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NEC 10th Edition: UBA Foundation Calls for Entries Introduces Digital Submission Portal

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UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has today commenced the 2020 edition of its annual National Essay Competition in Nigeria with a call for entries.

Now in its tenth year, the National Essay Competition (NEC) is part of UBA Foundation’s education initiative which is aimed at promoting the reading culture and encouraging healthy and intellectual competition amongst secondary school students in Nigeria and across Africa.

This year’s edition, which is the 10th since inception, has been modified to ensure ease of access and increased participation of senior secondary school students from the comfort of their homes through the introduction of a digital submission portal.

Taking into considerationthe effects the Covid-19 pandemic has had on lives and incomes across board, the UBA Foundation has also increased the prize money for the 2020 edition of the NEC by 33 per cent as the first prize winner will get an educational grant of  N2.5m,up from N2m in 2019.

The second and third prize winners willnow receive N2m and N1.5m educational grantsrespectively, from N1.5m and N1m which were awarded in the previous year’s competition.

Mrs. Bola Atta, chief executive officer, UBA Foundation, stated thatwith the newly introduced digital submission portal, more students in secondary schools across the country will have the opportunity to scan and send in their entries and compete to win educational grants for study at any university of their choice on the African continent.

She said, “As a Foundation, which is the CSR arm of the United Bank for Africa – a fully digitalised bank, we are driven by the mantra to always innovate and adapt to our constantly changing environment. This year, we thought hard about how to ease the pains that everyone is feeling. Students have not been able to go to school and there has been a lot of anxiety in families trying to ensure that educational gaps do not emerge.  It is imperative for us at the UBA Foundation that our impact programmes do not wane. We also need to design them to be as inclusive as possible so that those students who don’t have easy access to computers can still participate in the competition with a chance to win grants towards their tertiary edification.’

Atta explained that the choice of topic for this year’s edition is one that helps promote creative and analytical thinking in students whilst helping them become problem solvers. The essay topic selected is “Do you think that the lock – down during the Covid-19 pandemic was an essential measure in spite of the hardship it has brought economically? What would you have done differently and why?”

All entrants are to hand write their essays and upload scanned copies of their handwritten entries as well as ID on the digital portal at www.ubagroup.com/national-essay-competition before October 2,2020. They may also drop off the handwritten essays at their nearest UBA business office for onward submission to the UBA Foundation.

The judges who are made up of esteemed professors from reputable Nigerian Universitieswill receive all the essays on a digital drive, evaluate them and select the top 12 finalists all of who will take home consolation prizes including personal computers.

The finale of the NEC this year will be conducted virtually as the initiative rolls out across 19 more countries in Africa.

UBA Foundation embodies the UBA Group’s CSR objectives and seeks to impact positively on societies through several laudable projects and initiatives.The Foundation has donated hundreds of thousands of books to students across Africa under the ‘Read Africa’ initiative aimed at encouraging and promoting the reading culture in African youths.

Students can apply for the National Essay Competition 2020 at: www.ubagroup.com/national-essay-competition;

 

 

 

 


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E-Financial

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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Buhari Okays Establishment of CBN-Led Infraco

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President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


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