E-Financial
Ecobank Names Ade Ayeyemi as New Group CEO
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Ecobank Transnational Incorporated (Ecobank) parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, is pleased to announce the appointment of Ade Ayeyemi as its new group chief executive officer.
His appointment is effective from 1 September 2015.
Ayeyemi, 52, will replace Albert Essien, who retires on 30 June, 2015 after 25 years of meritorious service with the Group.
An interim arrangement will be made by the Ecobank Board for the management of the Group during the period 1 July through 31 August, pending the resumption of the new GCEO.
Ayeyemi is a highly experienced banker who has had a long and successful career with Citigroup, where he is currently Chief Executive Officer of Citigroup’s sub-Saharan Africa division, based in Johannesburg.
He is an Accounting graduate of the University of Ife, now Obafemi Awolowo University, Ile-Ife, Nigeria, where he earned a Bachelor of Science degree with First Class Honours.
He also studied at the University of London and is an alumnus of Harvard Business School’s Advanced Management Programme.
A Chartered Accountant, Ayeyemi is also a trained UNIX Administrator and Network Operating Systems Manager. His many interests include business strategy, economics, process engineering and technology.
Emmanuel Ikazoboh, Ecobank group chairman said, “After a thorough and extensive search throughout the African continent, we are delighted to have secured Ade as the person to lead Ecobank through the next phase of its development and beyond as a world-class pan-African bank. Ade is a truly outstanding individual with deep knowledge of banking across Africa, and we welcome him to the Board. At the same time, I should like to thank Albert Essien for his 25-year career at Ecobank and for his stellar service as Group Chief Executive Officer over the past year. We wish him well in his retirement.”
Ayeyemi said: “I am delighted to have been offered the opportunity to lead this great institution, and commend Albert Essien for his legacy work of helping further the premier pan-African financial institution. Ecobank has an exceptional platform, great people, solid strategy and strong momentum. I sincerely look forward to working with the management team, the Board of Directors, and the employees of Ecobank as we set new standards in financial services for our clients across the board.”
E-Financial
AfDB Partners Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa
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The African Development Bank Group has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol.
The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.
The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.
This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.
As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said.
“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing.
“By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”
Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy.
Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world.
“The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions.
“Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”
Adesina said the Bank will continue to tackle these challenges by:
-Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.
– Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption.
– Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.
E-Financial
Depositors Funds Safe in Nigerian Banks- NDIC
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Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC), has said that with strict regulations put in place by the agency, depositors need not worry about the safety of their money in the country’s banks.
He gave the assurance at the 46th Edition of the Kaduna International Trade Fair on NDIC’s Special Day on Thursday.
Represented by Ahmed Umar, area controller, Kano Zonal Office, Hassan said the corporation, in over three decades of operation, had strived to keep depositors’ confidence in the nation’s financial sector, safeguarding customers’ funds, especially the most vulnerable, who would be worst hit in any unforeseen circumstances.
“The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development. The corporation has played a vital role in safeguarding depositors, particularly the most vulnerable, and fortifying the financial system.
“Our primary objectives include insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process in the event of bank failures. We are dedicated to shielding Nigerians’ bank deposits from the adverse effects of bank failures.
“In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions. Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings,” he emphasized.
While calling on depositors of Heritage Bank and other closed banks who were yet to receive payments to hurry to the corporation with necessary documentation proving ownership of such accounts—such as BVN, means of identification, and alternative accounts—to enable NDIC to pay the insured sum, Hassan said:
“A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).
“The swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debit (PND) instructions or have no BVN. These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification,” he pointed out.
The Corporation, according to the NDIC Boss, pays depositors the maximum insured amount of N5 million per depositor per bank from its Deposit Insurance Funds (DIF).
He, however, stressed the role of NDIC acting as liquidator while at the same time being committed to compensating deposits with balances exceeding N5 million upon realization of the defunct bank’s assets.
To achieve this, Hassan said the corporation had made significant progress in realizing the assets of the defunct banks and recovering outstanding debts to facilitate timely reimbursement of these uninsured deposits in the form of liquidation dividends.
“The Corporation has successfully and transparently auctioned the failed bank’s landed properties and chattels in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023.
“The proceeds from these ongoing sales will be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to follow as further recoveries are made.
“NDIC remains committed to ensuring that creditors of the defunct bank receive payments once all depositors have been fully reimbursed. The Corporation’s systematic approach, based on asset realization and prioritization of claims, is vital for maintaining public trust and financial stability.
“I urge depositors of closed banks, particularly Heritage Bank, who have not yet received their payments, to come forward and provide the necessary documentation supporting ownership of the account, including BVN, means of identification, and details of an alternative account where the Corporation will pay the insured sum. You can submit your claims through our website, email, or social media platforms. We remain dedicated to safeguarding depositors’ funds and ensuring their timely reimbursement.
“In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions. Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.
“The NDIC has consistently played a crucial role in maintaining financial stability by ensuring depositors receive prompt compensation when banks fail. A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN).
“This swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debit (PND) instructions or have no BVN. These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification.
“It is instructive to note that the Corporation pays depositors the maximum insured amount of N5 million per depositor per bank from its Deposit Insurance Funds (DIF). However, the NDIC, acting as liquidator, is also committed to compensating deposits with balances exceeding N5 million upon realization of the defunct bank’s assets,” he stated.
E-Financial
DMO Appoints Stanbic IBTC as New FG Stockbroker
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The Debt Management Office (DMO) on Thursday appointed Stanbic IBTC Stockbrokers Limited as the Federal Government’s official stockbroker, marking a strategic move to bolster Nigeria’s domestic bond market.
In its new role, Stanbic IBTC – a prominent stockbroking and investment management firm in Nigeria- is expected to help government attract necessary investments and develop the retail market.
The appointment comes after the tenure of CSL Stockbrokers Ltd., a subsidiary of First City Monument Bank (FCMB), expired.
Patience Oniha, Director General of the Debt Management Office (DMO), stated that Stanbic IBTC Stockbrokers would serve as a vital platform for retail investors while also providing regular guidance and advisory services to the Government.
She explained the reason why Government needed a stockbroker whose functions are clearly defined, first of all, to comply with the Nigerian Exchange Group (NGX) requirements, being the largest issuer of securities, and secondly to deepen the market.
“We did quite a lot with wholesale investors, and that has helped us to achieve diversification for our FGN bonds, and the sukuk.
“But we realised that this smaller group may not have the money like the big players. They can invest in equities, but we believe that giving them fixed income securities is also another option.
“For that reason, we need to create awareness, particularly for products targeted at them – the FGN savings bond, and also create a secondary market for them,” Oniha explained at a brief event to announce the appointment in Abuja”, she said.
She Stanbic IBTC stockbrokers was chosen since it is a strong and respected brand with a wide reach – in the retail, capital market, and pension business as well.
“Those qualities matche our needs. Their sheer reputation, diversification as a group, and they have been in this role before for the federal government, but now with an expanded role.
“All of those sort of qualified you for the appointment as the government stockbroker”, she added.
She recognised the low awareness in the retail market, noting that increasing awareness would be one of the key responsibilities of the new stockbroker.
She emphasised that liquidity, awareness campaigns, workshops, and similar initiatives would be essential to support that segment of the market.
She stated that the DMO had made significant progress since initiating the process of appointing a Government stockbroker with an expanded role, but emphasised that “there is still much more to be done through engagements with other institutions and retail investors.”
She affirmed the DMO’s commitment to collaborating with Stanbic IBTC to achieve their established objectives.
Additionally, she indicated that the DMO would periodically seek guidance and advice from Stanbic IBTC.
Bunmi Olarinoye, Chief Executive Officer of Stanbic IBTC Stockbrokers Limited, expressed her gratitude for the confidence placed in the firm and the opportunity to assume such a pivotal role.
She stated that the DMO’s plan to enhance the retail segment of the market aligns with their own objectives, as they have been developing strategies to strengthen and enrich that area.
She emphasised that enlightenment and awareness are crucial elements they had identified for growing and expanding that segment of the market, and they would focus vigorously on these initiatives to attract more investors.
She also assured that they would collaborate with the DMO to deepen the market and achieve their established goals.
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