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Why Social Media reacted to Keystone Bank’s N1 billion Coronavirus donation

Mixed social media reactions trailed the news about Keystone Bank’s donation of the sum of N1 billion towards facilitating Nigeria’s fight against COVID-19.

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Keystone Bank gets new acting CEO, Why Social Media reacted to Keystone Bank’s N1 billion Coronavirus donation

On Sunday, March 29, 2020, mixed social media reactions trailed the news about Keystone Bank’s donation of the sum of N1 billion towards facilitating Nigeria’s fight against COVID-19.

The bank had made the donation following a recent emergency meeting that was held by the CBN’s banker’s committee in a bid to rally support for the Nigerian economy, amid the Coronavirus pandemic.

The bank’s comment: According to Keystone Bank, the N1 billion will enable the Nigerian Government to buy essential relief materials and other important medical equipment which are needed by health professionals in the country to fight the virus.

Keystone Bank’s Acting Chief Executive Officer, Olaniran Olayinka, noted that the Coronavirus pandemic requires concerted effort, hence the contribution. He said:

“What we have is a situation that calls for inclusive support for humanity. A time that all hands must be on deck to support the assiduous effort the government is making to manage the situation. The decision to support the government’s effort is consistent with our unshakable resolve to promote health initiatives which is very key pillar in our corporate social responsibility plans. It is also crucial in our role as a signatory to the principles of responsible banking by the United Nations Environment Finance Initiative working to achieve a sustainable future.”

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[READ MORE: COVID-19: FG grants 3 months moratorium for repayment of all govt funded loans)

Nigerians reacted: As expected, many Nigerians were quick to react to the development on Twitter. Interestingly, a lot of people were wondering where Keystone Bank got the money from. One Twitter user even went as far as claiming that the bank is broke, even as she wondered about the safety of her savings.

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Others simply wondered why the bank decided to donate the money to the Federal Government instead of simply crediting their customers’ bank accounts.

For the records, Keystone Bank is not broke. Agreed, the bank is not among the top ten most profitable banks in the country. Yet, it is doing fairly okay in its own lane.

In the meantime, other Twitter users were quick to defend the bank’s donation. One of those people is Ayo who went as far as reeling out the facts, as you can see below.

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Other people also defended the donation by arguing that a N1 billion donation is not a big deal for a bank that has over N300 billion in assets. Apparently, Keystone Bank is so financially buoyant to the extent that it pays spousal allowances, another Twitter user claimed.

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It should be noted that Keystone Bank Limited is not the only Nigerian bank that has recently made donations towards the fight against COVID-19. Earlier this week, United Bank for Africa Plc said it was donating as much as N5 billion in the fight against the virus. Other banks such as First Bank of Nigeria Ltd have also provided varied supports, including the provision of e-learning facilities to enable children learn online from their homes during this period.

 

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

6 Comments

6 Comments

  1. Godwin Ede

    March 30, 2020 at 3:34 pm

    Bank PHB was nationalized by Government n renamed Keystone Bank. I think the bank should have donated less amount say 200m as part of social responsibility. They are a private bank for now. The accounts not made public. The shareholders of the defunct Bank PHB not happy with government. They should look for a buyer for both Polaris bank n Keystone. Don’t think the bank is doing well. Most of the profits are paper profit.

  2. Victor O Lai. Fadahun

    March 31, 2020 at 12:17 pm

    How can shareholders in bank PHB be happy with keystone 1b donation when they lost all their investment in bank PHB which was acquired by keystone without paying a kobo to the shareholders. courtesy of the fiat from former CBN governor Sanusi Lamido Sanusi

  3. randy

    March 31, 2020 at 5:50 pm

    Oga make na no dey winy us if you want to do any donation for the masses credit us through bvn which one is donation we can’t see make na no dey winy us oo

    • Anonymous

      April 6, 2020 at 3:34 pm

      first bank has acquire polaris bank. confirmed news

  4. Ola Ilesanmi

    April 15, 2020 at 12:08 pm

    It is absolutely an incoherent nonsense for the directors of the lending house to disburse the share holders fund in prodigious manner .
    What is the main sin of the investors by investing in the bank for now credible profit and balance sheet ?
    It was so immoral when we were deceived to invest in it that it was buoyant for us to put down money so as to use it like this .
    On the twilight of Skye bank PLC becoming Polaris , there were heavy advertorials highlighting bounyancy capacities of Skye bank only to discover in less than 48 hours becoming Polaris .
    For how long must we continue to suffer these humiliating punishments over our investment ?
    We subscribed heavily on mortgage savings those days hoping to be potential house owners . Savings gone into the pockets of those who can point guns to your nose .
    We are to remind those heartless directors that when the Lord will return our captivity from their hands , it will just be like a dream and again they have forgotten the divine story of Lazarus or that of the king who killed Nabot over his investment , or the king who killed Uriah only to take over his wife or king Nebukadinezar who were severally or individually completely locked down at the appointed domain and location .
    Thank you Lord for You never forget the powerless poor .

    • Ola Ilesanmi

      April 15, 2020 at 12:14 pm

      At a point I used now instead no credible …….
      Ola Ilesanmi

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Business

HealthPlus crisis: Alta Semper directors reported to Police for trespassing

HealthPlus has made a formal complaint to the Police following its ensuing battle with Alta Semper.

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HealthPlus crisis: Alta Semper directors reported to Police for trespassing

Nigerian Pharmacy Chain, HealthPlus Ltd which is in a battle for control with private equity firm Alta Semper Capital took a new twist as Health plus reported Alta Semper directors to the police last week, as observed in a document seen by Nairametrics.

In a letter sent to the Assistant Inspector General of Police on the 25th of September, HealthPlus stated, “We had the presence of unknown persons around our head office locations.”

READ: FG apologizes, says Self-Certification directive is not for everyone

The locations stated were 4 HealthPlus branches in Lekki, Lagos.

HealthPlus stated further, “We are aware that there are unauthorized and illegal plans by certain persons to take over our company premises to steal sensitive company property and assets, and ultimately take over operations of the company”

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The 4 persons mentioned by HealthPlus are; Zachary Fond and Ivan Genadiev (both Alta Semper Directors), Ernest Eguasa, CFO of company and an unidentified middle-aged white man.

Explore the Nairametrics Research Website for Economic and Financial Data 

Niarametrics reported last week that HealthPlus Limited appointed Chidi Okoro as Chief Transformation Officer.

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However, the announcement set off a chain of allegations and counter-accusations, including online media mudslinging with both sides trying to court public sympathy for who is in control of the company.

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Economy & Politics

P&ID dispute: UK Court orders $200 million guarantee to FG

Nigeria’s Foreign Exchange Reserves was boosted after a London Court ordered the release of $200Million placed as security in the case against P&ID.

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A London Commercial Court has ordered the release of a $200 million guarantee as security to be paid to the Nigerian government in the P&ID $10 billion Arbitral Claim.

This was disclosed in a social media statement by the Central Bank of Nigeria on Tuesday.

Nairametrics reported earlier this month that The Federal Government secured a landmark victory in its bid to overturn a $10 billion arbitration judgment award against it in a case against Process and Industrial Developments (P&ID).

READ: Nigeria seeks bank documents of former President, others over $9.6 billion P&ID case

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The Court said that Nigeria has established a strong prima case that the contract was procured by bribes paid to insiders as part of a larger scheme to defraud Nigeria. He said that there is also a strong prima face case that the P&ID’s main witness in the arbitration, Mr Quinn, gave perjured evidence to the tribunal, and that contrary to that evidence, P&ID was not in the position to perform the contract.

In today’s statement, the CBN said, “Nigeria’s Foreign Exchange Reserves was this morning boosted by over $200Million when the London Commercial Court ordered the release of the $200Million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim.”

READ; Why the NNPC is being dragged to US courts by Exxon Mobil, Shell

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“The court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5m.”

On January 31, 2017, an arbitration tribunal had ruled that Nigeria should pay P&ID, the sum of $6.6 billion as damages and breach of contract after a 2010 deal for a gas project in the Niger Delta part of Nigeria collapsed. The pre and post judgement accrued interest of 7% has seen the amount standing against Nigeria, rise to almost $10 billion, an amount that will be a serious dent on the country’s external reserve.

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Business

FG to revitalize rice farms in rice producing regions

The Minister stated that rice production is expected to increase as the government continues to revitalize rice farmers.

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The Federal Government has stated that Rice Farms in Anambra State and other regions will be revitalized to boost rice production, create jobs and also improve the living standard of the people in the State and the region.

This was disclosed by the Minister of State, Agriculture and Rural Development, Hon. Mustapha Baba Shehuri, during the assessment of Federal Government Rice Farms/Mills in Omor and Umerum in Anambra State.

Given the importance of rice as a staple in Nigeria, the Minister stated that the Federal Government is taking steps to achieve self-sufficiency in rice production, and this is evident in the policies of the government in achieving food and nutrition security, import substitution and promotion of inclusive economic growth across all sectors of the economy.

READ: CBN says 22 banks to restructure over 35,000 loans due to COVID-19

Government Policy Interventions in Agriculture and Rural Development has helped to develop the rice sector, and these interventions include the provision of farm inputs such as agrochemicals, organic fertilizers, knapsack sprayers, planting & harvesting equipment such as reapers, mini combine harvesters, threshers at a subsidized rate in order to increase productivity.

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The Minister added that these policies have not only increased the quantity of rice produced annually but interventions through the provision of modern rice milling machines to small/medium scale processors, has also helped to improve the quality of Nigeria milled rice to international standard.

READ: New PIB amends royalties by oil firms as Sylva clarifies position on scrapping of NNPC

However, Nigeria’s rice consumption still holds higher than production, but government interventions through myriads of policies have increased rice production from 4.8 million metric tons of milled rice in 2015 to over 6 million metric tons by 2019 with a huge reduction in the nation’s deficit.  Hon. Mustapha Baba Shehuri explained that production is expected to increase as the government continues to revitalize rice farmers.

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Shehuri said that ”the Ministry has established 23 Paddy Aggregation Centers nationwide to aggregate and store paddy. The centres were given to members of the Paddy Dealers Association of Nigeria (PRIDAN) under the public-private partnership arrangement”.

READ: How to register for FG’s N75 billion MSME survival funds

In like manners, there will be the dissemination of modern rice production and processing technologies, through capacity building of farmers and processors directly and also in conjunction with the international donor agencies such as Japan International Cooperation Agency (JICA), Food and Agriculture Organization (FAO), German International Cooperation (GIZ), International Fund for Agricultural Development (IFAD), Competitive Africa Rice Initiative (CARI), AfricaRice.

He reiterated that the Ministry is currently responding to the challenges of food availability posed by the COVID-19 pandemic by supporting smallholder farmers nationwide with various inputs including certified seeds of improved varieties of food crops such as rice, maize, sorghum, wheat, orange-flesh sweet potato, groundnut cowpea, soybean, yam, as well as cash crops like cashew, cocoa, sesame, oil palm, gum Arabic. Others include herbicides, pesticides and agricultural machinery such as rice reapers, transplanters, power tillers motorized sprayers and processing equipment.

These interventions are expected to alleviate the effect of the pandemic on farmers and ensure that they keep producing food for the country.

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