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Polaris Bank MD Applauds Ogun’s Infrastructure, Business-Friendly Climate

The Managing Director, Polaris Bank, Mr. Adekunle Sonala and the Ogun State Governor, Prince Dapo Abiodun, during a visit by the management of the Bank to the Governor's Office, Oke-Mosan, Abeokuta, on Wednesday.

Ogun State has been described as one of the most progressive states in Nigeria with adequate infrastructure and a conducive environment for businesses to thrive.
The Managing Director of Polaris Bank, Mr. Adekunle Sonola made the assertion on Wednesday in an interview with newsmen after a meeting with Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta.
According to the bank executive, Governor Abiodun is doing wonderfully well in the area of infrastructural development and creating the right atmosphere for businesses to thrive.
He said: “Governor Abiodun is running one of the most progressive states in the country with a lot of laudable objectives and achievements in the last four years.
“As a bankers to the community, we are here to show our support and to also recognize the achievements on the ground as well as offer our services for the progress and development of the state.”
Mr. Sonola said the meeting with the governor on centered on wide range of areas, including infrastructure, housing delivery, health care improvement programmes, education, agriculture and other sectors that the bank would be of assistance as well as the complementary relationship to deliver services to the people.
The bank chief noted that having identified opportunities and the areas of collaboration with the government, the people would begin to see, in few months’ time, the delivery of the project agreed on at the meeting.
He emphasized that his organization has been part of the state for long, having one of the vibrant and modern branches in the state capital, assuring the people of personal banking experience.
He called on investors to take advantage of the potentials that are available and the conducive business environment provided by the government to open their businesses in the Gateway State.

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Banking

Senate NDIC bill to safeguard bank adepositors’ fund

The Senate on Tuesday at plenary passed a bill to strengthen the capacity of the Nigeria Deposit Insurance Corporation’s(NDIC) to safeguard depositors fund and strengthen financial institutions in Nigeria.

This followed adoption of report of Senate Committee on Banking, Insurance and other Financial Institutions on the bill titled, “Nigeria Deposit Insurance Corporation Act 2023″

The bill was sponsored by Sen. Adetokunbo Abiru (APC-Lagos) and all the members of the Committee.

Abiru while presenting the report said the bill would make the NDIC, more effective, safeguard its independence, autonomy and bring it in line with current realities and best practices.

He said the bill consolidates the power of the President to appoint the Chairman and members of the board of the NDIC while the Central Bank of Nigeria (CBN) which hitherto recommends the appointees, would now concentrate on supervising the corporation.

According to him, the NDIC based on the new act will focus on the examination of the banks.

He said: “the Nigerian Deposit Insurance Corporation (Amendment) Bill, 2024, is thus a critical piece of legislation aimed at strengthening the Nigerian financial system.

“The proposed amendments will enhance the NDIC’s capacity to safeguard depositors, ensure the stability of financial institutions, and promote trust in the banking system.

“Given the rapidly evolving nature of the financial sector, this Bill represents a timely response to the challenges and opportunities that lie ahead.”

He said, “to further empower the corporation by guaranteeing its independence in performing its statutory functions in line with Section 1 (3) of the principal Act.

“The principal (2023) Act curiously restricts the President’s power to appoint the Managing Director and Executive Directors and provides that they are to be to persons recommended by the Central Bank of Nigeria Governor.

“The 2024 bill now seeks to amend the provision to bring it in line with and in consonance with Mr President’s power of appointment as enshrined in the Constitution of the Federal Republic of Nigeria 1999 as amended.

“The provisions of the principal Act which makes the Permanent Secretary, Ministry of Finance the Chairman of the Board is also being reviewed.

“This is because the workload and busy schedule of that office is such that makes such appointment untenable.

“The importance of the need for the Minister of Finance to constitute an Interim Management Committee for the Corporation within 30 days after the expiration or termination of the tenure of the Board is also introduced in the bill.

“This is to forestall the recent situation where the Corporation faces challenges in its operations as a result of the absence of a board.”

Abiru said there was consensus among stakeholders on the importance of the NDIC as it was set up for the purpose of protecting depositors fund, guarantee settlement of insured funds .

This, he said would help maintain financial system stability.

“Considering the above therefore, the general consensus among stakeholders was that it is important that the legal framework is reviewed.

“This is to make the corporation more effective to discharge its functions, safeguard its independence and autonomy and to bring it in line with current realities and best practices.

“This is particularly because the Corporation plays a vital role in safeguarding the interests of depositors and promoting confidence in the financial sector.

“The evolving challenges in the global and domestic banking environments necessitate the amendment of the current law to keep pace with these developments and ensure the NDIC remains fit for purpose.”

(NAN)

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Banking

FCCPC to sanction banks for online service disruptions

The Federal Competition and Consumer Protection Commission has issued a stern warning to banks in Nigeria regarding ongoing disruptions to online banking services that have impacted consumers.

The commission expressed concerns that these disruptions hinder customers from accessing funds, making payments, and completing essential transactions.

In a statement released on Tuesday, FCCPC Executive Vice Chairman and Chief Executive Officer Mr Tunji Bello emphasised that “these disruptions have negatively impacted millions and have serious implications for individuals and businesses alike.”

The commission highlighted that under the Federal Competition and Consumer Protection Act of 2018, customers have rights that ensure fair and accountable service delivery, including the right to quality service.

Bello added that the commission is currently collaborating with relevant regulatory authorities and financial institutions to address the service disruptions and ensure consumer protections are enforced.

“The FCCPC is actively working with relevant regulatory authorities, financial institutions, and stakeholders to address these disruptions and ensure the protection of customers. The commission will pursue all necessary actions to uphold the protections of the FCCPA,” Bello assured.

The FCCPC noted that when banks fail to maintain access to essential services, they may breach these standards, potentially leading to “significant financial hardship, loss of trust in the banking system, and damage to the overall economy.”

Bello stated that as Nigeria’s economy shifts towards a cashless system, interruptions to online banking are becoming more than mere inconveniences; they are perceived as violations of consumer rights.

The commission further stressed that service providers are obligated to be transparent and communicate effectively during service disruptions.

“Regrettably, many consumers are left in the dark,” the FCCPC stated, which increases frustration and feelings of neglect among customers.
Bello noted that the lack of clear communication constitutes a failure to meet the FCCPA’s standards for consumer rights.

In response to these ongoing issues, the FCCPC is reviewing the situation to determine if customers’ rights to redress are being upheld.

“We urge banks and financial institutions to take swift action to restore services, prioritise customer support, and enhance communication,” he said.

Bello assured affected customers that their concerns were being taken seriously, stating, “We are committed to safeguarding the rights of Nigerian consumers and ensuring that every service provider adheres to the statutory mandates provided in the FCCPA 2018.”

Customers experiencing issues are encouraged to report their complaints through the FCCPC’s website or email.

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Banking

First Bank fixes Saturday for system migration

First Bank has announced plans to transition to a new cloud-based procurement and financial platform as part of its ongoing strategy to improve operational efficiency and service delivery.

The migration, scheduled to begin on Saturday, 26 October, is expected to result in temporary service disruptions, the tier one lender with over 42 million customers said in a Wednesday notice.

This move comes amid a wave of recent disruptions in the Nigerian banking sector, as several financial institutions undergo upgrades to their core banking systems.

Since September, at least four major banks in the country have switched their core banking applications, including tier-1 lenders such as Zenith Bank and Guaranty Trust Bank.

Part of the notice read, “As part of the bank’s continuous investments to improve operational efficiencies and service experience, we will be transitioning from our current procurement and financial platforms to a new cloud-based platform that provides additional capabilities and benefits.

“During the cut-over period, certain activities and transactions will need to be suspended to aid housecleaning and safe migration of transactions with minimal disruption.

“The cut-over period will be from Saturday, 26 October, 2024, to Sunday, 3 November, 2024, while the new cloud-based solution will be live on Monday, 4 November, 2024, and normal activities will resume,” the bank stated.

The lender also noted that during the transition period, vendors would be unable to submit invoices on its current Electronic Business Suite.

Payments will only be processed if invoices are submitted for received purchase orders by Friday, 25 October, 2024, the lender noted.

Additionally, FirstBank stated that its current supplier portal will no longer be in use effective 4 November.

The bank will provide further communication on the details of the new Supplier Portal, along with a job card, ahead of the system’s go-live date on Monday, 4 November, 2024.

“Kindly note to take proactive steps as indicated above to avoid business disruption during this critical period. Further details regarding onboarding, training, and user guides will be communicated before the end of the week”, the bank explained.

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