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FirstBank wins again, emerges best Bank in Nigeria at the 2018 Global Finance Awards

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Adesola Adeduntan, MD/CEO, First Bank of Nigeria Limited & Subsidiaries (second left) flanked by FirstBank's Bashirat Odunewu, Group Executive, International Banking Group, (left); Ini Ebong, Group Executive, Treasury & Financial Institutions (second right) and Timi George, Group Head, Financial Institutions & Multilaterals (right), during the presentation of Best Bank in Nigeria 2018 award to FirstBank in the Global Finance World Best Bank Awards 2018, held on the sidelines of the World Bank/IMF Annual Meetings in Bali, Indonesia.

First Bank of Nigeria Limited, the premier Bank in West Africa and the leading banking services solutions provider in Nigeria has been presented with the award of the Best Bank in Nigeria by Global Finance in its World’s Best Banks Award 2018 held on the sidelines of the World Bank/IMF Annual Meetings in Bali, Indonesia.

According to Global Finance, “Winners in the World’s Best Banks Awards 2018 were selected based on performance over the past year as well as other criteria including reputation, management excellence, and leadership in digital transformation. Banks that were singled out in the 14 global and seven regional categories expressed the goal of digitizing in order to improve the customer experience. And clearly, banks need to focus on how to build business and preserve relationships in an online environment.”

With some 14 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. For over 124 years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

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BUSINESS

Senate investigates banks for not remitting taxes on deposits

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The Senate on Tuesday directed its Committees on Banking, Insurance and other Financial Institutions, to investigate alleged non-remittance of taxes on bank deposits and dividend payments.

The Witness learnt that the it also asked the committees to report back within four weeks.

This followed the adoption of a motion by Senator Uche Ekwunife (PDP, Anambra).

Ekwunife said: “It has been discovered that the Central Security & Clearing System, CSCS and banks in Nigeria do not remit withholding tax on bank deposits and dividends to state government as and when due.

“Most state governments are unable to pay salaries and meet their financial obligations as a result of poor and dwindling revenue.

“Billions of naira are being held by banks either in form of under remittance or non remittance of withholding revenue.”

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CBN to banks: You must seek approval before sacking staff

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The Central Bank of Nigeria, CBN has said banks are no longer allowed to sack more than five staff without its approval.

This was part of the communiqué released by the Bankers Committee after its meeting on Friday.

The committee, in a circular signed by Director, Financial Markets Department, CBN, Angela Sere-Ejembi, emphasized that all banks should send a sample of Contract Letter issued to outsourced staff + SLA with the company being used to run outsourced staff.

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It stated, “Banks should note and be guided by the CBN circular in respect of laying off staff that is more than five. This requires apex bank’s notification and approval going forward.”

The Bankers’ Committee had said the mass sacking in banks would be reduced in the shortest time possible.

The committee noted that while it was working on how to reduce the level of job losses in the sector, there would always be reasons people would have to be sacked from their workplaces.

It explained that while the decision to sack bank workers had elicited a lot of sentiments from both the public and private sectors of the economy, the banks understood the implications of having to relieve workers of their jobs in view of the current economic situation in the country.

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Ecobank Nigeria to host Regional Trade Forum 2020

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Ecobank Nigeria to host Regional Trade Forum 2020

Ecobank Nigeria is set to host its 2020 Regional Trade Forum in Lagos.

The Witness gathered that the forum taking place in March, will be a two-day event, providing the opportunity for exporters and importers within the African region to exhibit their products in a marketplace scenario with panel discussions by highly experienced and diversified stakeholders and leaders of thought in the industry.

Ecobank Nigeria is a member of the pan African banking group with unparalleled Africa wide Network Advantage across 33 countries catering for businesses and providing world class trade services to its customers. The Ecobank Group network has over 30 years been enhancing the financial integration of the continent. The Group provides solutions to facilitate trade in the various trade corridors and groupings across Africa

Announcing the Trade Forum in Lagos, Sunday Abah, Head Trade Finance of Ecobank Nigeria said Ecobank is using the forum to unveil its comprehensive trade solutions to its existing and prospective customers alike by sharing the various payment methods available to facilitate cross border trade throughout its network across Africa. According to him, Ecobank recognizes the role of exporters and importers in driving economies through trade.

“By creating a networking forum for importers and exporters via the trade exhibition slated for the first day of the forum, the Bank extends support to stakeholders in export and import businesses.

“Ecobank’s trade products and solutions are designed around two broad areas: Trade finance which enables customers benefit from adequate and well mitigated credit facilitation in the area of Import finance, export finance, bill discounting, trade loans, distributor finance, structured trade and commodity finance amongst others; also we do Trade Services, which gives our customers the advantage of speedy turnaround time and error free processing of Import Letters of Credit, Import collections, Customs bonds, Export collections and regional trade services amongst others,” he noted.

Ecobank’s unique intra-Africa trade solutions enable settlements of trade transactions and mitigation of payment risk; provide regional solutions and enable exporters obtain payment guarantees without the need for a letter of credit and its related costs to the importer. Ecobank works closely with clients in reviewing key factors regarding transactions processing, settlements, financing, and risk mitigation as well as credit enhancement. The bank boasts of a unique and large Pan-African platform that positions it to support trade at all levels. Its technology platform is designed to help unlock the opportunities of the continent through standardization across 33 countries, while fueling regional integration, trade and investment across borders.

The Ecobank Africa Trade Forum is expected to attract hundreds of guests and participants. Leaders from across Ecobank Group will also be attending to share their market specific trade knowledge and information.

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