UNPROFESSIONAL PRACTICE IN BANKING INDUSTRY.
Unethical Practice in Nigerian Banks.
By Vera Aigbonoga.
A bank is a financial establishment where customers deposit money on trust. This is to ensure their money will be accessible to them whenever they demand for it. The financial institution benefit from cash and other assets deposited in their care through commercial purposes.
There are different types of accounts. My focus is on the joint Account of married couples and other partners.
When a man and a woman are joined together in the holy matrimony they become one. The major reason for this union is to raise a family. Some women are unable to combine nine months pregnancy with a career, while others find it easy. These stay home or would -be moms, combine pregnancy with their domestic chores.
Many couples enter into prenuptial agreements, which may include ‘opening of joint accounts so as to keep funds together, this makes it easier for the ones without sustainable means of income to gain access to funds. Secondly, due to some traditional beliefs in Nigeria, and some parts of Africa. Which may dispose one of the partners of the family's income and assets. Married couples tend to rely on the financial institution for financial solution.
Does the banking industry in Nigeria know the importance of Joint account in marriages as regards prenuptial agreement; oral or written?
In recent years, there has been unethical and unprofessional practices in the Nigerian banking industry in respect of joint accounts which are capable of eroding partners trust in the industry, such as the ones below
UNETHICAL OR UNPROFESSIONAL PRACTICES IN BANKS AS REGARDS JOINT ACCOUNT
- Opening of joint account by married couples, before meeting with the partners involved.
- Focus, mainly on the partner perceived to be the strongest financially.
- They permit transactions to be carried out by one of the partners without confirmation by the other. This lead to fraudulent activities.
- Statement of account and cash alerts are sent to the preferred partner .
- Birthday, anniversary gifts and wishes are sent only to preferred partner perceived with financial strength.
- The account officer takes over the joint account, through sexual intercourse with the preffered partner.
- Some account officers who are involved with one of the spouses sexually, conive with him or her to carry out illegal transactions. This may lead to suicide by the other partner which affect the children and the family at large.
Some of the Ways Partners may avoid Being Victims of Unethical Practices by Banks .
- Couples must fill account opening forms together.
- Insist on receiving information before any transaction is carried out in your joint account. This may avert illegal transactions, unnecessary withdrawal, etc.
- Inform your account officer or bank agent that statement of account, cash alert must be sent to both of you.
- Monitor your account officer’s relationship with your spouse.
- Monitor your investments with the bank.
It is imperative that Central Bank of Nigeria take a closer look at the banking ethics of their banks in respect of joint account by spouses for the total well-being of the family, for these banks are entrusted with children’s school fees, feeding, parents’ upkeep and assets.
Mrs Vera Chinwe Aigbonoga, the Woman you want to have on your team speaks with Mrs Joy Fume Fasoyin.
Vera Chinwe Aigbonoga is an epitome of beauty and brain. A woman with grace. She is an entrepreneur with several businesses under her belt. The CEO of Veal Integrated Services, and Editor in Chief of Jemima Magazine, a digital publication. She is also into politics to help restore peace in Nigeria again.
Journey so far… family, education, business, and how you have been able to create a balance.
I am an indigene of Imo State and I am happily married to the love of my life and leader, together we have been blessed with children.
I have B.A in Communications and a diploma in accounting. I have always loved communication and business. From my early years, I knew there was nothing you wanted to do in life that you did not have to communicate either to your audience, customers, readers or even family members; orally or written. The right communication is the life line of many businesses. Recently, Veal Integrated Services partnered with Mishael Farms to produce, package and sell various food items and other products.
In Veal Clothing, a boutique mall; we design, sell and customize unique clothing for men, women and children on demand. We also sell 'ready to wear'. Recently, we launched our online store to cater for the needs of our customers adequately.
Growing Up, Shapes and beliefs.
Well, I grew up as a believer in Lord Hamaschiac - Christ. My late mother , Mrs Theresa Archibong was determined i become successful. She saw my gifts long before I knew I had them and was determined to see me through school. As I grew and increased in the knowledge of God more and more, I received his promises in Yeshua Hamaschiac- Christ, i prayed them into manifestation with His help.
Lord Yeshua Hamaschiac. It is important for a person to have a mentor who they look up to, especially when you are at a cross road, you will need advice or help. My husband Aloiye Aigbonoga proved to be one person I can always count on when I need help or advice, always sharing his experiences with me when I get stranded.
Your involvement in the last elections, Why?
It is one thing to stand on the side walk to criticize how things are done, it is another to join in and be a part of the movement. So, I moved in to make my own contributions; because I know Nigeria can be better than it is at the moment.
I started politics from the grassroot, Ibeju-Lekki is my constituency. As regards the 2018-2019 election year, I was called in by the Lagos state PDP Secretary, Prince Muiz Dounmu to join Turaki Youth and Women. Thereafter, I moved into Atikunation Independent Campaign group with Hon. Fateema Mohammed where we called on the person we believed in, His Excellency Atiku Abubakar, to join the Presidential race. My aim was, and still is to see Nigeria become that great Nation she is destined to be and to see Africans including Nigerians around the globe proud of their heritage.
I was the national secretary of Atikunation Independent Group (AICG), 2018/2019 Campaign-Electoral year. And together with the Director General of AICG, Hon. Fateema Mohammed, we set up a strong political edifice from the national level to streets. I ran the edifice.
The aim was for our party, PDP to win regions around the country and the presidential election in the 2018/2019 Campaign- Electoral year. Together with the states, LGAs and wards executives, we ran successful campaigns. We made it the goal of every executive and member to win our polling area and to the glory of The Most High God, I won mine.
My only regret in Atikunation (AICG) is the fact that majority of us, use our personal funds to run AICG from the national level to streets, Atikunation Independent Group was not funded by anyone. And to the best of my knowledge, none of these people were appreciated financially. Still, I am proud of our achievements because of the synergy among our members.
|Former Vice President Alh. Atiku Abubakar, Mrs Vera Aigbonoga and Hon. Fateema Mohammed.|
AICG strength is in the grass root, her poitical edifice is as strong as any political party. AICG is for the younger generation who are determined to see Nigeria rise. AICG may metamorphose into a political party, for with our committed members, and adequate funds, we will bring down any opposing structure.
Lessons learnt in the last election?
Synergy. Having that ability, agreement, and conviction to achieve. If a group of people are united, nothing can stop them. We were determined. in my opinion, we succeeded in-spite of the obstacles.
Below are photos of Atikunation ICG activities in few of the states within the Nigerian Federation and in the Diaspora.
Lessons learnt along the way as you grew.
Focus and determination. When you have a vision or goal, you must be focused, ready to stand alone when necessary. Many will fail you, some will discourage you, but you must first be convinced about your goal, that it is what you want, then God will help you.
What legacy would you like to leave behind?
I want to see the younger generation stand strong in their beliefs, knowing who they are and what they stand for, doing their own research; not just study, but know your history and history around the globe. They should not being blown by any wind or loose their identities to trends. But prayerfully, seeking the face of The Most High God.
WHAT YOU WERE NOT TOLD ABOUT GREECE.
Written by Chinwe Aigbonoga.
Ancient Greece was a civilization belonging to a period of Greek history from the Greek Dark Ages of the 12th–9th centuries BC to the end of antiquity AD 600. Immediately following this period was the beginning of the Early Middle Ages and the Byzantine era. Then came classical Greece era, that began with the Greco-Persian Wars, lasting from the 5th to 4th centuries BC. Due to the conquests by Alexander the Great of Macedonia, Hellenistic civilization flourished from Central Asia to the western end of the Mediterranean Sea. The Hellenistic period came to an end with the conquests and annexations of the eastern Mediterranean world by the Roman Republic, which established the Roman province of Macedonia in Roman Greece.
Classical Greek culture, especially philosophy, had a powerful influence on ancient Rome, which carried a version of it to many parts of the Mediterranean Basin and Europe. For this reason, Classical Greece is generally considered to be the seminal culture which provided the foundation of modern Western culture and is considered the cradle of Western civilization.
Classical Greek culture gave great importance to knowledge. Science and religion were not separate and getting closer to the truth meant getting closer to the gods. In this context, they understood the importance of mathematics as an instrument for obtaining more reliable ("divine") knowledge. Greek culture, in a few centuries and with a limited population, managed to explore and make progress in many fields of science, mathematics, philosophy and knowledge in general.
Greek gods and goddess.
The Greeks and Romans worshipped similar gods and goddesses. They were quite much. Below are some of the gods and goddeses and they are all still worshipped today.
APHRODITE OR VENUS.
Goddess of beauty, love, desire, and pleasure. In Hesiod's Theogony (188–206), she was born from sea-foam and the severed genitals of Uranus; in Homer's Iliad. She is daughter of Zeus and Dione. She was married to Hephaestus, but bore him no children. She had many lovers, most notably Ares, to whom she bore Harmonia, Phobos, and Deimos. She was also a lover to Adonis and Anchises, to whom she bore Aeneas. She is usually depicted as a naked or semi-nude beautiful woman. Her symbols include myrtle, roses, and the scallop shell. Her sacred animals include doves and sparrows. Her Roman counterpart is Venus.
was the goddess of love, sex, beauty, and fertility. She was the Roman counterpart to the GreekAphrodite. She was a goddess of victory, fertility, and even prostitution. According to Hesiod's Theogony, Aphrodite was born of the foam from the sea after Saturn (Greek Cronus) castrated his father Uranus (Ouranus) and his blood fell to the sea.
God of music, arts, knowledge, healing, plague, prophecy, poetry, manly beauty, and archery. He is the son of Zeus and Leto, and the twin brother of Artemis. Both Apollo and Artemis use a bow and arrow. Apollo is depicted as young, beardless, handsome and athletic. In myth, he can be cruel and destructive, and his love affairs are rarely happy. He is often accompanied by the Muses. His most famous temple is in Delphi, where he established his oracular shrine. His signs and symbols include the laurel wreath, bow and arrow, and lyre. His sacred animals include roe deer, swans, and pythons. Some late Roman and Greek poetry and mythography identifies him as a sun-god, equivalent to Roman Sol and Greek Helios
ARTEMIS or Diana.
Artemis Virgin goddess of the hunt, wilderness, animals and young girls. In later times, Artemis became associated with bows and arrows. She is the daughter of Zeus and Leto, and twin sister of Apollo. In art she is often depicted as a young woman dressed in a short knee-length chiton and equipped with a hunting bow and a quiver of arrows. Her attributes include hunting spears, animal pelts, deer and other wild animals. Her sacred animal is a deer. Her Roman counterpart is Diana.
ATHENS Or Olympia.
Goddess of reason, wisdom, intelligence, skill, peace, warfare, battle strategy, and handicrafts. According to most traditions, she was born from Zeus's forehead, fully formed and armored. She is depicted as being crowned with a crested helm, armed with shield and spear, and wearing the aegis over a long dress. Poets describe her as "grey-eyed" or having especially bright, keen eyes. She is a special patron of heroes such as Odysseus. She is the patron of the city Athens (from which she takes her name) and is attributed to various inventions in arts and literature. Her symbol is the olive tree. She is commonly shown as being accompanied by her sacred animal, the owl. Her Roman counterpart is Minerva.
These gods were being worshipped at the time of Lord Yeshua Hamashiach and they are still being worshipped today.
Effects of Social Media Among Family Members.
Social media are interactive computer-mediated technologies that facilitate the creation or sharing of information, ideas, career interests and other forms of expression via virtual communities and networks. The variety of stand-alone and built-in social media services currently available introduces challenges of definition; however, there are some common features. Social Media is quite broad and very important in our day to day activities. The corporate world, schools, churches, homes, events, etc. seem unable to carry on their activities without this media. The advantages of SM are overwhelming.
Majority of us love SM. It has somehow found its way into our basic ‘necessities, even toddlers are unable to live without SM. Slowly and steadily SM has overthrown businesses. All business ventures must have SM accounts, become an SM or risk being overtaken. For instance, digital TV networks are seriously threatened by internet TV , a social media. SM is the reason why Smart TVs are making sells.
In spite of the many advantages of SM to people and their activities, some areas of SM such as; the interactive/ user generated content) are not helping some aspects of our lives. Much has been written on the effects of SM on Children, teenagers and even adults. It is very vital that we also look at the effects of SM on a larger perspective, like family.
Effects of Social Media (SM) in present day Family.
- Today, family members allow their obsession for SM to affect their relationship with their spouses, by spending their relaxation time with their devices.
- Ladies spend their time on social media envying their fellow ladies , gossiping or making negative comments .
- Men gets carried away, commenting on football matches and other social issues
- They watch pornographic videos, engage in extramarital affair through interactive SM.
- 21stcentury mothers neglect their children due to interactive social media activities.
- Children are left at the care of nannies, no good meals, no bonding because mothers must trend.
No doubt, SM maybe used for leisure, but it should not take the place of companionship and family bonding.When allowed, it may ruin family relationship.
By Chinwe Aigbonoga.
There was a young man named Yomi who had a friend named Akin. They were about 22 years old and were partners in an enterprise with great potential. Yomi was very firm, honest and bold, he worked tirelessly to expand their enterprise. Akin also worked very well with Yomi, both of them strategize and planned for the success of their enterprise but were greatly hindered by finance and other capital, still they were determined to grow.
Yomi's family members urged him to get a job, so as to earn regular income, because the income from his enterprise, which he was the major financier was minimal and not regular, compared to what he was used to. He rejected the idea and other tempting job offers he was presented with. He did not want a paid job, he wanted to establish a businesses and create jobs for others.
One day, an investor, Mr Chijioke offered to invest a huge amount in Yomi and Akins’s partnership because of its potential, but with a condition that Akin should not be part of the upgrade. Mr Chijioke offered to buy Akin off with N300,000. Yomi vehemently said No. He informed Mr Chijioke that ‘ he and Akin had a partnership that transcend the enterprise and that their bond was beyond the enterprise, therefore he could not betray him.’
Mr Chijioke informed him that Akin had been passing vital information about their enterprise to him in exchange for money. But he investigated Yomi, and was assured of his character, hence his decision. He presented evidences of he an Akin’s dealings.
Yomi was terribly hurt, after he examined the proofs thoroughly. He felt like signing the contract there and then and removing Akin from the enterprise, because from the onset, Akin’s contribution was minimal. He asked the investor to give him sometime to think about his offer. Later that day, Yomi arrived at the office , met with Akin who just strolled in from one of his hustles he had by the side. Yomi asked him whether or not he had been betraying the enterprise?
Akin initially denied such allegation with a terrible outburst. He asked Yomi, “ is this how low, you think of me? You think because i do not have rich parents, i will go about selling vital information about the enterprise in exchange for money”? Yomi replied him calmly. “I set up this enterprise through my savings from school allowances given to me by my parents. Take a careful look at these evidences; Yomi challenged Akin and deny that these allegations are false”. Akin examined the evidences and was shocked.” He went down on his knees and pleaded for forgiveness with a vow not to do it again.
Yomi decided to give Akin another opportunity but he made up his mind not to trust him again. Afterwards he called Mr Chijioke and booked an appointment. During their meeting, he informed Mr Chijioke that he had decided to give Akin a second chance, because he pleaded and gave his reasons about how he was hard pressed for cash, to pay his younger ones school fees, that Akin had given him his word that such an incidence will never occur again.
Mr Chijioke promised to get back to him. Later that day, Yomi who had always been praying for a breakthrough in his enterprise and believing that The Most High God will answer His prayer, decided to pressed on by declaring a 6 day fasting and prayer. He did not want to betray Akin neither did he desire to remain stagnant. He wanted his enterprise to move forward but in righteousness.
Mr Chijioke on the other hand, made up his mind to invest in Yomi's business because from his investigations, the business had great potential , capable of moving him up the ladder of success. ‘ His thought was that 'with Yomi's technical know-how and the capital he would invest; the business will be capable of steady growth. He was determined not bring in Akin because he was a traitor, he could not trust Akin with his investment. Yomi on the other hand was a better person. He had great knowledge about his line of business and was less confrontational. Yomi was fair in his transactions with people.
Chijioke set up Akin without prior knowledge of Yomi. He did this to prove to Yomi that Akin will always betray the enterprise he was to invest in. He sent for Yomi afterwards, who caught Akin via CCTV while waiting for Chijioke in his office. Yomi ended his partnership with tAkin.
Chijioke’s invested in the enterprise, and it grew and metamorphosed into a limited liability company with over 2000 employees.
The BIG Three
By Vera Aigbonoga
You have been dreaming of this day. The day you will walk down the aisle with your dream man; tall handsome and rich. Short, handsome and financially average. or Maybe, just tall and handsome, someone you will rather want to climb the ladder of success with. Whichever….( dream varies). Besides, the Lord God made them all. The most important thing is……'it is the day you have been waiting for and with the man you love'.
So what kind of wedding have you been dreaming? Big and glamorous or small, glamorous but memorable; with family and close friends? Whichever one you prefer, it is okay. It is your day and it comes just once in a lifetime.
Just in case you are one of those who prefer a big wedding and may not have the resources to pull it through, you don’t have to stress over it. You can still have a small and memorable wedding.
You may ask how’s that possible? It is very possible. Let’s show you how . 'Focus on the ‘Big three’.
The Wedding Dress.
How will you like to appear on your big day? Whatever choice of gown you make, must suit your body shape. I will say ….try on as many dresses as you can until you find the ‘perfect one’ that fits you well. Remember it was not easy for you to find your ‘Mr Right’ so don’t expect your wedding gown to be that easy too. What's your style? Cinderella, in-between or a Chic- bride?
Next on the priority list is your wedding venue. Choosing a venue can be very tasking and time consuming. Here are few things you should take into consideration when making your choice; location, weather, traffic, etc. If you prefer the event to be outdoor; traffic considerations, number of guests, your preferred decor are vital.
The Wedding Cake.
the choice of a wedding cake should come after you have chosen a style for your wedding gown and venue. This is so that your cake will be compatible with your gown , the venue, the menu, flower arrangement and even the season.
When you have been able to decide on the big three, others will be a lot easier. you know the way we do it in Nigeria, family members will assist you in other decisions, but these ones are yours to make.
I Like Your Hand Bag.
By Adaokwu Ihenachor
I’m not flattering, I really do. As a lady, you know you are not complete without your handbag, it goes everywhere with you. Going on an evening party, your clutch is a necessity
Peach Coloured Clutch.
If it is your daily outing -office, interview, business meetings, etc. You may need a slightly bigger bag so as to carry everything you will need to go out with; ranging from your mobile phone, purse, make-up bags, credit/debit cards, resume, documents, etc. Certainly, you do not want to look disorganized by carrying them with your hands or in some kind of sack. You need a stylish tote bag like this…
Baby Pink Coloured tote bag
to stay organized as well as look elegant. Unlike shoulder bags, which can only be hung on the shoulder, tote bags are like clutch senior. You do not necessary have to hang them on your shoulder, you can carry them with your hand elegantly…. and there you go.
So if you want to look composed and organized, at the same time carry everything you will need to go out with, depending on your kind of outing, grab your durable clutch or tote bag here.
Let’s I forget….. your purse is a necessity
POWERED BY VEAL CLOTHING
The New Type of Money
By Vera A.
Social business is a business dedicated to solving social, economic and environmental problems that have long plagued human kind- hunger, homelessness, disease, pollution, ignorance etc. It is a new kind of capitalism enterprise, very different from the traditional profit-maximizing organization which describes practically all private companies in the world today . Social business is not a charitable organization. It is an organization that actually engages in sales of products and services, it also help empower poor people by lending them financial aids as well as sell essential products or services to them at cheaper rate.
Social business is very distinct from the traditional profit-maximizing business or a not-for–profit organization (which relies on charitable philanthropic donations). It is also not the same thing as “social enterprise”, or socially responsible business, which generally describes varieties of profit- maximizing companies. According to Yunus Muhammad, “a social business is outside the profit seeking world. Its goal is to solve a social problem by using business methods, including the creation and sale of products or services”.
Below are some examples of social business:
Grameen Danone; a company that works to solve the problem of malnutrition in children from poor families, through sales of affordable yogurt, fortified with micronutrients.
Grameen Veolia water; an organization which addresses the problem of arsenic- contaminated drinking water through sales of affordable pure water to the poor, at a price they can afford.
BASF Grameen; a company that helps in reducing mosquito borne disease by producing and marketing treated mosquito net.
Social business assist in solving social problems through business methods. The two types of social business are; ‘Type I’ and ‘Type II’ social business.
‘Type I’ social business is a non-loss, non-dividend company devoted to solving social problem. It is owned by investors who invest all profits in expanding and improving the business. Grameen Danone , a nutritional company which solves malnutrition problem through sales of affordable yogurt fortified with micro-nutrients is an example of a ‘Type 1’ social business.
‘Type II’ social business is a profit-making company owned by the poor either directly or through a trust that is dedicated to a predefined cause, whose profit is used to alleviate poverty. Grameen Bank is an example of a Type II social business. It is owned by poor people who are both depositors and customers.
Investors and owners in a‘ Type 1’ social business do not earn profit, dividend or any type of financial benefits. Investors in social business are only allowed to take back the original amount they invested over a period of defined-time. The invested amount is not increased even during inflation, as any kind of increase in the amount going to the investors, beyond the original amount invested, disqualifies the business from being a social business.
There are seven core principles that guides social business; they are:
The business objective, which is to overcome poverty, or one or more problems such as (education, health, technology access, and environment) that threaten people and society- not to maximize profit.
The company will attain financial and economic sustainability.
Investors get back only their investment amount. No dividend is given beyond the return of original investment.
When investment amount is paid back, profit stays with the company for expansion and improvement.
The company will be environmentally conscious.
The work force gets market wage with better-than-standard working conditions.
Do it with joy!!!
It is very important not to confuse social business with social entrepreneurship. Social entrepreneurship relates to a person. It is as an initiative of social consequences created by an entrepreneur with a social vision. This initiative maybe non-economic initiative, charity initiative or a business initiative with or without personal profit. Some social entrepreneurs house their projects within a traditional non-governmental organizations (NGOs), while others are involved in not- for-profit organizations . Social business is very specific. It is a non-loss, non-dividend company with a social objective. Although a social business may pursue goals similar to that of social entrepreneurs, its business structure makes it unique and distinctive.
A non-profit organization is not a social business because it is a foundation, a charitable organization created to disburse funds from one or more donor who seek to create social benefits through their giving. A foundation is not financially self sustaining, it does not generate any income through business activities, and does not have an ‘owner’ the way a social business does. However, a foundation could own a social business, as long as the social business shares the same objective with the NGO. A foundation which invest in social business will be much more profitable because the business will create social benefits, and also generate income to sustain itself.
Foundation usually gives a grants to traditional NGOs. The money is used to establish or support charitable programs, and hopefully, its provides some benefits to the community, after which the money is soon spent, and in most cases the NGO applies for another grants to continue its work .