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Another Shot In The Arm For Adeduntan As FirstBank Wins Global Banking And Finance’s Retail Banking CEO Award

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While the age-old saying and philosophy of virtue being its own reward (or seeing doing
good as its own reward) remains a strong motivating factor in doing good persistently, it
helps when virtue gets recognition from time to time.

Even though anyone or organisation committed to doing good will keep doing so with or without recognition, recognitions for virtue tend to act like a shot in the arm for such people or organisations, spurring them to
commit even more to doing good.

That is what the recent award of “Retail Banking CEO of the Year Nigeria” to Dr Adesola
Adeduntan, CEO of First Bank of Nigeria Limited, is to both him and the bank he leads.

It is a shot in the arm of this foremost CEO of Nigeria’s most enduring financial institution that is
also the pioneer in retail banking development in Nigeria, the premier bank in West Africa
and the leading financial inclusion services provider in Nigeria for over 127 years, to keep
steering the bank in the right direction, energising and expanding retail opportunities for all
Nigerians in the process.

It is a well-deserved recognition for a man and the institution he
leads that would rather keep off the spotlight and focus exclusively on attending to Nigerians’
banking needs as best as they can – which is what has kept them going for 127 years and
counting.

This critical role is one FirstBank is better suited to lead than any other lender given the
robust retail banking framework that the bank has in place, that is riding on its innovative
technology-driven operations, over 750 branches across the continents and 100,000 Firstmonie Agent banking network spread across 772 local government areas in Nigeria.

It is little wonder that FirstBank, which is intricately woven into the fabric of the Nigerian society,
has been an essential player in the retail space, empowering Nigerians of all walks of life by
providing them bespoke and innovative financial products and services that address their
multidimensional needs.

The bank has been at the forefront of bridging the financial
exclusion gap and enabling customers and the general public to carry out both individual and
corporate financial activities which contribute to the growth and development of the national
economy.

The award by Global Banking and Finance Magazine, according to Dr Adeduntan, “speak[s]
to the investments we [as FirstBank] have made over the past years in…enhancing financial
inclusion….”

It is a loud testament to the incredible strides FirstBank has made and
continues to make in the retail space under the able and dynamic leadership of the
management team led by Dr Adeduntan.

The strides are in turn underpinned by the bank’s resolute commitment to putting the
customer and other stakeholders at the heart of its business.

Dr Adeduntan reiterates this view when he wasted no time in dedicating the award to all the bank’s “customers, as the trust they reposed in us being their bank of first choice in meeting their business and
financial needs has been instrumental to the success we have achieved in our existence of over 127 years.”

“We remain committed,” he continued, “to putting you, our customers, first as we contribute to the growth and development of our host communities.” Organised to identify the banks across the world that have excelled across a number of areas, including corporate governance, sustainability and innovation, and have played a key role in the industry’s growth, the Global Banking and Finance Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community.

The awards were created to accord recognition to companies of all sizes which are prominent in their areas of expertise and excellence within the financial world.

For Dr Adeduntan and FirstBank, the award is further proof of FirstBank’s enduring commitment to providing excellent retail banking services to all its customers as reflected in the bank’s strategic vision, diverse and inclusive workforce and performance-oriented organisational structure.

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Army Rescues More Kidnapped Kebbi Students, Kill Bandit

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The Nigerian Army has confirmed the rescue of more students of the Federal Government College, Yauri, Kebbi State who were kidnapped by bandits on Thursday.

JomogNews Nigeria reports one teacher and three students have been freshly rescued by the military from the custody of the bandits.

This development was confirmed to Naija News in a statement on Sunday by the Director Army Public Relations, Brigadier-General Onyema Nwachukwu.

The statement noted that one teacher and three students were rescued by the military on Saturday while one of the bandits was killed and some items including motorcycles and handsets were recovered.

The Army statement reads: “Troops of the Nigerian Army operating under the auspices of Operation HADARIN DAJI supported by Nigerian Air Force component have rescued more abductees of the FGC Birnin Yawuri.

One teacher and three students were rescued yesterday at Makuku, in the ongoing search and rescue operations.

The troops also killed one bandit and recovered nine motorcycles and four handsets from the fleeing bandits.

Additional troops have also been deployed to dominate the forest and deny the bandits freedom of action.”

It will be recalled that two teachers and five students were earlier on Friday 18 June 2021 rescued by the gallant troops in a coordinated firefight with the kidnappers.

 

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14 Gunmen Killed As Security Officers Repel Attack On Police Station In Benue

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At least 14 gunmen were killed by the police in a foiled attack on Kastina-Ala police station, Kastina-Ala LGA of Benue state.

Catherine Anene, police spokesperson in Benue, confirmed the incident in a statement on Sunday.

She said the attackers numbering up to 50, invaded the police station in the early hours on Sunday to rescue some of their members arrested and detained on Saturday.

The police spokesperson said the officers on duty, however, repelled the attack, killing 14 of them.

“On 19th June 2021, five bandits were arrested and detained at Kastina-Ala Police Division for investigation and prosecution,” she said.

“On 20th June 2021 at about 0130 hrs more than 50 other gang members of the detainees mobilised and invaded the police station to rescue their counterparts.

“Officers at the division who were already at alert engaged them in a gun duel and were able to subdue the bandits.
“Fourteen of them were brought down during the exchange of fire, while several others escaped with gunshot injuries.

Anene said the command has launched a series of operations to rid of criminal elements in the LGA.

In recent times, communities in Benue have been targeted by gunmen.

Early this month, over 20 people were killed in Odugbeho community in Agatu LGA of the state.

In May, over 30 people were reportedly killed — including students of the College of Education — in Katsina Ala LGA of the state.

 

 

 

 

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Stop Tinubu From Controlling Alpha Beta – Ex-MD, Dapo Apara Begs Court

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A former Managing Director of Alpha Beta LLP, Mr. Dapo Apara, has filed a suit before a Lagos State High Court asking it to stop a former Governor of Lagos State, Bola Tinubu, from controlling the finances of Alpha Beta.

In the suit filed by Mr Ebun-Olu Adegboruwa (SAN) on behalf of Apara on Wednesday, the former MD alleged that Tinubu controls Alpha Beta, a tax consulting firm that monitors and generates revenue on behalf of the Lagos State Government.

The ex-Alpha Beta boss had in 2020 filed a suit before the court but withdrew it before filing it a second time after making amendments.

Apara, who had in 2018, written a petition to the Economic and Financial Crimes Commission accusing Alpha Beta of tax fraud, asked the court to compel the firm to pay him his entitlements even as he alleged that Tinubu was the one that got him removed from his position as MD for investigating the firm’s finances.

Apart from Tinubu, others named as defendants in the suit included Alpha Beta and the current Managing Director, Mr Akin Doherty, who is also a former Commissioner for Finance in Lagos State.

The claimant is seeking eight reliefs including “A declaration that the 2nd defendant (Tinubu), not being a named partner of the 1st defendant (Alpha Beta), is not entitled to direct or influence the affairs of the 1st defendant in such a way that will deprive the claimant (Apara) of his profits and entitlements from the 1st defendant.

“An order directing the defendants herein, to render an account of all sums due to the claimant from the defendants, from 2010 to date (and) an order tracing all funds and assets due to the claimant from the defendants herein from the inception of the 1st defendant till date.

“An order of specific performance of Clause 8 and 11.0 of the partnership agreement that created the 1st defendant by extant partners; an order for payment to the claimant by the 1st and 3rd defendants, of all sums adjudged to be due to the claimant from the said 1st and 3rd defendants on the submission of the accounts.

“A perpetual injunction restraining the 2nd defendant (Tinubu), from directing, influencing or in any other manner running the affairs of the 1st defendant (Alpha Beta) in such a way that will deprive the claimant of his profit and entitlements from the 1st defendant (Alpha Beta), the 2nd defendant not being a partner of the 1st defendant.

“Ten per cent interest in ruling (5) above; and cost of this suit of N10m.”

In the statement of claim, Apara also narrated how Alpha Beta was allegedly formed in 2002 when Tinubu was still the governor of Lagos State.

The claimant said he was the one who came up with the idea of a consulting firm to help the state government to track and reconcile taxes.

“The claimant (Apara) avers that sometime in about the year 2000, he solely conceived, prepared and presented a proposal to the Lagos State Government on providing consultancy services using his registered firm, Infiniti Systems Enterprises, with respect to using computer technology to track and reconcile the Internally Generated Revenue of the state.

“The claimant avers that following the presentation of his proposal to the Lagos State Government, the second defendant (Bola Ahmed Tinubu) who was at the time the governor of Lagos State, demanded that 70 per cent equity interest in the project be assigned to a certain Olumide Ogunmola on his (Tinubu’s) behalf before he, the second defendat, would approve the project,” Apara said in his statement.

The former Alpha Beta boss claimed Tinubu nominated Adegboyega Oyetola and one Olumide Ogunmola.

He said due to the technological innovation that was deployed by him, the IGR of the state grew from N10bn per annum in 2002 to N300bn in 2019.

The claimant stated that in 2010 or thereabout, Tinubu directed that the incorporation structure of the Alpha-Beta Consulting Ltd be changed from a limited liability company to a limited liability partnership under a newly promulgated law in Lagos State.

He said the aim of the move was to shield Tinubu’s involvement from public scrutiny.

Apara said as the head of the company, he began looking into its finances and he made many startling discoveries such as mysterious transfers of over N20bn in different currencies to several companies.

The former Alpha Beta boss said he realised that all the payments were sanctioned by the partners nominated by Tinubu and they were done without his knowledge, contrary to the terms of their partnership.

Apara stated that Tinubu was furious that he was looking into the company’s finances and ordered that he be demoted to deputy managing partner.

He said he refused to obey this order and this led to a feud between the both of them.

No date has been fixed for the hearing of the suit.

Both Tinubu and Alpha Beta had last year described Apara’s allegations as spurious.

The company had alleged that Apara was relieved of his position because he was involved in fraud.

A statement by the firm read in part, “The fact is that Dapo Apara began making his untrue allegations in the aftermath of his removal as Managing Director of Alpha Beta for fraud and unethical practices.

“While he was MD, Apara used his position to siphon huge sums of money from the company including but not limited to fraudulently converting $5m; money allegedly used to pay for cloud-based services that were eventually discovered to be worth less than $300,000.

“In July 2018, further evidence of his fraudulent and unethical practices was uncovered, including the revelation that he converted approximately N6bn belonging to Alpha Beta to his personal use.”

Punch.

 

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