Our attention has been drawn to widely circulating stories incorrectly stating that our Managing Director, during a recent presidential hearing in Abuja, testified that the bank mistakenly transferred N573m to the account of a church and the said error was not discovered for 4 years. We feel it is in the public interest to state emphatically that there was no transfer of  N573m into this account, mistakenly or otherwise.

To provide further clarity, during a maintenance upgrade of our systems in 2016, a defective file led to the aggregation of multiple unrelated entries into a single balance under the affected customer’s name in one of our reports. This aggregation occurred only in the weekly automated report to the Nigerian Financial Intelligence Unit. It had no effect on any customer account balance or statements and therefore was not immediately identified. Our Managing Director clarified to the Presidential panel that the system generated report was incorrect and that there was no mistaken transfer of N573 million. He also submitted comprehensive documentary evidence to this effect.

We appreciate that comments may have been misconstrued and therefore believe it is important to emphatically clarify the position that there was no mistaken transfer whatsoever, as stated above. FCMB continues to fully cooperate with the panel, and has been entirely transparent in its reporting. We remain committed to ethical and professional conduct at all times.

Governor Ifeanyi Okowa of Delta State has commended the Chairman of BUA Group, Abdul Samad Rabiu for his support to the state in combating COVID-19. This came as BUA presented three new emergency response ambulances to the Delta State Government.

Representative of BUA and Group Head Corporate Communications, BUA Group, O’tega Ogra while presenting the vehicles to Governor Ifeanyi Okowa noted that the support is part of BUA’s effort aimed at combating the pandemic in the country.

Governor Ifeanyi Okowa in his response described the Executive Chairman of BUA Group, Abdul Samad Rabiu, as a true philanthropist and said the donation was timely to check the spread of COVID-19 in the state.

Okowa said: “One very good thing that I must put on the note is that we did not make a request, and the gesture is how you know those who are philanthropic.

“We did not make any request; he just called and said, as part of his assistance to various states, that he wants to make a donation to the state. “That is how you know people who genuinely from their heart, want to be of assistance to the people, and I am very much aware that the Chairman of BUA Group has done quite a lot. I think it is a very good gesture; we are very happy as a state and on behalf of the government and people of Delta State, we appreciate this and we believe that if Nigeria can continue to have more men like him, I’m sure that this country will be a much better place for us.”

“At this time, we need a lot of logistics for movement, being able to move patients from one point. The ambulances are very useful to us and we are very grateful. It is coming very timely.  We have had donations but this is the first time we are having three at a time from one group and we truly appreciate that. And we are glad to hear that he is assisting many other states,” Okowa added.

Delta is the third state in the South-South and one of several across Nigeria that have benefitted so far from BUA’s COVID-19 efforts which seek to provide additional support and assistance to various efforts and interventions across the country. So far, BUA has committed over 7billion naira in cash, donations, infrastructure, foodstuff and medical supplies to the fight against COVID-19.

Spearheaded under the AUDA-NEPAD “100,000 MSMEs by 2021” (100K MSMEs) programme launched by the African Union Development Agency – AUDA-NEPAD and the Ecobank Group, the MSME Academy provides easy access to practical training and resources on financing opportunities in various countries, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.

The Panafrican MSME Academy offers free access to market intelligence, a host of mentors with a diverse experience while assisting with access to funding opportunities. The MSME Academy will have three components: an informational webinar with invited speakers, a series of virtual instructor-led trainings and mentorship for the MSMEs.

MSMEs are invited to join our first series of informational webinars tailored for MSME operating in Nigeria. The first webinar provides tips on access to finance and building a digital presence.

When: 3^rd  September 2020

Where: Register to the MSME Academy at https://msmeacademy.nepad.org/

About AUDA-NEPAD 100k MSMEs

The AUDA-NEPAD 100K MSMEs programme is focused on the implementation of the Agenda 2063 Aspiration number one (1), which aims at building a Prosperous Africa, based on Inclusive Growth and Sustainable Development.

The programme will provide support to African MSMEs and is structured in three pillars, namely:  the MSME Academy, MSME Marketplace, and MSME Financing Support Programme to be delivered through an MSME Digital Platform.

1. MSME Academy: The MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialized in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors.
2. MSME Marketplace: a consolidated marketplace of marketplaces, enabling MSMEs to access e-commerce, procurement and alternative financing opportunities across the continent
3. MSME Financing Support Program: a scheme that will bring together financial institutions, guarantee funds, and other institutions to reduce the cost of risk for lenders to deliver capital to MSMEs at scale. The objective is to radically expand access to finance by aggregating smaller financial institutions such as micro-credit institutions and credit unions that have access to micro-enterprises, standardising their processes, and building trust in their capabilities.

The MSME Digital Platform is a one-stop-shop for all MSMEs across Africa to access all these three programmes which jointly address MSMEs’ challenges with access to capacity building, markets, and capital.

About AUDA-NEPAD

The African Union Development Agency-NEPAD is the development agency of the African Union, coordinating and executing priority regional and continental development projects to promote regional integration towards the accelerated realisation of Agenda 2063 – Africa’s vision and action plan. We are mandated to strengthen the capacity of the Member States and regional bodies.

About Ecobank Group

Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,800 people and serves more than 23 million customers in the consumer, commercial, and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK, and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services, and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth, and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit www.ecobank.com.

Media Enquiries- For more information contact and to schedule interviews:

African Union Development Agency-NEPAD

Ms Millicent Kgeledi – Communications Officer

Tel: +27 83 2661829 | [email protected]

Ecobank Nigeria

Mr Austen Osokpor – Media Relations

Tel (+234 8023877699| [email protected]

For technical questions related to the MSME Academy, please contact [email protected]