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Afribank puts in place risk mgt elements

By Amaka Agwuegbo

Afribank Nigeria Plc has put in place good risk management elements to restore confidence and stability while improving business processes and performance in order to reposition the bank. This was revealed by the bank’s new Group Managing Director/CEO, Mr. Nebolisa Arah.

Speaking at a press briefing, Arah said Afribank, which is known for its resilience and capacity to withstand challenges, remains a strong financial institution with prospects, potentials and great opportunities today than it was before.

“With over 50 years of banking, the bank has undergone different forms of transformations and ownership structures. The N50bn given to the bank by the Central Bank of Nigeria would be used to achieve the best results in strengthening and shoring up the solvency and stability of the bank’s operations,” he said.

Assuring the bank’s numerous customers that significant recoveries have been made and that their deposits are secure, Arah said the bank is still very liquid and had met its obligations, adding that the bank will continue to have the support of it major customers and depositors.
Arah said the first major assignment was to stabilise the bank by securing and sustaining the confidence of the banking public, customers and other stakeholders on the bank’s ability to serve them better and more efficiently.

In his words, “We are achieving good success in these respects and we will continue to implement strong and pro-active customer relationship management. We are reaching out to our customers and partners in a combination of ways that will continually rebuild our relationship and give us a better understanding of their needs and how to further support them.”

On how to mobilise for more deposits, Arah said though some of the defaulters have made some payments, the bank would employ traditional ways of getting more deposits.

“We would employ traditional ways of improving our deposits to grow what we have. We would not like to exit from the inter-bank market, so we would employ debt recovery and risk management elements in pursuit of our goals,” he said
The MD said the bank’s specialised nine subsidiaries would be strengthened and repositioned to contribute significantly to the group portfolio and sustain the one-stop financial supermarket initiative of the bank.


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