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Banking Sector

Banks Turning Female Marketers to Sexual Slaves – Senator

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First Bank

Banks Turning Female Marketers to Sexual Slaves – Senator

The Senate, on Thursday, considered a bill seeking to stop employers in the private and public sectors from engaging employable Nigerian graduates as casual workers.

The Prohibition of Casualisation Bill 2020 was sponsored by Senator Ayo Akinyelure.

Akinyelure said casualisation of Nigerian graduates in the Nigerian labour market had become a subject of great concern.

He said more workers continued to groan under this immoral strategy of cutting cost by employers rendering them inferior to their counterpart in other countries of the world.

He said, “Statistics from the Nigeria Labour Congress shows that many workers in the telecommunications, oil and gas sectors are engaged as casual labourers by employers of labours.

“Other sectors with thousands of casual labourers include mining, steel, banking and insurance.”

Akinyelure while citing the banking industry as a hub for casualisation, blamed banks for turning female marketers into harlots and sexual slaves in a desperate attempt by them to keep their jobs and meet unrealistic deposit targets.

He said, ‘In the banking and insurance industry, for instance, many young graduates particularly females are employed as marketers and given unrealistic customer deposit targets running into millions.

“They are hired and fired at will when such unrealistic targets are not met.

“The female among them who are desperate in keeping their jobs turn to harlotry and sex slavery.

“They, move from one office to the other looking for invisible customers who have large funds to enable them meet their targets.

“It is high time this evil and devilish act is stopped.”

Senator Biodun Olujimi said, “Our girls have been turned into what we cannot imagine.

“Most of them have been asked to look for funds, and when they come to us, I always tell them, I do not even have the funds to eat; how can I have funds to keep with you in the bank?

“They will never be promoted if they don’t bring in such funds, and this is a banking industry that is privately owned, yes, but has made so much profit, and from the profit they could at least take the few that they can manage properly, rather than take a lot that they will be giving pittance.”

The lawmaker harped on the need to have a legal framework to ensure that casualisation did not exist.

The Senate President, Ahmad Lawan, in his remark charged the Committee on Employment, Labour and Productivity to strike a balance in the bill to ensure that casual workers in the country were not made victims of layoffs.

After scaling second reading, the bill was referred to the Committee on Employment, Labour and Productivity to report back within four weeks.

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.

Banking Sector

Peter Obaseki Retires as Chief Operating Officer of FCMB Group Plc

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FCMB

The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

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Banking Sector

COVID-19: CBN Extends Loan Repayment by Another One Year

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Central Bank Extends One-Year Moratorium by 12 Months

The Central Bank of Nigeria (CBN) has extended the repayment of its discounted interest rate on intervention facility by another one-year following the expiration of the first 12 months moratorium approved on March 1, 2020.

The apex bank stated in a circular titled ‘Re: Regulatory forbearance for the restructuring of credit facilities of other financial institutions impacted by COVID-19’ and released on Wednesday to all financial institutions.

In the circular signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, CBN, the apex bank said the role-over of the moratorium on the facilities would be considered on a case by case basis.

The circular read, “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.

“Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.

“Following the expiration of the above timelines, the CBN hereby approves as follows:

“The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.

“The role-over of the moratorium on the above facilities shall be considered on a case by case basis.”

It would be recalled that the apex bank reduced the interest rate on its intervention facility from nine percent to five percent and approved a 12-month moratorium in March 2020 to ease the negative impact of COVID-19 on businesses.

To further deepen economic recovery and stimulate growth, the apex bank has extended the one year-moratorium until February 28, 2022.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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