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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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Polaris Bank partners Digivate 360 to build capacity of SMEs

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Polaris Bank as part of its strategy to provide empowerment opportunities for prospective and existing Small and Medium Scale Enterprise (SME) customers, has partnered Digivate 360, a local partner of Facebook, to provide digital marketing training to SMEs. This is to enable SMEs leverage digital marketing tools to grow their businesses and compete on a global scale.

This is in line with the Bank’s brand purpose as a future forward enterprise positioned to meet the challenges of the new age by being the enabler and pathfinder for those who want to keep being relevant in their endeavors.

SMEs are to leverage digital tools to boost their businesses and compete on a global scale.

According to the Group Head, Products and Markets Development, Adebimpe Ihekuna, the initiative is in line with the Bank’s core value of continuous learning and commitment to the growth and competitiveness of SMEs in the country by training them on the use of social media to drive business.

Commenting on the partnership, Olusegun Oyetunji of Digivate360 said, “We are excited and ready to collaborate with Polaris Bank to deliver “Boost with Facebook” and we are set to kick off this exciting digital journey for the benefit of SME customers in Polaris Bank”.

The training is billed to take place in the following cities: Lagos, Enugu, Kano; Ilorin; Port Harcourt, Ibadan; Benin, Abeokuta and Abuja from Thursday, October 16, 2019.

Polaris Bank is a customer-centric bank positioned to deliver industry-defining products, services and platforms across all the key market segments.

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P+ Measurement launches Nigeria’s first broadcast advert analytics audit report

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Nigeria’s leading media measurement and evaluation agency, P+ Measurement Services, has announced the introduction of a dedicated Broadcast Analytics audit Reporting platform to help brands interpret their TV and radio advert compliance reports.

In a statement, the agency said the new solution, regarded as the first of its kind in the Nigerian marketing communications industry, would help brands transform their reports, usually in Excel sheets, into a smart and easy-to-navigate dashboard for easy interpretation.

Explaining how brands can leverage the innovative reporting dashboard to gain insights into their campaigns, Lead Consultant at P+ Measurement Services, Mr. Philip Odiakose, said companies can leverage the solution in two ways.

“We believe there’s a whole lot of intelligence buried in the dozens of reports by media monitoring agencies. We believe monitoring agencies need to go the extra mile to present their reports in a way that allows brand owners to easily draw insights from their placements and make smarter decision for the business,” he said.

“To achieve this, it’s either we handle your broadcast monitoring and auditing or you provide us with your broadcast compliance data sheet monthly. With our broadcast analytics solution, our goal is to replicate the same success we have recorded with the print and online media segments.

Odiakose, who said his team was also committed to empowering brand handlers with tools and skills to measure and scale the impact of their communication efforts.

A Media Analyst Associate at the agency, Gilbert Alasa, said the integrated solution offers marketing communications managers a single view of their marketing channels all on a single dashboard.

“As an agency, we have always advised clients to make measurement and evaluation a critical part of their campaign plans. Now, we have taken a step further to help communications managers measure the impact of their programs in an easy-to-understand reporting dashboard.

P+ Measurement Services is Nigeria’s first and leading independent PR measurement and evaluation agency in Nigeria providing detailed and unbiased media monitoring, measurement and performance audit solutions to businesses. A member of the US-based International Association for the Measurement and Evaluation of Communication, AMEC, P+ Measurement Services was recently announced as Best Media Monitoring and Measurement agency of the year by NMNA.

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Customer Service Week: Eko Disco visits, donates relief items House of Gold Children’s Hospice

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The Management and staff of Eko Electricity Distribution Company (EKEDC) on Thursday 10th October has visited House of Gold Children’s Hospice in Surulere, Lagos State. Corporate Social Responsibility (CSR) is one of the activities that shows the premium EKEDC places on its host community and the people around its operations, hence the visit.
The was to commemorate this year’s Customer Service Week themed “the Magic of Service” and to show support for children with special needs in the society. The team was led by the Chief Finance Officer of EKEDC, Joseph Esenwa and Chief Legal Officer, Wola Joseph. The team went with some relief materials to support the hospice.
Receiving the team, the founder of House of Gold Children’s Hospice, Theresa Omolaja was thrilled to have the company come spend time with the children amid other activities lined up for the week. Explaining the purpose of the visit, Chief Legal Officer of EKEDC, Wola Joseph said “Customer Service Week is a week-long celebration of customers all around the globe and we chose today to come to celebrate with our children with special needs. CSR is what we do because empowering the quality of lives is our mantra and we want to touch everyone around us”.
Omolaja, in turn, thanked the management and staff of the company for their visit, kindness and support. She then showed them around the facility. Omolaja mentioned the ways the children are taken care of and their peculiarities. She shared her dream of starting a school for the children in the facility and EKEDC keyed into her idea by promising to meter the school for free immediately the school is completed. Omolaja appreciated the company for the kind gesture and promised to keep the company in the loop of activities going on in the facility.
House of Gold Children’s Hospice was established in 1990 to house and cater to children with terminal or life-threatening illnesses. The hospice houses children with special needs with an emphasis on children with autism, cerebral palsy, down syndrome, dyslexia and other neurological conditions associated with mental disabilities.
Omolaja urged EKEDC to continue the good deeds and called on other companies to support similar causes that will improve the society in its entirety.
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