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MONDAY, MARCil 14, 20 1I
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Agriculture: Stanley Opara N ION Bank of Nigeria Pic has reaffirmed its commitment to improved agricultural production by reviewing its asset requirements for agricultural financing from N250m to
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Union Bank reviews loan requirements
N50m for commercial and medium-scale fanmers. A sta tement on Saturday saId that the bank would make its position known at the Enugu International Trade Fair where it would display several producls and services. mainly targeted at
farmers. The banksaid that the loan incentive was to encourage more medium-scale farmers to access more funds. whIch they could use to raise crops and livestock, invest in fertiliser acquisition and produce major products.
The bank In a statement on Friday added that the new window was aimed at boosting food production and creating jobs white increaSing the long run multiplier effects of the intervention fund. "By thIS review, those
who previously had Issues WIth their requests may now re-apply for a better deal:: the bank said in the statement. According to the statement, the bank is also parading other full range of tailor-made financial services to meet th eir specific needs and receiving business adVISOry on imports and exports, oil and gas; solid minerals as well as foreign exchange transactJons. It, however, saId Umon Bank would also create value (or its numerous customers as well as prospective ones WIth its products. The bank added
that the products included Union Ever (savi119'i'cuITent accounts based products), Union Plus 1a consumer credit finance loan product), Union Ufe Time accounts and Union Galaxy (the electrOniC banking package). Other servIces available include the online real time banking services, telephone and banking, current savings accounts as well as MoneyGram International Money Transfer, the bank said. The bank will also display Its bouquet of electroniC servIces, Including Union Mobile Commerce, Internet banking and Fbint of Sales services.
ACCA urges students to participate in Simpson Scholarship
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L-R: Chief Executiue Officer, Risk Business International, Mr. Mike Finlay; a former Executiue Director, Oceanic Bank Pic, Mr Kola Ayeye; Chairman Institute of Operational Risk, United Kingdom, Mr. Edward Sankey; Chief Executive Officer. D-uaR Consulting Limited. Mr Olaniyi Olalemi, and Chief Executiue Officer, ACME Consu/tora, Mr. Alfredo ROisenzuil, during the First Nigerian Annual International Conference on Operational Risk 2011 by D-uaR Consulting, in Lagos .. on Friday.
Experts urge authorities to rebuild foreign reserves
Ademala Alawiye
INANCIAL experts have urged the monetary authOrities to urgently conSIder rebuilding the
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country's external reserves
The experts said this at the 2011 Budget ReVIew SessIon organised by the Inslltute of Directors Nigeria in Lagos The experts, In a obtained by statement our correspondent on Friday, saId. "We of course
understand
the
argument
that In the wake of the global finanCial criSIS and economic recession, there mIght have been some need for fiscal expansion and stimulus to replace lost private demand like many nations of the world dId, but surely It is now time to urgently begin to rebuild our foreIgn reserves. "The alternative WIll have to be a potenllat devatuallon of the naira, with Imported inflationary consequences and negative Implications for input prices for raw materials, spares and other Imported goods " The Chairman of Council, 100, Mr Chlke Nwanze, saId 10 his address that the mstitule's concern was about the quality of spending in terms of value for money He saId, " Many Nigerians may find It difficult to beheve that at least $30bn of savings
in add Ilion to several trillions of naira in current revenues have been spent in the last three or so years, given the conhnued poor state of infrastructure, services and quality of life In Nigeria." Nwanze pOinted out that the government should carry out a fresh review of procurement practIces and standards to ensure that the nation at least received coordinate value for the huge budgetary dIsbursements He saId, "We have noted poSItIVely that the 2011 budget proposals project, total expenditure of N4 226tn, representing an 18 per cent reduction on the total expenditure of NS .16tn In 2010 made up of the initial and
appropriation amended acts, and the first and supplementat second appropriations "This prudent posture, we however. fear may be undone by reported efforts by the National Assembly to raIse the oil price budget benchmark from $65 to somewhere in the regIOn of $80 per barrel. " He, however, commended the increased
allocations to educatIon and health to 803 per cent and 5 .58 per cent . respectively. in the 2011 budget The 100 boss added that, dealing with the current expend iture in Nigeria would entait not just a radical public sector reform and rationalisation of ministries, departments and agencIes of the federat and state governments, but a fundamental re orientallon of the purpose , structure and process o( governance In Nigeria.
HE Association of Chartered Cerhfied Accountants has called for entries for the 2011 edition of the ACCA SImpson Scholarship According to a statement by the body, the Country Manager, ACCA NIgeria, Mrs. Oluwatoyin Ademola, said interested applicants could still file in their applicahons. Ademota said, " I urge our ACCA studen ts who ht In the criteria set by the Simpson Scholarship board to apply earty enough . They have untit the end of Aprit to apply and winners will be announced in June." She further challenged the ACCA students who had registered via the accountancy body's Nigeria offIce to emulate the example of Mr Adeeso Adetoye, an ACCA student and bUSiness consultant from Nigeria who was a reCipient of last year's scholarship award . Ademola added, "Each year WIthout fait, we are truly Impressed by the ql1ahty of the applications we receIve for the scholarship. We never
'Spring Bank committed to quality service delivery' HE Managmg Director, Chief Executive officer, Spring Bank, Mrs. Sota Ayodele, has reiterated the bank's commitment to quality service delivery She said that the bank had
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repositioned to deliver quality products to its customers across the country.
The bank's RegIonal Head, Ikeja, Mrs. StellaAvbuluimen, who represented her, saId thIS while receIving the 2010
"Most Improved Bank of the Year" award, organised by the Global Excellence magazine According to a statement on Friday, the bank was rewarded with a Chrystal
FinBank's savings promo gets 28 more winners
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HE ongoing Finsplash savings promo by FinBank Pic, has produced 28 new winners The winners Include Mr Ajlbona A1ade, Mr tkwuka Hilary, Ms Gamyat Adetola and Mr. Aransola Anthony, among others, who won pnzes like N2SO,OOO, 26-inch LCD televIsIon , generators and VCD players. The draw, which took place in Lagos on Thursday, was part of the 16 draws to be held across the country to produce
have an easy chOIce to make and I don't expect this year wilt be any different." The Simpson Scholarship provides five ACCA students worldwide with extensive support to complete their ACCA quahficatlon studIes. The Simpson ScholarshIp supports ACC"'s values of Integrity and opportumty by awardmg talented students who can best show how the scholarship wlil help them reach their full pot en hal The winners wlil either have their fees paId for up to five years, or unhl they become a member; whichever is sooner. Winners also receive a futl set of study texts, provided by BPp, one of the learning partners of ACCA Ademola said , "To qualify for the scholarshIp, intending applicants would have achIeved the hIghest standards In the exams that they had already sat for. Additionally, they are reqUired to submit a 1000word essay on how the scholarshIp will help them reach their full potentIal. "
winners at both the zonal and national tevels Speaking at the event, which had representatives of the Nationat Lottery Regulatory CommISSIon, the Executive DIrector, North, Retal Banking, Mr Adam Nuru, said the Lagos Island zonal draw was the eighth In the series of the zonal draws nationwide. Nuru, who was represented by the bank's Area Execuhve, Lagos Istand, Mr. BaldWin Onuigbo, said, "We are in
Lagos to replicate the Cross River, Lagos. Nasarawa, Enugu and Oyo states experience and to further assure our teeming and prospedive customers In this region, of our immense appreciation of their loyalty to FinBank.'· He said the FinSplash was a value-added promo targeted towards busmessmen and women, Civil and public servants, the armed forces, medIcal practitIoners, employees of corporate
organisations, associations, artisans. unions and societJes, among others
Nuru explamed, "For us as a bank, it has been a poslhve expenence offering products that empower Nigerians and our customers in particular The FinSplash promo revolves around the bank's most outstanding savings product. "A11 these mnovallve producls are tailored to meet target savings, encourage a savings culture and bUltd stable funds for Investment "
plaque for its outstanding Improvement WIthin the financial year in review. It saId the organisers of the award acknowtedged the efforts of the bank's management team, which had, w,th,n a short tIme, poslhoned the bank on the path of profltabihty It said, the feat, achIeved within the first quarter of 201 0, was sustamed throughout the 2010 financial year The managmg director dedIcated the award to all customers of the bank, saying, "This award will challenge us to do more, espeCIally, now that Spring Bank has been repOSItioned to deliver maximum service delivery to all our valued customers across the country."