First Bank

Thursday, December 30, 2021

UK bank mistakenly pays out 130M pounds on Christmas Day

Tens of thousands of people awoke on Christmas morning to a surprise from an unexpected benefactor - Santander.

The bank mistakenly deposited £130m into 75,000 accounts on 25 December.

Santander's staff are now rushing to claw back the money, although the job is being made more difficult because much of it was deposited in accounts at rival banks, according to The Times.

The error occurred when payments from 2,000 business accounts were made twice.

"We're sorry that due to a technical issue, some payments from our corporate clients were incorrectly duplicated on the recipients' accounts," the bank said in a statement.

"None of our clients were at any point left out of pocket as a result and we will be working hard with many banks across the UK to recover the duplicated transactions over the coming days."

It said the mistake may have meant that some people were, in effect, paid twice from their employer's account, although the second payment was funded by Santander.

The bank stressed that it had already begun speaking to the rival banks - which The Times said included Barclays, HSBC, NatWest, Co-operative Bank and Virgin Money.

Santander said those banks would "look to recover the money from their customers' accounts."

However, it was not clear how the banks would respond if their customers had already spent the money, meaning returning it would push them into overdraft.

Santander indicated that it may contact people directly to get the money back. 

Wednesday, December 29, 2021

Nigeria appoints Jose Peseiro as Super Eagles head coach

Jose Peseiro has been appointed as the new head coach of the Super Eagles.

The Nigeria Football Federation (NFF) announced Peseiro’s appointment in a communique on Wednesday evening.

Tuesday, December 28, 2021

Firstbank, Driving Dollar Remittances, Economic Growth Via Imtos


By Chinwendu Obienyi 

For centuries, there have been heated debates over the sources of economic growth in developing economies and why some countries reflect strong economic growth compared to others.

The hypotheses have often centred around crude oil, agriculture, revenues, private capital, bubbling stock market, stable security, low unemployment rate, high standard of living amongst others. But in recent times, one factor that has been added to this list is diaspora remittances as it is one of the major international financial resources, which sometimes exceed the flows of foreign direct investment (FDI).


Remittances promote economic growth by increasing household income and increasing income creates the opportunity to boost consumer spending, accumulation of assets, promotion of self-employment, and investment in small business.


Data from the World Bank in 2014 indicates that global remittances stood at $430 billion dollar in 2011 and was 0.31 per cent of global GDP in 2009. The impact of remittances on any economy is more profound in developing countries because they receive $307.1 billion of the total N416 billion inward remittances, amounting to about 74 percent.


Remittances also account for about 27 percent of the GDP of developing countries. According to the World Bank, remittances flows to the developing world have reached $414 billion in 2013 (up 6.3 per cent over 2012), and are now, behind foreign direct investment, the second largest source of external financial flows to developing countries.


Daily Sun investigations reveal that the enormous upward movement in remittances payments may be attributed largely to two factors, namely; immigration between developing and developed countries which increased dramatically in the past 20 years and declined in transaction costs as technological improvements have allowed for faster, lower cost mechanisms for the international transfer of payments between individuals.


This means that it is different from other external capital inflows like foreign direct investment, foreign loans and aids due to its stable nature. Little wonder why the Central Bank of Nigeria (CBN) unveiled a new policy in 2020 that granted unfettered access to forex from the diaspora and other money transfer remittances like Western Union and MoneyGram.


The bank also clarified transactions that are eligible under the policy in line with global best practices. The policy allows beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) to henceforth receive such inflows in the original foreign currency through designated bank of their choice. It explained that the new regulation was part of efforts to liberalise, simplify and improve receipt and administration of diaspora remittances into Nigeria.


Under the new policy, recipients of remittances may have the option of receiving such funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.


“These changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria,” the apex bank stated.


It explained that the changes would help finance a future stream of investment opportunities for Nigerians in the Diaspora, while also guaranteeing that the recipients of remittances would receive a market- reflective exchange rate for their inflows.


Backed by these words, several commercial banks swung into action to tap into this virgin zone by introducing a variety of offers that yield fruits as more remittances started coming in.


However, the CBN in March 2021, in a bid to encourage more inflows, introduced a new incentive tagged “Naira 4 Dollar Scheme”. In a circular signed by Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department, said, the scheme would allow all recipients of diaspora remittances to be paid N5 for everyone dollar received.


This explains why First Bank of Nigeria Limited chose to expand diaspora remittances inflow into the country by increasing its network of International Money Transfer Operators (IMTOs) targeted at easing accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner.


Before then, it was on record that FirstBank has maintained a long-standing partnership with Western Union, MoneyGram, Ria, Transfast, and WorldRemit. The Bank is also in partnership with other IMTOs including Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflows into the country, thus putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the bank’s 750 branches especially in this Yuletide season.


For potential customers without an existing domiciliary account, they can have their dollar account automatically created for their remittances and can also receive inflow directly into their account through Western Union.  In addition, FirstBank has launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, and FBNBank Senegal.


Reiterating the bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr Gbenga Shobo said, “At First Bank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.


We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are across the world.”


Having been at the forefront of pioneering international funds transfer and remittances over 25 years ago, it is safe to say the bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.


With its total principal standing at N100 billion and over one million customers to service in 2020, FirstBank is providing prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand, a credible financial partner, thus promoting economic growth and development.


Culled from The Sun 


Friday, December 24, 2021

Titan Trust Bank takes over Union Bank

Titan Trust Bank Limited, which barely three years ago won the central bank’s permit to run within Nigeria, is acquiring 89.4 per cent stake in Union Bank of Nigeria Plc.

“Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent,” Union Bank told Nigerian Exchange Limited (NGX) in a note on Thursday.

The transaction will soften the ground for Titan Trust to hold the largest equity stake by a single investor in any of the country’s publicly quoted banks.

That implies only a limited portion of Union Bank’s shares will be readily available in the open market when the deal is delivered except a corporate resolution to sell down parts of the newly bought interest happens.

Wednesday, December 22, 2021

Folorunsho Alakija's Husband Suspended For Physical Assault By Ikoyi Club


The popular Ikoyi Club in Lagos has announced the suspension of Modupe Alakija, the husband of billionaire businesswoman, Folorunsho Alakija.

The club said Mr. Alakija, 72, will remain suspended till November 30, 2022.

According to a circular signed by Bamidele Ibironke, the Honorary Secretary of Ikoyi Club, Mr Alakija, a lawyer, was suspended over physical assault and abuse.

“The above-named member of the Club is hereby placed on a one-year suspension from the Club for physically assaulting and abusing a fellow member, conduct injurious to the interest of the Club, thereby violating Rule 9(C) of the Club’s Rule Book.


Kayode Tokede examines ways monthly salary earners with FirstBank accounts can benefit from the lender’s numerous loans initiatives amid harsh economy

In time past, monthly income earners – especially bank customers – were unable to have quick access to personal loans to meet their immediate financial needs due to the stringent conditions.

The Central Bank of Nigeria (CBN) had introduced the Know-Your-Customer (KYC), among other policies, to enhance financial inclusion and reduce the incidence of related identity fraud in the banking sector. These have enhanced the capabilities of banks to grant soft loans to customers.

Tuesday, December 21, 2021

Aisha Buhari’s aide debunks pregnancy rumour

Photos of Aisha have been in circulation on social media in connection with insinuations that she’s with a child.

The photos had surfaced after the first lady landed in Abuja on her return from the Turkey-Africa summit which she had attended with President Muhammadu Buhari.

Following the development, rumours claimed that she was suffering an ailment while other social media users alluded to pregnancy.

Saturday, December 18, 2021

Tiwa Savage Steps Out In Multi-million Naira Diamond Encrusted Necklace

Afro beats Queen, Tiwa Savage has for years ruled the music industry in Nigeria with her sultry voice and hit songs.

Last night at her headline show at the Livespot X Festival in Lagos, she added another reason why her claim to the throne is yet undisputed.

The singer and songwriter for her performance at the festival wore a diamond encrusted necklace designed by Atlanta-based jeweller, Ice Box.

The necklace which is rumored to be worth over 10 million naira added to the euphoria of the night as Tiwa Savage performed all of her biggest hit to a teeming and excited audience.

Thursday, December 16, 2021

I am simply an investor, and not interested in becoming FBN Holdings chairman - Femi Otedola

Billionaire and businessman, Femi Otedola, says he has no interest in holding any top position in FBN Holdings or any of its subsidiaries.

Otedola said this on Wednesday at the ExecuJet Private terminal in Lagos.

He said the recent acquisition of shares in FBN Holdings is purely an investment decision.

“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders,” he said.

“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”

According to him, the major focus of any good investor is to see opportunities where others don’t, saying that he was convinced that FBN Holdings has a bright future, is strong, solid, and would remain a dominant player in the Nigerian financial services sector.

“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement,” he added.


Tuesday, December 14, 2021

EFCC drags Fani-Kayode to court over fake medical report

The Economic and Financial Crimes Commission (EFCC) on Tuesday dragged former Aviation Minister, Femi Fani-Kayode, before the Special Offences Court in Ikeja, over his alleged procurement of a fabricated medical report.⁣

EFCC claimed that Fani-Kayode procured one Dr. Ogieva Oziegbe to issue the fake medical report, which he allegedly tendered in before the Federal High Court in his ongoing money laundering trial.⁣

Fani-Kayode, a recent defector to the ruling All Progressives Congress(APC), was marched before Justice O.O Abike-Fadipe by EFCC operatives for possible arraignment at about 9:00 am⁣

Wednesday, December 8, 2021

Court Adjourns Fred Ajudua’s Alleged $8.4m Fraud Trial Till Feb.15

Justice Josephine Oyefeso of the State High Court sitting in Ajah, Lagos has adjourned till February 15, 2022 further hearing in the trial of Fred Ajudua for an alleged $8.4million fraud.

The adjournment followed a claim by the defence that Ajudua had tested positive for the Coronavirus Disease, COVID-19 on December 3, 2021.

The Economic and Financial Crimes Commission, EFCC, is prosecuting Ajudua for allegedly defrauding a former Chief of Army Staff, Ishaya Bamaiyi, of $8.4million, while they were both in Kirikiri Prison, Lagos in 2004 for different offences.

Alleged N1.4bn Fraud: Court Warns Nadabo Energy Boss’ Lawyer Over Absence, Adjourns Trial Till Dec. 8

The ongoing trial of Abubakar Ali Peters and his company, Nadabo Energy Limited, for an alleged N1.4billion fraud before Justice C.A. Balogun of the Lagos State High Court sitting in Ikeja could not continue today, December 7, 2021, owing to the absence of the defence counsel in court.

Abubakar and his company, Nababo Energy Limited, who were arraigned on December 10, 2012, are being prosecuted by the Economic and Financial Crimes Commission, EFCC, for allegedly using forged documents to obtain the sum of N1, 464,961,978.24 from the Federal Government as oil subsidy, after allegedly inflating the quantity of Premium Motor Spirit, PMS, purportedly imported and supplied by the company.

Monday, December 6, 2021

N2bn Fraud Trial: Ex-Niger Gov. Babangida Aliyu, Others’ Trial Adjourned Till Feb 21

…Defendants Take Fresh Pleas on Amended Charges

Justice Mikail Aliyu of the Niger State High Court today adjourned further hearing in the corruption trial of a former Niger State governor, Muazu Babangida Aliyu and two others; Tanko Beji and Umar Nasko till February 21, 22, 23, 24 and 25, 2022.

At the last session on Wednesday, December 1, 2021, the tenth prosecution witness and former Permanent Secretary, Government House, Hamisu Musa Jankaro had told the court how Umar Nasko, as Chief of Staff to Aliyu, instructed the disbursement of monies from the Security Vote. Various documents were tendered and admitted in evidence. The court subsequently adjourned to today December 2, for the prosecution to present another witness.

Ebenezer Onyeagwu Emerges “CEO of the Year” as Zenith Bank Wins 'Most Responsible Organisation in Africa’ at SERAS CSR Africa Awards 2021

Zenith Bank’s Group Managing Director/CEO, Mr. Ebenezer Onyeagwu, has emerged CEO of the Year for a second consecutive year at the Sustainability, Enterprise and Responsibility (SERAS) CSR Africa Awards held at the weekend in Lagos. According to the judges, he was selected for a number of reasons, including engendering a culture that promotes the continued investment in social initiatives in support of the United Nations Sustainable Development Goals (SDGs). Under his leadership, the Zenith Bank's social investments totalled NGN3.285 billion in 2020, representing nearly 2% of the Bank's profit after tax.

The judges found him worthy for his commitment to promoting sustainability and responsible business practices in Nigeria, by his frontal leadership of sustainability in Zenith Bank, thereby enabling best industry practices in the banking sector, and for his passion for reducing carbon emissions in the Bank's operations.

Friday, December 3, 2021

Pistorius transferred to jail closer to victim's family

Former South African Paralympian Oscar Pistorius, jailed in 2016 for killing his girlfriend Reeva Steenkamp, has been moved to a jail closer to her family ahead of reconciliation talks that could help pave the way for his early release from prison. This report produced by Freddie Joyner.

Oscar Pistorius, the former South African Paralympian who was jailed in 2016 for killing his girlfriend Reeva Steenkamp, has been moved closer to his victim's family.

The move is in preparation for reconciliation talks that could help pave the way for his early release from prison.

Lagos orders indefinite closure of Dowen college over Sylvester Oromoni's death

The Lagos State Government on Friday ordered the indefinite closure of Dowen College, Lekki, pending the outcome of an investigation into the death of Master Sylvester Oromoni Jnr, a student of the school.

This was contained in a statement signed by the Assistant Director, Public Affairs, of the Lagos State Ministry of Education, Ganiu Lawal.

The statement read, “The Lagos State Government has ordered the indefinite closure of Dowen College, Lekki, pending the outcome of an investigation into the death of Sylvester Oromoni Jnr, a student of the school.

“Commissioner for Education Mrs. Folasade Adefisayo announced the closure after a meeting with the School Management and Staff.