See pictures from the launch below:
Fidelity Bank says it is committed to partnering with Lagos State on infrastructure development.
Fidelity Bank, said in a statement that, Lagos State Governor, Mr Babajide Sanwo-Olu, had a meeting with market leaders from Alaba, Trade Fair axis in Lagos West senatorial district.
It added that the consultative meeting which was coordinated by the Managing Director Fidelity Bank, Mr Nnamdi Okonkwo, lasted for about 90 minutes and it centered on the state government’s plans to improve security and upgrade infrastructure around the markets.
According to the statement, Sanwo-Olu said the discussion was aimed at fostering collaboration with the traders and to carry them along concerning government programmes.
He said he was satisfied with the conditions under which businesses were conducted in the markets, expressing disappointment over the state of roads and absence of relevant public facilities around the markets.
In fulfilling his campaign promises to the traders, Sanwo-Olu said his administration was prepared to change the condition by investing in infrastructure that would improve the quality of lives and commercial activities in the area.
Okonkwo stated, “Fidelity Bank was one of the first banks to open in the area and we understand their challenges from the extensive engagements we do have with them.
“We bank most of them and when there are issues we come together to interact and find solutions. This is exactly the approach that Gov. Sanwo-Olu is using today.
“The governor has outlined a course of action and we also use our knowledge of their needs and working in collaboration with the government, to come up with a model that will work for all stakeholders.
First City Monument Bank (FCMB) Limited’s giant strides and impressive performance in service delivery and customer satisfaction in the Nigerian banking industry, have again been recognised. The latest is the conferment of the prestigious award of, ‘‘Excellence in Customer Experience Enhancement’’, on the Bank at the Finnovex West Africa Awards, held on October 22, 2019 in Lagos. In addition, the Managing Director of the Bank, Mr. Adam Nuru, emerged as the CEO of the year. They were elected to the positions after a survey conducted by the organisers of the award which involved Banks’ customers.
The event, co-located with Finnovex West Africa and organised under the patronage of the Central Bank of Nigeria (CBN), provided a platform for industry shaping discussions with experts, thought leaders and innovators across the financial services community worldwide. The 2-day conference focused on global trends, disruptions and how market players can determine opportunities and respond to the threats. The gathering also provided an opportunity for financial experts to share knowledge on big and pressing issues, ranging from Financial Technology (FinTech) disruptions to financial inclusion, blockchain and regtech.
According to the organisers, the conferment of the ‘‘Excellence in Customer Experience Enhancement’’ on FCMB, is in recognition of its outstanding achievements, consistent demonstration of customer service excellence and convenience as well as robust technology.
Moreover, FCMB was recognised for promoting financial inclusion through the deployment of digital banking solutions and other offerings that align with the lifestyles of various segments of the society.
Finnovex West Africa added that, ‘’FCMB pioneered deployment of Over-The-Counter transactions (OTC) using biometrics on Point of Sales (PoS) for both inter and intra-bank transfers and withdrawals; the first in deploying OTC transactions on PoS through card and biometrics means and the first to release a wallet account in the industry’’.
Among the offerings of the Bank in the digital banking space are, the FCMB *329# USSD code, enhanced FCMBMobile, artificial intelligence chatbot, named Temi, among other digital platforms that have continued to make waves and redefine financial services.
On the award of CEO of the Year to the Managing Director of FCMB, Mr. Nuru, the Finnovex West Africa conference organisers said, ‘’Nuru has implemented and understood the tech space and spearheaded the digital transformation in the Bank. Both awareness and return on investments have continued to trend positively driven by his leadership in conjunction with the dynamic vision of the Group’s Board of Directors’’.
Speaking on the ‘‘Excellence in Customer Experience Enhancement’’ award during the presentation at the conference, the Divisional Head, Service Management & Technology of FCMB, Mr. Oluwakayode Adigun, said it is another confirmation of the Bank’s unequalled commitment in offering cutting-edge and exceptional services as a forward-looking institution built on the culture of excellence.
According to him, ‘’this award reflects the quality of services we offer at FCMB. It is another validation of our strategic focus to consistently enhance customer experience. This shows that the various transformation initiatives we have deployed across our platforms to meet the needs of our customers are yielding the desired results and appreciated by not just customers, but other stakeholders. This will inspire us to get better’’.
Mr. Adigun assured FCMB will continue to raise the bar and sustain the tempo by going the extra mile to provide simple, helpful and reliable banking services driven by a team of highly professional staff, robust technology and best practices.
FCMB, as an inclusive lender, has continued to dictate the pace and expand its channels. The Bank is known for providing one of the fastest, secure, convenient and seamless alternate channel banking platforms cutting across Automated Teller Machines (ATMs), Point of Sales (PoS), mobile, internet banking, among others. In 2018, FCMB was rated as the 3rd most customer-focused Bank by KPMG, a leading international consulting firm, in the Banking Industry Customer Satisfaction Survey (BICSS), among other national and international recognitions and awards.
For more information about FCMB, please visit www.fcmb.com.
See pictures from the awards ceremony below:
Former African Boxing Union (ABU) featherweight champion, Waidi “Skoro” Usman has vowed to use the inaugural edition of GOtv Boxing Night Mini to bounce back strongly.
Usman’s last fight was an eight-round national featherweight challenge bout at GOtv Boxing Night 19 in July, where he was comprehensively defeated by Taiwo ‘Esepo’ Agbaje, who was also adjudged as the best boxer on the night.
Speaking in an interview in Lagos on Friday, Usman stated that the defeat has taught him lessons, which he has taken seriously.
“I’m happy that an opportunity for a comeback has manifested so soon through GOtv Boxing Night Mini. I’ve pushed my loss to Agbaje out of my mind and I want to open a new chapter in my career,” he said.
He commended the sponsors for launching GOtv Boxing Night Mini, which he said will afford Nigerian boxers more opportunity to develop. Usman stated that as a former African champion, he understands benefits accruable from a show like GOtv Boxing Night, which he is persuaded will properly position Nigerian boxers for shots at sub-regional, continental and international titles.
Boxers scheduled to fight at GOtv Boxing Night Mini include Rilwan “Real One” Oladosu, West African Boxing Union (WABU) lightweight champion; Rilwan “Baby Face” Babatunde, West African Boxing Union (WABU) welterweight champion; Waheed “Skoro” Usman, former African Boxing Union (ABU) featherweight champion; Kabiru “KB Godson” Towolawi, Opeyemi “Sense” Adeyemi and Sikiru “Omo Iya Eleja” Shogbesan
Fidelity Bank Plc has announced the retirement of Mohammed Balarabe as the company’s Deputy Managing Director (DMD). In a statement by Fidelity Bank’s Company Secretary, Ezinwa Unuigboje, the lender disclosed that Balarabe’s retirement would take effect from Tuesday, December 31, 2019.
This notification is in line with the Bank’s Human Capital Policy and predicated on the attainment of retirement age.
The lender also stated that Balarabe’s retirement was approved by the Board of Directors while the Central Bank of Nigeria was also notified of the change.
In addition to this notification, the bank disclosed that Hassan Imam has been appointed as the new Executive Director for the North Directorate. The appointment would take effect from Wednesday, January 1, 2020.
Mohammed Balarabe was appointed to the Board of Fidelity Bank on April 1, 2012, and as Deputy Managing Director (DMD) on May 2, 2016.
He currently serves as the Deputy Managing Director and is also in charge of Commercial and Consumer Banking (North), with responsibilities covering the management of Fidelity Bank’s locations in Northern Nigeria and the Federal Capital Territory, Abuja.
He is well experienced across various aspects of banking spanning more than 25 years, Balarabe holds a Bachelor’s degree in Accounting and Finance from Nottingham Trent University, United Kingdom, and an M.Sc. in Finance from the University of Lagos. He is a chartered stockbroker and dealing member of the Nigerian Stock Exchange.
Mohammed Balarabe was an Executive Director with Oceanic Bank International Plc and Ecobank Nigeria Limited prior to joining Fidelity Bank Plc. He was also a General Manager in United Bank for Africa (UBA) Plc and had been the General Manager & Chief Executive of Newdevco Finance Services Company Limited.
Hassan Imam holds a Bachelor’s Degree in Economics, two regular Masters’ Degrees, and an MBA. He has attended a number of executive and banking-specific programmes in leading educational and professional institutions such as Harvard, Stanford, and Wharton.
He has 25 years of comprehensive experience across various areas of Banking including; Commercial Banking, Consumer Banking, SMEs, Institutional Banking, Trade Finance, Operations, Treasury and Risk Management. He served in roles pertaining to Fidelity Bank‘s Commercial, SME, Consumer and Public Sector business in the North Directorate comprising 18 states and Abuja.
He currently serves as the Executive Director, Regional Head Abuja 1 Bank.
The Federal Inland Revenue Service, FIRS, said it has collected the sum of N4. 012 Trillion in three quarters (January-September 2019), Executive Chairman, Tunde Fowler told Senate Committee on Appropriations today in Abuja.
The amount is 77.89 billion above the N3.941 trillion collected between January-September 2018.
Though the amount collected represents 60.77 per cent of the N8. 8 trillion target of the FIRS for 2019, Fowler is optimistic that FIRS will do better than the N5.3 trillion it collected last year.
At the 2020 National Budget hearing before the Senate Committee on Finance, Comptroller General Customs, Rtd. Col. Hameed Ali said the closure of Nigerian borders to a deluge of imports is not solely about revenue.
Rather it’s about the protection of Nigerians from bandit, illegal drug importers and merchants dumping expired rice and other products on Nigerians. “Even at that, we are not doing badly since we closed the borders. Before we closed the border, we were doing N4. 7 billion daily. Now, we realise N5.8 billion daily. But it is more than that.
Fowler on the other hand challenged Senators to have the courage to pass legislations that will send tax evaders to jail. If they do, he said, the over 40,000 taxpayers who have between N100 million and N 1billion as turnover in their accounts, who are not paying taxes will quickly pay their taxes. “Just a little over 3000 of the taxpayers who have lien on their accounts have paid N102 billion. In Nigeria, if you have the courage to pass laws that will send tax defaulters to jail, the 40,000 tax defaulters will pay.
“In terms of whether revenues cannot be generated by enforcement, we have gone over various programmes to bring people into the tax net. Before this in 2016, there was a tax amnesty in which 5000 companies came through and they also paid N92 billion within 45 days. VAIDS was also N90 billion. And it took one year. The question I’d like to ask you is, can N90bn make a difference in a developed or even a developing country? It will make a lot of difference. These are businesses or individuals that have income but had refused to pay taxes. Currently, we have close to 40, 000 of those accounts under lien for which they have not paid any taxes
“And I believe that this is a crime the society and I think that we are at that point now where we have no choice than to enforce payment. I did highlight earlier that 3000 of those accounts paid N102billion. I think that we have reached that stage where the society in general should not condone those among us who have the opportunity and privilege to have a job or to earn profits and also accept them not to pay taxes to contribute to the society.
Fowler contended that it is not true that Nigeria has not given or is not giving incentives to small businesses.
“I will first start with incentives. It was true that the past government, the government before this one did give a lot of incentives. And if you look at history of business and incentives regardless of which country you are in, businesses do no grow because of incentives, they grow because they believe that they can make profits and of course, they want certainty. But in terms of incentives for the small scale businesses with turnovers of N25 million and bellow, within the Finance Bill that has also been submitted for approval, there is recommendation to reduce the Companies Income Tax (CIT) rate from 30 percent to 20 percent.
“Over the last few years, from 2015, we had waived all interests and penalties for small scale businesses that did not remit taxes or up-to date with their filing. Also, we have decided with the Ministry of Finance and government to assist the small scale businesses and I believe that the office of the Vice President did indicate through the President that we’d try to make sure that there is a policy that 40 percent of local expenditure is given to local businesses which includes the small scale businesses.
Sounding emotive on how taxes, however little could make an impact in the live of Nigerians, Fowler told the committee led by Senator Barau Jubril Mailiya: “But with this in mind, I would like to bring this to the House. I did find out, some years back that Nigeria has the highest rate of infant mortality and that was due to malaria. And in discussing with the hospitals, it was clear that with N2, 500, a child’s life could be saved. So, even for the small-scale businesses that make profits, even if they go to pay taxes, even if it is the minimal tax, everyone who earns an income should pay tax irrespective of how small it is with the consideration a sum as small of N2, 500 could save a life.
“In terms of production, Yes. Production activities creates employment. Employment creates more tax revenue. For you to be in a state of production, you need infrastructure.
So, the question is, what comes first, the chicken or the egg. The Government needs funds to provide the infrastructure that would be conducive for business. And of course, once it is conducive for business, tax revenues will come in. we have to look at most of them side by side.
“In terms of my target not being met, I did mention that my 2019 target is a 32 percent increase over my 2018 target. In terms of total collection, we are currently ahead of 2018 target by 13 percent which translates to N71 billion. We believe that the non-oil sector will continue to improve. We are currently at 72 percent in the non-oil sector. The bulk of the revenue of the FIRS comes from the middle of the year, from July to December. We are still hopeful that if the non-oil sector continues to improve, we achieve 80 percent of the target. That should be sufficient.
The main area we are having challenges is the oil-sector which is performing under 50 percent. And that is simply because the level of production is low in relation to budget and the oil price is equally low. but I think that what we should consider is that when you set a target, it should be challenging. I believe that if we can achieve 80 to 85 percent of that target, it is well met.
On collection, Fowler told the Senators that so far FIRS has collected a total sum of ₦4.012 trillion for January to September, 2019 which is 61% of total target for the period as against ₦3.941 trillion collection for the corresponding period in 2018. This translates to an increase of ₦71 billion. Full year tax revenue collection in 2018 was ₦5.320 trillion which represents 78.86% collection performance to target for the period.
“Kindly note that our budget for 2019 was raised by ₦2.02 trillion representing 30.4% increase over the 2018 budget i.e. ₦6.747 trillion in 2018 to ₦8.8 trillion in 2019. Our total tax collection to date represents 78.2% achievement of corresponding budget of 2018. Based on the collection, we expect total collection to equal ₦5.4 trillion by end of 2019.
“We are pleased to report that our drive towards developing more sustainable sources of tax revenue by shifting the focus from oil revenue to non-oil is also yielding positive results. Non-oil revenue collection for January to September, 2019 stands at ₦2.423 trillion representing 72% achievement of non-oil target for the period while Oil revenue collection of ₦1.588 trillion represents 49% achievement to target for the period. The total collection contribution in 2019 shows a percentage ratio of 61% for Non-oil revenue to 39% for Oil revenue, while Non-Oil collection for January to September, 2019 grew by 13% over the Non-oil collection for the corresponding period in 2018.
“Please note that the noticeably low inflow of revenue from PPT for 2019 thus far, is as a result of shortfall in PPT estimates filed by the International Oil Companies (IOC). This is resultant from huge losses carried forward and tax incentives arising from the Modified Carried Agreements (MCA) by Joint Venture (JV) partners, unutilized Investment Tax Credits carried forward by the Production Sharing Contract (PSC) contractors which subsequently reduced the profits available for Petroleum Profit Tax (PPT). This is further compounded by production constraints which has continued to fall below the projected figure of 2.3 million bpd for the year.
“The target for FIRS as provided in the MTEF which is before the National Assembly is ₦8.5 trillion.
The FIRS Chairman listed the strategies being implemented towards attaining the N8.8 Trillion target as follows: ICT Initiatives, Compliance and Enforcement Initiatives, International Tax Initiatives, Tax Amnesty Programme and Expansion of taxpayer database and other Initiatives
An Ikeja domestic violence and sexual offences court has sentenced Adegboyega Adenekan, a school supervisor, to 60 years imprisonment for child defilement.
Sybil Nwaka, the presiding judge, handed down the sentence after convicting Adenekan of a lone-count charge of defiling a two-year-and-11-month-old pupil.
Adenekan had pleaded not guilty to the charge the Lagos state government filed against him.
But while delivering her verdict, Nwaka described Adenekan, as “wicked, conscienceless and an animal who is not worthy of walking on the streets of Lagos”.
“I hereby sentence Adegboyega Adenekan to 60 years’ imprisonment. This is the sentence of the court,” the judge held.
Nwaka said schools should not only be interested in economic gain but the welfare of pupils.
“Schools should not cover up teachers who sexually abuse children. Parents should not be carried away by aesthetics of schools. This case may just be the tip of the iceberg as a lot of our children are suffering in silence,” she held.
“Parents should be bold enough to confront teachers and school management because a lot of our children are suffering in silence.
“I advise or recommend that the education and social welfare ministry workers should visit schools randomly to give them a check.”
Seven witnesses, including the pupil and her mother, testified for the prosecution, which closed its case on March 14.
The defence called five witnesses.
The victim had told the judge how she was defiled by the 47-year-old supervisor of the school.
At the time the incident happened in 2016, Adenekan was at the Victoria Garden City (VGC) branch of the school.
Residents and businesses in Oshodi, Lagos State, and its environs now have an opportunity to enjoy the excellent financial services offered by First City Monument Bank (FCMB). This is because the Bank has opened an ultra-modern and full-service branch strategically located at 481, Agege Motor Road, opposite Arena Shopping Complex, at an impressive ceremony on Tuesday, October 22, 2019.
With this development, customers of FCMB around the axis of Ladipo in Mushin now have another convenient location for their transactions to further enjoy the valued-added offerings which the Bank has been known for since its establishment 36 years ago.
The opening of the new branch in Oshodi, one of the major business hubs in Lagos, is in line with FCMB’s strategic expansion drive and commitment towards bringing its banking services closer to the doorsteps of more people and businesses, while promoting financial inclusion in Nigeria.
FCMB’s new outlet in Oshodi has been equipped with unique physical and technological infrastructure that will ensure convenient transactions and sundry financial service delivery to existing and potential customers in a relaxed and tranquil environment.
Speaking at the opening ceremony, the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, reiterated the Bank’s commitment to strategically grow its network and retail business to positively impact the individual and business aspirations of its ever-increasing customer base and the general public. According to her:
‘’Though, most customers prefer to carry out transactions from wherever they are, using our highly convenient and secure alternate channels, such as our *329# USSD code, enhanced FCMBMobile, FCMBOnline, and ATMs spread across Nigeria, some still prefer human interaction when banking. This additional customer touch point will further boost our offerings in line with our core values of Execution, Professionalism, Innovation and Customer-focus (EPIC) in a conducive and convenient environment’’.
Mrs. Smith 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.
Also speaking, the Divisional Head, Service Management & Technology of FCMB, Mr. Oluwakayode Adigun, said, ‘’our Oshodi 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. Adigun, who was represented by the Group Head, Branch Services, Mr. Ademola Idowu, added that, ‘’the Branch will also offer excellent customer experience 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 goodwill message, the Chairman of Oshodi-Isolo Local Government, Alhaji Idris Muse-Ariyoh, commended FCMB for its giant strides in the financial services industry and immense support to its customers and their well-being. The Chairman, who was represented by a top official of the Council, Hon. Toyin Smith, stated that, “we have heard a lot about the good things this bank is doing all over the place. Now, we have been granted the privilege of experiencing first class financial service at its best for which FCMB is now well known for. As you know, Oshodi is one of the most economically significant areas in Lagos state with about 4million people and businesses. We need access to constant and easily accessible financial services in order to go about our individual and collective businesses. So, opening this ultra-modern branch is extremely welcomed. It will surely ease the stress of moving across town in search of these important services. FCMB has proved itself to be one of the major driving force of financial inclusion as initiated by the Central Bank of Nigeria (CBN). It is very noteworthy to say that all these have been done in a manner that is both reliable and customer centric. So, on behalf of the people, institutions and associations present in Oshodi, we say a big thank you to FCMB”.
For more information about FCMB, please visit www.fcmb.com.
See pictures from the launch below: