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Since the beginning of 2022, the Nigerian Banking (commercial and digital) and Insurance industries have experienced an increase in media interactions, campaigns, and awareness. These were boosted even further by the fantastic numbers it reported to the media in the third quarter of the year.

The publication analysis includes over 1.2 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and international media space, as well as approximately 4,776 print publications (including daily, weekly, and monthly publications), which are being monitored to extract various metadata, including sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokespersons analysis, CEOs performance, and other topics.

In the third quarter of 2022, P+ Measurement Services, Nigeria’s top media intelligence organization, examined the media mood around commercial banks, big insurance providers, and prominent digital banks in Nigeria. This analysis shows editors’, publishers, journalists, and opinion leaders’ perceptions of insurance and banking (digital & commercial) brands in the print and online media.

A cursory review of the commercial banks’ media reputation shows that three tier-1 banks and two tier-2 banks made the top five with the highest positive and negative sentiments in Q3 2022.

The top five banks by positive reputation include First Bank with 24 percent emerging top of the grid, closely followed by Access Bank with 23 percent, with Stanbic IBTC Bank, United Bank for Africa (UBA) and Fidelity Bank having 21 percent, 17 percent, and 15 percent respectively while the top five banks by negative media reputation include GTCO with 37 percent, First City Monument Bank (FCMB) with 28 percent, Zenith Bank with 15 percent, United Bank for Africa (UBA) with 11 percent and Fidelity Bank with 9 percent.

Analysis of the Insurance companies’ media sentiment revealed that AXA Mansard Insurance ranked top with 32 percent, trailed by Leadway Assurance with 30 percent, Coronation Insurance with 14 percent, Consolidated Hallmark Insurance with 13 percent, and AIICO Insurance completed the top five by positive reputation with 11 percent, while the negative reputation saw Coronation Insurance garnering 42 percent, with Leadway Assurance and Mutual Benefits Assurance having 17 percent each, NEM Insurance with 15 percent and AXA Mansard Insurance with 9 percent in the third quarter.

According to an analysis of the top digital banks in Nigeria in Q3, Kuda Bank had a favorable reputation score of 37%, followed by Vbank (27%), ALAT by Wema Bank (18%), Eyowo (16%), and Mintyn (2%), with Kuda Bank receiving a bad reputation score of 100% for the quarter in question in 2022.

Positive PR Drivers

The analysis below outlines the most important factors contributing to the positive reputation of the leading commercial banks, insurance providers, and digital banks in Nigeria in Q3 2022.

In the banking industry, First Bank’s leadership was reinforced when it praised its FirstMonie agents for completing more than 1 billion transactions and reaffirmed its leading position in promoting financial inclusion in Nigeria. Access Bank announced that it had rewarded its customers with millions in cash and prizes during its #AccessMore Mega Campaign, and Stanbic IBTC Bank echo that it had given out more cash prizes to Nigerians during monthly draws for its Reward4Savings promotion.

The insurance industry saw AXA Mansard emerge as the most innovative insurer of the year to solidify its position on the favorable reputation, Leadway Assurance signs a Memorandum of Understanding with FedCooP to cover 300,000 civil servants under its flagship, and Coronation Insurance declares that its premium income rose by 32.90% as its combined ratio also improved.

Leading the Digital Banks sector is Kuda Bank as it confirmed that it will charge its customers N50 for deposits of N10,000 and above, Vbank partnering with Autochek to guarantee the underwriting process for customers’ loan application process to deliver requisite financing to customers within 48hours of loan origination process and ALAT by Wema Bank stating that it introduced NQR to boost financial transactions in Nigeria.

Negative PR Drivers

Analysis of the negative reputational drivers in the banking sector revealed that GTCO which led in this segment was suspended by the Nigeria Customs from import duty collection, followed by FCMB which had one of its customers crying out as over N7m disappeared from his account and also Zenith Bank which was silent as the sum of N221,000 mysteriously left its customer’s account.

Coronation Insurance and others paid the sum of N78.6m to the NGX Regulation Limited as a penalty for default filing of financials, Leadway Assurance Company’s customer accused the brand of fraud over multi-million naira claims on damaged vehicle, and also Mutual Benefits Assurance declared that its loss rose to N5.425 billion in its 2021 financial result.

In the digital bank sector, Kuda Bank reportedly incurred a sum of N6 billion loss in 2021 which drove its negative reputation driver in Q3 2022.

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“Nigeria College of Taxation and Fiscal Studies” Bill Passes Second Reading



A bill for an Act to establish the Nigeria College of Taxation and Fiscal Studies passed its Second Reading last week at the Senate.

The presentation of the Bill was made by Senator Abdullahi Aliyu Sabi CON on the floor of the Senate Tuesday last week, where he noted that the institution, if established would provide professional and academic training as well as certification for tax administrators, tax practitioners and tax professionals across the country.

In his presentation, Senator Sabi, who represents Niger North Senatorial District of Niger State stated that the College had become necessary given the important role that taxation is playing in the nation’s economy, and that this institution would help formulate and draft tax policy for the country while addressing human capital gaps in the country’s tax industry.

“It is becoming increasingly clear that diversifying the sources of government revenue to focus on sustainable sources is inevitable. This diversification puts taxation at the centre of the revenue mobilization discussion; the attainment of this laudable objective would require tax experts who have been properly and adequately schooled to formulate tax policy, draft and interpret tax legislation, carry on private tax practice, and administer taxation in the modern era.

“In view of the constant shift in the social, technological and business environment, with direct impact on the tax system, it is is important to have skills, competence, and adaptable personnel to man the tax system. There must be a conscious development of the field of taxation and fiscal policies in Nigeria to awake the society on the importance of taxation as a sine qua non to our development.

“Nigeria must go beyond the mere inclusion of taxation in the curriculum of educational institutions; instead the country must establish a modern system that facilitates the study of taxation via a well laid out academic curriculum, guided and focused by practical realities of Nigerian taxation and the revenue ecosystem,” he noted.

Senator Sabi further emphasised that the College would help in tackling the issue of lack of sufficient capacity of tax officers, which he noted has led to “the delegation of powers of revenue authorities to third parties, creating complications, multiplicity and uncertainty in the tax system,” and that it would correct “aggressive and orthodox methods for tax collection” while also carrying out a “regular review of obsolete tax laws that do not reflect modern realities.”

He noted that all these would help the country address its fiscal and revenue challenges and achieve the objectives of the National Tax Policy.

In his presentation, the distinguished Senator representing Niger North also cited that countries such as Kenya, Japan, India, Australia, Austria, Singapore, and Malaysia have established similar institutions for developing capacity in taxation, excise duty and customs and fiscal matters, and that this has impacted positively on their economy through significantly high tax-to-GDP ratios.

This College is expected to provide training for tax officials, including officers of the Federal Inland Revenue Service (FIRS), Nigeria Customs, sub-national revenue authorities, and even the general public. It is to consist of a main campus and 12 regional centres.

The Bill proposes that the College would be funded chiefly by the extant yearly subvention of the FIRS for training thus requiring no direct impact on government spending.

Senator Adamu Aliero representing Kebbi Central District, Kebbi State, commenting on the Bill noted that the only sustainable source of revenue for the Federation was taxation, and that the proposed College would train tax officials who would be instrumental to widening the country’s tax net.

He also added that there is currently no institution in Nigeria that offers specialised training in taxation.

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NLC, CBN meet in Abuja over Cash scarcity



In less than 24 hours after the leadership of the Nigeria Labour Congress, NLC, directed all its branches and affiliate unions to mobilize members for a shut down of all the branches of the Central Bank of Nigerian, CBN, across the country, over cash scarcity, the apex bank on Thursday evening met with the NLC at the Labour House Abuja.

Recall that the Comrade Joe Ajaero-led NLC, had on Wednesday while addressing journalists said that activities in all branches of the CBN nationwide and the Abuja headquarters will be shut down on Wednesday next due to the cash crunch in the country.

Comrade Ajaero had advised workers to stockpile food items as the industrial dispute with the CBN will be total.

He said Nigerians have been subjected to untold hardship occasioned by the scarcity of naira notes to attend to medical needs and other areas of need.

Vanguard gathered that the NLC threat to paralyze activities at the CBN necessitated the impromptu meeting which started at about 5 pm on Thursday.

The two man delegation made up of the CBN Deputy Gpvrrnor in charge of operations and the Deputy Governor in charge of Economic Pokicy, told the NLC President that about two billion naira was pushed out on Thursdsy in a bid to address the hardship.

A source privy to the meeting told Vanguard that the CBN promised to ensure that the scarcity of naira notes will come to an end as quickly as possible.

“They said the money they pushed out today is equivalent to the whole money pushed out within the week. They also promised to work day and night starting from this night to ensure that there is enough money in the banks,” the source said.

He further said that the CBN denied the allegation that it was printing money out of the country and that the Governor, Godwin Emefiele has directed that the old naira notes should be made available to customers.

Besides, the source denied the allegation that the old naira notes have been burnt, assuring that there will be remarkable improvement in few days to come.

It was gathered that the NLC President, Comrade Ajaero told the CBN delegation that he was not interested in how much that was pushed out, but only interested in seeing that workers and other Nigerians collect their money in banks without stress..

“The President told them that it does not bother us how much they pushed out, our concern is to see that this hardship comes to a stop.

“He also told them that they should work day and night to solve the problem and will depend on the feedback from the average Nigerians who go to the banks to make withdrawals whether there is improvement before Wednesday next week NLC planned to picket the apex bank ,” the source said.

When contacted, the NLC President, Comrade Ajaero, confirmed the meeting and said that the interest of the leadership is to see that Nigerians are able to withdraw their money devoid of the hardship they are passing through.

“We will only know that they are serious when we see improvement,” he added.

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EFCC Arraigns FCMB Manager Over N55Million Overdraft Fraud



The Economic and Financial Crimes Commission, EFCC,  has arraigned one Kichime Gomwalk, a bank manager and two others for alleged fraud.

Gomwalk of First City Monument Bank (FCMB), Michael Damkas Buayam of Tan Global Energy Limited, and Abbas Andrew Dayilim of Castlegate International Limited were arraigned on Tuesday before Justice P. S. Gang of the Plateau State High Court Jos.

The accused persons were arraigned on five counts bordering on stealing, cheating and obtaining by false pretence money to the tune of N55,000.000.00 (fifty-five million naira).

Gomwalk, while serving as the manager of the bank’s branch at Murtala Mohammed Way in Jos, the Plateau State capital, was alleged to have forged COCIN Gratuity Certificate of Pledge/Letter of Set-Off dated December 30, 2019, purportedly co-signed by Mrs. Monica Bitrus Tang and Rev (Dr.) Amos Musa Mohzo, Directors.


It was allegedly used to secure an overdraft facility from FCMB Plc to the tune of N55 million with COCIN Gratuity account number 100GOMWALK379 domiciled with FCMB Plc.

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