“Nigeria freezes accounts of sacked bank chiefs - New African” plus 4 more

Nigeria freezes accounts of sacked bank chiefs - New African
Finance - Business Life Lebanon
Food bank crisis - Timmins Daily Press
State voids ESU banking contract - Emporia gazette.com
Bellingham Food Bank Farm means fresh produce for the hungry - Bellingham Herald

Nigeria freezes accounts of sacked bank chiefs - New African

Posted: 22 Aug 2009 04:37 AM PDT

The Nigerian anti-graft agency said Saturday it had frozen the accounts of the sacked directors of five ailing banks for running the institutions into insolvency.

"We have frozen the accounts of the former managing directors and executive directors of the five banks," Economic and Financial Crimes Commission (EFCC) spokesman Femi Babafemi told AFP.

He said the agency had also invited the auditors of the affected banks for questioning.

"The auditors have to tell us what they know about the financials of the banks. How they came about huge debts and non-performing loans without the auditors raising the alarm," he said.

The heads of Afribank plc, Intercontinental Bank plc, Union Bank plc, Oceanic Bank plc and Finbank plc were removed on August 14 by the Central Bank of Nigeria governor, Sanusi Lamido Sanusi, for piling up billions of dollars in bad debts and inefficiency.

The CBN accused the banks' management of granting loans to prominent Nigerian businessmen and companies without following best practice.

The total loan portfolio of these five banks came to 2,801.92 billion naira (17.8 billion dollars/12.6 billion euros), according to CBN.

Margin loans amounted to 456.28 billion naira and exposure to oil and gas loans amounted to 487.02 billion naira while aggregate non-performing loans stood at 1,143 billion naira, it said.

The EFCC has given the debtors one week to pay up or face arrest and prosecution.

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Finance - Business Life Lebanon

Posted: 22 Aug 2009 06:25 AM PDT

Oman Arab Bank has an active presence in the Sultanate of Oman ever since it was established on 1st October, 1984 as a joint closed stock company. The bank started operations after acquiring the branches of Arab Bank Limited, Jordan that existed in the Sultanate since 1973. In 1992, Oman Arab Bank expanded its operations by acquiring all branches of Omani European Bank and then merged together in 1994. Oman Arab Bank's principal shareholders are Oman International Development and Investment Company (OMINVEST) with 51% share and Arab Bank Limited with a 49% share holding.

The bank also actively contributes to the major development in industrial and infrastructure projects in the Sultanate of Oman and is an active provider of both retail and investment banking products and services.

Financing Projects and Providing Services

The bank has kept its position as a leader in financing projects in various sectors such as infrastructure, industrial and petrochemical. It has supported many companies such as Oman Shipping Company's vessel financing, and the expansion of Oman Cement Company.

It has also provided banking services for several companies in different projects such as Wastewater Treatment Station Project in Seeb, Duqum Port project (phase 2) and Dry Dock, Power and Water Desalination Station in Barka II, in additional to various infrastructure, industrial, and services projects.

Main Financial Indicators

The bank continue to achieved positive results such as a 26% growth in profits (RO 24.6 million as compared to RO 19.4 million), 39% growth in net loans and advances (RO 539 million compared to RO 389 million), and 15% growth in customer deposits (RO 611 million as compared to RO 533 million).

Total Shareholders' Funds as at 31st December, 2008 was RO 110 million as compared to RO 88 million in the previous year. Return on Total Assets was 3.47%. As a result of the prudent lending policy, the non-performing loans reduced to 1.6% out of the total loans and the provision coverage increased to 169% of the non-performing loans.

Branches and Offices

Throughout the current year and last year, the bank has opened new branches in Shatti Al Qurum, Al Tarif in Sohar, Bowshar, Mabelah, Sumail, Nizwa Hospital and Quriyat. The bank has a total of 53 branches and offices across the Sultanate.

Investment Banking

Given the financial crisis which resulted in the bankruptcy of investment companies and banks globally, our Investment Management Group is still in the forefront in terms of developing investment products and services.

The investment group did not show negative effects, but instead of that it gained a higher share in the local trade and achieved 4th position in Muscat Securities Market in transactions by end of April 2009.

At the beginning of 2009, it has been agreed to establish the Investment stabilization Fund with a capital of RO 150 million where the government contributed 60%, while 40% was distributed on pension funds and the private sector represented by banks, investment companies, and securities companies. Our investment group (the investment banking arm of Oman Arab Bank) has been assigned as an investment manager to manage the fund's assets in partnership with another local bank.

During the first half of this year, the bank will announce establishing Oman Al-Arabi Fund that will be completely managed by us. The fund will be investing 75% in MSM, and 25% in the GCC markets.

Marketing and Developing Banking Services

The bank is always striving to provide the best banking services and products for its clients to meet their financial needs. Some of the new initiatives launched by the bank are Markabati Auto Loan, Al Himaya Car Insurance, and Al Mustaqbal Education Loan. In addition, to the latest services launched by the bank such as Tawasul SMS Banking and Internet Banking.

Omanisation

The bank's management gives prime importance to Omanisation as it focuses on developing the human resources.

This has led the bank to be the first bank to achieve the required Omanisation percentage of 90% in early 1996. The Omanisation percentage in the bank is now 92.19%.

E-Banking Services

Oman Arab Bank has worked relentlessly to cope with the rapid development in the e-services field.

The bank has also become a leader in providing high quality services through e-channels that enable the client to get the services without time or place constraints.

One can clearly observe the rapid progress of Oman Arab Bank in the e-services field in public and private projects across Oman. It demonstrates the bank's commitment in developing its relationship with different sectors in the e-services field and e-payment.

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Food bank crisis - Timmins Daily Press

Posted: 22 Aug 2009 02:14 AM PDT

Posted By BRANDON WALKER, THE DAILY PRESS

Posted 2 hours ago

After the Emergency Services Food Drive in June, both Richard Bouvier and Rick Young estimated donations would last until October or November.

But supplies are dwindling at local food banks due to the amount of new families who have registered in the last few months.

There are more than a dozen families registering each week.

"We have 1,252 families now," said Young, chairman of the Timmins Food Bank.

Bouvier is the president of the South Porcupine Food Bank, which is also in need of non-perishables.

"Last year, the Emergency Services Food Drive took us till nearly December," said Bouvier.

Young has asked the Toronto Food Bank if more items could be sent to the central hub in Cochrane.

He was told Toronto is having a tough time too.

The representative from Toronto warned him 2009 would be worse than 2008.

"I didn't think it would be, but it is," Young said.

Both food banks have had to dip into their savings to order items which are usually donated as well as items that aren't.

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"We just placed an order for $6,000 worth of stuff," Bouvier said. "Otherwise our shelves would be bare. I don't like to use the bank account for other stuff."

Normally he only orders milk, hot dogs, items which aren't donated.

"I'm hoping with students going back to school there will be some food drives soon," he said.

At Christmas, generally the South Porcupine Food Bank orders hundreds of chickens. But this year Bouvier isn't sure if they'll be able to afford to.

So far this month, 33 new families registered at the South Porcupine Food Bank.

In July there were 34 new registrations and in August there were 37.

Although economists are saying the recession is over, for many isn't.

"They say the economy is improving, but from what I can see it's not," Bouvier said.

Young believes it has to do with the high cost of rent in the area.

"By the time they pay for shelter they have no money left for food," he said. "A lot of young people are making just above minimum wage and many have children."

He said local food banks may see even more of a rise in registration with college students heading back to class.

"It may go up to 20 or 25 new ones per week for the first couple weeks," he said.

Mayor Tom Laughren has helped at the Timmins Food Bank several times "and he can't believe it," Young said. "He said it's vital we keep this going."

A staffer from the National Film Board interviewed Young and other volunteers on Wednesday for a film about food banks.

"He came with us to the hub in Cochrane," Young said.

The Timmins Food Bank is in need of peanut butter, jam, canned pasta and other non-perishables. It is open Wednesdays from 9:30 a. m. till the early afternoon.

The South Porcupine Food Bank needs baby food, canned soup, Kraft dinner and cereal.

It is open Tuesdays and Thursdays from 1-3 p. m. and Saturdays from 9-11 a. m.

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State voids ESU banking contract - Emporia gazette.com

Posted: 22 Aug 2009 06:32 AM PDT

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The status of banking on the Emporia State University campus was pushed into limbo this week when the Division of Purchases of the Kansas Department of Administration found that the wrong statute had been applied in determining that Marion National ...

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Bellingham Food Bank Farm means fresh produce for the hungry - Bellingham Herald

Posted: 21 Aug 2009 11:58 PM PDT

"All peppers are really popular," Lunde said.

In a nearby shed, garlic hangs on lines to dry. On a patch of land, Lunde points to a small orchard of cherry, apple, plum and pear trees planted this year.

Farming on the plot began in July 2007 with the aim of bringing produce fresh from the land to Whatcom County's hungry, who consistently ask for it, said Mike Cohen, executive director of Bellingham Food Bank.

While local grocery stores generously donate produce, he said, those are fruits and vegetables that can't be sold to the public because they're bruised, blemished or are edible but on their last legs.

"It's really different than something picked yesterday," Cohen said. "Everyone likes the freshest stuff they can get."

For Lunde, seeing food bank clients take home the fruits and vegetables she helped grow is gratifying.

"I was thrilled," she said. "It did reaffirm what I'm doing."

This year marks the farm's second full growing season, and the goal is 20,000 pounds of organically raised produce for the Bellingham Food Bank's clients. Last year, 16,000 pounds of produce - with a wholesale value of $54,000 - were harvested with the help of volunteers.

The farm is among a trio of agricultural-based programs started by or being overseen by the Bellingham Food Bank in the past three years. The other two - Small Potatoes Gleaning Project and a pilot called Farms to Food Banks - will deliver an additional 109,000 pounds of fresh fruits and vegetables for the hungry in Bellingham and other parts of Whatcom County.

"The programs all are exciting," Cohen said.

Such efforts to get farm-fresh food into the hands of the hungry come at a time of increasing need. The Bellingham Food Bank has seen demand rise by 44 percent since 2007. Each month, it distributes 190,000 pounds of food, or the equivalent of seven full semi-trailers.

Land for the Bellingham Food Bank Farm comes by way of Cascade Christian Services, which runs boarding homes and other programs for people with disabilities. The organization approached Cohen in 2007, asking him if he wanted land for a farm.

It's not unusual to receive such offers, according to Cohen, but something - poor soil, the land hasn't been farmed before, there's no road to it - made the proffered land unworkable as a growing operation. And at the time, he was in the midst of raising money for the new food bank building.

But Cohen was in for a happy surprise when he later saw the parcel, which had been farmed previously and kept in good condition. There were two greenhouses, an outbuilding, farm tools, a tractor and water supply.

"It really was a turnkey operation," he said.

The food bank leases the land for $140 a month, with Cohen saying Cascade Christian was all but giving it away at that price.

The farm is collaboration among the Bellingham Food Bank, Small Potatoes Gleaning Project and Growing Washington. Small Potatoes, back when it was a separate entity, agreed to harness volunteers for the farm while Growing Washington, a nonprofit that supports sustainable, local agriculture, agreed to provide the farming expertise, which is where Lunde comes in.

Financial support also has come from the Mary Redman Foundation and Whatcom Community Foundation.

The Bellingham nonprofit isn't the only food pantry to raise produce for its clients through its own farm. The largest such effort in Washington state is Mother Earth Farm in the Puyallup Valley. Formed in 2000 by Emergency Food Network, the farm and its volunteers produce about 150,000 pounds of fruits and vegetables per growing season for the hungry in Pierce County.

Produce raised on its eight acres go solely to 70 food banks and feeding programs in Pierce County.

But running a farm isn't easy, especially for nonprofits that must maximize production but keep down costs, in short raise food as inexpensively as possible when the work is physically demanding and the conditions often-changing.

"We can't hire more staff by selling food," Cohen said.

One challenge is organizing different groups of volunteers, who can help for a limited time, compared to having a dedicated group of workers.

Carrie Little, farm manager of Mother Earth Farm, said the operation is helped greatly through its partnership with the Washington Correctional Center for Women at Purdy, whose inmates receive job training while working on the farm.

Cohen said the Bellingham Food Bank is getting assistance this year through the Summer Youth Employment Program. Funded by federal stimulus dollars, the program is paying for four full-time workers for the farm. Two of them are Bellingham residents Senger, 18, and Januszewski, 17 - the duo who were feeding fish guts to the tomatoes.

"The farm is a lot of hard work," Cohen said.

But for Cohen and Little, the effort is worth it.

"If there's a need, there's a way to pull it together," Little said. "There's certainly a lot of need out there right now."

BELLINGHAM FOOD BANK CONTINUES FARM PILOT PROJECT

BELLINGHAM - The Bellingham Food Bank is part of a state pilot project to connect local farmers to local food banks.

The food bank is one of four organizations in Washington state to receive a kick-start through state grants from the Department of Commerce's Farms to Food Banks program.

The project is in its first season of contracting at or below wholesale prices with local producers for milk, eggs and fresh produce for nine food banks in Whatcom County. Participating producers are Edaleen Dairy, Dairy Distributing, Hopewell Farm, Broadleaf Farm, Nooksack Nine and Alm Hill Gardens.

Each year, hungry Whatcom County residents will receive 39,000 pounds of organic fruits and vegetables, 11,856 dozen eggs and 12,4321/2 gallons of milk.

Bellingham Food Bank received $53,157 in grant money for the first year of what was supposed to be a two-year project.

But Washington legislators trimmed the follow-up funding because of the state's budget crisis. Food producers for three of the organizations said they couldn't continue with less money, but Bellingham Food Bank said it could, according to Tim Bernthal, the former coordinator for Farms to Food Banks.

As a result, Bellingham Food Bank will receive a total of $40,000 over the next two years for the remainder of the pilot, Bernthal said. But the state's budget shortfall meant that the food bank had to find additional financial support to continue the pilot, which it did through the Sustainable Whatcom Fund overseen by Whatcom Community Foundation.

Mike Cohen, executive director for the Bellingham Food Bank, said farmers may not make a lot of money off the pilot, but they will receive money up front and at a time of the year when they might be lean on cash.

"It's good for some small businesses," he said of the pilot, "and it's good for hungry folks."

TO LEARN MORE

bellinghamfoodbank.org and 676-0392.

gleaningproject.org.

growingwashington.org.

efoodnet.org, then click on "Mother Earth Farm" on the left.

commerce.wa.gov, then type "Farms to Food Banks" into the search window.