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Banks Sack 789 Junior Workers



National Bureau of Statistics (NBS) has reported that some 789 junior staff in Nigeria’s banking industry lost their jobs between January and June this year.


NBS report entitled: “Selected banking sector data: Sectorial breakdown of credit,e-payment, channels and staff strength – Q2 2018,” stated that the number of junior staff in the banking industry stood at 40,549 as at the end of the second quarter of this year, compared with 41,338 as at the end of Q4 2017.


This is even as the report further shows that the number of contract staff hired by deposit money banks (DMBs) increased by 11,596 during the same period, that is, from 32,359 as at the end of Q4 2017 to 43,955 as at the end of June this year.

Further analysis of the NBS report, however, indicates that the number of junior staff employed by DMBs increased to 40,549 at the end of the second quarter of this year from 40,444 in Q1 2018.


Similarly, the study shows that the number of senior staff employed by DMBs had been on an upward trend in the last six months, as their number increased from 16,568 as at the end of Q4 last year to 17,144 at the end of the second quarter of 2018, translating to 576 additions.


However, this figure is 13.53 per cent lower than the 19,826 reported by the NBS for the corresponding period of 2017.

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How 13,000 people save N7bn through Wema Bank’ ALAT Goal



Wema Bank has stated that its first fully digital bank ALAT Goals launched a year ago has helped 13,267 people save over N7 billion with an average monthly savings of N1 billion


The bank noted that with the App, over 280,000 ALAT accounts have been opened since May 2017 with more than N2.2 billion in deposits realized.


In a statement announcing the outcome of a survey on saving in Nigeria carried out by ALAT, the bank said it discovered that the greatest drawback to effective saving was not insufficient income, but that many do not know how to save, while others lacked discipline.


The statement read in part: “Understanding this, ALAT unveiled a feature called Goals, a bouquet of savings options that help instill discipline while rewarding you for reaching your savings milestones. There are three categories of savings goals.


The Fixed Goal which serves those seeking a strict savings plan; Flexi Goal for those in need of a not-too-rigid plan; and Stash which caters to those seeking a rewarding short-term savings option.


Groups of friends or members of families can pull funds together and save towards a single goal using the Group Target Savings or the Rotating Group Savings popularly known as Esusu, earning a 10 per cent annual interest – three times the standard bank rate. “Since Goals on ALAT was launched a year ago, the digital bank has helped 13,267 people save over N7 billion, with an average monthly savings of N1 billion today.”

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AfDB, MCB Group Launch African Domestic Bond Fund



The African Development Bank and Mauritius Commercial Bank Group (MCB) have launched the African Domestic Bond Fund (ADBF). It is the first multijurisdictional fixed income Exchange Traded Fund (ETF) on the continent.

The ADBF arose out of the Bank’s African Financial Markets Initiative (AFMI), which aims to strengthen African economies by reducing their dependency on foreign currency denominated debt, increasing the range of available financing options, and acting as a catalyst for regional market integration. The Bank is acting as an anchor investor of ADBF, to which it has committed USD$ 25 million.

ADBF will track the performance of the AfDB/AFMISM Bloomberg® African Bond Index 25% Capped, an index that comprises African local currency sovereign bonds of eight African markets, namely: Botswana, Egypt, Kenya, Namibia, Nigeria, South Africa, Ghana and Zambia. It is intended that sovereign bonds of other countries will be included in the index over time.

MCB Investment Management Co Ltd (MCBIM), a subsidiary of MCB Capital Markets, has been appointed as Fund Manager for the ADBF. MCBIM pioneered investing in the pan African fixed income asset class in 2014, when it launched the MCB Africa Bond Fund, an actively managed mutual fund focused on African fixed income. This fund has consistently outperformed its benchmark.

MCBIM’s Fixed Income team is led by Abhimanyu Yadav, who has had a key role in positioning MCBIM as a leading Africa focused asset manager, having worked in various roles in the asset management industry in Asia, Europe, North America and Africa.

“We are delighted to partner with the African Development Bank in launching this pioneering fund. This attests to the Bank and MCB’s commitment to help develop the local currency fixed income markets on the continent and to the quality of our investment management capabilities,” Pierre-Guy Noel, Chief Executive Officer, MCB Group, said at the launch ceremony.

“The fund listing on the Stock Exchange of Mauritius brings to investors the opportunity to access African government bonds conveniently,“ he added.

Bank Director for Financial Sector Development, Stefan Nalletamby, also expressed satisfaction with the upcoming listing.

“The African Development Bank is pleased to launch the African Domestic Bond Fund as we have designed and structured this product and are acting as an anchor investor. This shows our commitment to support the development of and investment in long-term financial instruments issued in our local financial markets,” Nalletamby, said.

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Oyo State Seals Diamond Bank, FCMB, Skye Bank Branches



Oyo State government yesterday sealed some branches of commercials banks in Ibadan for allegedly failing to pay some levies into the coffers of the state government despite series of warnings to them.


The affected banks are: Diamond Bank, Stanbic IBTC Bank, Skye Bank, FCMB and Heritage Bank around Dugbe, Mokola, Idi-Ape, Agodi Gate, Secretariat Road, Challenge, Jericho, Bodija, UI among others.


This left business activities at the bank branches disrupted as the task force officials seal the premises.


As early as 9am, no fewer than 20 different branches of the various bank had been shut with sealed notices placed at the property.


Immediately, the officials of the affected banks were seen running around to tidy up their papers to save losing the whole day’s business.


While some succeeded in making the necessary payment as fast as they could to resume operations, some others were seen still trying to reach out to superior authority for further directive.


According to the report, the affected banks defaulted in the payment of the annual environmental development levy, which is for the impact of the various business and corporate entities on the environment across the state.


The affected banks were said to have been found guilt for various duration ranging from 2015 to 2018, despite series of official communications and reminders to the management at different times.


It would be recalled that the Oyo State Board of Internal Revenue (OYBIR), the coordinating agency for collecting all government revenues had last month issued a 14 day ultimate to all tax payers in the state to pay up all outstanding dues and levies to the coffers of government.


Mr Bicci Alli, chairman of the Board,  had warned in the paid advertorial that the agency would embark on massive enforcement to seal up all erring corporate organisations on the expiration of the ultimatum.


But a source hinted that about two weeks after the expiration of the 14 days, the OYBIR had also written series of reminder letters to the affected banks, to which no response was gotten until the enforcement.


Many people who were within the affected bank premises when the enforcement team sealed up were seen with shock on the faces and expressing disappointment that cooperate organizations like banks could default in tax payment.

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