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Corporate Life: A banker’s critique of Genevieve Nnaji’s “Lionheart”

Genevieve Nnaji generated quite the buzz last year when she announced that Netflix had acquired content rights to her latest film – Lionheart.

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Corporate Life: A banker's critique of Genevieve Nnaji's "Lionheart"

One of Nigeria’s most celebrated actors, Genevieve Nnaji, generated quite the buzz last year when she announced that Netflix had acquired content rights to her latest film – Lionheart. Many were quick to conclude that the film must be superb, to have attracted Netflix’s attention.

Well, while it is not a completely wasted effort, there are a lot of things that are wrong with the story line. Ms Nnaji had gone for something different, telling a corporate story about a struggling transportation company at the brink of failure. She, however, failed to properly research the workings of the corporate environment prior to making the film. And now, the corporate guys are noticing all these errors and speaking up about them.

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Here is an actual banker’s appraisal of the “highly-acclaimed” film. You may consider not reading further if you haven’t seen Lionheart and plan to do so anytime soon.

Lion Heart, The movie that should never have been made

So, I’m just going to tell you right off the bat that this movie isn’t worth your time. There you go, I just saved you 90 minutes of cringe. You’re welcome.

I’m gonna start with what I liked about the film. The camera work and cinematography were done well and I liked the extensive use of depth of field to blur out the background objects. Also, the movie will be more appreciated by Igbo people for obvious reasons.

GTBank 728 x 90

Now let’s get to the nitty-gritty, starting with the inaccuracies. Firstly, companies hire auditors to audit their books. So, in essence the auditors work for you (that’s how they get paid after all), and not the other way round. But Lionheart’s auditors come from an alternate reality world where Lionheart works for them and they even come to give a notice to pay down. For anyone who doesn’t know, it’s only banks and/or bank’s legal solicitors that issue demand notices to debtors. And this is always done in a written format, not verbal.

A CEO cannot borrow from any bank without the board’s approval. So, that entire plot line is a joke. The only way he can borrow without the board’s knowledge is if he’s borrowing the money for personal use. But that’s not the case here.

No bank will grant you a loan based on the promise of a contract. Instead, the contract must be awarded first and sealed. Banks usually go through the terms and conditions of the contract before determining if it’s going to be worth financing.

There is the glorification of morning devotion which I think should be banned in offices. Offices are not places of worship. And it is unprofessional to use the company’s time to be screaming early in the morning inside a corporate environment.

By the way, what sort of expertise does the uncle from the village have, that he had to be invited to run/oversee a multi billion naira company on a whim?

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One of the bankers they meet with is wearing a tux at work. Who does that?!

Patricia

No bank manager will ever proposition a customer who comes to ask for a loan openly in the presence of the customer’s colleague. That could earn him a swift dismissal if  reported. Apart from that, a branch manager does not have the authority to approve the amount of loan they are asking for. In fact, most loans are not granted at branch level and usually go through a series of departments for approvals. Also, the company is a debtor and they are going to appear on the various credit bureau portals for having past due obligation with several banks. As such, no bank will touch them with a 10 foot pole.

Have the makers of this film actually ever been to a police station before? You don’t just run into a police station and right into the cell area while yelling on top of your voice. Police stations have gate and you’ll be searched (or not, depending on which one you go to) and after that you’ll be allowed to say who you’re looking for. People coming to bail people also don’t rush out of the car like ‘lunatics’. Also police people don’t beg people at their own office.

PS: Don’t be fooled, rich people don’t know what a police station looks like in Nigeria. That’s probably why they didn’t bother doing their research on that. In reality, the bank manager would lose his job for being a horny dog while the rich people will scurry back to their office without having any police involved. But this is Nigeria and they had to dramatise it. #EpicFail

And what in the world is Peter Okoye doing there? Cheap thirst trap maybe? He needs to hit the gym by the way; he’s not all that anymore.

Can we talk about that secretary for a second! I’ve been to many offices and never have I seen a tea girl so enthusiastic, happy and cheerful about serving tea.

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After watching this movie, I came to one conclusion:

Nobody cared to do research on any of the plot lines they used. They don’t know how bankers dress or even conduct themselves, they don’t know how loans work, they don’t know how mergers work, they don’t even know how police stations work.

Netflix should seriously hire someone competent enough to screen shovelware shows from their platform. 

Other notable mentions:

  • Nkem Owo was mostly annoying and over-dramatic.
  • Genevieve wore different dark green dresses for 70% of the movie, I don’t know what’s up with that.
  • There was no prior appointment before meeting the Hausa man in the north for such an important discussion like that.
  • All the characters were flat and poorly developed, they were all shallow and one sided. But then again I wouldn’t blame them because the movie doesn’t really have a plot.
  • That dude(don’t know or care about his name) in the board could’ve used a lip gloss
  • Phyno was just as irrelevant as Peter Okoye.
  • Forced and cringy jokes/comedy.
  • Pete Edochie’s performance was the best, but then again when you’re acting (or at least pretending to) alongside people like Genevieve, you’ll be the best in everything.

This article was written by Mazeli Mbanefo, with contributions by Emmanuel Abara Benson. Mbanefo is a Relationship Manager at one of Nigeria’s many banks. 

Emmanuel holds an MSc. in International Relations and a B.A in Philosophy & Logic, both from the University of Ibadan. He is a communications professional. As a Lead Business Analyst at Nairametrics, he focuses mostly on quoted companies, their products/services, and the economy in which they operate. Emmanuel is also experienced in the areas of corporate communication, brand communication, corporate storytelling, public relations, business research, management/strategy, etc. You may contact him via his email- emmanuel.abara@nairametrics.com.

89 Comments

89 Comments

  1. Anonymous

    January 26, 2019 at 1:29 pm

    Nice speech…. Now you’ve got that off your chest I hope you’re proud of yourself. Ehen before I forget when you’re paid for the info pls tell me

    • Joy Peter

      January 26, 2019 at 11:29 pm

      Don’t mind the swollen belly filled with hatred.

    • Kiki

      January 28, 2019 at 6:42 pm

      Apart frm the lack of thorough research which may be as a result of budget and time, i rate the movie B. The concept is nice, cinematography on point, editing exceptional,casting fair,storyline fair

  2. Anu

    January 26, 2019 at 1:43 pm

    What kind of hate resides in this unfortunate person’s heart…. The typical arrogant and ignorant bank worker….

  3. Sydney

    January 26, 2019 at 2:06 pm

    Some people can never deal with the truth. But this guy just made perfect sense.
    It’s funny, the things I overlooked when I saw that film. Zero research. Poor fact-checking.
    Accept it or not, this is the best review of Lionheart I ever watched.

  4. Emmanuel Abara Benson

    January 26, 2019 at 2:14 pm

    Hi guys. How about we just calm down for a second and perhaps see the actual points here?

    • Anonymous

      January 26, 2019 at 2:16 pm

      points like she should ‘crawl back to obscurity’. The author’s life must be a mess.

      • Emmanuel Abara Benson

        January 26, 2019 at 2:27 pm

        Okay, maybe just ignore that part? Genevieve is a huge star and we all know that. We all know that.

        • Anonymous

          January 26, 2019 at 2:53 pm

          If i had read this article on Linda Ikeji, I wouldnt have been surprised but on NAIRAMETRICS… AH!!! Common..

          The movie was disappointing, but this article wasnt a critique, it seemed like a letter written by a scorned ex.

          • Emmanuel Abara Benson

            January 26, 2019 at 3:07 pm

            Okay. I get it… Linda Ikeji.

            Nairametrics would normally not publish this kind of stuff. But then again, we got interested because of the “corporate theme” of the situation.

            I hope it’s clear now.

    • Ellen

      January 26, 2019 at 2:34 pm

      My problem is that you are not a movie critique. Nah. You never pointed the lessons beneath thr weak storyline. You are just vexed and surprised at how much she’s made. On a critique level, the movie had a flat climax, Genevieve’s acting basic, Nkem Owoh was very natural. People run in a state of dilemma. These Auditors, we were never told if and if not they were from the bank. Have you ever heard of moving with your wit? Have you heard of experience being a the best teacher? Have you been told that there is no qualification needed before one becomes a supervisor? But wait, did you even hear that the uncle was the manager of a branch in Owerri and they both began the business together?
      Lemme ask you, did you see the movie?
      If yes, was it from Netflix or illegal download?

      Speaking of the 70% green, it is called an emerald green. Now that colour was deliberate. It is called a THEME. If you watched the movie, you’d notice that twice, Nkem Owoh wore the said colour. There was a deliberate drop of the said colour in every scene. But, you wouldn’t see it, why? Because you brought together negative energy from every accessible platform and added your own imagination.

      The movie had it flaws, but saying it was a waste, and calling out that 39 years isn’t her lucky age and making jest of someone else’s effort without being thoughtful while you’ve done nothing close to what she has is inhumen.

      Mr. Banker, thank you for your not well thought out criticism.

      • Emmanuel Abara Benson

        January 26, 2019 at 2:41 pm

        Great! Now we are having a debate.

        Some of your points have been noted, Ms Ellen.

        Thank you very much.

      • Nora

        February 3, 2020 at 9:59 am

        Thank you for such a good reply. I just tried ooo. I don’t think he actually watched the movie, maybe someone told him (summary of the story, and he added his own imagination to it)

  5. Anonymous

    January 26, 2019 at 2:28 pm

    Poverty is a sicknesses n ththe two are both poor.sorry guys.

    • Emmanuel Abara Benson

      January 26, 2019 at 2:36 pm

      Okay! Now, whoever you are, you’ve got me confused. And I don’t like to be confused about anything or by anyone. So, it’s goodbye for now. When you are ready to talk about poverty, stop being anonymous.

  6. Olumide

    January 26, 2019 at 2:34 pm

    Nice write up but mention the fact that there only one policeman who also act as the ipo of the case as well as, they trying to imitate the sheriff system of west where the cell is as visible as anything. Just my 1k0bo

  7. Anonymous

    January 26, 2019 at 2:49 pm

    Sad sorry soul. Sily analysis. Face your bank job and sit up!

  8. Usman Sam

    January 26, 2019 at 2:49 pm

    Don’t agree with this author one bit. You are one of those who hates being an African but love being a whitenman that you can NEVER be. Cinematography is about “suspended disbelief”. That is, making the plot look real. As far as I am concerned, the movie Lionheart succeeded in this regard. No body wants a perfect movie. If you can make one, go ahead. But I love the movie period!

    • Emmanuel Abara Benson

      January 26, 2019 at 3:02 pm

      I’m sorry, but I don’t agree with your “suspended disbelief” theory. Here is what I think – Art should be a translation of human experiences. And human experiences are usually realistic.

      Now to your second point, I don’t think the authour is trying to be a white man. It’s interesting how you can even think that…

      • Anonymous

        January 27, 2019 at 12:00 pm

        Art for art sake! When art tries to imitate life it loses itself. it only keeps you in suspense of the writers imagination.

      • Chikelu ikechukwu

        May 14, 2019 at 11:01 am

        And u can still say that about science fiction? U can create your own world for your movie and attach different possibilities to it.

  9. godswill

    January 26, 2019 at 3:15 pm

    Please, her uncle is not from village. He is the manager of owerri branch. You are the one who didn’t research well. Most things that happen in a film does not happen in real life : this is why it is called film.

    • Orotunde Oluwadamilola

      January 27, 2019 at 10:18 am

      But have you really watched good movies and see them bring storylines to life,am not saying the movie is all that bad but I think we can do better,the reasons why Americans are aceing is most probably because they know critics exist so they top research well.

  10. Desmond

    January 26, 2019 at 3:32 pm

    It took a lot of self control for me not to be abusive as you were in this rubbish you wrote down… I am more shocked to see that you graduated from a Nigerian University… Your certificate needs to be revoked. Bankers don’t wear tuxedos under which Law in Nigeria? – When Bankers now wear jeans and Polo to work, including their traditional outfits on some selected days as part of their company regulated wears… You haven’t seen any happy P. A like Genevieve’s P. A, how many P. A’s have you met in your life?
    I don’t need to lecture you on cooperate practice… But just to help your ignorant life, that movie was written by three Award winning writers aside Genevieve and the producer of the film. You do not know company practice more than the Netflix team that deemed the movie perfect before they purchased it.

    And if by any chance you did a crash course on corporate practice, let me remind you that there is a clear difference between corporate ethics and reality… A movie is a reflection of life, how life is and not how it ought to be. Assuming there was a corporate law against borrowing of money by an MD without the consent of the Board members does that mean that law isn’t violated on a daily basis by people….? It didn’t not occur to you that in the movie the auditors apparently have a long time personal relationship with Chief Obiagu coupled with the fact that they were angry that he went against their advice and took the loan in contention and they were telling Adaeze the consequences of failing to offset the loan..

    No need going further to lecture you coz apparently, in your bid to spread your hate and envy for the makers of the film, you just revealed your ignorance and the need for you to ask for a refund of your tuition fees from the University you claim to graduated from coz you obviously learnt nothing tangible.

    • Emmanuel Abara Benson

      January 26, 2019 at 3:45 pm

      Thank you for your insults, Mr Desmond.
      Are there any more actual comments, please…?

    • Anonymous

      January 26, 2019 at 5:09 pm

      Mr Desmond, you saved me a lot of energy. I ciuldnt have said it better….

      What is even annoying is the peacock like arrogance exhibited by both writers…

  11. Joshua Chuks

    January 26, 2019 at 3:56 pm

    Dear Emmanuel,
    I guess you weren’t serious concerning all that. Banks also observe morning devotions. Do you think it will be alright for us to have a society that is void of the consciousness of God? Do you know those devotions go a long way to make workers understand that they are first of all responsible to God and as result must carry out their duties as unto the Lord? Ask the western communities who sent “God out” of their schools, offices, it hasn’t been funny.
    I have a cousin who works with a Bank @ Enugu, Nigeria. There was a robbery attempt at the branch he was, and it was at his unit. When they assembled for devotion, being a child of God he prayed and declared that if whomsoever did that tried it again, he will be caught. Do you know it happened the way he said it and it saved the bank millions of Naira.
    Devotions at work place isn’t our problem rather it’s an advantage.
    Also, you are a young man who hope to live long I guess. Learn to love people, so that you can critique or correct them in love. Unfortunately you can’t do that if the Fathers love hasn’t been shared in your heart.
    Even if you observed some flaws, the matured tthing you would have done is to write privately to Genevieve. It would have been more appreciated. The whole thing looked as though you have an unresolved issue with her.
    You see, if you have Jesus in your life and has communicated with the Holy spirit the morning you wrote this, He wouldn’t have allowed you.
    Please note this my brother, in life you don’t rise up by trying to bring other people down. You will rather hold yourself down in the process.
    I love you my brother.

    • Emmanuel Abara Benson

      January 26, 2019 at 4:04 pm

      Yeah right, we should praise the Lord!

      Perhaps you need to read the article again (from beginning to end) to realise that I, Emmanuel, actually didn’t write the critique.

      Thank you very much.

      • Joshua Chuks

        January 26, 2019 at 4:12 pm

        I know you made contributions. Maybe you shouldn’t contribute to things like this that you can’t defend next time.
        You are a good person, who is willing to do the right thing. Remain blessed bro.

        • Emmanuel Abara Benson

          January 26, 2019 at 4:26 pm

          You don’t know me, Joshua. So, don’t assume I’m a good person, even if it’s true.
          And oh, I’ve been defending the article.

          Bless you.

    • Airat

      January 26, 2019 at 7:40 pm

      I watched the film and as someone who had always watched foreign films,l have come to the conclusion that Nigerian English films have a level. The typical B
      Nollywood film is a reflection of our level of mediocrity. What the writer of the article pointed out were objective points that writers and movie makers may need to address in Nigeria.We have all heard of actors studying a character for a long so as to act the part convincingly; in the same vein,we see experts being a part of a film to provide guidance so your work can have the element of verisimilitude.
      In our ‘home videos’,you cannot expect to see this effort. Even their audience, judging from the comments here are parochial and are happy with the cheesy stuff because they do not know better.. As long as their target audience is happy,who are we? However,this article will let the outside world know that some of use are not your typical average people and that many of us are educated enough,well travelled and exposed enough to know what is substandard. That movie was upsetting. Thank you for this article.

  12. Anonymous

    January 26, 2019 at 4:32 pm

    You are as stupid as they come.Charles okocha’s “haters shove it up your ass” is just meant for you”.Rubbish…the girl is a multi millionaire ,if not billionaire and you’re here writing rubbish.the film was a great movie….one of the best of 2018,and I think the plot was broken down to the basics so that everyone can understand.If you hate the film that much “Mr analyzer”,then go and hug a transformer,stay there for like 5 mins….when you come out,the movie will be dropped by Netflix ok.

    • Anonymous

      January 26, 2019 at 8:05 pm

      That film was not it at all, its definitely a waste of time and money. Let the truth be told. All what she said was correct. Better luck next time.

    • Anonymous

      January 26, 2019 at 9:03 pm

      Genevieve has made her movie. She has also made her money with her own story line. No two movies are the same even with the same story line. Everybody has a story but it is the way you tell your story that makes the difference.
      Since you and your colleagues feel you know so much on how movies should be made, it will be a wonderful idea for us to see your own movie.
      Movies are make believe. Remember those days when we watch American movies and they never seem to lock the doors of the vehicles in the movies? It was as if you just see any vehicle and you jump into it and take off.
      We should appreciate those who even make effort to do something worthwhile and not those who say they are bankers yet know nothing about what it takes to do movies in Nigeria.
      You guys should stop behaving like a rejected ex.

  13. Ola Jackson

    January 26, 2019 at 5:09 pm

    Yes…G.Nnaji has put effort in the movie…kudos…but truly it.does have a lot of holes…I have been watching Nigerian movies on 8mm..since 70s…and perhaps I qualify to make a little contribution….it was indeed tepid..and over all a 4 over 10.

  14. Ola Jackson

    January 26, 2019 at 5:13 pm

    …..but being a directorial debut ….I am sure she will do better next time with a bit more research….and more developed scripting …as well as depth of development….10 claps for the effort though

  15. Akinola AbdulAkeem Akinade

    January 26, 2019 at 5:14 pm

    No doubts Nigerians are still ignoramus, since when does people get devoured for airing opinion? This piece is an opinion written by someone, and well it is newsworthy, although not all the point she made mention of are worthy to be recon with but again some of them are true. I believe Genevieve herself wouldn’t be as insulting as are loyal fan [defendant] on this piece rather she’d try to improve in some areas meaningful on her subsequent debut.

    Regardless if I’m not proud of the banker critiques, I called it critique and not critics because she didn’t criticize everything about the movie, she also showed appreciation where it’s deem deserving; I’m certainly proud of her writing prowess and her education isn’t a waste as claimed by a user above.

  16. Cyndy

    January 26, 2019 at 5:30 pm

    Bad belle is allowed. You are here gasping for breath in all your one sided criticism and she has gotten her millions abi na billions sef.

    Too bad this will only be what it is… Inconsequential.

  17. Emil Biobelemoye Hirai-Garuba

    January 26, 2019 at 6:38 pm

    Interesting read ☺

  18. June

    January 26, 2019 at 6:52 pm

    This is wickedness, too much hate. Pathetic.

  19. Anonymous

    January 26, 2019 at 7:33 pm

    Yes, you’re a professional in the banking sector and might have noticed some wrong things but this criticism of yours doesn’t count for a fact. A critique would still hit the nail on the head without having to really insult anyone…. Studied criticism in arts and yours is nothing close to it…. Be less insultive next time

  20. Anonymous

    January 26, 2019 at 7:41 pm

    Mbanefo is such a joker with negative energy. Am a banker and I wear tux, not only me, my CEO do so your critique is baseless whilst filled with bitter words, acrimoniously retarded.
    Haven’t you heard of MFB before? What if the bank they were referring to is an MFB? You just shot yourself in the leg due to ignorance. You’re not even up to an AM grade let alone being a full manager cos none with such will pick up a pen and write the trash you wrote up there and am even surprised UgoDre allowed this trainee called Emmanuel to post such on this valuable site.
    You got this one wrong and should be taken down asap, no hard feelings okay… you have no business in criticizing a movie, meet your deposit and risk asset target first and go shine in MPR and not movie review.

    • Emmanuel Abara Benson

      January 26, 2019 at 9:05 pm

      Whoever you are, here’s what you need to do – go inside your room, look yourself in the mirror, and perhaps you will see that “trainee” you just referred in your damned reflection. Okay?

      And next time when you claim to be a banker, use your real name so we can know for sure that you are one.

  21. Teco Obi

    January 26, 2019 at 7:58 pm

    I’m surprised so many people are replying with so much hate and venom to the banker cum movie critique.

    Truth of the matter is these points he highlighted would stand out to any solid bamker. I noticed them immediately and told the folks watching the mibue with me.

    External auditors don’t/can’t harras you to pay back loans. And you can’t take a loan without board apptoval. In fact you can even open a bank account without the board’s approval. There were a lot of gaffes as regards the corporate storyline. I don’t want to comment on the other issues; but I noticed the policeman that was left in the station is a sergeant. Based on ranking, should a sergeant be the one to stay back and handle such stuff. I don’t know maybe somebody should enlighten me.

    Anyways the movie is a feel good movie, trying to depict a lady who beats the stereotype that women can’t run successful company. And she did against all odds

    Kudos Sha.

    My 2 cents!

  22. Evelyn

    January 26, 2019 at 8:14 pm

    I think the director of that film did well, though not perfect, we have to acknowledge their effort to have that success. The critics should not be blamed much he has just aired his own view from his own direction precisely and still has an atom of truth from his analysis.

  23. Jay

    January 26, 2019 at 8:36 pm

    This is not a good criticism at all. This is one of the best Nollywood movie I’ve seen in recent times. Maybe you need to calm down, swallow your pride, drink a cup of chilled ‘sweeten tea’ ( for your bitterness of course) and watch the movie again

  24. Anonymous

    January 26, 2019 at 8:36 pm

    That is the problem we have in making movies in this country and that’s why I left Nigeria movie industry. The don’t research and when you do your research and bring the movie, the producers won’t produce it because it is expensive for them.
    They don’t want to put in works in production. Spend 3 million and make 100 million

  25. Patrick Ikwuagwu

    January 26, 2019 at 8:40 pm

    Whoever that wrote this should not do it to anybody at all—it is wicked for you to want to destroy someone else’s effort. Let’s go by our own culture and leave the culture of the white—because there’s how we perceive such in Nigeria. This is Nigeria. Over there, nobody cares, that’s your own opinion but in Nigeria, we really care when u do this—cos we see it as malicious and wicked. Which the lady (Genevieve) doesn’t deserve from u in the first place because she’s going about her honourable business and doesn’t even know if u exist. U should also try and go about ur own business without offending anyone. We understand that Nigeria is not easy and people do all manner of things to succeed but being antagonistic is totally out of it. We don’t rise up by pushing others down. Allow people that love the movie to watch the movie in peace don’t discourage them cos “one man’s trash is another man’s treasure”. Please let’s encourage people like Genevieve cos they are the ones re-branding Nigeria on the world scene. If everyone buys into ur own opinion of the film, don’t u know the company that has the franchise to show it will lose money what will be ur gain. Finally if u want to succeed try and promote success not the other way around.

  26. Anonymous

    January 26, 2019 at 9:01 pm

    Benson how are you talking like you are an unfortunate. Scoundre , a vampire l and a dunce.
    You better apologize to Genevieve Nnaji, the Nollywood and Nigerians at large. You can people are aggrieved with this your loathsome character. Although you rightly said you are not a good person and that’s enough signal to Nairemetrics and who ever will be considering you for any business. You represent nothing but hate and jealousy.
    God is Genevieve Nnaji. God has lifted her up and no devil can bring her down.
    We Are following your defences and have discovered you are both shallow minded and unsophisticated.

  27. Roland

    January 26, 2019 at 10:16 pm

    Since you have chosen to exercise your freedom of expression and air your opinion on the film, we are also have the right to express our own opinion about your opinion freely.

    Firstly, I don’t even know why people are bothering to analyze issues with you coz there is no single point you raised that has merit. I would have bothered to educate your ignorance but it is obvious you problem is not just ignorance but severe hatred for the producer/director of the film
    . Mr Mbanefo and Emmanuel Abara Benson… No one cares about the opinion of a low life like you with no rational thinking ability. New York Times, Los Angeles Times and other international media platforms as well as reputable Nigerian Media Platforms have nothing but praises to shower on the movie you can continue to hate until you get choked … If you actually work in a bank as you claim and you could write this kind of clueless trash, then I am afraid to say that you are a big risk to your employers and a potential danger to your employers and customers. I blame the Nigeria education system, if not persons with your kind of reasoning is unfit to pass Jamb by proper standard. That’s if truly you are really a banker in the real sense of it and not a bank driver or cleaner, fortunate to have access to the bank’s WiFi , which could be the reason why you don’t wear and can’t wear a tux.

    • Emmanuel Abara Benson

      January 26, 2019 at 10:33 pm

      Oh wow! Another diehard fan throwing tantrums. Let’s not compare educational backgrounds, please?

      It’s rather interesting how a lot of you have been hurling insults since afternoon, albeit with so much hatred. How can you do the same thing you say is wrong?

      Anyway, “Lionheart” is overhyped. You can beat yourself up till next year for all I care.

      • Tojola

        January 26, 2019 at 11:16 pm

        Exactly, overhyped is the word.

      • Godswill

        January 26, 2019 at 11:45 pm

        Does it really matter, she is smiling to the bank. That’s what success is all about.

  28. Chukassy

    January 26, 2019 at 10:25 pm

    Am really so proud of Genevieve’s lionheart movie .if not for any other thing but for the fact that she promoted our made in Nigeria vehicle. Genevieve’s personal car in the movie and all the companies luxurious busses are product of innocent motors manufactured here in the Eastern part on nigeria . I guess no one noticed that . Abeg kudos to her .she totally changed the narrative from what Nigeria movie story line use to be .

  29. Anonymous

    January 26, 2019 at 10:51 pm

    Thanks for the article. I second Airat’s comments. True talk!

  30. Onah, Collins Obinna

    January 26, 2019 at 10:52 pm

    I think there’s more to this than it looks, the contributor and the criticiser… For all I care, every successful man or woman has a beginning, even if your claims are true, it will build her to perfection in no time… I have never been happier seeing nollywood movie attaining such standards as this @lion heart, you’ve watched or rather have been watching nollywood movies that worths nothing, and have done nothing but have felt happy at trying to let a great eagle down
    continue to criticize her success while she makes the money…
    nonsense…

  31. Annie

    January 26, 2019 at 10:58 pm

    You are simply wicked. That’s my submission.

  32. Tojola

    January 26, 2019 at 11:14 pm

    Majority of the points made here are what I also pointed out after seeing the movie. But if you say anything, people will say you are hating. LIONHEART HAS A WEAK STORYLINE IN ITS ENTIRETY! The plot is very weak so is the end of the movie. But then again, the fact that it got acquired by Netflix is an entrepreneurial feat we should celebrate. It takes a master sales man to successfully sell a bad product.

  33. Obianuju

    January 26, 2019 at 11:26 pm

    The comments on this post are hilarious.

    Nigerians really need to learn to argue constructively. The writer has made his point- there were flaws in the movie. If you don’t agree with him you address the points he made respectfully. You don’t need to insult the writer/poster.

    P.S: I haven’t seen the movie yet.

    • Roland

      January 27, 2019 at 5:27 am

      Obianuju… You obviously read an edited version of the article, if you read the original version , it was nothing but an epistle of insults on the producers. Imagine these imbeciles telling Genevieve Nnaji to go “crawl back to insecurity “. Chai! I blame Internet coz I if this dude should make this comment near me, I will personally beat out that stupidity from you.
      Miss/Mrs Obianuju go and watch the movie before you come here to comment that this idiots have made any point {You didn’t read the initial post you would have understood why I am sounding angry and calling them names}
      This article is completely baseless and malicious, so there is no need addressing any point.. What point is one supposed to address .. That Bankers don’t wear a tux , under which banking rule/law – ? Abi the lame comment that was about Police Station .. A movie that was clearly acted at the Enugu State Police Station – How should I take someone that said that people don’t run into a Police station serious… Is there a law mandating people to be crawling into police stations ??

      • Emmanuel Abara Benson

        January 27, 2019 at 8:49 am

        “Crawl back to insecurity”? You are one hundred percent sure that’s what you read?

        And wait a minute, you would beat someone for making a point that doesn’t sit well with you? Who in the world do you think you are? And how about you dare do that instead of sitting behind your computer and typing stuff you can’t do like a typical troll?

        How dare you come on here, a public forum, and threaten people with harm? Are you crazy?

        • Roland

          January 27, 2019 at 3:10 pm

          That was a typo error. “Crawling back to obscurity” is what I meant to type, which was what you and your cohort wrote.

          See eehh… I don’t care about any useless opinion you have to share… It is highly inconsequential, insignificant and will only matter to people with shallow mind like you… Which does not in any way reduce the fact that the movie is a global success, winning Awards and getting nominations for prestigious Awards.
          I only commented on this post cause I saw you exceeded your boundary of freedom of expression of opinion about the movie to the point of dishing insults on the producers/director of the movie. Guy! Them never born you to come on social media to insult Genevieve Nnaji.. Are you mad?! Is she your mate? Can you stand in front of her to tell her to crawl back in to obscurity? Coz you have access to Internet connection, you think you can hide behind your keypad to insult your elders!!

          I challenge you to drop the address of the said Bank where you work (if it is in Lagos), I will personally come there, pull you out, then challenge you to insult Genevieve in my presence… Na slap l go use reset your brain , then you will learn respect by force!!
          If you know you have that audacity, just drop your address here…!!

          • Emmanuel Abara Benson

            January 27, 2019 at 4:07 pm

            Roland, the authour said you should drop your own address and he will come over there and read this article to you.

            How about this arrangement?

            By the way, you do care about this “useless opinion”. Oh! Yes you do. That’s why you’ve been riled up by it since yesterday. Better calm down before you hurt yourself.

            This article has been read by thousands of people like you. I can bet not all of them agree with what has been written. But you don’t see them all with bricks and mortar threatening to beat the writers to death.

            You should really be mindful of the threats you make here. This is the second time I’m warning you about this.

        • Roland

          January 27, 2019 at 6:35 pm

          Chai… To even think that I was actually engaging a sane person… Didn’t know that I have been engaging a frustrated “graduate /masters degree holder in Political science (You are an embarrassment to University of Ibadan } Your mates are busy making national and global impact and you are here writing rubbish and replying to comments about a globally recognized and successful woman… Apparently
          your academic qualifications couldn’t get you a noble job to do in the line of the course you claim you studied coz you obviously can’t defend your cert with this level of reasoning. Since this is your new job… I will just ignore you like the thousands of other readers which you stated didn’t bother to respond to you, apparently they realized earlier than I did (they knew you better} that you are a nonentity and not worth paying attention to nor taken seriously ..
          As for Mbanefo, that small boy that works with Polaris Bank at Lagos Island {I have gotten all the information l need about him} No need to continue this banter here, I know exactly where to find him, so he can stand in front of me and read the article to me if they born him well…!

          • Emmanuel Abara Benson

            January 27, 2019 at 7:29 pm

            In response to this very retarded comment of yours, Mr Idiotic, I am a very educated Nigerian who is very proud of the work I currently do. It may not be the highest paying job in the world, but I love it and I am freaking proud of it.

            If you aren’t so mentally retarded and obtuse, you’d know better than mock another human’s decent means of livelihood. But then again, you are the most stupid human being I came across on this thread. Hence, I’m not at all surprised that you would spew this rubbish from your useless mouth. A man with a very limited use of his thinking faculty…that’s what you are. And it’s pathetic. I feel sorry for anyone who ever has to deal with your miserable, low life self on a daily basis…

            Once again, I am very educated and I have a job that pays my bills. I can never be ashamed of what I do for a living, so long as it is not illegal.

            As for you, I don’t know who the hell you are and I couldn’t care less. But you dare not go around intimidate anyone. Who do you think you are! I doubt you even graduated from a reputable Nigerian university, let alone have a job.

            Don’t be deluded into thinking you stand a chance before Mazeli. He’s too much for you, trust me.

            And here’s an actual challenge for you – stand before me and tell me to my face that I can’t defend my certificates.

  34. Anonymous

    January 26, 2019 at 11:37 pm

    Haters can’t stand success, my dear you don’t need to pull others down to stand tall, the sky is large enough for all to fly

  35. Anonymous

    January 26, 2019 at 11:48 pm

    Lol, no1 is perfect even the white people make mistakes in their movies talk more of we Africans, so whatever tantrums or insults u throw at each other won’t change the fact that the movie producers have made their money, and personally I enjoyed the movie, and no amount of criticism will change that, and by the way there is no law that says one must follow a pattern to write a story.

  36. ifesinachi kanu

    January 27, 2019 at 12:11 am

    Mr banker please go and diddle yourself. You don’t know jack about Art. So many jokers make movies in nollywood and very few are concerned about the artistic part of a movie. You obviously are a blind man pretending to have seen lionheart.

  37. Mirabelle Eze

    January 27, 2019 at 1:46 am

    What a bitter, and unnecessarily nit picky review… it’s one thing to analyze a film by discussing character development or pacing but to complain that Nnanji wears too many green dresses and to stipulate that no research whatsoever was put into the corporate aspects is spiteful. Lionheart is a film. It is not reality. Of course writers should strive to inform themselves of the topics they write about but, in watching the film and as a business school graduate, I can tell that they tried. I just… this review reads cruel, condescending, and unnecessarily personal. Please come back with a cooler head and some empathy.

  38. Eje

    January 27, 2019 at 3:35 am

    LionHeart, a movie that was destined to be made and it was made by the grace and mercy of God! I’m happy for Genevieve and all the great international reviews. She worked hard to make this movie and she will continue to enjoy the international recognition for her efforts. We are adults and we know the differenc between constructive criticism and hate speech. Let’s not deceive ourselves, these people that called themselves bankers are haters. This is no review at all but wickedness and so much hate.

  39. Anonymous

    January 27, 2019 at 6:06 am

    Benson you must be ashamed of yourself.. This is how low lives like you have been destroying this zoo country. We understand you were hired to do this , but then , don’t you have conscience ? You are but a hired assassin . In the end you kill yourself. You can’t bring down whom God has lifted .
    Reasonable people have condemned your criticism because it is malicious.

    • Emmanuel Abara Benson

      January 27, 2019 at 8:59 am

      Just take a minute and read this comment of yours. I think it is over-dramatic.

  40. Abolaji

    January 27, 2019 at 6:43 am

    Nigerians really don’t appreciate the truth. We know what is right but say or do the opposite. From a corporate perspective, the movie’s narratives was not properly done. She indeed cast a loose reflection on the corporate world, which was what the writer rightly pointed out. I would score the movie average, principally on account of the assemblage of the cast and the unique view points of the story, which portrays gender equality and non tribal bias. But the movie is not a bomb as portrayed by our mediocre media reviews. Its indeed a good try which could have been a masterclass, if the corporate end of things had been properly invented. If I go into how mergers are initiated and consumated, this article would not end. Nigerians, lets be objective. We always approach things with tribal or nepotic view points and these negative approach is our greatest hubris curse as a nation. Kudos to the writer. I believe you have also learnt a lesson on research writing today – know your audience and figure out how to speak to then without getting them spooked.

  41. Anonymous

    January 27, 2019 at 8:22 am

    Even the classic Hollywood A movies are never perfect reflections of the realities of their own society. This writer is off on so many points and clearly has a shallow knowledge of real world business.

  42. Anonymous

    January 27, 2019 at 8:24 am

    This writer has limited business experience and should do more reserach before clicking the post button.

  43. Anonymous

    January 27, 2019 at 8:25 am

    A movie like phone swap by KunlK Afolayan would have fared better on Netflix

  44. Uk igbudu

    January 27, 2019 at 8:28 am

    Well Guy – Dear Author, l have not watched the Lionheart, so I can’t place on neither destructive critique nor constructive criticism, but am thinking you should produce another Lionheart with all the ingredients that the Genevieve’s Lionheart lacked in place, all the improper plots you pointed removed. You can title yours ‘ Worthy Lionheart’ to differentiate it from hers. Please you have done this let me know so that I will watch the two at the same time and be able to understand you and place you.

    I work in a bank too , but as a contract staff. You may know how energy sapping the jobs of the contract staff are in banks. So thanks for saving the energy and time like you said.

    Waiting for your ‘Worthy Lionheart’

    Thanks

  45. Anonymous

    January 27, 2019 at 8:28 am

    A reasonable critique in many of the points like the auditors, morning devotion, etc. But for other critiques, e.g. police station ,her uncle’s role in the company, making an appointment before flying to Kano for the merger discussion, etc ,these are invalid, I think. Even if they were the ideals, the movie tries to depict what obtains in the Nigerian corporate world and police institutions, not what ought to be. That’s why it resonates with many people, cos it relates more to reality than to ideals.

  46. cecil

    January 27, 2019 at 8:32 am

    Enter your comment here…How emotionally some people handle criticism…….

    the truth is that we all need criticism.

  47. Chisom

    January 27, 2019 at 3:03 pm

    It’s disgusting how Nigerians react to criticism. Shows so much our strong connections with people that rule us.

    The film world isn’t new to me. As someone that has studied in a film school and emerged with accolades, and conversant with what a brilliant film entails, I can confidently say that the movie Lionheart is so mediocre a movie that Nigerians on google stating it is oscar-worthy re-inforced my understanding of how our thinking mannerism has left us in a shambolic society.

    This is a movie yearning for so much; from unsound logic, to bad screenwriting. Even the directing leaves much to be desired. I don’t work in the banking industry, but I know a thing or two in the general corporate world to understand that there wasn’t enough research done in the pre-production stage of this film. What they came up with was a attempt to enforce dramatic effect. But it only flattered to deceive. It will get to Nigerians, given the way we think, but if the international audience were to place this film under bigger scrutiny, they’d be left disappointed.

    Rotten Tomatoes, an online aggregator for film review gave the film 100% due to the opinions of critics who only talked about what the film tries to address vis-a-vis the socio-economic landscape of Africa. They don’t have anything to say about the verissimilide of the elements in the story, the screenplay, and the technical aspect of the film. I’m sure if this film were American, the critics would have devoured it. But since it’s not, and Nigerian for that matter, they will try to be politically correct.

    This is my review of the film on google;

    Finally saw the film, and to understate my aversion for what was on display on my phone’s screen for about an hour 35 mins, it yearns for so much 😌. From poor directing, to crap story; questionable acting to illogicality; shallow sceenwriting to bad editing… The film set out to tranverse a potentially-rewarding terrain hitherto unexplored in Nollywood – the story of a lady trying to keep her father’s trans company afloat is a welcome one – but it failed woefully in complexifying its conflict and offering didactic lessons to people seeking redemption from their business tribulations 🤔. Hence, it ended up becoming a vehicle that misses its route, decides to follow the path of other nollywood films and then tries to create the illusive impression of being different from the rest.☠

    Genevieve’s directing of the film was decent according to Nollywood standards, but the International audience of filmmakers will be sceptical about the director’s credentials when thry see the film. But I understand Geny, she’s an actor transitioning to directing.

    When I started watching the film, I saw five people credited as the screenwriters for the film. One of them, CJ Obasi, is a man I respect his radical tendencies in the industry. So, that upped my enthusiasm about seeing the film. Fast-forward one and half hour later, and I’m asking myself, how much research was done in the writing of this film🧐? I wont be surprised if it’s zilch. The dialogues are hardly thought-provoking, lots of unnecessary characters (Phyno’s, Peter Okoye etc) who’s roles are hardly explored nor add anything to the central case.

    I’m still pondering how that conversation between Geny’s character and Alhaji Maikano and then Maikano/Edochie’s character resulted in Maikano’s decision to agree a merger with a company defaulting on its loan and agree to clear its 950 million debt. The people that wrote that script crucified sound screenwriting, logic and reality.✝

    The film made little effort to clear dark corners in the stories, thereby leaving itself with enormous plot holes big enough to damage a LION’S HEART.

    I could go on and on pinpointing loop holes in the elements about the film, but suffice to say that although the film left me begging for more, I wouldn’t stop short of acknowledging the originality given to the characters. Edochie and Osuofia’s characters gave me all I needed from a typical traditional Igbo man runnning a transport business. But generally the script failed to explore the characters to provide us with motivations behind their actions… cc: Ikeagwu’s resolve to see the company sold. 🤷🏼‍♂ The local feel was fun: the area boys/agberos in the opening scene made me laugh.

  48. Praying Mantis

    January 27, 2019 at 5:20 pm

    I’m not hung up on movies but when a good one shows up, sometimes I’m tempted to watch. The devil made me watch Lion Heart. Maybe because Genny is pretty and I have always had a crush on her. That’s aside.

    Anyway, back to the movie. It’s an absolute crap.

    Right from the first scene to the last one, nothing made sense or was real. The agberos don’t fight that way. They just carry someone on their head like a load? I mean, spare my brain cells!

    Someone mentioned that you can’t borrow money without the board knowing, let me correct that – in Nigeria you can do anything as a CEO because some of them forge their board resolutions. And that’s it.

    Genny was where green dresses for most of the movie – is this an environmentally sustainability statement?

    And for the mediocre people here who won’t see sense but will jump up and down because it’s Genny, please suck it up or hug something

  49. bounty

    January 27, 2019 at 6:21 pm

    No perfect system, even in your so-called bank work. But this review of yours is condescending and destructive- a rather cheap attempt at making money.
    A thousand times, we rise by lifting others, not by bringing them down.

    • Anonymous

      May 23, 2019 at 9:00 am

      Comment:I love this writeup one could really over look these stated fact though

  50. Anonymous

    January 27, 2019 at 11:49 pm

    Who knows what Netflix saw?
    However you see it, thumbs up for Genevieve

  51. Ify

    January 28, 2019 at 8:57 am

    I get the dress part, I wondered about that too, I also didn’t get why her father would take a loan by himself without the approval from the board I also wondered why she never went back to jail and why she was not caught when she left in her secretary’s dress. What I don’t agree with you on is the uncle. They didn’t say the uncle was not educated. Most typical Igbo men know how to do business (it’s like they are born with it) so I can understand the uncle coming in to help them. Anyways great job!

  52. Teslem

    June 4, 2019 at 8:27 am

    The film is top notch but it too one side as per tribal, I feel for a film like that she should incorporate a reasonable number of Hausa and Yoruba too and when speaking
    Igbo language I feel she should translate it or is it done for Igbo alone, Honestly for me all other critics are a sign us been human as per we can only try to be perfect indeed she try to be perfect. Bravo to her for this film lovely.

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Around the World

Who will ruin the OPEC+ party?

Russia has always been the black sheep in the OPEC+ family as they tend to ever deviate from consensual commitment concerning the oil market.

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OPEC+

The stage is set for OPEC+ to virtually meet on the 4th of June to discuss the extension of output cuts. The previous agreement on curbs resulted in a historic reduction of 9.7m barrels per day. Compliance has been commendable even to the point where some nations started shutting production before the effective date. The meeting in April was an emergency meeting after the diplomatic intervention by Donald Trump, who needed to save the energy industry in the United States.

This week’s meeting does not have any dramatic buildup to it (although the date has been brought forward to factor certain fundamentals). Still, there is a consensus or belief that the meeting will be successful, which is why prices have soared in the last couple of days. On Tuesday, Oil prices closed in on three-month highs because of the positive anticipation that OPEC+ producers would conclude in the extension of the production cuts at the forthcoming meeting. Brent Oil broke the $39 range, which has not been feasible since March.

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READ ALSO: Subsidy and PIB

But energy analysts and traders familiar with the history of OPEC meetings know very well that surprises and disagreements can spring up during the sessions and can negatively affect prices. To recall the last two meetings, the first meeting in March that led to the crash of prices from $50 to $32 after the discord between Russia and Saudi Arabia were Russia did not believe cuts were necessary to salvage the demand destruction caused by the coronavirus. The second meeting, which is the more recent, featured a Mexican standoff were Mexico would defiantly not accept their part in the global cuts. It took efforts by Trump (again) to agree to shoulder some of the cuts imposed on Mexico.

Skeptics believe Russia might be this week’s party pooper. Russia has always been the black sheep in the OPEC+ family as they tend to ever deviate from consensual commitment concerning the oil market. On Wednesday, Oil was observed to retreat by more than 4%, after reports suggested that Russia was mulling over easing production cuts as planned in July. Russian Minister, Novak expressed how the country expects global supply and demand to balance in June and July. This optimism is shared amongst Russian industry players who have felt the pains of output cuts, especially producers who must maneuver shutting down many wells without causing damage to the oil fields.  To be fair, Russia is responsible for about a quarter of the total OPEC+ cuts and prices at these levels still negatively impacts the Russian budget.

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READ MORE: Global oil market to re-balance in 2 months’ time

Although scaling back curbs is line with the OPEC+ deal and demand picking up globally as expressed by the Russian Energy Minister is true, it would be a classic tale of Russian Roulette if countries ease back on production cuts. The market demand must fully recover. There is still a shortage demand for consumption for jet fuel as airlines are not operating at normal levels, with experts saying it would take years before the airline industry recovers. History suggests we should be cautious with Russia. Moscow is solely interested in increasing market share and winning its veiled rivalry with U.S shale oil.  In the short-term, Russia’s defiance in February is why we are at these levels.

It is no surprise that Saudi Arabia Crown Prince Mohammed Bin Salman and United States President Donald Trump individually have had calls with Russia’s President on the need for coordination and cooperation in the oil markets days before the OPEC+ meeting. It seems that these discussions have been positive, and prices have reacted in this manner. Head of Oil market analysis at Rystad Energy, Bjornar Tonhaugen affirmed that “at this stage, there are two only variables that can significantly move prices, which are “Hints on the direction at this meeting and the outcome, and the rate of the shut production’s reactivation.”

READ ALSO: Ajaokuta’s completion to kick off as Russia provides funds

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Oil Bear traders would be monitoring this meeting; any sign of disagreement would be treated with selling pressure. However, a successful meeting does not mean an immediate rise in price because the success has already been “priced in.” Hopefully, we have a successful meeting. Oil prices need back to back rallies to sustain its ascension to the top. Nigeria needs this, the OPEC cartel needs this, Shale oil companies need this, and the Kremlin budget needs this too.

Patricia

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Business News

UAC of Nigeria Plc. Announces Annual General Meeting

Annual General Meeting of the Members of UAC of Nigeria PLC will be held at UAC House No. 1-5 Odunlami Street, on Wednesday, 15th July, 2020

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CONSUMERS|UACN: Weak operating performance, UAC of Nigeria Plc. Announces Annual General Meeting

UAC of Nigeria Plc., today, notified the public that the next Annual General Meeting of the Members of UAC of Nigeria PLC will be held at UAC House (12th Floor), No. 1-5 Odunlami Street, Lagos, Nigeria on Wednesday, 15th July 2020 at 10.00 o’clock in the forenoon in order to transact the following businesses:

Here are the agenda for the meeting scheduled by UAC Of Nigeria Plc.

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READ ALSO: Fines: NSE makes over N154 million from banks, others

  1. To lay before the Members the Report of the Directors, the Consolidated Statement of Financial Position of the Company as at 31st December 2019, together with the Consolidated Statement of Comprehensive Income for the year ended on that date and the Reports of the Auditors and the Audit Committee thereon.
  2. To declare a Dividend.
  3. To elect & re-elect Directors.
  4. To authorize the Directors to fix the remuneration of the Auditors.
  5. To elect Members of the Audit Committee.
  6. To fix the remuneration of the Directors.
  7. To renew the general mandate authorizing the Company to enter into recurrent transactions which are of a trading nature or those necessary for its day to day operations with related parties or companies in accordance with the Rules of the Nigerian Stock Exchange governing transactions with related parties or interested persons.

It will be recalled that UAC of Nigeria Plc reported FY 2019 revenue of N79.2 billion while the reported Pre-tax Profit of N7.5 billion. A loss of N14.6 billion arising from discontinued operations (UPDC) led to a net loss of N9.3 billion in FY 2019. Excluding the loss from discontinued operations, the company made a Net Profit of N5.3 billion (up 26% y/y) in FY 2019.

 

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Companies

Nigeria’s tier-1 banks earn N18.4 billion from account maintenance charges in Q1 2020

Banks’ earnings from account maintenance charges, though low when compared to other revenue streams, still make up a significant portion of their non-interest income.

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Nigeria's banks, Account Maintenance Charges

Nigeria’s tier-1 banks — comprised of First Bank, UBA, GTBank, Access Bank, and Zenith Bank (FUGAZ) — generated a total of N18.4 billion from bank maintenance charges in Q1 2020. The sum is 17.12% more than N15.6 billion that was generated by the five banks during the comparable period in 2019.

This is according to recent checks by Nairametrics Research, a breakdown of which revealed that Zenith Bank generated the most income from account maintenance fees, followed by Access Bank and then, GTBank.

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See the breakdown below.

  • Zenith Bank Plc: N5.7 billion
  • Access Bank Plc: N3.9 billion
  • Guaranty Trust Bank Plc: N3.3 billion
  • First Bank Plc: N3.1 billion
  • United Bank for Africa Plc: N2.3 billion

READ MORE: Stocktaking: Ebenezer Onyeagwu’s year as CEO of Zenith bank

What you should know about account maintenance charges

Banks’ earnings from account maintenance charges, though low when compared to other revenue streams, still make up a significant portion of their non-interest income.

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According to the latest directive by the Central Bank of Nigeria on bank charges, Nigerian banks are allowed to charge their customers a “negotiable” N1 per mille. What this means is that banks can charge N1 per N1000 debit transactions on current accounts. Banks’ account maintenance charges come in the form of COT (i.e., Commission on Turnover) which is a charge levied on customer withdrawals by their banks. In Nigeria, these charges are mainly applicable to current accounts.

“Current Account Maintenance Fee (CAMF): Applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. Note that CAMF is not applicable to Savings Accounts,” said part of the CBN directive.

(READ THIS: You must know these terms if you want to own a bank account in Nigeria)

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Customers don’t like account maintenance charges

Interestingly, a lot of Nigerian bank customers are not keen on bank maintenance charges. After all, nobody likes to get debit alerts, especially so when such is coming from their banks. Perhaps, the main reason some customers dislike bank maintenance charges is because they tend to be higher than the interest capitalised entitled to such customers. Professor Ayobami Ojebode of the Department of  Communications and Language Arts, University of Ibadan, recently complained about this, saying:

“Dear bank, I see o! Don’t think I don’t see you! You credit me N50 interest on my savings and debit N150 for account maintenance & card fee etc! Come here, what do you really think you are doing?”

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Patricia
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