Bank

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

Published

1 month ago

February 8, 2023

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.

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.

Related Topics:Featured ICPC Sterling Bank

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Wema Bank Plans to Celebrate International Women’s Day 2023

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Wema Bank Plans to Celebrate International Women’s Day 2023

Wema Bank, Nigeria’s most innovative bank, is preparing to celebrate International Women’s Day 2023. The bank aims to honor women and provide them with opportunities to achieve success in their personal and professional lives. The celebration will be held on March 8, 2023, in Lagos.

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Wema Bank is Nigeria’s oldest indigenous financial institution, offering a range of value-adding banking and financial advisory services for 77 years. The bank was incorporated in 1945 as a Private Limited Liability Company and transformed into a Public Limited Liability Company in 1987, listing on the Nigerian Exchange.

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Stanbic IBTC Bank Continues To Reward Savvy Savers”

Published

4 weeks ago

February 19, 2023

Sahara Weekly

Stanbic IBTC Bank Continues To Reward Savvy Savers“

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc has continued to reward its customers for their commitment to saving.

In its January edition of the Reward4Saving Promo Season Two, the Bank rewarded 70 more customers with cash prizes for meeting the required savings milestones. With ten people emerging from seven (7) regions, 70 winners across seven regions were rewarded with N100,000 each for adopting the discipline to save for their goals.

Eronmonsele Omiyi, Head, Consumer Client Coverage, Stanbic IBTC Bank described the Reward4Saving promo as teaching Nigerians to build healthy financial habits and helping them get more money as rewards for meeting their goals.

He said, “This journey started in 2021, and it is commendable that people go all out to save money, despite the current prevailing financial circumstances in the country. Our commitment to helping customers reach their financial aspirations was evident in the overwhelming response to the Promo. Our customers’ success is our success, and we are dedicated to providing them with the support needed to reach their financial goals.”

Olufunke Isichei, Head, Established Markets, Stanbic IBTC Bank, congratulated the winners who emerged after the draw, reiterating the Bank’s commitment to reward customers till the end of the promo in March 2023.

She said, “So far, 21 people have won N1 million each, and about 630 people have won N100,000 each. We are not tired of rewarding Nigerians if they are not tired of saving. There are two more monthly draws, one quarterly draw and the grand finale coming up before the promo ends.”

The Stanbic IBTC Reward4Saving Promo is a nationwide campaign to encourage Nigerians to save at least N10,000 in their Stanbic IBTC savings account for 30 days. Customers who emerge winners get rewarded with cash prizes ranging from N100,000 to N2million.

To be a part of the promo, customers can download the Stanbic IBTC mobile app, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet to open an account and save at least N10,000 for 30 days to qualify for the draw.

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Contempt: Court Vacates Order Sentencing MD, Company Secretary of Fidelity Bank To Six Weeks In Prison

Published

1 month ago

February 19, 2023

Sahara Weekly

Contempt: Court Vacates Order Sentencing MD, Company Secretary of Fidelity Bank To Six Weeks In Prison

Lagos, Nigeria, February 18, 2023: A Chief Magistrate Court sitting in Ikeja , Lagos has vacated its ruling that convicted and sentenced the Managing Director and Company Secretary of Fidelity Bank Plc to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt.

The Chief Magistrate, Mr. Lateef Owolabi vacated the order in a Suit No: MIK/4726/22 between Justin Ahmed, (judgement creditor), Prince Enabulele Osazee, (judgement debtor) and Fidelity Bank Plc, (1st Garnishee/Applicant).

The court in an earlier ruling delivered on February 6, 2023, held that the Managing Director of Fidelity Bank, Nneka Chinwe Onyeali-Ikpe and the Company Secretary, Mrs. Unuigboje Ezinwa should be committed to six weeks’ imprisonment over alleged disobedience of a garnishee order of the court restraining the bank from allowing a judgement debtor access to his account.

However, at the resumed proceedings on the matter on Feb 15, 2023, the court vacated the committal order on the premise of facts presented before the court that the alleged acts of contempt were not deliberate but arose out of communication gap between the said parties and the erstwhile counsel. The court in its ruling also stated that the error or sin of the counsel should not be visited on a party or litigants. The court also noted that the monies which was the subject matter and fulcrum of the contempt proceedings has since been paid to the judgment creditor.

“From the materials presented before this court by the applicant, this application falls within the classic rule where the error or sin of the counsel should not be visited on a party or litigants. Moreover, the applicant has averred that the monies subject matter, the fulcrum of the contempt proceedings had since been paid to the judgment creditor. Having fully discharged this payment to the satisfaction of the judgment creditor, this court should not be seen to cry more than the bereaved”, Mr Lateef Owolabi held.

The solicitor to the bank explained that Fidelity Bank, being a law abiding institution that will never or under any circumstance, directly or indirectly denigrate the integrity of the nation’s judiciary, had upon receipt of the garnishee order nisi on December 22, 2022, conducted a search immediately, and the result showed several accounts bearing similar names to the Judgment Debtor’s (Prince Enabulele Osazee). To prevent the bank from erroneously restricting the wrong account, the bank filed an affidavit requesting additional account details to enable it ascertain the correct account(s) to restrict.

He further stated that, on January 16, 2023, the bank received the Judgment Creditor’s affidavit showing the account number of the Judgment Debtor. Armed with the correct account number, the bank immediately identified and placed a lien on the Judgment Debtor’s account. Unfortunately, during the intervening period, the judgement debtor had carried on depositing and withdrawing from his account.

In vacating the order on February 15,2023, the Chief Magistrate held that based on the materials before the court, the applicant has been able to tether the law to the facts to warrant the grant of the relief sought on their own strength and not based on lack of opposition.