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Access Bank Announces Retirement Oyebode, Appointment of Belo-Olusoga as Board Chairperson

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Access Bank Plc has announced the  retirement of Mr. Gbenga Oyebode as a director and Chairman of the Bank and the appointment of Mrs. Mosun Belo-Olusoga as his successor with effect from July 30.

The retirement of Mr Oyebode follows his successful completion of the maximum term limit as prescribed by the Central Bank of Nigeria’s Code of Corporate Governance for Banks and Discount Houses in Nigeria.

The appointment of Mrs Belo-Olusoga follows a thorough selection process by the Governance and Nomination Committee of the Board led by Mr. Emmanuel Chiejina, a Non-Executive Director.

Mrs Belo-Olusoga joined the Board of the Bank in November 2007 as a Non-Executive Director. Until her recent appointment, she was the Chairperson of the Credit and Finance Committee and member of the Board Committees on Audit, Governance and Nomination, Risk Management and Remuneration.

She was formerly an Executive Director of Guaranty Trust Bank Plc and was at various times responsible for Risk Management, Corporate and Commercial Banking and Transaction Services and Settlements. She is a graduate of Economics from University of Ibadan and a Fellow of the Institute of Chartered Accountants of Nigerian and Chartered Institute of Bankers of Nigeria.

Mr. Oyebode commented: ‘I am glad that Mrs Belo-Olusoga will be succeeding me as Chairperson. Her significant board experience; knowledge of our dynamic industry and personal qualities will be highly beneficial to Access Bank’.

Mrs Belo-Olusoga said:  ‘‘I consider it a great privilege to chair Access Bank, an outstanding  financial institution at a time like this.  I look forward to working with its great team in transforming it into the World’s Most Respected African Bank’’.

By this development, the Board is now comprised of 15 directors made up of 7 Executive Directors and 8 Non-Executive Directors, 2 of whom are Independents.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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