Connect with us

Finance

CBN Orders Bank Workers to Declare Assets

Published

on

interest

The Central Bank of Nigeria has ordered workers in all the 19 Deposit Money Banks in the country to declare their assets. The  move analysts say looks like the Federal Government is beginning to expand its ongoing anti-corruption crusade to the private sector, especially the banking industry.

The directive, which came in a letter through the Banking Supervision Department of the CBN to all the 19 commercial banks in the country about four weeks ago, gave bank officials only one week to complete the assets declaration process, sources close to the DMBs said.

As of Thursday, investigation by our correspondent revealed that all the staff members of Ecobank Nigeria, First City Monument Bank Limited and Fidelity Bank Plc had complied with the directive.

Top officials of Ecobank, Fidelity Bank and FCMB, among others, confirmed the development. The workers said there was a directive from their management asking them to comply within one week.

Narrating his experience, a top official of one of the tier-1 banks, who spoke on condition of anonymity because he was not authorised to speak on the matter, said, “All our staff members, from the most junior to the most senior, were asked to declare their assets through a court affidavit. It was handled by the company’s lawyer.

“We were asked to declare all our assets, including developed and undeveloped parcels of land, properties, houses in Nigeria and outside Nigeria etc. We were asked to also declare everything, including power generators at home. We complied within one week.”

Top bank executives said the move by the apex bank was not unconnected to the Federal Government’s plans to extend its anti-corruption crusade to the private sector.

It was also gathered that fear had descended on bank workers, especially top officials whose assets were beyond their means.

It was learnt that the fear that the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission might soon begin the examination of the details of the assets declaration forms vis-à-vis the properties some top banker own.

Some top bankers, who own huge assets, it was gathered, were panicky on how they would be able to justify the huge assets in their names should the EFCC and ICPC come knocking on their doors.

Commenting on the assets declaration, an executive director in one of the top three banks, said, “It is part of the ongoing anti-corruption crusade in the country. The Federal Government is trying to deepen the anti-corruption war in the private sector, and it is believed that the banking sector is a very critical sector. This is why the CBN has been mandated to do this.”

Unconfirmed sources at the CBN said the directive followed a letter from the Code of Conduct Bureau asking the central bank to direct all bank employees to declare their assets with immediate effect.

“The directive is from the Code of Conduct Bureau. It is an extant rule. Before now, most people have not been complying. So the CCB wrote a letter to the CBN reminding it about it. This is why the CBN had to write the banks to comply,” a top official of the apex bank told our correspondent on condition of anonymity.

The spokesperson for the CCB, Mr. Muhammed Idris, did not respond to calls or a text message sent to his mobile telephone.

However, independent findings by our correspondent showed that the CCB’s scope of operations covers only political officeholders.

By law, the CCB is mandated to distribute assets declaration forms to the general public.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, said the assets declaration was not a directive of the apex bank but a statutory requirement in line with the Bank Employees’ Declaration of Assets Act of 1986.

Asked why the CBN was enforcing its compliance at the moment, he said, “Why not now?”

The Bank Employees Declaration of Assets Act Cap B1 Laws of the Federation of Nigeria, 2004 provides for asset declaration by all bank employees.

The Act also empowers the President to extend the application of the law to other categories of persons.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Published

on

Julius Berger pix

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

Continue Reading

Finance

Board of UBA Approves Financial Statements, Dividend Payment for 2020

Published

on

UBA

Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

Continue Reading

Banking Sector

Atlas Mara Denies Receiving Offers to Sell Stake in Union Bank of Nigeria

Published

on

Atlas Mara Denies Receiving Offers to Sell Stake in Union Bank of Nigeria

Atlas Mara Limited, the sub-Saharan African financial services group, on Monday, denied media reports that it has received offers from local banks looking to buy over Union Bank.

The Company said “While it is the Company’s practice to refrain from comment on market rumours or speculation, we believe it is important to note that Atlas Mara has not received any offers from any local Nigerian bank or other bank wishing to acquire the Company’s stake in Union Bank of Nigeria (“UBN”).

“As previously announced to the market in 2019, the Board of the Company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the Company’s strategic objectives have not changed.

ThisDay, Premium Times and other leading online publications in Nigeria had claimed Atlas Mara, that own 50 percent stake in Union Bank of Nigeria has started receiving interests from interested local banks. A rumour that has now been debunked.

Also, speaking on the rumours, Union Bank of Nigeria Plc said the lender is not in the process of selling a 50 percent stake as claimed an online publication, Premium Times on January 23, 2021.

Union Bank said, “Please note that the unsubstantiated report is based on mere rumours and speculations.”

“The Nigerian Stock Exchange, other regulatory agencies and members of the public arehereby advised to disregard the publication in its entirety.”

Continue Reading

Trending