Connect with us

E-Financial

UBA Wins Corporate Citizens Award

Published

on

Kindly share this post

United Bank for Africa (UBA) Plc, Pan-African financial services group, continue to garner national and international laurels with the latest being the Corporate Citizens Award in the ‘Extensive Compliance Category.

UBA received the award at the maiden edition of the awards ceremony organised by the Corporate Affairs Commission (CAC) at the Transcorp Hilton Hotel, Abuja, Nigeria.

The Corporate Citizens Award is open to all registered companies in Nigeria and seeks to promote the culture of good corporate governance in the Nigerian environment by recognising corporate citizens who have conducted their affairs in compliance with statutory requirements and best practices.

“The idea behind this initiative is to recognize performance and reward corporate excellence among companies operating in Nigeria, with the ultimate goal of improving our rating in the global competitiveness index” said Otunba Funso Lawal, chairman of the Board of Directors of the Commission in his remarks at the ceremony.

To be eligible for consideration, companies must have complied with the requirements of the Companies and Allied Matters Act and respective industry statutes and regulations. Apart from impacting on their respective industries positively they are expected to have performed creditably well in corporate social responsibility.

Specifically the independent panel of judges under the chairmanship of Dr. Christopher Kolade, Former Nigerian High Commissioner to the United Kingdom, looked at financial management, work place environment, management of stakeholder relations, innovation, corporate social responsibility, industry leadership as well as corporate governance to select winners.  26 companies including UBA made the final list from over 800 companies that were considered and we were one of the 9 winners that eventually emerged.

Mr Olusegun Aganga, former minister for Commerce and Industry, who represented Goodluck Jonathan, former President, Federal Republic of Nigeria, at the event commended all the companies who received award at the event while encouraging those who did not win to imbibe the best practices of the companies that won.

He noted that the awards will provoke commitment to best business practices among companies in Nigeria and expressed happiness that this is coming at a time the current government’s transformation agenda is blossoming.

Welcoming the recognition to the bank, Phillips Oduoza, group managing director and CEO, UBA Plc said the award reaffirms the bank’s commitment to best practices in the way it does its business across the continent.

“We operate in multi-jurisdictions given that we have presence in 19 African countries and three international financial centres; London, New York and Paris. We are thus committed to higher standards in regulatory compliance in the interest of our stakeholders and customers.” Oduoza said.


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

CBN Says Old, New Naira Notes Remain Legal Tender

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has said that all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out.

CBN Says Old, New Naira Notes Remain Legal Tender

A statement on Friday by Mrs Sidi Ali Hakama, acting director, Corporate Communications, CBN, said all banknotes, including the old and new designs of N1,000, N500, and N200, were valid.

Hakama urged the public to disregard misinformation regarding the validity of the old notes.

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1000, N500, and 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.

The director encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.


Kindly share this post
Continue Reading

E-Financial

Oloworaran, PenCom DG Puts Pension Fund Assets @ N21.92trn by October

Published

on

Kindly share this post

The National Pension Commission (PenCom) revealed that Nigeria’s pension fund assets have surged to N21.92 trillion as of October 2024, reflecting a substantial increase of N1.113 trillion from the N20.79 trillion reported in July.

Omolola Oloworaran, PenCom Director General, who made this known, also revealed that the Commission recorded 10.53 million registered contributors as of the same month.

Oloworaran spoke at the 2024 PenCom Media Conference, themed “Tech-Driven Transformation: Shaping the Pension Landscape,” held in Abuja on Thursday.

She stated that the figures reflect the Commission’s unwavering commitment to fund safety, prudent management, and sustainable growth.

However, the DG noted that the economic realities of 2024 and preceding years, including high inflation, the devaluation of the naira, and the lingering effects of unorthodox monetary policies, have eroded the real value of pension funds and impacted contributors’ purchasing power.

To address these challenges, Oloworaran said PenCom has initiated a comprehensive review of its Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.

“Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility,” she said.

She further added, “Expanding pension coverage remains a top priority for the Commission. Our revamped Micro Pension Plan leverages technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement. This initiative aligns with our vision of inclusive growth and financial security for all.”

The PenCom boss also highlighted efforts to address delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.

“Recently, N44 billion was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress.”

Oloworaran also highlighted the launch of the e-Application Portal for Pension Clearance Certificates (PCC) in October 2024. She noted that this initiative replaces the manual process, enabling companies to seamlessly apply for and receive PCCs online.

“This year, we have issued 38,528 PCCs, significantly enhancing ease of doing business and ensuring compliance.”

She also stated that the Pension Industry Shared Service Initiative is in advanced stages of implementation. This initiative will digitize pension contributions and remittances, ensuring seamless processing of Retirement Savings Account contributions and resolving discrepancies caused by incomplete remittance details.

“To further enhance contributors’ experiences, we have introduced a revised programmed withdrawal template, simplifying access to voluntary contributions and revising the threshold for en-bloc payments in line with the new minimum wage. These measures are designed to make retirement processes more efficient and user-centric,” she explained.


Kindly share this post
Continue Reading

E-Financial

House of Reps Moves to Shut Down Illegal Loan Apps Exploiting Nigerians

Published

on

Kindly share this post

House of Representatives has urged the closure of illegal loan platforms used by “one chance” operatives to extort money from unsuspecting victims.

This decision followed a motion of urgent public importance presented by Billy Osawaru during Wednesday’s plenary session.

Osawaru highlighted the activities of these operatives as “heinous,” explaining how their actions leave victims in dire conditions.

He noted that victims are often subjected to severe torture and forced to hand over personal information, which is then exploited.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorised loan apps, thereby incurring huge debts that the victims are forced to repay,” Osawaru said.

The lawmaker also expressed concern over the reluctance of banks to assist complainants without a Police report.

He called on the Nigeria Police, banks, and FinTech operators such as Opay and MoniePoint to prioritize cases of “one chance” operations and kidnappings reported to them.

The motion was adopted unanimously by the House without further debate.


Kindly share this post
Continue Reading

Trending