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BOA Fights Back over Alleged Unjust Sack of 325 Staff

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Management of Bank of Agriculture, (BOA), has debunked allegations of unjustly terminating appointments of 325 employees, stressing that the said employees were from the non-core sector of the organization who were disengaged in line with practice in the industry and were duly settled to the tune of N1.1billion as severance allowances.

 

Alhaji Kabir Mohammed Adamu, managing director/CEO of BOA, disclosed this to newsmen while reacting to the allegations by the disengaged staff in Kaduna.

 

The disengaged staff had alleged recently that their appointments were wrongly terminated by the Bank without settlement of their entitlements.

 

But Alhaji Adamu who spoke through Mr. James Wayo, Bank’s acting head of Corporate Communication, explained that the said disengaged 325 employees of the bank comprising of drivers, secretaries and auxiliaries were from the non-core sector of the organization due to age, length of service, decline in productivity, disciplinary cases in 2011 and in accordance with due process, and Collective Agreement in line with the practice in the industry.

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He confirmed that the former employees were duly paid all their entitlements in accordance with the salary structure as approved by the National Income Salaries and Wages Commission, (NISWC) and the Employee Handbook.

 

To further butress his point, documents showing payments to the said 325 disengaged staff of BOA, including 70 re-engaged were tendered before newsmen for clarity.

 

According to the Managing Director/CEO, a total of N1.1billion was paid to the disengaged staff as severance allowance amounting to: N520,644,339.14 to Junior staff; while N624,969,884.29 were paid to Senior staff of the bank. Speaking on the allegations of recruitment of relations by top Management of the Bank, he said it was not correct and should be disregarded.

 

According to him, all recruitment exercises in the Bank were carried out in accordance with due process, the principles of Federal Character and the approval of the Federal Character Commission.

 

“On receipt of the resolution of the National Asaembly (NASS) requesting the Bank to review their case and give them first right of refusal in case of vacancies for which they are qualified, the Bank carried out a review, reengaged about 70 of them as Drivers and Secretaries.

 

“The Clerk of the NASS, the Permanent Secretary and Hon. Minister, Federal Ministry of Agriculture and Rural Development, Complaint Commission and Legal Aid Council Kaduna were appropriately informed.

 

‘The Bank appeared before the House Committee on Legislative Compliance in December, 2016 on the matter where the committee confirmed that the Bank had complied with the resolution of the House.

 

“The Bank further appeared before the House Committee on Legislative compliance to show evidence of payment of their entitlements. Details of the Bank’s submission on compliance with the resolution of NASS and evidence of payment were made available to their representatives (solicitors) by the committee”

 

He said the current Management Team of the Bank came into office March, 2017, and although management is continuous, but they were not part of these allegations we are talking about,” he added.

 

It would be recalled that the disengaged staff had also alleged recruitment of relations by top management of the Bank.

 

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E-Financial

Global Heists on ATM Machines Imminent- FBI

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America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

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E-Financial

Oradian, ANMFIN Unveil New Cloud-based Microfinance Solution

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As part of their shared mission to boost financial inclusion throughout Nigeria, Oradian and the Association of Non-Bank Microfinance Institution of Nigeria (ANMFIN) have launched a strategic partnership.

Princess Adesola Ogunleye, the President of ANMFIN, commented on the partnership saying, “We are extremely pleased to partner with Oradian. Together we align our shared vision and leverage the success delivered to date.

The partnership will enable all of our MFIs to move to Oradian’s cloud-based solution, helping our members to save time and money through more efficient, digitised processes – no more manual input of data. We and our members are very excited to improve administrative process, reduce high operational costs and offer digital financial services across the country.”

Launching ANMFIN Cloud Express expands the range of solutions that Oradian offers in Nigeria. As stated by Antonio Separovic, CEO of Oradian, “Nigeria was Oradian’s first market when we started Oradian six years ago and we remain committed to solving the financial inclusion challenge here. This partnership is a long-term partnership that is an important step towards this goal”.

The partnership will enable ANMFIN to promote access to financial services for Nigerian clients on a larger scale by using ANMFIN Cloud Express, a core banking system specially built for ANMFIN and its microfinance institution (MFI) members.

ANMFIN Cloud Express, powered by Instafin, is a cloud-based toolset tailored to enable smaller Nigerian microfinance institutions (MFIs) to benefit from a cloud-based solution.

According to Oradian’s Programme Director for Africa Onyeka Adibeli, “ANMFIN Cloud Express enhances MFIs’ ability to manage all operations including client relationships, transactions, portfolio management and reporting in the same way that large banks do – but at a fraction of the cost.

We are removing the barriers that prevent MFIs from using the right technology to serve their clients and to strengthen their operations.”

With a cost and a system tailored for the needs of smaller MFIs, Oradian’s partnership with ANMFIN enables more financial institutions to take advantage of technology to become more efficient, grow and reach more unbanked individuals in rural communities.

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E-Financial

CBN Boosts Foreign Exchange with $210m

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The Central Bank of Nigeria has sustained its intervention in the inter-bank foreign exchange market by injecting 210 million dollars into the various segments of the market.

 

Mr Isaac Okorafor, Acting Director, Corporate Communications, CBN,  on Tuesday in Abuja, said the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises.

 

Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

 

The CBN spokesman said the the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

 

He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

 

Okoroafor reiterated, in a statement, that the steps taken by the CBN in foreign exchange management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

 

It will be recalled that the CBN on Aug. 10, intervened in the Retail Secondary Market Intervention Sales to the tune of 327 million dollars in the agricultural and raw materials and 69 million Chinese Yuan in the spot and short-tenored forwards.

 

Meanwhile, the naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360 to a dollar in the Bureau De Change segment of the market.

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