Banking
NDIC Begins Payment of Liquidation Dividends to Alpha Merchant Bank Shareholders
By Modupe Gbadeyanka
Shareholders of Alpha Merchant Bank Plc (in-liquidation) have been urged to come forward to proofs to verify their status in order to get paid liquidation dividends.
The affected investors are required to visit the offices of the Nigeria Deposit Insurance Corporation (NDIC), the official liquidator, across the 10 designated centres in the country.
A notice by NDIC disclosed that arrangements have been finalised for the payment of the “liquidation dividends to eligible shareholders of the bank with effect from February 3, 2020.”
It said in a notice that, “Accordingly, all persons listed as shareholders in the register of the bank (in-liquidation) should file their proof of claim with the liquidator, as NOTICE is hereby given that liquidation dividend is intended to be declared for eligible shareholders.”
In the disclosure dated January 24, 2020 and signed by the Director of Claims Resolution Department, it was also stressed that, “Liquidation dividends will continue to be declared to shareholders as and when assets of the closed banks are realized by the corporation.”
Business Post gathered that Alpha Merchant Bank, which had Mr Jimi Lawal as its Managing Director, commenced operations on June 6, 1988 with a seven-member board and a issued share capital of N6 million, which increased to N15 million in August 1989 through bonus issue to all shareholders, which.
However, the lender got into trouble as a result of ownership and control crisis, especially the mode of payment of the initial paid-up capital of N6 million by some shareholders.
The ownership and control crisis polarised the board to the extent that it could not operate as a team. Board oversight of management was very weak while the management was accused of withholding vital information from the board, engaging in unprofessional and unethical practices as well as dissipation of the bank’s resources.
According to what Business Post gathered, one of the main issues was the acquisition of Banque Internationale Pour L’ Afrique Occidental (BIAO) shares in the defunct Afribank Nigeria Plc.
Some of the aggrieved directors of Alpha Merchant Bank claimed others on the board used the sum of $16 million of bank’s fund to acquire Afribank shares for their personal benefit and a petition was filed to the Central Bank of Nigeria (CBN) to look into the matter.
Also, the bank’s public offer of 50 million shares in May 1992 generated a controversy, which warranted regulatory intervention.
Others who waded into the management crisis of the defunct financial institutions were the late HID Awolowo and the present Awujale of Ijebuland, Oba Sikiru Adetona.
Below are NDIC offices shareholders of the defunct Alpha Merchant Bank Plc can go for verfication
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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