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SunTrust Bank Targets Over 100 Million Unbanked Nigerians

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SunTrust Bank

The Chief Executive Officer, SunTrust Bank Limited, the latest commercial bank licensed by the Central Bank of Nigeria, Mr. Muhammed Jubrin, says the lender is planning to attract over 100 million unbanked Nigerians into the banking sector, using technology.

He said this would go a long way in deepening the financial sector and achieving the CBN’s goal of encouraging savings culture among the populace.

In a statement on Sunday, Jubrin was quoted as saying, “It is unfortunate that we have just about 30 million Nigerians within the banking sector, as captured by the Bank Verification Number project; this is alarming when we consider the number of Nigerians that should have bank accounts.

“We are determined to use technology to attract more Nigerians into the banking sector. We are very positive that this is possible and with the success in the telecommunication sector, we are sure, that our mobile banking applications will entice millions of able Nigerians into the sector.”

Jubrin said the success story in the telecommunications sector was enough to give the management of the new bank hope that their aim of banking millions of unbanked Nigerians using technology was achievable.

He promised that the bank would bring banking to customers’ home.

“We will be everywhere but we will be nowhere…We will offer telephone, mobile and Internet banking underpinned by the traditional banking ethics of probity and integrity,” the CEO added.

“The bank’s competitive edge will be the strong reliance on technology and it will be encouraging customers to access its services from the comfort of their homes and offices and as such the bank will not be engaging in a proliferation of branches.”

The SunTrust MD explained, “Our services will be available to our customers 24 hours daily, seven days a week and from anywhere in the world where there is a good Internet service.

“Even our data centre is outsourced, this way we will not have the overbearing requirement to put on the generator at our locations.”

According to the CEO, “we will not be emphasising physical security as we are making serious investment in cyber security instead.”

On the focus and strategy of the bank, the CEO said, “Over 90 per cent of banking transaction are being transacted electronically worldwide.

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.

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Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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Oil

The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020

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Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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