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Union Bank Honours Outgoing CEO – Emuka Emuwa; Introduces Incoming CEO – Emeka Okonkwo

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Union Bank Honours Outgoing CEO - Emuka Emuwa; Introduces Incoming CEO - Emeka Okonkwo
Mr. Emeka Okonkwo, Incoming CEO, Union Bank of Nigeria Plc

Union Bank of Nigeria Plc took to Nigerian Exchange Group (NGX Group) Plc’s platform to honour its outgoing Chief Executive Officer (CEO), Mr. Emeka Emuwa and introduce the incoming CEO, Mr. Emeka Okonkwo to the capital market at a digital Closing Gong Ceremony on Monday, 29 March 2021.

Speaking at the event, the Divisional Head, Listings Business, Nigerian Exchange Limited, Mr. Olumide Bolumole commented thus: “It is my pleasure to welcome the Chief Executive Officer of Union Bank Plc, Mr. Emeka Emuwa to our digital closing gong ceremony as we pay tribute to his illustrious career at Union Bank. Under his leadership, Union Bank maintained steady operational momentum, which in 2020 resulted in the first dividend payment to investors and shareholders in over ten years. A truly remarkable milestone in the bank’s transformation and turnaround strategy. As the bank makes its transition to a new CEO, Mr. Emeka Okonkwo, I reassure the leadership of Union Bank Plc that NGX will remain its trusted business partner in achieving strategic business objectives.”

READ ALSO: NSE Completes Demutualisation – SEC and CAC Approve

In delivering one of his final remarks as the CEO, Union Bank, Mr. Emeka Emuwa stated, “It is an honour to be here today to ring the Closing Gong as I step down. In 2021 when I joined the bank, the mission was clear to transform the bank and return it to the path of sustainable growth and profitability, and increase shareholder value. This involved the redefinition of our strategy which resulted in robust investments in our protocols and platforms. Looking back, I am proud to see how far we have come and the progress we have made to transform Union Bank Plc into a leading provider of fin services today. It has been a collective effort by many in the bank and what we have today is an institution that is properly positioned to compete favourably in the market and in the hearts of our customers.”

 

On his part, the incoming CEO, Union Bank Plc, Mr. Okonkwo stated, “Over the past eight years, a significant amount of work has gone into building the Union Bank we see today and I am glad to have been a part of this process. As we move ahead, our focus remains to create greater value for all our stakeholders particularly our customers and shareholders. We have a clear vision to be Nigeria’s most reliable and trusted partner and we will continue to drive customer acquisition and channel optimisation through reliable dig channels and self-service platforms. We will also continue to provide compelling and innovative products to drive customer transaction growth and service delivery, whilst deepening our relationship with key stakeholders including NGX Group as we move towards our goal.”

 

Both Mr. Emuwa and Mr. Okonkwo were then given the honour of sounding the digital Closing Gong to the applause of NGX executives, the Doyen of the Market, Mr. Sam Ndata and other members of the stockbroking community.

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Sterling Bank Worker On The Run Over N300m Belonging To Customers

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Sterling Bank Worker On The Run Over N300m Belonging To Customers

One Favour Fame-Eruagbere, who works with Sterling Bank Plc in Delta State, is currently on the run after defrauding customers of the financial institution of N300 million.

According to multiple reports, the female Sterling Bank staff approached some account owners to grant her permission to use their money for a business.

Fame-Eruagbere allegedly did this on the promise that she would be giving each of them a certain percentage every month.

However, one of the bank’s customers who raised an alarm on the matter, noticed that she stopped reporting to the bank, and she could no longer be reached via her mobile phone as her lines became unreachable.

When the customer embarked on a journey to her house around Living Faith Church at water resources, Effurun, she discovered that Fame-Eruagbere had absconded.

The whole thing backfired when many people she gave money to, refused to pay back. I think the lady didn’t run away with the money, but she is only being owed by those she gave the money to.

She is nowhere to be found, nobody knows her whereabouts, whether she has travelled out, dead or still alive.

In fact, the office is in crisis, as many people might be sanctioned because of the issue, especially the operators who carried out the transactions for her,” a source familiar with the matter stated.

What this means for Sterling Bank

With this development, Sterling Bank will have to fight to be reputed to the investing public, customers, and shareholders. This is because, amongst other things, trust is the most valuable asset for financial institutions.

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FG Assures Nigerians Of Fuel Scarcity Resolution

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FG Assures Nigerians Of Fuel Scarcity Resolution

The Federal Government has assured Nigerians of resolving the long queues at petrol stations brought about by fuel scarcity.

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed disclosed this to newsmen, saying that Authority is monitoring all petrol stations.

“We are actually trying to monitor the dispensing to ensure that all the stations with petrol are dispensing all their trucks to reduce the long queues and ensure efficiency in service.

READ ALSO: Presidency Says NEC Yet To Decide Fuel Subsidy Removal Date

“We are monitoring the depot sales also, checking the number of trucks that loaded; this is a serious fact which we look at.

“There has been a lot of improvement in the distribution of PMS, we have gone round the Airport road and saw a lot of stations selling and discharging fuel.

“The queues are not long like before and the average trucks we have received in Abuja in the last three days are about 140 trucks against 70 trucks to 80 trucks received before; so there is a lot of improvement.

“Credit also goes to transporters because now they are reacting to the President’s offer of additional N10 as an incentive on their transportation charges. At least we are seeing the improvement.”

He said inspection is being carried out, aimed at taking action to enforce the regulations by following up warning given to the oil marketing companies, particularly those selling over the official price.

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N23Bn Scandal: MTN’s MoMo Request Refund From 18 Commercial Banks

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N23Bn Scandal: MTN’s MoMo Request Refund From 18 Commercial Banks

MTN Nigeria’s banking subsidiary, Momo Payment Service Bank Limited (MPSBL), has filed a suit, requesting customer refunds from 18 commercial banks.

The suit which was filed by the mobile money bank’s lawyer, Lotana Okoli SAN) stated that the 700,00 transactions performed were all fraudulent.

Adding further, Momo also requested that customer information into whose accounts were funded should be revealed.

“Under the Central Bank of Nigeria (CBN) Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made pursuant to sections 2(D), 33(1)6) and 47(2) of the CBN Act 2007, it is incumbent on the banks to make refunds and provide the required information. He revealed.

READ ALSO: Apple Preparing to Release a “Flood” of New Products this Fall

The Chief Executive Officer (CEO) of MPSBL’, Anthony Usoro Anthony said in a supporting affidavit that his bank suffered “a system exploitation” on May 24, 2022, during which 700,000 transactions were processed with credits being made into about 8,000 accounts in the 18 banks being requested to make the refunds.

“Upon becoming aware of the incident, the service was shut down, to limit the impact and triggered engagements with the defendants (the 18 banks) through the Nigeria Inter-Bank Settlement System (NIBSS) for the commencement of recovery activities from the accounts of the various beneficiaries in the various banks. He said.

“We were able, through system checks, to confirm the banks and accounts into which the various sums of money were transferred into.

“We were also able to confirm how much was paid into each bank account in total. The said list of accounts that received the funds was made available to the respective banks as a preliminary step to mitigate the applicant’s losses.

“The transfers were due to the fact that the plaintiff suffered system exploitation which led to the said debits.

“There is no transaction between the plaintiff and the recipient account holders that warranted the transfer of the funds to that account.”

Anthony added that his organization’s resort to the court was informed by the bank’s insistence that they needed to be ordered by the court before they could act.

The MPSBL CEO stated that the organization was “carrying out investigations internally and externally to ascertain the actual cause of the debits”.

“The defendant banks have requested an order of court mandating the defendant banks to reverse the credits made into their customers’ accounts before the defendants can do so. “

“The plaintiff is entitled to a return of its money and has demanded the return of the money into its settlement account in the name MOMO PSB settlement account number: 2041379385 held in First Bank Plc, Samuel Asabia House, 35 Marina, Lagos.

“It is the understanding of the plaintiff that prior to the defendant banks being informed of the fact that the credits into their customer accounts were unauthorized that some withdrawal transactions had already been carried out by some of the customers.

“This has necessitated the application for information regarding these customers and the banks and accounts to which they transferred the said funds in order to enable the plaintiff to trace the funds to those banks.

“By virtue of the provisions of the CBN Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made pursuant to sections 2(D), 33(1)6) And 47(2) of the CBN Act 2007 the plaintiff is entitled to a return of its money and the provision of the information which it requires from the defendants.

“The plaintiff is also entitled to the support of the defendants in the recovery of any sums which have been removed from the customer accounts in the defendant banks the reliefs it is aiming in this action.”

The plaintiff is praying to the court for the following reliefs:

* A declaration that the deposits of an aggregate sum of N22,300,000,000.00 erroneously transferred by the plaintiff to the accounts of the customers of the defendant banks, having been done in error, belongs to the plaintiff and not the customers of the defendant banks.

* An order directing the defendant banks to each, individually, account for the sums available in their customers’ accounts and the sums which have been removed by the customers and are no longer available.

* An order directing the defendant’s banks to immediately return the aggregate sum of N22,300,000,000.00, less those funds that are no longer available, to the plaintiff’s settlement account in the name MOMO PSB settlement account number: 2041379385 at First Bank Plc Samuel Asabia House 35 Marina, Lagos, from where the funds originated.

* An order directing the defendant banks to release all information, including account name information in respect of the accounts from which the plaintiff’s funds have been transferred to third parties, including the destination accounts and the banks in which they are held to assist in the tracing and recovery of those funds.

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