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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.

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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.

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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Appointments

Buhari reappoints Bala Usman as MD of NPA, reconstitutes the Board

President Buhari has approved the reappointment of Hadiza Bala Usman as the MD of the NPA for another term of 5 years.

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NPA discovers new method Apapa businessmen use to avoid port duties

President Muhammadu Buhari has approved the reappointment of Hadiza Bala Usman as the Managing Director of the Nigerian Ports Authority (NPA) for another term of 5 years.

This follows the expected expiration of the tenure of Usman, who was first appointed as the Managing Director on July 12, 2016.

This disclosure is contained in a series of tweet posts which was issued by the Presidency on its official Twitter handle on Thursday. January 21, 2021.

READ: COVID-19: NPA, NCDC disagree over new cases in Lagos

The Presidency in its statement also announced the approval of the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Olajide Adesoye (representing South-West zone) as Chairman.

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The statement from the Presidency partly reads, ‘’President Muhammadu Buhari has approved the re-appointment of Hadiza Bala Usman as Managing Director of Nigerian Ports Authority (NPA), for an additional five-year tenure.

‘’Also approved is the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Adesoye (from South-west zone) as Chairman.’’

READ: Nigerian Aviation: Exchange rate, 7.5% VAT suspension and other factors to determine survival – Experts

Other members of the reconstituted Board include Ekenyem Nwafor-Orizu (representing South-east zone), Akinwunmi Ricketts (representing South-south zone), Ghazali Mijinyawa (representing North-East zone), Mustapha Dutse (representing North-West zone), and Abdulwahab Adesina (representing North-Central zone).

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READ: Haulage cost increases by more than 50% in a week as Apapa gridlock bites harder

What you should know

  • Hadiza Bala Usman was born on January 2, 1976, in Zaria, Kaduna State and has a B.Sc. Business Administration from Ahmadu Bello University (ABU), Zaria and a Post Graduate in Development Studies from University of Leeds, the UK in 2009.
  • She worked at the Bureau of Public Enterprises (BPE) from July 2000 to August 2004 as Enterprise Officer and hired by the UNDP for the Federal Capital Territory Administration (FCTA) from October 2004 to January 2008 as Special Assistant to the Minister on Project Implementation.
  • Ms Bala Usman worked, between 2011 and 2015) as Director of Strategy of the Good Governance Group, a non-governmental organisation founded by Kaduna State State Governor, Nasir El-Rufai, and his friends.
  • Ms Bala Usman, one of the founders and conveners of #BringBackOurGirls, a campaign group pushing for the rescue of the abducted Chibok schoolgirls, was also a member of the Presidential Advisory Council on Anti-Corruption.
  • Prior to her appointment as the Managing Director of Nigerian Ports Authority, she was the Chief of Staff to Governor Nasir  El-Rufai of Kaduna, apposition she was appointed to in 2015.

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Coronavirus

Covid-19: Africa records higher death rate than the global rate

Africa’s coronavirus death rate is now higher than the global average according to Africa CDC.

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Covid-19: African Union in talks with China and Russia over vaccine

Africa’s coronavirus death rate has been reported to be higher than the global average as the continent struggle with a shortage of oxygen and other resources during this second wave of the coronavirus pandemic.

The continent’s fatality rate currently stands at 2.5%, which is higher than the global rate of 2.2%, a departure from earlier in the pandemic, when the death rate in Africa was lower than that at the global level.

READ: African Union secures 270 million Covid-19 vaccine doses from drugmakers

According to a report from Reuters, this disclosure was made by the Director of Africa Centres for Disease Control and Prevention (CDC), John Nkengasong, on Thursday, January 21, 2021, during a press conference.

While describing the trend as alarming experts, the continent’s CDC boss pointed out that earlier in the pandemic, Africa’s death rate had been below the global average.

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READ: FG alerts that Nigerian hospitals are running out of facilities as Covid-19 spreads fast

He said, “The case fatality rate is beginning to be very worrying and concerning for all of us.’’

Nkengasong also said that 21 African countries are now recording Covid-19 death rate of above 3% as the number of countries in the continent with a higher fatality rate than the global average continues to grow.

Some of the countries include Egypt, the Democratic Republic of Congo, Liberia, Mali, Sudan and a host of others.

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READ: Covid-19: WHO warns the world faces catastrophic moral failure due to vaccine nationalism

What you should know

  • Africa has so far recorded 3.3 million cases of the coronavirus infections with 82,000 fatalities as at Thursday.
  • These figures represent a small fraction of the global total, but cases have been reported to have increased by 14% each week in the last 1 month.
  • According to data from Africa CDC, over the past week, cases decreased by nearly 7% compared to the previous week while deaths increased by 10%.
  • The continent reported 207,000 new cases in the past week, with South Africa alone reporting 100,000 of those new cases.

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Cryptocurrency

Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin

Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.

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Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.

Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.

Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.

READ: Football: AC Milan announces loss of €195million

The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.

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“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.

The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.

“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.

READ: Real Madrid leapfrogs others to emerge the world’s most valuable football club

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What you should know

  • A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
  • Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
  • Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.

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