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Balogun, FCMB Boss Bags CIBN Fellowship

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Chartered Institute of Bankers of Nigeria (CIBN) has as part of activities marking its 50th anniversary, conferred the fellowship of the institute, on Mr. Ladi Balogun, group managing director/chief executive officer of First City Monument Bank (FCMB).

Mr. Segun Aina, the Institute’s president, said the investiture was in recognition of his meritorious services, commitment to professional responsibilities and valuable contributions to the finance industry in particular and the economy in general over the years.

Ladi holds a bachelor’s degree in Economics from the University of East Anglia, United Kingdom and an MBA from Harvard Business School, United States of America.

He has over 20 years experience in commercial and investment banking in Europe, the United States of America and Africa.

Ladi  began his banking career in 1993 at Morgan Grenfell and Co Limited, where he worked in the areas of risk management and corporate finance (debt origination).

He was responsible for managing the bank’s trading and investment positions in debt instruments numerous complex debt deals in Latin America, Eastern Europe and the Asian sub-continent.

Subsequently, he worked at Citibank New York before returning to Nigeria as the executive assistant to the chairman and chief executive of First City Merchant Bank Ltd in 1996.

He has since then worked in various areas of the bank, including Treasury, Corporate Banking and Investment Banking, strategy and business development. In 1997, he was appointed executive director, and deputy managing director in 2001 and Managing Director in 2005.

During his tenure as managing director and subsequently group managing director, he has led the organisations transformation from a privately owned merchant bank to one of Nigeria’s top 10 banking groups with over 500,000 shareholders, 270 branches, 2 million customers, 20% market share in personal loan origination and a presence in 2 continents. He has also led the acquisition and integration of four banks with FCMB in the last 8years.

He is a member of Young Presidents Organisation, advisory board member of African Leadership Network and also an advisory board member of Helios Investment Partners, a leading pan African private equity firm. He sits on the board of several companies in Nigeria and abroad.

The CIBN also conferred fellowship awards on 52 bankers while 123 senior bankers were admitted into the honourary senior membership cadre of the institute among whom were: Dr. Kingsley Moghalu, deputy governor, Financial System Stability, Central Bank of Nigeria (CBN); Mr. Emeka Emuwa, GMDs/CEOs of Union Bank of Nigeria; Mr. Segun Oloketuyi, Wema Bank Nigeria Plc; Mrs. Bola Adesola, Standard Chartered Bank; Mrs. Sola David-Borha, Stanbic IBTC.

Others include Mr. Ayorinde, Olabode, Pro-Chancellor, Achiever University and Mr. Bismarck Rewane, chief executive officer, Financial Derivatives Company Limited.


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CBN Investigates 55 Companies over Forex Infractions

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Amidst sustained pressures on Nigeria’s official foreign exchange resources, the Central Bank of Nigeria (CBN), has opened investigations into foreign exchange transactions of 55 companies and individuals.

The apex bank linked them to foreign exchange deals outside the official Investors & Exporters (I&E) window.

CBN Investigates 55 Companies over Forex Infractions

Mr. Godwin Emefiele, CBN governor

The I&E window was created by the CBN as the legitimate platform for buying and selling of foreign currencies.

Some of the major corporate organisations in the list include Stallion Nigeria Limited, a conglomerate involved in several sectors of the Nigerian economy.

The list also includes Nigeria’s leading electronic payment company, Interswitch Nigeria Limited, as well as a leading global shipping line, CMA CGM Nigeria Shipping Limited.

Other big names in the list include Petro-Afrique Energy Services Limited, Steel Force Far East Limited, Auto Petroleum Company Limited, Cavendish Mechanicals Limited, Aquashield Oil & Marine Limited, Haitch & Elf Integrated Services Limited, Fenog Nigeria Limited, and Promasidor Nigeria Limited.


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FG Makes u-Turn on Bank Account Re-Registration

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Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


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Stanbic IBTC Bank Disowns Lagos ATM Fraudster

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Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


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