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FCMB appoints Yemisi Edun as acting Managing Director



By Kayode Tokede

The First City Monument Bank has appointed an acting Managing Director. She is Mrs. Yemisi Edun.

Edun was asked to step into the shoes of the Managing Director, Adam Nuhu, in an acting capacity, after the latter volunteered to go on leave while the bank probes the paternity allegation involving former staff of the bank, Moyo Thomas.

It was learned that the board of the bank met on Wednesday and a decision was reached that the most senior personnel, Edun, should step into the position as acting managing director.

Edun holds a Bachelor’s degree in Chemistry from the Obafemi Awolowo University, Ile-Ife, and a Masters in International Accounting and Finance from the University of Liverpool, United Kingdom.

She is a fellow of the Institute of Chartered Accountants of Nigeria and a Chartered Financial Analyst. She is also an Associate Member of the Chartered Institute of Stockbrokers and an Associate Member of the Institute of Taxation of Nigeria, Member of Information Systems Audit and Control, U.S.A. and a Certified Information Systems Auditor.

She began her career with Akintola Williams Deloitte in 1987 with a focus on corporate finance activities as well as audit of banks and other financial institutions.

She joined FCMB in the year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the bank.

However, the bank in a statement to The NSE on Wednesday stated reasons why the embattled MD of the bank proceeds on voluntary leave.

A statement accessed by Nigerian NewsDirect and signed by company’s secretary, Mrs. Olufunmilayo Adedibu, stated that, We are aware of several stories circulating across media platforms about our bank’s Managing Director Adam Nuru, a former employee Mrs Moyo Thomas and her deceased husband, Mr Tunde Thomas.

“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of this code of ethics. This is already under way.

”During the period of the review, the Managing Director has volunteered to proceed on leave. This will guarantee the sanctity of the review process.

”We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved.”

The group shares listed on the NSE, however, gained 0.33 per cent or N0.01 to close at N3.02 on Wednesday.

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Money market

Tapswap postpones Token allocation date till further notice



By Opeyemi Abdulsalam

Tapswap, a popular tap-2-earn app, powered by TON Blockchain, says it has indefinitely postponed the token allocation to its users.

A Tapswap head of communications, John Robbin, said this on an X (formerly Twitter) space on Wednesday.

Robbin said its representatives are seeking the best ways to reward the tap-to-earn gamers.

The Telegram Tapswap bot app, which involves repeatedly tapping a screen icon to mine coins, has gained popularity among Nigerians seeking financial gains.

Since its launch on February 15, 2024, the app has amassed over 50 million users.

The Tapswap head of communications said  the method of token allocation has not yet been ascertained, stressing that the processes cannot be communicated before the allocation.

“The token launch was postponed until July 1. The new date will be communicated,” Robbin said.

“We will allocate a significant part of the tokens to the community to retain the tappers. We want you all to be part of the tapswap community.

“We need a token airdrop to be a win-win for all of us. We have started communicating with many exchanges and platforms.”

The app’s communication head also noted that those using the mechanism to farm taps and abuse the game would be banned by running checks from the community members while seeking genuine tappers’ patience.

Speaking on the mining processes, he said, “Just open the app and tap on it; that will give you shares. The more you tap and the more upgrades you do, the more shares you will have when we finalise the tokens on it.

“The more tokens you want to have, the more tapping you have to do.”

On the booster option, which has already ended, the representative said it was not something new, adding, “We have room exponentially faster than we thought, and then to develop the game plan further, we introduced a paid feature to make their capital, but it was not mandated on the users.

“We introduced the limited x2 donation because the new influx of users kept coming in, and we needed them to make something out of it and get a fair allocation at TGE.

“It was a platform that allowed people who joined recently to compete with people who started earlier. It is gone for now, but we are looking forward to using the money we earned from it to improve the game in the future.

“It is all going to our 25 staffers working around the clock to sustain the app. We want to be here for a very long time.”

He also urged people to continue joining the tapping app as there’s time for them to get an appreciable token.

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Money market

Fidelity Bank promotes workers over record financial performance



Leading financial institution, Fidelity Bank Plc has announced the promotion of 11 percent of its workforce, a testament to the exceptional performance and dedication of its employees.

This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.

The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognising and rewarding excellence across its entire organisation.

This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.

In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer.

This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.

Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment.

By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.

Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023

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Money market

Access Bank constructs 60 blocks of classroom in Jos, Kaduna



Access Bank PLC has constructed an additional 60 blocks of classrooms Maraban Jos and Kaduna.

This is in furtherance of the financial institution’s commitment to education and community development.

This development, which took place on the sidelines of the 2024 Access Bank Charity Polo Tournament, builds on the Bank’s previous efforts having commissioned 30 blocks of 2 classrooms each at the tournament in 2023.

Upon completion of the project, Access Bank aims to double the number of enrollees in the Access Bank Fifth Chukker School, which has seen about 14,000 children benefiting from access to quality education and social welfare.

Speaking at the groundbreaking ceremony, Roosevelt Ogbonna, FCA, CFA, Access Bank’s Managing Director/Chief Executive Officer, stated that the project is part of a broad mission to enhance educational opportunities for underprivileged children and ultimately alleviate poverty across Africa.

According to Ogbonna, “Nigeria faces a profound challenge. Over 12 million of our children are out of school, with a significant number residing in the northern region. This unpleasant reality compels us to act, transforming despair into hope, and ensuring that every child is afforded the opportunity to dream and achieve.

“In line with our mission to drive prosperity across Africa, we are proud to flag-off the construction of an additional 60 classrooms that will soon echo with the laughter and choruses of our young minds learning. These classrooms will serve as more than just buildings; they will be sanctuaries of hope, where the dreams of thousands of children will be nurtured, and futures will be forged. We will continue to work with our partners to create a brighter, more equitable future for the African child.”

The Executive Governor of Kaduna, Uba Sani, lauded the efforts of Access Bank, Fifth Chukker and UNICEF for their commitment to improving the levels of education in the state. He added that Kaduna will continue to do its part in fostering the goal to reduce the number of out-of-school children in the region.

“Kaduna is happy to have partners in Access Bank, Fifth Chukker and UNICEF as we work to ensure that our children have access to quality education. We believe that all children have a right to formal education, and we look forward to more groundbreaking projects,” Sani stated.

In previous editions of the Tournament, Access Bank’s efforts have made a substantial effect, addressing the pressing need for educational facilities while helping to reduce overcrowding in classrooms. In addition to Nigeria, the impact of the Polo Tournament has also extended to South Africa. Yearly, donations are raised towards supporting underprivileged children in the country through the Nelson Mandela Foundation Children’s Fund.

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