Banking
Wema Bank, Dana Air Risk Prosecution
There are indications that Dana Air, owner of Sri Sai Vandana Foundation, a non-governmental organisation (NGO) and Wema Bank Plc may be prosecuted over the airline’s inflight donation collected between 2014 and 2018 allegedly without following due process.
According to reports, Dana Air had started the foundation in 1995 and commenced the donation in partnership with the Sickle Cell Foundation of Nigeria.
But after the fatal crash in Lagos in 2012, it allegedly ceased the collaboration and solely ran the inflight donations.
The ICIR reports that the foundation between January 2014 and October 2018, received in millions of naira via Wema Bank account number 0121291839 allegedly without due registration with the Corporate Affairs Commission (CAC), a prerequisite for complying with the Special Control Unit against Money Laundering (SCUML) regulations.
According to the Money Laundering Prohibition Act, it is mandatory that every Designated Non-Financial Institution, DNFI, to register with SCUML in order to legally operate in Nigeria.
SCUML is charged with the responsibility of monitoring, supervising and regulating the activities of DNFIs, which includes NGOs.
In fact, the unit works in collaboration with the EFCC for the enforcement of the provisions of the anti-money laundering law through the prosecution of non-compliant DNFIs.
Contravening the SCUML guidelines have some specific penalties, including “suspension or revocation of license, fines or imprisonment or both,” according to Sections 15 to 17 of the Money Laundering (Prohibition) Act 2011 (as amended).
It stipulates a maximum of 14 years jail term for an individual but, in the case of a corporate organisation, the law says such organisation would pay “a fine of not less than 100 percent of the funds and properties acquired as a result of the offense committed” and would also have its license withdrawn
Speaking to ICIR on the matter, the Economic and Financial Crimes Commission (EFCC) Spokeman, Tony Orilade, said, “The EFCC will take it up. We will investigate and prosecute the crime element once prima facie is established”.
On those to be sanctioned, Orilade explained: “The company itself. When there is a vacuum that is when we will lift the veil.”
“The company cannot run without humans. So, it is when everyone denies being members of the company that we go after the individuals.”
Reacting, Kingsley Ezenwa, Communications Manager of Dana Air, called the situation a learning process for the organisation.
“When you work on certain things, you learn along the line,” Ezenwa said.
“After the accident, we were not even carrying loads (passengers). We were trying to rebuild. We did not even do it [Inflight donation] in 2014 at all. We felt that as a management team, considering our commitment and the incident of 2012, we needed to focus on re-strategising our CSR.
“We looked at it, conducted research and felt cancer is something we should focus on; got organisations working on cancer awareness, so we adopted Project Pink Blue and started supporting them.”
Banking
Fidelity Bank Customers Win Millions of Naira in GAIM 5 Promo
By Modupe Gbadeyanka
On Thursday, January 27, 2022, some Fidelity Bank customers had the opportunity to win millions of Naira in the month’s draw of the lender’s Get Alert in Millions savings promo, season 5 (GAIM 5).
It was gathered that no fewer than 10 customers of the financial institution became N1 million richer. They were from several branches across the six geo-political zones of Nigeria and presented with their prizes at an event held at Fidelity Bank, Awolowo Road, Ikoyi, Lagos.
One of the winners, Stanley Okpoto, who could not hide his joy, said, “I am more than happy to receive this cash prize from Fidelity Bank.
“Being a long-time customer and follower of the bank, I feel special and grateful that as little as 2K earned me so much money. I am looking forward to how this money will further transform my business. I encourage my friends and family to take advantage of this life-changing opportunity.”
Also speaking at the well-attended event, the promo Chairman and Executive Director in charge of the bank’s Lagos and South-West Directorate, Dr Ken Opara, said the ceremony marked a special celebration for the bank being the first prize presentation for the year and therefore sets the tone for the remaining prize presentations to be held in the year.
“It gives me great pleasure to announce the presentation of the sum of N1 million to Ajoma Rachael Iyowo and Stanley Sunday Okpoto who emerged winners in the second GAIM 5 monthly draw which held last week.
“Asides Stanley and Ajoma, eight other customers of Fidelity Bank will receive cash prizes at similar events holding simultaneously at some of our branches across Nigeria. These customers only had to maintain a minimum of N2,000 in their Fidelity Bank accounts to emerge winners. That is the beauty of the GAIM 5 savings promo.
“As a bank, we remain committed to empowering our customers with the resources, expertise and solutions they need to meet their strategic business goals. Whether it is the right loan product, appropriate payment channel or in this case, the benefits for saving their money with us, we are all about providing platforms and solutions to help our customers grow,” explained Dr Opara, who was represented by the bank’s Chief Digital Officer, Lanre Showunmi, stated.
The GAIM campaign is an 8-month long scheme that was launched in November 2021. So far, Fidelity Bank has enriched the lives of over 520 customers with cash prizes ranging from N10,000 to N1 million in weekly consolation draws and monthly draws respectively.
Qualifying requirements for the scheme are maintaining an account balance of at least N2,000 in a Fidelity Bank savings account and activating a debit card. According to the bank, the promo employs a ticketing approach whereby each N2,000 in customers’ accounts represents a ticket in the draws.
In operation since 1988, Fidelity Bank is a full-fledged commercial bank with a growing customer base of over 6 million customers across Nigeria. The bank is known for exceptional customer service and digital innovation.
Banking
Subscription for N20bn FSDH Merchant Bank Series 6, 7 CP Ongoing
By Dipo Olowookere
FSDH Merchant Bank Limited is currently selling the series 6 and 7 of its commercial paper and it plans to raise about N20 billion from the exercise.
Business Post gathered that subscription for the corporate debt instrument commenced on Wednesday, January 26, 2022, and will end on Monday, January 31, 2022.
The exercise is under the financial institution’s N40 billion commercial paper programme issuance, which would be used to finance the company’s short-term working capital requirements and general corporate purposes.
According to details of the sales, the series 6 is with 181-day maturity with a discount rate of 9.00 per cent and an implied yield of 9.42 per cent, while the series 7 is a 268-day tenor with a discount rate of 9.75 per cent and an implied yield of 10.50 per cent.
FSDH Merchant Bank is the subsidiary of FSDH Holding Company Limited. It operates as a private limited liability company duly licenced by the Central Bank of Nigeria (CBN) to carry on merchant banking activities in the country.
The firm said investors can subscribe to the papers as they are free and clear of withholding taxes, though the minimum subscription is N5 million, with multiples of N1,000 thereafter.
A look into the books of the lender indicated that its liquidity profile is above-average as its liquid assets accounted for about 60 per cent of its total assets in the 2021 financial year.
However, in the accounting year, the gross earnings fell year-on-year by 15.48 per cent to N13.79 billion, with interest income contributing about 80 per cent to the revenue.
Banking
CBN Begins Manhunt for Loan Sharks, Urges Nigerians to Patronise Banks
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has begun a manhunt for loan sharks in the country, threatening to deal decisively without any of them caught.
Addressing newsmen in Abuja on Tuesday after the quarterly Monetary Policy Committee (MPC) meeting, the Governor of the CBN, Mr Godwin Emefiele, cautioned Nigerians against seeking credit facilities from loan sharks for financial purposes, urging them to patronise licenced banks.
He appealed to Nigerians with vital information that could lead to the arrest of these companies to come forward, assuring that the bank would everything possible to sanitise the financial system.
“On loan sharks, what we have done is to say that there is no need for you to go to loan sharks for a loan.
“People normally will go to loan sharks because they are desperate, they cannot access the bank.
“We found in this group, mainly people who are vulnerable; the people whose households need some small amount of money to do their businesses but they cannot access bank finance and as a result go to loan sharks who charge them twice the principal just within 90 days and if you don’t, they seize your property or seize your bicycle,” he said.
The CBN chief further warned vulnerable Nigerians not to approach loan sharks but tap into many opportunities made available by the lender as it has put in place the avenue through which they can raise cheap funds.
He listed them to include the microfinance banks and target credit facilities established by the government to cater to the needs of the operators of Small and Medium Scale Enterprises (SMSEs).
“You don’t have to know anybody, just go to the portal, fill the form, send your data, and if it is correct, you will be able to access loans.
“We have a large number of testimonials from people who have accessed the facility without knowing anybody and they have benefitted from it.
“The bank is making effort to stop loan sharks, and when these people are found, they will be dealt with mercilessly,” he further stated.
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