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Tag: Ecobank

  • Ecobank wins CBN/NIBSS Award for Data Integrity

    Ecobank wins CBN/NIBSS Award for Data Integrity

    Ecobank Nigeria over the weekend carted away the “Electronic Data Rendition Compliance and Integrity” Award at the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards.

    The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria. Now in its fourth edition, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year.

    According to the NIBSS, the annual award puts into consideration electronic payment transactions data rendered to CBN by Banks and other licensed payments service providers as well as public voting and surveys administered to industry stakeholders for transactions within the year under review.

    Commenting on the award, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that the award lends credence to the accuracy and integrity to “our electronic data and the proper rendition and compliance to the regulator’s standard. This also attests to Ecobank’s digital contributions and innovation in the Nigerian financial sector. We are using our digital strength to push financial inclusion in Nigeria. Our array of electronic products include the EcobankPay, Rapidtransfer, Omni-Lite”.

    Further, he reiterated that Ecobank is “excited to receive the NIBSS award for outstanding performance in Electronic Data Rendition, Compliance and Integrity. We are at the forefront of financial inclusion in Nigeria. Our digital offerings have simplified financial transaction processes and are safe, fast and reliable. There are testimonies on the efficiency of our products and we are happy that the regulators recognise our efforts”.

    Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by all licensed banks including the Central Bank of Nigeria (CBN). It possesses modern world-class infrastructures for handling inter-bank payments to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.

  • Forfeiture Claim on Airtel Shares False, Misleading – Ecobank subsidiary

    O&O Networks Limited, Special purpose vehicle owned by the Ecobank Group says contrary to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited. O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it.

    The company which is a special purpose vehicle previously owned by Oceanic Bank, formed part of Ecobank Transnational Incorporated’s (ETI) in 2011 after the acquisition of Oceanic Bank. Legal proceedings were first initiated against O&O Networks Ltd in December 2006 by Broad Communications Ltd (“plaintiff”), in the Federal High Court of Nigeria.

    A statement released by O&O Networks, pointed out that there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited.

    According to the statement, there have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017, though a trial date on the substantive merits was recently fixed for May 28, 2019.

    The statement reads: “Contrary to certain press reports, there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited, and neither ETI nor Ecobank Nigeria Limited has made or is required by law to make any payment to the Federal High Court of Nigeria in relation to this long-standing litigation. There have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017.

    “In 2006, the plaintiff’s claim was grounded on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned. The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its claim to seek monetary compensation of USD equivalent of Naira 10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel share.

    ” Since the matter was filed in 2006, it has not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019

    “In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018, the plaintiff filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place Naira 22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – into an escrow account in the name of the Chief Registrar of the court, pending the final determination of the substantive claim. The Federal High Court of Nigeria granted the plaintiff’s interlocutory application on 7 March, 2019.

    “O&O Networks has filed a notice of appeal and an application for stay of execution to this ruling. O&O Network’s appeal to the interlocutory order is currently pending, and it intends to prosecute the appeal vigorously.

    “O & O Networks Limited believes the substantive claim of the plaintiff is without merit and will continue to vigorously defend all proceedings – interlocutory and substantive – in relation to the plaintiff’s long-standing claim.”

  • Why we are supporting women across Nigeria – Ecobank MD

    The Managing Director Ecobank Nigeria, Patrick Akinwuntan said the “Ecobank Female Entrepreneurs Initiative,” is a platform designed to recognise women as special and unique customers who require tailor-made service offerings.

    The Ecobank Managing Director who was speaking in Lagos reiterated that the concept is designed to provide women with the necessary support to help them excel in their endeavours, promote and grow their businesses and generally position them for increased participation, validation and contribution within the society.

    According to Mr. Akinwuntan said: “Increasingly, we are seeing the change in the attitudes of women, and their economic viability as individuals and leaders in their fields. Their banking and financial services as a whole therefore present vast opportunities, if properly understood and managed.”

    Further Mr. Akinwuntan,said the launch is a charge to the society to challenge the status quo and strive for a balance by empowering females in their immediate environments and subsequently, on a macro level. “Our female customers will become our flagship ambassadors and we have created this platform for them in line with the sustainability requirements of the Central Bank of Nigeria. These women will be provided with free health checks, training and empowerment sessions and other support tools from Ecobank. The Ecobank Female Entrepreneurs Initiative aims at empowering women by helping them build capacity to grow their businesses.”

  • Fayemi lifts Fayose’s embargo on Ecobank, GTbank, Zenith Bank

    Two years after Former Governor Ayodele Fayose stopped Ministries, Departments and Agencies (MDAs) from patronising Zenith Bank, GT Bank and Ecobank, Governor Kayode Fayemi has lifted the embargo.

    Governor Fayemi announced the lifting of the embargo placed on the three banks by the administration of former Governor Ayodele Fayose.

    Recall that the Fayose-led administration in May 2016, placed a “non-patronage” ban on the three banks and forbade MDAs as well as workers from transacting business with them.

    But in a statement by his spokesman Olayinka Oyebode, the governor directed MDAs to resume transactions with the banks.

    Acting on the directive, the Office of the state’s Accountant-General has issued a memo to heads of MDAs to give effect to the governor’s directive lifting the ban.

    According to the statement, the embargo was lifted in a bid to rekindle and strengthen the relationship between the affected banks and the state government.

    The statement reads: “The government took the decision after a careful review of the developments that led to the purported embargo by the immediate past administration.

    “The Fayemi administration is committed to the infrastructural and industrial development of the state.

    “In achieving this, it will create a conducive atmosphere for business to thrive in the state by partnering with the private sector and encouraging private initiatives, among others.”

     

  • UPDATED: Ecobank, LASEMA react to fire incident at headquarters

    The management of Ecobank on Tuesday said the fire incident at its head office in Victoria Island on the early hours of Tuesday (today) didn’t affect any major equipment and document as speculated on social media.

    The bank in a statement said the fire only affected its generator house and has since been put out by operatives of the Lagos State Emergency Management Agency (LASEMA).

    The bank also appreciated adjoining banks who came to its rescue when the fire started. It noted further that normal banking operations have since commenced.

    Meanwhile, the General Manager of LASEMA, Adesina Tiamiyu also said the agency was working hard to unravel the actual cause of the inferno.

    He, however, reiterated that no lives, documents, and equipment was lost to the inferno.

    Read Ecobank and LASEMA’s full statement below:

    Ecobank statement:

    FIRE INCIDENT AT ECOBANK’S LAGOS HQ COMPOUND

    No loss of life and damage only to diesel tanker and generator house

    There was a fire incident this morning in the compound of Ecobank’s Lagos head office when a tanker delivering diesel to the Bank caught fire. The fire was contained within the generator house and the diesel truck and there was no loss of life or damage to any other property.

    The Lagos State Fire Service, the Lagos State Emergency Management Agency (LASEMA) Response Unit and the Federal Fire Service arrived quickly and put out the fire.

    Charles Kie, Managing Director, Ecobank Nigeria, said “We commend the fire service personnel for their diligence, expertise and bravery in dealing with this incident. We sincerely thank Fidelity Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, Julius Berger Nigeria and NAPIMS for providing much needed support and we also express our sincere appreciation to the general public and all well-wishers.”

    Ecobank’s Data Centre was unaffected, and business at the Head Office rapidly returned to normal. Ecobank assures everyone that the bank’s building and all its other facilities are unaffected. Ecobank successfully triggered its business continuity plan and normal banking activities have continued.

    LASEMA statement:

    SITUATION REPORT ON THE ON FIRE INCIDENT AT KOFO ABAYOMI AHMED BELLO WAY, VICTORIA ISLAND

    The Agency received a distress call at about 8.54 am today 31st July, 2018, through the emergency toll free line 112/767 concerning a fire outbreak in the premises of Eco Bank, Kofo Abayomi Street, Victoria Island, Lagos.

    The Agency and its responders mobilized to the incident scene immediately. Upon arrival at the scene of incident it was discovered that a 33,000 Ltrs tanker laden with diesel (AGO) while transloading its content cut fire around the Generator house within the Bank’s premises.

    The immediate cause of the fire was yet to be ascertained. However, investigation is being conducted to ascertain the actual cause of the inferno. Emergency Responders which includes Lagos State fire Service, LASEMA Response Unit Fire Unit, Federal Fire Service, UBA Fire Service Julius Berger Fire service, NNPC Fire Service were all on ground and combatted the inferno, thereby preventing it from escalating to adjoining building. No casualties nor loss of life was recorded as the inferno was completely brought under control. The main structure within the bank premises was also not affected.

    Dampening of the affected area is still ongoing as at the time of reporting.

  • Breaking: Fire outbreak rages at Ecobank head office

    The corporate headquarters of Ecobank in Victoria Island, Lagos was on Tuesday morning engulfed by a fire outbreak.

    According to an eyewitness, the fire outbreak started at about 8:30AM as a result of a diesel tanker offloading products close to the bank’s electricity power generator that was in operation.

    TheNewsGuru reports the fire started from the generator house of the facility located on 21 Ahmadu Bello Way, Victoria Island.

    The bank’s diesel tanker supplier was offloading diesel for the company when it caught fire ostensibly while the generating set was still on.

    “Officers of the Federal and Lagos State Fire Service are here. Everything is under control. We appreciate your concern,” the bank said.

  • Ecobank Nigeria appoints new CEO

    Mr Patrick Akinwuntan has been announced as the new Managing Director & Regional Executive-designate of Ecobank Nigeria

    A statement issued on Thursday by the parent company of the financial institution, Ecobank Transnational Incorporated (ETI) disclosed that the new chief executive is a seasoned banker with over 20 years of senior and executive management experience.

    Akinwuntan replaces the former occupier of the position, Mr Charles Kie, who announced his resignation few days ago.

    However, the appointment of Akinwuntan as the Managing Director & Regional Executive of Ecobank Nigeria is subject to applicable regulatory approvals.

    Prior to this appointment, Patrick was the Group Executive, Consumer Banking responsible for leading the Consumer Banking business across Ecobank’s global network of 40 countries, 36 of which are in Africa.

    It was disclosed in the statement made available to the Nigerian Stock Exchange (NSE) that Akinwuntan has held several strategic positions for the Ecobank Group in Ghana, Togo and Nigeria. He had previously been a Group Executive Director on the Board of ETI and earlier as Executive Director in Ecobank Nigeria.

    He started his career with Ecobank, in 1996 as Head of Commercial Bank and Regional Head in Ecobank Nigeria and since then he has held various senior and executive positions in Nigeria and within Ecobank Group, including Executive Director, Retail Bank, Ecobank Nigeria, Group Chief Finance officer, ET’, Group Executive Director, Operations & Technology, amongst others.

    Prior to joining Ecobank, Mr Akinwuntan was a General Manager, Springfountain Management Consultants, Lagos from 1993 – 1996; Deputy Manager – Corporate Finance, Credit and Marketing, Manufacturers Merchant Bank Plc, Lagos from 1991 – 1993, and was a Supervisor in Ernst & Young International (Chartered Accountants), Lagos from 1987 to 1991.

    A fellow of the Institute of Chartered Accountants of Nigeria (FCA), the new CEO also holds a Masters in Business Administration from the Obafemi Awolowo University, Ile Ife. He is an alumnus of the senior executive program (SEP) of the Harvard Business school, a honorary senior member of the Chartered Institute of Bankers of Nigeria and an associate of the Chartered Institute of Taxation of Nigeria.

    According to Ecobank, “In line with our leadership and business continuity procedures, the outgoing Managing Director, Charles Kie, will continue to manage Ecobank Nigeria throughout the transition period and ensure a smooth handover to Mr Akinwuntan.

    “Once again, we extend our sincere gratitude to Charles Kie for his tremendous contributions to Ecobank Nigeria’s development and wish him every success in his future endeavours.”

    Meanwhile, Chairman of the Board of Ecobank Nigeria, Mr John Aboh, has congratulated Patrick on his new appointment.

    “We warmly welcome Patrick back to Ecobank Nigeria and look forward to providing him with full support from the Board. I must, once again, extend our most sincere gratitude to Charles for his tremendous contributions to Ecobank Nigeria’s development and wish him every success in his future endeavours,” Aboh said in another statement made available to newsmen on Thursday

  • Ecobank MD tenders resignation letter

    Ecobank Transnational Incorporated, ETI, the parent company of the Ecobank Group, has announced the resignation of Mr Charles Kie as the managing director of Ecobank Nigeria Limited.

    The ETI, in a statement on Monday to the Nigerian Stock Exchange, said prior to his current role at Ecobank Nigeria, Kie was the group executive, corporate and investment bank for ETI.

    Kie joined Ecobank in October 2011 as Chief Operating Officer of the then Ecobank Capital, and was subsequently appointed the head of the group’s corporate banking business.

    According to the statement, the board will immediately activate the process of selecting a successor.

    “The successful candidate will be announced before the end of August. Mr Kie will continue to manage Ecobank Nigeria through the transition period to ensure a smooth handover to his successor,” it said.

    The Ecobank Group Chief Executive Officer, Mr Ade Ayeyemi, said, “As Charles prepares to leave the Ecobank Group, I would like to thank him for his immense contributions to the group. He has certainly laid a strong foundation at Ecobank Nigeria and we wish him well in his future endeavours.”

    Kie was quoted as saying, “I am proud of what the team and I have achieved together, and I thank them for the good work and their unwavering commitment to Ecobank.

    “I also extend my sincere appreciation to the board. Despite some of the market challenges that we faced over the years, our customers have always been loyal, and it is their patronage that makes the future brighter.”

    The Board Chairman, Ecobank Nigeria, Mr John Aboh, also congratulated Kie for the good work he and his team had done, and said he looked forward to the bank sustaining and improving on this.

  • Court bars IGP, Commissioner of Police from arresting Ecobank MD, Charles Kie

    The Federal High Court in Lagos on Thursday barred the Inspector-General of Police (IGP) Ibrahim Idris and the Lagos State Commissioner of Police, Mr. Edgar Imohimi from arresting the Managing Director of Ecobank Nigeria Limited Mr Charles Kie.

    Justice Muslim Hassan ordered that status quo be maintained until Kie’s motion on notice for an order of perpetual injunction stopping his arrest is heard and determined.

    Deputy Commissioner of Police in charge of State Criminal Investigation Department (SCID) Panti Mr Bolaji Salami and Managing Director of Emirates Fuel Exploration and Production Limited are the other respondents.

    The judge ruled on an ex-parte application by Kie and Ecobank argued on their behalf by Mr A. I. Olawoye of the firm of Punuka Attorneys and Solicitors.

    The lawyer alleged that armed policemen invaded Ecobank’s head office in a bid to arrest Kie.

    “They were there with a large battalion of officers, scaring customers away. The Managing Director is now scared of moving around freely,” he said.

    The lawyer said it was due to the bank’s refusal to transfer $10.5million (about N3.7billion) from the account of a customer, INT Towers Limited, to that of Emirates Fuel Exploration and Production, as ordered by a Lagos Magistrate, Mr W.B. Balogun.

    Justice Hassan held: “I have carefully read the application, the affidavit in support, the exhibits attached and the written address of learned counsel.

    “I am of the view that the interest of justice will be better served if the respondents are put on notice.

    “Meanwhile, status quo ante bellum should be maintained pending the determination of the motion of notice.”

    The applicants sought an order of interim injunction restraining the respondents or their agents “from harassing, oppressing, detaining, arresting and/or intimidating the applicants or their officers.”

    They also prayed the court to restrain the police from “interfering in any way with the personal liberty of the applicants or the smooth running of their business in any manner whatsoever that will breach the fundamental rights of the applicants pending the hearing of the originating motion”

    Olawoye said the application was based on the grounds that the police stormed Ecobank’s headquarters on September 28 to arrest Kie.

    “His movement has been constrained for fear of being arrested. It has affected his functions as Managing Director of the bank. He cannot move around with his security personnel who are policemen and thus he has been exposed to great security risk considering his position.

    “The respondents have continued to harass, oppress and intimidate the applicants by continuous threats to forcefully arrest and detain the first applicant (Kie) in further breach of the applicants’ fundamental rights.

    “The actions of the respondents are instigated by malice and bad faith and their actions are ultra vires and without due process,” the lawyer said.

    In an affidavit in support of the ex-parte motion, deposed to by a Litigating Officer in Ecobank’s Legal and Regulatory Unit, Adetoro Ojelabi, the bank said it received letters from the IGP requesting for information on an account being investigated for armed robbery, fraudulent act, obtaining money by false pretence and stealing.

    The bank said it was surprised when it received another letter of August 25 authored by DCP Salami asking it to transfer $10,500,000 from an account belonging to INT Towers to Emirates Fuel based on an order by a Magistrate’s Court.

    Ecobank said it was never served with court processes in the proceedings before the Magistrate Court, adding that the holder of the account was not made a party, even as the amount was far above the magistrate court’s jurisdiction, which is limited to N10million.

    Besides, the bank said the letter from the police which instructed it to transfer the money predates the Magistrate’s order, and that none of its officers was ever invited to clarify the claims.

    Ecobank claimed that the order “was secretly obtained against them” and that nobody was charged or convicted for any criminal allegation before the order was obtained.

    The bank said it filed an application seeking to set aside the order, a stay of execution and a motion for leave to appeal against the order.

    “To the total dismay of the applicants, officers of the respondents stormed the corporate headquarters of the bank to arrest the first applicant on the ground that he refused to comply with their instruction to illegally transfer the sum of $10,500,000 from a customer’s account to a third party account.

    “The policemen acting on the strict instruction of the respondents created a damaging scene at the corporate headquarters of the applicants and disrupted its business,” the deponent said.

    The applicants said the action of the police caused serious damage to the bank’s reputation, and that if not restrained, they would continue to violate their rights.

    Justice Hassan adjourned till November 9 for the hearing of the motion on notice.

  • Etisalat debt predicament: 13 Banks’ shareholders mount huge pressure

    …ask telecoms firm to clear debt

    Shareholders of the 13 banks involved in the N1.2 billion loan for Etisalat Nigeria have asked the telecoms company to pay up its debt in order to guarantee the payment of annual dividends.

    The shareholder group told the News Agency of Nigeria in Lagos on Tuesday that the company risks legal action by the banks if it failed to settle its outstanding loan obligation.

    The National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, said the affected banks should approach the court for receivership if Etisalat failed to settle the debt.

    Mr. Okezie said in view of the obligations the banks have to their shareholders, in terms of dividend payment at the end of the financial year, it was incumbent on Etisalat to pay the debt.

    On his part, the Chairman of Nigeria Professional Shareholders Association, Godwin Anono, said the company was under obligation to settle the debt, since the transaction was in line with the customer-bank relationship, involving terms and conditions that must be obeyed.‎

    Mr. Anono said the shareholders were in support of the banks’ move to acquire the company if it failed to settle the loan.

    “This is like any other transaction. It’s not government business. I stand on existing protocol to say that the banks should acquire the company if it fails to settle the debt,” he said.

    The Head Research, SCM Capital Ltd, Sewa Wusu, said where there was any breach of the terms and conditions of the loan between Etisalat and the consortium of banks, then the normal legal process should be followed.‎

    Mr. Wusu said the issue was beginning to elicit concerns in the banking industry considering the amount involved and its potential impact on the balance sheets of the banks banks.

    “Since the monetary authority is also involved in the negotiation, I am sure this will ensure prompt settlement of the situation among the parties,” he said.

    Etisalat had obtained a $1.2 billion (N377.4 billion) syndicated loan in 2013, from a consortium of 13 Nigerian banks, to finance a major network rehabilitation, upgrade and expansion of its operational base in Nigeria.

    The consortium of banks include Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, Ecobank, United Bank for Africa (UBA) Plc and Union Bank of Nigeria Plc.

    Zenith Bank, Guaranty Trust Bank and Access Bank have the top three exposures of the total loan – N80 billion, N42 billion and N40 billion respectively.

    Etisalat Nigeria said last week it had paid about half of the initial loan (about N504billion), leaving a total outstanding sum of about $574 million.

    >>Also read: United Arab Emirates-based Etisalat Group says willingness to release its brand name is conditional