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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

At Polaris Bank IWD Webinar, Guest Speakers Advocate Empowering Opportunities for Women

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Polaris Bank

Polaris Bank’s International Women’s Day (IWD) webinar themed: ‘Empowering Voices: Women Leading Change,’ offered a dynamic platform for insightful conversations. 

The 2024 International Women’s Day (IWD) theme “Inspire Inclusion,” recognizes that despite progress made, women face significant obstacles to achieve equal participation in the economy.

Held on March 12, 2024, at the Bank’s Victoria Island, Lagos headquarters, the webinar featured a distinguished panel of experts who discussed various aspects of women’s empowerment and inclusivity. The event witnessed participation from customers and staff alike.

The two guest speakers, who focused on inclusion in the workplace and inclusive health, did a phenomenal job.

The two panelists drawn from diverse fields, delved into crucial topics such as; self-esteem, mental wellness, workplace policies, and the importance of inclusive infrastructure.

They emphasized the need for collaborative efforts from all segments of society to support women in realizing their aspirations.

Ms. Solape Akinpelu, CEO and co-founder of HerVest, a fintech company, highlighted the significance of inclusivity and called for concerted action to dismantle societal narratives that undermine women’s capabilities.

She stressed that women are not helpless and advocated for proactive measures to counter sub-conscious biases.

On her part, Dr. Ifeyinwa Nwakwesi, CEO of Healthy Living Services Nigeria Ltd., provided valuable health tips for women to balance their professional and family lives; while prioritizing their well-being.

Dr. Nwakwesi underscored the pivotal role of women in maintaining family health and urged them to shield themselves from undue pressures.

Earlier in his opening remarks, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal emphasized the indispensable contributions of women to societal progress and economic development.

He reaffirmed the Bank’s commitment to fostering an inclusive workplace culture that values diversity and empowers women to excel.

Reflecting on the global theme of IWD 2024, “Inspire Inclusion,” Lawal highlighted the importance of creating a culture where everyone feels valued and respected.

He reiterated Polaris Bank’s dedication to providing a conducive work environment for its female workforce, free from biases and discrimination.

In her own contribution, Bukola Oluyadi who has oversight on Sustainability in Polaris Bank, emphasized the importance of connecting with women in the workplace. According to her, when women feel appreciated and encouraged to bring their best to the table, it enhances their sense of value and contribution.

The webinar concluded with a call to action for all stakeholders to prioritize inclusivity and collaborate towards creating equitable opportunities for women in all spheres of life.

Polaris Bank, was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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Banking Sector

Nigerian Banks Forbidden from Using Forex Revaluation Gains for Dividends, Operations – CBN

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Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has issued a directive reaffirming the prohibition on Nigerian banks from utilizing foreign exchange (forex) revaluation gains for dividends or operational expenses.

The circular, signed by the acting Director of the Banking Supervision Department, Adetona Adedeji, emphasized the necessity for banks to exercise prudence by setting aside forex revaluation gains as a counter-cyclical buffer against adverse movements in the exchange rate.

This latest directive follows a previous letter dated September 1, 2023, where the CBN initially instructed banks to refrain from using such gains for dividends or operational costs.

The CBN’s unwavering stance underscores the importance of safeguarding the financial stability of Nigerian banks amidst evolving economic conditions.

Forex revaluation gains occur when there’s an increase in the value of a bank’s assets and liabilities denominated in foreign currency due to exchange rate fluctuations.

While such gains may present an opportunity for financial flexibility, the CBN maintains that they must be reserved for mitigating potential risks rather than being allocated for dividends or operational expenses.

The regulatory move aims to ensure that Nigerian banks maintain robust financial resilience and remain adequately capitalized to withstand market volatilities.

By adhering to these guidelines, banks are positioned to navigate uncertainties in the forex market and uphold their stability within the broader financial ecosystem.

The CBN’s directive serves as a critical reminder to banks of their responsibility to prioritize prudence and financial soundness, especially in light of recent economic challenges.

Compliance with these regulations is crucial for fostering long-term sustainability and resilience in Nigeria’s banking sector.

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Banking Sector

Aigboje Aig-Imoukhuede’s Return Sparks Investor Confidence, Access Holdings Shares Rise

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Access bank

The resurgence of investor confidence in Access Holdings Plc’s shares comes on the heels of the appointment of Aigboje Aig-Imoukhuede as the chairman of the financial group.

Access Holdings, trading under the AccessCorp ticker on the Nigerian Exchange, gained 1.52% on Thursday, reflecting a positive market sentiment following Aig-Imoukhuede’s return to the helm.

Aig-Imoukhuede’s reemergence into the fold of Access Holdings has reignited optimism among investors, propelling the company’s shares from N23 to N23.35.

The volume of stocks traded also saw a significant increase, reaching 25,273,345 units compared to the previous session’s 18,240,481 units, signifying heightened interest in the company’s prospects under his leadership.

The veteran banker and former managing director of the Access Bank Group, Aig-Imoukhuede, assumes the chairmanship role, succeeding Mr. Abubakar Jimoh.

Aig-Imoukhuede’s return to Access Holdings comes a decade after his departure, following the tragic passing of his friend and co-founder, Herbert Wigwe.

His appointment heralds a new chapter for the financial group, underlining his commitment to realizing the shared vision he once championed alongside Wigwe.

In response to his appointment, Aig-Imoukhuede expressed enthusiasm about rejoining the Access Group ecosystem, emphasizing his confidence in delivering outstanding value to stakeholders.

His reassurance resonates with investors, who anticipate a strategic direction that aligns with the company’s growth trajectory and reinforces its position in the market.

As Access Holdings charts its course under Aig-Imoukhuede’s stewardship, the recent surge in share prices reflects not only investor confidence but also a renewed sense of optimism surrounding the company’s future prospects in the Nigerian financial landscape.

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