Category Archives: WEMA BANK

Osun Assembly insists bailout fund remains N3.352m for state, N173.226m for LG

Osun Assembly insists bailout fund remains N3.352m for state, N173.226m for LG
The Chairman, House State House of Assembly Committee on Information and Strategies, Mr. Olatubosun Oyintiloye has insisted that the balance of the bailout fund given to the state government is N3.352 million while that of the local government councils is N173,226 million.

In a press statement issued and signed by Oyintiloye on Sunday evening, he made frantic efforts to clear the air on the controversy trailing the bailout fund, explaining that the balance was not N3.362 billion.

Oyintiloye said a statement credited to the spokesperson of a faction of Osun State chapter of the People’s Democratic Party, (PDP), Prince Diran Odeyemi concerning the balance of the bailout fund was mischievous and misleading.The lawmaker urged people of the state to disregard Odeyemi and his false claims.

His words “The public should disregard the defamatory statement credited to the factional spokesperson of PDP, one Diran Odeyemi who intended to mislead the public with his mischievous claims”.

He noted that the balance of the fund given to the local government council is N173,226 million and it is domiciled with Zenith Bank.

He added that the balance of the bailout to the state is N2.040 million which is at First Bank and N1.312 million in Wema Bank.

Oyintiloye said these figures were given by the Accountant-General of the state, Mr. Akintayo Kolawole, when he appeared before the House of Assembly to give an account of how the bailout was utilised.

He added that the representatives of the banks, present during the probe are: Adebayo Yakub (First Bank), Musbau Oyeniran (Wema Bank) and Ola Adedeji (Zenith Bank). These bank officials corroborated the figure given by the accountant general.

He stated that the Chairman of the Nigeria Labour Congress, Jacob Adekomi; Chairman, Joint Negotiation Council, Adebayo Adejumo and other labour leaders were present at the probe and they corroborated the figure given by the accountant general.

He said, “The balance of the bailout given to the state is N2.040 million which is at First Bank and N1.312 million in Wema Bank.

The bailout to the local government remains N173,226 million.

Guaranty Trust Bank a leading provider of e-payment gateway solutions has launch its Virtual Prepaid MasterCard.

Foremost African financial institution, Guaranty Trust Bank plc has reaffirmed its position as a leading provider of e-payment gateway solutions with the recent launch of its Virtual Prepaid MasterCard. The card which is issued instantly via Internet Banking, provides an added comfort for security conscious online shoppers who prefer not to use their regular debit/credit cards when making online payments.

The GTBank Virtual card has all the security features of a physical card and can be used to make both international and local online payments. It also serves as a fall back option for customers who have forgotten or lost their card, but need to perform urgent online purchases. The introduction of the virtual card has bridged the gap between traditional e-wallets and bank accounts by providing a low cost alternative to physical debit cards. Customers also have the option of converting the virtual card to a physical card.

Commenting on the launch, Segun Agbaje, Managing Director / Chief Executive Officer of GTBank said: “This marks another milestone in our quest to make banking more seamless for our customers. As a Bank, we remain firm on our objective to deliver value adding services that are tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking more convenient for all our customers.”
He further stated that “the launch of this product, attests to our commitment towards encouraging a cashless culture in our country by promoting the use of alternative payment channels for transacting both locally and internationally. Our desire to be at the frontier of banking excellence enables us to pioneer innovative products aimed at making banking more simple and attractive to the unbanked and unserved.”

Guaranty Trust Bank plc is one of the biggest issuers of payment cards in Nigeria. In Partnership with Mastercard, the Bank has rolled out all variants of GTBank Mastercards in all countries where it has business presence and continues to offer rewards and priceless experiences to its cardholders. One of such promos will include the POS Cash Back Promo; a loyalty reward scheme where customers can earn cash for paying for products and services on POS terminals using their MasterCards. The Bank also rewards Card Holders with shopping and movie vouchers. POS Merchants are also rewarded with several incentives to encourage patronage of the Bank’s POS terminals.