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Wema Bank Affirms Its Adherence, Best-in-Class Governance Processes

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Wema Bank Affirms Its Adherence, Best-in-Class Governance Processes

Wema Bank

Wema Bank Affirms Its Adherence, Best-in-Class Governance Processes

Nigeria’s leading digital bank, Wema Bank Plc, has reassured its stakeholders that it continues to operate with best-in-class governance processes.

The bank also faulted the premise on which a non-governmental organization, Transparency Nigeria Group, asked the Central Bank of Nigeria (CBN) to remove its Managing Director/CEO, describing the call as baseless.

The bank reassured its customers and stakeholders that it has and would continue to operate with the highest level of corporate governance, following all rules, policies, and procedures.

“We have no links to any political party and neither are we agents, allies, or proxies of any politicians in the country. We are a financial institution solely committed to financial intermediation to enable and fast track the socio-economic development of the country,” the bank said.

The statement further explains that Wema Bank’s observance and strict adherence to due diligence and extant rules and regulations is why it is the oldest surviving indigenous bank in Nigeria.

Pro Joshua Iginla’s Prophetic message On Tinubu’s Presidential Ambition (Video)

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Pro Joshua Iginla’s Prophetic message On Tinubu’s Presidential Ambition (Video)

Pro Joshua Iginla’s Prophetic message On Tinubu’s Presidential Ambition (Video)

The clergy with the prophetic mantle, Abuja-based General Overseer of Royal Champions Assembly, Prophet Joshua Iginla has said, only God can stop Tinubu’s presidential ambition and that he is a major factor in the equation of things.

The clergyman during his prophetic release for 2022 said God told him Tinubu will be a great factor in the forthcoming 2023 election. “God said something to me that is very deep. The man called Bola Ahmed Tinubu is a factor in the equation and you can not remove him and you cannot push him aside. You cannot drive him backward or push him aside, except God pull him out of the equation. You cannot remove him by human means. If you push him aside, you will know that a factor has been removed from the equation, the only thing that can move him is God. Only God stops him. I’m not speaking in favor of anybody but I’m saying what I’ve seen and will leave the rest for God,” Prophet Iginla said

 

And it would be recalled that after months of speculation, the national leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu has formally declared his intention to run for the country’s number one office in 2023, confirming the rumor that he has informed President Muhammadu Buhari and Vice President Yemi Osinbajo of his ambition.

 

Speaking with newsmen after he emerged from a closed-door meeting with President Muhammadu Buhari in the Presidential Villa, Abuja, Tinubu said he plans to actualize his ambition under the platform of the ruling APC. He said it has been his life-long ambition to lead the country one day.
He also shrugged the question of a potential race for the APC ticket between him and Vice President Yemi Osinbajo, whose support groups have since begun mobilizing for his candidacy.

Boko Haram attacked Chibok, killing many people and setting houses on fire.

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Boko Haram attacked Chibok, killing many people and setting houses on fire.

Boko Haram attacked Chibok, killing many people and setting houses on fire.

NewsReport gathered that many people of Kautikari, a town in Borno State’s Chibok Local Government Area, were presumed dead when militants from the Islamic State-backed Boko Haram offshoot, the Islamic State West Africa Province, stormed the settlement.

A resident told SaharaReporters that the terrorists, who arrived in ten gun trucks, invaded the village about 8:00 p.m. on Friday and promptly set fire to residences.

 

“They are burning numerous buildings as we speak, and it is late at night; you should be aware of the terrain in this area.” We don’t know how many individuals have died, but three have been confirmed deceased.

“They came in this evening and started shooting sporadically. Most of the villagers have run into the bush,” the resident told SaharaReporters on phone.

 

Since the death of JAS leader, Abubakar Shekau, ISWAP has been consolidating its grip in locations around Lake Chad.

 

Just recently, it appointed Wali Sani Shuwaram, a 45-year-old as the new leader of ISWAP in Lake Chad.

 

The sect’s membership has swollen with the defection of hundreds of Boko Haram fighters under Shekau.

 

The Nigerian Army has repeatedly claimed that insurgency had been largely defeated and frequently underplays any losses.

 

The terror group has caused over 100,000 deaths and displaced millions of individuals mainly in Adamawa, Borno, and Yobe states.

Bandits were paid N250 million by the Nigeria Baptist Convention to release an abducted Bethel student.

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Bandits were paid N250 million by the Nigeria Baptist Convention to release an abducted Bethel student.

Bandits were paid N250 million by the Nigeria Baptist Convention to release an abducted Bethel student.

 

NewsReport gathered that the Nigeria Baptist Convention paid N250 million to bandits to secure the release of abducted Bethel School students.

The Nigeria Baptist Convention has revealed that it spent N250 million to secure the release of students kidnapped by terrorists from Bethel Baptist College in Kaduna in 2021.

 

According to Tribune, the President of the Nigeria Baptist Convention, Rev Dr Israel Akanji, made the announcement in Gombe on Friday during the 2022 International General Workers Conference for the North-East, which was held at the First Baptist Church in Gombe.

 

Gunmen raided the church-owned school in Damishi, Kaduna, in the early hours of Monday, July 5, 2021, and abducted 121 children.

 

Akanji also scored the fight against insecurity by President Muhammadu Buhari-led’s administration as below par considering the number of innocent lives of Nigerians that have been lost through various acts of banditry and insurgency.

 

He said, “Initially we didn’t want to spend money, we didn’t believe in spending any money, that was how we began. I even said openly that we will not spend money but I am also saying it openly now that we have had to spend money, we were forced to spend money.

 

“When our children spent one month and did not come and these bandits were telling us that they will start killing our children one by one, then we had to weigh between our money being in our pockets and our children dying or our children being released to us and we losing our money so, preferred to lose the money since the government will not help us we had to resort to self-help, that was what happened and we had to spend so much money.

 

“There is no doubt in our minds, there is no one that convinces many of us that this administration has done enough on security. We are not saying that they have done nothing, they have been saying that they are doing their best but we are saying that their best is below the belt, far below our expectations.

 

“Whoever is going to be the next president of Nigeria must be ready to confront the insecurity in our land. For as long as some people are free to be carrying guns and be killing people while others are arrested for carrying the same thing, then there is a problem of injustice in the land.

 

“Arrest is discriminatory, you can see clearly in Nigeria, you don’t need to be told that someone like me will still be hiding and not saying the truth, it is a shame on the entire nation. At this level, we must say the truth to ourselves, the insecurity of this nation has been propelled by the high level of impunity.”

See why Apostle Johnson Suleman gives his ten-year-old cook a new home (Photo, Video)

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See why Apostle Johnson Suleman gives his ten-year-old cook a new home (Photo, Video)

Apostle Johnson Suleman

See why Apostle Johnson Suleman gives his ten-year-old cook a new home (Photo, Video)

Apostle Johnson Suleman, the General Overseer of Omega Fire Ministries, has surprised his cook, who has lived with him for over ten years.

NewsReport gathered that the priest claimed in a brief video uploaded on Instagram that the woman caught the fire of Christianity while staying at his home.


Kneeling in front of the altar, the man of God requested that the photograph of the house be displayed on the screen. The woman’s pleasure knew no bounds when Apostle Suleiman handed her the documentation of the house. Churchgoers screamed in delight as well.

 

Northern Group Cautioned Tinubu, Insisted On Osinbajo, Zulum Ticket In 2023

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Northern Group Cautioned Tinubu, Insisted On Osinbajo, Zulum Ticket In 2023

Tinubu

 

Northern Group Cautioned Tinubu, Insisted On Osinbajo, Zulum Ticket In 2023

NewsReport gathered that following his statement of intent to run in the 2023 presidential election, a group called Northern Conscience 4′ 2023 (NC4’2023) warned former Lagos State governor and All Progressives Congress (APC) national leader, Senator Bola Tinubu, on Thursday in Abuja, to give a younger candidate a chance.

 

In an interview with journalists, the group’s National Coordinator, Dr. Garus Gololo, described Tinubu as a father figure of the ruling APC “who, with his age, should keep his position as a party leader whose attention should be on grooming the younger ones.”

 

According to him, while genuine APC members have the right to run for president on the party’s platform,

According to him, while it is the right of bonafide members of the APC to seek to contest the presidential election on the party’s platform, it is, however “not good for a lion to fall down. But when it runs into an Elephant, it is most likely to drop.”

Yemi Osinbanjo

The NC4’2023 disclosed that results of a nationwide consultation conducted among party stakeholders revealed the Vice President, Professor Yemi Osinbajo, and the Borno State Governor, Professor Umar Zulum, as preferred choices for the party’s presidential and vice-presidential candidates, respectively.

 

Gololo also disclosed that Osinbajo “has so far demonstrated loyalty and humility as the Vice President, thereby making the executive rancor-free.

 

He also has displayed immense capacity in handling the economy especially, considering his role and contributions as Chairman of the National Economic Council.”

 

While insisting that he does not have a close relationship with both men, Gololo further urged younger Nigerians with proven capacity to join in the move to ensure a professor and professor presidency In 2023.

 

This he hoped will bring about infrastructural and economic development for the country, while placing Nigeria on the path of pairing up with the rest of the 21st-century world.

Pro-Osinbajo Group Seeking Ilorin Emir’s Support in 2023

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Pro-Osinbajo Group Seeking Ilorin Emir’s Support in 2023

Prof-Yemi-Osinbajo

Pro-Osinbajo Group Seeking Ilorin Emir’s Support in 2023

NewsReport gathered that members of the National Coalition Group were in Ilorin, Kwara State, on Wednesday, seeking the support of the Emir of Ilorin, Ibrahim Sulu-Gambari, or Vice President Yemi Osinbajo’s presidential ambition.

Dr. Eli Dibia, the group’s head, asked the Emir to help canvass for the election of a president for all Nigerians in 2023.

 

“We are at Ilorin to seek the support of the Emir for Osinbajo.” “The Emir should help canvass for a president who would be for all Nigerians and who will build on President Buhari’s legacies,” he said.

 

Dibia stated that Osinbajo is still the greatest presidential candidate the All Progressives Congress can field in the 3023 presidential elections.

Warning the APC leadership against fielding a wrong candidate for the elections, Dibia posited,” The only person that the opposition is afraid of is Osinbajo. If we make the mistake of not fielding appropriate candidate, APC may lose to the opposition.”

 

Eulogising Osinbajo’s leadership qualities, the team leader pointed out that the vice president drafted the legal framework for the development of Lagos.

 

“He ( Osinbajo) understands the economy. He has the capacity to serve Nigerians. He’s a loyal VP. We want a servant president,” he added

 

Responding, the Emir of Ilorin, Alh Ibrahim Sulu-Gambari prayed to God to grant the country a peaceful transition in 2023.

 

While acknowledging the federal government’s efforts at curtailing various security challenges confronting the country, the monarch prayed for the restoration of peace to all the nooks and crannies of the country.

 

He thanked the pro- Osinbajo presidency team for the visit and wish them well in their programs

As the price of oil rises to $85 per barrel, Nigeria will have to pay a higher subsidy.

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As the price of oil rises to $85 per barrel, Nigeria will have to pay a higher subsidy.

Oil Rig

As the price of oil rises to $85 per barrel, Nigeria will have to pay a higher subsidy.

NewsReport gathered that as oil prices rose again yesterday, reaching a two-month high amid expectations that a lack of production capacity and restricted investment in the sector will push petroleum to between $90 and $100 per barrel this year.

Specifically, limited supply and easing fears over the potential impact of the Omicron on demand combined to drive up prices, with Brent selling for $85.04 a barrel yesterday and US West Texas Intermediate (WTI) crude futures rising to $82.90.

However, the news is both good and bad for Nigeria, which should normally earn more foreign cash from the sale of petroleum but now has to pay more for gasoline subsidies.

 

There is a positive relationship between the international prices of the commodity and the pump price of petrol in Nigeria.

 

On December 22, the National Assembly approved an N17.126 trillion ($38 billion) budget for 2022, anchored on an oil price benchmark of $62 per barrel.

 

The approved oil price assumption was higher than the $57 per barrel price that President Muhammadu Buhari had proposed to the parliament on October 7 and also higher than the oil price benchmark of $40 per barrel adopted by the government for the 2021 budget.

 

Nigeria retained the oil production target of 1.88 million BPD, including condensate production of between 300,000-400,000 BPD, for the purpose of its revenue calculation in 2022.

 

While oil exports account for about 80 percent of Nigeria’s foreign exchange revenue, the country has battled with a sharp drop in revenue amid a drop in crude oil production for months.

 

Potentially, Nigeria has the capacity to pump around 2.2 million BPD of crude and condensate, but in recent months its output has been weakened to below 1.55 million BPD.

 

The country’s crude oil production averaged 1.42 million BPD in November, according to an Organisation of Petroleum Exporting Countries (OPEC) survey. So, Nigeria has not been able to reap the expected gains since the country cannot meet its allocation.

 

Brent prices have not touched $90 and $100 since 2014 when they were retreating from a record high above $115 to as low as $57 by the end of the year.

 

The OPEC+ oil producers have continued to hold back more than three million barrels per day (BPD) in output, although it continues to raise output targets each month.

 

Meanwhile, the US Energy Information Administration (EIA) has upgraded its oil demand outlook, for the Short-Term Energy Outlook (STEO), saying that crude oil prices will fall from 2021 levels.

 

In the fourth quarter of 2021, the price of Brent crude oil, the international pricing benchmark, averaged $79 per barrel. “We forecast that the price of Brent will average $75 per barrel in 2022 and $68 per barrel in 2023,” the EIA stated.

 

The agency said it expects global petroleum production to increase by 5.5 million BPD in 2022, driven by production increases in the United States, OPEC, and Russia, which together account for 84 percent, or 4.6 million BPD, of the growth.

 

“We forecast increased tight oil production in the United States and gradually increasing crude oil production from OPEC+ (which includes OPEC members and Russia) will account for most of the increased crude oil production,” it added.

 

According to the organization, global petroleum consumption will increase by 3.6 million BPD in 2022, driven by more consumption in the United States and China, which together account for 39 percent of the consumption growth.

 

Also, Morgan Stanley in a note, stated that with the prospect of depleting crude inventories and low spare capacity by the second half of 2022, and limited investments in the oil and gas sector, the market will have little margin of safety.

 

In the same vein, JPMorgan analysts said Wednesday that they could see oil prices rising by up to $30 after the EIA lowered OPEC capacity estimates for 2022 by 0.8 million barrels per day (BPD) and 1.2 million BPD respectively.

 

The bank added that it also expects oil prices to “overshoot” to $125 a barrel this year, and $150 in 2023.

 

In the same vein, Rystad Energy’s said if OPEC was disciplined and wanted to keep the market tight, it could boost prices to $100.

 

But the Omani Oil Minister, Mohammed Al Rumhi, has agreed with the Group Managing Director of the Nigerian National Petroleum Company (NNPC), Mallam Mele Kyari that oil at $100 may be bad for the market. “The world is not ready for that,” Al Rumhi was quoted as saying by Bloomberg.

 

Kyari had said that the commodity at $50 to $60 was good for Nigeria, so as not to compel its customers to begin the search for alternatives.

 

Standard Chartered, meanwhile, has raised its 2022 Brent forecast by $8 to $75 a barrel and its 2023 Brent forecast by $17 to $77.

Marwa Applauds NAOSRE As Operatives Nab Skit Maker, Others In Lagos Raids

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Marwa Applauds NAOSRE As Operatives Nab Skit Maker, Others In Lagos Raids

NAOSRE

Marwa Applauds NAOSRE As Operatives Nab Skit Maker, Others In Lagos Raids

The Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency, NDLEA, Brigadier General Mohamed Buba Marwa, ret’d, has applauded the supportive role of the National Association of Online Security Reporters, NAOSRE to his administration in the year 2021.
Speaking during an interactive session with NAOSRE President, Comrade Femi Oyewale Wednesday afternoon, Marwa noted with satisfaction that NAOSRE has been an integral part of the agency’s struggle to exterminate the activities of illicit drug agents.
“With NAOSRE, there has never been a dull moment. We appreciate the leaders and members for their patriotic supports of our activities in NDLEA,” he stated.
However, Marwa who spoke through his director of publicity, Mr. Femi Babafemi sought further co-operation in the year 2022.
He stressed that President Muhammadu Buhari’s commitment to make Nigeria a choice country to foreign investors can only be actualized when the media plays its noble role and key into NDLEA’s fight against illicit drugs and its peddlers.
He emphasized that NDLEA’s struggle to reduce the demand and supply of illicit drugs across the length and breadth of Nigeria is a task for all patriotic Nigerians including the media.
Earlier, the NAOSRE President commended the efforts of the agency. He urged Marwa and his men to deploy more technologies in its operations.
In his overview, Oyewale projected a positive outlook in the year 2022. He reassured NAOSRE’s continuous support to security agencies so that the critical objective of a safer Nigeria can be achieved.
Meanwhile, operatives of the National Drug Law Enforcement Agency, NDLEA, in the early hours of Wednesday, January 12, arrested a skit maker, Sunday Joshua, popularly known on social media as De-General, following the raid of a notorious drug joint at Orchid Estate, Lekki area of Lagos state.
Acting on credible intelligence, narcotic officers stormed the drug joint in the estate, where three suspects were arrested with illicit drugs including 200 sachets of 225mg Tramadol and 1.5kilograms of cannabis Sativa. In the course of the operation, some persons including the suspected dealer ran away with bags suspected to contain exhibits.
A trial showed they ran into a house located at 2B Saula Akinlolu way, Orchid estate, which is the residence of 22-year-old Sunday Joshua (aka De General). The young men started to make noise to prevent a search. The operatives introduced themselves as officers of NDLEA and submitted themselves for search before entry. This was done and a search was conducted.
The search led to the recovery of drug exhibits including cannabis Sativa; Tramadol 225mg, and some paraphernalia for drug use. This was after the suspect had requested to record on video the search, which the officers out of a sense of civility allowed. The video trending on social media was the moment the suspect and his friends decided to disrupt the bid to conduct a search of the house.
In his confessional statement in custody, the suspect admitted ownership of the drugs recovered from his house.

Wema Bank Ranked among Customer Experience Leaders by KPMG

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Wema Bank Ranked among Customer Experience Leaders by KPMG

Wema Bank Ranked among Customer Experience Leaders by KPMG

The support of Nigeria’s leading digitally-driven financial institution, Wema Bank, for Small and Medium Enterprises (SMEs) has been recognized in the 2021 KPMG Nigeria Banking Industry Customer Experience Survey.

The report classifies Wema Bank as number three in SME Banking, this is three places higher than the bank’s 2020 classification.

Wema Bank has been consistent in its drive to support the growth and development of SMEs in the country. The bank has initiated several financial and advisory support programs to boost SMEs, some of which include: Single-digit loans for women, uncollateralized loans for SMEs, quarterly SME webinars, access-to-market initiatives, and a plethora of other advisory and support services

In the last year, Wema Bank pioneered the establishment of the first bank-led SME business school in the country, aimed at boosting critical knowledge and capabilities for SMEs at no cost to beneficiaries. The business school which enjoys the support of the Frankfurt School of Finance and Management, Germany, has reputable consultants and organizations such as Ernst & Young, MTN, Microsoft, Google, Agusto, etc. facilitating the program.

The KPMG survey ranked banks using the six pillars of customer experience excellence, including integrity (being trustworthy and engendering trust), resolution (turning a poor experience into a great one), and expectations (managing, meeting, and exceeding customer’s expectations. The others were empathy (understanding the customer’s circumstances to drive deep rapport), personalization (using individualized attention to drive emotional connection), and time and effort (minimizing customer effort and creating frictionless processes).

In a statement on the survey report, KPMG said, “This year’s leaders show digital banking excellence and have adapted well to higher transaction volumes and complaints.”

Commenting on the bank’s KPMG ranking, the Managing Director/CEO, Wema Bank, Ademola Adebise, said it was an affirmation of the bank’s commitment to the growth and well-being of SMEs as critical contributors to the economy.

He said, “At Wema Bank, we recognize SMEs as an important part of the economy, and we are always on the lookout for their well-being. We are happy that the SMEs acknowledge our contributions, hence our ranking”

Speaking further, he stated that recognitions such as this are an invitation to do more. He, therefore, gave the bank’s unwavering commitment to intensifying its support to SMEs in the year 2022.

Recall that in 2020, Wema Bank received the SME Bank of the year award from Business Day, and in 2021, the bank has again received this recognition from KPMG as a customer experience leader in the banking industry. This is definitely a bank to look out for in 2022.

The KPMG Nigeria Banking Industry Customer Experience Survey has been held annually for the last 15 years with the 2021 edition themed “Changing Customer, Changing Priorities”.