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Eveline Tall Daouda Quits Ecobank as Deputy CEO



Eveline Tall Daouda Quits Ecobank as Deputy CEO

Eveline Tall Daouda Quits Ecobank as Deputy CEO

By Modupe Gbadeyanka

The exit of Ms Eveline Tall Daouda from Ecobank as the Deputy Chief Executive Officer has been announced.

Ms Daouda is proceeding on an early retirement on Tuesday, January 31, 2017 after spending about two decades at the institution.

A statement issued by Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, disclosed that the “stellar professional” banker was leaving the company after two decades.

In the statement signed by the company’s chief spokesman, Mr Richard Uku, Ms Daouda was described by the Group CEO, Mr Ade Ayeyemi, as a “stellar professional who has built a reputation as an outstanding banker and influential leader.”

Mr Adeyemi pointed out that throughout Ms Daouda’s career, she has been “nothing short of the quintessential banker, one whose savvy and experience has helped grow our institution to the pan-African banking leader we are today.”

The bank boss said the retiring banker has “developed, coached and mentored many staff, some of whom now occupy senior leadership positions across the Ecobank Group.”

“She has contributed in no small measure to the development of human capital, actualising a key purpose of Ecobank, which is to build pan-African professionals who are true models to emulate,” he was quoted as saying in the statement.

During her banking career, Ms Daouda received wide recognition as an eminent African professional.

In 2013, Jeune Afrique magazine recognised her as one of the 25 most influential women in business in Africa. In 2014 and 2015, Forbes Africa nominated her as one of the top 100 most influential women in Africa.

The following year, Jeune Afrique again acknowledged her as one of the 50 most influential women on the continent and in 2016, the magazine again identified her as one of the top 50 most influential women on the continent.

As a graduate of English with a diploma in Business Management and Administration, Ms Daouda began her banking career with Citibank, working with that organisation for 17 years before joining Ecobank in 1998.

Since then, she has played a pivotal leadership role in Ecobank’s evolution. She successfully opened Ecobank Mali as deputy managing director in 1998 and in 2000 became its managing director, making her the first female managing director of a banking affiliate in the Ecobank Group.

She then went on to overhaul operations in Ecobank Senegal, which she managed for five years, later becoming regional director for the UEMOA zone and successfully consolidating the bank’s position across the region.

It is to her credit that Ecobank’s West African Economic and Monetary Union (UEMOA) zone affiliates remain on a consolidated base and a number one position throughout the region till today.

As Chief Operating Officer (COO), Ms Daouda managed the expansion of the Ecobank Group from

2010 to 2016.

In 2011, she was also appointed deputy group CEO. Her management of the company’s expansion involved, in part, consolidating acquisitions in some target countries like Zimbabwe and Mozambique and ensuring their successful integration into the Ecobank Group.

She also obtained banking licences and successful openings for Ecobank Equatorial Guinea and Ecobank South Sudan, as well as a representational office in Ethiopia.

By the end of her stewardship as COO in early 2016, the total balance sheet for the 33 Ecobank banking affiliates in Africa that Ms Daouda supervised stood at over $20 billion.

As COO, she successfully managed crises for affiliates during politically turbulent periods in Mali, Côte d’Ivoire, the Democratic Republic of Congo and the Central African Republic.

Her leadership ensured business continuity, maximum protection for Ecobank employees and minimal impact for the bank during these crises.

Ms Daouda, in her last role in the Ecobank Group as deputy CEO and chief regulatory officer, established the function responsible for protecting the Ecobank Group’s franchise and a high level regulatory relationship management.

She brought her vast experience in banking and governance to bear on several Ecobank affiliate boards. She represented ETI as the major shareholder on the boards of the eight countries of UEMOA and Cape Verde from 2005 to 2010 and on the boards of Ecobank Côte d’Ivoire, Kenya, Ghana, Cameroun and Zimbabwe from 2010 to 2016.

In an internal communication to staff, Mr Ade Ayeyemi said, “After a successful career, Eveline is leaving the Ecobank Group to pursue, among other things, her lifetime passion of developing, inspiring and empowering African women. She will apply her vast experience to deepen the advocacy for women entrepreneurs.”

“We owe Eveline an immense debt of gratitude for everything she has given to Ecobank over the years. She has valiantly served this organisation and her continent, and she will always stand out among the amazing professionals who have come through the doors of our institution,” Mr Ayeyemi further said.


Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.


Nigerian Banks Immune to Global Banking Jitters—Emefiele Assures



Nigerian Banks

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured that Nigerian banks are not directly exposed to the Silicon Valley Bank crisis and, by implication, the wider global banking jitters.

The CBN Governor made this statement when responding to questions after the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.

Mr Emefiele stated that Nigerian banks are healthy, having met all the prudential guidelines it set for the financial system.

According to the CBN chief, Nigerian banks have already implemented the CBN prudential guidelines, such as its cash reserve ratios, capital adequacy ratios, non-performing loans (NPL), and liquidity ratios.

There have been concerns about the health of the global financial system in the aftermath of the March 10 collapse of Silicon Valley Bank.

According to the CBN Governor, the apex bank conducted a review of all the bond portfolios of Nigerian banks and determined that none of them was exposed to the failed bank.

He suggested that Nigerian banks are ultimately owned by bank depositors and not shareholders.

“We will rather dispose of shareholders than make depositors lose money,” suggesting that bank customers had more no loss in banks than their shareholders.

He, however, did not speak to exposure to other banks currently caught in the line of fire, such as Credit Suisse.

US regulators had stepped into the trouble following the troubles in SVB and Signature Bank by guaranteeing deposits earlier this month.

However, the collapse of Credit Suisse over the weekend reignited fears of contagion across the financial sector.

Unlike SVB, a mid-tier bank, Credit Suisse is a top financial organisation – big enough that it is among 30 banks considered to be of systemic importance to the global economy.

UBS agreed to buy its embattled rival Credit Suisse for $3.2 billion on Sunday, with Swiss regulators playing a key part in the deal as governments looked to stem a contagion threatening the global banking system.

The terms of the deal will see Credit Suisse shareholders receive 1 UBS share for every 22.48 Credit Suisse shares they hold.

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To Make e-Payments More Acceptable, Nigeria Needs to Curb Fraud



e-payment Victor Irechukwu

By Victor Irechukwu

When a credit alert drops on your phone, chances are you will get excited. Even if it wasn’t a surprise and you were expecting that money. But when it is a debit alert, there’s also a certain type of gloom you feel; you want money to keep coming in but as little as possible of it going out.

It may be safe to say most of us feel that way.

Now, imagine the debit alert was for a transaction you know nothing about. A commonly reported theme has been alerts that your card was used to make deposits on a gambling website, whereas you may never have even indulged in gambling your entire life.

At other times, you are shown a debit alert by someone who wants to purchase goods or services from you, but only later realise they showed you what has now been termed ‘fake alerts’. By this time, your goods, for instance, would have been long gone.

In recent months, social media has been awash with reports of money literally growing wings and leaving some people’s accounts to those of other people without authorisation. Many of these cases have gone viral on social media, causing embarrassment for the banks involved – The issues are either quietly – or corrected with public acknowledgement. But not all are resolved, at least not yet.

As much as the country and even individuals would like to go cashless, these bad experiences leave a sour taste in the mouth, and they have continued to rain on the parade as Nigeria marches towards a cashless economy. It must be stressed that a cashless economy does not mean the theft of money will stop, what it does is to change how thieves go about it. But more importantly, it also doesn’t mean thefts must occur, at least not if systems are strengthened and the right protocols are put in place.

In the electronic world, an article on The Balance Money describes hackers as bank robbers and muggers, and in a cashless society, we are all exposed to them. According to the Nigeria Inter-Bank Settlement System Plc (NIBSS), growth in the use of electronic channels, specifically mobile devices, has also enticed fraudsters into focusing their efforts on these electronic channels.

When an attack is successful and the culprits are able to drain funds from your account, you could be effectively left stranded. God forbid you needed that money for a life-threatening emergency because that could be the end unless you are one of the lucky few whose funds get recovered in a place like Nigeria – and on time too.

Agusto & Co.’s ‘2022 Consumer digital banking satisfaction index for Nigerian banks’, found that approximately 59 per cent of respondents had been fraud victims on the digital platforms of their banks.

The figures in terms of the number of attacks, success rate and amounts lost remain a source of concern. By the third quarter of 2022, the total number of frauds & forgeries cases reported by Nigerian banks was 19,314 as against 27,356 incidents reported in the second quarter of 2022.

But there’s more. While the number of attacks represents a 29.40 per cent decrease between the periods, the total sum reported to be involved in fraud cases increased by 9.50 per cent to N9.62 billion from N8.78 billion in Q2 2022. Also, for the total amount lost due to fraud incidents, there was a significant increase of 207.94 per cent from N1.17 billion in the second quarter of 2022 to N3.62 billion in the third quarter of 2022.

In essence, the number of attacks may have decreased within that particular period, but more money was lost to the fraudulent attacks.

These insights were provided in the Q3 2022 report by FITC, an organisation mandated to receive data on fraud from all Nigerian banks and prepare quarterly reports. The figures show that the highest number of occurrences were recorded under computer/web fraud followed by mobile fraud which includes fraud activities through USSD transactions and ATM-related fraud.

BusinessDay even reported that every day between January and March 2022, there was an average of 450 incidents of frauds and forgeries against Nigerian bank customers. In those three months, the attackers targeted N14.65 billion, with Computer/Web Fraud responsible for N10.57 billion (72.18 per cent), and Mobile Fraud recording 1.48 billion (10.08 per cent).

Those 40,522 attacks resulted in N1.54 billion lost by bank customers. Computer/Web Fraud accounted for 70.51 per cent (N1.07 billion), followed by Mobile Fraud accounting for 17.58 per cent (N270.92 million) at the time.

Going back a bit, data by NIBSS also showed that fraud attempts via mobile channels saw a 330 per cent increase year-on-year (YoY) between 2019 and 2020, while attempts via web and POS channels saw a 173 per cent and 215 per cent increase YoY. In those nine months, 96 per cent of the attacks were successful, and there were 46,126 of such attacks.

“This trend is expected to continue as Nigeria further grows financial inclusion and customers become increasingly dependent on electronic channels for their day-to-day transactions,” said NIBSS. In other words, things are expected to get a lot worse, according to the organisation described as Nigeria’s central switch for the financial industry.

Fraud is and has always been a large threat to commerce and e-payment transactions. It is impossible to totally eliminate the chance of fraud, but applying timely measures and ensuring the use of secure payment infrastructure can help reduce or even eliminate these risks. Security should continue to be top priority for every party involved in ePayment transactions. Fraud prevention involves taking measures to stop fraud from occurring and taking steps to detect frauds quickly (when they occur) and stop them as soon as possible. Different techniques for preventing and detecting frauds are required as there are different types of fraud in e-payment transactions.

Awareness of these risks by merchants, consumers and individuals plays an important role in reducing fraud in e-payment transactions. Merchant awareness and education is important – they should be aware of the types of frauds, implications and application of best practices. Consumer awareness and education is also important in order to reduce identity theft or payment data theft. This would help the individual in adopting an active and cautious attitude when carrying out electronic transactions. It could teach them to be aware of possible risks, avoid e-scams, and minimise giving vital information to merchants (or other parties) when carrying out electronic payments.

Victor Irechukwu is the Head of Engineering at OnePipe

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NGX RegCo Sanctions Infinity Trust Mortgage Bank Over Price Sensitive Info



Infinity Trust Mortgage Bank

By Dipo Olowookere

The Nigerian Exchange (NGX) Regulation Limited has sanctioned a leading lender for the real estate sector, Infinity Trust Mortgage Bank Plc, for violating one of its listing rules.

In a regulatory document obtained by Business Post over the weekend, the mortgage bank was accused of failing to “disclose the confirmation of the appointment of the new Managing Director of the bank,” which the regulator could have an impact on the share price of the organisation on the stock exchange.

Last month, Infinity Trust Mortgage Bank, in a statement, announced the appointment of Mr Sunday Olumorin as its Managing Director, succeeding Mr Olabanjo Obaleye, who completed his tenure as the head of the company.

In the notice, the financial institution said the appointment, which was in line with its succession plan, was confirmed by the Central Bank of Nigeria (CBN) on June 15, 2022.

“Having held various senior executive roles with the bank, Olumorin (an executive director in the bank) brings over 20 years’ experience of working across all areas of mortgage, finance, investments, consulting and real estate in Nigeria,” the statement said in part.

This development did not go down well with NGX Regco, which stated that the announcement went against “Rule 17.5: Price Sensitive Information, Rulebook of the Exchange 2015 Issuers’ Rules.”

In view of this, the regulator has forced the company to undergo mandatory compliance training (MCT)

According to the NGX, every listed company is required to provide timely information to enable it efficiently perform its function of maintaining an orderly market.

In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of NGX, 2015 (Issuers’ Rules) and NGX’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on publication of announcements or press releases via the issuers’ portal, listed companies are required to obtain prior written approval from NGX RegCo before publications that affect shareholders’ interests are made in the media or via the issuers’ portal.

Also, NGX RegCo sanctioned Multi-Trex Integrated Foods Plc with an MCT for violating Rule 19.6: Submission of Notice and Other Information Documentation to the Exchange; Rulebook of the Exchange 2015, (Issuers Rules), as Guinea Insurance Plc was fined N453,600 for failing to “utilize the issuers portal to file sensitive information.”

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