Telecommunications giant, MTN Nigeria Communications Limited, has finally succumbed to the pressure from the Consumer Protection Council (CPC) to pay the sum of N1.85 million to a subscriber, Mr. Omeje Chukwuma Fidelis who was allegedly shortchanged by the mobile operator when he won a N2 million prize for participating in the Ultimate Wonder Promo held in 2012, according to Thisday.
It followed a 14-day ultimatum issued to MTN by the council, for the balance of the prize money to be paid the beneficiary after he was initially paid N150,000 – a situation which compelled him to seek redress from CPC which addresses alleged consumer rights violations.
CPC had threatened to sanction the mobile operator for failing to cooperate with investigations needed to get to the root of the matter.
It finally issued final orders for the payment of the balance to the aggrieved subscriber.
However, MTN, in compliance with the CPC’s order, was said to have raised a United Bank of Africa’s (UBA) draft in the said sum in favour of the complainant on Thursday, February 11, 2016, barely 24 hours after its receipt of the agency’s order, according to a statement issued by the council’s spokesman, Abiodun Obimuyiwa, a copy which was made available to THISDAY.
Fidelis, in a telephone conversation, was said to have confirmed to CPC his receipt of the amount, disclosing that he received the cheque for the balance of his N2 million prize on Monday, February 15, 2016.
According to the statement, CPC was also in receipt of a settlement agreement made to that effect between Omeje, MTN and its event manager for the Ultimate Wonder Promo prize presentation, Towncriers Limited, authorising the event manager to “issue a bank draft in the sum of N1,850,000:00 in full and final satisfaction of the CPC’s order and all claims to the complainant.”
According to the agreement, MTN’s decision to pay the complainant was “in consideration of the order of the CPC and MTN’s wariness with the negative reputational implications of the complainant’s claims”.
The council said it gave the order to the telecommunication firm because of lack of due diligence it displayed in the verification of the winners of the N2 million category of the sales promotion.
The complainant had participated in the said promo and was called that he had won N2million and also invited to the presentation ceremony in Abuja.
The complainant had asserted that during the said ceremony, he was presented with a dummy cheque of N2million with his name on it, interviewed and paraded before the media and the world as a winner of the said amount but only to be paid N150,000 thereafter.
Union Bank Announces the Appointment of Aisha Abubakar as Independent Non-Executive Director
Union Bank of Nigeria Plc (“Union Bank”) has announced a change to the membership of its Board of Directors with the appointment of Ms. Aisha Abubakar as an Independent Non-Executive Director effective 9th September 2021, following the approval of the Central Bank of Nigeria (CBN).
Ms. Abubakar joins the Board of Union Bank following her tenure as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018. At the start of her career, Ms. Abubakar worked at Continental Merchant Bank Ltd., African Development Bank and African International Bank.
She is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration.
Ms. Abubakar is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).
Commenting on the addition to the Board, Mrs. Beatrice Hamza Bassey, Union Bank’s Board Chair said: “On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”
Also commenting, Chief Executive Officer, Mr. Emeka Okonkwo said: “I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.”
AfDB Approves $50M Trade Finance Deal with Standard Chartered Bank
The African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement (RPA) for StandardChartered Bank.
This was contained in a statement titled ‘African Development Bank approves a $50m Multinational Trade Finance Risk Participation Agreement facility for Standard Chartered Bank’ published on the bank’s website on Wednesday.
The statement said, “The board of directors of the African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement facility between the African Development Bank and Standard Chartered Bank.”
The essence of this agreement is to promote intra-Africa trade, ensure regional integration and lessen the trade finance gap in Africa.
“The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area,”
The bank’s Director for Financial Sector Development, Stefan Nalletamby, stated that “We are excited about finalising this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intra/extra-African trade on the continent, in support of the AfCFTA.
“This partnership is expected to catalyze more than $600m in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”
Director-General of the bank’s Southern Africa region, Leila Mokadem, was quoted to have said, “The advent of COVID-19, coupled with stringent regulatory/capital requirements and Know Your Customer compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether.
“There is, therefore, an urgent need for financing to reenergise Africa’s trade, which requires more participation of institutions like the African Development Bank.”
The parties in the agreement are expected to share the default risk on a portfolio of eligible trade transactions originated by African Issuing Banks and indemnified by Standard Chartered Bank.
Beneficiaries of this facility are issuing banks in Africa with the ability to grow their trade finance business has been constrained by inadequate trade confirmation lines from international banks.
Other beneficiaries are small and medium enterprises (SMEs) and domestic firms which rely on these issuing banks to fulfill their trade finance commitments.
The RPA facility is aligned with the AfDB’s High 5 priority goals which are: light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people of Africa.
Standard Chartered Launches Flexible ‘Smart Business Loan’ Product To Support SMEs
Standard Chartered on Wednesday launched its Smart Business Loan (SBL) product to support Small and Medium Scale Enterprise (SMEs) in Nigeria.
David Idoru, Head of Consumer, Private and Business Banking, of the bank in Nigeria, said in a statement in Lagos that SBL was an unsecured installment/term loan available to SME clients within key target sectors.
“Qualified SMEs would be able to access up to N20million loan, without providing tangible security/collateral to purchase asset, finance business expansion and other capital expenditure needs.
“This loan was designed to help SMEs meet their short to medium-term needs.
“As a Bank, our purpose is to drive commerce and prosperity in the locations we operate in. This is done through offering cash, lending, trade and wealth management solutions that specifically drive economic growth,” he said.
Idoru said that the bank was constantly looking for ways to ensure SMEs get access to the needed support to enable their businesses to thrive, adding that prior to the product launch, clients were required to provide full collateral cover to access loans from the bank, but SBL had been designed to provide the necessary flexibility to the clients.
“It is accessible to new and existing clients of the Bank with no waiting period, including small and medium scale organisations, who can access up to N20million in loans without collateral for a maximum tenure of two years,” he said.
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