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STERLING BANK: TRUE POSITION ON THE ICPC’S ALLEGATION ON OUR ABUJA REGIONAL OFFICE

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Sterling Bank Shines Spotlight on Creative Industries Potential

STERLING BANK: TRUE POSITION ON THE ICPC’S ALLEGATION ON OUR ABUJA REGIONAL OFFICE

This report is developed for the purpose of providing the true representation of events tothe narrative as expressed by the Independent Corrupt Practices Commission (ICPC) ina tweet late on Tuesday, February 7, 2023.
STERLING BANK: TRUE POSITION ON THE ICPC'S ALLEGATION ON OUR ABUJA REGIONAL OFFICE
Background
1.   A regulatory monitoring team visited our Abuja Central Business District (CBD)Complex on February 3, 2023.
2.  The monitoring team, in the company of the branch service manager and otherstaff, inspected and observed the following꞉
a. The branch’s ATMs were dispensing all denominations of the newly designed notes.
b. The branch was in full compliance with the regulator’s recommendations onOver ‑ The‑Counter (OTC) disbursements.
During the inspection, the monitoring team made inquiries about the details of thecash observed in the vaults. To which the team responded with details of the branch’sATM and OTC cash disbursement processes.
To our knowledge, all responses provided were satisfactory as no further queries were raised.
The monitoring team promptly left the premises upon concluding the inspection.
3.   Approximately  one  hour  later,  officials  of  the  Independent  Corrupt  Practices Commission (ICPC), accompanied by the monitoring team, returned tothe branch and removed two of the branch’s staff for further questioning at theICPC headquarters in Abuja.
4.   The Sterling staff were held at the  ICPC office and were later released withoutany charges levied against them by the close of the business day on February 3, 2023.
About the visit to Sterling Bank, CBD, Abuja
1.   The Sterling branch at the Central Business District, Abuja, is a regional headquartersand serves as a hub for 5 Sterling branches and 15 ATM terminals within the region.
2.   During the visit, members of the monitoring team inspected the vault of the branchand observed the sum of N258,000,000 in N1000, N500 and N200 denominations.
3.  The distribution records from the CBD branch to other locations served within the region were presented for the evaluation of the monitoring team.
4.  The  monitoring team  proceeded to visit two  branches  in  Utako and Wuye as  both locations receive their cash disbursements from the regional headquarters ofSterling in CBD.
5.   Upon their visits to the Utako and Wuye branches, the monitoring team reviewedthe records submitted for the movement of cash from the CBD branch to otherbranches served within the region.  It is important to state that cash was being paidover the counter at  both  branches,  and  the  ATM  terminals  were  dispensing  the  newly  designed denominations during the monitoring exercise.
Matters Arising
Sterling deems it necessary to point out the following꞉
1.   Members of the regulatory monitoring team were informed of the sums contained inthe branch’s vault prior to the inspection. These sums were confirmed with areview of the records as presented by representatives of the Bank.
The assertion of a “discovery”, as presented in the narrative, is inaccurate andgrossly misleading.
2.  All cash observed in the vault of the CBD branch was earmarked for distribution toother branches in the region for disbursement to customers of the bank and the public.
3.  The sum of N5,000,000 each as contained in the monitoring team’s report,represents the cash moved to augment the vault balances of the Utako, Wuye,Seda Close and Kotangora branches (in line with the bank’s daily routine of cashmanagement) and also for disbursement to the public via their ATM terminals.
4.  All balances in our vaults are reported daily to the Central Bank of Nigeria and form the basis for the allocation of new notes in an efficient manner; it is therefore,untrue that such monies are ‘stashed’ or ‘hoarded.’
Sterling’s Distribution of New Notes
From the commencement of the distribution of the re‑designed denominations, the CBD branch has received the total sum of N1,543,000,000 from the apex bankand paid to customers as summarized below꞉
1.   The  sum  of  N892,700,000  paid  out  in  about  104,821 transactions  across  15ATM terminals between January 6 to February 6, 2023.
2.  The sum of N78,600,000 paid out in approximately 3,892 over‑the‑counter transactions across all 6 branches in the Abuja region between February 2, 2023 to February 6, 2023.
This was commenced upon receipt of the directive from the regulator to disburse thenew notes over the counter ‑ subject to a limit of N20,000 per transaction.
3.  The sum of N1,000,000,000 in a combination of old and new notes, wasdisbursed to customers over the counter in about 2,124 transactions betweenDecember 15, 2022 and January 5, 2023.
The current balances across the 6 branches in Abuja as at the close of business onFebruary 7, 2023 stood at N178,670,000.
The average vault balances currently held in the six locations is N30m per branch; well below our historical vault balances.
Conclusions
1. The  representatives of the  bank duly  informed the  regulatory  monitoring teamand officials  of  the  ICPC  of  the  sums  in  the vault,  stating  the  purpose  as  intended  for distribution to other branches.
2. It must be noted that no cash was “stashed” in the vault of the regional office.
For emphasis, we wish to state that Sterling Bank has complied with all the guidelines onthe distribution of redesigned notes from inception to date.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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December 20, 2024

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

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2 days ago

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December 20, 2024

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank has once again cemented its position as a leader in corporate social responsibility (CSR) by winning the prestigious Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s foremost recognition for impactful community and sustainability initiatives.

The bank was honored at the 18th edition of the SERAS Awards, held at the Oriental Hotel in Lagos, for its unwavering dedication to sustainable development and critical community interventions across Nigeria. The organizers commended Polaris Bank for its consistent efforts to improve lives and foster growth in underserved areas.

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

 

The SERAS Awards, often regarded as the gold standard in sustainability and CSR, celebrate organizations that drive innovation and create lasting societal and environmental benefits. Polaris Bank stood out this year for its extensive portfolio of impactful projects, earning the “Best in Rural Population Integration” award.

Some of the bank’s notable initiatives include:

Sponsoring the planting of 2,000 economic trees in communities like Ajingi, Kano State.
Renovating the Ibeju-Lekki Skill Acquisition Centre and donating essential equipment.
Installing boreholes in underserved rural areas to provide clean water access.
Supporting over 15,000 indigent students in public schools with educational resources, including uniforms, sandals, and books.
Providing free breast cancer screenings to 20,000 women over a decade and supporting survivors through retreats.
Establishing hospitals and rehabilitation centers for victims of sexual violence and vocational centers for women.
Donating ICT labs to skill acquisition centers and promoting financial literacy among students.
Organizing medical outreach programs and aiding Internally Displaced Persons (IDPs).
These initiatives have not only improved living conditions but also reduced rural-to-urban migration by making communities more self-reliant and livable.

Rebuilding Community Resilience
Polaris Bank recently demonstrated its commitment to resilience by rebuilding its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. The bank fully reconstructed and re-equipped the branch, restoring critical banking services and supporting economic recovery in the community.

Commitment to Sustainability
Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, emphasized the institution’s dedication to sustainability. “This recognition underscores our deliberate efforts to drive impactful socio-economic interventions and address the effects of climate change on our environment, economy, and people,” he said.

Lawal reiterated that for Polaris Bank, sustainability is not just a destination but a continuous journey of creating positive change.

Celebrating Africa’s Sustainability Leaders
The SERAS Awards brought together policymakers, business leaders, and global sustainability experts to celebrate organizations shaping Africa’s future through innovative solutions. Attendees used the event to connect with like-minded professionals and reaffirm a shared vision of lasting positive change across the continent.

As a trailblazer in sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion solutions to pressing societal challenges.

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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4 days ago

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December 19, 2024

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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