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Wema Bank, Dana Airline in alleged money laundering scandal

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One of the nation’s topflight banking institutions, Wema Bank and Dana Air, owners of Sri Sai Vandana Foundation, a Non-Governmental Organisation (NGO) have been fingered in a money laundering crime and may be prosecuted by the anti-graft agency.

According to a source, the airline’s inflight donation collected between 2014 and 2018 without following due process is the bane of contention.

“The EFCC will take it up. We will investigate and prosecute the crime element once prima facie is established,” the acting spokesperson of the Economic and Financial Crimes Commission (EFCC), Tony Orilade said.

Dana started Nigeria’s Sri Sai Vandana Foundation in 1995 and commenced the inflight donation in partnership with the Sickle Cell Foundation of Nigeria. But after the airline suffered a major crash in Lagos in 2012 in which 153 persons died, it ceased the collaboration, ‘re-strategised’, and solely ran the inflight donations.

Reports also reveal how Dana through Sri Sai Vandana Foundation, got the inflight donations between January 2014 and October 2018, raking in millions of naira deposited into the Wema Bank account number 0121291839 without due registration with the Corporate Affairs Commission (CAC), a prerequisite for complying with the Special Control Unit against Money Laundering (SCUML) regulations.

The EFCC official stated that the company will be sanctioned and that when there is a vacuum that is when we will lift the veil.

He further explained that by ‘lifting the veil’ he simply means “The company cannot run without humans. So, it is when everyone denies being members of the company that we go after the individuals.”

In line with the Money Laundering Prohibition Act, it is mandatory every Designated Non – Financial Institution, DNFI, to register with SCUML in order to legally operate in Nigeria.

Contravening the SCUML guidelines have some specific penalties, including “suspension or revocation of license, fines or imprisonment or both,” according to Sections 15 to 17 of the Money Laundering (Prohibition) Act 2011 (as amended).

It stipulates a maximum of 14 years jail term for an individual but, in the case of a corporate organisation, the law says such organisation would pay “a fine of not less than 100 percent of the funds and properties acquired as a result of the offense committed” and would also have its license withdrawn.

Precisely, the law defines the unlawful act listed in subsection (2) of the Act to include “corruption, bribery, fraud, counterfeiting, and piracy of products…or any other criminal act specified in this Act or any other law in Nigeria.”

As such, Wema Bank officials involved in Dana’s account opening process may as well be prosecuted by the anti-graft agency, as soon as SCUML forwards its findings to the EFCC.

Source: ICIR

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FCMB opens ultra-modern branch in Ondo City, Ondo State

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In line with its customer-centric and strategic expansion programme which aims at making its excellent services accessible to more individuals and businesses, First City Monument Bank (FCMB), has opened a new ultra-modern and full-service branch in Ondo City, Ondo State.

The new branch, which was commissioned at an impressive ceremony on December 12, 2019, is located at 15, Yaba Street in Ondo city. The location of the branch takes into consideration convenience for FCMB’s customers and others who live or operate businesses in Ondo City, Ore, Ile-Oluji, Oke-Igbo and neighbouring areas. The Bank currently has 206 branches spread across Nigeria and three are in Ondo state.

The branch in Ondo City is equipped with unique physical and technological infrastructure to ensure convenient transactions and sundry financial service delivery to existing and potential customers in a relaxed and tranquil environment.

Speaking on the development, the Managing Director of FCMB, Mr. Adam Nuru, described the development as another turning point in the commitment of the Bank to bring banking closer to the populace and promote financial inclusion in a manner that would positively impact on their individual and business aspirations.

Mr. Nuru, who was represented at the ceremony by the Regional Head, South-West, Mr. Adelaja Adeleye, said, “witha robust product suite for businesses and individuals and our award-winning service culture, we intend to leverage these capabilities by investing extensively in some channels to reach more customers. Today, our customers are embracing these alternative channels such as mobile and internet banking, at an impressive rate, whilst others who prefer human interaction when banking still need the reassurance a physical branch offers. Our new Ondo town branch gives this reassurance as it is well-equipped to further enhance the experience of our customers’’.

He reiterated that FCMB will continue to raise the bar in the way customers are served and the kind of environment under which such services are provided to meet their respective lifestyles.

On his part, the Group Head, Branch Service of FCMB, Mr. Ademola Idowu, said, ‘’our new Ondo town branch, like other branches of FCMB across Nigeria, brings with it something special in terms of structure and aesthetics. Part of our commitment to promoting a cleaner and greener environment, is by use of renewable energy and in this new branch, we have adopted solar technology which is a clean energy solution that produces minimal waste. It is non-pollutant and great for the environment’’.

Mr. Idowu, added that, ‘’the Branch will also offer excellent services provided by our team of professionals. We are committed to scaling our operation, building the requisite capabilities, while deploying the best ways to simplify banking for customers who use our robust technology platform’’.

In his address, the Governor of Ondo State, Mr. Rotimi Akeredolu, commended FCMB for its giant strides and contributions to the development of the State and Nigeria in general.

The Governor, represented by the Commissioner for Finance, Mr. Wale Akinterinwa, said, “it is gratifying that FCMB has further cemented its place in the economic development of Ondo City by moving to its own structure. The fact that the Bank has been in existence for 36 years and consistently performed creditably is a confirmation of the quality of its management. We want the Bank to develop products and services that will further promote financial inclusion and access to funds. Ondo State government will continue to work with FCMB to ensure that it contributes more to the development of the people and the state in general”.

Also speaking, the Osemawe and Paramount Ruler of Ondo Kingdom, Oba Victor Kiladejo, said, “we are happy with the feats attained by FCMB and considering Ondo City as a worthy place to align with. We want the Bank to do more in empowering our people and engage in CSR activities. Ondo Kingdom and our people are ready to collaborate more with the Bank, especially in the area of support to Small and Medium Scale Enterprises. We pray that FCMB will continue to grow and remain a partner in progress’’.

For more information about FCMB, please visit www.fcmb.com.

See pictures from the launch below:

 

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FirstBank announces the appointment of Alhaji Ado Yakubu Wanka as non-executive director

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, today announced the appointment of Alhaji Ado Yakubu Wanka as Non-Executive Director.

Speaking on his appointment, Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said, “We are delighted to welcome Alhaji Ado Yakubu Wanka, to the FirstBank Board. We are especially excited that he is bringing a combination of complementary skills and rich experience to the table which will no doubt enhance the quality of governance towards meeting our strategic goals.

Alhaji Ado Yakubu Wanka attended Government Secondary School, Bauchi (1966 – 1970), Federal School of Science, Lagos (1971 – 1973), holds a B.Sc. in Chemical Engineering from Ahmadu Bello University, Zaria (1973 – 1977) and an MBA from the same institution (1982 –1984). He is also an alumnus of the Harvard Business School and Switzerland’s Institute of Management Development, Lousanne. Alhaji Wanka served in the National Youth Service Corps (NYSC) as a graduate assistant with the Department of Chemical Engineering, Obafemi Awolowo University (OAU), Ile Ife. Thereafter, he started his managerial career as a young process engineer with Ashaka Cement Company Plc where he rose to the position of Deputy Production Manager

After completion of his MBA degree, Alhaji Wanka acquired further managerial competence during his stay with the Northern Nigeria Development Company (NNDC), Kaduna. During the period, he participated actively in new business development and monitoring of NNDC’s quoted and unquoted investments and left as Principal Investment Executive.

Alhaji Wanka began his banking career in April 1988 with the then Nigerian International Bank (Citibank Nigeria) where he served for six months as Deputy Manager. He was with the FSB International Bank Plc from 1991 to 1997 and rose to become Executive Director. He assumed duty as the MD/CEO of the then Gamji Bank Limited in 1997, moved to First Bank of Nigeria Plc in 1998 as Executive Director, where he spent about eight (8) years. In between his banking career, Alhaji Wanka spent three years in the Nigerian National Petroleum Corporation (NNPC) – September 1988 to April 1991 – where he was Acting Head, New business Development Unit and later Head, Strategic Planning Unit of the Corporation.

With experience in Corporate and Investment Banking, he served in various capacities in other organisations, most notably as Executive Director, Finance and Administration and also, Chairman of the Board of the Nigeria and Sao Tome Joint Development Authority (an agency which oversees the commercial exploration of mineral resources in the Joint Development Zone covering the overlapping maritime boundary between Nigeria and Sao tome & Principe).

Alhaji Wanka joined Unity Bank in March 2008 as a Group Executive Director, initially in charge of Retail Banking and later Risk Management & Control Directorates. He retired in August 2013, after serving as the Bank’s Managing Director for two (2) years.

Alhaji Wanka is currently the Chairman, APT Securities and Funds, APT Pension Fund Managers and Director, Arewa Metal Containers (ARMECO) Ltd.

Alhaji Wanka is a fellow of Chartered Institute of Bankers of Nigeria (CIBN); Nigerian Institute of Management (Chartered) (NIM); Nigerian Society of Chemical Engineers (NSCHE); Institute of Chartered Management Accountants (ICMA) and Institute of Credit Administration (ICA). He is also an Honorary Fellow of the Nigerian Chemical Society and a member of the Institute of Directors (IoD).

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Keystone Bank partners Nilayo Sports to host Valuejet Remo Ultra Race

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L-R: Mr. Yemi Odusanya, Executive Director, Keystone Bank Limited; a guest and Prince Dapo Abiodun, Executive Governor, Ogun State at the maiden edition of the Valuejet IAU African Championship, Remo 2019 competition, held at Shagamu, Ogun State, recently.

As a way of demonstrating its commitment to promoting fitness and healthy living amongst Nigerians, Keystone Bank Limited, recently partnered with Nilayo Sports Management Limited (NSML), to host the maiden edition of the Valuejet IAU African Championship, Remo 2019 competition.

The 50km ultra-distance race event held on Saturday December 7, 2019 at Sagamu, Ogun State, was the first African championship in IAU’s 35-year history. The three-in-one championship had about 4000 athletes from across 35 IAU member countries.

The race which took off at the Gateway International Stadium had in attendance dignitaries including the governor of Ogun State, Dapo Abiodun, president of IAU in Africa, Solomon Ogba, executive director, Keystone Bank, Yemi Odusoya, ex- Nigeria athlete, Falilat Ogunkoya amongst others.

Speaking at the event, Mr. Bukola Olopade, the managing director of NSML said the race is one of the company’s numerous ways to create bond among Nigerians and the world at large. “The ultra-marathon is first of its kind in Africa and we are elated that our company is responsible for bringing youths together to harness their talents. “Valuejet IAU African Championships is a trendsetter. The ultra-race has set an excellent example for ultra-running on the continent”, he concluded.

Commenting on the bank’s involvement in the event, executive director of Keystone Bank Limited, Mr. Yemi Odusanya said the lender recognises the importance of health to nation building, stating, “A healthy workforce is considered the most productive workforce. Good health is critical to economic development and therefore, health remains one of our core CSR pillars in the bank. Keystone Bank will continually strive to promote advanced healthcare in Nigeria.

“The competition showcases the bank’s commitment to community investment and project financing.

“Therefore, sponsoring the Valuejet IAU African Championship, Remo  2019 competition is in line with our vision to promote a healthier   nation as a whole.”

At the event, winners of the 50-kilometre ultra-race in both foreign and local categories pocketed $2,000, while the second and the third placed runners received $1,500 and $1,000, respectively.

For the Nigerian local five-kilometre run, the winner received N500, 000, runner-up N300, 000, while the second runner-up went home with N150, 000.

Nigerian musical artistes, CDQ, Slimcase and Naira Marley were also on ground to add glamour to the event.

While Nilayo Sports Management is a sports management and marketing company, working with some of the biggest names in the world of sports like IAAF, CAA and AFN aimed at promoting sporting activities from grassroots level to international level in Africa, Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

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