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NOVA Merchant Bank Appoints Anya Duroha as Acting MD/CEO

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NOVA Merchant Bank Limited has announced the appointment of Mr. Anya Duroha as the Acting Managing Director / Chief Executive Officer of the Bank.

 

The appointment, which is subject to approval of the Central Bank of Nigeria, became effective on  August 30th 2018.

 

Prior to the appointment of Mr Duroha as the Acting Managing Director / Chief Executive Officer of the Bank of NOVA Merchant Bank Limited, he was the Executive Director, Wholesale Bank, responsible for development and management of the Bank’s corporate banking relationships.

 

Speaking on the new appointment, the delighted Mr. Phillips Oduoza, Chairman of the Bank, in a memo to all staff said: “Mr. Duroha’s appointment marks the start of an exciting growth phase in the Bank’s business, following the go live of its Intellect Digital Core (IDC) banking platform as the Bank begins to leverage the benefits of its investment to deliver innovative solutions for its customers.”

 

Prior to joining the Bank as a pioneer staff, he was the Head, Business Banking at StanbicIBTC, where he was responsible for Commercial Banking and SME businesses in Nigeria. In that role, he had the responsibility for both relationship and portfolio management. In this capacity, he designed and implemented interventions and strategies that ensured the rapid growth and profitability of the business.

 

He started his banking career in banking operations in Citibank and has 25 years banking experience spanning across many areas of banking. He was the Head Corporate Banking, United Bank for Africa Plc; Head Corporate Banking, Diamond Bank Plc and Head of Business Development (Designate), Diamond Bank, United Kingdom. In all these roles, he has managed portfolios in various sectors including manufacturing, agriculture, construction, oil & gas, infrastructure, aviation, power, maritime, telecommunications, FMCG and structured trade finance.

 

Mr. Duroha holds an M.Sc. in Banking & Finance from the University of Benin and a B.Eng. in Civil Engineering from the University of Nigeria, Nsukka. He is an alumnus of Wharton Business School, University of Pennsylvania and Lagos Business School.

 

The appointment of Mr. Anya Duroha follows the exit of Mr. Chinedu Ikwudinma who has decided to pursue another endeavor. We wish Mr. Ikwudinma success in his new engagement.

 


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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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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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