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Business News

Sterling Bank apologises, takes down tweet after CBN’s accusation of “demarketing”

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Sterling Bank Tweet

Sterling Bank on Tuesday apologised for a subtle banter tweet it posted via its Twitter handle on Friday. In a tweet posted on Tuesday, the bank “tendered its unreserved apology to all banks the likeness of whose logos and buildings featured in the referenced tweet.”

Nairametrics gathers that a certain bank reported the tweet to the Central Bank of Nigeria after declining to get involved in the tweet banter. Subsequently, the Central Bank sent Sterling Bank a letter requesting that the bank immediately “pull down the post from its Twitter handle, write and unreserved apology, through the same medium, to all banks whose logos and buildings you used in the advert and explain within twenty-four hours why regulatory sanctions should not be imposed on your bank” 

The CBN claimed this was “an attempt” by Sterling Bank to “exploit the power of the social media to demarket other banks”. They also claimed this was in violation of section 44 of the Banking and Other Financial Institution Act (BOFIA).

Contrary to the pulse generated from the tweet the CBN claims that the post “generated negative comments for the entire banking industry.”

Sterling Bank subsequently took down the tweet and tendered its unreserved apology on Twitter. The bank on August 15th, 2017 appointed Abubakar Suleiman as Managing Director/Chief Executive with effect April 1st, 2018. Since he became CEO that the bank has introduced a rash of reforms one of which is building a youth-centric organisation. Abubakar is one of the youngest Bank MD’s in the country.

Analysts believe the banks tilt towards fresh ideas with a youth appeal may have been the motivation for the tweet and believe this has catapulted the bank to the eyes of thousands of youth who saw the brighter side of the tweet.

Sterling Bank’s apology

The tweet that started all this

On Friday the bank posted a tweet that apparently took a stab at some rival Nigerian banks. The tweet has ignited tweet responses from rival banks and has engulfed twitter Nigeria with many seeing the fun side of the banter.

Deal book 300 x 250

The tweet read, “Shoot for the moon, become a star – it’s the least you deserve.” included a graphic showing a person, perhaps a customer, on a spaceship shooting for the moon. In this case the moon is a Sterling Bank logo.

The graphic also included a boy slaking on a board with what seemed like an Access Bank board. It also included someone looking out of a window of a cube looking house with a color similar to GTB. Two boys each rode on an elephant and horse respectively in a subtle shade to First Bank and Union Bank. Both banks replied along with Access Bank who was also shaded in the tweet.

Most social media handles tracked by Nairametrics suggest the tweets were viewed as fun and on a lighter note with the tweet gathering retweets of over 2000. The original tweet has now been pulled down by the bank.

 

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Economy & Politics

CBN extends Covid-19 forbearance for intervention loans by another 12 months

CBN will continue to charge an interest rate of 5% for its intervention loans for another 1 year.

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New CBN guidelines ban MMOs, PSPs, Operators from receiving diaspora remittances

The Central Bank of Nigeria has announced an extension of its regulatory forbearance for the restructuring of its intervention facilities by another 12 months.

In a circular signed by Dr. Kevin Amugo, the Director of Financial Policy and Regulatory. the apex bank said it will continue to charge its borrowers an interest rate of 5% per annum as against the 9% originally offered. The CBN had on March 20th reduced the interest rates on its intervention loans from 9% to 5% as part of its response to the economic crunch brought on by Covid-19 induced lockdowns.

The CBN also offered to rollover moratorium granted on all principal payments on a case by case basis. All credit facilities had been granted a one-year moratorium starting from march 1, 2020 when the pandemic first gripped Nigeria.

See excerpt from Circular

“The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from 9% to 5% per annum for one-year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 Pandemic on the Nigerian economy.”

Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.

Following the expiration of the above timelines, the CBN hereby approves as follows:
1) The extension by another twelve (12) months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities;

2) The roll-over of the moratorium on the above facilities shall be considered on a case by case basis.

What this means

Companies who secured intervention funds from the CBN or through any of its on-lending banks will continue to service the loans at an interest rate of 5% per annum instead of 9%.

  • They can also get another year of not needing to pay back the principal sum collection. However, they will need to apply.
  • Whilst this move helps the small businesses continue to manage their cash flow, it means the CBN will record a reduction in its income extended under such facility.
  • Regulatory forbearance is a widely adopted concept during an economic crunch and it is meant to help stimulate businesses. These pronouncements if implemented will only affect those who borrow from the CBN or BOI but those who do not will miss out.
  • Download the circular here.

 

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Energy

LNG boss tasks FG to begin the monetization of Nigeria’s gas

Mr Attah has urged the FG to take the gas sector more seriously as the future of Nigeria’s energy lies with it.

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The MD and CEO of Nigeria LNG Limited Mr. Tony Attah has tasked the Federal Government to begin the revamping and monetization of the Gas sector in Nigeria.

He made this statement while making his presentation at the 2nd virtual Nigerian Gas Association (NGA) Industry Multilogues, with the theme: “Powering Forward, Enabling Nigeria’s Industrialization via Gas.”

Mr. Tony Attah drew the attention of the audience to the hidden treasure in the Nigerian Gas industry which he believes is not getting enough attention from the government.

On the future of gas as an alternative energy source, Mr. Attah stated that the developed world is already keying into gas as an alternative to crude oil. Gas has proven to be a cleaner and more sustainable alternative.

He exclaimed that Nigeria is very rich in gas and yet poor in energy. Nigeria is the 9th country with the largest gas reserves in the world but makes very little use of it.

Mr. Attah went further to paint a clear picture of the promise of investing in gas using the success achieved by Qatar. Qatar is currently the largest LNG exporter in the world.

We just touched on a quick case study of Qatar. Someone mentioned Qatar already from a poor fishing country to a gas giant and it took just 10 years, which is why we, as Nigeria LNG, firmly believe in the conversation and the narrative about the declaration of the decade of gas.

“We believe it is possible. If you look at Qatar from 1995, when they really went into gas development, we were just two years behind Qatar. So, Qatar’s first LNG was in 1997.

Nigeria’s first LNG was in 1999, just two years behind. But then, within 10 years, because of the deliberateness of the government and focus on gas, they have gone to 77 million tonnes and we are at best, 22 million tonnes,” Attah said.

Mr. Attah stressed further the importance of the gas sector in Nigeria’s future. He recalled that the Nigerian Government declared 2021-2030 as the decade of gas. He pleaded with the government to take the sector more seriously as the future of Nigeria’s energy lies with it.

Gas is the future. That future is now, and just as the Minister of State has made us to realize, gas is food in fertilizer. Gas is transport as you saw in the Auto gas project that was declared.

Gas is life, as a matter of fact, for cooking, for heating, for existence. Gas is development in manufacturing, gas is power. Gas is everything. “We think it’s time for gas. It’s time for Nigeria to diversify and that is why we fully support the decade of gas,” he said.

What you should know

  • Early last year, the director of the Department of Petroleum Resources (DPR) Mr Sarki Auwalu confirmed that Nigeria’s proven gas reserve stood at 203.16 trillion cubic feet.
  • Nigeria has the 9th largest gas reserves in the world. It is also the 6th largest exporter of gas.
  • The Federal Government declared the year 2021–2030 as the “Year of the Gas“. It pledged to finally kick start the development and commercialization of Nigeria’s huge gas reserves.

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