Business

Wema Bank Debunks False News, Says Cheque Forgery Allegation Is Not True

Published

1 year ago

August 4, 2022

Business Echo Magazine

…there was no court summons on Wema Bank MD

Olushola Okunlade Writes

The attention of Management of WEMA BANK PLC has been drawn to the trending news in the media to the effect that a Magistrate’s Court in the Federal Capital Territory (FCT), Abuja, had issued a warrant for the arrest of our Managing Director, MR. ADEMOLA ADEBISE, in connection with a Garnishee proceeding for the payment of a judgment debt on behalf of the Bayelsa State Government.

WEMA BANK PLC would like to use this medium to refute the allegations and dismiss the gross representation of facts in regard to the material facts, and the apparent breach of the principles of fair hearing before such order of the court was entered against our Managing Director.

WEMA BANK PLC wishes to state that, contrary to the facts presented before Her Worship, Mrs. Elizabeth Jones, the said set of five cheques for the total sum of N50m issued in protest based on pending applications before an Abuja High Court then, were in favor of the Chief Registrar FCT High Court, not in favour Barrister George Halliday, who claims the proceeds of the cheques. It is important to note that those cheques were not signed by MR. ADEMOLA ADEBISE had not assumed the position of the Managing Director of the bank at the material time the cheques were issued in favour of the Chief Registrar.

Furthermore, we would like to state that the five cheques issued in protest by our Bank were not dud cheques as alleged by the complainant. The cheques have only not been cleared for payment because of the subsisting Appeal at the Court of Appeal Abuja on the Garnishee proceeding which has now been decided in favour of the bank. It was after Barrister George Haliday lost at the Appeal Court that he resorted to a Magistrate Court in Abuja to lodge a complaint about the issuance of dud cheques. It is very worthy of note that the judgment debt against Bayelsa State Government, which Barrister George Haliday attempted to enforce by a garnishee proceeding, thereby leading to the issuance of the cheques in question had been settled by Bayelsa State Government via a Terms of Settlement between Barrister George Halliday and the Bayelsa State Government at the Supreme Court.

WEMA BANK wishes to state that the warrant for the arrest of MR. ADEMOLA ADEBISE is in violation of his fundamental rights to a fair hearing as he was never personally served with any process to appear before the Magistrate Court, nor was he represented in court. We are a law-abiding corporate citizen; if there was any court summons properly served on the Managing Director for his appearance in court, he would have done so without fail. But, in this case, there was no such service extended to him or any court processes personally served on him to appear in court until a warrant of arrest was issued in absentia. We view the arrest warrant as being an infringement on his fundamental rights.

We, therefore, refute and dismiss in their entirety the allegations of dud cheque and forgery leveled against our Bank and the Managing Director. We also dismiss the inappropriate issuance of a bench warrant on our Managing Director. We are already engaging in legitimate actions to seek redress and bring all the perpetrators of these unprofessional conducts and heinous criminal acts against our Managing Director and the bank to book.

Related Topics:#banks #financialanalysts #wemabank

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Business

FBNHoldings CEO, Nnamdi Okonkwo Bags Outstanding CEO Award

Published

2 days ago

September 19, 2023

Business Echo Magazine

L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

…as BusinessDay honours Top 25 CEOs Awards

Rashidat Okunlade Writes

Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.

Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.

FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

Business

Smartcash PSB Partners Simba Pay Limited, To Launch Inward International Remittance Service

Published

1 week ago

September 13, 2023

Business Echo Magazine

Smartcash PSB Partners With Simba Pay Limited, To Launch Inward International Remittance Service

Rashidat Okunlade Writes

Smartcash payment service bank, a subsidiary of Airtel Networks Nigeria, has entered into partnership with Simba Pay Limited, a Subsidiary of MFS Africa ” for inward International Remittance Services, which is designed to enable customers to receive money instantly from abroad into their Smartcash PSB Account

This partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash accounts, by simply sharing their phone numbers, which also serve as their account numbers. In today’s interconnected world, where global transactions are becoming increasingly common, Smartcash PSB has said it recognizes the need for a secure and efficient solution for its customers.

Managing Director, Smartcash PSB, Muyiwa Ebitanmi, while commenting on the newly launched inward international remittance services, said it is set to solve another challenge with receiving funds from family and friends abroad for the financially excluded, by providing a hassle-free and efficient solution for individuals and families in the diaspora looking to send money quickly to their loved ones in Nigeria.

“With cross-border transfers, Smartcash has brought unprecedented convenience and speed to international remittance, making it easier than ever for Nigerians to enjoy seamless transactions at a global scale via their Smartcash accounts. We are certain that this service will not only improve the financial well-being of our customers but also contribute to the economic growth and spending capacity of Smartcash account holders in the country,” Mr Ebitanmi remarked.

Speaking on the partnership, Martin Mbonu, Director (MNOs) MFS Africa , while expressing his enthusiasm for the launch, said, “We are excited to partner with Smartcash PSB on this launch as it visibly simplifies international money transfers for customers. This product offers a new level of convenience and efficiency, providing users with a faster and more accessible way to receive funds from the diaspora, and we are glad to be a part of this solution-centric initiative,” he said.

As Smartcash hits its one-year service milestone, the launch of the SmartCash PSB International Remittances Service marks a significant innovatory for both the company, its customers and the Nigerian payment service bank market at large. By providing a fast, affordable, and secure solution for international remittances, SmartCash PSB is empowering Nigerians to effortlessly support their families and loved ones, regardless of geographical boundaries.

Smartcash PSB was launched in 2022, following the need for the unbanked to access banking activities at their convenience. For this reason, the Central Bank of Nigeria granted the PSB license to entities and investors who seek to comply with its policies and obtain its objective, to enhance financial inclusion by increasing access to deposit products, payments, and remittance services to individuals, small businesses, low-income households, and other financially excluded entities.

Business

7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa

Published

1 week ago

September 12, 2023

Business Echo Magazine

7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa

Rashidat Okunlade Writes

The Aspire Coronation Trust (ACT) Foundation is gearing up to host the highly-anticipated 7th ACT Foundation Breakfast Dialogue (BFD) on October 5th, 2023, at the prestigious Lagos Oriental Hotel, Lekki Expressway, Victoria Island, Lagos.

The ACT Foundation Breakfast Dialogue has become a marquee event, drawing luminaries from diverse sectors, to tackle pivotal issues surrounding sustainable development in Africa. This year, the event takes on even greater significance as it zooms in on the transformative potential of Economic, Social, and Governance (ESG) strategies in advancing sustainable development.

Themed ‘Advancing Sustainable Development in Africa: Unleashing the Power of Environmental, Social, Governance Strategies for Impact, this year’s Breakfast Dialogue aspires to bring together an eclectic mix of leaders representing various sectors, all poised to engage in a deep dive into how ESG principles can be leveraged to propel the sustainable development of organisations and, consequently, Africa’s broader sustainable development agenda.

Osayi Allie, CEO of ACT Foundation, underscored the significance of this event, remarking, “The 7th ACT Foundation Breakfast Dialogue promises to be a game-changer, offering a unique platform for leaders in the public, private, and social sectors to decode the immense potential that Economic, Social, and Governance principles hold for organisations of various scales. Effective implementation of ESG practices by African institutions can make a monumental contribution to achieving sustainable development across the continent.”

The event’s keynote speaker, Oyeyimika Adeboye, Managing Director, West Africa, Mondelez International, will take centre stage to share her profound insights on this pivotal subject. She will be joined by an esteemed lineup of speakers, including Marilyn Obaisa-Osula, Associate Director, ESG and Sustainability Services, KPMG; Dr. Eugene Itua, CEO of Natural Eco Capital; Tendai Matika, Manager of the Global Reporting Initiative, Africa; and Mudrakat Alabi-Macfoy, Head of Sustainability and Circularity at Lagos State Waste Management Authority (LAWMA).

One of the day’s high points will be the unveiling of the finalists and winners of the 2023 ACT Foundation Changemakers Innovation Challenge. These exceptional individuals and organisations will secure grant funding and technical support from ACT Foundation, empowering them to amplify their innovative solutions and projects within targeted communities.

Interested participants can click here to register for the virtual session.