Banking
Heritage Bank, RIMAN, FDC Task Firms on Modern Risk Mgt. Practices
By Modupe Gbadeyanka
Heritage Bank Plc, Risk Managers Association of Nigeria (RIMAN) and Financial Derivatives Company Limited have called on corporate organizations to adopt systemic and cultural changes to embed risk management into their organisations in a bid to manage uncertainties that may arise at any given time.
This call was made at the 17th Annual Conference organized by RIMAN in partnership with Heritage Bank Plc, which was attended by eminent personalities including Oba of Lagos, Mr Rilwan Akiolu; President of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola; among others.
CEO of Financial Derivatives Company Limited, Mr Bismarck Rewane, stated this in a keynote address, remarking that risk advantage is the ability to systematically manage the uncertainty inherent in any given strategic position in order to generate an attractive return with less risk.
He said the Boston Consulting Group (BCG) risk advantage framework could be used to establish competitive strength in an age of uncertainty and that the components of the framework are expansive, anticipation, discipline and resilience.
He remarked that regular scenario planning helped to establish expansive anticipation and also hold managers accountable for factoring risk and uncertainty into their planning.
Mr Rewane whose keynote address was titled: Risk Management for Economic Development and Revenue Diversification also enjoined them to take into account risks taken when reviewing the results achieved because linking risk to human resources and corporate governance builds resilience.
The keynote speaker who looked at risk from a multidimensional perspective but mainly from a policy maker perspective noted that the business cycle is a natural economic phenomenon of boom to slowdown to bust.
Quoting Matthew Bishop, Mr Rewane defined risk as the chance or probability that things not turning out as expected, adding that risk taking lies in the heart of capitalism and is responsible for a large part of economic growth.
Other definitions of risk he proffered are: profit is the reward for risk taking; risk management is the process of bearing the risk of tolerance and minimizing the risk one does not want and risk is also hedging, diversification and buying insurance.
He remarked that economies were vulnerable to both exogenous and domestic shocks s as they go through business cycles, noting that in the last 100 years, there have been no less than 14 recessions, one depression in 1929 and at least two times when economic, financial and market crisis happened.
Mr Rewane noted that a stress test of the Nigerian banking industry presently would measure exposure to oil and gas (N1.62 trillion), telecoms (N673 billion) and power (N306 billion) which showed the industry non-performing loans were on the rise and thereby necessitating additional capital raising.
In his address of welcome, the President of RIMAN, Mr Jude Monye welcomed delegates and participants to the conference with the theme: The Role of Risk Managers in Economic Development and Revenue Diversification.
According to him, the global oil crisis has left a bitter taste with most oil producing nations and Nigeria in particular, due to its heavy reliance on oil revenue and non-diversification of its revenue base among others.
He said RIMAN has been at the fore front of best practice in risk management in Nigeria for more than 16 years, adding that the resolve of the association to ensure best practice in risk management and risk advocacy remain unshaken.
By Aduragbemi Omiyale
The artificial intelligence (AI)-powered credit platform designed by VeendHQ, Vida AI, has been used to recoup about N69 million from a N172.5 million portfolio of loans that were more than 90 days overdue.
This feat was achieved through the platform in a pilot that highlights the growing role of technology in loan recovery and portfolio management.
VeendHQ disclosed that the pilot delivered a 40 per cent recovery rate on the overdue loan portfolio, boasting that this significantly outperformed traditional recovery benchmarks, where a 5 per cent recovery rate on a similar loan book would amount to about N8.6 million.
This achievement comes at a time when lenders are under increasing pressure to improve recovery outcomes while managing the cost, reputational risk, and operational burden associated with overdue loans.
For many credit providers, the challenge is no longer only how quickly loans can be approved, but how effectively repayment can be monitored and delinquent loans can be recovered after disbursement.
VeendHQ said the pilot demonstrates how Vida AI can support lenders beyond credit assessment, extending into repayment monitoring, collections, and recovery.
“Credit access is only one side of lending. The bigger challenge for many lenders is what happens after disbursement.
“Vida AI helps lenders make smarter decisions across the credit lifecycle, from approval to repayment and recovery,” the chief executive of VeendHQ, Mr Olufemi Olanipekun, stated.
VeendHQ said Vida AI’s recovery workflow enables lenders to upload overdue loan records, verify borrower information, assess repayment capacity, and trigger automated recovery actions. This gives lenders better visibility after disbursement and allows recovery teams to prioritise overdue portfolios more effectively.
“If lenders cannot recover efficiently, they become more conservative with lending. That affects consumers, small businesses, and the wider credit market. Better recovery infrastructure gives lenders more confidence to lend, manage risk, and keep credit flowing,” Mr Olanipekun added.
VeendHQ, a Nigerian fintech company building digital credit infrastructure, developed Vida AI as an AI -powered platform for lenders, merchants, and financial institutions. The platform supports credit assessment, identity verification, repayment collections, and loan management workflows.
With the recovery pilot, the company is positioning Vida AI beyond loan origination, as a tool for lenders seeking to improve repayment performance and manage overdue portfolios more efficiently.
By Modupe Gbadeyanka
The sum of N17.97 million has been won by at least 273 customers of Wema Bank Plc through its 5 for 5 Rewards campaign launched on May 2, 2026.
At the activation of the promo at Ikeja City Mall, Lagos, 81 customers were given N81,000 each, resulting in N6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.
Across the Youth segment, 37 students have received rewards worth N4.4 million, including 20 students who got N50,000 PocketMoni rewards and 17 university students who received N200,000 each in Tuition Support.
The Women segment also recorded strong participation, with 12 customers receiving N150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners.
Within the first month, 120 customers received daily cash rewards, and 23 customers won N200,000 each in the monthly draw, bringing total rewards in the category to N5.2 million.
These have demonstrated the strong early impact of its refreshed customer rewards platform and reinforced its commitment to rewarding everyday banking.
“At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible.
“The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.
“Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers.
“This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema,” he added.
Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of N5,000, maintaining an average monthly balance of N5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.
With over N170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.
By Aduragbemi Omiyale
The N3.97 billion commercial paper issuance of AG Mortgage Bank Plc will close on Thursday, June 18, 2026.
The sale of the debt instrument by the real estate lender commenced on Wednesday, June 10, 2026.
It is under the N5 billion commercial paper issuance programme of the lending firm aimed to support its short-term working capital and funding requirements.
The company is selling the papers in two series, with Series 2 offered at a discounted rate of 19.2895 per cent for 270 days, and Series 3 at a discounted rate of 19.3651 per cent for 364 days.
The minimum subscription is N5 million, and subsequent additions of N1 million.
AG Mortgage Bank is a leading primary mortgage bank in Nigeria with over two decades of experience in providing affordable mortgage financing and housing finance solutions.
The bank has grown its asset base to over N33 billion and remains a key participant in major housing intervention programmes, including the National Housing Fund Scheme and other government-backed mortgage initiatives.
Supported by a diversified product offering, strong institutional credibility, and an experienced management team, AG Mortgage Bank continues to deliver solid financial performance.
For FY 2025, interest income increased by 28.1 per cent to N3.65 billion, while profit after tax rose by 130.0 per cent to N1.05 billion, reflecting strong earnings growth, operational efficiency, and prudent risk management.
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