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Ikpobe Tasks Students, As More Schools Benefit From UBA “Read Africa” Initiative

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Two schools, the African Church Model College and Sonmori Comprehensive High School, both in Ifako-Ijaiye area of Lagos State, have, became the latest beneficiaries of the UBA Foundation, “Read Africa” initiative.

The ‘Read Africa’ initiative is a UBA Foundation project, aimed at rekindling the reading culture of African youths through the donation of African literary classics to students as well as having mentoring sessions with senior management staff from the UBA Group. 

Students at the school had the privilege of sharing a reading session with Mr. Apollos Ikpobe, deputy managing director, Domestic Bank, UBA, who read excerpts from Chinua Achebe’s literally classic “Things Fall Apart” with the students.

Mr. Ikpobe in a motivational speech, told the students that reading is foundation for future success in life and challenged them students to read at least one book every month, be focused on their studies and aspire for greatness. Citing from personal experiences growing up, Ikpobe said reading fuels our imagination and is essential to educational development of all students.

“It is very essential for you to read because it is from reading that you get ideas and principles to move forward in life. The more you read, the more you broaden your horizon and be able to communicate”, he added.

Also speaking at the occasion, Ms. Ijeoma Aso, CEO of UBA Foundation, who joined Mr. Ikpobe to distribute the book ‘Things Fall Apart’ by Chinua Achebe to the students, said reading is the most fundamental skill a person can acquire, and encouraged the youths to take advantage of the “Read Africa” project to  widen their vision and enhance their knowledge.

“Surmounting challenges come from what you have read and are exposed to and the only way to succeed is to be intellectually sound. This can only be achieved through reading.” she stated.

The ‘Read Africa’, which is in its third year, is an annual programme of the Foundation and it involves donating literature books to secondary schools across the continent. It is anchored by senior executives of the bank and UBAF who also take out time to mentor the students.

The UBA Foundation, which is the corporate social responsibility of the United Bank for Africa, carries out several initiatives in its focus areas of Education, Environment, Economic Empowerment and Special Projects (EEES), aimed at positively impacting on the society and people of Nigeria and Africa.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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