Business
Wema Bank set to hold 5 for 5 Promo season 3 in Lagos
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to wrap up the season 3 edition of its remarkable reward initiative, the 5 for 5 Promo, in a grand finale slated for Friday, May 31, 2024, in Lagos.
Wema Bank 5 for 5 Promo is a reward initiative introduced by the Bank in 2019 with the goal of rewarding its customers for their active loyalty to the brand and its products. Through the 5 for 5 Promo, customers of the Bank have enjoyed financial support for their personal, business and professional life.
Executed via thoroughly regulated monthly draws per season, the Wema Bank 5 for 5 Promo through a raffle draw selects winners from the Bank’s pool of active and transacting customers, based on the minimum requirements and modalities of the season.
A total of 1,177 customers have received cash rewards of up to N63.3 million in the first two seasons of the Promo; 23 of whom emerged millionaires in season 1 and 2. The 5 for 5 Promo has since become a beacon of hope to millions of Nigerians and businesses across the country.
Season 3 of the 5 for 5 Promo kickstarted in July 2023, raising the bar impressively with a N90,000,000 cash prize that surpassed both preceding seasons, creating room for more Nigerians to become winners. With each month in the 10-month spread, the 5 for 5 Promo Season 3 train has toured different locations across Nigeria, surprising customers with cash prizes ranging from N25,000 to N1,000,000 each.
The 5 for 5 Promo stands out for its inclusivity, diversity and impact, touching the lives of hundreds of Nigerians of different ages, statuses, interests and inclinations. As the final draw of the season approaches, both past and aspiring 5 for 5 Promo winners eagerly anticipate the lucky 120 winners to be made this May.
Referencing the Bank’s intention for the 5 for 5 Promo, the Head, Brands & Marketing Communications at Wema Bank, Mabel Adeteye, expressed gratitude to customers of the Bank for their continued support throughout Wema Bank’s 79-year journey.
“At Wema Bank, our world revolves around our people and customers. Their support is what has got us this far so it’s only natural that we seize every opportunity to give back to them and fulfil our goal of providing optimum value for every stakeholder. The 5 for 5 Promo was birthed from a place of gratitude and commitment to empowering our customers and with each season, we have simplified the requirements and amplified the rewards to ensure that everyone can benefit from the Promo.
“Season 3 has been nothing short of remarkable and as we close out our 79th anniversary celebration with one more 5 for 5 Promo Season 3 draw, we are honoured to be the bank of choice for our diverse customer base.
“To the 1,000+ customers that have won over the past 9 months and the 120 that will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank.”
Encouraging Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3, Mabel Adeteye, elucidated the minimum requirements for qualification.
“The requirements are simple, fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945# or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance. It doesn’t matter where you are, what you do or when you started banking with us, you can be a winner.
“NYSC members have won, business owners, undergraduate students, working class professionals, everyone from Gen Z to the baby boomers. There’s room for all in the Wema Bank family and the 5 for 5 Promo. A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success.”
The 5 for 5 Promo has transformed the lives and experiences of thousands of Nigerians across the world, with cash prizes for transactions on both Naira and Domiciliary accounts. With a total of N80,000,000 already disbursed in the first 9 draws of Season 3, the grand finale is set to reward 120 more Nigerians with a N10,000,000 cash prize.
To qualify to win in the grand finale of the Wema Bank 5 for 5 Promo Season 3, Wema Bank account holders are to fund their Wema/ALAT accounts and make up to 5 transactions before the month ends.
By Seun Ibiyemi
SIFAX Shipping Company Limited, a subsidiary of SIFAX Group, has sealed a partnership deal with ECU Worldwide, the world’s number one LCL player, to boost export activities from Nigeria.
Less-than-Container Load (LCL) is one of two main types of containerised transportation services.
The other is Full-Container Load (FCL). LCL is optimal when an entire container isn’t filled up. LCL allows the transportation of small cargo volumes without paying for the whole container.
The partnership will help business owners and exporters whose consignments are less than container load to access the international market.
According to MD, SIFAX Logistics Company Limited, Paul Linden, this service was offered in response to inquiries from various customers who are desirous of exporting their products but do not have the required huge volume.
He said, “We know that many SMEs and business owners are desirous of accessing the international market, but are hampered by their lack of large volume.
“This service is designed particularly to address this concern. It will boost Nigeria’s export and be a game changer for our small and medium-scale businesses. We have put all facilities in place to ensure the business runs smoothly in partnership with ECU Worldwide.”
AGM, SIFAX Shipping, Adekunle Owobamirin, noted that all arrangements have been perfected to make the service a success.
“Our partners from ECU have inspected our warehouse and we have already assigned dedicated staff who would work on this service.
“ECU Worldwide and SIFAX Shipping is the first consolidator partnership to offer dedicated LCL export services from Nigeria to the world. Our partners have established 2,400 direct trade lines with a presence in over 180 countries.
“This will allow all our customers to export their goods anywhere in the world,” Adekunle said.
The Retail Insured Family Association of Nigeria (RIFAN), the country’s largest community of insurance consumers, has praised the Commissioner for Insurance, Olusegun Omosehin, and the Inspector General of Police, Kayode Egbetokun, for their recent efforts to enforce mandatory third-party insurance.
RIFAN’s major aim is to restore public confidence in insurance policies.
This commendation follows a meeting on June 11, 2024, where Omosehin visited Egbetokun at Louis Edet House, Force Headquarters in Abuja to discuss the enforcement of compulsory third-party insurance.
Omosehin highlighted the illegality of driving without valid motor insurance and announced that the benefits attached to third-party insurance have increased to N3 million.
Responding to Omosehin’s request, Egbetokun committed to deploying the Deputy Inspector General of Operations to ensure the enforcement of this mandate.
RIFAN’s Director General, Ali Theophilus, expressed support for this initiative and indicated RIFAN’s readiness to collaborate on enforcement and public awareness.
He emphasised that proper enforcement could significantly boost premium income for the insurance industry, facilitating easier claims payments and enhancing public confidence in insurance.
He said getting the enforcement done is also in line with the Road Traffic Act for any vehicle plying Nigerian roads to have 3rd party motor insurance.
Theophilus commended the Inspector General of Police (IGP) for his proactive steps towards enforcing third-party motor insurance and urged him to extend this message of hope to all police officers and relevant law enforcement agents.
He emphasised that third-party insurance benefits every vehicle user, including law enforcement personnel, regardless of their career or social status.
He pointed out that many law enforcement officers neglect this insurance under the guise of “Esprit de Corps,” which does not cover damages in the event of an accident. This negligence costs the insurance industry over N15 billion annually, which could otherwise be added to premiums to facilitate claim payments.
Theophilus reiterated the importance of third-party insurance, explaining that while it does not cover personal vehicle damage directly, it covers damages caused to other vehicles due to negligence. This coverage can help settle such claims, benefiting all parties involved.
Furthermore, Theophilus urged the IGP to enforce licensing for insurance agents through an initiative he called “Operation Show Your Licence.” This would reduce the prevalence of fake agents and help NAICOM reach its goal of increasing licensed insurance agents to three million by the end of the year.
He called on the Nigeria Police Force and all law enforcement agents to join RIFAN to unite in restoring public confidence in the insurance industry. He stated RIFAN membership benefits, including easy access to claims payments, unique insurance covers, and professional advice etc.
Theophilus also announced plans to collaborate with underwriters to create a funeral insurance policy as an additional membership benefit, particularly in Southern Nigeria, where funeral expenses are significant. RIFAN plans to hold town hall meetings to educate grassroots communities about the importance of insurance.
Theophilus called on the IGP, law enforcement agencies, the Commissioner for Insurance, the Director General of NIA, and underwriters to register with RIFAN to help build the insurance industry of Nigeria’s dreams and restore public confidence in insurance.
Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.
The signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.
The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.
The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice- President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.
The 31 AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’.
The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).
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