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FIRSTBANK PARTNERS WITH JUNIOR ACHIEVEMENT NIGERIA (JAN) TO HOST NATIONAL STUDENT ENTREPRENEURSHIP COMPETITION

Lagos (Nigeria), 02 October 2019 – Junior Achievement Nigeria’s (JAN) annual flagship event, National Company of the Year Competition (NCOY) will be taking place Thursday, 3rd October 2019. With the theme “Activating Disruptors”, this annual event brings the JA Company Program winners of our Regional Competitions together to compete for the National Company of the Year Award sponsored by First Bank of Nigeria Limited.  The winners will represent Nigeria against fellow JA Africa companies for the title of 2019 JA Africa Company of the Year set to hold in Ghana.

At NCOY, JA student companies present the results of their enterprise before a panel of independent judges. Participants must present the business achievements as a whole and each team member’s contribution. For a team to win this award, it is not sufficient just to run a financially successful JA company or create an exciting product/service. They must also demonstrate an understanding of why the company performed as it did. Judges also look for evidence of innovation in all aspects of a company’s operations. Students also present an Annual Report and host a Trade booth display.

The competition will be judged by Awuneba Ajumogobia, Non-Executive Director, UACN Property Development Company; Eloho Gihan-Mbelu, CEO, Endeavor Nigeria; Kehinde Olateru, CEO, Crenet TechLabs; Ibukun Akinola, Co-founder, Piggyvest.

According to JAN’s Executive Director, Mrs. Simi Nwogugu; “The National Company of the Year Competition 2019 is an opportunity for us to showcase the depth of potential that lies within these young minds and Junior Achievement Nigeria’s role in grooming the next generation of leading entrepreneurs. We thank First Bank of Nigeria Limited for sponsoring the NCOY competition for three consecutive years, a partnership we are pleased to reckon with, whilst contributing to the continued growth and development of the country. This is a call-to-action for corporate stakeholders, teachers, youths, entrepreneurs and all who support the cause of empowering youths to becoming not just leaders, but conscientious leaders leading a vibrant economy.” 

Expressing her delight on FirstBank’s support and participation in the activities of Junior Achievement Nigeria, especially its National Company of the Year (NCOY), the Group Head, First Bank of Nigeria Limited, Folake Ani- Mumuney said” We are pleased to identify with JA Nigeria, especially on its giant strides at encouraging entrepreneurship amongst secondary school students in the country. With innovation and invention being essential at promoting opportunities for growth and development in the fast-changing world, the NCOY remains a platform to strengthen the intellectual development of young people in the society”.

About Junior Achievement Nigeria

Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide (JAWW), the world’s largest and fastest-growing non-profit economic education organization with a 120-country network. Since inception in 1999, JAN has reached over 970,000 students in over 20,000 classrooms in all the 36 states across the country and the FCT through over 4000 volunteers. As part of a global network, JAN is able to leverage resources and expertise to deliver localized cutting-edge experiential programs built on JAWW’s three pillars of work readiness, entrepreneurship and financial literacy, to in- and out-of-school youth ages 5 to 27 free of charge.

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Exposed: Why Wema Bank MD was Detained by EFCC

Sadly,An allegation of money laundering and fraud is currently trailing the leadership Of Wema Bank.

Only recently, the financial institution was indicted in an alleged money laundering case involving Dana Air.

Barely days after that, another case of money laundering is trailing the bank with its Managing Director (MD), Ademola Adebise allegedly in the forefront of the allegation.

At a time when the government of President Muhammadu Buhari is fighting curruption headlong and committing to the exradiction of the 80-man list of wire fraudsters released by the FBI, Adebise and some of his top management staffs have been alleged of leading a money laundering ring.

The current case could be likened to a scene from a mafia movie, as Adebise is said to have allegedly threw all caution to the wind in a fraud allegedly estimated to be in the tune of N1bn.

Reports in the media detailed how the Wema Bank MD smartly laundered the said amount using the account of an innocent and unconsenting customers.

How then could this be explained, what could be reaponsible for this unprofessional action? Could it be greed or a lack of contentment?

Whatever the case might be, the fact remains that Adebise and his team  are currently guests of the EFCC for paying N1bn into the account of an innocent and unsuspecting customer of the bank.

The scam it has been widely reported is part of a grand plan to dispose the owners of a prestigious and popular hospitality and entertainment facility located in Maryland which is currently under the receivership of Kunle Ogunba (SAN) and subject of litigation.

How on earth would a man who hardly could deposit N300,000.00 in his account suddenly be credited a sum of 1Billion Naira without an alert or any form of notice.

This prompted the anti-graft agency to detain both Ademola Adebise the MD of Wema Bank Plc and other top management staff, suspecting that they played a very huge role in the illegal financial transaction in a ploy to oust the owners of the four-star hospitality and entertainment facility, with a bid to acquiring it for themselves.

While investigation is still on, if the allegation is proven, Adebise and others involved in the alleged scam will definitely have their day in the court of law of competent jurisdictionj and might spend time in jail if found guilty.

Interestingly, this development is coming barely days after the Federal Bureau of Investigation (FBI) in a press statement released in Los Angeles, California by US attorney, Nick Hanna announced it has arrested, “many Nigerians”, in an ongoing investigation related to fraud cases.

According to Hanna, the fraud cases involved suspects colluding with federal and state agents, to dupe unsuspecting victims of their money.

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“Help!GLO,Airtel,9Mobile Stole My song, Threatening To Kill Me”- Okiki Bright Alleges

A promising Nigerian Hip-Hop musician, Raji Mutiu, has accused telecommunication giants, Airtel, GLO and 9Mobile of robbing him of his hit song which he had hoped would launch him into musical success.

According to Mutiu, who is popularly known as ‘Okiki Bright’, the three top telecoms company, without contacting him as the copyright owner of the song, had listed the song titled ‘Gbagbe B’o Shey Shele’ (roughly meaning ‘Forget How It Happened’ in Yoruba) as one of their caller tunes.

Okiki Bright told The Status that when his attention was drawn to the infringement, he approached the telecoms companies via a written petition from his lawyer.

He explains;

“I asked my lawyer to write them. When we wrote them, they explained that they thought Oritsefemi owns the song. I then told them that the song is owned by me and I only paid Oritsefemi to feature in the song. Despite my explanation, they neither cared to delist the song from their caller tunes library nor opened a negotiation with me how royalty would be paid. So, I dragged them to court and the case has been at the Federal High Court Ikoyi since 2017. I sued them for N404m (four hundred and four million naira) because I spent a lot recording the song and I didn’t owe those who I featured a dime.”

What, however, shocked Okiki, according to his statement to The Status was when Oritsefemi reportedly called him personally and told him to drop his suit against the telecoms companies, and rather than giving him any idea how he could make the telecoms companies to start paying him for his sweat, he claimed, Oritsefemi asked that the two of them should do another music collaboration.

“I was shocked when Oristefemi called me to forget the case and let us do another song together. I told him no because I didn’t understand what was going on. For God’s sake, this is my sweat,” said Okiki who revealed that based on the issue, his record label, DB Entertainment, terminated his contract with the company believing he knew how the song got on the caller tune lists of the accused telecom companies.

The young musician also alleged that some persons he suspected were from the telecom companies had warned him on phone to either drop the court case or have himself killed. As a result, Okiki said he stopped going for regular shows that fetch him money to feed his family.

“When they threatened to kill me on phone, I stopped going out for shows. And as a result, I lost everything and I’m dead broke now. I’m now almost begging to feed as my children have been withdrawn from school when I couldn’t pay their tuition fees.

I’m begging Nigerians to help me beg these telecom companies to pay me for my sweat. I’m not begging for money from them. They stole my song and hold on to it and they have frustrated the court case already because the judges were changed at every hearing day until I had no money left to pursue the case.”

The musician, therefore, wants good-spirited Nigerians to intervene on his behalf and compel the telecom companies and those who may have anything to do with his travail to pay him for his intellectual property.

However, in a reaction to The Status story, a Lagos based journalist and music writer, Tijani Adegbola popularly known as TJ, said Okiki’s claims were false.

According to TJ, who said he was privy to the matter, another fellow journalist, Kunle, who at the time was managing Okiki had introduced him to a duet with Oritsefemi and not the other way round. But it turned out that the musician saw an opportunity to play smart and feather his own nest, hence the parting of way with the manager.

“The story is not true. All lies. Kunle brought him (Okiki) to do a song with Oritsefemi for free. Tell him to bring the receipt Oritsefemi gave him for the song. Kunle dumped him when he wanted to scam him,” TJ declares to The Status.

-Ademola Alade

@thestatus

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DANGOTE HOSTS 2019 WOMEN CORPORATE DIRECTORS CONFERENCE

L-R: Group Executive Director, Dangote Industries Limited, Halima Aliko Dangote; Wife of former British Prime Minister, Cherie Blair (Guest Speaker); and Former Prime Minister of Ethiopia, Hailemariam Desalegn (Guest Speaker) at the 2019 Women Corporate Directors Lecture sponsor by Aliko Dangote Foundation, theme “The courage to Lead; Inspiring Others, Overcoming Challenges and Achieving Success, in Lagos on Thursday, April 25, 2019

L-R: Group Executive Director, Dangote Industries Limited, Halima Aliko Dangote; Wife of former British Prime Minister, Cherie Blair (Guest Speaker); Former Prime Minister of Ethiopia, Hailemariam Desalegn (Guest Speaker); and President/CE, Dangote Industries Limited, Aliko Dangote, at the 2019 Women Corporate Directors Lecture sponsor by Aliko Dangote Foundation, theme “The courage to Lead; Inspiring Others, Overcoming Challenges and Achieving Success, in Lagos on Thursday, April 25, 2019
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Heritage Bank takes over Ayo Animashaun’s Hip TV

 

Sadly, popular music Television widely known as HIP TV is currently swimming in crisis.

And this is not unconnected to the fact that Heritage Bank Plc yesterday, on an order of Federal High Court Ikoyi Division seized the property of Smooth  Promotions Limited, owner of Hip TV, owned by Ayo Animashaun,  situated at No. 4 Ogundana Street, Off Allen Avenue, Ikeja; Lagos following inability to pay back the bank loan worth Hundreds of Millions. 

The asset was seized in execution of an order of the court authorising Mr. Gani-Gidado Abubakar, who is a Solicitor and Insolvency Practitioner, as the Receiver/Manager of Smooth  Promotions Limited pending the determination of the orders of Court in Suit No: FHC/L/CS/362/19.

Meanwhile, Animashaun on his social media platform hinted that he is suing Heritage bank through his attorney, Kemi Pinheiro LP, but refused to go into details.

However, a visit to the premises of the aforementioned property showed that the bank has taken possession of the property under the court order. 

Also, a source who is familiar with the case disclosed that as the obligor, Animashaun who is indebted to Heritage bank, to the tune of N185 million, and all effort to have him pay up his debt has proved abortive over a long period of time, which prompted the bank to secure a court injunction from a Federal High Court in Ikoyi.

The court injunction published on Thisday Newspapers, empowers Heritage bank to take over all properties, assets including production materials belonging to Ayo Animashaun’s Smooth Promotions.

“NOTICE is hereby given that all the properties comprising of but not limited to plants and machineries belonging to SMOOTH PROMOTIONS LIMITED and falling within the ambit of the receivership have been taken over and are now in firm possession of the Receiver/Manager,” the publication stated.

Whilst, the Publication further noted that banks, financial institutions, companies, general interested members of the public, debtors and creditors have been directed that all deposits, cash and other Assets currently held should be held until the issuance of further instructions and pay directly to the Receiver/Manager respectively.

Meanwhile, Ayo Animashaun had earlier declined further reactions on the above report; he claims the case is ongoing in court, but promised to do so when he is permitted to do so.

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FBNHOLDINGS WINS WORLD FINANCE BEST CORPORATE GOVERNANCE IN NIGERIA AWARD

Nigeria’s leading financial services group and holding company, FBN Holdings Plc has announced its winning of the 2019 Best Corporate Governance in Nigeria Award by World Finance; the voice of the global market renowned for its comprehensive coverage and analysis of the financial industry, international business and global economy.

The event, which was held recently in London Stock Exchange studio, was organised to provide a comprehensive analysis of the very best across various areas of business endeavours in each market around the world.

Receiving the award on behalf of FBNHoldings, UK Eke, its Group Managing Director said; “receiving this award from World Finance basically tells us two things. One: it’s an affirmation of what we are doing in corporate governance, beyond the giant strides we’re making in financial performance. So we see this as an endorsement of the brand, and it’s a bragging right for us. Because again, there are very few institutions in Nigeria that have benefited from this award. We are truly proud to receive this award.”

Since 2007, World Finance has been celebrating corporate achievement, innovation and brilliance in their annual awards.

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ZENITH BANK APPOINTS EBENEZER ONYEAGWU GMD/CEO EFFECTIVE JUNE I,

Zenith Bank Plc. has announced the appointment of Mr. Ebenezer Onyeagwu as the Group Managing Director/CEO of the bank effective June 1, 2019, subject to the Central Bank of Nigeria (CBN) approval.

The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within.

Onyeagwu replaces Mr. Peter Amangbo, whose tenure expires on May 31, 2019. Mr Amangbo leaves the bank at the end of a very successful career spanning over 27 years, with the last five years as GMD/CEO.

Mr. Ebenezer Onyeagwu is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America.

Mr. Onyeagwu is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987. He qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

He has nearly 30 years’ experience in the banking industry in Nigeria. He joined Zenith Bank Plc in 2002 as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.

As Deputy Managing Director, Mr. Onyeagwu has oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

Mr. Onyeagwu has been on the board of Zenith Bank Ghana, Zenith Pensions Custodian Limited, Zenith Nominees Limited and African Finance Corporation (AFC) within the last six years. In AFC, he serves on the Board Risk & Investment Committee (BRIC) and Board Audit & Compliance Committee (BAAC). At Zenith Bank Ghana, he chairs the Board Credit and Governance Committees.

He brings to his job strategic thinking, inspirational leadership, energetic and entrepreneurial skills. He is married with children.

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FIRSTBANK EMPOWERS OVER 7000 STUDENTS ON FINANCIAL LITERACY, COMMEMORATES THE GLOBAL MONEY WEEK (GMW)


Nigeria’s premier financial services brand, First Bank of Nigeria Limited, joined over 50,000 global institutions to commemorate the 2019 Global Money Week (GMW) which took place on 25 – 31 March 2019. The 2019 Global Money Week is themed “Learn Save Earn”.

Representatives of FirstBank imparted nuggets of financial literacy to over 7000 students in schools spread across the 6 geo-political zones of the country which is also in line with the mandate of the Central Bank of Nigeria (CBN) that each bank in the country teach in selected schools across the 6 geo-political zones. Among the schools visited by FirstBank include the CEO school: Fiwasaye Girls Grammer Sch. Alagbaka Akure.

According to the official website of Global Money Week (GMW); “Child & Youth Finance International (CYFI) initiative, is an annual financial awareness campaign built to inspire children and young people to learn about money matters, livelihoods and entrepreneurship” which is akin to FirstBank’s commitment over the years to encourage its key stakeholders, customers, to imbibe savings culture whilst having their children also carried along on the essence of savings through its youth focused products, KidsFirsts (0 – 12 years) and MeFirst (13 – 17 years) carefully designed to meet the financial targets of the given demographics. These accounts ensure the accounts holders acquire the rudiments of banking and financial literacy as they grow into adulthood and they both come with exciting packages to support the financial journey of the children, enabling them learn money management from an early age.

The Global Money Week is in line with FirstBank’s FutureFirst programme, specially designed to equip students with the knowledge of money management, early entrepreneurship skills, and financial independence whilst stimulating in them savings culture at an early age. Commemorating the Global Money Week is consistent with the Bank’s financial literacy initiatives.

Speaking on the Global Money Week, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said “interestingly the Global Money Week coincides with the month of the bank’s 125th anniversary celebration which indeed has been filled with activities of telling our story to the world, thereby promoting the need for efficient financial decisions as not just an individual but a business entity. The FirstBank story is one to be exemplified by all, especially the youth at promoting good money decisions towards business sustainability. .

“As the premier financial institution in Nigeria, we are committed to continually promote financial literacy amongst the younger generation as with them, the future of the country is secured, and they would be knowledgeably equipped and guided to make the right financial decisions, critical to improving their lives and venture into the right business activities, consequently influencing the economy at large” she concluded.

Later in the second quarter of the year, FirstBank is billed to organise its week long Corporate Responsibility and Sustainability (CR&S) week which among many activities would offer FirstBank employees the opportunity to give their time and resources to the service of humanity. The CR&S week is primarily centred on financial literacy in schools across Nigeria and other locations where the Bank operates, notably; Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone, Senegal, United Kingdom and France

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Vodafone Idea, Airtel bet big on automation to improve 4G; transforming networks for 5G

Airtel is making a lot of investment in the area of automation and orchestration and is also working with a lot of partners, it’s newly appointed chief technology officer, Randeep Sekhon told ET.

“Our real journey is to make a self-healing network, which means it should be able to predict a fault and should be able to fix it before it starts to impact the customer experience,” he added.

VIL’s chief technology officer Vishant Vora separately told ET that the telco is building additional capabilities through the integration of network and IT that is also transforming billing and provisioning.

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50% holding limit for 5G spectrum may lead to duopoly, warns Vodafone Idea

NEW DELHI: Vodafone Idea is worried that the 50% combined spectrum holding limit for sub-1GHz spectrum bands, which can be used for 5G in future, may allow just two carriers to corner the airwaves — a scenario that will undermine healthy competition in the industry.

“While the pricing for the future spectrum is very important, access to spectrum is equally important,” P Balaji, chief regulatory officer at Vodafone Idea Ltd, told ET. “If 5G is the game of the future from 2020 onwards, then it is very important that all telcos should get access to 5G, and not just opportunity to buy 5G airwaves.”

Balaji said the industry has four clear operators — Vodafone Idea, Bharti Airtel, Reliance Jio and state-run Bharat Sanchar Nigam Ltd — which make for a great industry structure.

“The access will allow for a vibrant competitive framework of providing 5G services, just like 2G, 3G, and 4G that are competitive, where the consumer gets a choice while the government’s objective is met,” he said.