Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Afribank repays 50% of borrowing from CBN

Category: Investors NewsBeat

  Read (1260)
Afribank repays 50% of borrowing from CBN

The management of Afribank Nigeria Plc, yesterday, said its turnaround effort has started yielding fruits as it has repaid 50 per cent of the money borrowed from the Central Bank of Nigeria (CBN) through Expanded Discount Window and recovered N42 billion of its non-performing loans.

Meanwhile the management of the Bank said that it doesn’t have plans to conduct a staff rationalisation exercise saying it would prefer to work with the current staff of the bank and allow them to prove themselves.

Managing Director/Chief Executive Officer of the Bank, Mr. Nebolisa Arah, who was represented by Executive Director, Corporate Development, Mrs. Goke Giwa at a media parley held yesterday in Lagos said “ Our two year turnaround plan is already showing moderate results.

A few include: Recovery /repayment of over N40 billion of outstanding loans, Repayment of over N11 billion of exposure on the Expanded Discount Window (EDW) (over 50 per cent of the exposure before intervention), Positive clearing position from the previous substantial deficit to N3.2 billion surplus by November 30th and growth in market share of foreign exchange transactions through the Wholesale Dutch Auction System (WDAS) from 0.18 per cent in September to 4.45 per cent in October 2009,particularly with commercial and corporate customers.”

Explaining management’s turnaround plan, she said that the new management is poised to bring the bank out of woods having discovered its inefficiencies. she assured that the new management is determined to ensure the implementation of risk management framework and control environment as well as entrench better corporate governance practices.

“ We are putting in place better internal reporting procedures to minimise the risk of any reoccurrence of the situation we recently experienced. We are actively seeking repayment of outstanding loans and stability and growth in our deposit base.”

“We are going to improve our service delivery. It will be designed to process our customer’s cash transactions faster. This is being combined with up_skilling and redeployment of previous tellers to more enriched job positions within the bank

We have started massive restructuring of strategic business units already yielding results in improved customer relationship management. We are going to have technology infrastructure upgrade to enhance competitiveness. This will greatly enhance the bank’s ability to deliver solutions to our retail and corporate customers as well as to the public sector.

She commended the its customers, depositors and other stakeholders for their loyalty and support during the difficult period. “We are grateful for the support we continue to receive from our foreign correspondent banks and local banks. The fact that our lines remain open for utilisation is indicative of their commitment to the bank. We are deeply appreciative of the continuing support of the Central bank and its actions to maintain stability in the banking system including the injection of Tier II capital from which we have benefited directly.

“ We are actively exploring more sustainable solutions towards entrenching better corporate governance, risk management practices, restoring capital adequacy and liquidity as a basis for resuming our growth. The quality of our corporate, commercial and retail customer base gives us confidence in the prospect of our business and the Nigerian economy. We are passing through a testing time but like all Nigerians we are resilient and with the worst behind us, we can look to the future with optimism.

In a few weeks we will be 50 years as a Bank. Afribank has weathered many 1 storms and survived various economic cycles. We are poised to emerge from this a stronger bank.We are confident we will overcome the present challenge.”


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014