FBN confirms reconstitution of new board, Adeduntan resumes - ITREALMS

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The First Bank of Nigeria Limited has confirmed the reconstitution of its 11-man new board, just as the Dr. Adesola Adeduntan has resumed as directed by the Central Bank of Nigeria, reports ITREALMS.

The bank in a corporate statement endorsed on behalf of the management by the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney made available to ITREALMS revealed that this new board is in confirmation of the pronouncement of the Central Bank of Nigeria (CBN) on the subject.

Taidob College cart away 4 prizes @FBN sponsored contest - ITREALMS

ITREALMS:

The Taidob College Abeokuta, winners of the 2019 National Company of the Year Competition (NCOY) organized by Junior Achievement Nigeria and sponsored by First Bank of Nigeria Limited on Friday 6 December 2019, represented Nigeria in Ghana at the 2019 African Company of the Year competition.

Taidob College left Ghana with four awards in the keenly contested competition, comprising representatives from 10 other Junior Achievement member countries in Africa, notably from the Kingdom of Eswatini (Swaziland), Ghana, Zambia, Gabon, Uganda, Zimbabwe, Mauritius, Botswana, Kenya and South Africa. Team Nigeria (represented by Taidob College) won the most awards of any other country present. The awards include; Client Focus Award, Entrepreneurial Spirit Award, Facilitator of the Year Award and was second runner up, Company of the Year Award.

The African stage of the Company of the Year competition is the sequel to the national event featuring 12 student companies who are zonal winners from across the country, including the eventual winner Taidob College Abeokuta. Terra Kulture, Lagos played host to the event on 3 October 2019.

Speaking on their performance, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said “the youngsters from Taidob College have indeed made Nigeria and Nigerians proud. Winning four various awards is a recognition of the viability of the innovative solutions designed to save lives. The impact of their innovation – the Gas Leakage Detector – would go a very long way at solving the problem of fire outbreaks due to gas leakages in homes, offices, and industries. We congratulate Junior Achievement Nigeria on the strides achieved in Ghana”.

Last year, Inventive Explorers, from Caro Favored College Ajegunle, emerged the grand winners at the Africa Company of the Year competition in Ghana. Their rechargeable handheld LED traffic lights has solved a real problem in various congested communities and reduced traffic accidents, especially in areas with school children crossing busy streets. Over the years, FirstBank has been at the forefront of partnering with Junior Achievement Nigeria in Company of the year program and competition.

The National Company of the Year Competition (NCOY) is an annual flagship event by Junior Achievement Nigeria’s (JAN), which convenes the winners of the JA Company Program Regional Competitions across Nigeria together to compete for the National Company of the Year Award. The national winner then proceeds to represent Nigeria against other JA Africa member-nation companies. 

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FirstBank goes to Oracle

One of the leading oldest banks in Nigeria, First Bank plc has gone to Oracle for its financial services deployments.

This fellows the successful deployment of Oracle Financial Services Know Your Customer and Oracle Financial Services Regulatory Reporting Solution. In addition to upgrading to Oracle Financial Crime and Compliance Management Platform for Financial Services and Oracle Financial Services Anti Money Laundering solutions. 

With this, FirstBank is the first in the region to deploy an Oracle Financial Services Know Your Customer and due diligence programme, which enables the bank to meet rigorous regulatory and reporting obligations. 

The integrated components of Oracle Financial Services Know Your Customer, Oracle Financial Services Anti Money Laundering, and Oracle Financial Services  Regulatory Reporting Solution, as part of the overall Oracle Financial Crime and Compliance Management Platform, enable the bank to accomplish a risk-based transaction monitoring program, to monitor suspicious and fraudulent activities and help to combat financial crime.

The deployment of Oracle Financial Services Know Your Customer, which is fully integrated with Oracle Financial Services Anti Money Laundering, also enables automated customer risk profiling, so FirstBank can have a 360-degree view of their customers’ activities for easy monitoring purposes.

Confirming this, Chief Compliance Officer, First Bank of Nigeria, Mojisola Aderinto, noted that with the Oracle Financial Services Regulatory Reporting Solution, FirstBank is the first bank in the region to successfully implement an automated system for the creation and filing of Suspicious Transaction Report.

According to Aderinto, by leveraging a single platform to meet all anti-money laundering, know-your-customer and regulatory reporting needs, FirstBank would be able to significantly reduce operational costs and manage day-to-day operations more efficiently.

Aderinto, pointed out that FirstBank initially deployed Oracle Financial Services Anti Money Laundering in 2007 and its satisfaction with this investment led to it choosing Oracle to allow it to meet its compliancy and management objectives.

“Complying with regulatory requirements and fighting financial crime are key priorities for First Bank of Nigeria. Oracle Financial Services Anti Money Laundering has successfully supported our bank’s objectives for the last five years, so Oracle with its proven track record in financial services, was our obvious partner to help deploy the integrated solution, including Oracle Financial Services Know Your Customer, to meet government and business regulations,” Aderinto said.

Equally commenting, the Group Vice President and Managing Director, Oracle Financial Services Analytical Applications, S. Ramakrishnan, said it is essential that financial institutions like First Bank of Nigeria take a strategic enterprise-based approach to monitoring financial crime and regulatory reporting -- for its own benefit and the customers.

As an industry leader, Ramakrishnan said, Oracle continues to advise and help financial institutions to formulate a compliance management strategy with the aid of Oracle Financial Crime and Compliance Management Platform. Not only does it help institutions achieve their regulatory goals, but it also helps to position them positively in the market place, like it has for the First Bank of Nigeria.”

Remmy Nweke
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