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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.

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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.

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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.

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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.

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 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.

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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Economy & Politics

Lagos to shut down Marine Beach bridge for emergency repairs

The closure will allow the Federal Ministry of Works to carry out emergency repairs on the bridge, in line with the government’s vision of providing a better transportation system in the state.

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Lagos to shut down Marine Beach bridge for emergency repairs

Lagos state government has announced that the Apapa Marine Beach bridge will be closed for five months, from Wednesday 27th May, to Wednesday 21st October, 2020.

The closure will allow the Federal Ministry of Works to carry out emergency repairs on the bridge, in line with the government’s vision of providing a better transportation system in the state.

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In a statement from the Lagos state Ministry of Transportation, the Commissioner, Dr. Frederic Oladeinde, noted that the repairs were long overdue, and necessary to ensure safety of Lagosians, given the number of motorists that use the route.

READ MORE: Nigerians knock Fashola over comments on “bad roads”  

The Commissioner noted that the repairs included bearing and expansion joint replacement and would be executed in two phases, taking one lane of the bridge at a time.

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The first phase will involve handling the lane inbound Apapa while the second phase will be designated to work on the lane that conveys vehicles outside the axis,” he said.

Alternative routes

Oladeinde noted that alternative routes around the bridge had been improved to make them motorable, and ease movements for road users.

READ ALSO: Osinbajo sets up committee on reopening of Nigerian economy, suspends loan deductions for states

To manage the construction period, the statement noted that Traffic Management Authorities would be hard at work to ameliorate the expected traffic issues and supervise other arrangements.

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“Motorists inwards Wharf road will be diverted to the other section of the bridge outwards Apapa, a contraflow of 200metres has been put in place for vehicles to realign with a proper direction inwards Ajegunle or Wharf road, Apapa, while Motorists descending to Total Gas under bridge will drive without any hindrance,” it read.

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The Commissioner called for the understanding and cooperation of motorists and road users during the period to ensure a smooth flow of plans.

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Economy & Politics

Fayemi set to activate digital economy with N5billion broadband infrastructure

Governor Fayemi plans to activate Ekiti state’s digital economy, this would help generate healthy competition within the ICT sector

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Fayemi set to activate digital economy with N5billion broadband infrastructure in Ekiti state

Ekiti state government has concluded plans to create a digital hub, with the laying of a 606-kilometer broadband infrastructure.

The project is expected to lift the state from 16% internet penetration to 90% and is estimated to be worth N5 billion, with the Federal Government contributing N1.1 billion of the total sum.

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This plan is part of the memorandum of Understanding (MoU) which the state Governor signed with O’odua Infraco Resources Limited, a consortium that develops high speed and efficient Fibre Optic Cable (FOC) Open Access Network (OAN) across the South-West region of Nigeria.

According to the Managing Director of O’odua Infraco Resources Limited, Mr Sammy Adigun, the project will be officially flagged off in October and completed within 14 months.

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(READ MORE: What Nigeria stands to gain from new National Broadband Plan)

This decision is a follow-up to the recent crash of Right of Way charges from N4,500 to N145 per meter for broadband infrastructure, and in line with one of the five pillars of Governor Kayode Fayemi’s development plan for Ekiti state.

The Governor noted that these decisions would help generate healthy competition within the ICT sector, thus activating Ekiti state’s digital economy and digital education.

Fayemi noted that the project execution, as well as the broadband policy in the state would be coordinated and supervised by a Digital Infrastructural Committee, made up of various relevant government institutions critical to the implementation of the project.

READ MORE: NCC, Infracos to boost broadband infrastructure with N265 billion 

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“For us the roadmap is first the fibre connectivity itself, the second is the adequate data center infrastructure, the third is the e-learning programme which will cover our educational institutions, then our safe city, our security programme will also be included.

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“With our geographical land information system (GIS), we would digitalize all our land records, and of course, commercial investment as well as digitalisation of our government assets and our health education initiative,” Fayemi explained.

 

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Economy & Politics

NCC reacts to claims that minister chased Diaspora Commission’s staff from office complex

The NCC denies claims of the video on social media, pointing out that the staffs of NIDCOM were not sent packing from the digital economy complex

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NCC orders immediate suspension of USSD charges by telcos, 5G Network to undergo 3 months trial before approval - NCC , NCC licenses 20 new Internet service providers amidst challenges , 150 million Nigerians risk being defrauded – NCC , NCC warns telcos against cyber fraudsters , NCC rolls out new regulations on drone use, NCC licenses 10 new VAS providers as it projects market to hit $500 million , NCC, Infracos set to develop broadband infrastructure with N265 billion raise , Telecommunications: Broadband penetration set to grow, Telecoms operators fined N2.9 billion over infractions , NCC reacts to claims that minister chased away diaspora commission staff from office complex

The Nigerian Communications Commission (NCC) has reacted to claims by the Chief Executive of Nigeria Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, that her staff members were chased out of its premises by armed men on the orders of the Minister for Communication and Digital Economy, Isa Pantami.

The NCC, through a press statement on May 24, 2020 signed by its Director, Public Affairs, Dr. Henry Nkemadu, has said that nothing of such happened as it denied claims in a video making rounds on social media that the staff of NIDCOM were sent packing from the digital economy complex.

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According to the press statement from NCC:

Following the completion of the NCC building at Mbora, Abuja designated as NCC Annex and the acute shortage of accommodation space for the staff of the commission in the NCC head office at Maitama, Abuja, the Board of the commission directed the decongestion of the Head office building. Some of the departments of the NCC had started moving to the new office complex of 5 floors when discussions were held between the NCC and the Diaspora Commission to enable the Diaspora Commission also utilize any free offices within the complex.

“The fifth floor allocated to them had to be used to accommodate other departments from the NCC headquarters to ease the congestion. NCC’s offer to house the Nigeria Diaspora Commission was predicated on the long held position of the NCC that agencies of government will achieve more through strategic collaboration, partnership, synergy and sharing to the extent allowed by relevant laws.”

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(READ MORE: PenCom dissolves interim management committee for First Guarantee Pension, appoints new board)

NCC disclosed that it had secured approval for the commissioning of the office complex by President Buhari, and also the launching of 4 important projects of NCC, together with the renamed Ministry of Federal Ministry of Communication and Digital Economy.

It also stated that the offer to NIDCOM had not been withdrawn, but had only hit a bump arising from the preparation for the visit of President Buhari to launch the projects and inaugurate the complex. It said that the Board and Management of NCC took a decision to ensure that every activity in the building was in line with the Federal Government’s agenda.

Going further, the statement reads:

“Incidentally, after the offer of the office spaces to the Diaspora Commission, the Director General, Mrs. Abike Dabiri-Erewa had not visited the complex to take possession of any of the offices and also the commission had not started using any of these spaces as offices.

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‘’As is usual in ensuring security and accountability before, during and after presidential visits, the building had to be cleared to allow for only known and identifiable persons to have access within the complex. Therefore, the Honourable Minister of the Federal Ministry of Communications and Digital Economy Dr. Isa Ali Ibrahim Pantami could not have sent armed men to drive the staff of the Diaspora Commission out of the Communication Economy Complex.”

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The statement also pointed out that as at that time, only NCC staff were accredited to have access within the premises and that all properties belonging to NIDCOM were safely warehoused in some of the offices within the complex.

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