Business

Stop hidden charges, exploitative marketing Gbajabiamila tells banks

Published

4 years ago

April 28, 2021

The Speaker of the House of Representatives, Femi Gbajabiamila, has expressed concern over Deposit Money Banks’ indiscriminate levying account holders.

He said that apart from known charges, there appeared to be other ‘hidden’ charges that banks imposed on their customers.

Gbajabiamila, who noted that the House was concerned that such a practice was making customers helpless, called on Nigerian banks to come up with ways to address high charges on loans and other facilities they offered.

The Speaker said this when the board and management of Standard Chartered Bank, led by the Chief Executive Officer, Mr Lamin Manjang, visited him, according to a statement issued on Monday by his Special Adviser on Media and Publicity, Lanre Lasisi.

The statement was titled ‘Gbajabiamila voices concern over banks’ ‘hidden’ charges, exploitative marketing in Nigeria’.

The speaker said, “We have issues that come up in your industry, so this visit is a welcome development. One of the issues at stake is the rate at which banks charge customers. There are claims that banks have hidden charges. This has come up a couple of times on the floor of the House. This is something that we should look into.”

He also expressed concern over the kind of ‘exploitative marketing’ some bank marketers were subjected to, asking if that was the practice all over the world.

Gbajabiamila asked, “You have corporations in the UK and other parts of the world. What obtains here in banking, in terms of marketing – sending people to go and knock at people’s offices and all that; does it obtain in those places? If it doesn’t obtain in those countries, it is not international best practice; why should it obtain here?”

The speaker recalled how he came up with a bill against corporate prostitution some years back but the legislation did not sail through.

He said, “We are here to support you. Whatever we need to do, we should do it to support you. We need to know the kind of marketing that takes place. Is it digital marketing?

“We also have to set realistic targets for the marketers. We have the responsibility to protect Nigerians, and we also have the responsibility not to kill your business. So, it is a delicate situation.”

The CEO of Standard Chartered Bank had earlier told the speaker that his bank was one of the oldest banks in Nigeria and that it had a strong presence in Asia, the Middle East and Africa.

Manjang, a Gambian, said having taken the position of CEO of the bank two years ago, it became necessary to visit the speaker to reiterate the bank’s commitment to Nigeria.

Responding to the issue of exploitative marketing, the CEO stated it was standard for banks to market their products to customers but added that it had to be ethical.

Manjang said, “It is not peculiar to Nigeria, but it has to be ethical. Teams usually go round, but the ethical conduct has to be there.

“You need to have marketing for people to know what you offer. If there are any abuses or conducts that are not ideal, they should be called out and addressed.”

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Business

Tron Founder joins Trump-backed crypto project, invests $30m

Published

10 hours ago

November 27, 2024

Trends Admin

Justin Sun

Tron Founder joins Trump-backed crypto project, invests $30m

Justin Sun, the founder of the Tron Blockchain has joined the World Liberty Financial project as an advisor after investing $30 million into the project.

The World Liberty Financial project is backed by the Donald Trump family and aims to become a leading crypto project in the global crypto space.

Justin Sun joined the project as an advisor after purchasing $30 million worth of WLFI tokens making him the largest shareholder in the project.

The development was announced via the official X page of the World Liberty Financial project welcoming the Crypto founder to the project.

“Exciting Announcement!

We’re honored to welcome @justinsuntron as an advisor to World Liberty Financial (WLFI)! Justin is the founder of @TRONDAO an advisor to @HTX_Global, and a supporter of @BitTorrent

. A graduate of the University of Pennsylvania, he recently won Sotheby’s auction for the iconic banana artwork. 

#TRON is among the world’s top 10 cryptocurrencies and one of the largest public blockchains. Justin’s insights and experience will be instrumental as we continue to innovate and grow. Welcome to the team, Justin!” WLFI tweeted

Tron Founder joins Trump-backed crypto project, invests $30m

Auto

Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day

Published

12 hours ago

November 27, 2024

Trends Admin

Toyota By CFAO showcases latest Land Cruiser Prado, others at P’Harcourt Open Day

Toyota By CFAO, the authorized distributor of Toyota vehicles in Nigeria, has commenced a three-day special display of the latest new Toyota models from the company at an Open Day organised in Port Harcourt, Rivers State, for residents of the city and its surrounding areas.

The Toyota By CFAO Open Day holds from Tuesday, November 26 to Thursday, November 28, 2024, according to a statement by the company.

The event running from 9am to 5pm each day is taking place at the auto company’s showroom located at 184B, Trans-Amadi Industrial Layout, Port Harcourt.

It discloses that the exciting event will feature the highly anticipated 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of other exceptional vehicles tailored for the Nigerian market.

This, it notes, is an exclusive opportunity for attendees to explore the latest in automotive excellence, discover new vehicle options, and benefit from Toyota By CFAO’s End of Year Bonanza.

General Manager of CFAO Mobility Port Harcourt, Julius Fasetire, encourages all residents to “come witness history in motion as we proudly unveil the All-New 2024 Toyota Land Cruiser Prado.

“Be among the first to explore this remarkable masterpiece and discover our full range of Toyota vehicles. Don’t miss out on the chance to experience automotive excellence and enjoy a free diagnostic check for your Toyota vehicle!”

The 2024 Toyota Land Cruiser Prado has already generated excitement across the country, following its recent unveilings in Lagos and Abuja.

The product is quickly becoming one of the most sought-after sports utility vehicles in Nigeria, appealing to both corporate and individual buyers.

With over 11.3 million units sold globally in more than 170 countries, the Land Cruiser Prado is renowned for its rugged off-road capabilities and comfort for everyday driving.

The firm says this year’s model comes in two distinctive editions – the Limited Edition (First Edition) and the Adventure Edition – both equipped with a 2.4L turbocharged gasoline engine and an 8-speed automatic transmission, ensuring superior performance both on and off the road.

Toyota By CFAO also says it ensures that genuine parts and a comprehensive 3-year/100,000 kilometre warranty are available for all customers.

In addition to the Land Cruiser Prado, the event will showcase a variety of other popular Toyota models including the Belta, Rumion, RAV4, Camry, and Hiace.

The Open Day, it stresses, promises to be a must-attend event for anyone interested in exploring the world of Toyota vehicles, from luxury to practicality, and experiencing firsthand the future of automotive technology.

The company says more details about the rich offering of Toyota in the Nigeria market can be obtained from https://www.toyotabycfao.ng/.

Business

Nigeria’s foreign reserves in marginal increase, now $40.88bn

Published

15 hours ago

November 27, 2024

Trends Admin

Nigeria’s foreign reserves in marginal increase, now $40.88bn

Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.

Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.

He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

The amount represents an increase of $82 million or 2.05 per cent in 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.

However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.

Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.

“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”

Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.

The CBN governor said, “The currency has been stable compared to what it was in June”.

But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.

Cardoso said diaspora remittance had increased due to policies put in place.

He commended those in the diaspora for helping the country accomplish over $600 million in remittances.