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Heritage Bank, PWC, Deloitte canvass use of tech to rescind effects of Covid-19, tackle fraud

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Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider has called on internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), the MD/CEO of Heritage Bank, Ifie Sekibo disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

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Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced  fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organised virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

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Quoting 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of technology would enable us identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritise the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive. 

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AltClub Changes Travel Experience At Lagos Airport

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AltClub Changes Travel Experience At Lagos Airport

AltClub Changes Travel Experience At Lagos Airport

 

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Travelers at Murtala Muhammed Airport Terminal 2 (MMA2) can now enjoy a new level of comfort and convenience with the launch of Altclub by The Alternative Bank.

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AltClub Changes Travel Experience At Lagos Airport

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The innovative premium space offers a luxurious retreat where passengers can relax and recharge before their flights, while also catering to their basic banking needs.

Altclub, an arm of The Alternative Bank’s digital travel financing product, Alttravel, is dedicated to enhancing travel accessibility and ease for Nigerians.

Alttravel operates a “Travel Now, Pay Later” system, eliminating the need for upfront payments and offering maximum flexibility. With zero initial deposit and impressively low mark-up rates over a flexible six-month tenor, travelers can achieve their travel goals with financial peace of mind.

Mohammed Yunusa, Director of Digital Business and Innovations at The Alternative Bank, highlighted the significance of Altclub at the launch event. “Altclub isn’t just a lounge; it’s a sanctuary of comfort and convenience,” Yunusa stated. “Gone are the days of sacrificing relaxation for travel formalities. Our lounge offers a luxurious space where travelers can unwind and rejuvenate before their flights, free from the typical travel stress.”

In addition to offering a tranquil environment for relaxation, Altclub provides a range of amenities to cater to travelers’ needs, including refreshments, high-speed Wi-Fi, and charging stations for electronic devices. Yunusa added that Concierge services are also available to assist with travel arrangements, ensuring guests have everything they need for a comfortable journey.

Joining Yunusa in addressing the guests, Korede Demola-Adeniyi, Executive Director of Sales at The Alternative Bank, elaborated on the lounge’s accessibility. ”

Altclub is exclusively available to The Alternative Bank customers, showcasing our commitment to their comfort and convenience. Present your boarding pass and proof of Altbank membership at the entrance, and our dedicated staff will ensure a seamless and enjoyable pre-flight experience.”

Korede emphasised the unique opportunity for travelers to plan their next trip directly from the lounge. “Through Alttravel, our digital travel financing product, customers can explore various destinations and book flights with flexible financing options. Altclub provides a convenient platform for travelers to access financing and make their travel aspirations a reality, reinforcing our dedication to enhancing the travel experience for our valued customers.”

Altclub is committed to offering an inclusive and welcoming environment for all travelers, whether on business or a leisure getaway.

The grand opening of Altclub on May 22, 2024, was attended by prominent figures from the travel industry and local dignitaries, highlighting the importance of this milestone in enhancing the travel experience for passengers at MMA2 Airport.

About The Alternative Bank:
The Alternative Bank commenced its journey in January 2014 with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking.

//Ends

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PCRC Decorates Aare Adetola Emmanuelking and Wife Yeye Aderonke as Golden Grand National Patron/Matron, Marks 40th Anniversary

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PCRC Decorates Aare Adetola Emmanuelking and Wife Yeye Aderonke as Golden Grand National Patron/Matron, Marks 40th Anniversary

The Police Community Relations Committee (PCRC) has decorated Aare Adetola Emmanuelking, Chairman/CEO of Adron Homes, and his wife, Yeye Aderonke Emmanuelking, as the Golden Grand National Patron and Grand National Matron for women and youth committees of PCRC in Nigeria and diaspora. This prestigious honor was bestowed upon them during the PCRC’s 40th anniversary celebration, held in Lagos.

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The ceremony, which took place in Lagos, was attended by National PCRC chairman, Alhaji Mogaji Ibrahim-Olaniyan and other members of the committee, dignitaries, community leaders, and members of the Nigerian Police Force. The PCRC’s decision to honor the Emmanuelkings highlights their unwavering commitment to community development and their substantial support for initiatives aimed at enhancing public safety and fostering cooperation between law enforcement and the communities they serve.

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PCRC Decorates Aare Adetola Emmanuelking and Wife Yeye Aderonke as Golden Grand National Patron/Matron, Marks 40th Anniversary

 

In his acceptance speech, Aare Adetola Emmanuelking expressed his profound gratitude for the recognition, stating, “This honor is not just for me and my wife but for every Nigerian who believes in the power of community and the importance of working together with our police force to create a safer and more harmonious society.”

In her reaction to the honor, Yeye Aderonke Emmanuelking emphasized the role of women and families in fostering community spirit and resilience. She noted, “Our communities thrive when we all play our part. As National Grand Patrons, we are committed to promoting initiatives that bring the police and the people closer together, ensuring mutual trust and cooperation.”

It will be recalled that the PCRC, established in 1984, by the then IGP, Etim Inyang has played a crucial role in bridging the gap between the Nigerian Police Force and local communities. Over the past four decades, the committee has launched numerous programs aimed at improving communication, trust, and mutual respect. This 40th-anniversary celebration not only commemorated the PCRC’s achievements but also set the stage for future endeavors to strengthen community policing.

The National PCRC chairman, Alhaji Mogaji Ibrahim-Olaniyan, praised the Emmanuelkings for their exceptional support and dedication. He remarked, “The Emmanuelkings have shown exemplary commitment to the ideals of the PCRC. Their leadership and philanthropic efforts have significantly contributed to the enhancement of community policing in Nigeria. Their new roles as National Grand Patrons will undoubtedly inspire further progress in our collective efforts to maintain peace and security.”

The chairman further stated that the decoration of Aare Adetola Emmanuelking and Yeye Aderonke Emmanuelking as National Grand Patrons stands as a testament to the power of community partnership and the enduring impact of dedicated civic leadership.

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Economic hardship: Dangote Foundation distributes rice to host communities …shares 40,000 bags in Ogun

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Economic hardship: Dangote Foundation distributes rice to host communities

…shares 40,000 bags in Ogun

 

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The Aliko Dangote Foundation (ADF)’s N15 billion National Food Intervention programme has landed in Yewa land as the Foundation commenced distribution of 40,000 bags of rice in Ogun state.

Yesterday, the 17 host communities of the Dangote Cement, Ibese plant, along with Itori, Igbogila, and Ilaro, received their share. Beneficiaries in Ibese and Araromi were accredited and received one bag each at the palace of Aboro of Ibeseland, Oba Rotimi Mulero.

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Ijebu-Igbo, the host communities to Dangote Granite Mines will soon receive their allocation as the rice for the area has been delivered in preparation for distribution.

Chairman of ADF and President of Dangote Group, Aliko Dangote, launched the food intervention programme in Kano in March, promising that the Foundation will distribute over one million 10kg bags across the 774 local government areas of the 36 states and Federal Capital Territory, FCT in Nigeria at a cost of about N15 billion.

The Aboro of Ibeseland expressed gratitude on behalf of his communities to the Foundation for its benevolence in distributing rice at this time of economic challenge, saying the gesture would benefit many households where staple food like rice has become scarce.

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He likened Dangote’s initiative to Operation Feed the Nation (OFN), introduced by the military government of Chief Olusegun Obasanjo over 46 years ago to revitalize agriculture and ensure food availability for all Nigerians.

Oba Mulero stated, “we are grateful to Alhaji Aliko Dangote. The rice gift is very impressive given the current situation in the country. We really appreciate him. What he has done can be likened to Operation Feed the Nation of those days. That is what I will call it. He has done well to decide to feed the people. Everybody is vulnerable now in this country.”

He continued, “What Alhaji Dangote is doing is worthy of emulation by other well-meaning Nigerians. When food is out of the problem equation, the equation is easy to solve. We are using this opportunity to thank him for this gesture. You can see the way my people are happily receiving it. We pray to God to continue to uplift him.”

The Aboro of Ibese commended Dangote for his job creation efforts through investments. He said the rice distribution to the people of Ibese is like the icing on the cake as the Cement Plant sited in the community has absorbed some of the host communities’ indigenes and that the food palliative would go a long way to cushion the effect of the economic hardship.

He pledged the support of the people to the Dangote Cement, Ibese plant to ensure the company operates in an atmosphere of peace and tranquillity so that the company can continue to benefit the host communities.

One of the beneficiaries, Odunfa Ayodele Adams, an indigene of Ibese on behalf of others expressed appreciation to the ADF. He said it was the first time such a programme would be brought to the Ibese community and prayed to God to give Alhaji Dangote long life to do more for the society.

It would be recalled that Alhaji Dangote while speaking during the flag-off ceremony of the programme explained that the initiative is a crucial step towards alleviating the ongoing economic challenges faced by the country.

He also emphasized the importance of compassion and generosity, stressing that all stakeholders must play a part in supporting the government to alleviate hunger in the land.

“Our distribution of rice symbolizes our commitment to upholding the values of compassion and solidarity, which are at the core of our humanity. ADF has decided to spearhead the food intervention programme,” he said.

On the modalities for distribution of the rice, Dangote said: “the modalities for the programme involve collaboration with state and local governments as well as local community partners to ensure effective delivery of the rice to the most vulnerable across the country, regardless of state, tribe, gender, religion, politics, or other attributes, “he added.

In her own remark then, the Chief Executive Officer of the ADF, Zouera Youssoufou said the rice distribution is in addition to the Foundation’s daily bread relief programme, that is producing and distributing over 32,000 family-size loaves of bread across Kano and Lagos States every day since 2020 following the outbreak of COVID-19 pandemic.

She said: “It is noteworthy that Dangote’s efforts in nutrition strengthening in Nigeria extend well beyond the foundation’s food relief programmes and nutrition activities. The Dangote Group has been actively investing in food fortification across the Nigerian food industry, with its iodized salt, vitamin A fortified sugar, while researches are on-going into micronutrient fortification of staples like rice, wheat, and bouillon cubes”.

Economic hardship: Dangote Foundation distributes rice to host communities
…shares 40,000 bags in Ogun

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