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Unbanked Nigerians reduce, as Heritage Bank targets 1, 000 agent banking partner in 2017

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6 years ago

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Heritage Bank Plc, has taken aggressive approach to support the Central Bank of Nigeria’s initiative to curb the unbanked Nigerians in the rural areas by 20 percent by 2020, thereby offering financial services to the nooks and crannies of Nigerian communities; providing access to underserved markets.

The policy was sequel to a research conducted by an international agency, Enhancing Financial Innovation & Access (EFINA) in 2008 which showed that about 74 percent of Nigeria’s rural community was un-banked. Against this backdrop, the CBN therefore initiated the policy with the aim of reducing the figure by 20 percent by 2020 to ensure greater participation in the nation’s financial sector.

Heritage Bank which launched the programme about two years ago, revealed at the weekend, during the signing up of two agents’ corner shops, disclosed that it would bring onboard 1, 000 agent partners by the ending of 2017.

The two corner shops opened over the weekend High Rise Business Centre in Simawa community behind Redeemed Convention Camp and Layeni Folayemi Enterprises in Omu Ijebu, both in Ogun State.

As at June 2017, the agent base had grown at an average rate of 50 new agent sign ups monthly bringing the total number of active agents to about 450 and growing. This lends credibility to the consistency of the service and how it is changing lives and empowering Nigerians across the country.

At this steady growth rate of approximately 17.5 per cent new agent per month on can say that hitting the long term vision of 100, 000 active agents in five years is well within reach.

However, to this effect, the MD/CEO of Heritage Bank, Ifie Sekibo, explained that the bank has continued to set standard in the launching of ‘Corner Shop’ to cater for the need of traders and artisans at different locations across the country.

Speaking at the commissioning of the agent, Zonal Business Coordinator, South-West, South-South, Agent Banking, Heritage Bank, Oluwakemi Adewunmi, noted that there was indeed a gap in the community without any financial institution to service the need of the people.

Adewunmi assured that with the new development, accessing banking services in Omu Ijebu and Simawa areas have become easier for all the people in the community. Her words: “It does not matter whether you have your bank account with Heritage Bank or otherwise, the mobile POS deployed by the agent will make banking at the people’s doorstep so easy and stress-free.

The latest however came with a peculiarity as a community leader and politician, Olatunde Rotimi Paseda, an indigene of Omu Ijebu released a property to the bank for the purpose of financial inclusion.

Paseda, a governorship aspirant under the Unity Party of Nigeria (UPN) in 2015 general elections, released the building to the bank in order to cushion the stress the indigenes of the locality faced anytime they wanted to transact banking business. Before now, the people living in the neighbourhood and its environs used to travel to Ijebu Ode where banks have their branches located before they could carry out even the basic banking obligation.

Mrs. Layeni Folayemi, promoter of Layeni Folayemi Enterprises, Corner Shop who made the disclosure at the launch of the agent outlet on Thursday, acknowledged that the presence of Heritage Bank in Omu Ijebu would greatly help to alleviate the pains the people hitherto experienced in accessing bank for financial transactions.

Managing Director of High Rise Business Centre, Corner Shop, Ogundayini Godwin said he set up the facility in a bid to save cost and energy for the residents of the community, adding that before the advent of the agency arrangement; people in the community used to spend about N600 to be able to withdraw any amount of money from the ATM in Redeemed Convention Camp.

He said there is high liquidity in the community with some people coming to make deposits while others come to make withdrawals.

Some of the customers were very enthusiastic with the programme and commended the bank for the bold and laudable policy.

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FCTA uncovers illegal oil refining warehouse in Abuja

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23 hours ago

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December 2, 2023

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In continuation of the city cleaning exercise, Authorities of the Federal Capital Territory Administration (FCTA) with operatives of security personnel have uncovered an illegal oil refining warehouse in Mabushi, opposite Mobile filling station on Ahmadu Bello way in Abuja.

 

The Director, Department of Development Control, FCTA, Mukhtar Galadima after the operation on Thursday, said the illegal refining site was discovered during the continuation of the city cleaning exercise.

 

According to him, about three to four plot of lands designated for commercial purposes have been converted to an area where oil and diesel are being adulterated and circulated to other parts of the city.

 

Galadima explained that the city sanitation task force will look into the provision of the law and make necessary recommendations to the FCT Administration for further actions on the plots used for the activity.

 

He said there was no arrest but the items used in carrying out the illegal refining have been impounded.

 

Galadima said, “During the continuation of our city sanitation exercise in Mabushi opposite Mobile filling station on Ahmadu way, we discovered an illegal refining site where oil and diesel are being adulterated, we have done the needful by moving the items to Nigerian Security and Civil Defence Corps.

 

“From what we have seen so far, about three or four pilot of lands designated for commercial purposes have been converted to unapproved activities, which we believe the owners are fully aware, there will be consequences.

 

“We are going to look at the provision of the law and make necessary recommendations to the FCT Administration”

 

He said the administration will continue to go tough on activities being carried out without government approval,  especially revocation of the titles.

 

Collaborating, Head, operations FCT Directorate of Road Traffic Service (DRTS), Deborah Osho said the city management team during the exercise also discovered that most of the areas in the Nation’s capital have been converted to illegal car mart and motor parks.

 

She disclosed that fifteen vehicles have so far been impounded since the operation commenced about two days.

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Central Bank To Freeze Accounts Without BVN, NIN From April 2024

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23 hours ago

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December 2, 2023

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The Central Bank of Nigeria (CBN) said on Friday that it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.

This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.

It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.

More details later….

 

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Adebayo Alli: Guinness Nigeria gets new Managing Director, Its first Nigerian CEO since 2015 …..

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2 days ago

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December 1, 2023

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Guinness Nigeria has announced the appointment of Mr Adebayo Alli as its new Managing Director, its first Nigerian MD since 2015.

The appointment comes after John Musunga, the now erstwhile MD of Guinness Nigeria moved to become Diageo Africa’s Managing Director for Southern, West, and Central Africa.

The announcement was given after the company’s board meeting held on Monday, November 27, 2023.

According to the corporate filing on NGX’s website signed by the Company Secretary, Abidemi Ademola, Adebayo Alli would resume his new role within the company on January 1, 2024.

Profile of Adebayo Alli …..

Adebayo Alli, a mechanical engineer by training, holds a B.Sc. in Mechanical Engineering from the University of Ibadan and an MSc in Advanced Process Engineering from Loughborough University, UK.

He joined Diageo, owner of Guinness Nigeria in 2005 as a Packaging Operations Support Manager. Since then, he has gone on to work as project lead for a business transformation project in Meta Abo Brewery Limited, Ethiopia, another of Diageo Africa’s businesses. In 2014, he became a plant manager at the Meta Abo Brewery, and in 2015, Supply Chain Director.

Upon his return to Nigeria in 2017, he assumed the role of Operations Director at Guinness Nigeria before shifting his focus towards general management, venturing into multiple senior commercial sales positions within Guinness Nigeria PLC.

His trajectory saw a brief tenure between 2019 and 2020 as the Director for IPS, Reserve & Modern Trade. Subsequently, in 2020, Bayo ascended to the role of Commercial Director at Guinness Nigeria.

What you should know….

Guinness Nigeria’s last Nigerian MD was Seni Adetu who served between 2012 and 2015. Since him, John O’Kefee an Irish man became the MD, followed by Peter Ndegwa, a Kenyan, Baker Magunda, another Kenyan, then John Musunga, also another Kenyan.

Guinness Nigeria Plc is majorly owned by Diageo Plc with a 58% stake. In the past, Diageo’s only footprint in Nigeria was through Guinness Nigeria and the Managing Director of Guinness Nigeria also doubled as the head of the Diageo brand in the country.

However, after Diageo announced a discontinuation of its import deal with Guinness Nigeria, which meant Guinness Nigeria would no longer import Johnnie Walker and Baileys into Nigeria, it was also announced that Diageo was creating a new “wholly owned spirits-focused business” to manage the importation and distribution of those premium spirits brand in West and Central Africa. Presumably, John Musunga is resuming to head this new business.

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