JUSTINA AKPOABUGO LEWA: A Pillar of Sterling Bank’s Unique Service-Delivery Model
A graduate of the Universities of Jos and Lagos, where she holds degrees in Law, Ms. LEWA currently serves as Company Secretary & Chief Legal Counsel at Sterling Bank Plc. A lawyer with vast legal and corporate experience – especially in the banking sector – she began her working career in Plateau State as a State Counsel with the Ministry of Justice in Jos. She joined NAL Bank Plc (now Sterling Bank Plc) after that and rose to the position of Head of the Company’s Legal Department. A member of the Nigerian Bar Association,International Federation of Women Lawyers (Federacion Internacional De Abogadas – FIDA Nigeria), Nigerian Institute of Management (MNIM), The Chartered Institute of Bankers of Nigeria (HCIB) among others.
Ms. Lewa was winner General Counsel of the Year 2016 by ESQ Nigerian Legal Awards 2016 and Winner General Counsel of the Year 2017 by Law Digest, Africa Awards.
In this conversation with NEWSWIRE Law & Events Magazine, the Lawyer-cum-Banker throws light on salient legal issues in banking, among other important issues of general concern.
Excerpts:
Part of your role as a Company Secretary is to ensure compliance with the provisions of the Companies Act on behalf of the company and apprise the BoD accordingly. Is that a job for legal officers? >>> Well, by Companies Act, I presume you are referring to the Companies and Allied Matters Act, Cap C 20, Laws of the Federation of Nigeria 2004. If so, the answer is yes. The job of ensuring compliance with the provisions of the Act and apprising the Board of Directors of their fiduciary responsibilities is indeed for legal officers. We should not forget the fact that section 295(a)(b) of the Act lists those who can be Company Secretaries of a public company to include legal practitioners and members of the Institute of Chartered Secretaries and Administrators (ICSA). Although under the Act, some other professionals could be appointed Company Secretaries for public companies, in practice, the position is mostly reserved for lawyers. This is not surprising as the running of a company, especially a large one, involves a myriad of legal issues.
As a Company Secretary, to whom do you report? Please share with us your work schedule and the departments under your control as a Company Secretary?>>> I wear two hats as Company Secretary and Chief Legal Counsel. As Company Secretary, I report to the Board of Directors with dotted line to the Managing Director/Chief Executive Officer. As Chief Legal Counsel, I report directly to the Managing Director/Chief Executive Officer. My work schedule is very complex, but the ultimate goal is to protect the interest of the Bank. However, to answer the question in specific terms, my schedule involves the following:
– Coordinating board, general and management committee meetings. This can also involve my attendance at those meetings and taking minutes.
– Carrying out board instructions and directions. This could cover a wide range of tasks and as Company Secretary, it is my primary responsibility to act as the interface between the Board and the management of the Bank.
– Ensuring compliance with extant laws particularly the Companies and Allied Matters Act, Banks & Other Financial Institutions Act and other relevant legislation.
– Filing of all statutory returns and keeping of statutory records as required by law.
– Managing shareholders.
– Ensuring compliance with listing obligations as the Bank is a public quoted company.
– Acting as a sounding board for the Directors and particularly the Chairman.
– Ensuring corporate governance compliance
As Chief Legal Counsel, my work schedule extends to all aspects of commerce and banking which is beyond purely legal matters. Typically, my schedule of work in legal includes among others:
– Coordinating of all litigations for and against the Bank.
– Attending mediation/negotiation proceedings and settlement of disputes out of court.
– Ensuring safe custody of all sensitive documents that customers use in securing facilities with the Bank.
– Ensuring perfection of collaterals.
– Drafting and reviewing of agreements and contracts.
– Providing legal advice/opinion on transactions.
What proficiencies are required of a Company Secretary? >>> As a senior officer of the company or organization, personally, a Company Secretary should be a lawyer, and in addition have a bit of knowledge in business accounting. This is because, being at the heart of the decision-making process, the Company Secretary assists and guides the Directors in their pursuit of profit and growth. The Company Secretary needs to have excellent communication skills, a good knowledge of the business and sector/industry regulations, strength of character, integrity, emotional intelligence, and a professional approach.
Furthermore, in this era of technology and digitization, a Company Secretary should be technology-savvy to assist with research and problem-solving. A good reading and research habit will also help.
If two people are listed on a deposit box in your bank, and they both happen to pass away at the same time, how can their families or survivors claim their deposit? Sterling Bank Plc. does not undertake deposit box services as there are specialized asset management companies that offer that service. However, the Bank will adhere to the agreement and handover the deposit to the person named as their next of kin or lawful administrator. Furthermore, in the absence of a surviving next of kin, the family will have to produce Letters of Administration if the deposit box or its contents are not subject to a Will.
If funds are transferred by mistake into my account and I withdraw them, what’s the charge against me? >>> If funds are transferred by mistake, it is expected that such an account holder would draw the attention of his/her account officer to the existence of such funds. However, there are many instances in which the account holders assume ownership and withdraw or deplete such funds. The Bank, realizing its error, would immediately reverse such credit if account is maintained in the same bank. Where it is a different bank, the originating bank will contact the receiving bank to try and prevent the money from being withdrawn and possible reversal or repatriation. If the money cannot be reversed, then the receiving bank will engage the owner of the account for a refund and should the owner fail to cooperate and or dissipates the funds, a criminal proceeding will then be initiated with a law enforcement agency against the receiving account holder for conversion.
What is a Company Secretary’s role in an asset management company? >>> The role of a Company Secretary in an asset management company is basically the same as in every company. However, there might be slight modifications due to the internal dynamics of the organization, as well as industry and sector-specific requirements and if the company is listed on the Nigerian Stock Exchange.
The Sterling Bank Environmental Makeover (STEM) programme was launched eight years ago. Would you say the impact of the initiative has promoted sanity in Nigeria? >>> Yes, it has. The STEM programme has now assumed a national dimension. STEM is now a movement. From the initial Lagos take off, the programme has now been launched and practiced in 10 States of the Federation. More states are to follow soon. It has greatly awakened national consciousness on the fragility of our ecosystem. The campaign has endeared reputable corporate organizations to join the Bank in promoting environmental sustainability and cleanliness. The STEM advert on the global news network CNN has helped the initiative in no small measure.
How is the bank fulfilling its corporate social responsibility obligations? >>> One of the major ways the Bank is fulfilling its CSR obligations is through the STEM whose impact has been monumental and remarkable in terms of effect and reach. I believe no other bank in the country has made such tremendous environmentally-targeted impact.
Apart from STEM, the Bank also invests in Recycle art, a competition which encourages young and aspiring Nigerian artists to create artworks from waste for exhibition in parks and public spaces. We also invest in Audax Coding programmes for young children and teens to introduce them to programming and application development early in life, among many other targeted initiatives.
What would you say are your bank’s unique selling point(s) as far as innovative banking services are concerned? How has it been able to advance its self-described image as ‘A One-Customer Bank’? >>> The Bank’s selling-point is its ’boutique and bespoke’ nature of service delivery, products and financial solutions tailored to suit customers’ unique needs. Sterling Bank practices a tight and efficient service delivery system which has taken the banking industry by storm. The ‘Your One-Customer Bank’ slogan is anchored on service delivery and customer satisfaction. These have been the driving pivots of the Bank. To maintain the image of ‘Your One-Customer Bank’, the Bank ensures that the customer gets the best service across all touch points, leaving a memorable experience.
At the 2017 NBA Conference in Lagos, one of the speakers called on Lagos, one of the speakers called on Nigerian banks to be industry leaders not just in Africa, but in the world as well. What needs to be done to actualize this vision? >>> The call for Nigerian banks to aspire to be global leaders is in the right direction, but it must be done with utmost care and expertise in view of cross-border, jurisdictional and regulatory challenges that are involved. It will be recalled that in the last 10-15 years, some Nigerian banks expanded their operations to some African and European countries but were forced to close those operations shortly after, due to tough regulatory and operational issues. Therefore, while the advice to Nigerian banks to go global is a welcome one, it should not be done by any bank as a bandwagon effect.
How do you think the NBA can best fulfill its President’s vision of ‘A Brave New Bar’? >>> With a sincerity of purpose in the leadership of the bar, a Brave New Bar is possible. There should be inclusiveness in the affairs of the Bar to ensure transparency in its activities. Unnecessary wrangling at the Bar branches, like one that has seen the Abuja branch split into two factions, should be discouraged, and the elders of the Bar should play their advisory role effectively. In addition, the unwritten rule that it is only Senior Advocates of Nigeria (SANs) that can become Presidents of the NBA should be jettisoned and able hands in the NBA above a certain call age should be allowed to aspire for leadership of the Bar. Finally, the legal imbroglio that is currently facing the NBA in relation to the suit that invalidated the Association’s Constitution should be quickly dealt with and put behind by all Bar members.
Do you think Nigerian lawyers – especially young lawyers – are sufficiently keying into available opportunities in the country’s financial sector? If not, how can they do so? >>> I think they are keying well into the financial sector. It should be noted that the recent economic recession took its toll on the economy and the banking industry, capital market and related areas were hit very hard – though they are now in recovery mode. Besides, the individual’s interest in pursuing a career in the financial industry is paramount. Some lawyers will prefer to face the lawyer-litigation-court trajectory.
Tell us about your family and educational background? >>> I am the first child of a family of six children. My father is a retired Permanent Secretary, while my mother was a Business Woman. I was born in Akwanga in Nasarawa State and grew up in Jos, Plateau State. I attended St. Theresa’s Girls’ Primary School and the prestigious St. Louis College, both in Jos, Plateau State. I was made the Chapel Prefect while in College and the interesting thing about the Chapel Prefect is that the person is carefully selected. Thereafter, I proceeded to the University of Jos where I obtained a Bachelor of Laws degree in 1987 and then to the Nigerian Law School. I was called to the Bar in November, 1988. While in the University of Jos, I was a member of the House of Parliament (Students Union) and I was also elected Vice President of the Law Students Society. I also hold a Master of Laws degree from the University of Lagos. I have attended several courses within and outside the country. I am a member of several professional bodies.
Why did you decide to study law? And why a career in banking? >>> My decision to study law was quite interesting as I was originally a science student. One fateful day, at age 9, I returned from school and was in my mother’s shop when a man came into the shop and stole my mother’s radio. I caught him red-handed and the neighbors apprehended him. The culprit was taken to the police station and was eventually charged to the Magistrate’s Court where I had to testify. I gave such a vivid account of what transpired that the highly-impressed Magistrate advised that I study law. My father who was always with me in court also marveled at my performance and guided me to study law. Since I became a lawyer, I have had no regrets. I am passionate about law and I love the profession.
I had the privilege of serving the mandatory one-year National Youth Service Corp (NYSC) primary assignment with NAL Merchant Bank Limited (now Sterling Bank Plc.). While there, the lawyers I worked with in the Legal Department at the time inspired me. It also appeared that corporate lawyers were considered intelligent and urbane by all.
Although, I started my career as a State Counsel with the Ministry of Justice in Jos after my NYSC stint, the growing frustration experienced with the Police and the logistics of getting accused persons to court for trial left me thinking. I will prepare seriously for my matters sometimes working late into the morning hours only to get to court and the matters would be adjourned. That frustration hastened my taking a job with the Bank. So, you may say the prevailing corporate environment in Lagos played a pivotal role in my decision of going in-house. Again, I have no regrets, as I enjoy what I do.
What advice can you offer to younger (or aspiring) lawyers on navigating the profession, especially at this time of critical socio-economic challenges? >>> For young lawyers, my simple advice is that hard work does not kill and that there is no shortcut to success. Young lawyers must be studious, hardworking, painstaking, and ready to learn the ropes under an experienced solicitor. I have always been against a young lawyer who, after Law School, immediately opens a law firm and chooses to practice on his/her own. The question is, from which experience or body of knowledge would such a lawyer draw? The quest for money should not truncate a young lawyer’s drive for knowledge and expertise. The legal profession should not be looked upon as a money-spinning profession. Those who make the mistake of studying law in order to become like Mr. A, who drives luxury cars, often regret studying law. This is because while it is very possible to make good money as a lawyer, the hard work needed is quite enormous. In my view, the passion to defend the defenseless and contribute to social engineering through the instrumentality of the law should be the primary considerations.
How do you feel being the Law Digest African Awards General Counsel of the year 2017? >>> I feel very happy and honoured. When I was informed that I had been nominated and that I should forward my submission for the award, I thought it was a joke and did not take any action. But on the last day of the submission, a man named Tayo called me and said ‘madam’, the submissions are closing today. You’ve been nominated in two categories, the In-House Team category and the General Counsel category. So I decided to wait late in the office to work on my submission which I started about 8.00 p.m and I found myself in the office until about 11.05 p.m when I eventually submitted before the 12 midnight deadline.
About five or six months after, I was told that I had been shortlisted alongside Ms. Tinuade Awe of the Nigerian Stock Exchange as the finalists for the General Counsel of the Year Award. Again, I saw my Team as finalist for the In-house Team of the Year 2017. Under the In-house Team of the Year we had African Finance Corporation (AFC), The Nigerian Stock Exchange and Sterling Bank. I became very excited and a few lawyers started congratulating me even before the presentation ceremony when they saw the final list on the Law Digest website.
On the day of the award, after the presentation of the first two awards, then it was time for my own category, the General Counsel of the Year 2017. My heart skipped a bit but I remained calm. But you know it’s one of those feelings you would have at that moment. So, I was announced the winner and the hall of the Oriental Hotel echoed with a loud applause, and I stepped forward excitedly to receive the award. I am happy that I am being recognized. Hard work pays and it shows. Above all, I give God the glory.
What do you think the Legal Team of the Year Award means to the Bank? >>> It means that the Bank has good quality staff. I believe emerging as finalist has boosted our confidence and morale. The Legal Team is the ‘backbone’ of the Bank as it supports the head and the rest of the body and therefore we cannot afford to mess up. In other words, I am saying that the Legal Team is critical in the scheme of things in the business such that we must be up and doing. I can tell you that my Team and I are highly energized for better performance.
Where do you see your bank in five, ten years’ time – and beyond? And where do you see yourself in that time? >>> I see Sterling as a Tier 1 Bank in five, ten years’ time and remaining the Bank of choice for all customers. As for me, I see myself running one of the best in-class corporate legal practices.
How do you relax? What are your hobbies and extracurricular interests? >>> I relax in the company of my family and friends. My hobbies are singing, dancing, reading, and traveling. I like visiting new places. I am also actively involved in church activities and I support charities.
NEWSWIRE: Thank you for your time. >>> LEWA: My pleasure.
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