Blog

banks (7)

Mobile Police to be withdrawn from banks,

Posted by 9jabook.com webmadam on January 14, 2011 at 5:28am

12166297289?profile=originalBy Kingsley Omonobi
ABUJA — Following the determination of the current Police administration to restructure the Mobile Police Force, PMF, the Police hierarchy has concluded plans to withdraw all Mobile Policemen from banks, cooperate organisations and individuals...

Consequently, the Police authorities have directed all banks, corporate organisations and individuals, who hitherto have been making use of mobile policemen, to seek other means of security arrangement for their organisations.

Towards this end, only few conventional policemen that are armed will be deployed to such banks and organisations to oversee the operations of other security agencies that they might engage to provide security for their business operations.

Inspector General of Police, Mr Hafiz Ringim, had written to banks through the DIG Operations, Audu Abubakar, directing the banks on the new decision of the Police hierarchy.

Following the development, Chief Security Officers of all banks in the country on Wednesday held a four-hour closed door meeting with the DIG Operations at the Force Headquarters to fashion out ways on how the banks could provide their own alternative security.

Though the outcome of the meeting was not made public, but an inside source said the banks were not disposed to the new arrangement, and were still pleading  with the Inspector General of Police to rescind the decision as such directive will likely alter their operations and also jeopardize the security of customers.

The Police recently embarked on mass demobilization of mobile police officers, but the IGP said was his style to imbibe the culture of professionalism in the Nigeria Police Force.

According to him, the Mobile Police force is a specialized outfit,  a specialized agency in the police. It is the striking unit of the PMF; they cannot have control over our internal security problems if they lose the purpose of their establishment. It was established in the early 60s in other to contain definite threat to internal security.

The IGP , regretted that over the years people have turned the PMF into something like an ornament, while every body want to be seen going around with Mobile police.

He added that his intention is to have the PMF in the barracks and to train them for deployment in order to help the nation contain its internal security problems.

Read more…

Girl led Robbery in the Day robbers blew Ondo banks with dynamites

Posted by 9jabook.com on June 23, 2010 at 8:00pm
PHOTO:Crowd in front of one
the banks

THURSDAY, June17, 2010 would forever remain unforgettable in the memory of residents of Akure, Ondo State capital. Reasons: it was the day a violent movie was enacted right in their very eyes as all the security operatives in the state literally went on holidays. However, it was a field day for a gang of heavily-armed robbers who operated unhindered.

They took their time and left after clearing all the available monies in two new generation banks and those of customers inside the banks. Even the monies in the ATMs were not spared. In the melee, five persons were killed and no fewer than 20 others sustained gun shot wounds.

The day of rage

It was indeed, a sad day as Akure residents were held hostage for over one hour as policemen disappeared following the booming of different kinds of weapons in different locations. The eight-man gang had barred its fangs the previous day in Akure when it snatched an AK47 rifle from a constable in the Coca-Cola area in Ondo road and came out smoking the next day.

As they operated, the sound of gun shots rent the air, booming with a deafening crescendo in the state capital and many thought it was war time.

Indeed, in his first reaction to the incident, the Police Image-Maker in the state, Mr. Adeniran Aremu, said it was some miscreants in the town that were at work and that the police would soon round them up. Later, it dawned on all that it was more that what every one including the police could imagine.

Eye-witness account

Eye-witness account said the hoodlums arrived the two new generation banks in an 18-seater bus with number-plate XY 889 FST through the Owo/Benin road. The vehicle was said to have been snatched at the Maronu junction in the state capital. The driver of the bus, a father of five, was reportedly shot dead when he resisted the robbers attempt to disposses him of the bus.

The dare-devil gang then headed for their target - the two banks which were adjacently located in Ilemo Street off Oba Adesida Road in Akure metropolis.

Crime Alert learnt that the robbers were led by a 23 -year- old girl who had on her three bazooka guns. (comment:have they caught her or did she tell them her age ?)When they arrived the two banks, securitymen there and traders in the vicinity thought they were policemen who came for routine security checks. They later saw action when the hoodlums started shooting indiscriminately at the bank and other buildings in the vicinity to scar people away.

During the shoot out, three persons were shot dead from stray bullets while the robbers, moved to the entrance of the banks with dynamites with which they blew open the security doors, unchallenged.

They were said to have proceeded to the vaults after the bank workers had fled in different directions for dear lives. The female leader of the gang and another girl were strategically positioned outside while the boys were busy packing monies into several Ghana-Must- Go bags.

Police on the run

While the operation was going on, the streets were deserted. Policemen at the “A division” police station about 300 metres away reportedly took to their heels while some ran to the NUJ Press Centre, behind the station. In fact, it was as if the armed robbers paid for time as they operated unhindered for over an hour without any challenge from security operatives. A woman, identified as Mrs. Oluyi, a mother of four, with a baby girl strapped at her back was killed during the robbery.

Reports said the deceased, an hair-dresser, came to the bank to cash some money sent to her account by her husband who works in Abuja for her child’s school fees.


Police gun found at Ondo robbery scene

Twenty four hours after a brutal robbery incident shook Akure, the Ondo State capital to its foundation, Police authorities have recovered one of the guns believed to have been used for the crime. The AK-47 rifle recovered at the scene of crime turned out to be one of the weapons of the force.The gun, believed to have been abandoned by one of the robbers, has been deposited at the office of the State Anti-Robbery Squad, it was learnt yesterday..


Sad end for mother of 4

Sadly, she arrived the bank the same time the “action “started and in a bid to escape the shooting, hid herself in one of the security rooms attached to one of the banks. She decided to raise her head few minutes later when she thought the operation had ended only for one of the robbers, to shoot her at close range.

Perhaps, she was mistaken for one of the security men at the bank. Her brains littered the scene of the robbery and had to be covered with cloths by sympathisers. Her killer, it was learnt, helped her to remove the baby from her back, leaving her in a pool of blood while her vehicle, a Space Wagon with number-plate BG 95RSH was parked at the entrance of the bank.

Protests after action

After the incident, residents, mostly students stormed the streets and protested to the A Division Police Station with the corpse of the nursing mother and blamed the police for their insensitivity. Not a few of the policemen yanked off their uniforms to keep anonymity. However, the protesters threw stones at the station. They were later dispersed after reinforcement came from the state headquarters of the police command.

For two days after, banks in the Akure metropolis closed shops while those that opened frisked customers for fear of the unknown. Unconfirmed reports said the AK47 gun snatched from a police constable the previous day was recovered from the spot where the nursing mother was killed.

According to sources, the police constable attached to Fanibi Police Station was robbed of his gun on Wednesday and the following day after the robbery, the gun was reportedly picked up at the scene of the robbery.

But Aremu argued that the robbery and the murder of the nursing mother should not be linked to the snatching of the gun from the policeman. He told Crime Alert, “It is not true that the gun that was recovered at the scene was the same gun earlier snatched from a policeman.” He said no arrest has been made by the police after the hoodlums’ attacks on the banks.

Gov. Mimiko talks tough

Shocked by the incident, the Ondo State Governor, Mr. Olusegun Mimiko, summoned all security chiefs in the state to an emergency meeting where he reportedly gave a marching order to them to track down the robbers and review the state security strategies.

Mimiko described the robbery attack as ”an unfortunate incident and an undue infraction on the peace that has been enjoyed in the state since the inception of the administration, warning that the state would not be a safe haven for robbers as such infractions would be met with the stiffest preventive measures.

Police trade blames

However, not a few residents of the town argued that the State Police Command failed to foil the robbery operation or track down the thieves because the State Commissioner of Police, Mr. Magaji Nasarawa, was out of town, attending the Inspector- General of Police, IGP, conference in Abuja.

Police sources pointed out that “It was a bad day for the entire command. The CP was in Abuja attending IGP’s conference, leaving the deputy commissioner in charge of the command and in acting capacity. Again, the Special Anti-robbery squad, SARS, was on a special assignment at Ore town, to curb the spate of criminal activities in the highly- volatile and crime-rated town.

‘To everybody’s surprise, when this robbery operation was going on, no senior police officer, not even the DCP who was then the acting commissioner, was ready to give order and push other divisions and sections in the command out and trail the fleeing thives,” the source claimed.

Our source also alleged sabotage on the part of some unnamed police officers within the state police command but absolved the police commissioner.

According to him: “despite the absence of the team during the robbery operation, they hurriedly left Ore town for Akure that morning, but were unable to confront the fleeing robbers on Ondo Road, as military personnel barricaded the Akure-Ondo road at the frontage of the 323 Artillery Army Barracks. The team later went after the fleeing gang through Ilesa-Akure highway but the armed robbers made a detour into Ilara town and escaped to neighbouring Ilawe town in Ekiti State.
Read more…

Politicians invade banks for loans as Jonathan's men plot campaign strategies

Posted by 9jabook.com on May 25, 2010 at 4:26am
2011: Politicians invade banks for loans *Jonathan's men plot campaign strategies *Hold meetings in Abuja, Kaduna, Asaba *Pressure mounts on president to declare interest
Written by Odidison Omankhanlen, Idowu Samuel, Taiwo Adisa and Leon Usigbe
Monday, May 24, 2010

IN preparation for the 2011 elections, politicians have now invaded banks for credit facilities in various banks to actualise their ambitions, Nigerian Tribune has gathered.



advertisement

The development, it was gathered, may not be unconnected with the Central Bank of Nigeria's (CBN's) directives on credit facilities to politicians.

A top bank executive, who pleaded anonymity, told the Nigerian Tribune at the weekend that CBN directing banks to resume lending to politicians was unfortunate.

According to him, politicians are well known not to keep promises, stating that the current directive can lead to another era of non-performing loans in the sector.

In his contribution, a financial analyst and Chief Operating Officer, Twinsronk Consulting, Mr. Okechukwu Amadi, said for the apex bank to have reversed itself was highly regrettable.

He observed that though there were stringent conditions for accessing credit facilities in the various banks, the politicians would always want to circumvent such rules..

He submitted that though the apex bank had no right to bar banks from issuing credits to any group of people, it must ensure the conditions were strictly followed.

"The fact is that the CBN cannot debar banks from lending to a set of people. What they should do is to ensure politicians meet the stipulated conditions or else the proposed AMC meant to take care of bad debts in the financial system will be of no effect," he warned.

As a result, confusion has enveloped the banking industry following CBN's current directive to banks to resume lending to politicians.

Investigations by Nigerian Tribune revealed that the apex bank had initially instructed banks to be wary of politicians thronging various banks for credit facilities in preparation for 2011 elections, stressing that they were capable of throwing the sector back to crisis.

It was in view of this that the apex bank earlier threatened to sanction banks that failed to comply with its directive on the use of credit information from credit bureaus before granting any loans.

Nigerian Tribune gathered that following sustained pressure mounted on the CBN governor, Mallam Lamido Sanusi, especially in the light of the recent political developments in the country, the apex bank had to retrace its steps by issuing directive to banks to start lending to politicians, denying that it ever instructed banks not to lend to them.

Only last week, the CBN, in a statement signed by its Head, Corporate Affairs, Mr. Mohammed Abdullahi, entitled 'No Directive To Banks Against Lending To Politically Exposed Persons', stated that it had never directed Deposit Money Banks (DMBs) to stop granting credit facilities to PEPs, stressing that such would amount to the CBN meddling in the internal credit administration processes and procedures of banks.

According to the apex bank, "For the avoidance of doubt, banks and Other Financial Institutions (OFIs) are at liberty to grant credit facilities to any individual and/or a corporate entity in line with the institution's Credit Policy and in consonance with extant rules and regulations."

In a circular to banks and financial institutions signed by the Director, Banking Supervision, Mr. Samuel Oni, which was earlier sent to banks, the CBN pointed out that "In its effort to provide a platform for financial institutions to strengthen their credit appraisal procedures with a view to enhancing credit quality and responsive credit behaviour in the nation's financial system, the CBN recently licensed three private credit bureaux to provide credit history on borrowers.

"Following the release of the Guidelines on Licensing, Operations and Regulations of Credit Bureau issued by CBN in October 2008, it has become imperative to issue this circular directing bank and other financial institutions to partner with the licensed credit bureaux in order to enhance the performance of their operations."

Consequently, the apex bank said it was now mandatory for banks and other financial institutions under the purview of the CBN to comply with sections 5.4.3 and 5.4.5 of the Guidelines on Licensing, Operations and Regulations of Credit Bureaus in Nigeria as follows: Have data exchange agreement with at least two credit bureaus; obtain credit report from at least two credit bureaus before granting any facility to their customers; and obtain quarterly credit report from at least two credit bureaus for all previous loans/facilities granted to enable the determination of the borrowers current exposure to the financial system, adding that banks and other financial institutions were advised to comply with this circular with immediate effect as failure to do so would attract appropriate sanctions.

Meanwhile, supporters of President Goodluck Jonathan have set machinery in motion to ensure his entry into the 2011 presidential contest ahead of the next national convention of the Peoples Democratic Party (PDP).

Till now, the president had not formally indicated his interest in the 2011 presidential election, just as some people have advised him not to run.

Indications that more forces are rooting for Jonathan emerged at the weekend, with a series of meetings holding in Abuja, Kaduna and Asaba, Delta State, by Jonathan's supporters who attempted to preview the 2011 elections with the possibility of drafting him into the presidential race.

Two of such meetings which took place at Sheraton and Bolingo hotels, the Nigerian Tribune learnt, considered all options available to Jonathan on the 2011 polls, with a resolve to conduct an independent survey to ascertain the level of his acceptability across the geo-political zones of the federation.

A senator was said to be coordinating the Kaduna caucus, most of who were said to be working on the PDP structures to make them to accommodate the desire of Jonathan to contest the presidential election.

A member of the caucus, Mallam Umar Farouk, told the Nigerian Tribune that Jonathan might not have much trouble in convincing the North about wanting to win a full four-year term, as the people from the region were already familiar with him.

He said the recent remarks by some Northern elite urging Jonathan to contest were a reflection of grass roots politicians from the region, who believe that Jonathan could make them feel more of government presence which they lacked when the late President Umaru Yar'Adua was in the saddle.

Also, Jonathan's supporters in Delta State had been perfecting strategies on how to raise the ante for his interest in the next presidential election, having mapped out a series of sensitisation events for the purpose.

The group, known as Goodluck Jonathan Support Group, had scheduled a book launch as the first in the series of events planned to prepare the ground for the president to enter the contest and had also planned a rally to be held in Asaba and Port Harcourt for same purpose before the end of July.

The national coordinator of the group, Honour-able Aneke Ifemeni, told the Nigerian Tribune that members of his group had written a book comprising 101 reasons they felt should propel Jonathan to contest in 2011.

Aneke said the group had supported the late President Yar'Adua for second term, adding that his death did not mean governance had changed.

He said since he had paired with Jonathan for his presidency, it would be incumbent on Nigerians to allow the administration to remain in order to continue with the programmes it had inaugurated for the sustenance of rule of law and democracy in the country.

"Government is a continuum and our belief is that if Jonathan who started the programme with Yar'Adua is allowed to remain in power, he would have the right frame of mind to pilot government's affairs in line with the goals set by the late Yar'Adua," he said.

However, plots by some aspirants and their supporters for the post of the national chairman of the PDP notwithstanding, President Jonathan is said to have kept all stakeholders guessing on his clear direction on the decision.

It was gathered in Abuja, at the weekend, that the president had refused to open up to any of the contending groups on the matter.

A number of projections are coming up in the process of the emergence of the new PDP chairman.

While the South-East believed that it should be allowed to produce a replacement for Prince Vincent Ogbulafor, some forces were already angling for the emergence of the new chairman from the North, in line with the reversed zoning arrangement.

The belief in the South-East was that whoever was appointed would complete Ogbulafor's tenure, which should lapse in 2012, but a fresh thinking was indicating that the new chairman should still emerge on the basis of the existing zoning arrangement, which would see the post retained in the South-East.

Sources in the administration said President Jonathan had not opened up to any of the contending forces on the choice of the new chairman.

While some sources said the president was behind the push to install the former national secretary of the party, Chief Benard Eze, as the new chairman, others indicated that the president's camp was in favour of Chief Okwe-zelezie Nwodo.

Other sources close to the government said Jonathan was considering the Senior Special Assistant on Political Affairs, Senator Polycarp Nwite, as a way of pacifying the camp the late President Yar'Adua.

Nwite was the Nigerian Ambassador to Botswana before he was recalled by Yar'Adua and appointed political adviser.

He is regarded as one of the core supporters of the late General Shehu Musa Yar'Adua, founder of the Peoples Democratic Movement (PDM).

It was gathered that the intervention of former President Olusegun Obasanjo in the selection process had not forced Jonathan to change

his posture and the president had not confirmed a particular choice to any of the stakeholders.

"The president is bidding his time on the choice of the national chairman of the PDP. He wants the best for the party and I won't be surprised if any of those so-called frontline candidates loses out," a source said.

Chief Obasanjo was said to be backing a former Nigerian Ambassador to Togo, Ambassador Thomas Aguiyi-Ironsi, for the top job, while some people had also linked him with the support for the former national vice chairman of the party in the South-East, Chief Nze Ozichukwu Chukwu.

The PDP Governors' Forum and some members of the PDP Reform Group were said to be backing the former Senate President, Senator Anyim Pius Anyim, while other forces were said to be queuing behind the former Minister of Foreign Affairs, General Ike Nwachukwu.

But a source said of Jonathan's thinking: "the president is keeping issues around the new chairman close to his chest. So far, we can say that he has kept the stakeholders guessing. He wants all the segments of the party to come up with suggestions before he gives the final nod."

Meanwhile, the National Interest Group (NIG) in the Senate is set to contribute a voice to the ongoing debate on the choice of the new PDP chairman.

It was gathered that the group had scheduled a meeting for Tuesday in Abuja to finalise talks on the preferred choice of candidate for the PDP top job.

The group, which spearheaded the confirmation of Jonathan as acting president in February, had continue to bond together since its formation in January. The NIG is closely working with the House of Representatives version, the Nigeria First Forum (NFF).

Sources said the two groups were working towards presenting a common candidate for the post of the national chairman of the party.
Read more…

Preparing for a Sure Business Plan

Posted by Mikky Webs on November 20, 2009 at 5:52am
Click here to read the main articleThis will certainly interest you if you are writing a business projection/proposal.Before getting into business one should ask a warm up questions like:1. What is the type of business?2. How will I be classified?3. What is the purpose of this plan?4. Who are our target audience?5. How can we use the plan to advance?6. What market need are we satisfying?7. How is my approach better than existing products and services?8. My time table to get my offering to the marketplace.Click here to read the main articleTIPSBe sure of these tips if you are writing a business projection/proposal.1. Approach to be market driven rather than products driven.Investors are only interested on how the product will be received in the market.2. Quality is the competition.3. Present your distribution plan to the targeted audience.4. Exploit you company uniqueness. (Like traded secret)5. Emphasis to be on management strength.6. Present attractive projections – be realistic in you market data.7. Show possible funding source because banks interest always lies on stability, security, cash flow coverage & fund return8. Close with a bang – drive home your points that you are offering a good deal.“Until you are able to say where your money goes you are not qualified to handle money”Click here to read the main articleA MUST HAVE FOR ENTREPRENEURS1. Intelligent, brilliant and has potentials2. Has a forward looking disposition towards the market prospects3. Believe God is more or his side than with anyone else4. Is faced by the twin evil of poor basic infrastructures, small or no capital.5. Is not attuned to borrowing to leverage.6. May or may not keep adequate recordsClick here to read the main articleSCHEMES FOR THE ENTERPRENEURSThe scheme are mostly credit orientated a few offer capacity building/ training and infrastructure development for entrepreneurs. Some are for export while some are in form of tax incentives owned by state, federal government Private Sector foreign agencies, non governmental organization; schemes for groups, individuals, firms etc. Micro Credit approaches are adopted in certain cases a general problem of poor access to the schemesClick here to read the main article
Read more…

make money sending bulk customise sms for banks,politicans,churches,mosque

Posted by 9jabook.com on November 5, 2009 at 2:57am
In Nigeria text message is a big revenue earner in the mobile industry. People love to text and so is money being made by those who are involved in text messaging business. According to fastwebsms.com, over 15 billion text messages are sent yearly in Nigeria. The number is still growing as the country’s tele-density moves into the 60 and 70 million text messaging subscribers. And since the people love text messaging, both to send and receive, it’s growing into one of the most powerful market plat forms in the world after the internet. And with the internet bulk sms is made even more useful as companies can brand their text messages with their names to make consumers read them immediately they are received. The internet also makes it easier for you to sell wholesale bulk sms to your customers anywhere in the country. The service works like one opening an email account on yahoo. You will open such accounts for your customer with has all the facilities for sending bulk sms. Once they signs up with you they are your customers as long as that relationship remains. The question now is what’s in it for me? How do I benefit? How do I make money from all these? What is the market outlook like for a sustainable investment? What are the returns on investment? And as these questions juggle your mind, take a look at a business with all possibilities for mega profit – and that is wholesale Bulk sms service. I call it the business for the ‘simple” man. If you have been looking for an online business that will make you regular income, I recommend wholesale bulk sms business for you. Trust me, it’s a bomb in money making on the internet. MARKET POTENTIAL: The market potential is huge it’s determined by the number of subscriber base in the country, we are now heading for 70 million subscribers out of the population of 140 million, according to 2006 census. Imagine we have grown in the last couple of years gone by already. So, the figures keep growing and that is how the market potential keeps increasing for you to make more profit. PROFIT POTENTIAL: Bulk sms business is a volume driven business – with greater advantage for growing customer base. As a wholesale bulk sms reseller you have a platform that helps you retain your customers – once they sign up with you they are bound to stay with you – buying sms regularly from you. And with the ongoing tread, If you have just 1,000 customers signed up with you, and each of them are able to buy up just 5,000 sms monthly – that’s N5 million income – but your profit could be around N500,000 to N 1 Million monthly. Good business isn’t it? I will be showing you how to tap into this huge messaging business from a low start up of N20,000. For beginners, while I will also be showing you all the mega money making text messaging businesses you can start with shoestring budget. See the full detail course outline below:- - Discover the billion naira secret of bulk text messaging business – a practical step by step guide you can follow easily. - How to make N200,000 to N500,000 monthly reselling bulk text messages to big and small corporations, banks, oil companies, insurance, NGO’s, Churches, Schools, individuals, etc - How to create your own wholesale bulkSMS website – the secret I use… - How to operate your own bulk SMS advertising, marketing & promotion business from the comfort of your home or office. - How to set up and run your own money making SMS information service offering, stock alert, traffic report, prayer guide, SMS promo, sports alert, government campaign. - How to build your own database of millions of GSM users with ease - How to build and operate your own bulk SMS website that guarantees N200,000 to N500,000 monthly! FREE Bonuses: my Do-It-Yourself Step-By-Step-Guide on “How to make #40,000 weekly selling and printing recharge card for the comfort of your room! Don’t miss this opportunity to start making money from a low start up from as low as N20,000, while some requires more Who Should grab this offer? - Those who want to start up recharge card business profitably. - Working class parents who are looking forward to retirement business of their own - Small business owners who are seeking additional source of income. - Investor who want to invest in business with quick return on investment. - Those who are seeking for reliable business that can guarantees regular income. - Business opportunity seekers who are interested in business with strong fundamentals and high consumer patronage. - Students with strong entrepreneurial drive, who are seeking to distant themselves from unemployment after graduation, etc. Note: It’s important you order now and grab a copy . so you don’t forget later and miss this opportunity. The first 20 people to order will get my Do-It-Yourself Step-By-Step-Guide on “How to make #40,000 weekly selling andprinting recharge card for the comfort of your room!” rush now and order a copy Bank Name GT Bank plc Account Name Abi Balogun Account Number 201112168110 after payment send your name,gsm phone number,email address,location and the caption"bulk sms" to 07083793511 the price i s#1,000
Read more…

Corruption index:Rotten banks drag Nigeria down

Posted by Eddy Etuk on September 25, 2009 at 1:39am
Nigeria made an unimpressive performance in the fight against corruption in a global report released by Transparency International.The country was ranked 121 among 180 countries investigated.The 121 position of Nigeria in the 2008 report may not be unconnected with the crisis facing the banking sector over the years.The report was particular in focusing on that sector, noting that it “has a long history of corruption.”Drawing attention to the history of corruption in the banking sector and several failed efforts to stem the tide over the years, Transparency International blamed the “lack of efficiency and effectiveness on the part of the bank regulatory authorities in the country.”The report further blamed the situation on the slowness of investigation and prosecution.“The situation is further compounded by the slowness of the investigation and prosecution process in Nigeria it said.”To buttress its conclusion, it drew attention to statements credited to the Chairman of the Economic and Financial Crime Commission, Mrs Farida Waziri when in December 2008, she “lamented that the courts were frustrating the ant-corruption war in Nigeria.”While saying corruption was responsible for “the collapse of many banks in the 1990s and losses to many depositors and stakeholder,” it noted that “the failures were a result of fraud committed by bank owners and managers, who had: granted unsecured loans, resulting in high levels of bad debt and loss of liquidity; failed to maintain a strong capital base; granted unsecured loans to friends and bank owners or managers; and in some cases, embezzled funds outright.”The organization noted that the amended ‘Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Decree 1994 resulted in a protracted and complex chain of events that had still not resolved by September 2008” when the report was compiled.The report cited several cases of power game among bank executives that often result to failures in the sector. Such cases mentioned include that of Mr. Adebisi Omoyemi versus Chief Samuel Adegbite at Wema Bank. It mentioned the alleged role of Omoyemi at the Nigeria Deposit Insurance Corporation (NDIC) when he was accused of blocking “unfettered access to the books and record of the bank in a manner that was tantamount to obstructing their duty.”Another case cited was that between Omoyeni and former deputy governor of Central Bank, Tunde Lemo whom Omoyeni accused of “colluding with NDIC to ‘kill Wema Bank” This case was in addition to that of Triumph Bank on July 11, 2008 when the Managing Director, Francis Atoju and three others were arraigned before a Federal High Court in Lagos.
Read more…

More banks sack workers .Wema & first Bank start the deregulation

Posted by 9jabook.com on September 7, 2009 at 10:50pm
More banks are sacking their workers as they struggle to adapt to the new corporate governance instituted by the Central Bank of Nigeria in its move to clean up the industry. Yesterday, Wema Bank Plc sacked about 500 workers nationwide, including 25 top management staff, while First Bank of Nigeria Plc is also involved in a dispute with a labour union for allegedly forcing workers to resign.
NEWSBLOGSTODAY..NAIJA POLITICS TODAY
Tunde Olofintila, a spokesperson for Wema Bank, who confirmed that the bank had sacked some workers, said the number was less than 500. He however refuse to disclose the number of workers affected. "Some people have been disengaged already, and as I speak, some are still receiving their letters," he said. "I cannot tell you how many people would be affected. This is because letters are still being distributed to various people and I won't want to give you a figure that would later be incorrect. The whole process would have to be completed before an accurate number can be gotten, but I can assure you that it is not up to that number that you are talking about" he said. New management Mr. Olofintila also said that the development followed efforts by the new management that resumed in June 2009, to sanitise the bank. "When the new management took over, all the staff members were called together and addressed at the management's inaugural gathering. There, we were told that processes would be streamlined, and roles will be matched to ensure effective production," he sai. "Apparently, there are roles that overlap, but we were assured that the streamlining process would lead to a more effective operation and service delivery." On June 10, a new management team led by Segun Oloketuyi, who is a former Executive Director, Skye Bank Plc, took over to be assisted by Ademola Adebise (formerly of Accenture) and Taiwo Adeniji (of Africa Finance Corporation) as executive directors. While emphasising that the immediate challenge facing the new management is the institution of corporate governance in the bank, Mr. Oloketuyi also said that the new team intends to pursue a strategic and sustained transformation plan, which will reverse the fortunes of the bank. He said these would be accomplished in three phases - stabilising the bank, preparing it for growth and finally growing the bank to take its rightful place at the fore of the financial services industry. First Bank denies allegation First Bank, however, denied forcing its workers to resign under the guise of voluntary resignation. A top official of the bank who spoke under anonymity said, "nothing strange has taken place, only the usual movement because, some people just came in and some people have left; there's nothing extraordinary in staff movement so far." The Union comes calling In reaction to the development,bank unions have indicated their readiness to challenge any bank that indulges in indiscriminate sacking of its workers. Peter Esele , the president of the Trade Union Congress said that the union had already issued a statement on the layoff, after hearing that First Bank was planning a huge staff lay off. "What we addressed in the statement was on the basis that they were planning to. The management of the bank has, however, replied that there is nothing like that in their agenda," he said. "One of the things that give us the leverage to challenge bank actions pertaining to their staff is that the bank staff must have an extension of this union in their bank. Bank officials must be members of the union before we can talk on their behalf."
Read more…

Latest Blog Posts

Most Popular Blog Posts

Blog Topics by Tags

  • in (506)
  • to (479)
  • of (339)
  • ! (213)
  • as (166)
  • is (157)
  • a (156)

Monthly Archives