Connect with us


BIG STORY

Wema Bank Shines At Global SME Finance Forum Conference Awards 2024

Published

on

…Awarded:

  • SME Financier of the Year (Africa)
  • Platinum Award for Best Financier for Women Entrepreneurs (Africa)

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received two awards of excellence at the Global SME Finance Forum Conference Awards 2024 which held in São Paulo, Brazil between September 16 & 18, 2024. The awards received are SME Financier of the Year (Africa) and Platinum Award for Best Financier for Women Entrepreneurs (Africa).

The Global SME Finance Forum is the world’s leading, technically oriented and geographically diverse platform focused solely on scaling SME financing worldwide. Managed by this Forum, The Global SME Finance Forum Conference Awards is dedicated to acknowledging the effective and successful practices of financiers across the world, honouring the innovative products and services these financiers create for SMEs, recognising the impressive results in expanding finance and services to SMEs, and celebrating these exceptional financial institutions. Wema Bank emerged Africa’s top financier not just for the general SME landscape but also particularly for women-owned SMEs, at the 2024 edition of the annual Global SME Finance Forum Conference Awards.

Reputed as the Bank of choice for Micro, Small and Medium Enterprises (MSMEs), Wema Bank received recognition for its commendable track record of developing innovative, sustainable and significantly impactful products, services, solutions and opportunities for businesses of all sizes across Nigeria. The Bank’s impact ranges from affordable financing options and seamless payment collection solutions to access to market, digital solutions for efficient business operation and management, SME Advisory services, and a vast range of products tailored to the needs of businesses across every part of Nigeria. Through its women-focused proposition, SARA by Wema, Wema Bank continues to tailor its SME offerings specifically for women, helping these women build sustainable businesses and access the resources needed to scale and thrive. The Bank further supports overall growth and well-being of these women with affordable to free healthcare packages. It is beyond doubt that Wema Bank is indeed deserving of its recognition as Africa’s top financier for SMEs and particularly, women entrepreneurs.

Expounding on the Bank’s glaring commitment to empowering MSMEs, the MD/CEO of Wema Bank, Moruf Oseni, articulated the big picture for the Bank. “MSMEs make up the bulk of Nigeria’s economy and they are critical to not only mitigating unemployment and other macroeconomic challenges but also promoting innovation and significantly boosting the economy towards national development. At Wema Bank, we recognise the potential that MSMEs hold as well as the challenges that threaten the maximisation of this potential, and we have made a lifelong commitment to providing viable, seamless, accessible, affordable, reliable and effective solutions tailored to the needs of businesses of all sizes across Nigeria; especially women-owned businesses. There is a rising need for intentionally inclusive empowerment strategies in not only stimulating growth in the SME sector but also bridging the gap in gender equality, and we have undertaken the responsibility of fulfilling that need. As a Bank, our mission is to empower lives through innovation, and as always, we will continue to seek more effective ways to empower businesses for optimal productivity and sustainable growth”.

“We are honoured by the global recognition accorded to us by the Global SME Finance Forum and as we receive these awards, we reiterate our commitment to providing businesses with the resources they need and a bouquet of intelligent solutions that mitigate prevalent challenges and make business management and operation seamless, maximally profitable and efficient. Thank you to the Global SME Finance Forum for the acknowledgement, and also to our valued customers who continue to entrust the future of their businesses and their financial well-being in our hands. This prestigious recognition honours our unwavering commitment to empowering SMEs and fostering innovation in SME finance, further fuelling our drive to consistently go above and beyond in accelerating growth for SMEs and delivering optimum value to every stakeholder. We are indeed the Bank of choice for MSMEs and women across Nigeria, and we will never relent in empowering women to thrive and businesses to scale regardless of economic fluctuations”, Oseni remarked.

Wema Bank continues to raise the standards of banking and financial services in Nigeria, demonstrating a commitment to generating positive impact across diverse verticals, a dedication to exceeding expectations and a passion for empowering lives and businesses for success.

Businesses interested in accessing the Bank’s tailored range of finance options and business-centric solutions are encouraged to visit https://wemabank.com/smes or send an email to [email protected] to get started.

BIG STORY

Popular UK-Based Nigerian Pastor Tobi Adegboyega Faces Deportation After Losing Case At Immigration Tribunal

Published

on

The British Government is set to deport popular pastor Tobi Adegboyega to Nigeria after losing his case against deportation at the immigration tribunal.

The UK government had previously shut down his church, SPAC Nation, after investigations revealed a misuse of funds by the church leadership.

It was reported that UK authorities closed the church after Adegboyega failed to properly account for more than £1.87 million in outgoings and operated with a lack of transparency.

According to The Telegraph, an immigration tribunal ruled that Adegboyega should be deported back to Nigeria after investigations.

Adegboyega, who arrived in the UK on a visitor’s visa in 2005, has lived in the country unlawfully ever since.

In 2019, the pastor applied for leave to remain under the European Convention on Human Rights’ (ECHR) right to a family life. His application was initially dismissed by a first-tier immigration tribunal before he appealed.

Having been married to a British woman, Adegboyega claimed that deportation would violate his right to a family life under the ECHR and that the authorities had failed to consider his community work with SPAC Nation.

His legal team described him as a “charismatic” community leader of a large, well-organized church who had “intervened in the lives of many hundreds of young people, predominantly from the black communities in London, to lead them away from trouble.”

Adegboyega also claimed that politicians, including former Prime Minister Boris Johnson and senior figures within the Metropolitan Police, had “lauded” his work, although no testimony from them was submitted to the court.

However, the Home Office argued that “all is not as it seems” and brought him before an immigration tribunal.

According to the tribunal’s judgment, as quoted by The Telegraph, evidence against Adegboyega was taken into account.

The judgment reads: “Various manifestations of [Mr Adegboyega’s] church have been closed down, by either the Charity Commission or the High Court, because of concerns over its finances and lack of transparency.

“Former members of the church have alleged that it is a cult, in which impoverished young people are encouraged to do anything they can to donate money, including taking out large loans, committing benefit fraud, and even selling their own blood.

“It is alleged that the church leadership lead lavish lifestyles and there have, it is said, been instances of abuse. The [Home Office’s] case before us was that all of this needs to be taken into account when evaluating whether [Mr Adegboyega] is in fact of real value to the UK.”

During the tribunal, Adegboyega argued that the claims of his church being a cult were unfounded and that attacks on him and his church were politically motivated. He also maintained that no one had ever faced criminal charges related to his church’s finances and argued that his deportation would violate his human rights.

However, the tribunal was informed that the Charity Commission had concluded “there had been serious misconduct and/or mismanagement in the administration of the charity which was sustained over a substantial period of time.”

The tribunal also found Adegboyega’s evidence to be “hyperbolic in many instances” and that he had “sought to grossly inflate his influence.”

The tribunal concluded, “We are not satisfied that the good work that SPAC Nation undertakes generally would collapse or even significantly suffer should the appellant be required to leave the UK.

“Weighing all of the foregoing in the balance, we conclude that the decision to refuse leave to remain was wholly proportionate.

“Mr Adegboyega seeks to rely on family and private life relationships, all of which have been established whilst he was in the UK unlawfully, and which would survive his return to Nigeria.

“The interference would therefore be limited, and lawful in all the circumstances.”

Continue Reading

BIG STORY

Tax Reform Bills: President Tinubu Directs Justice Ministry, NASS To Work On ‘Concerns’

Published

on

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has directed the Federal Ministry of Justice and the National Assembly to address concerns raised over the tax bills.

The transmission of the Tax Reform Bills to the National Assembly has sparked widespread criticism, particularly from some governors in the northern region. Critics argue that the bills could harm the northern region and further impoverish Nigerians.

To address these concerns, President Tinubu has instructed the Ministry of Justice to engage with the National Assembly’s leadership to address any issues with the bills.

“It is pertinent to state that the government has nothing sinister to warrant the suggestion that the process is being rushed. In line with the established legislative procedure, the Federal Government welcomes meaningful inputs that can address whatever grey areas there may be in the bill,” Minister of Information and National Orientation Mohammed Idris said in a statement on Tuesday.

“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”

  • ‘Spirit of Democratic Engagement’

Mohammed stressed that President Tinubu remains committed to accountability to the Nigerian people and praised the debates generated by the tax bills as “welcomed, and commendable.”

“It is very inspiring to see Nigerians from all walks of life coming out to express their views and opinions on these matters of critical national importance,” he said. “This is the very essence and meaning of democracy.”

“In the spirit of democratic engagement, there should be no room for name-calling or the injection of unnecessary ethnic and regional slurs into this important national conversation,” the minister added.

Some critics have argued that the bills are targeted at impoverishing certain states, particularly in the north. However, the minister dismissed these claims as “fake news” and “misinformation.”

“The fiscal reforms will not impoverish any state or region of the country, neither will they lead to the scrapping or weakening of any federal agencies,” he stated.

Once passed, he added, these bills are expected to “bring relief to tens of millions of hardworking Nigerians” and “empower and position our states and the 774 local governments for sustainable growth and development.”

“On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc.) and in social investments that will benefit all Nigerians and ensure that no one is left behind,” the statement read.

  • Experts Call for Restraint, Patriotism

The Tax Reform Bills have continued to generate significant debate among Nigerians.

Following the heated discussions, Channels Television hosted a town hall event on Monday to examine the pros and cons of the tax bills. The event featured a range of experts, including the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele; former Speaker of the House of Representatives, Yakubu Dogara; Group CEO of Global Investment and Trade Company, Baba Yusuf; Public Affairs Analyst and Writer, Michael Chibuzor; and former President of the Institute of Chartered Accountants of Nigeria.

Governor Sule Abdullahi of Nasarawa also participated in the discussion.

At the town hall, panelists urged restraint and called for a thorough review of the bills to address any grey areas.

Oyedele, who was instrumental in drafting the bills, highlighted that they contain over 200 “transformative provisions” aimed at fixing the country’s fiscal system and guiding it toward prosperity. He reassured Nigerians that the bills should not be held up by a few contested provisions.

“These Bills have more than 200 transformative provisions to fix our country and set us on the right path to prosperity,” Oyedele said. “We should not allow one or two provisions that we can easily discuss and agree on to become the pain or the bottleneck.”

Dogara also appealed to the northern region, urging them not to condemn President Tinubu over the bills, asserting that the measures are not aimed at undermining the north.

“I want to talk to my brothers in the North. I don’t think this is the time for us to begin to condemn the president and to begin to say that on account of these bills, he is anti-north,” Dogara said.

The Tax Reform Bills have already passed their second reading in the senate, despite calls for their withdrawal.

Continue Reading

BIG STORY

Emefiele, Cronies Acquired 753-Duplex Estate With Forex Kickbacks — EFCC

Published

on

Court papers filed by the Economic and Financial Crimes Commission (EFCC) have linked the immediate-past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to a massive property in Abuja, consisting of 753 duplexes and other apartments located in the Cadastral Zone area of the capital city.

On Monday, the EFCC announced the recovery of the property from an unnamed former top government official, calling it the largest single recovery the agency had made in its history of fighting corruption since its establishment in 2003.

The recovery followed a ruling on December 2, 2024, by Justice Jude Onwuegbuzie of the FCT High Court in Apo.

Court documents obtained by our correspondent on Tuesday detail how the EFCC connected Emefiele to the massive estate, which spans 150,500 square meters and is identified as Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.

Emefiele is currently facing prosecution by the EFCC in three separate cases before different judges.

Before Justice Hamza Mu’azu, he is on trial for procurement fraud, forgery of former President Muhammadu Buhari’s signature, and other charges.

Before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos, Emefiele is charged with fraud involving $4.5bn and N2.8bn.

Additionally, Emefiele faces charges before Justice Maryann Anenih of the FCT High Court in Abuja for allegedly approving the printing of N684.5m worth of notes at the cost of N18.96bn.

According to the EFCC’s documents, Emefiele is accused of carrying out a “monumental fraud” while serving as CBN governor, with the assistance of his cronies, to acquire several properties, including the estate.

“The commission, whilst investigating the alleged monumental fraud carried out by the immediate past Governor of the CBN and his cronies, traced and discovered several properties reasonably suspected to have been acquired and/or developed with proceeds of unlawful activities,” the EFCC stated.

The agency further alleged that Emefiele negotiated kickbacks in exchange for allocating foreign exchange to companies in desperate need of funds for legitimate business activities.

The EFCC also claimed that Emefiele received kickbacks from contractors awarded contracts by the Central Bank of Nigeria.

The investigation revealed that Emefiele collaborated with several cronies, including one Ifeanyi Omeke, who “ran several errands for him, including the purchase and perfection of title documents for properties located in highbrow areas of Lagos and Abuja.”

The EFCC said the documents for the Abuja property were recovered during a search of Omeke’s office, and investigators located the property on September 17, 2024, “with the assistance of a surveyor from the Abuja Geographical Information Systems, using search results and coordinates.”

The agency noted that the property has been abandoned since June 2023, following the arrest of the former CBN governor.

In October, the EFCC arrested Emefiele shortly after he regained his freedom from the Department of State Services (DSS), which had previously detained him.

The EFCC further disclosed that the massive property, allegedly acquired through cronies, was originally intended for a mass housing development. The investigation revealed that Emefiele used three companies to pay a total of N2.2bn for the property.

It said the seller “received the aggregate sum of N2,200,000,000.00” and that the three companies involved in the payment were “enmeshed in criminal maneuvering of layering proceeds of illegal activities of Mr. Godwin Emefiele.”

The EFCC alleged that one company paid N900m, a second company paid N700m, and a third company paid N600m, bringing the total to N2.2bn.

It further stated that the directors of the companies were arrested, and their statements were voluntarily obtained during the investigation.

“The funds used in the acquisition of the property highlighted in Schedule A to this application are not legitimate earnings of Godwin Emefiele but funds acquired through illegal and unlawful activities,” an EFCC investigator stated in the affidavit filed in court.

The EFCC added that the court had, on November 1, 2024, made an order for the temporary forfeiture of the property after evaluating the facts before it. The commission requested that the judge now order the permanent forfeiture of the property to the Federal Government, as no one had contested the facts, despite the interim forfeiture order being published (in The Punch) on November 6, 2024.

The court agreed to the EFCC’s request, and the property has now been permanently forfeited to the Federal Government.

Attempts to reach Emefiele’s legal team for comment were unsuccessful. One of his lawyers, Matthew Burkaa (SAN), did not respond to calls or text messages seeking Emefiele’s side of the story.

‘Why EFCC Concealed Property Owner’s Identity’

EFCC spokesperson Dele Oyewale defended the agency’s decision not to reveal the identity of the property’s owner.

Responding to public criticism about the concealment, Oyewale explained, “The allegation of a cover-up of the identity of the promoters of the estate stands logic on the head in the sense that the proceedings for the forfeiture of the Estate were in line with Section 17 of the Advance Fee Fraud Act, which is a civil proceeding that allows for action-in-rem rather than action-in-personam.”

He added that the civil proceeding focused on the property itself, not an individual, especially since the property was “unclaimed.” He emphasized that since the investigation was ongoing, revealing the identities of suspects not directly linked to title documents would be unprofessional.

“The substantive criminal investigation on the matter continues. It will be unprofessional of the EFCC to go to town by mentioning names of individuals whose identities were not directly linked to any title document of the properties,” Oyewale concluded.

Continue Reading



 

Join Us On Facebook

Most Popular