Banking
Ohiwerei Returns Keystone Bank Back to Profitability With N5.9b PBT
By Modupe Gbadeyanka
Since the present management of Keystone Bank Limited under the leadership of Mr Obeahon Ohiwerei came on board in August 2017, the financial institution has witnessed significant transformation both structurally and in market competitiveness.
In a chat with newsmen in Lagos on Monday, Mr Ohiwerei explained that the bank’s current strategic focus anchors on a blend of professionalism and best-in-class yet cost-effective technology to drive customer convenience across all touchpoints.
According to him, “What was otherwise a fringe bridge-bank player has increasingly reinvented itself in the market place as medium-sized in scale yet replete with the vibrancy, innovation and forward-looking stance of any major player.”
Explaining how his team turned the lender around in a short time, Mr Ohiwerei said, “Besides re-energising our workforce across the country, Keystone Bank has invested substantially fully integrated service models that facilitate customer access to banking services across a broad range of channels.”
Speaking further, the bank chief alluded to recent successes in entrenching an audacious can-do spirit across the bank; a mind-set that is willing to go the extra mile in serving customers in the most innovative ways possible, yet undergirded with professionalism and utmost respect for corporate governance.
“Indeed, there are emerging dividends of this on-going re-engineering process. For the half-year ended June 30, 2018, the bank recorded a Profit Before Tax of N5.9 billion compared with a loss of N7.1 billion over the same period in 2017 while deposits have grown from N209 billion in August 2017 (when the new management came on board) to N358billion as at November 2018,” Mr Ohiwerei stated.
Driven by seasoned professionals drawn from leading banks in the industry, the Executive Management Team is well aware of the potential pitfalls in pursuing unbridled bank-growth, particularly in the face of pressure for turnaround performance.
However, in the words of the CEO, “we have consistently maintained an expansive yet responsible appetite for risk asset creation, striking the required balance across all key regulatory ratios without stifling growth. As such we have remained a net placer of funds in the interbank market with over the last 10months till this minute.
“One of the key elements of our revised vision statement is the word preferred and the import of it is to take us above the fray and elevate the discussion beyond traditional matrices of balance sheet size, asset base, branch spread and the like, which are still important though.
“Rather it commits us to delivering excellent services in all we do such that customers trust us and repeatedly want to do business with us.
“Growth for us is not a 100-metre dash but a marathon where we shall not only stay competitive in the short to medium term but put in place every required resource to ensure our growth is sustainable in the long term.
“We are excited about our future and cherish both our new customers and those that have kept faith with us through the years.
“At Keystone Bank, when we say #We Grow Together, our commitment is to ensure that every experience reinforces the truth that we are a professional, responsive and dependable financial solutions provider, always within reach through all our channels,” Mr Ohiwerei concluded.
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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