Banking
GTBank You Read Initiative Provides Platform to Nurture Talents—Olusanya
By Modupe Gbadeyanka
The Managing Director of Guaranty Trust Bank (GTBank) Limited, Ms Miriam Olusanya, has described the You Read initiative of the company as a platform designed to nurture talents and reward creative enterprise.
She said this at a book reading event organised by the lender on Sunday, October 9, 2022, at the Herbert Macauley Library, Yaba, aimed to champion continuous learning and promote a reading culture across Africa as part of its CSR policy.
At the interactive programme, the author of Nearly All the Men in Lagos Are Mad, Ms Damilare Kuku, recited different portions of the book and explained her influences.
She also offered some colour to her characters which fed the audiences’ curiosity and sparked a range of reactions. Attendees were allowed to join the discussion, and some shared their personal experiences.
Nearly All the Men in Lagos Are Mad is a fiction that chronicles the experiences of various women as they navigate the world of friendships, dating, and marriage in Africa’s most populous metropolis.
Each of the 12 stories employs brilliant characterization and witty dialogue to deliver relatable content and evoke familiar emotions.
“Reading is a rewarding life-long practice that greatly impacts the quality of life – from building character and shaping thought to guide ambition.
“With GTBank You Read initiative, we are providing a platform that nurtures talent and rewards creative enterprise whilst fostering social engagement, especially amongst youths in the society,” the GTBank MD said.
“We will continue to explore opportunities to expand our reach and impact with this initiative as it demonstrates our unwavering commitment to creating better outcomes for people and the communities where we operate through education,” she added.
Last Sunday’s event was compered by Judith Atibi, radio personality and broadcast journalist, and featured a poetry act by Kolade Pelumi, a budding spoken word artist.
The Herbert Macauley Library was refurbished and equipped by GTBank in 2017. The project, which was executed in partnership with the Lagos State Government, included internal and external remodelling of the physical structure, refitting of furniture, installation of computers and internet facilities to start an e-library, as well as provision of new books.
GTBank is the flagship subsidiary of Guaranty Trust Holding Company (GTCO) Plc, a leading financial services company providing banking and non-banking services across 11 countries spanning West Africa, East Africa, and the United Kingdom.
The group operates a diversified, proudly African franchise. It is renowned for its innovative approach to customer service and stakeholder engagement, especially through its non-profit, consumer-focused fairs and capacity-building initiatives for small businesses and individuals. It has endeared the brand to millions across Africa and beyond.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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