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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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ZENITH BANK WINS BEST BANK IN NIGERIA IN THE GLOBAL FINANCE BEST BANKS AWARDS 2025

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ZENITH BANK RAISES OVER N350 BILLION IN COMBINED RIGHTS ISSUE AND PUBLIC OFFER

ZENITH BANK WINS BEST BANK IN NIGERIA IN THE GLOBAL FINANCE BEST BANKS AWARDS 2025

Zenith Bank Plc has been named “Best Bank in Nigeria” in the Global Finance Best Banks Awards 2025, winning the award for the fifth time in six years. The Bank was among winners from 36 countries in Africa recognised by the prestigious Global Finance in its 32nd Annual Best Bank Awards.
The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished strong results while laying the foundations for future success. Winning organizations managed their assets and liabilities in a savvy way despite the fast-changing interest rate scenarios.The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, as well as analysts worldwide. Factors considered in selecting the top banks ranged from the quantitative objective to the informed subjective.
Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are thrilled to retain our position as the Best Bank in Nigeria for the fifth year since 2020.
This achievement is a testament to our unwavering commitment to delivering exceptional customer service, innovative financial solutions and dedication to serving our customers with efficiency and a strong focus on corporate governance. We will continue to invest in our people, technology and processes to ensure that we consistently maintain the highest level of service delivery”. She lauded the contributions and efforts of the Bank’s key stakeholders – the Founder and Chairman, Jim Ovia, CFR, for his visionary leadership and role in laying the foundation for an enduring and successful institution, the Board for the consistent guidance they provide, the staff for their commitment and dedication, and the Bank’s customers for their unwavering loyalty and support to the Zenith brand.Joseph D. Giarraputo, publisher and editorial director of Global Finance, said: “Global banking continues   to   adapt   and   evolve,   meeting   challenges   and   capitalizing   on   opportunities   with resilience and innovation.
AI has quickly taken a pivotal role in the transformation of banking, and its growth promises to reshape the financial sector at an unprecedented pace.” He added that: “Global Finance’s Best Bank Awards honor financial institutions that excel in diversity of offerings, long-term stability, and technological innovation.”Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, Asia Pacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International  Banker  2023  and 2024  Banking  Awards.  Additionally,  Zenith  Bank  has  been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom. The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.
Zenith  Bank  was  also named  Most  Responsible   Organisation  in  Africa,  Best  Company  in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

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Inclusive Education in Action, Union Bank Sponsors Mathematics Competition for Hearing Impaired Students

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Inclusive Education in Action, Union Bank Sponsors Mathematics Competition for Hearing Impaired Students

 

Lagos, Nigeria— Union Bank of Nigeria, through UnionCares, an arm of its Corporate, Sustainability and Innovation Initiative, recently sponsored the Ajofa Special Education Foundation for the Deaf Mathematics Competition held at the Wesley School for the Hearing Impaired at Surulere Lagos, Nigeria, with the theme “Impacting Deaf Students and Life with Mathematics in Nigeria.”

 

The Mathematics Competition had in attendance representatives from Union Bank, the Lagos State Education Board, Principals of Schools, and teachers. Ten competitors, drawn from different schools within and outside the deaf community in Lagos, participated in the programme.

 

The competition, a collaboration between Union Bank and the Ajofa Foundation, aimed to close the gap in inclusive education by creating opportunities for learners with hearing impairments to showcase their academic abilities and intellectual potential.

Speaking about the event, Olufunmilola Aluko, the Chief Brand and Marketing Officer at Union Bank of Nigeria, said,
“At Union Bank, we believe that development must be inclusive. That’s why, through our UnionCares initiative, we continue to invest in meaningful partnerships and platforms like this. We also commend the brilliant students on display today, who have demonstrated that their circumstances do not define them. Rather, they are writing a new story that says disability is not inability. They are mathematicians, thinkers, and problem-solvers whose wisdom whispers and reshapes the world positively”.

Francis Ajomiwe, the Founder and Executive Director for the Ajofa Special Education Foundation for the Deaf, who communicated through an interpreter, expressed appreciation to Union Bank.

He said, “I’m grateful to Union Bank for their Sponsorship of this competition, helping bring our dreams to life. Through the Foundation, we are contributing our share to the overall goals of enhancing the educational experience and developing the deaf community. This we have been committed to upholding through organising education programmes and projects that benefit the deaf community”.

The Lagos State Education Authority, from its School Support Section, was represented by Bukunola Famakinwa, who, during her speech, emphasised the importance of the initiative on deaf learners and their community, stating that, “Deaf learners face unique challenges in accessing quality education, and mathematics is no exception. However, they can excel in mathematics and beyond with the right approach and support.” She emphasised the importance of mathematics as it empowers learners to “make informed decisions, solve problems, and participate fully in society.”

She urged the community to collaborate with the deaf community to create an inclusive education system that supports deaf learners in Nigeria.

The top three winners of the competition were Samuel Megbodofo, Tomilola Shonubi, and Opeoluwa Saka, who finished in first, second, and third place, respectively. The winners, who came from different schools for the hearing impaired competition, received branded gifts from the Bank, among other prizes.

The rest of the competitors, learners and teachers were also not left out as they, too, were gifted branded items from Union Bank.

Note to Editors:
About Union Bank of Nigeria:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers various banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient

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Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

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Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

 

In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.

This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.

Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”

The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.

“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.

He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.

This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.

Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

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