34 — Vanguard, WEDNESDAY, JUNE 27, 2012
Unity Bank holds national promo draw BY PROVIDENCE OBUH NITY Bank Plc has an nounced plans to hold its first National draw on Saturday, on the ongoing ‘AIM, SAVE & WIN’ promotion. The draw, which will hold on the 30th of June 2012 in Abuja, is targeted at costumers from various regions across the country, with a lucky winner going home with the star prize of a brand new car as well as consolation prizes such as Generators, Mobile phones, School Bags, Bicycles and Refrigerator for other winners. Head communications, Unity Bank, Mr. Ndu Eke said that the promo is aimed at rewarding customers whose patronage has supported the growth of the bank over the years and to instill saving culture in every Nigerian. Ndu said, “It is the only way we can secure our future. What one can achieve with money well saved cannot be overemphasized. We would like to use this opportunity to assure all our customers that this promotion has come to stay and we will ensure that transparency is the order of the day as long as the promo last. “To ensure integrity and transparency during the national draw, we have invited representatives of the Consumer Protection Council (CPC) as well as Lottery Board to witness the proceeding during the draw and also to participate in the operation of the draw” he disclosed. It would be recalled that over 160 winners emerged in the Bank’s first zonal draws of the promo which was held in five zones across the country on Saturday May 26, 2012, where lucky winners from each zone went home with star prize of motorcycles (popularly called Okada) as well as other consolation prizes such as 32” Plasma TV, Generating Set, Refrigerator, Bicycles and Mobile Phones. For a customer to qualify for the promo draws, existing account holders only need to maintain a minimum balance of N5, 000.00, N75, 000.00 or N150, 000.00 as the case may be in each saving category to stand a chance of winning any one of the star prize. No documentation is required. New customers, however, will require opening a Unity Bank Saving Account and starting maintaining the minimum balance in each category.
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From left: Group Head, E-Channels, Skye Bank Plc, Mr. Chuks Iku; Executive Director, South South, Mrs. Ibiye Ekong; and Executive Director, Commercial Banking/Public Sector, Mr. Gbenga Ademulegun, at the Skye Visa London Olympics promotion’s raffle draw, in Lagos.
Sterling Bank sacks 400 workers TERLING Bank Plc has sacked 400 workers in a systematic mass retrenchment aimed at reducing overhead cost. News Agency of Nigeria, NAN, investigation showed that 97 per cent of the retrenched workers were former staff of Equatorial Trust Bank Ltd. acquired by Sterling. A source close to the bank said that the mass sack, which started about three weeks ago would also affect another 150 workers because of the consolidation of the two banks. He said that workers were thrown into the nation’s saturated labour market with only three months’ salary as severance package. An Executive Management staff, who spoke on condition of anonymity said that the retrenchment was their best option toward sustainable growth and return to profitability. He said that the workers were only victims of the economy, adding that they had to relieve them of their jobs to grow the bank. NAN recalls that Mr Yemi Adeola, the Managing Director of Sterling Bank had at a recent annual general meeting, said that the business combination with former ETB had improved its scale and size. Adeola said that the combination allowed the bank to leverage on the unique strengths of both banks to consolidate on overall market position. According to him, 2012 would be another challenging operating year following current difficult global and local macro economic conditions.
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“We see clear opportunities for reducing the bank’s costto-income ratio and increase revenues as the improved economic of scale arising from the business combination with ETB kick in,’’ Adeola said.
Meanwhile, Sterling Bank before the business combination grew its gross earnings by 49 per cent to N45.2 billion in 2011 compared with N30.4 billion in 2010. The operating income in the
period under review increased by 32 per cent to N27 billion from N20.4 billion in 2010. Profit after tax increased by 11 per cent to N4.6 billion as against N4.2 billion in 2010
ICAN tasks new members on integrity BY PROVIDENCE OBUH HE Institute of Char tered Accountants of Nigeria (ICAN) has called on its new members to uphold the virtues of integrity in t he discharge of their duties. President of the Institute, Mr. Adedoyin Owolabi made the call while giving his admission address during the 34 th Association of Accounting Technicians (AAT) induction ceremony in Lagos, saying, “let me emphasise that you must make the motto of the institute which is “Accuracy and Integrity ” your guiding principle.” Owolabi added “as Accounting Technicians, you must strive to perform your duties in accordance with acceptable technical standards irrespective of the sector of the economy in which you are employed. The Accounting Technician is trained to function effectively in both the public and private sectors of the economy. “ You must not tamper with your employer ’s money, temporarily borrow them or use the cash entrusted to your care to settle claims due to you from employers no matter how legitimate. “Only by observing these
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norms will you be able to contribute to the sustenance of the leadership role of chartered accountants in corporate governance both in the public and the private sectors of our nation. “The competency you exhibit will convince the public and the organization you serve, that you are truly a professional in your own right. Accordingly, you must continuously strive to add value to your employer.” He said that disciplinary procedures are now in place for both the old and new members of the AAT. To this end, he said, “Let me at this juncture inform you and all the other older members of the Association present here today that the council of our Institute has constituted the AAT Investigation committee and its disciplinary Tribunal to investigate and try allegations against AAT members. The Tribunal passes judgment on the matters, and where members are found guilty, applies relevant sanctions. “It therefore pays you to continue to toe the path of honour by observing religiously all the rules contained in the Association’s code of ethics, constitution
and by-laws. On professional challenge, he said, “ you should also know that with the rapid changes in the business environment and the trend towards the globalization of the profession, the need for you to constantly update your skills cannot be overemphasized. “It is my hope that you will continuously strive to update your skills through onthe-job and off-the-job training programmes.” In his keynote address, titled, ‘International Financial Reporting Standard (IFRS),’ a member of the Institute, Mr. Emmanuel Adeniji advised the inductees to key into the International Financial Reporting Standards (IFRS) as compliance companies no w s e e k f o r graduates with IFRS certificates. Ade said “IFRS is the convergence of principles based on standards and interpretations that are expected to bring about uniformity in proportion and auditing of companies, this is expected to have significant impact on the firm’s financial position and financial performances.”