Banking
Unity Bank Rubbishes Presidential Panel’s N7bn Debt Claim
By Modupe Gbadeyanka
Last week, the Special Presidential Investigation Panel for Recovery of Public Property (SPIPRPP) alleged that tier-two Nigerian lender, Unity Bank Plc, owes Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria about N7 billion.
The panel had then threatened to take appropriate actions to recover the money from the financial institution.
However, in a statement, the lender said the allegation by the committee was not only false, but “unfounded.”
“We want to categorically state that the allegation by the Panel is false and unfounded,” the statement from the company emphasised.
Unity Bank explained that in September 2018, a team from the SPIPRPP visited the bank as part of “special” investigation into the banking transactions of the government between 2009 and 2018.
“This culminated in a total of three (3) meetings held with the Panel on January 24, 2019, on January 31, 2019 and February 6, 2019 within the premises of the Federal Ministry of Justice, Abuja.
“At the meetings, the panel requested the bank to provide certain information and solely relied on the information provided for the ‘special’ investigation.
“Throughout the review, the Panel refused to invite the MDAs to any of the meetings to corroborate the bank’s records neither was any adhoc investigative process initiated to validate the SPIPRPP findings. Nonetheless, the bank cooperated fully with the panel.
“The panel in an earlier letter requested the bank to accept culpability and pay off a certain sum deemed outstanding which the bank objected and insisted on completing the reconciliation exercise on the basis that the claims presented against the bank were unfounded.
“Instead, the panel unilaterally halted the reconciliation exercise by refusing to admit further documentary evidence from the bank establishing that there were no balances kept in its books for the MDAs.
“The bank’s reconciliation team were made to sign a register of attendance at every reconciliation meeting, and at no time did the team admit to any liability because the process was still on-going and inconclusive,” the statement signed by its scribe, Mr Mohammed Shehu, said.
Continuing, the bank said, “It is therefore surprising for the SPIPRPP to do a volt face and issue a statement alleging sabotage when it abandoned its sitting and investigation whilst reconciliation was still ongoing with the bank.
“Furthermore, while noting the constitutional power of Revenue Mobilization and Fiscal Allocation Commission (RMFAC) as the sole agency of government to investigate, review, reconcile and collect revenue for government, Unity Bank cooperated fully SPIPRPP and its consultants in the investigation process in demonstration of its non-culpability.
“Throughout the process, the bank acted in good faith and as a responsible corporate entity. The bank therefore hereby states its commitment to prove that it does its banking transactions transparently and in compliance with extant banking regulations and at no time took charges on the MDAs outside the requirements of the Bankers Tariff, which guides banking operations in Nigeria.
“It is instructive to note that Unity Bank transferred all the balances of the MDAs in its books to the Central Bank of Nigeria (CBN) as far back as 2016, in line with the directive of the Federal Government of Nigeria.
“The bank further reiterates that the allegations of SPIPRPP are unfounded.
“Unity Bank vehemently refutes these allegations as a misrepresentation of the bank’s position in the reconciliation exercise.
“We hereby call on our customers and the general public to disregard the allegations.”
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#.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn