FIRSTBANK SPONSORS FIFTH CHUKKER AFRICAN PATRONS CUP POLO TOURNAMENT
Kaduna is agog with excitement as preparation for this year’s FirstBank of Nigeria Limited sponsored Emir of Zazzau African Patrons Cup and Breast Cancer Awareness Campaign gathers momentum. The African Patrons cup is an annual polo tournament which features Low, Medium and High goal teams from all around the world. The 2022 grand edition will be holding between November 1st – 6th, at the highbrow Fifth Chukker Polo Resort in Kaduna.
The weeklong mini polo tournament will feature notable teams like Mohammed Babangida’s Kaduna El-Amin, Y.Y Kangimi, Abuja Rubicon, Lagos MRS, while star players like Sayyu Dantata; Patron of Lagos MRS, Hadi Sirika; Patron of Abuja Rubicon, Adamu Attah; Patron of Fifth Chukker Polo team, Dawule Baba of DEEBEE Farms Polo Team, Bello Buba; Nigeria highest ranked polo player, Suleiman Abubakar; Kashim Bukar Shettima; Babangida Hassan are the notable polo players expected in Kaduna competition.
The players and their teams will compete for glamorous Patrons Cup. Apart from the star tournament, there is also the Hassan Katsina Cup that would feature medium-goal teams drawn from major polo centres across the country.
In addition to the activities, the annual Breast Cancer Awareness campaign will create awareness and promote education on breast cancer. The event will provide essential screening services to many women who cannot afford it, as well as enlighten women on the early detection signs.
Commenting on the Bank’s contribution to sports development in Nigeria, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said “we are proud to have been associated with the African Patrons Cup Polo Tournament for many years, an event that truly captures the spirit of Sport which plays a crucial role to the socio-economic development of the society. We commend Fifth Chukker Polo and Country Club for the Breast Cancer Awareness campaign as it underscores our commitment to the wellbeing of women, particularly with the indelible role they play to the growth of any nation”.
The First@Sport initiative remains part of the Bank’s influence in the development of sports in Nigeria. Added to the Bank’s sponsorship of the African Patrons Cup Polo Tournament which has been for 5 years, other tourneys sponsored by FirstBank include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club for over 60 years; and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 6th year.
DJ SOSO GOSPEL SHINES AT FEMI GEORGE’S BIRTHDAY BASH
Upwardly mobile entrepreneur who doubles as a servant of God, Femi George recently added a new year to hit the significant age of 40. And for the status possessed by this influential dude, such an event could have been let to slide without putting a memory to hit, hence, the reason why a gig was put together in the honor of honor of Femi George to celebrate his 40th birthday. Music and other forms of merriment was let loose even as prominent personalities like top actor, Deyemi Okanlawon, Larry J, Femi Leye and many more graced the event that was held at the Oriental Hotel, Lekki, Lagos.
The highlights of the event include service of praise, gifting and dance. Meanwhile, another major feature of the gig that added so much spice to it was the special appearance of famous and talented turn table expert, DJ Soso Gospel (a.k.a DJ SosoGee). SosoGee kept the guests dancing till dawn with gospels and inspirational tunesc. The guests were also caught on camera doing the Jerusalema dance steps as led by DJ Soso Gospel
Flooding: Centre scores NEMA high on critical interventions, effective response
Following the recent rampaging flooding across the country, the Centre for Africa Liberation and Socio-economic Rights (CALSER) says the National Emergency Management Agency (NEMA) has lived up to expectations.
The Centre, which made this known at a world press conference in Abuja today, said its Human Rights and Disaster Management team carried out an extensive analysis of responses and interventions to the natural disaster in the country.
In its assessment report, the Executive Director of the disaster management team, Dr. Mrs Cecilia Ikechukwu, said NEMA has risen to the occasion with critical relief for Nigerians in distress.
The Centre said the interventionist agency donated over 400 trailer loads of relief materials to the 36 states and Federal Capital Territory to cushion the effect of the flooding.
“The National Emergency Management Agency (NEMA) swung into action to alleviate the suffering of victims of the flood. They distributed relief materials worth millions of naira to support persons affected across the different states. The items included the president’s special intervention involving the release of assorted grains from silos,” she said.
“NEMA distributed relief materials, an equivalent of 400 trailer loads of grains to all states of the Federation and the FCT. This is a statement of fact and has been verified by our independent assessors.
“In Ondo state for example 2,100 bags of 50kg maize; 1,774 bags of 50kg sorghum; 3,948 bags of 25kg garri; 1,000 bags of 10kg rice; 1,000 bags of 10kg beans; 1,000 bags of 10kg maize; 75 bags of 20kg salt; 75 kegs of vegetable oil (20ltrs); 150 cartons of seasoning cubes and 75 cartons of tin tomato.
“The non-food items comprised 7,350 pieces of nylon mats; 1,000 pieces of treated mosquito nets; 600 cartons of bath soap; 2,500 pieces of guinea brocade (5 yards); 1,000 pieces of children’s clothing; 1,000 pieces of women’s wear and 1,000 pieces of men’s wear.
“This gesture was also extended to other states affected, especially in Kogi, Anambra, Benue, Delta Bayelsa, and the Rivers States. Internally Displaced Camps were put in place to settle victims who have become homeless. Items were also delivered to the various state governments to assist the most vulnerable groups. The grains were distributed directly to the deserving persons in collaboration with the state government, senators from the various states and the ministers representing the affected states. The aim is to ensure that the relief materials reach affected individuals.
“NEMA played a central role in having the government release grains from its silos. Its assessment reports were forwarded to the Ministry of Humanitarian Affairs, Disaster Management and Social Development, after which President Muhammadu Buhari approved the release of 12,000 metric tons of assorted grains from the National Strategic Reserve Stock for distribution to all states affected and the FCT.”
CALSER also acknowledged the assistance of International groups such as the US Agency for International Development (USAID) which provided $1 million in immediate humanitarian assistance to support the people affected by the unprecedented flooding.
The Centre, therefore, appealed to the State Emergency Management Agencies to “imbibe the spirit of transparency and accountability in the discharge of their duties towards ensuring that citizens affected by this are properly taken care of.”
To avert a future reoccurrence, CALSER, however, advised both the state and federal governments to:
“Build canals and dams to help in controlling the water levels. Especially in Adamawa and Benue, to contain the water released from Ladgo Dam in Cameroon.
“Dredging of the major rivers to allow for easy passage of water. Improved drainage of waterways to avoid obstructions.”
PIlgrimage: Centre lauds SGF, govs over visit to Rome to pray for Nigeria
…advocates increased funding for NCPC
The Centre for Social Justice, Equity and Transparency (CESJET) says the trip by the Secretary to the Government of the Federation, Boss Mustapha, some state governors and deputies as well as traditional rulers to Rome for prayers is timely and necessary.
The Centre, which made this known today during a press conference in Abuja, also said the move could ultimately make the difference in the fight against insecurity as well as the forthcoming general elections.
Speaking to the media and other guests, CESJET’s Executive Secretary, Ikpa Isaac, said by this singular act, the Nigeria Christian Pilgrims Commission (NCPC) has demonstrated special concern for the country.
Ikpa said the Centre is particularly pleased with the Executive Secretary of the Commission, Rev Yakubu Pam for this bold initiative to pray for the nation.
“The Center for Social Justice, Equity and Transparency (CESJET) is however worried that some people, out of mischief, are creating confusion around this issue that Nigerians should be cheering. We have since reviewed the outcry and discovered that it is the doing of the opposition that is bent on politicising every single aspect of national life even when there is no basis for it”, he added.
“As a background, we want Nigerians to note that the country critically needs prayers in view of the reality of our existence. In terms of the security challenges Nigeria faces, all the interventions known to mankind have been applied to address the problem but these have not completely solved the issue. This should tell us that the God factor must be brought in for us to get permanent solutions that will restore peace to the land.
“As for the forthcoming 2023 General Elections, we are all aware that the enemies of Nigeria, within and without, are beating drums of war in anticipation that the polls will become the trigger for a meltdown and eventual disintegration of Nigeria. This is enough reason to approach God in prayers to turn the tide in favour of the country. It is important to pray for the General Elections to become a turning point that would usher the country into greatness.
“Anyone that concludes that prayers in the Holy Land are not needed to seek God’s intervention for these pressing national matters is definitely against the interest of Nigeria and should be feared as an enemy. Only people that want these serious issues from getting the God touch would condemn the steps taken by the Executive Secretary of NCPC in galvanizing leaders to embark on special prayers for the country”.
According to the Centre, the efforts of the NCPC may “have helped the country to overcome bloodshed by evil men, external conspiracies targeted at destabilizing the country and other vices”.
Ikpa added ” NCPC has equally enthroned the highest level of transparency in the face of dwindling revenue across the country, managing its meagre allocation to carry out the much it has achieved. In this wise, we call on the Presidency to accelerate funding for the agency so that it can onboard more well-meaning faithful on its prayer train”.
CESJET, therefore, charged Pam to “lead the NCPC to do more in the area of peace-building and national cohesion while remaining undeterred by those that have decided to deliberately mix up the issue so that they can create crises that provide blood for them to suck.”
The Centre, however, urged the Federal Government to revisit the allocation for the commission, noting that it needs improved funding to achieve more.
Asiwaju Tinubu’s Political Track-record and Achievement My Reason to form a Path in Politics – Seun Olufemi-White (Clifford Chance Trained Lawyer and Investment Adviser)
Many of us grow up with the belief that the political process in Nigeria is designed by and for those with the worst character traits, no scruples, talent or wherewithal to succeed at anything else.
Until now, this negative perception has made me a bit unsure about how to explain my transition to my peers; that, I, mid-twenty, left a promising legal career with a world-leading firm, for a seemingly less prestigious field they see as marred by violence, mal-practice, avarice and unrestrained ambition. So I have been quiet, up until now.
As a young Nigerian lawyer, qualified in Britain and in New York and having trained at one of the world’s most preeminent law firms, Clifford Chance, I have worked on some of the largest finance deals in history. In my time in practice, I advised and invested in impact ventures. In selecting leaders for the venture, we would assess past records of candidates. If there’s a proven track record, the odds are higher that success can be repeated.
Having become an active investor in project ‘a better Nigeria’, I have chosen to align myself with the leader who has the best track record, capacity and doggedness to renew hope in our country. My abiding belief is that through democracy and progressive governance, Nigeria will grow and achieve its best destiny. This is why I have pitched my tent where I have.
It is almost a year into the change in my career path and political orientation, I am now convinced and ready to discuss why I have pitched my tent where I have. In doing so, I hope to encourage more young people, who look like me, wherever they can and with whomever they find the conviction, to pull up a chair and sit at a table with the intention to shape Nigeria for the better. If we do not, we leave our destinies in the hands of others.
June 12, 1993
My record goes back to 1993 when Chief Moshood Kashimawo Olawale (‘MKO’) Abiola won the landmark presidential election on June 12 and the subsequent events that follows, but my point of attention is to how a young senator representing the Lagos West district was bold and unrelenting in the quest for reestablishing democracy. That senator, was Bola Ahmed Tinubu.
Investigation revealed how young Tinubu took his elderly mother, Alhaja Mogaji, who had known Babangida for years to plead with the general to affirm the democratic election, when he realized that the emotional appeal failed to persuade the military head of state he turned to another branch of state; the judiciary, to seek the redress of justice. Assembling an outstanding team led by Professor Alfred Kasunmu SAN, he ‘engineered and proposed’ one of the ‘most significant court cases in Nigeria’.
At the trial, the legal team assembled by Tinubu were able to establish the illegality of the military-imposed ING. Proving that the Babangida signed Decree 59 had officially ended his eight-year reign with effect from August 26, 1993. Whereas the Decree 61 that establish ING was signed on August 26 when technically he’s no longer the military president of Nigeria. Though the judgement of the court that restrain the extension of the military rule through the ING was disobeyed, it was the case instituted by the young senator that snowballed into the fight for democracy that would take several years and, unfortunately, claim many lives including that of MKO Abiola.
Tinubu’s role in the formation of the National Democracy Coalition (NADECO), when the military ignored the courts and continued their hold onto power is also very important. In response to the decision of the military to hold on to power, on May 1994 a group of veteran politicians and pro-democracy groups, under the leadership of Pa Ajasin, formed the NADECO. Tinubu was also one of the founding member of NADECO and its backbone for financial support.
It was during this struggle when the leadership of NADECO gave the military government a deadline by which to resign that Tinubu’s popular quotes of ‘the lovers of democracy in the country will…make this country ungovernable’ was made when he was asked what would happen if the dictatorship refused to obey the step down deadline of NADECO. This was the reason he had to go into exile since he was seen as threat to their continued stay in power, and his name was subsequently burnt and dragnet set to arrest him. While in exile, he continued to support NADECO and Abiola’s judicial trial. Lawyers like Alao Aka-Bashorun, Femi Falana and Ajibola Olanipekun all worked closely with him.
After more than four years of fierce advocacy outside the shore of the country Tinubu, the former Mobil executive was elected governor of Lagos State as the AD candidate after the sudden death of Abacha and the subsequent death of MKO Abiola. His journey into executive role in politics was also bedeviled by the interest of many party leaders who had been active in politics in previous periods of civilian rule. Tinubu had to grapple with serious internal and external political threats during his first term. He drew the anger of influential AD party elders early on by appointing political outsiders to ministerial positions. In interviews, some of the former governor’s critics said he installed his clique. Most interviewers however, emphasized the high caliber of top Tinubu appointees.
It was his competency as a consummate professional adept at building excellent teams that attracted new people, people like me, then, to public service in Lagos state. It was therefore not surprising when he decided not to follow the order of the leaders of AD who want all governors under their party to give President Obasanjo their platform to campaign, this was rejected by Tinubu and the result apart from him being the last man standing as other governors of AD were defeated at the polls, this also largely responsible for the numerous clash Lagos State had with Obasanjo led Federal Government.
In 1994, Robert Kaplan wrote that Lagos’s “crime, pollution, and overcrowding makes it the cliché par excellence of Third World urban dysfunction.”
This was the kind of Lagos Tinubu was appointed to govern and he immediately hit the ground running overhauling the old tax system by increasing compliance, he also ensured government accountability on expenditure, building roads, improving security, and the revenues shot up from $190 million in 1999 to over $1 billion, in an unprecedented move, Tinubu’s government began the payment of WAEC fees for all final year students in Lagos public schools irrespective of the state of origin; this singular act prompted mass migration to Lagos from all regions, of the country.
His mida’s touch and the blueprint he designed for the development of Lagos attracted a different type of international attention, not for the disorder but instead as a possible model of effective governance—in Nigeria and in Africa.
Jagaban of Borgu, Asiwaju of Nigeria
One thing that made Tinubu exemplary is his decision to take excellence above everything else a situation that that sees Lagos becoming the template of what Nigerian unity truly could be; cabinet members from various regions of the country – chosen for excellence, and long-term development planning, focused on bringing jobs, opportunity and a fair chance to people previously disregarded.
The unity his appointment brings makes it easy for his party to easily merge with others to form the All Progressive Congress that eventually end the political dominance of the PDP in the country, Tinubu’s openness and his philanthropy giving is what has prompted the loyal following he has.
Many in my generation reading this, would not have known that among those vying for the presidency, he alone has a consistent track record of personal sacrifice for our democracy, adept governance and progressive reform, in spite of deep difficulty. In reading this, whether you like the man or not, I hope you understand he is not the enemy and at the very least you now have facts, not opinions or emotions to form your conclusions.
I now serve as the youngest aide to Bola Ahmed Tinubu and also serve as the youngest (female) executive in his Presidential Campaign Council. In my service, I hope to draw more attention to the multi-dimensionality of human ability and excellence. I continue to devote myself to becoming a polymath per excellence, pioneering a unique path. I remain dedicated to creating impact and amplifying the voice of young people, particularly the heretofore.
How Yemisi Edun led FCMB Aided Orelope-Adefulire and others in Multi-Million Naira SDGs Fraud
The Office of Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs) is currently under the radar of the Economic and Financial Crime Commission (EFCC) over an alleged fraud running into millions of naira involving collusion of government officials with private contractors to defraud Nigerian government.
The EFCC, acting on a petition written to the anti graft agency by the Anti Corruption Advocacy International (AAI), a Non Governmental organization (NGO), alleged that fraudulent transactions were carried out by the OSSAP-SDGS through double payment to a contractor for the same contract with the same narration of the same project at Aliyu Mustapha Primary School, Yola, Adamawa State.
The EFCC, which had since swung into action to determine the level of involvement of the officials at the OSSAP-SDGs in the fraud, was said to have invited Mrs Adejoke Orelope-Adefulire, who is the Senior Special Assistant (SSA) to the President heading the SDGs for questioning last week where she was drilled for couples of hours. She was ordered for another round of questioning on Wednesday
It was gathered that some senior officials who might be culpable in the alleged fraud are also being questioned. Senior Directors in the Accounts and Finance Department as well as Special Project Unit (SPU) who were in the known and are in charge of processing of contracts at the OSSAP-SDGs may be invited for questioning by the EFCC.
According to the AAI’s petition dated 20 September, 2022, received and acknowledged by the EFCC the following day, the contractor, “Exceed Klass Nigeria limited, registered in May July, 2018 with RC Number 1508363 with accounts number 6546654010 at FCMB was given the job to construct 3 nos of 6 classroom blocks with VIP toilets at Aliyu Mustapha Primary School, Yola, Adamawa State with contract sum of One Hundred and Five million four Hundred and thirty Nine thousand, Nine hundred and twenty One Naira,Seventy five kobo (N105,439,921.75).”
The AAI says on 24 December 2020, OSSAP-SDGs paid the sum of N105,439,921.75 to Exceed Klass Nigeria Limited, and just 19 days after, which was on 13 January 2021, another same N105.439,921.75 payment was paid by OSSAP-SDGs to the same contractor through Remita Payment Platform.
“it is an indisputable fact this alleged fraud was carefully planned and executed by these perpetrators within the OSSAP-SDGs,” the anti graft crusader informed the EFCC in the petition.
The President of AAI, Victor Chinasa said: “The OSSAP-SDGs has been embroiled in various corruption cases since 2020 and only God knows when it will stop unless government of President Muhammadu Buhari orders for special investigation of the finances of the Office and dissolved the entire management of the OSSAP-SDGs if truly the President really wants to fight corruption in the country.
“OSSAP-SDGs has turned to be a den of corruption.”
Tukur Buratai: Past performance produces present privileges By Femi Oyewale
You have to perform at a consistently higher level than others. That’s the mark of a true professional. ~ Joe Paterno
Of a truth, Past performance produces present privileges. This aptly describes Ambassador Tukur Buratai (CFR) who remains an exceptional diplomat and whose service record speaks volumes of an unalloyed commitment to the Nigerian dream and an equally astonishing level of patriotism to those ideals that define us as a people and country.
Interestingly, only few know that Ambassador Buratai is a humble man who is a perfect example of a man who beautifully has power but don’t use it. A man of few words whose compassion Is a direct opposite of the archaic impression that military men are expressionless, mean and authoritarian.
My encounters with him during his service years as the chief of army staff and currently as the Nigerian Ambassador to the Republic of Benin made me realise that he is an exceptional personality who is imbued with unsual intelligence, charisma, compassion, discipline, vision and mission to help individuals, organisations and nation interpret their dreams. He is a barrier breaker and a line crosser. This explains why he is grossly misunderstood by many who wonder how can one man be so favoured and endowed with exceptional qualities and achievements. No wonder among his peers, he is greatly flavoured.
He is a great listener with a listening ear, cool, calm and collected. I can say with with all modest that he is not the flamboyant type. Rather, he invest in human assets by helping them to interpret their dreams and visions.
Like someone rightly recalled of the lofty exploits of Ambassador Tukur Buratai while he held sway as the chief of army staff. I call those days the impeccable days in the annals of the Nigerian Army in terms of strategy and tactics; Ambassador Tukur Buratai indeed came to the party.
The way and manner he was able to turn around the fortunes of the Nigerian Army were also outstanding and in record time. From a lethargic situation to a combatant position in less than a year, the result was felt across the country with regards to addressing the security situation in the country. That was the vintage Tukur Buratai.
Again, Ambassador Tukur Buratai was able to contribute his quota in service to the country because the President and Commander-in-Chief recognized his capacity to deliver in that critical assignment and eventually provided the enabling environment for him to flourish.
Truth be told, his nomination as a diplomat was indeed a masterstroke by President Muhammadu Buhari towards utilizing his wealth of experience in service to the country over the years.
His Excellency’s resume is rich and replete with acts of patriotism that would make any nation green with envy. Little wonder he was among notable Nigerians conferred with National Honours by President Buhari few days ago.
I quite agree with the fact that Buratai stands tall from the lot and I have no reservations in his strides as a politician. I am aware of his commitment to the Nigerian cause in the course of the several engagements he has had with the members of the intelligentsia community in Nigeria. He has always been robust in his thoughts and engagements which somewhat culminated in the numerous awards and engagements as speaker in a number of intelligent discourse.
Buratai is a lesson in history on what patriotism entails. His passion and energy towards the Nigerian cause cannot be questioned by any well-meaning Nigerian conversant with how he led the Nigerian Army in the prosecution of the war against insurgency and others. I made bold to say that Nigeria is yet to see or tap from the multidimensional leadership qualities embedded in this great General cum Ambassador. He is indeed like a moon among the stars.
The House also commended itself for passing laws that have favoured the female gender in the State just as they appreciated the State Government for doing its best to protect the girl child.
At a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa, and in commemoration of the 2022 International Girl Child Day, the lawmakers also appreciated the various non-governmental organisations championing the cause of the girl child, carrying out advocacy and ensuring their protection.
Dr. Obasa, while commending Hon. Mojisola Alli-Macaulay, prime mover of the motion, noted: “The International Day for the Girl Child is an opportunity to bring to the fore the challenges facing the girl child such as violation of babies by men, abuse of drugs, and cultism.
“It is also an opportunity to scrutunise the performance of government agencies saddled with the responsibility of protecting the girl child,” the Speaker said.
Dr. Obasa commended Governor Babajide Sanwo-Olu for his efforts at ensuring that the girl child in Lagos has equal opportunities as the male gender.
Moving the motion earlier, Hon. Alli-Macaulay, who chairs the House Committee on Women Affairs and Poverty Alleviation, noted that the United Nations International Children’s Emergency Fund (UNICEF) had set aside October 11, every year to celebrate the girl child and recognise her rights and the unique challenges she faces around the world.
She added that this year’s theme ‘Our Time is Now – Our Rights, Our Future’ is aimed at girls across the world who are demanding recognition of their power, inclusiveness and sustainable pathways to political participation.
Hon. Alli-Macaulay argued that “girls all over the world have shown interest in politics, education, poverty-related issues, environment, climate change amongst others.”
She noted the enactment of the Child Right Law and the Lagos State Domestic and Sexual Violence Agency Law by the House of Assembly as part of its efforts to keep the girl child protected.
In a related development, the ‘Bill for a Law to Amend the Office Of The Public Defender Law, 2015’ was read for a second with the lawmakers describing it as important.
Majority Leader of the House, Hon. Sanai Agunbiade, noted that the amendment is to introduce new sections that would help to strengthen the extant law.
Thereafter, Speaker Obasa commited the bill to House Committee on Judiciary, Human Rights, Public Petitions and LASIEC chaired by Hon. Victor Akande.
The committee is expected to report back to the House in two weeks.
FirstBank: A triumphant Return to the Nigerian Banking Frontline
The story of Corporate Nigeria in 2022, cannot be complete without a chapter on the incredible performance of First Bank of Nigeria Limited, which saw the hitherto encumbered bank now returning to the top of the ladder of the Nigerian banking industry, amid a harvest of international laurels, writes Festus Akanbi
By December this year, Nigerian quoted companies will begin to upload their full year 2022 results in compliance with the dictates of the principle of disclosures to regulators, investors and customers as enshrined in the act of Corporate Governance.
While the waiting game for the release of the more detailed full-year results continues, analysts said that bookmakers can only assess the current level of profitability, efficiency and recovery of these companies based on their half-year reports which began to hit the various media platforms from July this year.
For FirstBank, a subsidiary of the behemoth FBN Holdings Plc, the 2022 operation year has been characterised by a superlative performance which analysts believed signposts the confirmation of the bank’s return to the frontline of the Nigerian banking industry following its 2021 equally stellar performance.
From its half-year 2022 reports, which show a remarkable turnaround, and the ability of the management of the bank not only to resolve old corporate governance issues but to also return the bank to the path of profitability, it has been proven beyond any reasonable doubt that FirstBank has freed itself from old encumbrances and it is back to its old trajectory of breaking boundaries and being a pacesetter in the Nigerian banking industry.
For instance, analysts who believed that FirstBank’s current excellent performance is a reaffirmation of the new era of a return to greater and better times ahead are quick to point to the bank’s half-year 2022 results which proved the solidity of the financial institution and confirmed that it is back in form as a formidable industry leader.
Reinforcing Quantum Profitability Leap Agenda
For instance, in its half-year 2022 scorecard, FirstBank recorded a 22.6 per cent year-on-year growth in gross earnings to N338.5 billion while net interest income was up 49.3 per cent year-on-year to N152.9 billion respectively.”
The bank’s Managing Director/Chief Executive, Adesola Adeduntan who gave this figure disclosed that “Amidst a challenging operating and dynamic regulatory environment in the half year 2022, the commercial banking group remained focused on executing key initiatives to position the group for improved profitability in the full year 2022. Our half-year results further reinforced our drive towards our ‘Quantum Profitability Leap’ agenda.”
Adeduntan said, “On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40.0 per cent year on year to N60.0 billion, whilst profit after tax also grew by 42.3 per cent year on year to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of our balance sheet and revamping of our risk management architecture.”
“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.4 per cent at the end of H1 and we are on target to bring it within the regulatory limit of 5 percent by end of full-year 2022.”
Awards and Recognitions: FirstBank’s Leading the Pack
In terms of recognition, there is no doubt that the ongoing transformation in FirstBank is globally recognised when one considers the harvests of awards and recognitions that are already pouring in for the bank.
Analysts said the awards and recognitions, which include those from the Fitch Ratings and The Banker awards and Euromoney rankings are testimonials of FirstBank’s consistent performance.
Fitch Rerating
Analysts maintained that the current Fitch rerating of FirstBank aligns with ratings of other global agencies (such as S&P: B- with a stable outlook; Moodys: B2 with stable outlook) – a confirmation of what industry peers already acknowledge – back to leading the pack.
On September 16, 2022, Fitch Ratings announced the upgrade of FBN Holdings Plc’s (FBNH) and First Bank of Nigeria Ltd’s (FBN) Long-Term Issuer Default Ratings (IDRs) to ‘B’ from ‘B-‘, and according to the rating agency, the Outlooks are Stable. Fitch has also upgraded their Viability Ratings (VR) to ‘b’ from ‘b-‘.
It explained that the upgrade of the Long-Term IDRs follows that of the VRs, reflecting that corporate governance irregularities publicly raised by the Central Bank of Nigeria (CBN) in April 2021, including two longstanding related-party exposures, have largely been addressed and therefore risks to capitalisation have receded, helped by strong internal capital generation since the irregularities were raised.
Governance Issues Laid to Rest
Following its monitoring of the Bank’s corporate Banking endeavours within the last year, the rating agency gave FirstBank a clean bill of health saying the bank’s governance irregularities have been addressed and according to the management of the bank, “the two related-party exposures highlighted by the CBN, which included equity and credit exposures to two companies of whom FBNH’s previous chairman was also chairman, have largely been disposed of and repaid. Fitch understands from management that FBNH and FBN have not been subject to penalties about irregularities raised by the CBN in April 2021 and no further irregularities have been raised.”
It also attests to the solidity of the bank, affirming that FBN is the third-largest bank in Nigeria, representing 11% of domestic banking-system assets at the end of 2021.
Another reason for the high rating is the fact that the bank’s improved asset quality since FirstBank’s impaired loans (Stage 3 loans under IFRS 9) ratio has declined significantly.
FirstBank also boasts of a Stable Funding Profile. For instance, FBN’s customer deposit base (76% of total funding at end-1H22) comprises a high share of retail deposits (64% at end-2021) and current and savings accounts (81% at end-1H22), supporting funding stability and a low-cost of funding. Depositor concentration is fairly low. Liquidity coverage is comfortable in local and foreign currencies.
Bankers Magazine: FirstBank Best Performing in Nigeria
It is also not a coincidence that FirstBank was rated first among its peers in Nigeria by Bankers Magazine, a publication of the Financial Times.
The Top 100 African Bank Rankings 2022 recently released by The Bankershows FirstBank leading the Nigerian table in four areas, the highest achieved by any Nigerian bank; only FirstBank leads in four areas. The rankings, based on the end of year 31 December 2021 audited financials of all banks in the Top 100, reveal FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk.
The magazine, which explained that its Top 100 African Banks ranking for 2022 demonstrates a broad return to stability by African banks after a torrid year for the continent’s largest lenders placed FirstBank among other banks in Nigeria because it happened to be the only bank that led in four areas.
First Bank of Nigeria Limited leads its peers in fifth place overall, displacing Guaranty Trust Bank, now in seventh place. Access Bank ranks in the eighth position, with Zenith Bank in 10th place.
Euromoney Rankings: FirstBank, Market Leader
In addition, in 2022, Euromoney Market Leaders, an independent global assessment of the leading financial service providers conducted by Euromoney Institutional Investor Plc crowned FirstBank as a market leader. The bank was rated as a tier one bank in the areas of corporate and social responsibility (CSR).
Not only that, but FirstBank also emerged as a market leader among the tier-one banks in the area of Environmental, Social and Governance (ESG).
In the area of corporate banking and digital solution, FirstBank was highly regarded while it was crowned as a notable player in SME Banking for the period under review.
FirstBank was named “Best Bank Brand in Nigeria” for six years in a row – 2011 to 2016 – by The Banker magazine of the Financial Times Group; it was awarded “Most Innovative Bank in Africa” in the EMEA Finance African Banking Awards 2014; it has clinched the “Best Bank in Nigeria” award by Global Finance Magazine 15 times and the “Best Private Bank in Nigeria” by World Finance Magazine seven times. Some other recent awards received by the Bank are “Best Banking Brand Nigeria, 2019” by Global Brands Magazine; “Best Mobile Banking App – Nigeria, 2019” by Global Business Outlook and “Best Financial Inclusion Program – Nigeria, 2019 by International Investor.
In the words of FirstBank’s CEO, Dr Adesola Adeduntan, ‘what all these current ratings and recognitions demonstrate is that FirstBank is strongly back on course! Knowing this is only the beginning of a new era of return to the trailblazing position and that better times lie ahead we encourage our customers and other stakeholders to keep believing and keep standing by us.’
Banking on Robust Customer Service Network
Through the last 128 years of its operations, FirstBank has played a leading role in utilising its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs.
First Bank of Nigeria Limited operates as a parent company, with the subsidiaries FBNBank in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone and Senegal; FBN Bank UK Limited in the United Kingdom with a branch in Paris; First Bank Representative Office in Beijing to capture trade-related business between geographies. FirstBank also operates First Pension Custodian Nigeria Limited, Nigeria’s foremost pension custodian. The teeming customers of the First Bank Group are serviced from a network of over 700 business locations across Africa.
Polaris Bank announces New ‘Save & Win’ Promo, commits Millions of Naira in Prize Money to Nigerians
Polaris Bank has commenced a nationwide savings campaign tagged: Polaris ‘Save & Win’ Promo to give away Millions of Naira in cash rewards to its loyal and prospective customers who would partake and emerge winners in the promo.
Four millionaires will emerge alongside 4,379 Nigerians who will be rewarded with other cash gifts from N100,000.00 up to N500,000.00 per person in a monthly, quarterly and special draws over a period of 12 months.
The ‘Save & Win’ promo is aimed at making millionaires of everyday Nigerians by encouraging current customers of the Bank to grow their existing accounts by N5,000.00 in 30 days while prospective customers are encouraged to open and save in their account, a minimum of N2,000.00 and grow it to N5,000 within a month to qualify for the monthly draws, and stand a chance of winning N100,000.00. For the quarterly draw, existing and prospective customers stand the chance of winning N1m in rent as first prize; N500,000.00 for first runner up and N250,000.00 for second runner up within the promo period. The Campaign started from October 1, 2022, and will run till September 30, 2023.
The first draw, which will herald the first set of winners for the month of October, will be announced in the first week of November. On that day, the first set of winners, 62 in all, will receive N100,000.00 as their reward in commemoration of the 62nd Independence Anniversary of Nigeria.
The same process will be repeated in subsequent months where 100 Nigerians will win N100,000.00 each. In December however, the 1st quarter of the campaign draw will hold where 3 winners will go home with N1m in rent prize: N500,000.00 and N250,000.00 cash prizes alongside 100 winners of N100,000.00 each across the six geo-political zones in the monthly reward draw.
There will also be Special draws for Nigeria’s Independence, Xmas, Valentine, Easter and Eid-el-Kabir seasons. Additionally, the campaign has a targeted draw component where 200 winners comprising of artisans, trade association members will emerge per month (10 winners per cluster with 20 clusters activated every month).
The Group Head, Product and Market Development, Mrs. Adebimpe Ihekuna while kicking off the campaign, noted that “the essence of the exercise, is to give back to customers and encourage savings amongst Nigerians”. The campaign, she further explained, is a reward for the traders, artisans, public servants and indeed professionals who in spite of the challenging times, are able to put aside some money.
She reiterated that in challenging times such as we are now, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day.
Explaining further on the dynamics of the campaign, Mrs. Ihekuna, noted that” both current and new savings account customers of the Bank are eligible to participate in the promo.
She disclosed that the joy of winning lies in the ability to continuously grow savings to have greater chances of winning.
According to her, “Winners will emerge from four routes or reward categories namely, Monthly draws, Quarterly draws, targeted draws and Special draws through a transparent electronically generated process that will be supervised by relevant regulatory institutions.”
Opening a Savings Account is simple and swift in Polaris Bank. Prospective customers can dial *833*0# on their phones to follow the prompt or simply download VULTe on iOS and App store. If you have a dormant Account with the Bank, you can reactivate it from your devices by visiting https://accounts.polarisbanklimited.com/reactivate/or any of the Bank’s branches across the country.
Polaris Bank, adjudged the Digital Bank of the Year, is a future-determining Bank committed to delivering industry-defining products to individuals and businesses.
