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Sterling Bank Appoints Mayaki as New Board Chairman

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Sterling Bank Limited has announced a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board effective January 1, 2024, following the resignation of Mr. Asue Ighodalo, effective December 31, 2023.

In a statement released by the Company Secretary, Temitayo Adegoke, “The resignation of our erstwhile Chairman is in line with the best corporate governance practices as Mr. Ighodalo has offered himself for public service.”

Ms. Adegoke continued by saying, “Mr. Mayaki takes on the leadership of the Board to continue the progressive growth and lead the Bank onto even greater success.”

Mayaki assumes the board’s leadership after serving as a non-executive director. His extensive background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He further served as the pioneer Vice President Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.

He sits on the Governing Council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programs in Nigeria to support health systems, social development, women and the girl child.

An alumnus of the prestigious University of Ibadan, as well as Harvard and INSEAD business schools, Mayaki’s background in Law, Finance and Investment and overall career experience further strengthens the Bank’s dedication to strong corporate governance.

In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market.

Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

Renowned for its now famous HEART of Sterling strategy; which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation; the Bank featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognised Financial Times all in 2023.

With its optimism about Nigeria, irreverent brand voice and enviable talent management practices, Sterling has been the most recognised awardee of the Great Place To Work Institute over the last 5 years and was named earlier this year as the Overall Best Place To Work In Nigeria.


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E-Financial

PenOp Seeks Legislation to Allow Offshore Investment of Pension Funds

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Pension Fund Operators Association of Nigeria, PenOp, has appealed to members of the National Assembly to amend the pension law to allow for the investment of pension funds offshore to hedge against inflation and naira devaluation.

PenOp also charged members of the National Assembly to consider amending the pension law to increase pension contribution for workers to guard against old age poverty being triggered by rising inflation and naira devaluation.

PenOp made the appeal at the PenOp 4th National Assembly Retreat 2024, held for members of the House Committee on Pensions and members of the Senate Committee on Establishment and Public Service.

Speaking at the retreat themed: “The CPS: Navigating Challenges and Unlocking a Secured Future for Pensioners,” Mr. Dave Uduanu, a member of PenOp and Managing Director of Access Pensions, stated that the economy needs to be domesticated and rely less on dollars.

Uduanu said: “Regarding devaluation, what we need to do as a country is that we need to domesticate our economy. As we domesticate our economy and rely less on dollars, we can achieve more sustainable savings and inflation in real terms. But until we do that, the safeguard we have is to allow some of the pension funds to be invested offshore.

“The recommendation is with PenCom now and the Central Bank of Nigeria, CBN, and it will be good to have the input of the senators and House of Representatives members to make sure that this sees the light of the day.”

Also speaking, another member of PenOp and Managing Director of Fidelity Pension Managers, Mr. Donald Onuoha, stated that there is a need to increase pension contributions from the present 18 percent to a higher value.

Onuoha said: “We need to re-echo the need to increase the pension contributions from the present 18 percent to something higher. This will guard against old age poverty which is being triggered by rising inflation.”

Meanwhile, the National Assembly members have asked the pension operators to identify sections of the Pension Reform Act (PRA) 2014, to be amended, pledging to ensure thorough review of the pension law to engender a comfortable lifestyle for retirees.

 


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FCMB Shareholders Approve ₦150 billion capital Raise to Drive Future Growth Plans

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FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from ₦9,901,355,390.50 to ₦19,802,710,781.00 and authorised a ₦150 billion capital raise to drive future growth plans. The shareholders also approved a 100% increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value.

L-R: Group Chief Executive, Mr. Ladi Balogun; Chairman, Mr. Oladipupo Jadesimi; Company Secretary/General Counsel, Mrs. Funmi Adedibu; Non-Exectuive Director, Professor Oluwatoyin Ashiru; Executive Director, Coverage & Investment Banking, Mr. Olufemi Badeji and Executive Director/Chief Operating Officer, Mr. Gbolahan Joshua, all of FCMB Group during the 11th Annual General Meeting (AGM) of the Group held on May 24, 2024 in Lagos.

Chairman, Mr. Oladipupo Jadesimi, commended the workforce’s contribution to the company’s strong operating performance. He said, “FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able to inform you that for the full year ended 31 December 2023, the Group declared a profit before tax of N104.4 billion, up 185.6% from the full year 2022.

“The diligence exhibited by our workforce across the country have been remarkable. I commend everyone who contributed to this strong operating performance for the year under review.

“As we navigate through the challenges and opportunities that our mission presents, the Board and Management remain steadfast in their commitment to cultivating a culture that will inspire excellence in our employees, customers, partners, and every member of our ecosystem.”

This would be the first Annual General Meeting of FCMB Group Plc without the presence of the Founder, the late Otunba Michael Olasubomi Balogun, CON. A minute’s silence was observed at the commencement of the meeting and tributes were paid in his honour. Shareholders lauded the management for honouring and perpetuating the Founder’s legacy and the accelerating growth in most key indices, expressing optimism for a more rewarding future.

In his comments, Chief Timothy Adesiyan of Nigeria Shareholders Solidarity Association said: “We are happy that FCMB Group and its subsidiaries are growing in leaps and bounds. Of note are the strong corporate governance structures, succession plan and the commitment of the Bank to support key sectors of the economy, including corporate social responsibility programmes.

“However, the Bank should expand its interventions to artisans and other underserved sectors. We were grateful that from the 25 kobo dividend paid last year, and now we are receiving 50 kobo this year, a 100% increase.

“The Board, Management and Staff should continue to sustain the legacy of the late Founder, Otunba Subomi Balogun.”

In seeking approval for the N150 billion increase in share capital, the Group on behalf of its flagship bank, made clear its aspirations to retain its international license, with this year’s capital raise being the first step in that process.

Also speaking, the Secretary General of the Independent Shareholders Association of Nigeria (ISAN), Mr. Eke Emmanuel, applauded FCMB Group’s results and endorsed the capital raising programme. He said:

“The 2023 financial results of FCMB Group Plc show that the institution is in a healthy position and ready to transform challenges into opportunities. The recapitalisation plans are commendable and achievable. We are optimistic that FCMB will scale the hurdle and be better positioned to deliver more value to shareholders and Nigeria.”

The AGM concluded with renewed confidence among shareholders and stakeholders in the financial institution’s leadership and strategic direction. Board members reassured shareholders of their commitment to maintaining high governance standards and delivering consistent value while highlighting ongoing efforts to enhance risk management frameworks and ensure full regulatory compliance to safeguard the Bank’s reputation.


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IMF Says 56 Percent of CBNs Lack National Cybersecurity Strategy

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International Monetary Fund (IMF) has revealed that 56 percent of central banks or supervisory authorities do not have a national cyber strategy for their financial sectors.

IMF Says 56 Percent of CBNs Lack National Cybersecurity Strategy

The Washington-based institution said this after surveying 51 countries and putting its findings in a report titled, ‘Mounting cyber threats mean financial firms urgently need better safeguards.’

It said 42 percent of these financial institutions lack dedicated cybersecurity or technology risk-management regulations, and 68 percent do not have a specialised risk unit within their supervision department.

“64 percent do not mandate testing and exercising cyber security measures or providing further guidance. 54 percent lack a dedicated cyber incident reporting regime, and 48 percent do not have cybercrime regulations,” it explained.

The IMF highlighted that cyber attackers persistently target the financial sector. The institution stated, “Due to the tight financial and technological interconnections within the sector, attacks can rapidly spread throughout the system, potentially leading to widespread disruption and loss of confidence. Cybersecurity is, therefore, a significant threat to financial stability.”

In its April 2024 Global Financial Stability Report, the IMF revealed that $12 billion has been lost to cyberattacks in the last twenty years.

The Nigeria Inter-Bank Settlement System recently disclosed that financial institutions lost about N17.67 billion to fraud in 2023.

According to the NIBSS, while the fraud count decreased by six percent to 95,620, the actual loss from fraud increased by 23 percent in 2023 compared to 2022.

In its recommendations to central banks, the IMF added, “The fund’s recommendations include the development of robust national cyber strategies, the implementation of dedicated cybersecurity regulations, and the establishment of specialised risk units within supervisory authorities.”


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