FLYCOMNEWS

Ecobank Introduces Omni Lite Busines An application for businesses known as Omni Lite App, which is aimed at enhancing the banking experience of commercial banking customers, has been launched by Ecobank Nigeria. The lender assured in a statement that the “Ecobank Omni Lite App is a highly secure, world-class and integrated electronic banking platform designed to help clients manage their business accounts online in a secure, flexible, efficient and convenient manner.” The mid-level bank further said the application “is a fully integrated multi-geography, multi-lingual and multi-currency online, web-based cash management platform” and has been enabled to work well across the 33 African countries where the bank operates. “With the new Omni Lite App, users can view their accounts and transactions in one place, make payments and pay bills with ease, set up multiple users with different access launch, make and manage loan payment, book time deposits and view exchange rates. “This electroni...

  First Bank Set to Enhance Customers Palliative Measures-Flycomnews   Customers of First Bank of Nigeria Limited have been assured enhanced palliative measures to help them overcome the hardship caused by COVID-19 pandemic. This assurance was given by the CEO of the bank, Mr Adesola Adeduntan, at the company’s virtual Corporate Customers forum webinar held on Thursday. The banker said the one of the palliatives was the introduction of moratorium by the financial institution to give customers more time to repay their loans. Speaking on how the lender plans to survive the tide, he the company will optimally maximise the opportunities from the disruptions occasioned by the Coronavirus on the economy to its advantage by reducing the cost of doing business. “COVID-19 is giving business leaders an opportunity to rethink on an established wisdom. “It is a major crisis that we need to deal with and we must change it from a bad to good crisis. It offers an opportunity to reinvent our ...

By:Flycomnews The attention of Stanbic IBTC Bank PLC (“the Bank”) has been drawn to a publication by various online media, which purports to indicate that Ascon Oil Limited (“Ascon”) ‘retook possession’ of a property along Lekki Admiralty Way, pursuant to an alleged Court Order issued in their favour.  This is certainly a gross misrepresentation by Ascon, as no Court Order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a Petrol Station validly belonging to a third party, in total defiance and disregard of Ruling of Justice Liman of the Federal High Court on 24 July 2020. Please take note that the Federal High Court had on 24 July 2020, clearly REFUSED to grant Ascon’s Application to set aside the Order earlier granted to the Receiver appointed by the Bank to take possession of the Petrol Station located on Lekki Admiralty Way, Lekki Phase 1 Lagos. In total contempt of the Ruling by the Federal High Court, the Directors of Asc...

 By :Flycomnews Wema Bank, one of the leading innovative banks in Nigeria, has continued in its responsibility to support fight against the ongoing global health crisis. In another dimension, the Bank has made available SME loan products that are collateral free to support businesses. Businesses in need of working capital finance can get up to N10 million without collateral to meet their short-term business needs. This facility is available for business owners who are in segments such as trade /general commerce, schools, pharmacies, hospitals, clinics and diagnostic centres. Also, in the Bank’s quest to enhance reach and accessibility of these facilities, it has made it available to both new and existing customers of the Bank (including those doing business with their personal names). Following the recent donation of palliatives to several affected communities, Wema Bank has now intensified efforts to mitigate the impact of the coronavirus pandemic by also providing these products ...

  STAKEHOLDERS ADVOCATE RIGHT PRICING FOR AVIATION GROUND HANDLING SERVICES AT AGHAN WEBINAR Nigeria’s leading Aviation Ground Handling companies; Aviation Handling Services (AHS), Nigerian Aviation Handling Company Plc (Nahco Aviance) and the Skyway Aviation Handling Company (SAHCO) Plc have been urged to consider price adjustment, instead of price increase, in order to survive the effects of the current pandemic, Covid-19. A former Director General of the Nigerian Civil Aviation Authority (NCAA), Dr. Harold Demuren, made the call recently during a webinar organized by the Association of Aviation Ground Handlers (AGHAN). The webinar titled, ‘The Impact of COVID -19 on the Nigerian Aviation Ground Handling Industry: Safety, Rates, Regulation’ was well attended by key players in the aviation industry. Demuren, who was one of the panelists, emphasized that foreign airlines should pay the dollar equivalent for ground handling services rendered to it in order to ensure the survival of ...

The pandemic forces firms to downsize and cut their wage cost to cope with the adverse economic realities, First Bank of Nigeria Limited (FirstBank) is bucking the trend with a different approach that puts its staff first, writes Segun Adams. In a pandemic year where employees are agreeing to pay cuts to keep their jobs and businesses are either downsizing or simply liquidating, First Bank of Nigeria Limited is an outlier, taking an unusual approach to demonstrate how organisations can still ensure the best outcomes for both employer and employees. The first-tier lender last Friday promoted a crop of its staff across all levels in a rare show of corporate resilience in the banking industry and beyond, both locally and across the borders. According to FirstBank, keeping staff motivated during these unprecedented times is not only crucial for the soul of businesses, but it also demonstrates corporate responsibility. In the wake of the new coronav...

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider is set to reward customers for Verve Card usage in its Free Fuel Promotion. The Free Fuel promo which is activated by FirstBank in collaboration with Verve International and Oando Plc. kicked off on Monday, 6 July 2020 to Friday, 24 July 2020 between 6 am and 6 pm. In the promo, for a minimum of N3,000 fuel purchase, FirstBank Verve Cardholders will receive 5 extra litres of fuel for FREE instantly at selected Oando Fuel Stations across Lagos every Monday, Tuesday and Thursday. The Oando fuel stations where the promo will run are Abijo   (Lekki Stillwaters), Fola-Agoro, Maryland, Agege-Bypass, Lakowe, Lawanson, Ojodu- Berger, Alapere, Shiro Road (Fadeyi Ikorodu Rd.), Awolowo Rd (by Fire Service), Marina, and Tradefair stations. Verve card is a secure debit card that allows the cardholder to conveniently meet day to day financial needs such as payment for goods and services, ...

Widely reputed as the longest surviving and most resilient indigenous bank in Nigeria, Wema Bank Plc, according to its corporate philosophy, “has over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.” But recent development is threatening the bank’s ambition and reputation “to give every customer a delightful and memorable service experience.” According to the document received by the Nigerian Guild of Investigative Journalists, NGIJ, Niger State governor, Alhaji Abubakar Sani-Bello in a letter dated 23/07/2015 from the office of the Permanent Secretary, Ministry of Finance, Malam Zakari Abubakar appointed Ori Adeyemo, a Lagos based forensic expert as consultants to investigate deductions of unremitted 10% Withholding Tax on Credit Interest by some banks operating in the state. However, an instruction was passed by the then Finance Ministry Permanent Secretary to its supervised Niger State B...

Ecobank defects TAT ruling Ecobank Nigeria has defected the Tax Appeal Tribunal (TAT) ruling that it pays tax on the N5.54 billion divided declared by the lender in its 2015 financial year. In a statement, the bank faulted the report released by the Federal Inland Revenue Service (FIRS) on the judgment of the TAT, saying it will appeal the ruling. Ecobank clarified that the there is a disputed tax liability between the bank and the FIRS for the 2015 financial year. “For purposes of clarity, the decision of the TAT was for the bank to pay excess dividend tax on the dividend sum of N5,545,000,000 declared by the bank from its 2015 financial accounts. Based on the decision  of the TAT, the excess dividend tax liability is N1,311,673,367 and not N1.6 billion,” it said. “The bank will be appealing to the Federal High Court against the decision of the TAT as it believes, based on advice from its professional consultants, that the dividend declared r...

. Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued in its efforts to support the Federal Government’s drive to achieve a 95 percent financial inclusion rate by 2024. The foremost financial institution reaffirmed its commitment to further deepen financial inclusion in the country during the masterclass session tagged “Tech and Financial Inclusion” at the Social Media Week (SMW) Lagos. This event kicked off on Monday, 24 February 2020 at Landmark Centre, Lagos. In his opening remarks, Wole Adeniyi, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC said that the organization was working effortlessly to overcome the challenge of bringing the financially excluded, especially the informal sector, into financial inclusion. He said: “Stanbic IBTC Bank PLC is driving financial inclusion through value-added services and our @ease wallet is one of the platforms we have created to reduce friction and ensure that customers get access at sc...