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GTBank empowers Female Entrepreneurs in Africa ……Reaffirms Position As A Leading SME Global Partner

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Foremost African financial institution, Guaranty Trust Bank plc, has partnered African-focused entrepreneurship accelerator, She Leads Africa (SLA) and the Work in Progress! Alliance (Oxfam and VC4Africa) to launch the She Leads Africa Accelerator, a 3 month program designed to identify, support and fund the next generation of Nigeria’s brightest female entrepreneurs.

The initiative which is a new inclusion to the bouquet of mentorship sessions created by She Leads Africa, is geared towards shining a light on women who are driving Africa’s growth through leadership, commerce and innovation. The event presents a veritable platform for young female entrepreneurs to acquire basic business skills and grow their businesses. In this year’s edition, participants will compete for N2,000,000 in cash prizes, media features in international news outlets, access to online resources and exclusive meetings with top investors.

The 3 month SLA Accelerator will feature a 1-week residency program for budding entrepreneurs to acquire basic business skills with a key focus on growth, marketing and distribution. Upon completing the residency program, the participants will undergo a 3-week practical session to enable them implement their skills. The climax of the event will be a Demo Day where participants can pitch to domestic and international investors for a N2,000,000 cash prize.

For the 3rd year running, GTBank has continued in its support for SMEs and empowerment of budding entrepreneurs such as Charae Robinson, CEO of Tastemakers Africa and Kasope Oladipo-Ajayi, CEO of OmoAlata Foods who emerged respective winners of the 2014 and 2015 editions of the She Leads Africa pitch.

According to Mr. Yasmin Belo-Osagie, co-founder of SLA, “We are delighted to be working with international partners such as GTBank and the Work in Progress! Alliance team in this year’s edition. GTBank has remained our lead sponsor for the last 2 years and we are excited to extend this partnership for a 3rd year.” He further stated that; “GTBank’s continued support for SLA as well as their innovative platforms, such as SME MarketHub, attests to their commitment to support SMEs in Nigeria.”

Speaking at the launch of the event, Mr. Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank plc said; “The economic growth and development of our continent is largely dependent on how much we empower our women and invest in Small and Medium Enterprises. It is for this reason that we have created the SME MarketHub platform to fulfil the twin objective of facilitating the growth of small businesses and creating a unique platform for female entrepreneurs to thrive.”

Guaranty Trust Bank plc is one of the few Nigerian financial institutions that have maintained a defined Corporate Social Responsibility (CSR) strategy since its inception in 1990. The Bank actively supports numerous programmes across Africa that significantly impacts education and youth development, healthcare, community development, arts and environment.

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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