Banking
Sekibo Urges Bankers to Develop Savings Culture
By Modupe Gbadeyanka
The importance for human capacity development amongst staff of financial institutions for improved operations has been emphasised by the MD/CEO of Heritage Bank Plc, Mr Ifie Sekibo.
Speaking at a 3-day yearly Internal Control and Audit Conference organised by Heritage Bank in Lagos, Mr Sekibo said training acquired personally and arranged by corporate organisations to individuals was useful not only to the person but key to the corporation growth.
However, he advised staff participating at the conference to be rigorously committed in upholding integrity, as their job qualities define each person’s character.
Also, Mr Sekibo stressed the need for staff to cultivate savings culture for their future, whilst noting that the fate of every staff of the institution was tied together by “this purpose called Heritage Bank.”
Some of the primary issues x-rayed at the annual conference were to ensure adherence to corporate governance across board, how to attain free fraud transactions, faster and seamless transactions, deepen synergy amongst Internal Control Unit (ICU), Audit & other Units, to ensure workable & functional system, cost cutting, due diligence in the process of tickets, cohesion in the working processes amongst other key issues.
Speaking earlier at the event, Chief Audit Executive of the bank, Prince Akamadu, said the conference was where officers of the bank responsible for internal control and audit across the country gather together yearly to review their activities.
He said the conference was also an avenue where the executive management of the bank tell the officers the expectations they want from internal control and audit.
Mr Akamadu also said they used the opportunity to review their achievements in internal control and audit throughout the year and what their challenges had been and what could be done to improve their operations in the future.
Besides this, the Chief Audit Executive, said the conference was also a forum where the internal control and audit officers of the bank from all the regions of the country get first hand feedbacks from executive management about what the bank is doing, the direction of the bank and the expectations of the management.
He said the conference has helped over the years to enhance the operations of the bank, adding that, “We churn out policies and new procedures every time and sometime application could be a challenge and also at a forum like this, control officers exchanged ideas on how they work in their different regions to get results.”
“So when they get back to their bases, they are able to apply what they had learnt to improve operations for the overall benefit of the bank.”
Internal control, as defined in accounting and auditing, according to Wikipedia, the online free dictionary; is a process for assuring of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies while from a broad concept, internal control involves everything that controls risks to an organization.
It is a means by which an organization’s resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization’s resources, both physical and intangible.
At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations.
Sarbanes–Oxley Act of 2002, which required improvements in internal control in United States public corporations defines internal controls within business entities as operational controls.
By Dipo Olowookere
One of the leading financial institutions in Nigeria, Access Bank Plc, has commenced the sale of commercial paper worth N194 billion under its N400 billion commercial paper programme.
Access Bank, one of the subsidiaries of a financial services provider, Access Holdings Plc, currently trades its equities at the NASD OTC Securities Exchange, with its share price closing flat at N19.30 per unit on Thursday.
Subscription for the debt instrument began on Wednesday, March 20, 2025, and will close on Tuesday, March 25, 2025.
The lender is offering the commercial paper for sale in two tenors; 180 days and 270 days, according to details of the exercise obtained by Business Post.
It is selling the six-month maturity at a discounted rate of 19.44 per cent and the nine-month tenor at 20.92 per cent. The minimum subscription is N5 million and in multiples of N1,000 thereafter.
Access Bank combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities.
The lender was the first deposit money bank (DMB) in the country to meet the N500 billion minimum capital requirement of the Central Bank of Nigeria (CBN) for banks with international operations, with its share capital exceeding N600 billion.
The bank has been acquiring different financial institutions outside the country, including in South Africa, as part of its expansion drive.
It operates commercial banking services through a network of more than 700 branches and service outlets spanning three continents, 24 countries and over 60 million customers spread across Africa, Europe and Asia.
By Aduragbemi Omiyale
No fewer than 20 fresh millionaires have emerged in the Fidelity Bank Plc Get Alert in Millions (GAIM) Season 6 promo.
They winners were picked at the second and third monthly draws of the financial institution held at its corporate headquarters in Lagos recently.
The events were monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator of the Federal Competition and Consumer Protection Council (FCCPC), Mrs Aboluwade Margaret; and the Principal Legal Officer of the Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
A statement from the lender disclosed that the 20 lucky winners were randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones and would be rewarded with N1 million each.
The Fidelity Bank GAIM campaign was launched in November 2024 and about N19.75 million has been won by 869 customers across different categories.
The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank, Dr Ken Opara, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
Dr Opara, represented by the Regional Bank Head for Ikoyi, Chetachi Okechukwu, said, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts.
“In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
Fidelity Bank, ranked among the best banks in Nigeria, is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
By Modupe Gbadeyanka
As part of its commitment to deliver quality service to customers, Rand Merchant Bank (RMB) has finally embraced the trade finance software of Union Systems Limited (USL), Kachasi.
The lender said its migration from Finastra’s Trade Innovation (TI) to USL’s Kachasi is a testament to the strength, reliability and competitiveness of this homegrown solution.
Kachasi is Nigeria’s leading indigenous trade finance software built to empower banks with seamless automation, regulatory compliance, and enhanced operational efficiency.
The platform has consistently proven to be a game-changer in the trade finance sector, offering key features such as full compliance with statutory and local regulatory requirements, end-to-end automation of trade finance processes, compliance with international trade regulations, advanced risk management and reporting tools, as well as seamless integration with core banking, local portals and third-party systems.
RMB said its decision to integrate Kachasi into its operations reinforces the platform’s reputation as a trusted trade finance solution.
As international trade becomes more complex, financial institutions require cutting-edge technology to navigate regulatory requirements, mitigate risks, and ensure operational excellence.
“This win affirms our commitment to revolutionizing trade finance automation across Africa. As more financial institutions embrace Kachasi, we remain dedicated to delivering cutting-edge solutions that drive efficiency and elevate the banking sector,” the financial institution stated.
Also, the chief executive of USL, Mr Chuks Onyebuchi, said, “This partnership with Rand Merchant Bank marks a defining moment, not just for Union Systems Limited but for African-built fintech solutions on the global stage.
“The successful transition from Finastra’s Trade Innovation (TI) to Kachasi proves that our homegrown technology is not only competitive but also better suited to the evolving needs of banks and trade finance institutions.
“Kachasi’s seamless automation, deep integration capabilities, and understanding of the local and international trade landscape make it the ideal choice for financial institutions looking to drive efficiency and innovation. This achievement is a testament to our commitment to building world-class technology, and we are excited to support RMB in revolutionizing their trade finance operations.”
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