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

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3 years ago

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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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FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025

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1 month ago

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December 27, 2025

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RE: FIRSTBANK OFFICIAL STATEMENT 

FirstBank Introduces Exclusive 500-Seater Bleacher at Carnival Calabar & Festival 2025

 

Lagos, 26 December 2025 – FirstBank, West Africa’s premier financial institution and financial inclusion services provider, has officially announced its sponsorship of the Carnival Calabar & Festival 2025, unveiling a landmark addition set to redefine the carnival experience — the first-ever private premium seating area at the event.

 

The highlight of FirstBank’s participation is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.

 

Speaking on the sponsorship, the Acting Group Head Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the Bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria. He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.”

 

“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees,” Ijabiyi added.

 

The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship. “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal,” he said.

 

The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, the appointed Official Marketer responsible for brand partnerships, promotional engagements, and ticket sales. Okhma Global Limited has partnered with the Cross River State government in delivering Carnival Calabar & Festival for over ten years, playing a key role in strengthening the carnival’s commercial growth and global visibility.

 

 

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Alpha Morgan Bank Backs Cultural Preservation at the 2025 Iganmode Festival

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1 month ago

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December 23, 2025

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Alpha Morgan Bank Backs Cultural Preservation at the 2025 Iganmode Festival

 

Alpha Morgan Bank has reaffirmed its commitment to cultural preservation and community development as one of the major sponsors of the recently concluded Iganmode Cultural Festival (Odun Omo Iganmode) held in Sango-Ota, Ogun State.

The annual festival, a landmark cultural celebration in the ancient town of Ota, showcased the rich heritage, history, and identity of the Awori people. The event came alive with vibrant displays of traditional music, dance, colourful regalia, and performances that reflected the deep-rooted customs and values of the community.

Alpha Morgan Bank’s sponsorship followed closely on the heels of the recent launch of its Sango-Ota branch, further underscoring the Bank’s dedication to supporting local initiatives, promoting indigenous culture, and fostering sustainable community development in Ota and its environs.

The ceremony attracted an impressive array of dignitaries, including former President of Nigeria, His Excellency Chief Olusegun Obasanjo; Deputy Governor of Ogun State, Engr. (Mrs.) Noimot Salako-Oyedele; and the Olota of Ota, His Majesty, Prof. Adeyemi Obalanlege, alongside several other traditional rulers and members of royal households from across the state. Their presence highlighted the cultural and historical significance of the festival to Ogun State and the wider Yoruba nation.

Alpha Morgan Bank’s participation as a major sponsor reflects its broader corporate vision of strengthening community values and supporting initiatives that promote Nigeria’s rich cultural heritage. The Bank joined thousands of attendees in celebrating a festival that continues to serve as a symbol of unity, pride, and cultural continuity for the people of Ota.

The 2025 edition of the Iganmode Festival was widely acclaimed as a success, leaving guests and participants with lasting impressions of a colourful, well-coordinated celebration that honoured tradition while fostering communal harmony.

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12 Days of Christmas with 5 for 5 Rewards: Celebrating the Season the Wema Way

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2 months ago

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December 13, 2025

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*12 Days of Christmas with 5 for 5 Rewards: Celebrating the Season the Wema Way*

December is a season built on gratitude, reflection, and giving. It is a time when small gestures carry deeper meaning and everyday moments turn into shared joy. At Wema Bank, this spirit of the season has inspired the launch of 12 Days of Christmas with 5 for 5 Rewards, a festive campaign created to celebrate customers who continue to make the Bank part of their daily lives.
Running from December 14 to December 25, 2025, the campaign is designed to reward simple, everyday banking while spreading cheer across homes and communities. For twelve days, 33 customers will be rewarded daily with five thousand naira each when they fund their accounts with five thousand naira.
The idea behind the campaign is simple in action but thoughtful in intent. It recognises that during the festive period, every extra support counts. Whether it is preparing for family gatherings, running errands, or planning end-of-year activities, Wema Bank is turning routine transactions into moments of delight.
To take part in the 12 Days of Christmas with 5 for 5 Rewards, customers only need to fund their accounts with five thousand naira through any of the following channels:
ALAT app
*945#
Debit cards
Once the account is funded with five thousand naira, they get an additional five thousand naira as a reward.
Beyond the rewards, the 12 Days of Christmas with 5 for 5 Rewards reflects Wema Bank’s broader commitment to customer-centric banking. It reinforces the Bank’s focus on creating experiences that go beyond transactions, especially during moments that matter most to customers.
As the year draws to a close, Wema Bank is inviting customers to enjoy the festive season knowing that their loyalty is valued and celebrated. With every transaction, the Bank continues to find new ways to connect, appreciate, and give back during a season defined by generosity.

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