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Skye Bank Rewards Customers in MoneyGram Promo

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By Modupe Gbadeyanka

Three lucky customers of Skye Bank Plc., across different business locations of the Bank, have emerged winners in the on-going Skye Bank – MoneyGram “Receive n Win Promo”.

The winners, which include Oladele Ojo Femi, Babatunde Sodiq and Akinmusire Seyi, emerged winners in the first monthly raffle draw of the promo and won the sum of N100,000 each.

A brand new car is up for grabs at the grand finale of the promo exercise scheduled for March this year. The promo is meant to encourage increased patronage of the services of the wire money transfer franchise; and is specifically targeted at customers who receive their transfers in Skye Bank.

Speaking at the presentation of the cheque to winners of the promo, the Executive Director, Retail and Lagos Commercial Banking, Mrs Markie Idowu, disclosed that winners are customers of the Bank who received transfers in Skye Bank within the month of December 2016.

According to Mrs Idowu, “The winners emerged by meeting the set criterion; they received at least one MoneyGram transfer from a Skye Bank branch within the last 30 days. The rewards will continue for the duration of the promotion with 3 lucky winners emerging monthly.

Mr Akinmusire Seyi, one of the recipients of the cash reward, was full of praise for Skye Bank and commended the bank for living up to its billing; while promising to spread the good news among family and friends. The winners are customers of Akungba branch (at Iwaro Oka Cash Centre) in Ondo State; Shomolu and Ikorodu Branches, both in Lagos. The presentation was made at the Bank’s Head Office Annex: Adeola Hopewell Street, Victoria Island, Lagos.

The MoneyGram promo is still ongoing (across all its agent’s locations in Nigeria) until February 28, 2017; where more customers stand a chance to emerge as winners for receiving money in cash at any Skye Bank branch or transferred directly into the savings/current account domiciled in the Bank.

The promotion is open to both account and non-account holders and runs from December 2016 to end of February 2017.

MoneyGram is the 2nd largest provider of money transfers in the world with a network of over 350,000 agent locations across the globe in over 200 countries. Skye Bank is a key MoneyGram agent in Nigeria with the service available in over 350 branches across Nigeria. The MoneyGram service is also available on weekends in selected branches that offer weekend banking services across Nigeria.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Banking

Court to Rule on NIBSS’ BVN Case Against CBN, Others May 26

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NIBSS1

By Adedapo Adesanya

The Federal High Court in Abuja yesterday fixed Monday, May 26, to hear a suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc against the Central Bank of Nigeria (CBN) and other government agencies

NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria.

Justice James Omotosho fixed the date after dismissing an application for joinder filed by the Incorporated Trustees of Data Privacy Lawyers Association (DPLAN).

NIBSS, through its lawyer, Mr Ademola Esan (SAN), had sued the Incorporated Trustees of Digital Rights Lawyers Initiative (ITDRLI), the CBN, and the Attorney-General of the Federation (AGF) as 1st to 3rd defendants.

NIBSS sought a declaration that it is statutorily empowered to maintain and manage the BVN database.

It said this is pursuant to the Central Bank Act 2007, the Banks and Other Financial Institutions Act 2020, and the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.

“Pursuant to the provisions of the framework, NIBSS, as a designated participant in BVN operations, is statutorily authorised to manage and maintain the BVN database and ensure its seamless operation, among other functions,” it added.

It, therefore, accused ITDRLI (1st defendant) of filing multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.

However, ITDRLI denied the allegations in it court processes, asking the court to dismiss the suit.

In April, Mr Ayomide Ahmed, who appeared for DPLAN urged the court to join his client as defendant in the suit.

Mr Ahmed argued that the outcome of the case would impact the rights of his client and its members, especially regarding the BVN, in light of the relief sought by NIBSS to bar any institution from challenging its authority.

He stated that DPLAN is an association of experts in privacy and data protection, whose members are directly affected by the subject matter due to their objectives and ownership of bank accounts.

However, counsel for the CBN, Mr Abdulfatai Oyedele, prayed the court to dismiss DPLAN’s application for joinder.

Mr Oyedele argued that any party seeking to join a suit must attach a proposed defence.

He argued that DPLAN had failed to do so.

On his part, NIBSS’ lawyer, Mr Esan, also urged the court to discountenance DPLAN’s application.

The lawyer alleged that the chairman of the party seeking joinder was also the counsel for the 1st defendant and one of its trustees.

“What they do is to sue all over the country. The matter is never heard on its merit.

“They withdraw, and when the case is finally about to be heard, they bring an application to delay the hearing,” he said.

He urged the court not to waste judicial time and to dismiss the joinder application.

Justice Omotosho, while delivering the ruling on application for joinder on Monday, said the sole issue to determine was whether the plea for joinder by DPLAN was “meritorious.”

The judge held that only proper and necessary parties could be permitted by law to join a case.

“A necessary party is a party whose right will be affected by the order of a court,” he said.

He said that while it was clear that the suit by NIBSS sought judicial pronouncement regarding its BVN management, the issue could be determined by the court in the absence of DPLAN.

The judge further held that the party seeking to be joined cannot join the suit to protect the personal interests of its members, as this would imply that every Nigerian is a potential defendant in the suit.

He said that the presence of the AGF in the suit was sufficient to defend the BVN management suit on behalf of Nigerians.

“I cannot see how the interest of the applicant (DPLAN) will be jeopardised if it is not joined. This process is unnecessary,” the judge ruled.

Justice Omotosho stated that the group’s motion for joinder had no basis in law.

The judge, who dismissed the motion, adjourned the matter until May 26 for the hearing of the substantive suit by NIBSS.

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Banking

Fidelity Bank Seeks Court Interpretation on N225bn Payout, Denies Bankruptcy

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Fidelity Bank 10 Kobo interim dividend

By Aduragbemi Omiyale

Fidelity Bank Plc has already approached the court for an interpretation of the reported N225 billion judgement against it by the Supreme Court.

On Monday, it was reported that the apex court has asked the financial institution to pay a Nigerian company N225 billion as damages.

In a statement to the Nigerian Exchange (NGX) Limited, the lender said the judgment debt arose from a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.

It explained that FSB gain a $3 million loan to G. Cappa Plc in 2002 and was secured with mortgage on a property located in Ikoyi, Lagos.

In the statement, the bank said G. Cappa defaulted on the repayment of the loan and in a bid to prevent FSB from selling the mortgaged property to repay the loan, G. Cappa commenced an action against FSB at the Federal High Court, Lagos, to stop the sale.

The Federal High Court in its judgment ruled that the FSB as legal mortgagor rightfully sold the leased interest in the property to Sagecom in 2011, but declined to order vacant possession of the property and directed the issue of vacant possession to the Lagos State High Court.

In the meantime, G. Cappa remained in possession of the property and kept collecting rents therefrom.

In 2011, Sagecom instituted an action against the bank and G. Cappa at the Lagos State High Court seeking damages against lender for breach of contract and for possession of the property.

The claim was for liquidated damages calculated as rentals on the several component apartments in the property plus interest on same over different time frames.

In 2018, the Lagos High Court awarded judgment in favour of Sagecom against G. Cappa and the bank which judgment was challenged at the Supreme Court.

The financial institution argued that by remaining in possession of the property and continuing to collect rents therefrom, G. Cappa orchestrated all the losses suffered by Sagecom, but having exhausted the appeal process, the bank said it was willing to settle the obligation.

“There are significant ambiguities in the judgment resulting in difficulties in calculating the actual financial liability to the G.Cappa and the bank which is about N14 billion from our computation based on the exchange rate as of 2005 when the incident and cause of action arose,” Fidelity Bank said in the statement.

To back this up, it cited the judgement of the Supreme Court in the case of Anibaba v Dana Airlines Limited delivered in January 2025, which clarified that foreign currency judgment debt must be converted to Naira at the exchange rate obtainable at the date of judgment of the trial court, which in this case was January 30, 2018.

“Even if the 2018 exchange rate supported by the Supreme Court is applied, the judgment debt will just be under N30.7 billion payable by G.Cappa Plc (who delayed delivery of possession of the apartments from 2005 till June 2018 when possession was eventually delivered) with contribution from the bank.

“Consequently, the bank has applied to the court for a clarification and inquiry into the proper interpretation of the judgment and the computation of the actual quantum properly and lawfully payable by G.Cappa and the bank.

“The court has accordingly ordered Sagecom to maintain status quo pending the determination of pending motions and restrained Sagecom and all persons from publishing any material in the media as the matter is still pending in court,” it stated.

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Banking

Development Bank Eyes N3trn Investment to Grow Loan Portfolio to N1.8trn

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Development Bank of Nigeria

By Adedapo Adesanya

The Development Bank of Nigeria (DBN) is expanding its support for Micro, Small, and Medium Enterprises (MSMEs) by growing its outstanding loan portfolio to over N1.8 trillion, according to its Managing Director, Mr Tony Okpanachi.

To ensure this increase in lending, he said that DBN was working to attract N3 trillion in debt and equity, noting that it aligns with the bank’s five-year strategic plan to further drive economic development as job creation across Nigeria.

This joint funding initiative, he said, would empower the bank to provide financial resources to a greater number of MSMEs, a vital sector for economic growth and job creation in the country.

“We want to scale up what we see, what we did the first five years, the next five years, how do we scale up? And that’s a major thing for us.

“We believe that, in Nigeria, there’s still a lot more to be done. So, we are very aspirational in terms of what we need to do,” he said.

The managing director noted that beyond the expansion of its loan portfolio and funding, DBN’s strategic objectives include a strong emphasis on inclusive growth, adding that the bank aims for 20 per cent of its lending to support women-led businesses and 40 per cent to benefit businesses owned by the poor.

Mr Okpanachi explained that DBN was also prioritising the growth of green financing and increasing its focus on supporting enterprises in underdeveloped states. He noted that the plan was to facilitate an additional 800,000 jobs, making a creation of two million over the next five years.

The DBN boss explained, “In terms of job creation, last year, remember, last six years, I told you, we’ve done about 1.2 million.

“We want to do at least two million in terms of job creation. That means both direct and indirect job creation.

“Along the profitability side, of course, we want to be financially sustainable. So we’re not taking our eyes off financial sustainability.”

Emphasising the bank’s role as a wholesale lender, the DBN boss clarified that the new target was not cumulative but represented a fresh drive to catalyse growth across various sectors.

He said that DBN continued to expand its funding sources, by deepening relationships with existing partners and seeking new collaborations to increase both debt and equity.

He highlighted ongoing discussions with various international partners and its plans to tap into local capital markets through a bond programme, with the first phase contingent on favourable macroeconomic conditions.

Given the bank’s role as a long-term lender, Okpanachi said, “Strategically, we have to first expand our sources of funding. Two, dip in with the existing ones. How can we get more? Three, how can we use existing ones to catalyse additional ones?” he noted.

He emphasised a deliberate focus on labour-intensive sectors such as manufacturing and agriculture, noting that they promise significant employment generation.

“This strategic move involves consciously favouring sectors that employ more people over those that are heavily reliant on technology.

“You see, sectors like manufacturing, sectors that are labour-intensive, agriculture, all those areas, they provide more jobs.

“So, we’re consciously looking at what we find in those sectors that are more labour-intensive,” Mr Okpanachi added.

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