes data into the draw machines.
“All of these are without human manipulation too. This process speaks to the transparency in our process to give every qualified customer an equal chance to be winners,” he said.
To participate in the promo, customers can download the Stanbic IBTC mobile app, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet and save at least N10,000 for 30 days.
The Reward4Saving Promo is one of the many initiatives introduced by Stanbic IBTC to reward its customers and encourage a savings culture in Nigeria.
By Aduragbemi Omiyale
As part of activities to mark 2023 Global Financial Literacy Day, Wema Bank Plc this week organised a financial literacy programme for students across all states it operates.
The innovative financial institution said the financial literacy sessions for secondary school students aligned with its commitment to championing financial literacy for the next generation.
The Deputy Managing Director of Wema Bank, Mr Wole Akinleye, who led the financial literacy session at Yola Model School, Adamawa State, encouraged the students on the importance of developing financial literacy as a life skill.
Speaking on the significance of Financial Literacy Week, Mr Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions.
“Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability,” he noted.
It was gathered that students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, and donating for positive societal impact, amongst others.
The idea, according to a statement from the lender, is to instil an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.
The 2023 Global Financial Literacy Day was themed Plan your Money, Plant your Future.
Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals.
Wema Bank Plc reaffirmed its commitment to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.
By Adedapo Adesanya
Banking regulators have approved the merger between Access Bank Zambia Limited and African Banking Corporation Zambia Limited.
Access Bank Plc announced on October 25, 2021, that it had executed a binding agreement with Altas Maras Limited on a proposed merger between African Banking Corporation Limited (Atlas Mara Zambia) and the bank’s subsidiary in Zambia, Access Bank Zambia.
This was contained in a notice filed by the company by Mr Oyelola Oyeleye, the group’s company secretariat and Mr Sunday Ekwoche, its company secretary, on the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities on Friday.
“We are pleased to announce that Access Zambia has received final regulatory approval from the Central Bark of Zambia for the acquisition and merger of Atas Mara Zambia into its existing operations (the Transaction),” the statement read.
It was disclosed that The Central Bank of Nigeria (CBN) and the Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “no objection” to the transaction in 2022.
Following this new development, Access Zambia said it would move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia.
The transaction is expected to be completed in the third quarter of this year.
