Banking
First Bank Affirms Commitment to Corporate Governance
By Dipo Olowookere
First Bank Nigeria Limited has reiterated its commitment to the promotion and inculcation of sound business ethics in students of Nigerian universities as well as to continuously uphold good corporate governance in all its operations.
This commitment was made last weekend by the company’s Head of Corporate Responsibility, Marketing and Corporate Communications, Mr Ismail Omamegbe, during the National Final of the 2018 Ethics Challenge of CFA Society Nigeria held in Lagos.
At the event sponsored by First Bank, Mr Omamegbe said the financial institution is a responsible organisation that believes in robust corporate governance and sound ethics and that it was desirous of passing this on to the youth and Nigerians generally.
He added that the support for the Ethics Challenge was one of the numerous corporate and social responsibility initiatives by which First Bank promotes orderly society.
“We are going to be 125 sometimes in March 2019, and one of the key things that drive us is ethics; robust corporate governance. Without that, we wouldn’t have gone this far.
“But apart from internally believing in ethics and having an excellent framework for upholding it, we also think of creative ways we can drive this as a programme such that it would endure and build young minds,” he stated.
Mr Omamegbe added that, “Our focus is how to empower youth. Our core areas of CSR are education, health and welfare. There’s also financial inclusion and responsible lending. There are different areas within these categories, and one of them is the endowment of the Samuel Asabia Chair in Business Ethics at the University of Lagos. That shows how much we believe in ethics because it’s an endowment that’s in continuity. That’s why we have this programme and are partnering with CFA Society because their vision aligns with ours.”
Mr Omamegbe assured that the next edition of the competition would be more significant as plans are underway to involve all Nigerian universities.
President of CFA Society Nigeria, Mr Banji Fehintola, commended First Bank for supporting the competition and expanding its scope. He disclosed that the Society spent a long time talking to potential sponsors who turned it down before First Bank came on board.
He commended First Bank for investing in Nigerians saying, “They’ve been great people. This partnership started a little over a year ago when we approached them. I was so pleased when they came back to us and said we buy this mission. We believe in young people; we believe in ethics, so we are going to support this program. They came back to us and said not only are we supporting for one year but many years. Increasingly, they are increasing the impact of the competition. This shows their commitment to ethics.”
Three universities namely; Obafemi Awolowo University, Ile-Ife; University of Nigeria, Nsukka, and the University of Lagos emerged as finalists at the national final.
Four universities had earlier been produced at a regional preliminary held in Lagos on Friday while two had emerged from the Abuja elimination round. While the University of Lagos, Babcock University, University of Benin and Obafemi Awolowo University qualified from the preliminary round in Lagos, UNN and the University of Ilorin emerged from the first round in Abuja. The six universities contested in the national final.
Bowen University, Covenant University, Ekiti State University, Mountain Top University, University of Calabar, University of Ibadan, University of Abuja, University of Maiduguri, and Madonna University were the other participants in the Ethics Challenge that aims to promote the highest standards of ethics, education, and professional excellence in the financial and investment sector.
Winner of the competition will be announced at the CFA Society Nigeria Gala Night on Wednesday, November 7 at the Eko Convention Centre.
For emerging finalists, team members from the three universities will get scholarships for the CFA Level One examination. They will also be part of the CFA Society Nigeria’s investment conference and women in investment management workshop.
By Dipo Olowookere
Ecobank Nigeria Limited has taken a significant step to ensure its customers get cheap personal loans by partnering with the Nigerian Consumer Credit Corporation (CrediCorp).
The service is available to civil servants and private-sector employees whose salaries are paid through Ecobank.
New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.
Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.
These loans can be used to finance a variety of personal needs, including paying school fees, rent, maintenance costs, medical bills, car purchase and repairs, asset purchase, and more.
The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.
According to the Head of Consumer Banking at Ecobank Nigeria, Ms Adeola Ogunyemi, the loans will provide salary earners, both in the public and private sectors, with better access to financial products.
“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.
“Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.
“We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ms Ogunyemi stated.
CrediCorp, a Development Finance Institution (DFI) established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce.
Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.
The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).
Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.
By Modupe Gbadeyanka
No fewer than 131 customers of Wema Bank Plc will win N11 million in cash prize in the company’s 5 for 5 promo season 4 monthly draw fixed for Friday, January 24, 2025, in Warri, Delta State.
According to a statement from the lender, from the 131 customers, 80 of them will win N25,000 each, 40 will win N100,000 each, eight domiciliary account holders will win N250,000 each and three will get N1 million each, with one to be from Warri, venue of the event.
The 5 for 5 promo selects winners from the bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws.
The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135 million for disbursement this season alone.
So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27 million disbursed so far.
The third monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw.
“The goal for us with the Wema Bank 5 for 5 promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season.
“We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for two more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000.
“The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on.
“We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday.
“I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements,” he added.
By Dipo Olowookere
The United Bank for Africa (UBA) Plc has completed its scheduled routine system maintenance on its card service.
The financial institution over the weekend informed its customers of a scheduled maintenance on its card service from 12 am to 5 am of Sunday, January 19, 2025.
Customers were told that the action could make them experience service disruption while using the UBA cards for financial transactions.
The lender said it was carrying out the maintenance for better service delivery, apologising for any issue they may encounter during the period.
“In line with our commitment to provide you with exceptional experience and to enable us to serve you better, we will be carrying out a scheduled routine maintenance on our card services.
“During this period, you may not be able to use your Debit & Credit Card. Please use our alternative channels, LEO, *919#, Mobile App or Internet Banking for transactions
“An update will be provided as soon as the maintenance is completed.
“We appreciate your understanding and apologize for any inconvenience this may cause. Please be assured that we are committed to providing you with excellent banking services,” the notice earlier sent to customers said.
After the completion of the process, UBA mailed another statement to customers, informing them they could use their cards without any issue.
“We are pleased to inform you that our scheduled routine system maintenance has been completed.
“You can now enjoy safer and quicker transactions on our card service.
“We regret any inconvenience you may have experienced, and assure you of our commitment to continuously provide you with excellent service,” the statement sighted by Business Post read.
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