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Ecobank’s Hassle-Free Regional Card Excites Market – Business Hallmark, Page 27

MasterCard/Visa cards have revolutionalised payment solutions worldwide. They could be denominated in US Dollars, Pounds, Euros and even in Naira. They can also be used to settle purchases in other major currencies. It is made available instantly at the bank’s branch to cater for your urgent payment needs. The cards employ the use of Chip and PIN technology to guard against unauthorized transaction. Ecobank, the Pan African bank, offers internationally recognized cards such as the Visa and the MasterCard as well as a Regional Card. They offer credit and debit cards which provide customer with global financial empowerment with access to all Visa and MasterCard branded electronic Point of Sale (PoS) terminals and ATMs worldwide. With an Ecobank card, you can have 24-hour access to banking services and pay for your services at merchant points displaying the Visa, MasterCard or Ecobank sign.



Retail Banking Report 2010 – Business Day, Page 8

The Pan African Bank – Ecobank

Ecobank is the leading pan African banking group with a presence in 30 African countries. We are recognized as one of the leading banks in all the markets in which we operate, providing a full range of wholesale, retail, commercial, investment and transaction banking services and products. Our customers include governments and government agencies, multinational, regional, multilateral and financial institutions, local companies and medium, small and micro enterprises and consumers. As a group, our strategy is to build scale through organic growth and acquisitions; grow our businesses in existing markets and expand into new markets, product and customer segments and, deliver improved efficiency through operational and product excellence and superior customer service. To achieve this, we have established “One Bank everywhere You Go”: Ecobank operates as “One Bank” with common brand, standards, policies and processes, which means you get a consistent and reliable service across its network of over 600 branches, offices and over 600 alliances locations. The bank is known to have introduced a variety of innovative products. Two of such leading products include the Ecobank Regional Card and Ecobank Rapid Transfer



Accion, Ecobank To Broaden Financial Inclusion In Central Africa – Business World, Page 20

EB-Accion Microfinance has opened its first two branches in Douala, at the Mboppi and Cameroon markets, with a pledge to broaden financial inclusion in Central Africa and the African continent. EB-Accion Microfinance is a new microfinance institution formed in partnership between Accion International, a pioneer and leader in microfinance, and Ecobank, a leading independent pan-African banking group in Africa.





Wema Bank May Opt For Acquisition – Business Hallmark, Page 23

The new management of Wema Bank Plc may have been overwhelmed by the multiple challenges confronting it and decided to opt for acquisition by another vibrant bank, should its expected foreign investors fail to turn up. Investigations by Business Hallmark confirmed at the weekend that the bank has finally dropped the initial plan to raise funds from the public in order to recapitalize ahead of June 30, 2010 deadline given by the CBN. Competent sources within Wema Bank said the management team has become convinced that given its poor results, unending boardroom crisis, uncompetitive posture as well as the uncertain mood of the market, acquisition remains the bank’s best option.



Sterling Bank’s Profit Rises 199% In Q1 – Thisday, Page 30

Sterling Bank Plc has reported a profit of N1.272 billion for the first quarter ended March 31, 2010 – indicating that the negative performance in 2009 has been reversed and that the bank is set to put smiles on the faces of its shareholders in 2010. The Q1 2010 profit showed an increase of 199 percent above the N426million recorded in the corresponding period of 2009. According to the results made available last Friday, gross earnings stood at N8.297billion, indicating a drop from N9.555billion in 2009. Profit before tax also rose by 136 percent from N593million to N1.4billion, while profit after tax soared by 199 percent from N426 million to N1.272 billion in 2010.



ASSBIFI Flays Disengagement Of Bank Staff – Thisday, Page 31

Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has asked the management of First Bank Plc to halt its ongoing rationalisation exercise and immediately reverse the disengagement letter issued to 291 of its members who were forced to retire without recourse to labour law. In a letter to the Managing Director of the bank dated May 11, 2010, the association described the action of First Bank as ill-guided and unlawful, noting that the manner in which the retirement letters were handed down to workers is a clear violation of the provisions of the law of collective bargaining. The union said it is highly disturbed that the management of First Bank could suddenly resort to disengagement of workers under the guise of early retirement, despite a failed attempt, which was profusely resolved by the two parties last year.



Access Bank Wins IFC’s ‘Most Active Issuing Bank In Africa’ Award – Guardian, Page 19

Access Bank Plc has emerged the winner of this year’s International Finance Corporation (IFC)’s “Most Active Issuing Bank In Africa” Award under its Global Trade Finance Programme. This was announced at the 3rd International Finance Corporation’s Global Trade Finance Programme Bank Partners’ Meeting held in Istanbul, Turkey recently. The Global Trade Finance Programme has 380 member banks from 182 countries around the World.



Stanbic IBTC, Others Adjust For Dividend And Bonus – Punch, Page 19

Equity prices of four companies have been adjusted for dividend and bonus as recommended by their boards of directors. Stanbic IBTC Bank Plc adjusted for dividend of 30 kobo per share, while Beta Glass Company Plc adjusted for dividend of 36 kobo per share. Similarly, Access Bank Plc adjusted for bonus of one for 10, as Beco Petroleum Products Plc adjusted for dividend of one kobo per share. Audited result of UAC of Nigeria Plc for the year ended December 31, 2009 shows a turnover of N56.495 billion, as against N53.652 billion.



eTranzact Unviels Genesis EMV Card – Punch, Page 46

Electronic Payment Company, eTranzact, has introduced its Genesis EMV Card product into the Nigerian market. The company operates an online real-time payment system that allows account holders to pay for goods and services purchased for merchants, transfer funds to any bank account, cell phone and pay bills. The Genesis card, according to the Managing Director of the company, Mr. Valentine Obi, is expected to replace all eTranzact debit and e-purse cards in circulation in line with the Central Bank of Nigeria’s regulation that all magnetic cards should be migrated to the Chip and PIN EMV platform.



Oando, Access Bank List Supplementary Shares – Punch, Page 19

A total of 1.945 billion units of shares have been added to the outstanding shares of Oando Plc and Access Bank Plc at the Nigerian Stock Exchange. Oando added a total of 301.605 million shares to its outstanding shares following the conclusion of its rights issue, while Access Bank also added supplementary units of 1.643 billion shares to its outstanding shares as a result of the bonus of one for four declared to shareholders of the company.



Regulators Intervene In Virgin Nigeria, GTB, UBA Crisis – Business Day, Page 4

The apex aviation regulatory authority, Nigerian Civil Aviation Authority (NCAA), has stepped into the financial crisis rocking Virgin Nigeria, with a view to identifying and settling the airline’s face-off with its creditors. To this end, NCAA has summoned Virgin Nigeria, Guaranty Trust Bank (GTB) and United Bank for Africa (UBA)-its creditors, to explain the new twist to the airline’s problems. Harold Demuren, Director General, NCAA, told Business Day on phone that the regulatory agency was concerned by the airline’s new challenge, adding that in an attempt to promise safety, the legal department of the agency would hold a meeting with the three firms this week. “We are concerned about the safety and that is our watchword. We will not allow anything or process that will truncate the safety of airline operations and the travelling public. Our legal department is summoning them now to a meeting. They have to explain what really the problem is and then we move forward,” he said.



UBA Boss, Elumelu Veers Into Entrepreneurial Mentoring Via New Foundation – Sun, Page 48

Outgoing Group Managing Director and Chief Executive, United Bank for Africa Plc, Mr. Tony Elumelu has concluded plans to establish “The Tony Elumelu Foundation”, thus signaling the new focus of the top banker who retires on July 31 this year in line with the CBN directive to bank chiefs that have spent 10 years or more. Prior to this development, many have been speculating what Elumelu who is still active would be doing after leaving the bank he acquired majority stake following the 2005 banking consolidation programme. Elumelu had in league with some of his business associates acquired and transformed the defunct Crystal Bank Limited into Standard Trust Bank (STB). But his desire to play big in the African financial market forced him into collapsing STB into United Bank for Africa Plc, considered a stronger and more visible brand within and outside the country.



Former Zain CEO, Bayo Ligali Buried – Thisday, Page 8

Former chief executive officer, CEO of Zain Nigeria, Bayo Ligali who died on Friday has been laid to rest at the Victoria Court Cemetery according to Muslim rites. He was said to have died of cancer at the Reddington Hospital, Victoria Island around 12.25pm after a protracted illness. Ligali, described by friends as a trustworthy and God fearing man, who helped all who came his way was laid to rest Saturday afternoon. The Vice Chancellor of the University of Illorin and a childhood friend of Ligali, Professor Is-haq Olarenwaju Oloyede who gave a short citation at the burial, prayed for the repose of the soul of his soul and described him as a devoted husband and father.





CBN Pegs Loans To Govt At 10 Percent – Nation, Page 3

The Central Bank of Nigeria has mandated banks to limit their total outstanding exposures to all tiers of government and their agencies at any point in time to 10 percent of their total credit portfolio. Complying with such exposures, which also include both on and off balance sheet transactions, the banks must ensure that aggregate large exposures do not exceed eight times the shareholders fund, unimpaired by losses. The CBN, which made this disclosure in new prudential guidelines it set for banks in the country, insisted that the top 50 exposures should not be more than 50percent of the total loan portfolio and must be in 10 different sectors of the economy.



CBN Pegs Bank Directors’ Tenure At 2 Years – Financial Standard, Page 1

The Central Bank of Nigeria (CBN) has pegged the maximum tenure of directors of Nigerian commercial banks at two years, while renewal of such a position is to be recommended or approved by the apex regulator. The bank’s new initiative will help forestall the growing abuse of corporate governance by the management of banks. It will also curtail the diversion of depositors’ funds by directors of banks.



Capital market Operator Drags SEC DG To Court – Vanguard, Page 14

Chief Livinus Ezemegbu, a stakeholder in the capital market, has dragged the Director General of the Securities and Exchange Commission, SEC, Ms Aruma Oteh, before a Federal High Court sitting in Abuja, asking the court to interpret the provisions of the Investment and Security Act, ISA, 2007 as it relates to the qualifications and appointment to the position of SEC DG. Ms Oteh, it will be recalled, was in January confirmed by the Senate for the Position after her nomination by the Late President Umaru Yar’Adua. Defendants in the suit are the President, the Attorney General of the Federation and Minister of Justice, the Senate, Minister of Finance and the Securities and Exchange Commission, SEC.



Tax Evasion: Lagos Shuts 250 Companies – Thisday, Page 7

Lagos State Government has said that more than 250 companies were closed at various times in the last one year for alleged tax evasion and other related offences, warning against dereliction to their civic obligations and responsibilities. It also said its intensified revenue generation drive had yielded expected outcome as it declared that a sum of N20billion had been realized from unremitted tax in the last one year, adding that it would make effort to tame tax evaders. Special Adviser to Governor Babatunde Raji Fashola (SAN) on Revenue and Taxation, Mr. Adeola Rahman Ipaye disclosed this at a Ministerial Briefing to mark the third anniversary of Fashola’s administration held in the State Secretariat, Alausa.





One Year Not Enough To Meet Targets, Says Jonathan – Thisday, Page 1

President Goodluck Jonathan has said the remaining 12 months of this administration is such a short time to achieve set targets. He has also asked Nigerians to pray for him saying “without your prayers I will be doomed, without the almighty God, I will be doomed”. The President, however, indicated that he is determined to make remarkable impact that begins with a road map for development in the country. Jonathan made these statements at two separate events: a banquet held to mark the end of his visit to Rivers State and a special prayer session by the Christian Association of Nigeria (CAN) for the late President Umaru Musa Yar’Adua’s family yesterday in Abuja.



Nigeria’s Biggest Gas Project To Take Off In Bayelsa – Thisday, Page 1

Shell Petroleum Development Company (SPDC) is set to inaugurate Nigeria’s biggest integrated oil and gas project in Gbaran-Ubie, Bayelsa State. The facility has the capacity to produce one billion standard cubic feet of gas and more than 70,000 barrels of oil per day. The Nigerian National Petroleum Corporation (NNPC) had signed a $1.69 billion loan deal with Shell in February 2009 to cover its share of investment in the deal. The project Manager of the plant Okechukwu Elechi, who disclosed the inauguration to newsmen weekend, said the technical inauguration of the Gbaran-Ubie project which would be undertaken in phases has commenced.



Chinese Acquire Nigeria’s Oil Reserves With N50bn – Financial Standard, Page 1

The Chinese oil companies have concluded arrangements of taking about six billion barrels of Nigeria’s crude oil reserves with N50 billion (about N7.45 trillion). According to a reliable source at the Nigerian National Petroleum Corporation (NNPC), the corporation and China State Construction Engineering Corp (CSCEC) last week reached an agreement on $23 billion in funding to build three refineries and a fuel complex in Nigeria. The source informed that the project, which would add 750,000 barrels per day for extra refining capacity, is expected to be funded largely through credit provided by a consortium of Chinese banks and China’s Export and Credit Insurance Corporation. The source added that the foreign companies must invest in developing Nigeria’s infrastructure and economy first, before they can begin to benefit from its oil and gas exports. Shehu Ladan said during the signing ceremony, “We are about to deepen the existing technical and commercial relationship between China and Nigeria through the signing of a memorandum of understanding.”



Ibori: EFCC, Met Police Meet For Extradition – Thisday, Page 3

Following last Wednesday’s arrest and granting of bail to former Delta state Governor James Ibori in Dubai, United Arab Emirates (UAE), security operatives from Nigeria, UAE and United Kingdom will meet today in Dubai to exchange files and documents that will pave the way for the former governor’s extradition. The Economic and Financial Crimes Commission (EFCC) officials arrived Dubai at the weekend to work with the London Metropolitan Police, Dubai security officials and Interpol to work on Ibori’s extradition to the UK. The former governor, who had accused his “political enemies in Nigeria” and their UK co-conspirators of declaring him wanted over charges that have not yet been made public just to influence the outcome of the case against some of his associates in a London court,” was declared wanted in Nigeria. He was also wanted in UK in connection with an ongoing trial involving some of his associates.



New Ash Cloud May Affect Nigeria-UK Flights – Punch, Page 6

There are strong indications that a new ash cloud from the Icelandic volcano, drifting over Southern Europe, may lead to hitches in flight operations at some international airports in Nigeria on Tuesday. Airports in the southern and eastern parts of the United Kingdom, particularly Heathrow, Stansted and Gatwick, will be closed on Tuesday when the ash is expected to have drifted towards the region, according to the UK National Air Traffic Service and Metrological Office on Sunday. British Airways, Virgin Atlantic Airways and Arik Air, which operate daily flights from Lagos and Abuja airports to Heathrow airport, said on Sunday that they were yet to receive signals regarding the status of their Tuesday flights between Nigeria and the UK.



20,000 Nigerians In UK Prisons, Says UK-Based Lawyer – Punch, Page 5

A United Kingdom-based legal practitioner and immigration consultant, Mr. Fola Rahman, has said that no fewer than 20,000 Nigerians are currently inmates of UK prisons and detention centres, owing to alleged immigration offences. Rahman, who spoke in Abeokuta on Saturday, added that the inmates included the aged, adults and pregnant women; while in one instant, about 26 Nigerians resided in a single room accommodation in the UK. The legal practitioner, who is also a senatorial aspirant on the platform of the Peoples Democratic Party (PDP) in Ogun Central, was the speaker at the Guest Forum, organized by the Ogun State Council of t he Nigerian Union of Journalists.



24 Die In Somali Fighting, Chaos In Parliament – Guardian, Page 2

Insurgents yesterday pounded heavily shelling on Somalia’s capital, killing about 24 people and wounding dozens, as parliament’s speaker said lawmakers had passed a vote of no confidence on the government. Speaker Sheikh Aden Madobe said he had called on the country’s president to form a new government. A member of the parliament secretariat who did not want to be identified confirmed the vote’s outcome. “280 voted against the government, 30 in favour and eight remained silent. Therefore we will request President Sheikh Sharif to form a government urgently,” Madobe said