Friday, May 27, 2011

People's views on Changing of Account In Nigeria

A Cross-Examination On Central Bank's Order To Change Accounts In Nigeria

Mixed reactions have continued to trail the new policy regime on the Nigerian Uniform Bank Account Number Scheme (NUBAN) authorised by the Central Bank of Nigeria (CBN), reports Ibrahim Apekhade Yusuf
EXCEPT for a few discerning bank customers, majority really do not see the rationale behind the new policy regime on the Nigerian Uniform Bank Account Number Scheme (NUBAN) announced by the Central Bank of Nigeria (CBN). Already, most of the deposit money banks have started complying.

The banking watchdog had through a circular issued to the 24 commercial banks by its Banking and Payment System Department and dated July 14, 2010, given a nine month compliance period to banks to migrate to the new system.
According to the regulator, the move was to promote best practice in the account number scheme and also eliminate many of the problems associated with the Automated Clearing House (ACH) as well as the electronic payment system generally.
It had explained that the proposed NUBAN was a 10-digit Bank Account Number format, with A Check Digit constructed to support a modulus check, which enables the resenting bank to perform checks.
The Check Digit, according to the apex bank, was derived from an algorithm that operates on a combination of the 3-digit CBN-assigned Bank Code and the 9-digit Account Serial Number.
Under the new format, every bank is required to create and maintain a NUBAN code for every customer account in its customer records database, which should be the only account number to be used at all interfaces with a bank customer.
The CBN said the new format is in line with international best practice and is expected to enhance the e-payment system.
"We expect every bank to maintain their present account numbers and use them for their internal operations only as from the effective date of NUBAN, but every such account number would have to be mapped to a NUBAN code as an alternate account number," the bank said in the circular. The new number format will comprise 13 digits, which includes the three-digit bank code and a 10-digit NUBAN code."
It said banks are to submit their comprehensive migration plan to the new system one month from the release of the circular.
"Compliance monitoring will commence six months from the release of the circular. Any infractions to the dictates and stringent timelines provided in this document shall attract severe sanctions as may be determined by the Central Bank of Nigeria from time to time," the circular stated.
The bank noted that the upsurge in automated direct credit was as a result of the January 2009 directive that all ministries, departments, and agencies should replace all forms of cheque payments with electronic payments, hence the need to adopt a new cheque number system to make clearing and settlements of cheques less cumbersome.
"As the Automated Clearing House volume increased, so have complaints of banks and bank customers resulting from the incidents of abuse of the clearing system," the apex bank noted.
The CBN said the change would enable Nigeria to fully comply with the 10-digit Account Number structure required by the West Africa Monetary Institute (WAMI) towards the economic integration of ECOWAS countries.
However, like the growing level of apathy, which attended the account update exercise by the banks as directed by the CBN few months ago with many of the customers failing to update their bank details before the expiration of the deadline, not a few people are upbeat about the new uniform bank account number.
Although investigation by The Nation revealed that some banks have since communicated their preparedness to implement the scheme to their customers, majority of the customers who spoke with our correspondent were yet to come to full grip with the policy, even as many were nonchalant with the apex bank’s directive.
But many of the banks, like Guaranty Trust Bank Plc, have already sent memos and text message alerts to their customers intimating them of their desire to implement the new account numbers as directed by the CBN.
"Dear Valued Customer,
In view of the recent Central Bank of Nigeria’s (CBN) directive that all Nigerian Bank account numbers be changed to a new standard format by May 2011, kindly find below, your new Nigerian Uniform Bank Account Number(s) (NUBAN):
xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxx
"Please note that you are expected to start using your new NUBAN account number(s) for all transactions immediately. We appreciate your co-operation and understanding whilst we continuously strive to offer you exceptional service", the memo stated in part. Even as some banking consuming publics are still trying to come to terms with the new uniform bank account number introduced by the CBN, Skye Bank Plc said it has successfully migrated its customers’ account numbers to 10 digits in line with the CBN directive to banks to standardize their customers’ account numbers.
A statement issued by the bank last Tuesday, said standard bank account numbers would eliminate most of the complaints currently being experienced during automated direct clearing transactions, which include delayed presentation of customers’ instructions in the Clearing House, late return of unapplied inward Automated Clearing House items, among others.
The bank assured its customers that the change would not affect their banking transactions as their debit cards and cheque leaves remain valid. It, however, explained that it would issue a new cheque book on request once the current cheque leaves have been exhausted or rendered unusable by time limit given by the CBN.
According to the statement, customers can view their new account numbers at any of the bank’s branches irrespective of where their accounts were domiciled or opened.
The benefits of the new account numbers include ease of remembrance given that the new account numbers are only 10 digits as well as greater speed in cheque clearing at the automated clearing house.
Customers’ perspective
A cross section of respondents, who spoke with our correspondent in some of the old and new generation banks in the Lagos metropolis and its environs, while acknowledging the fact that they have received one form of correspondence or the other from their banks, however, expressed mute indifference as to the merit or demerit of the new policy.
As much as he sees the new bank account as a welcomed development, Adewale Adeoti, an undergraduate of the Lagos State University, insisted that the new numbers ought to be even fewer, at least five digit, for easy memorisation by those who may not be good with numbers, if the whole idea is to personalise banking.
"It is a great idea, no doubt about it. But 10 numbers are still way too long for me. I don’t think a lot o people can easily memorise that. A simple five digit numbers would have been much easier as far as I’m concerned", Adeoti said.
Hajia Rahmat Shodeinde, a school proprietress in Lagos, who is a customer in one of the new generation banks, had this to say about the new uniform bank account numbers.
"I really don’t want to bother myself about what the so-called new account numbers are. Whether they increase the numbers or even decrease it, my concern is that whenever I want to do any transaction in the bank, I don’t experience any hassles", she said.
She added: "I have just received an alert from my bank informing me of my new account number, if not for anything else, I will go to the bank to confirm the veracity or otherwise. And once I do that, that’s all."
Unlike Shodeinde, the concern of Mr. Stanley Odion, also a customer in one of the new generation banks is whether there would still be a grace period for those who may be impervious to this new change.
"My own concern is what if funds are sent to the old account number and how long will they be valid? Because I must admit that some of us have poor numeric skills, as such, it may be difficult for us to learn this new numbers easily", Odion said.
But a staff of one the old generation banks who would not be named said contrary to the fears being expressed by some of the customers, the dissemination of the new bank account numbers has been hitch-free.
He said: "It’s even easier the way they did it, just sending mails to customers, instead of asking customers to go through some stress of filing forms and paper work common with similar exercises.
"Automatically, all your existing data have been transferred to the new account, all you need to do is promptly inform any holder of your old account number, so as to avoid invalid transactions", he said.
Many bankers and financial analysts have also argued that the new scheme will promote efficiency and also help to reduce cost of operations overall.
In an interview with The Nation, Mr. Joshua Okeowo Oderinde, Chairman,
Institute of Chartered Accountants of Nigeria, Ikeja District, described the policy as one of the best development in the nation’s banking landscape recent times.
Oderinde, who applauded the apex bank for this policy, said it was a step in the right direction.
"The policy is a big plus for the banking sector, not only because of the immense benefit to the banking consuming publics, but to the entire financial system", he said.
Expatiating, he said, among other things: "It is going to facilitate e-payment. Besides, it is going to make the banking operations system generally to be seamless. I think, what banking consumers stand to benefit include quick response rate, because when you get quick clearing of your money, you can quickly make policy or take a definitive decision for a transaction."
The policy, he further maintained: "Is bound to take care of all forms of delays hitherto observed in the banking system. Now this would be a thing of the past I can assure you."
As for the doubting Thomas’s who are not convinced of the propriety of this policy, he urged them to be positive-minded.
According to the ICAN boss: "There is no system that is free of hiccups, and by the way, it is not advisable to always stay negative all the time especially when any new policy is about to be implemented. The Bankers’ Committee is there, and I know they won’t let things go wrong. Once they notice any lapses with this policy I know something positive would be done about it. But in the interim, we have to let this policy work first, let’s give it a trial."

Source : The Nations

Tuesday, May 17, 2011

Your Life only gets better when you get better!

 You can not continue to scratch with the turkeys!

               Before we proceed, here is the list that will be covered in the rain of empowerment workshop.
All we are saying is that we want to know where you think will be good and ideal in hosting the workshop.
If you are interested in the workshop, kindly send your;
Phone number
City that you would like the training to be hosted

To: 2348069344902

After considering what we have in our inbox, we’ll then contact only those who we already had and those who’ll be responding from now till 31 st of this Month!
Thank you!
Ubong Edem

Tuesday, May 10, 2011

Rain Of Empowerment!

Thank you for your interest in the latest live production workshop that all the attendees are guaranteed the grace to be producing things that others import into this great Country on daily basis.

Have you ever asked yourself this, " if i happen to be producer and supply to the whooping population who are constantly looking for constant relief, how would my life be like?"

How would you feel if you get to know the international formulation  of whatever you may wish to produce from the contents of the rain of empowerment after the workshop?

How long will you continue to be jobbing; running from Tom's place to Jerry's place, still adding the pennies to nothing?

In the whole world, we are having information poverty not really what you may think.  

We present to you, something that will change your life forever. 
Something that gives vision and provide the ladder for provision to climb and follow you.

This the right time for you to take a practical step to build business empires for yourself and save your generation from jobbing like a lot do!

To Your Entrepreneurial Success!
Ubong Edem

Saturday, May 7, 2011

Rain Of Empowerment!

Rain Of Empowerment!
Join us in using empowerment to fight unemployment!

This is not what the so-called professionals claim to teach and collect huge amount of money from people, yet, without giving the attendees what to smile about.

Please, come with me to the content of the live and practical workshop and then come back here and say to yourself, " i can't afford to miss this one". At least, not this one!
We call it rain of empowerment because it has never happened like this.
It is always rare to see people allow others access to what is making them money.
Even after waiting for decades, you may not be able to pay the price.

 Yes, we are planning this live and practical workshop to meet up with the demands of anybody who wants to carve his/her self out of the current unemployment rate.

Yes, the reason why people told us to call the rain of empowerment is that you’ll never see this kind of empowerment workshop elsewhere.
Now, I want to ask you these questions;
·    Do you know the current youths’ unemployment statistics?
·    Do you know why people still add to the accelerating rate of unemployment?
·    Do you know what can take you out of your current situation?
·    Do you have any idea of what are the activities making them to pocket the whole money to themselves?
·    Do you know what make up the rich?
·    How often do you see this kind of empowerment workshop?
·    What do you think is your source of hope?

Instead of following the followers, take a decision today to follow the leaders today!
Instead of making a mistake of learning from the learners, this has come to you so as to make you learn from experts. I can here you saying to yourself, “wow…this is heaven sent”

I asked my friends on facebook sometimes ago, “a happy life ideally rests on a balance between 4-elements”.
I now want to ask you here, what are they?

Note: If you are interested in the live practical training, then you need to do the following;
1.               Send a text message with ;
i.   Your name,
ii.  E-mail address,
iii. City,
iv. City that you’d like the live practical      training to be held,
  To      2348069344902

2. After we might have taken a decision on where to host the training, we’ll send you a message on the location and date of the training.

To Your Entrepreneurial Success!

Ubong Edem

Today’s Politics

In today’s highlight, the returning officer for Imo state declared O. R. Okorocha as the winner of the Imo state governorship election after seeing that Rochas has played politics according to the rules of the game and defeated his greatest opponent, Gov. Ikedi O.

I must confess that I’ve never seen or heard of the kind of celebration that is going on in the state. This is to say that Imo people have spoken and Rochas has, right from the beginning been their interest. I remember, i was taught that politics is a game of interest.

Some are even saying that the strong bird that holds and nothing gets what it holds out of hand is no more.
I can not tell what is the backbone of the celebration but I can use the Bible as a standard as it says “when the righteous rules, the people rejoice”.
The question that is now bothering me is;
Between the old and the incoming Governor, who do we say is the righteous?

It is good to consider politics as a producer, because political instability affects us directly. Now that GOD in HIS mercy has decided to send us peace, HE is worthy of praise. 

Now, can we get back to what determines our future? Since they say that your future value is the product of your present value and the compounded interest over the period of time. 
If big companies that you know keep saying that you should go and start something, then you need our live practical training coming up soon!
To Your Success!
Ubong Edem

Friday, May 6, 2011

Why We Decided To Host This Live Explosive Workshop

                This in response to the numerous messages, calls, and e-mails received with respect to the web training on the production of soap. People complained that they couldn’t meet up with the training due to one problem or the other.Some even said that they could not access the internet from their respective destinations.

It is clear that the world’s unemployment is rapidly increasing. If a Country like U.S. being confirmed by people as the world power can be complaining over the rate of unemployment, then what do you think about your future?

I learnt in the laws of money at that your future value is the product of your present value and the compounded interest. With due respect, Sam Adeyemi said that a man can survive for 6 days without water and 40 days like Jesus Christ, without food, but an average man can never survive without hope. I want to also add that a man with dream will not die. Your dreams will sustain you. It will always motivate you even when the path is uncertain. Where there is vision, there is always provision.
We have now come to ease that stress. We have come to give that hope for the future. After having this pure practical training, you will then see that what you call future is not far. You will start to think as a genius. You will then find the strength and grace to employ other people to work under you. We give you the sure path to overcome the fear of unemployment.

Content to cover in Our Live Production Training coming up!

Content To Be Covered In Our Live 
Empowerment Workshop

1.       Powder detergent
2.       Body cream
3.       Pomade
i.                     Hair cream
ii.                   Balm
4.       Hair shampoo
5.       Laundry Bar soap
6.       Toilet Soap


1.       Cake/cake-dressing
2.       Meat Pie
3.       Beverages Drink
i.                     Pineapple/Ginger drink
ii.                   Zobo drink
iii.                  Soya Beans drink


1.       Poultry farming
2.       Bee farming
3.       Aqua-culture
i.                     Fish-farming
ii.                   Snail-farming

            Come and Learn on practical basis, produce it by yourself and hire people to sell your products for you or market the product(s) of choice by yourself. Here, you have the long-needed freedom.

To Your Entrepreneurial Success!