Connect with us

E-Financial

MCON Forecloses further Purchase of Toxic Assets

Published

on

Chike Obi, managing director, Asset Management Company of Nigeria  (AMCON)
Kindly share this post

Chike Obi, managing director, Asset Management Company of Nigeria  (AMCON) has said that the have foreclosed further purchase of non-performing loans from the nation’s deposit money banks as their current ratio to risk assets is well below five per cent.

Obi who disclosed this at an interactive session with the media, in Lagos yesterday, however said that the system has been strengthened to mitigate the crisis it is currently battling with.

According to him, it is almost impossible now for banks to avoid examiners’ searchlight in dictating the unethical practices and poor corporate governance issues that reigned before now.

He pointed out that any record of increase in risk assets by a particular bank now, will as well be adjusted by the bank within the quarter of its operations, assuring that risk management in financial institutions has been firmed up.

“Besides, from the regulator to other stakeholder, including AMCON’s board and management, have agreed that there will not be further purchasÅe of non-performing loans. I am sure that it will not happen when I am still the Chief Executive of the institution,” he said.

Chike-Obi pointed out that the misconception over the sinking fund and attributing of its assets as public fund have also attracted the attention of the organization.

He stated that the sinking fund is deposited with the Central Bank of Nigeria and managed by same, in the settlement of banks’ liabilities, adding that AMCON has no link with the fund, not even the total pool so far.

He also noted that AMCON’s assets are factored into the total cost of non-performing loans, which the banks, together with the funds to be recovered will offset, saying that public funds can only arise from the excess that might result, when the bonds are totally redeemed.

Chike-Obi reiterated that the intervention was ultimately in the interest of the banks and the economy, challenging any of the nation’s lenders to prove his claims wrong by showing evidence that they were better off before the bailout.

He pointed out that the intervention not only benefited banks, but also companies and private sector initiatives that would have collapsed and throwing more thousands into the labour market.

Chike-Obi, said the $31 million aircraft, currently being priced $28 million, would be represent a $3 million loss, adding that the loss was not deliberately incured.

It would be recalled that AMCON put down $27 million to complete the transaction on the aircraft, initiated by an undisclosed debtor of a bank, a move that was aimed at getting a hold on the initial deposit of $4 million made to the seller by the debtor.

The decision was made when it was obvious that the manufacturer would not release the $4 million already deposited and there was no other asset to lay hold on from the debtor.

The AMCON chief, who admitted that the decision was a costly mistake, explained that the agency did not envisage the unfolding difficulties that now hamper the smooth sale of the Jet, after the injection of the huge sum.

He also debunked allegations of serious infractions at Mainstreet Bank- one of the bridged banks, saying that if there is any, he is not aware and that the CBN’s Banking Supervision Department would have also raised alarm.

“We must take every allegation with a sense of responsibility. For me, I am not aware of any serious infractions and do not think there is

Speaking on the continuous operations of the bank’s subsidiaries, he said the regulator decided to let it remain operational until the new investor is unveiled to decide what to do with them.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

Published

on

Kindly share this post

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Fidelity Bank "Basking in Approval" under Onyeali-Ikpe, CEO

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc

With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.

This a crucial evidence for investors that the bank is solution driven.

For instance, at the capital market, the bank was the toast of investors as  its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.

Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.

Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.

Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and  the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.

Despite the immense responsibility and intense pressure, especially during turbulent times,  Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.

Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as  reputation.

She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.

The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.

This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.

Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.

By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.

Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.

Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.

A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.

Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.

Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).

The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).

Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution  upward trajectory will be indelible.

She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

FCMB, BHM Champion New Revenue Models for Media Sustainability

Published

on

Kindly share this post

First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

FCMB, BHM Champion New Revenue Models for Media Sustainability

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.

The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.

Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.

Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.

Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”

Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”

The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.

The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.


Kindly share this post
Continue Reading

E-Financial

CRMI Backs CBN’s New Measures to Curb Fraud

Published

on

Kindly share this post

Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

CRMI Backs CBN’s New Measures to Curb Fraud

Kevin Ugwuoke, president and chairman of Council,  in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.

He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.

“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.

The institute, however, stressed that the success of the measures would depend largely on effective implementation.

It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.

CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.

The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.

The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.

Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.

The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.

In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.

 


Kindly share this post
Continue Reading

Trending