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Wema Bank, Nigeria’s leading innovative and digital-driven financial institution has reassurance its esteemed customers and shareholders that it remains standing on strong financial fundamentals and reliable performance metrics, riding on the back of seasoned and astute leadership.
The bank gave this reassurance, through its Managing Director/Chief Executive Officer, Ademola Adebise, while reacting to a recent publication in the media purportedly alleging a dip in its liquidity status following the unaudited report for 2020 with the MD/CEO saying the report is only a deliberate campaign to create panic among its stakeholders using false news, and therefore should be discountenanced.
He said, “The strength and viability of financial institutions are not measured on the isolated performance of one outlier year. The said report based a lot of its false allegations on the unaudited 2020 financial year. But that was a year when COVID-19 induced a lockdown and a disruption of such magnitude that negatively impacted businesses, industries and economies the world over.
“Wema Bank has continually exhibited not just resilience, but admirable viability over the years with a 30.95% increase in earnings recorded in just 2019. Then came 2020, and in spite of the difficulties, we succeeded in achieving impressive results in key areas such as net earnings from fees and commissions, while growing the Bank’s asset base significantly.
“That’s not all, customer credibility in the bank was also accentuated with a massive increase in customer deposits over the previous year. This is an audacious show of confidence from the customers of Wema Bank “These performance metrics amongst others, are testament to our smart balance sheet optimization approach which will be affirmed by the time the audited and official 2020 Financial Report is released in the coming weeks “
The CEO also referenced how well the Bank’s performance in the said 2020 makes it one of the best performing financial institutions in the land. “We won the BusinessDay award for the Best SME Bank of the Year for 2020. A recognition of our unrivalled support for small and medium scale businesses through loans, business advisory, and ease of payments and transactions.
“Also, the recently published 2020 KPMG Customer Experience Survey, showed Wema Bank making significant growth in the retail category, climbing up ten (10) places from the previous year to 2nd position, with an above industry average of 74.6% Customer Experience score. This achievement is a mark of dedication to excellent customer service and refreshing support for all our customer categories.”
The KPMG Customer Experience Survey grades banks over six universal pillars of Personalization, Integrity, Expectations, Resolution, Time & Effort and Empathy, and Wema Bank has showed a mastery of these pillars and have been outstanding at all of them.
Furthermore, in line with the bank’s sustainability goal of developing digital solutions for societal impact, it successfully organized the second edition of Hackaholics, a radical gathering of developers, web designers and creative thinkers to develop solutions around key themes of Education, Health, Agriculture, Fintech, Gaming & Betting.
These are intentional measures put in place to sustain an institution’s legacy of economic evolution and social inclusion.
“We are a responsible corporate citizen with empathy as a core pillar of our personality. Thus, we stood by the nation in the trying times of the COVID-19 pandemic with significant support for governments at both the federal and state levels.
“Particularly to prevent severe food shortages and align with the SDG of Zero Hunger, we supported State Governments with food palliatives donation which alleviated the conditions of over 80,000 households of the most vulnerable segments of the population.”
With all these financial and non-financial performance metrics, it is not in doubt that Wema Bank is not only standing strong, it is also among the best performing financial institutions in Nigeria, in 2020.
“I’ll take this opportunity to commend our customers for their sustained trust in us. A support that has remained a critical pillar of our stability and growth over the years, especially as we celebrate our 76th anniversary.
For us as a responsible and visionary organization, we are staying committed to our corporate purpose of making life easier and better through innovation and digital-driven lifestyle solutions for Nigerians and their businesses.” Adebise concluded.
The Lagos State House of Assembly committee on Local Government Development and Community Affairs has urged the Executive chairman of Oriade Local Council Development Area Hon. Ramota Oseni to situate the proposed legislative chamber within the council premises.
The initial plan according to the council boss was to enhance effective legislative delivery of the councillors.
The Chairman of the committee Hon. Olawale Sobur implored the council chairman while on an oversight tour to the council.
Speaking during the committe visit to the council, Nulge Chairman of Oriade LCDA, Mr. Olu Faniyi, told the committee that the council had 292 staffs and ,150 non-pensionable staffs who had been enjoying a cordial and smooth relationship with the council boss.
“We the NULGE had been receiving financial support worth 600 thousand naira monthly but asking for the increment to 1million naira, we do receives material and financial support during each festive period for our members
and had received palliatives four consecutive times during the pandemic.
While checking the books the council engineer was upbraided by a member of the committeee Hon. Kehinde Joseph who observed shaddy moves as regards an approved road done by the council on CBN road and asked why the road was not seen on their way to the council.
The council engineer, explained that its was not the main road but an inner road within the road where picture and video where shown as proves.
Another issue raised was when the vice Chairman of the council Hon. Moshood Olarewaju claimed not to have knowledge of several projects carried out by the council’s tender board which negates laid down procedures as he ought to be the chairman of the board.
On his own part, Hon. Sulaimon Agenjo pointed out the need for Councillors to be accorded maximum respect in the council, claiming they represent the peoples interest and are the next in rank after the Chairman and his Vice and not the cabinet members because they were all elected in like manner.
The committee also reconciled the Chairman and his vice urging him carry the vice chairman along in all contracts that comes in and out of the council.
The committee continue its tour to Amuwo Odofin local Government under the leadership of Engr. Valentine Buraihmoh where political issues where resolved between the Executive, Exco’s and the legislative.
The committee also visited and commended the council chairman for the ongoing primary health care centre building built inside the council premises as part of a campaign promise well kept.
The Lagos State House of Assembly Committee on Local Government and Community Affairs has commanded the Managements of Oshodi-Isolo Local Government, Isolo LCDA and Ejigbo LCDA on Infrastructure development, Staff Welfare, Executive-Legislature relationships among others.
The Chairman of the Committee, Hon. Olawale Subair, implored the managements of the Local Councils to improve their efforts, as they would emulate others. Subair noted this in an interview at the Oshodi-Isolo Local Government, shortly after visiting four Councils in the ongoing visit to the Local Governments in the state.
At Oshodi-Isolo, Subair implored the Council Chairman, Idris Bolaji Muse-Ariyo to improve in his efforts, even commanded by Legislative Arm and Members of Staff.
Chairman explained that the visit was to ensure fairness, accountability and to also ensured that dividends of democracy reach electorates, especially at the grassroots Meanwhile, One of the member of the Committee, Hon. Sulaimon Olawale applauded the Management of the Isolo LCDA as he observed on a project documents that Isolo LCDA partronized local contents, which would served as encouragement to Local content probiders.
Another member of the Committee, Hon. Kehinde Joseph implored the Isolo LCDA Boss, Shamsideen Olaleye to pay all outstanding severances before the end of the tenure.
Commending the Ejigbo LCDA Chairman, Monsuru Bello, on road projects, a member of the Committee, Hon. Nureni Akinsanya implored the Chairman to do more.
Akinsanya also implored Bello to ensure payment of all severance of the Councillors and other political officers.
However, the Committee expressed dissatisfaction over the state of affairs at the Ifako-Ijaye LCDA, and invited the Chairman, Oloruntoba Oke and the management for questioning.
Subair also mulled inviting former Council Engineer and Council Treasurer.
A Member, Kehinde Joseph observed some irregularities in the Projects Documents presented to the Committee, Hon. Joseph noted double entry of projects, inadequacy in the projects data among others.
The Chairman, Isolo LCDA, Shamsideen Olaleye commended the Committee for the visit, which he felt it was a form of check and balance on the Councils leadership in the State.
Olaleye promised to improve on areas that needed improvements.
The Chairman Lagos State House of Assembly Committee on Local Government and Community Affairs Hon. Olawale Subair has enjoined management of Apapa Local Council Developmenr Area (LCDA) and Apapa Iganmu LCDA to ensure that severance and furniture allowances are paid to all the political office holders before the expiration of their tenure in June this year.
He made this remark yesterday at Apapa Local government and Apapa-Iganmu Local government during the oversight visit of members of the committee on Local government and community affairs of the house.
Subair also expressed disappointment over the fact that only few members out 18 of members received half of the furniture allowance which elected officials of the council at Apapa are entitled to.
He stated that the council chairman at Apapa should ensure prompt payment of the furniture allowance before end of this month.
He decried a situation whereby new local government chairman will inherit payment of severance allowance when they resume offfice after dissolving the present executive council
According to him Apapa Loca Council Development Area ranks amongst the best it terms of infrastructural development and monthly allowance.adding that Apapa-Iganmu LCDA has also invested road construction and development of infrastructure.
While commending the cordial relationship between the executive and legislature in the two LCDA, Hon Rasheed Makinde warned that only contractor’s that have good track records are contracted to handle office buildings and roads due to the peculiarities of Apapa.
Chairmen of Apapa, and Apapa Iganmu Local Government Area, Hon. Elijah Owolabi Adele and Hon Fumilayo Akandw Mohammed separately said that the oversight visit of members of the committee will enable them be on their toes.
They promised to pay severance package to all political office holders before expiration of their tenure.
A member of the Lagos State House of Assembly, Hon. AdbulSobur Olawale has commended the Executive Chairman of Ajeromi Local Government, LG, Hon. Fatai Ayoola, management and Staff members for the resilience to rebuild the Secretariat that was destroyed during the aftermath of the ENDSARS protest.
Olawale, who is also the Chairman of the House Committee on Local Government and Community Relations, disclosed that the Secretariat was among those government facilities that were destroyed by hoodlums during the aftermath of the ENDSARS protest.
In the same view, the lawmaker applauded Council Chairman of Ifelodun Local Council Development Area, LCDA, Hon Shaibu Ajidagba for building the legislative chamber during his tenure in office.
Speaking with journalists, after the oversight function to both Ajeromi Local Government, LG and Ifelodun Local Council Development Area, LCDA, Olawale reiterated that the function provides an avenue to interface with the local government, understand the relationship that exists between the workers and the management of the council.
According to him, workers are the engine room of any local government and we believe, it is important to feel their pulse to know the kind of relationship that exists between the workers and the management and intervene where there are challenges.
“The function is to also avail us the opportunity to assess the projects awarded to the local government between 2017 and 2020 and to know those that have been completed, on-going and those that are yet to be done. This is an opportunity for us to know how tax-payers’ money has been spent.
“We have visited Ifelodun Local Government Development Area and Ajeromi Local Government. At Ajeromi, what we meant was very encouraging. It is remarkable because we know what happened to the local government during the ENDSARS protests. It is worthy of emulation that the council could quickly rise up to rebuild the secretariat and I think that is commendable and the synergy that is existing between the management and workers is also commendable.
“Mores o, the relationship that exists between the National Union of Local Government Employees, NULGE and the management of Ajeromi Local Government is mutual.
“At Ifelodun, we could see superlative performance. The Chairman of the Council has set a good legacy by building a legislative chamber in the local government.
“We are advising other local government chairmen to emulate this gesture because the essence of governance is to put a lasting legacy for others to fellow.
“We urge the local government chairmen to know that reward for a good job is more work. Those council chairmen should not relent in ensuring that projects are put in place”, he said.
Also, a member representing Amuwo-Odofin constituency 1, Hon. Rauf Sulaimon said that Ajeromi has shown to other local governments that it is capable of leading other local governments despite the difficulties caused by the aftermath of the ENDSARS protest.
Meanwhile, Executive Chairman Ajeromi/Ifelodun Local Government, Hon. Fatai Ayoola, applauded the members of the Committee for their visit to be able to assess the work on ground.
Ayoola lamented that the local government secretariat was destroyed and vehicles were vandalized during the aftermath of the ENDSARS protest but noted that with the help of the Lagos State Governor, Mr. Babjide Sanwo-Olu, the secretariat was rebuilt.
“Four months ago, October 20, 2020, Ajeromi/Ifelodun was attacked by hoodlums under the guise of ENDSARS protesters, 89 vehicles were destroyed and burnt but it takes the efforts of people, the political class to get the secretariat back.
“We have been passionate about development of the youths through our monthly grant of N100,000 to assist in entrepreneurship. We have also taken the security of the people into cognizance and in that regard; we have donated security vehicles to the police stations around us.
“We are also building the first sporting facility at the Maratana stadium and we have been doing to engage our youths to be the best in life.
“We have been able to showcase some of our on-going projects and I think, the judgment is the members of the Committee. We will continue to do our best as far as grassroots governance is concerned.
The Council Manager. Mrs. Mayowa Ikuforji, however said, the synergy that exists between the management and workers are cordial adding that the workers have been enjoying their welfare packages and as well as all entitlements that go with their respective offices and positions.
The Council Chairman, Ifelodun Local Council development Area, Hon. Shaibu Ajidagba, disclosed his administration has been able to complete some projects including building a comprehensive health centre which was commissioned by the Lagos State Governor, Mr. Babajide Sanwo-Olu. “We have been able to positively influence the grassroots in the area of education, health care delivery, environment, infrastructure, welfare packages among others.
“We also built our legislative building as well as constructed roads within local government and its environs”, he said.
The Leader of the National union of Local Government Employee, NULGE, Comrade Paul Olumide, applauded the Council Chairman, for the welfare packages but urged that more vehicles should be procured for workers for easy movement to their respective destinations.
He also pleaded that all severance packages be paid before the end of their tenure. Sent from my iPhone
Chairman of the Lagos State House of Assembly Committee on Local Government and Community Affairs, Hon. Abdulsobur Olawale Olayiwola has urged the chairman of Ikoyi/Obalende Local Council Development Area (LCDA), Hon. Fuad Atanda-Lawal to provide a conducive chamber for the council’s legislators.
Hon. Olayiwola spoke during the continuation of the committee’s visit to Local Government and LCDAs in the state on Friday, 12th March, 2021.
The Committee Chairman and members of the committee observed that the council chamber lacked proper furniture and ordered the chairman to provide a befitting chamber for the councillors and make provision for a gallery.
The lawmaker stated that the committee embarked on the visit to feel the pulse of the staff and the councils to see what is going on in the various councils and chart the way forward.
Olayiwola however, commended the chairmen of the three councils visited during the tour; Lagos Island LG, Lagos Island East LCDA and Ikoyi/Obalende for bonding with the staff and politicians in the councils.
“Well appreciate the relationship between the management and the councillors and for taking care of the workers.
“We are here to see some of the projects the councils have done, the ones they have completed and the ones that have not been completed
“It has been a busy and hectic day, but we thank God that we went to three local government and LCDAs today.
“We went to Lagos Island, Lagos island East LCDA and Ikoyi/Obalende LCDA. We are satisfied with Labour/Management Relationship in the councils.
It is very cordial and we are happy as we were informed that what exists between labour and management in the councils is congenial.
“The councils have really worked hard and it showed that the dividends of democracy is being felt by the people because we visited some project sites in the councils.
The various works they are doing in the local governments are encouraging,” he said.
In his response, the Chairman of Lagos Island Local Government, Hon. Tijani Adetoyese Olusi said that the visit would encourage the council chairmen to do their work.
Tijani stressed that his government has given the people of the area the dividends of democracy and gave an instance of Aroloya Street that was tarred in the area.
This was corroborated by the Chairman of Lagos Island East LCDA, Hon. Kamal Olawale Salau-Bashua, who said that the visit would make them to be on their feet and that it was meant for checks and balances, saying that this was what governance was all about.
In his comment, the Chairman of Ikoyi/Obalende LCDA, Hon. Fuad Atanda-Lawal said that what the committee did was an oversight function to see how government funds were being utilized.
“We need this kind of visit for the people to feel the impacts of the government.
“The committee has been to one of our Primary Health Care Centres and they have seen that the local government has done well. We can do more for the people. I want to appreciate the chairman of the committee and the members for visiting our local government, he said. Other lawmakers on the tour were Hon. Rauf Age-Sulaimon (Amuwo Odofin 2), Hon. Rasheed Makinde (Ifako/Ijaiye 2), Hon. Nurein Akinsanya (Mushin 1) and Hon. Kehinde Joseph (Alimosho 2).
First Bank Nigeria is set to reward its 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 a statement issued to newsmen, the Bank stated that 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 for a minimum of N3,000 fuel purchase in the promo.
While highlighting the fuel stations where the promo will run, The Bank stated 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.
It explained that 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, airtime recharge, bill payments, funds transfer, etc.