E-Financial
Skye Bank Management Tampered with Figures to Deceive CBN, Others
More information are beginning to emerge on what led to the actual death of Skye Bank Plc few months ago, when the Central Bank of Nigeria (CBN) revoked its operating licence and changed it to Polaris Bank.
It was gathered from the preliminary reports of the ongoing investigations of the management of the defunct Skye Bank Plc that the lender’s top shot allegedly carried out serial manipulations of the company’s reports, fraudulently masking details with the sole aim of deceiving regulators, including the CBN and the Nigerian Stock Exchange (NSE).
According to Guardian, the preliminary reports specifically identified fraudulent and false accounting, manipulation of accounting records to present false profits and ratios, unlawful loan and credit facilities, non-disclosure of directors’ interests and lending beyond the single obligor limit.
The Nigeria Deposit Insurance Corporation (NDIC), in a disclosure, said it is currently monitoring the investigations in conjunction with the apex bank, which are ongoing, by the law enforcement agencies, against the directors and management of the failed bank, to determine their actual level of culpability.
In the evening of Friday, September 21, 2018, Governor of the CBN, Mr Godwin Emefiele, at a news conference, announced the revocation of Skye Bank licence.
During the announcement, Mr Emefiele said a bridge bank called Polaris Bank had been established to assume ownership of the assets and liabilities of Skye Bank and make sure it gets back on its feet and return to profitability.
On Monday, September 24, 2018, the NSE suspended trading on the shares of Skye Bank at the stock market.
Days later, Managing Director/Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, while speaking at a function in Lagos, said a former chairman of Skye Bank, Mr Tunde Ayeni, as well as a director of the defunct bank, Mr Festus Fadeyi, were being investigated by government.
He had said as soon as investigations were finalised, the necessary action would be taken and those found culpable severely dealt with.
In early October 2018, Minister of Finance, Mrs Zainab Ahmed, directed the CBN and NDIC to fully investigate and prosecute all the directors and executive management who contributed to the collapse of Skye Bank as well as other Deposit Money Banks (DMBs) in liquidation.
She had noted that the failure of Skye Bank must be used as an opportunity to deal decisively with those behind the collapse so as to serve as a deterrent to other operators in the financial system and according to her, federal government was no longer prepared to treat such serious infractions with levity.
E-Financial
MoneyMaster PSB Marks 2024 Global Money Week
MoneyMaster Payment Service Bank Limited (MMPSB), Nigeria’s payment service bank, is joining blue chip companies and other corporate entities across the globe to celebrate the 2024 Global Money Week from March 18 to 24, 2024.
In a press statement issued on the celebration, MMPSB emphasized its commitment to the provision of top-notch banking services to its customers at all times, including payment services through wallets, savings, individual and business accounts, as well as provision of a platform for customers to buy airtime/data, pay bills and subscribe to cable television, amongst others.
MMPSB said its plans for the week include a “Catch them Young” experiential campaign to tutor kids on the need to embrace savings and investment culture. An estimated 5,000 students from across major schools in Nigeria have been programmed to participate in the week-long financial literacy training in the bank’s coordinating centres across 10 states.
Besides this, the MoneyMaster team will also engage teachers and enlighten them on basic knowledge of savings and investment for future purposes.
The bank added, “As part of the week-long celebration, MoneyMaster PSB will also be releasing thought leadership videos on safety and security on how banking customers can protect themselves. These videos will be shared to its customers via direct email and also on its social media handles for the benefit of the general public”.
The week, celebrated annually, creates global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviour necessary to make sound financial decisions and ultimately achieve financial well-being.
“Protect your money, secure your future”, the theme for this year’s celebration, is focused on safe money management, underscoring the importance of adopting a responsible and informed approach to personal finance, by being aware of potential risks in the financial sector and protecting one’s hard-earned money.
E-Financial
Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0
Moniepoint Inc. a global digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets, has emerged the lead sponsor of the maiden edition of Payments Forum Nigeria (PAFON 1.0).
Payments Forum Nigeria [PAFON] is an event focused on providing inside-look at the payment industry in the country, offering perspectives from key stakeholders, including payment networks, technology innovators, leading merchants, issuers, acquirers and payment processors.
The Forum is scheduled to take place this Thursday, March 21, 2024 at the Oriental Hotel, Lekki Road, Lagos by 9am-12noon, under the theme: “Payments: Trust, Security and Privacy in AI Era”.
Register here: https://bit.ly/4c4N19H
Moniepoint Inc., founded with the vision to create a society where everyone experiences financial happiness, joins other sponsors of the event: Digital Encode Limited (a leading consulting and integration that specializes in the design, management, and security of business-critical architecture); Cybervergent (a company dedicated to helping protect business sensitive data from cyber-attacks, including customer information, financial records and intellectual property); Payble (a fintech startup that modernises local government payments such as creating citizen-centric payment experiences, delivering flexible billing and simplified rate collection, and Inlaks, an IT company that offers core banking, fraud management, cybersecurity, cloud, data center, enterprise risk management, amongst other industry players.
Moniepoint Inc is the parent company of TeamApt Limited, a Central Bank of Nigeria (CBN) licensed Switch and Processor, and Moniepoint Microfinance Bank, a CBN-licensed Microfinance Bank, and operates the largest distribution network for financial services in Nigeria through its subsidiaries, and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country.
Over 70 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria.
Led by its Group CEO, Tosin Eniolorunda, Moniepoint Inc.’s technology has powered businesses, offering all the payment, banking, credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.
Moniepoint Inc. currently processes the majority of the POS transactions in Nigeria through its subsidiaries, processing over $182 billion in TPV. It is Africa’s largest Fintech by transaction volume. It is profitable and, in 2022, became QED Investors’ first investment into Africa.
Moniepoint Inc was recently named as the Fintech Company of the Year by the Leadership Newspapers Group.
Speakers:
Meanwhile, speakers lined for PAFON 1.0 are: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI); Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, Chief Compliance Officer, Moniepoint MFB, and others.
Participation:
Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H
E-Financial
BVN Registration Hits 61.16m
Nigeria Inter-Bank Settlement System has said the registration for the Bank Verification Number (BVN) has now increased to 61.16 million, according to Vanguard report.
NIBSS disclosed this on its website on Saturday, adding that the BVN is 61,166,384 as of Friday, March 15, 2024.
Earlier in the year, the agency had reported that as of January 26, the BVN count stood at 59.9 million.
This indicates that there have been 674,280 new registrations for BVN between late January and mid-March.
The need for Nigerians to register their BVN arose following the demands by banks and telecommunication companies asking people to link their accounts and phone numbers with SIM.
Majority of Nigerians have let out their frustrations at some point when the linking of BVN with accounts were not successful.
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