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Stanbic IBTC Bank Named Best Custodian at Global Investor Awards

Stanbic IBTC Bank Plc, one of Nigeria’s leading financial services providers and a member of the Standard Bank Group, has been named the “Best Sub Custodian in Nigeria” at the Global Investor magazine annual awards. The award, according to the organizers, further demonstrates Stanbic IBTC’s leadership of the Nigerian investor services (custody) sector which it pioneered about 15 years ago.

At its recent annual awards ceremony, Global Investor (GI), the prestigious international finance magazine, announced the award of the best custodian bank in Nigeria to Stanbic IBTC in the weighted and unweighted categories. The award is based on the Sub Custody survey that goes out at the end of the year issued by GI to its readers, drawn among the ranks of international investors investing in different markets across the globe. They had about 300 responses to the survey and it covers all of the major markets.

“We are very pleased with this result as it affirms our commitment to our clients. This independent endorsement from Global Investor is certainly high praise. With continued momentum in cross-border trading, there remains a growing need for excellent custody services in Africa and particularly in Nigeria. Stanbic is well poised to remain at the vanguard of such endeavours” says Segun Sanni, Head, Investor Services, Stanbic IBTC.

Sanni also described this award as recognition of the bank’s commitment to excellent client service. “We are very pleased with this award as it affirms our leadership of the investor services sector in Nigeria. This leadership has been attained based on a track record of excellent service delivery and investor support we have been rendering to our clients. With increasing momentum in cross-border trading, custody services in Africa and particularly in Nigeria will continue to experience growth. Stanbic IBTC is committed to join efforts with the government and other similarly minded stakeholders to develop our market and make it more investor-friendly”.

He acknowledged that, heartwarming as the recognition may be, it is also “a call to keep renewing ourselves to deliver greater value to our clients and potential clients. We will draw on Standard Bank’s rich heritage and leverage to retain and improve on this recognition in the years to come”, said Mr. Sanni.
The Global Investor Awards also recognizes personalities and firms in the asset management industry whose performance, influence, innovation and commitment and distinguishes them from other

service providers in the sector. The award acknowledges providers in Africa who have delivered excellent service in African equities over the previous year.

STANLIB, the Standard Bank Group’s asset management company, collected the Africa Award. STANLIB competed against, Investec, Actis and Insparo who were also nominated for this prestigious award.
Commenting on the award, Dylan Evans, Global Investment Marketing Director at STANLIB, said: “This award is testament to STANLIB’s commitment to excellence in African equities. We are extremely pleased to have won in this category, especially among such strong competition from our peers.”

Union Bank Launches VOC Programme

Union Bank of Nigeria PLC has launched a new customer advocacy product, code-named Voice of the Customer (VOC) Programme as part of efforts at strengthening its over 92 years banking experience with a rigorous review of service quality in order to be more customer-friendly.

The Group Managing Director/Chief Executive, Dr. Barth Ebong, stressed that the new initiative was designed as part of Union Bank’s repositioning strategy to manage service quality deliberately.

Giving full effects to this, the Bank inaugurated the Customer Action Council (CAC) to provide a high level support for the VOC programme. The CAC is chaired by Dr. Ebong, thus, bringing board level responsibility for managing the Bank’s service quality issues, a sign of its determination to raise the bar on customer care.
At the inauguration, Dr. Ebong, in a symbolic act, signed the VOC Commitment Document, followed by other executives and CAC members. He stated that “as members of management of Union Bank, we share with other employees a commitment to the voice of the customer principles, as a business approach and a leadership philosophy”.

The Chief Executive added that, as part of the Bank’s corporate governance framework, it was important that the customers knew exactly what they could expect from the Bank – when they experience excellent service or not so good service. “So, we are excited by what this initiative will help accomplish for our customers and our brand”, he said.
Mr. Mike Hunder, Deputy General Manager (Quality Assurance) and the VOC Coordinator, noted that VOC was not just an acronym, but a commitment by the Bank. “We believe that external customers, suppliers and our fellow staff are our customers. We are, therefore, redoubling our efforts to listen, understand and service our customers better”, he enthused.

It would be noted that Union Bank has benefited enormously from its Project GEAR repositioning strategy, which began in 2006.  As part of the repositioning efforts, the Quality Assurance Department and Voice of the Customer Programme were created to address customer service issues deliberately.

The Bank’s VOC proposition is complemented by a refreshed service level agreement, branch infrastructure upgrade, customer service awards scheme, and an in-house independent “VOC Centre”. The centre has authority to deal with service failures and appropriate officers, to get to the bottom of customers concerns and to find solutions to customer service challenges.

…Gets New Executive Director

The Board of Directors, Union Bank of Nigeria PLC has approved the appointment of Mr. Austine Oghenovo Tadeferua as Executive Director, Corporate Resources even as it confirmed three Assistant General Managers to bolster its operations.

Until his appointment, Mr. Tadaferua was the Deputy General Manager and Head of Energy Department a position he had held since 2007. He had held various positions in his 28 years service having joined the Bank from the then Bendel State Civil Service as an Agric Credit Officer. He handled Advance duties in the Area Office Benin. In 1991, he moved on to the Corporate Finance Department of the Bank as Manager. In this capacity, he managed the Textiles and Tannery portfolio in the Department.

He was drafted to join the team that set up the Energy Department in 1996 as a Senior Manager. He was promoted to Principal Manager in 2000 and Assistant General Manager in 2005. Mr. Tadaferua brings to the Board, a vastly experience in Energy Finance and has packaged several local and international Energy transactions during the tenor.
Mr. Tadaferua, holds Masters of Business Administration (MBA) from University of Benin, 1987, B.Sc from University of Ibadan 1978 and had attended courses and training workshops, including the Bank’s advances course, mining conference, mini oil and gas (MBA) London, Leadership Building, London, project finance and petroleum economist. He is also a fellow of Chartered Institute of Credit Administration and Senior Member of Chartered Institute of Bankers.

Meanwhile, the Board of Directors also confirmed the appointment of three Assistant General Managers who had been operating in acting capacity to substantive Assistant General Manager to energize its efficient operations.
The new Assistant General Managers are Messrs Pekun Tonade, Information Technology,


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