…N10,000,000 cash prize up for grabs in final draw of the season!

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to wrap up the season 3 edition of its remarkable reward initiative, the 5 for 5 Promo, in a grand finale slated for Friday, May 31, 2024, in Lagos.

Wema Bank 5 for 5 Promo is a reward initiative introduced by the Bank in 2019 with the goal of rewarding its customers for their active loyalty to the brand and its products.

Through the 5 for 5 Promo, customers of the Bank have enjoyed financial support for their personal, business and professional life. Executed via thoroughly regulated monthly draws per season, the Wema Bank 5 for 5 Promo through a raffle draw selects winners from the Bank’s pool of active and transacting customers, based on the minimum requirements and modalities of the season.

A total of 1,177 customers have received cash rewards of up to N63.3 million in the first 2 seasons of the Promo; 23 of whom emerged millionaires in season 1 and 2. The 5 for 5 Promo has since become a beacon of hope to millions of Nigerians and businesses across the country.

Season 3 of the 5 for 5 Promo kickstarted in July 2023, raising the bar impressively with a N90,000,000 cash prize that surpassed both preceding seasons, creating room for more Nigerians to become winners. With each month in the 10-month spread, the 5 for 5 Promo Season 3 train has toured different locations across Nigeria, surprising customers with cash prizes ranging from N25,000 to N1,000,000 each.

The 5 for 5 Promo stands out for its inclusivity, diversity and impact, touching the lives of hundreds of Nigerians of different ages, statuses, interests and inclinations. As the final draw of the season approaches, both past and aspiring 5 for 5 Promo winners eagerly anticipate the lucky 120 winners to be made this May.

Referencing the Bank’s intention for the 5 for 5 Promo, the Head, Brands & Marketing Communications at Wema Bank, Mabel Adeteye, expressed gratitude to customers of the Bank for their continued support throughout Wema Bank’s 79-year journey.

“At Wema Bank, our world revolves around our people and customers. Their support is what has got us this far so it’s only natural that we seize every opportunity to give back to them and fulfil our goal of providing optimum value for every stakeholder.

The 5 for 5 Promo was birthed from a place of gratitude and commitment to empowering our customers and with each season, we have simplified the requirements and amplified the rewards to ensure that everyone can benefit from the Promo. Season 3 has been nothing short of remarkable and as we close out our 79th anniversary celebration with one more 5 for 5 Promo Season 3 draw, we are honoured to be the bank of choice for our diverse customer base.

To the 1,000+ customers that have won over the past 9 months and the 120 that will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank”.

Encouraging Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3, Mabel Adeteye, elucidated the minimum requirements for qualification.

“The requirements are simple, fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945# or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance.

“It doesn’t matter where you are, what you do or when you started banking with us, you can be a winner. NYSC members have won, business owners, undergraduate students, working class professionals, everyone from Gen Z to the baby boomers—there’s room for all in the Wema Bank family and the 5 for 5 Promo. A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success”.

The 5 for 5 Promo has transformed the lives and experiences of thousands of Nigerians across the world, with cash prizes for transactions on both Naira and Domiciliary accounts. With a total of N80,000,000 already disbursed in the first 9 draws of Season 3, the grand finale is set to reward 120 more Nigerians with a N10,000,000 cash prize.

To qualify to win in the grand finale of the Wema Bank 5 for 5 Promo Season 3, Wema Bank account holders are to fund their Wema/ALAT accounts and make up to 5 transactions before the month ends.

The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent.

On May 15, Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices.

The monetary policy rate (MPR) is the baseline interest rate in an economy, which banks use to set their interest rates.

Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 295th meeting in Abuja.

This is the third consecutive time the apex bank will be raising the benchmark rate this year.

The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements.

The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu.

He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure adequate supply.

Last year in December, the Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off of the biggest crude refinery in Port Harcourt.

The refineries comprise two units, with the old plant having a refined capacity of 60,000 barrels per day and the new plant has 150,000 BPD.

The refinery shut down in March 2019 for the first phase of repair works after the government secured the service of a technical adviser of Itay’s Maire Tecnimont to handle the reviews of the refinery complex, with oil major Eni appointed technical adviser.

On March 15, 2024, it was reported that the Group Chief Executive Officer of NNPC Limited, Mele Kyari, stated that the Port Harcourt refinery would commence operations in about two weeks.

The NNPC boss disclosed this during a press briefing after he appeared before the Senate Ad hoc committee investigating the various turnaround maintenance projects of the country’s refineries.

He said, “We did a mechanical completion of the refinery that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in two weeks.”

However, the machinery had yet to begin operations two months after he made the promise.

In an exclusive interview on Monday, the IPMAN official stated that the work done represented a complete turnaround, not just rehabilitation, emphasising that every effort would be made to meet the July deadline.

Ukadike said, “Yes when we visited the place, the MD told us that the refinery was almost ready and by the end of July, they would start producing. It has been turned into a new one they changed all the armoured cable to brand new and everything there is almost like a brand-new refinery.

“The turnaround on maintenance is very massive and the job is being done day and night. All hands are on deck to make sure that they meet that target. By ending of July the refinery should be ready.”

When reminded of several promises by the government to kick start the project, Ukadike replied, “Yes, there have been delays but they didn’t tell us any reason for the delay of the last deadline given in April.

“They are not facing any challenges at all; I can say the refinery is 99 per cent ready.

“What we want is competition. I am very sure that with the two refineries, the price of petrol will be reduced. Dangote is coming soon and the Port Harcourt refinery is almost ready too and that is very good. We need that competition for the benefit of the nation.”

The new timeline coincides with a proposal by the Dangote Refinery to commence petrol production by ending of next month (June).

The Chairman of the Dangote Group, Aliko Dangote, while speaking at the Africa CEO forum annual summit in Kigali, assured Nigerians that following the laid-down plans of the Dangote Refinery, Nigeria would no longer need to import petrol starting next month.

According to him, the refinery can meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand.

With an average monthly consumption of 1 billion litres, Nigeria currently spends approximately N520bn on the importation of PMS every month.

This means the government may cut approximately N6.2tn yearly import bill.

Commenting, the NNPCL Chief Corporate Communications Officer, Femi Soneye, said regulatory approvals from international bodies were the only impediment stalling the operational commencement of the refinery.

Soneye in an exclusive interview with our correspondent on Monday reiterated that mechanical completion had been achieved, and all pipes were operating flawlessly, transporting crude oil supplied by Shell.

He said, “We have said that the mechanical completion has been done and every other thing is done. There is crude oil and all the pipes are working; we are only waiting for regulatory approvals. Like I said, some of our materials and the things we use have to do with nuclear and we need the nuclear authorities to give us approval to use all those things at the site.

“And some of these approvals come from bodies outside of Nigeria. Until they give us those approvals, we can’t begin operations. We are ready to go but if something happens without it, which would be another issue. Everything has been completed in terms of our work, and once we get those approvals, it will start operations.”