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  • Return Unused Forex In Two Weeks, CBN Orders Travellers

    Return Unused Forex In Two Weeks, CBN Orders Travellers

     

    Travellers who buy foreign exchange from banks for travel purposes but fail to embark on the trip two weeks after their scheduled travel date must return the forex to the banks, the Central Bank of Nigeria has said.

     

    First Bank of Nigeria disclosed this in an email to its customers titled ‘Adherence to forex sale policy’.

     

    It said, “We have been directed by the Central Bank of Nigeria to inform all our customers that unethical practices to circumvent the new CBN policy on the sale of forex, such as the presentation of false travel documents, visas, and the cancellation of flight tickets after purchasing personal travel allowance and business travel allowance, will no longer be tolerated.

     

    “Defaulting customers who present fraudulent travel credentials or cancel their tickets and fail to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, will have their identities and bank verification numbers published.

     

    “We aim to implement this policy immediately as an organisation that is fully compliant with the Central Bank of Nigeria’s rules and regulations.

     

    “Our bank is committed to partnering with the CBN to ensure a transparent, efficient and stable FX Market that meets the needs of all legitimate users.”

     

  • Forex Ban: We’ll Publish Your Identities, Banks Alert Defaulting Customers

    Forex Ban: We’ll Publish Your Identities, Banks Alert Defaulting Customers

    The identities of defaulters who circumvent the Central Bank of Nigeria’s policy on Foreign Exchange will be published, banks have notified their customers.

     

    The CBN had recently directed all commercial banks to publish the names and BVNs of customers who engage in fraudulent and unscrupulous practices to obtain foreign exchange from banks on their websites.

     

    The CBN had said, “Consequently, further to the various measures already put in place, all banks are hereby directed to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two weeks as stipulated in the customer declaration form signed by them.”

     

    Both First Bank and United Bank for Africa have alerted their customers on the implementation of the CBN policy.

     

    First Bank in an electronic mail to its customers said, “We have been directed by the Central Bank of Nigeria to inform all our customers that unethical practices to circumvent the new CBN policy on the sale of forex, such as the presentation of false travel documents, visas, and the cancellation of flight tickets after purchasing personal travel allowance and business travel allowance, will no longer be tolerated.

     

    “Defaulting customers who present fraudulent travel credentials or cancel their tickets and fail to refund the purchased PTA and BTA within two weeks, as stated in the signed customer declaration form, will have their identities and bank verification numbers published.

     

    “We aim to implement this policy immediately as an organisation that is fully compliant with the Central Bank of Nigeria’s rules and regulations.

     

    “Our bank is committed to partnering with the CBN to ensure a transparent, efficient and stable FX Market that meets the needs of all legitimate users.”

     

    Also, UBA encouraged its customers to adhere to all CBN guidelines as directed.

     

    An e-mail sent by the bank read, “In line with our promise to keep you up to date on policies that may affect you, please note that the CBN has directed all banks to publish a list of PTA/BTA defaulters on their website.

     

    “Customers involved in fraudulent practices such as presenting fake visas or cancelling airline tickets after receiving PTA/BTA and failing to return the funds received to the bank within two weeks will have their details published (name and BVN) on our website.”

     

  • FirstBank Launches LIT App, Reinforces Commitment To Putting Customers First

    FirstBank Launches LIT App, Reinforces Commitment To Putting Customers First

    In furtherance of its commitment to spearheading value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria.

     

    The state-of-the-art banking app is the first of its kind in the industry, exposing customers to a wealth of opportunities to promote their safety, convenience whilst ensuring they are at an edge in today’s digital banking world.

     

    It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of its dynamic customers.

     

    The LIT application is not just about bills payment, funds transfer or airtime recharge, but also the app is equipped with several other exciting features that reiterate the Bank’s resolve to continually expand its digital architecture to modernise its interaction with customers, irrespective of where they may be across the world.

     

    These functions of the LIT app include: multiple transfers which allow customers to select several beneficiaries at once for a single transfer; account opening opportunities for non-customers as well as account management, enabling customers to identify their relationship managers for immediate assistance, should the need arise.

     

    In addition, customers can generate bank statements with options to download as pdf or send an email whilst having receipts generated as far back as one wants.

     

    With the LIT app, customers are also able to log and manage their complaint(s) without having to visit the branch. The LIT app is not all about usage but rewards as users (customers) are rewarded for using the application.

     

    Expressing his excitement, Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited said, “the LIT App is designed to strengthen our commitment to our customers, ensuring the continued safety of their funds and providing them with access to renewed transformative and adaptable solutions especially in today’s digital world. Developing the application is essential to make certain that our customers have more ways to seamlessly interact with us. The LIT App is the latest addition to the Bank’s robust electronic banking family, with others being the multiple global award-winning FirstMobile, *894# USSD Banking, FirstOnline internet banking, WhatsApp chat banking, amongst many others.”

     

  •  [BREAKING] Customers Stranded as Imo Govt Shuts Banks Over IPOB’s Sit-at-Home Order

     [BREAKING] Customers Stranded as Imo Govt Shuts Banks Over IPOB’s Sit-at-Home Order

    Hundreds of bank customers were left stranded on Tuesday as the officials of the Imo State Government shut all the banks on Bank Road in Owerri, the state capital.

     

    Many customers were seen around 9am waiting at various affected banks. 

     

    Some of the banks that were sealed by the state government were Access, Polaris, First Bank, Eco Bank, and United Bank for Africa.

     

    Our correspondent saw customised ribbons the state government officials used in sealing the various banks as early as 7 am.

     

    Some of the staff of the banks told our correspondent that the operatives of Owerri Capital Development Authority sealed the banks.

     

    The PUNCH gathered that the banks sealed were those that failed to open on Monday, a day states in South East sit-at-home in protest of Nnamdi Kanu, the leader of the Indigenous People of Biafra who is being tried at the Federal High court in Abuja by the Federal Government.

     

    However, some government officials said that the banks were sealed because of building approval plans.

     

    Both the state commissioner for Information and strategy, Declan Emelumba, and the General Manager of OCDA Innocent Ikapmezie, did not respond to multiple calls put to their telephones by our correspondent.

     

    They had neither return the calls nor reply to text messages as of the time of filing this report.

     

  • Naira Sinks to N530 Against Dollar, As Pound Hits N720

    Naira Sinks to N530 Against Dollar, As Pound Hits N720

    The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria.

     

    The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window.

     

    The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.

     

    The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.

     

    At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.

     

    No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.

     

    “It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.

     

    The PUNCH had reported on Tuesday that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.

     

    The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

     

    The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

     

    In a related development, the country’s external reserves have risen above $34bn for the first time in more than two and a half months, according to the CBN.

     

    The reserves, which had been wobbling in recent weeks, jumped from $33.40bn at the end of July to $34.02bn on August 31, the highest since June 9.

     

    The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10.

     

  • Stanbic IBTC Bank Nigeria PMI: Softer Inflows of New Work Prompt Moderation in Private Sector Activity Growth in August

    Stanbic IBTC Bank Nigeria PMI: Softer Inflows of New Work Prompt Moderation in Private Sector Activity Growth in August

    Business conditions in Nigeria’s private sector improved modestly midway through the third quarter, but the rate of growth slowed to a six-month low.

     

    Softer upticks in output, new orders and employment contrasted with quicker expansions in held inventories as firms seek to take advantage of faster lead times, and protect against any future supply shocks.

     

    However, a loss of momentum in demand resulted in a dip in optimism. Sentiment was the third-weakest in the series history.

     

     Meanwhile, purchase prices continued to rise sharply, although the rate of inflation softened from that seen in July.

     

    The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®).

     

    Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

     

     At 52.2 in August, down from 55.4 in July, the headline PMI registered a rate of growth that was the softest since February.

     

    New orders rose for the fourteenth month in succession during August which panelists linked to greater domestic demand.

     

    The rate of expansion eased notably from that seen in the previous survey period, however, with some firms mentioning that higher prices led to weaker sales growth.

     

    Consequently, firms raised their output levels at a softer pace, and one which was subdued in the context of historical data. Those firms increasing output mentioned higher customer numbers. Of the four monitored subsectors, two recorded growth.

     

     Manufacturers registered the steepest uptick, followed by wholesale & retail. Meanwhile, services saw a marginal decline, while agriculture recorded a sharp contraction.

     

    To cater for higher output levels, firms raised their headcounts marginally during the month. A further increase in staffing levels underpinned a solid reduction in outstanding business. In fact, backlogs fell at the fourth quickest rate in the series history.

     

    Quieter road conditions and prompt payments led to shorter delivery times in August. Quicker lead times allowed firms to add to their inventory holdings. Stocks of purchases rose at a sharp and accelerated pace which firms linked to efforts to protect against any future supply shocks.

     

    Turning to prices, higher raw material, commodity, and staff costs as well as unfavourable exchange rate movements led to a marked uptick in input prices. Firms looked to raise selling prices in a bid to protect profit margins.

     

    Finally, sentiment moderated to the third-weakest in the series. Panel comments suggested the longer-term economic implications of COVID-19 weighed on optimism.

     

  • Stanbic IBTC Deepens Investors’ Participation In Stock Market

    Stanbic IBTC Deepens Investors’ Participation In Stock Market

    In deepening investors’ participation in the Nigerian capital market, Stanbic IBTC Stockbrokers, has removed the minimum stockbroking account-opening balance for individuals to allow zero set up amount via its mobile app or electronic trading (e-Trade) platform on its website.

     

    The organisation has taken it upon itself to enlighten and empower prospective investors, especially the millennial and Gen-Z demographics by providing the tools and opportunities for wealth generation and preservation offered through capital market investments.

     

    By removing the opening balance requirement and reducing its online brokerage fees, individual investors are encouraged to take advantage of this opportunity and enjoy the aspirational services provided by Stanbic IBTC Stockbrokers.

     

    The chief executive, Stanbic IBTC Stockbrokers, Titi Ogungbesan said, “This is a great opportunity for new and existing investors to take advantage of. This development will enable interested persons to invest in the Capital Market through Stanbic IBTC Stockbrokers at their own pace.

     

    “In addition to removing the minimum opening account balance, we have also reduced the brokerage fee for transactions executed via our online platforms from one per cent of the brokerage fees to 0.7 per cent; a 30 per cent reduction in commission charged.”

     

    Titi added that potential investors can make use of its self-service options available via the Stanbic IBTC Stockbroking App on the Google Play and Apple stores, as well as its e-Trading portal available.

     

    “Leveraging on technology, we have also made it easier to open a stockbroking account with us via our mobile and web platforms,” she stated.

     

    Stanbic IBTC Stockbrokers is a subsidiary of Stanbic IBTC Holdings Plc, and Nigeria’s largest stockbroking firm with a market share of over 10 per cent of the value of shares traded on the floor of the Nigerian Exchange Limited.

     

  • Stanbic IBTC: Why We Delayed Release Of Half Year Audit

    Stanbic IBTC: Why We Delayed Release Of Half Year Audit

    Stanbic IBTC Holdings Plc has explained the delay in the release of its half-year audited result for the period ended July 31.

     

    Mr. Chidi Okezie, the Company Secretary, said this in a notice posted on the website of the Nigerian Exchange (NGX) Ltd. in Lagos.

     

    The notice informed NGX Regulatory Ltd. and its stakeholders that the company was currently seeking approval from the Central Bank of Nigeria (CBN) to ensure the release of its audited half-year results ended July 31.

     

    The notice read: “This is to inform NGX Regulation Ltd. as well as our esteemed stakeholders that we are experiencing a slight delay in the release of the 2021 half-year audited financial statements for Stanbic IBTC Holdings Plc.

     

    “This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the CBN for the half-year audited financial statements, following which the said financial statements will then be released to the market.

     

    “We are working diligently to ensure that our company’s half-year results are submitted to the NGX as soon we receive approval from our primary Regulator, the CBN; and this may occur before or shortly after the regulatory due date of  Aug. 29,” it explained.

     

  • Fidelity Bank’s Chairman, Chike-Obi Succeeds Osaretin Demuren As BDAN President

    Fidelity Bank’s Chairman, Chike-Obi Succeeds Osaretin Demuren As BDAN President

    The Bank Directors Association of Nigeria (BDAN) has announced the appointment of Fidelity Bank Plc’s Chairman, Mustafa Chike-Obi, as president, following the completion of Osaretin Demuren’s tenure.

     

    The appointment was confirmed in a statement by the Executive Secretary of the BDAN, Adebukola Orenuga.

     

    Acccording to Mrs Orenuga Mr Chike-Obi’s appointment was ratified by the Forum for Banks’ Chairmen organised by the BDAN in June 2021.

     

    On his part, Mr Chike-Obi, a former head of the Asset Management Company of Nigeria, (AMCON) said he would continue to pursue the mandate of the association by working with relevant stakeholders to ensure banks play a more active role in the nation’s economy.

     

    “As the chairman of this important association, I plan to represent more robustly, the interest of the banking industry and to project the image of the banking industry as an essential partner with our customers and the Nigerian economy as a whole.

     

    “These are no-doubt interesting times given the COVID-19 pandemic and resulting economic challenges.

     

    “I look forward to partnering with shareholders as well as customers, regulators and all other players to contribute our quota to positioning the Nigerian economy for sustainable growth and recovery,” he said.

     

    The incoming chairman has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms.

     

    He was appointed to the Board of Fidelity Bank Plc in August 2020 and is currently the Executive Vice Chairman at Alpha African Advisory where he provides overall leadership and has direct oversight over the capital raising division.

     

    Prior to joining Alpha African Advisory, he was the inaugural Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), a federal government institution established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis.

     

    BDAN is a non-profit making organisation, limited by guarantee, which was set up to be an effective forum for representing the interests of bank directors in Nigeria.

     

  • SME Clinic 2021: FirstBank Supports 5 SMEs With N500,000

    SME Clinic 2021: FirstBank Supports 5 SMEs With N500,000

     

    FirstBank of Nigeria has announced a N500,000 business grant to five Small and Medium Enterprises (SMEs), through its SMEConnect initiative aimed at boosting employment.

     

    Group Head, Retail Banking, Lagos Mainland 1, FirstBank, Mrs Oludolapo Adigun, listed the five beneficiary SMEs to include: Buyscrap Nigeria Enterprise; Arteasy Nigeria; Gris Business; Digital Solutions Network and Edatsu Technology Ltd.

     

    She said each of the SMEs was given a N100,000 grant to support their businesses after the SME clinic 2021, held in partnership with Techpoint Africa.

     

    Adigun explained that SMEConnect was one of the tools by which FirstBank delivers the capacity-building pillar of its value propositions to SMEs, with a focus on impacting SMEs in key areas that affect their business growth and development.

     

    “In recent years, FirstBank has embarked on the task of empowering SMEs, considering their immense value to the Nigerian economy.

     

    “We created SMEConnect to help drive this mission and we’re delighted to have partnered with Techpoint Africa for the SME clinic 2021.

     

    “The small business grant is the tip of the iceberg of what SMEs stand to benefit from the programme. We’re looking forward to future partnerships, Adigun said.

     

    Also speaking, Precious Mogoli, Director, SME Clinic by Techpoint, said SMEs were the lifeblood of any economy, and in Nigeria, current data had shown that SMEs made up to 96 per cent of businesses, contributing over half of the country’s Gross Domestic Product.

     

    She noted that COVID-19 was changing the way businesses operate globally, with more emphasis being placed on technology.

     

    “While technology startups have been able to handle this change, traditional enterprises have found it more difficult.

     

    “With this in mind, the SME Clinic by Techpoint creates a forum that teaches Nigerian SMEs grit, resilience, and how to scale their businesses with technology.

     

    “The SME Clinic by Techpoint tries to reach Nigerian SMEs through its newsletter, town halls/webinars, an annual flagship event.

     

    “It was a truly memorable moment and we hope to keep building a community of business owners who will use technology to impact the Nigerian economy,” Mogoli said.

     

    She explained that small business owners in a pandemic-ridden world must find ways to the new normal – social distance, remote work and technology, among others, to survive.

     

    “While few businesses have found ways to use these new and emerging tech tools to solve everyday problems and grow their businesses, several others still struggle to adapt,” she added.

     

    Participants at the 2021 SME Clinic, were taught how to sustain their businesses using technology, with trainings on bookkeeping and managing online business.