Connect with us

News and Report

UBA’s GMD Calls For Closer Collaboration Among African Central Banks



Outgoing Group Managing Director of pan-African banking group, United Bank for Africa (UBA) Plc Mr Philips Oduoza has called for increased collaboration among African central banks in order to drive intra-African trade on the continent.

He said this on July 22, 2016 when he delivered the fourth Valedictory Lecture of the Chartered Institute of Bankers of Nigeria (CIBN) on the topic “The Emergence of a Nigerian Pan-African Bank” to a parked hall of bankers and financial industry players.

Oduoza used the lecture to share his experience and challenges in helping build one of Africa’s largest banking groups, UBA Plc, not forgetting the lessons learnt from the bank’s expansion into Africa.

He spoke extensively on UBA’s expansion into Africa, the rational for the expansion and the strategies adopted to derive maximum value and reduce the risks of UBA’s foray into different African countries.

CIBN Valedictory Lecture Picture 4: :  l-r: Professor Segun Ajibola, President, Chartered Institute of Bankers of Nigeria(CIBN); Outgoing GMD/CEO, UBA Plc and Valedictory Lecture Speaker, Mr. Phillips Oduoza; wife, Jumai Oduoza; Chairman of the Occasion and Founder, Diamond Bank Plc, Mr. Pascal Dozie; and Group Managing Director Designate, UBA Plc Mr. Kennedy Uzoka, at the 4th Valedictory Lecture in honour of Phillips Oduoza, organised by CIBN in Lagos on Friday

Speaking specifically on the need to improve intra-Africa trade in order to drive the growth of Pan-African banks like UBA, Oduoza decried the low levels of intra-African trade. “The volume of formal intra-African trade is relatively low and estimated between 10 per cent and 12 per cent of Africa’s total trade. Comparable figures are 40 per cent in North America and about 60per cent in Western Europe”

He listed lack of the required infrastructure and policies as the major challenges to intra-Africa trade while noting that the adoption of policies like tax holidays, waivers, and market interventions to promote investments in sectors outside commodities will help diversify African economies and drive intra-African trade.

“I strongly feel African Central Banks have a greater role to play by collaborating to promote the development of cross border trade platforms in order to encourage the informal sector to join the formal banking system. When this is done, the opportunity will be readily captured by Pan-African banks.”

He also noted that “Intra-African trade growth will be further supported by the introduction of a visa-free travel policy across the continent by the African Union as well as the development of intra-regional transport infrastructure.”

Oduoza  harped on the need for improved financial inclusion on the continent, noting that research has shown that only 34per cent of African adults have a bank account as at 2014. He suggested the adoption of mobile money services could help drive financial inclusion on the continent.

“Data shows about 12 per cent of the population in Sub-Saharan Africa have a mobile money account as against 2per cent of adults worldwide. I believe mobile technology has the potential to vastly expand financial inclusion across Africa. Pan-African banks with a good understanding of the continent can leverage their technology platform to capture this opportunity. Invariably this will mean a growth in retail banking as most of those financially excluded fall within this bracket”

Continue Reading

News and Report

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




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.”



Continue Reading

News and Report

FCMB Manager Arrested For Hoarding New Naira Notes



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.


Continue Reading

News and Report

New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage



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.


Continue Reading