In a bid to help grow the savings habit of Nigerians and promote financial inclusion, Baobab Microfinance Bank has launched its digital savings offering, the Jollof+ app, which allows customers to earn up to 24% per annum on their savings.

Speaking at the launch of the product in Lagos, Eric Ntumba, the Acting Chief Executive Officer of the bank, described the Jollof+ app as a cutting-edge savings application aimed at mitigating the negative impact of inflation on the savings of Nigerians.

He said, “Inflation in the country has continued to rise, reaching 33.69 per cent in April this year. “Jollof+ helps users combat inflation by providing high-interest savings options. With the inflation rate affecting the value of savings, Jollof+ offers a competitive interest rate that helps users protect their purchasing power even in the face of inflation.”

According to him, customers can get up to 24 per cent interest per annum on their savings, which is currently the highest offering in the Nigerian market, while providing individuals and families with easy access to financial growth and security.

He noted that the offerings, which range from Jollof Flex, JollofLock, Ajo+, and Babybox, ensure that customers can manage their financial activities seamlessly while tracking the progress of their savings habits.

Explaining the offerings, Ntumba said the JollofLock allows users to lock their funds for a specified period, earning a higher interest rate compared to a regular savings account.

“The offering, which pays interest upfront, helps users maximize returns by committing their savings for fixed durations. The Ajo+ is a target savings feature that allows users to save individually or as a group towards achieving a goal while earning up to 18.33 per cent per annum Users of the app can also save for their children’s future through the Babybox feature, earning up to 17.22 per cent per annum in interest, “he explained.

Femi Otedola, chair of FBN Holdings and majority owner of Geregu Power, and some of his companies are up in arms against Zenith Bank over a controversial debt involving his former company, Zenon Petroleum & Gas and some other firms in which he has interests.

Mr Otedola is accusing Zenith Bank of perpetrating banking fraud against him and some of his companies. He claims the lender controversially disposed of his shares in the bank, manipulated the company’s bank accounts, and forged documents to cover up the alleged crimes.

The businessman has also triggered litigation and police action against Zenith Bank, with the Force Criminal Investigation Department now probing the matter.

The battle between Mr Otedola and Zenith Bank began after the businessman accused his bankers of dishonest accounting in the computation of his liabilities before selling his multibillion naira debt to the Asset Management Corporation of Nigeria (AMCON), an agency of the Nigerian Government, buys bad loans in banks’ books, aiming to pursue recovery afterwards.

Reliable sources with knowledge of the matter revealed that the billionaire tycoon turned to the court and the police for a resolution after the dispute became knottier, and efforts to resolve it and other related issues without legal intervention failed.

The technical teams of Zenith Bank and Zenon Oil met on 20 May 2024 to resolve the logjam, but the meeting was inconclusive.

Zenon Oil did not find the deliberations of another meeting held a day after at Lagos Oriental Hotel satisfactory and has threatened to launch a fresh legal action against the bank.

That was the third reconciliation meeting the two parties held this month, none of which has resolved the conflict.

“It is clear that Zenith Bank Plc is not sincere in resolving this issue out of court and as such a time-wasting exercise,” one of our sources said. “At this juncture, we have resolved to pursue our claims via the judiciary, law enforcement, the CBN and the court of public opinion as we know that our claims are very genuine.”

Zenon claimed its letters of credit that deteriorated into the problematic loan acquired by AMCON were opened before the corporation bought the debt in December 2011. Zenon ceased to operate the account the moment the takeover happened.

Zenon claimed Zenith Bank admitted at meetings that it controversially opened letters of credit after AMCON procured the debt, a practice an official of the oil and gas firm described as unprofessional.

A document listed the overdue amount on Zenon’s account at the time of AMCON’s intervention as N39 billion. However, Zenon claims Zenith Bank offered the debt to AMCON for N49 billion instead. After intense negotiations, AMCON paid the bank N44.1 billion for the bad debt.

Sunday Enebeli-Uzor, who heads the bank’s corporate communications unit, did not immediately respond to PREMIUM TIMES’ request for comment.

Neither did Ayoola Kusimo, the team lead for media relations.

But a top bank official had earlier told one of our reporters that since the matter is already in court and before the police, there was no need discussing it in the media.

When contacted, Mr Otedola confirmed his face-off with Zenith Bank over some unclear transactions on his companies’ accounts but declined to provide details. “We are still trying to resolve it,” he said. “If that fails, I can give you details.”

Another document containing the details of a meeting held by both sides on 20 May said Zenith Bank agreed to refund with compounded accrued interest rate the N205 million it wrongly deducted from Zenon’s account using a backdraft.

Seaforce Shipping Company Limited, owned by Mr Otedola, disclosed that Zenith Bank presented some bank statements claiming that Seaforce owed the lender N5.9 billion as of February 2024. The company added that Zenith Bank later abandoned the claim after it showed the bank proof that Seaforce’s account was in credit as of 2018.

I have been reporting for several years now and I am very interested in visual news reportage with strong inclusion of photos and video multimedia.

PalmPay, fintech company, has been awarded the prestigious “Customer Focused Digital Bank of the Year” Award at the Africa’s Beacon of ICT Merit and Leadership Awards, organised by the Nigeria Communication Week.

The award ceremony took place in Lagos, celebrating exceptional achievements and contributions in the Information and Communications Technology (ICT) sector.

PalmPay’s recognition as the “Customer Focused Digital Bank of the Year” underscores its commitment to delivering exceptional customer service and innovative digital banking solutions. The award highlights PalmPay’s dedication to addressing the financial needs of its customers providing a seamless and user-friendly digital banking experience.

Receiving the award on behalf of PalmPay, Enakeno Umuteme, Head of Marketing and Communication, expressed gratitude and pride in the company’s accomplishments. “We are honored to be recognized as the ‘Customer Focused Digital Bank of the Year’ at this esteemed event. At PalmPay, we have a 24/7 customer service system with a dedicated response team to assist users whenever possible”.

“As an innovative company, we enhance customers’ banking experience through cutting-edge technology and exceptional service.”

The Africa’s Beacon of ICT Merit and Leadership Awards, an annual event organized by Nigeria Communication Week, aims to recognize and celebrate outstanding contributions in the ICT sector. The awards bring together industry leaders, innovators, and stakeholders to acknowledge the significant impact of technology on society and the economy.

This award reinforces PalmPay’s position as a leader in the digital banking space, and it serves as a motivation for the company to continue its mission of providing accessible, reliable, and customer-centric financial solutions to individuals and businesses across Africa.