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First Bank Recapitalization: How Boardroom Conflicts and Declining Customer Trust may Affect

First Bank of Nigeria Limited and its parent company, FBN Holdings, are facing scrutiny as Nigerians question why the bank is yet to announce the much-anticipated recapitalization plan. This comes at a time when other banks are actively engaging investors in a dynamic stock market.

Historically, First Bank has been a cornerstone of the Nigerian banking sector, known for producing several Central Bank Governors and maintaining strong liquidity. However, recent developments suggest that the bank’s leadership may be struggling to uphold its prestigious reputation.

Boardroom Conflicts and Management Issues

Since 2021, First Bank has grappled with significant boardroom conflicts that have polarized the organization. The dismissal of then-Managing Director Dr. Adesola Adeduntan by the bank’s board, in conjunction with FBN Holdings, was overturned by the Central Bank of Nigeria (CBN), which deemed the board’s actions illegal. This reinstatement led to a restructuring of both boards, highlighting the ongoing power struggles within the institution.

The conflict escalated with billionaire Femi Otedola acquiring a 13.16% stake in First Bank, positioning himself as the largest shareholder. This power struggle delayed the Financial Group’s Annual General Meeting (AGM), as shareholders aligned with ousted chairman Oba Otudeko sought legal intervention. Although the court dismissed their case, the AGM is now set for November 12, where a proposed N350 billion capital raise will be discussed.

Eroding Customer Trust Amid Fraud Allegations

Customer trust in First Bank is at an all-time low due to several fraud allegations. Notably, former employee Adesuwa Ezenwa accused Oba Otudeko of facilitating approximately N12 billion in unsecured loans to companies he had significant stakes in, misrepresented as loans to Stallion Group of Companies. Ezenwa, dismissed in 2016 and currently contesting her termination in court, claims she was unfairly blamed for approving these loans while senior executives were not penalized. She is seeking damages for her dismissal and alleges complicity among high-ranking officials, with losses amounting to over N15 billion.

In a shocking turn of events, reports emerged of a massive internal fraud scheme involving around $29 million. This led to the termination of approximately 100 employees who failed to detect or report the crime. The mastermind, branch manager Tijani Muiz Adeyinka, exploited weaknesses in the bank’s oversight mechanisms over two years, raising serious concerns about First Bank’s internal controls.

Looking Ahead

As First Bank navigates these turbulent waters, it is crucial for the institution to address these internal issues and restore customer confidence. The upcoming AGM and proposed capital raise are pivotal steps in the bank’s efforts to stabilize and revitalize its standing in the Nigerian banking sector.

For more updates on First Bank and the Nigerian banking industry, stay tuned.

Access Holdings Reaffirms Commitment to Driving Inter-, Intra-African Trade

• Banking subsidiary targets November for African Trade Conference

Access Holdings Plc, the parent company of Access Bank Plc, has announced a series of initiatives aimed at empowering small businesses across Africa and enhancing intra-African trade. During a recent media roundtable, the leadership team, including Acting GCEO Ms. Bolaji Agbede, and Group Managing Director/CEO, Roosevelt Ogbonna, shared insights on the company’s strategic priorities for the coming years.

“Our commitment to fostering economic growth in Africa is well established,” said Agbede. “We believe that by supporting small businesses, we can create lasting economic value and drive meaningful change across the continent.”

Ogbonna outlined the strategic priorities for 2023–2027, which focus on infrastructure investments, retail banking, and small business empowerment. “We aim to provide an enabling environment for small businesses to access new markets on the continent,” he stated. To facilitate this, Access Bank will host a trade conference in November, designed to connect small businesses and stimulate intra-African trade.

The bank’s commitment to infrastructure investment is evident, with 61 new branches opened in Nigeria this year alone, despite challenging economic conditions. “This expansion showcases our dedication to enhancing retail banking and improving customer access to financial services,” Ogbonna added. Furthermore, the bank is in the process of establishing fully digitalised branches, known as ‘branches of the future,’ which will leverage advanced technology to increase financial access for underserved communities.

Access Holdings is also focused on enhancing regional trade dynamics. By fostering partnerships and collaborations among small businesses, the company aims to create a robust network that supports economic development across Africa. “We are committed to building a sustainable ecosystem that empowers businesses and drives growth,” Ogbonna emphasised.

As Access Holdings continues to expand its footprint across the continent, it remains dedicated to its mission of creating lasting economic value for Africa and empowering businesses that can drive meaningful change.

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

Adron Homes Lead the Charge for Breast Cancer Awareness with Annual Screening Initiative

Adron Homes and Properties, a leading real estate company, reaffirms its dedication to corporate social responsibility (CSR) through its fourth annual Breast Cancer Awareness and Screening Initiative, led by Vice Chairman, Olori Aderonke Emmanuelking.

Held at the company’s head office in Omole, Lagos, in partnership with Pink Clinic, the event commemorated World Breast Cancer Month 2024. The program offered free screenings, educational workshops, and preventive health guidance to hundreds of attendees, empowering them to prioritize their health

Opening the event, Olori Aderonke Emmanuelking shared a message of solidarity for those affected by breast cancer, highlighting the importance of community support. “Today, we remember all breast cancer warriors — those who have bravely fought, the survivors who inspire hope, and families who provide vital support,” she said.

With the theme, “No One Should Face Breast Cancer Alone,” this year’s initiative underscores Adron Homes’ commitment to adding value and supporting society through impactful CSR projects. By addressing breast cancer awareness and access to healthcare, Adron Homes is dedicated to making a meaningful difference in the communities it serves.

Dr. Linda Keku, Chief Medical Director (CMD) of Pink Clinic, expressed her gratitude to Adron Homes and Vice Chairman Olori Aderonke Emmanuelking, commending them for their ongoing humanitarian support. “This campaign represents a crucial step in raising awareness. Breast cancer affects both men and women, and early detection is key. If anyone notices changes in their body, it’s important to consult a doctor for prompt screening,” Dr. Keku advised.

The initiative also featured a Walk Against Breast Cancer to show solidarity and raise funds for cancer research. Dr. Keku and her dedicated team conducted free screenings and provided expert consultations, ensuring that all participants received personalized attention and care. This partnership with Pink Clinic, an enduring part of Adron Homes’ CSR efforts, highlights the company’s commitment to bridging healthcare access for all.

Workshops offered guidance on self-examination techniques, healthy lifestyle choices, and cancer prevention strategies, further empowering attendees to take proactive steps in their wellness journeys. Adron Homes believes that initiatives like these make a lasting impact, supporting both awareness and early detection as essential components of cancer prevention.

Olori Aderonke Emmanuelking emphasized the importance of a balanced lifestyle, encouraging participants to avoid foods known to trigger cancer and to perform regular self-examinations. Adron Homes’ CSR commitment, in partnership with Pink Clinic, reflects its dedication to making a positive, lasting impact on the health and quality of life within Nigerian communities.

Zanzibar to host next Trace Awards in February 2025

Zanzibar to host next Trace Awards in February 2025… Celebrating Africa’s and Its Diaspora’s Top Music Talents

Trace, the leading Afro-Urban music and culture platform, proudly announces the
Trace Awards and Summit, 2025 edition, set to take place in Zanzibar, at the Mora
5* Resort, from February 24-26, 2025.
Building on the tremendous success of the last Trace Awards edition, which captivated over
500 million fans worldwide, this prestigious event will not only celebrate Africa’s top artists
but also spotlight the rich cultural stories that shape their artistry.
Over the past three years, Afro-centric music has steadily dominated global charts, spanning
genres like Afrobeat, Amapiano, Dancehall, Afro-pop, Zouk, Kizomba, Genge, Coupé Décalé,
Bongo Flava, Gospel, Hip Hop, Kompa, R&B, and Rumba. The Trace Awards stand as the
premier event, created in Africa for Africa and the world, recognizing and honoring the talents
that have driven this remarkable global success such as Burna Boy, Fally Ipupa, Davido, Tyla,
Rema, Wizkid, Diamond Platnumz, Nomcebo, Didi B, Yemi Alade, Ayra Starr and so many
more.
Event Details:
• Summit: February 24-25, 2025
• Awards: February 26, 2025
• Venue: The Mora 5* Luxury Resort, Zanzibar, Tanzania
The Trace Summit will be a dynamic hub for creative discussions, empowerment, and
networking, featuring panels, keynotes, and masterclasses on African creative industries,
technology, branding, and more. The event offers a unique platform for artists, managers,
DJs, producers, promoters, investors, lawyers, governments, brands, and industry
stakeholders from Africa and its diaspora to connect and exchange knowledge.
The Trace Awards will transform Zanzibar into a vibrant epicenter of music, culture, and
innovation. Hosted at the luxurious Mora Zanzibar resort, the Awards will showcase 28
categories of the most popular African music genres and artists, with live broadcasts in over
200 countries in English, French, and Portuguese. The event will air across 25 Trace African
and international channels, as well as more than 50 terrestrial, satellite, and streaming
partners, reaching an estimated audience of at least 500 million fans. The list of nominees will
be revealed on December 4th 2024. The public vote for the winners will start on the 18th
December 2024.

FirstBank Joins Partnership for Carbon Accounting Financials, Reinforces its Commitment to Climate Action

As part of its commitment to sustainable finance and taking active steps towards reducing its carbon footprint, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF) to promote sustainable finance, combat climate change and advance sustainable socioeconomic development for the just transition.

PCAF is a collaboration between financial institutions worldwide to enable harmonised assessments and disclosures of greenhouse gas (GHG) emissions from loans and investments. With more than 530 financial institutions from six continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.

Joining PCAF aligns with FirstBank’s broader climate agenda, reinforcing its efforts to contribute meaningfully to global climate goals. By adopting PCAF’s globally recognised standards, FirstBank aims to enhance transparency in carbon accounting and reporting, integrate climate risk into its lending and investment decision-making, and support Nigeria’s transition to a low-carbon economy. This initiative complements FirstBank’s ongoing work on environmental, social, and governance (ESG) issues, underscoring its dedication to responsible banking practices.

PCAF will provide FirstBank with a standardised methodology and framework to measure and report the Bank’s GHG emissions and climate-related risks. By joining PCAF, the Bank’s capability in understanding and managing its exposure to climate risks and liabilities (physical and transition risks) will be enhanced. This will enable the Bank to make informed decisions and take proactive measures to mitigate these risks while leveraging on the opportunities for growth.

Dylan Hauser, regional lead For PCAF Africa said “We congratulate FirstBank on becoming a signatory of PCAF. We are absolutely delighted to have FirstBank on board sharing our commitment to driving positive change and reducing carbon footprints in the region through transparent and accountable practices.”

According to Patrick Akhidenor, Chief Risk Officer, FirstBank, “Joining PCAF is a significant milestone in our sustainability journey. It is not only a demonstration of our commitment to combatting climate change but also a step towards ensuring that we, as a financial institution, are accountable for the carbon emissions our activities finance. We are excited to collaborate with other global institutions in driving meaningful climate action”.

By joining forces with PCAF, FirstBank is poised to champion transparency and accountability in impact of the financial sector’s activities on climate change.

Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs in International Markets

In a bold step towards empowering Nigeria’s small and medium enterprises (SMEs), Wema Bank has launched the Wema Export Trade Academy, a groundbreaking initiative designed to enhance the global trade capabilities of local businesses. This forward-thinking program demonstrates Wema Bank’s commitment to empowering Nigerian businesses and supporting their international growth potential.

Navigating the complex landscape of export trade involves overcoming regulatory, financial, and logistical hurdles, which can often hinder small businesses from establishing a foothold, the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets. The Academy specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.

Participants in the Wema Export Trade Academy will benefit from sessions led by industry experts as well as mentorship opportunities with seasoned professionals. The academy goes beyond conventional training by offering real-world insights into international trade practices, such as export documentation best practices and navigating trade agreements, positioning Nigerian SMEs to confidently expand their presence in the global marketplace. Additionally, the program fosters a collaborative environment, encouraging participants to network with fellow Nigerian exporters, exchange ideas, and build connections with international trade facilitators. This supportive ecosystem is aimed at enhancing productivity and positioning Nigerian businesses as strong contenders on the world stage.

As a trailblazer in digital banking and business innovation, Wema Bank continues to set high standard within Nigeria’s financial landscape. The launch of the Wema Export Trade Academy marks a new chapter in the bank’s mission to support Nigerian enterprises, solidifying its role as an indispensable partner in their journey to international success.

The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions. With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

LCDAs Have Come To Stay, Lagos Speaker says

…as Assembly holds public hearing on proposed local govt law

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has said there are no plans to scrap the 37 Local Government Development Areas (LCDAs) of the state.

Dr. Obasa, represented by Deputy Speaker Mojisola Lasbat Meranda, said this at a second public hearing on the bill to amend the Local Government Administration law of the state on Thursday.

“We are gathered here to consider and reflect on a bill that seeks to further enhance how our third tier of government should be administered.

“The LCDAs have come to stay and they would remain so by the special grace of God. Nobody is killing the LCDAs. Instead, we have come to say here is the Supreme Court judgement; how do we go about it? I know we all have the interest of this state at heart.

“Did we follow the right part in creating the LCDAs? The answer is ‘yes’. So at this point, it is a call for every Lagosian to rise up and protect the LCDAs by reaching out to all our representatives at the national level.

“Our representatives and senators should lobby their colleagues there. We will continue to do our part and we are doing it to ensure that the 37 LCDAs are listed in the constitution,” the Speaker said.

He recalled that just about two weeks ago, people were also gathered to deliberate on the electoral bill for the Local government election which he said is the first right step before the House could go into how the local governments should function.

“This Bill has passed the preliminary stages and the House is hereby subjecting it to public appraisal in our transparent convention. At this stage, we subject the bill to public assessment, gathering public observations and thoughts to reflect on them in the next stage of the bill.

“The bill is seeking to consolidate all laws on local government administration. The law, when passed, will allow the local governments function optimally with strict adherence to the rule of law and separation of powers,” he added.

The Speaker stressed that the bill also made mention of four-year tenure for the elective offices in the local government, which, according to him, has finally removed the ambiguity of the past as regards tenure of these elective officers.

The bill, he said, has elaborated all that needs to be done for an effective administration of the local governments including declaration of assets, nomination of a chairman, removal of a chairman or vice chairman, discharge of functions of the chairman, local government area supervisors appointees, executive powers of the local government, street naming and many more.

Section 4(3) of the Bill states: “The 20 local governments shall have designated local council Development Areas as listed in the First Schedule to this law for effective and efficient local government administration in the State.

Section 4(1) of the Bill further states: “There shall be 37 Local Council Development Areas in the State with the names specified in Schedule II of the Creation of local government (Amendments) of 2004.”

Speaking after an overview by Hon. Noheem Adams, Majority Leader of the House, Lagos-based lawyer, Muiz Banire (SAN) identified some clauses in the Bill that needed further inputs.

Banire argued: “The import of the Supreme Court judgement is simple. The State Governor does not have the power over council chairmen, if any council chairman misbehaves, it is the councillors that can decide on what to do.”

He also advised that section 38 of the Bill should be expunged, noting “It is no longer legal for the Ministry of Local Government to be issuing guidelines for local governments.”

However, Banire was countered by former Deputy Speaker of the House, Hon. Kolawole Taiwo, who said: “The constitution gives power to the State House of Assembly to create local government, the law has been tested, our LCDAs have been in existence but only not listed.

“Nobody can say the law is not in existence, I was the Majority Leader as at then. You are saying the House should not have the power to do some things again; we need to be very careful. We know some governors are making nonsense of the local governments but Lagos is an exemption.”

Corroborating the position of Taiwo, another former Deputy Speaker of the House, Hon. Funmilayo Tejuoso said: “When you have a child that does not have a name, does it mean that the child is dead? It simply means that the LCDAs are still existing. The Supreme Court has recognised them, we are only waiting for the constitution to reflect the LCDAs.”

She therefore stated that the LCDAs should continue to exist, noting “We shouldn’t throw away the baby with the bath water.”

Also speaking, Imam Ibrahim Tijani from Itire-Ikate said he supported the continued existence of the LCDAs.

A stakeholder, Ajose Agbejoye, suggested that elections into local government councils should start six months before the expiration of the four-year term of a current administration so that electoral issues would have been settled before the swearing-in of a new chairman.

President of Greater Lagos Initiative, Adeniyi Olutimehin also appealed to the House to allow the LCDAs to continue to function irrespective of whatever amendments it makes to the Bill.

What You Need to Know About the Adron Homes Lemon Friday Promo

The Lemon Friday Promo is Adron Homes and Properties’ most exciting and anticipated annual sales event! Every year, Adron Homes brings unbeatable deals and extraordinary benefits for people looking to invest in real estate. This year’s Lemon Friday Promo promises even bigger discounts, exclusive prizes, and unique opportunities to own land or property in premium locations. Here’s everything you need to know about the promo:

1. Incredible Discounts on All Properties
The Adron Lemon Friday Promo offers massive discounts on all Adron properties, including residential estates, commercial plots, and investment land. For a limited time, customers can buy properties at a fraction of the usual price. This is the perfect opportunity for anyone wanting to secure their dream property or add to their investment portfolio without breaking the bank.

2. Flexible Payment Plans
Adron Homes is known for its customer-friendly payment options, and the 2024 Lemon Friday Promo is no exception. During the promo period, you can pay for your property in installments, allowing you to spread payments up to 60 months or even years, depending on the package. This flexibility makes it easier for more people to achieve homeownership, regardless of income level.

3. Exclusive Gifts and Prizes
Subscribers to the 2024 Lemon Friday Promo can enjoy up to 45% discount on various properties with a payment option of up to 60months, in addition to a variety of mouth-watering gifts including bags of rice, inverters batteries, gift vouchers, and even cows. This year’s edition continues to cater to the needs of all Nigerians, ensuring that Adron Homes’ properties remain affordable, accessible, and appealing to a diverse clientele.

4. Location, Location, Location!
The Lemon Friday Promo covers some of Adron’s most coveted locations across Nigeria. This includes properties in Lagos, Ibadan, Abuja, Ogun, Osun, Ekiti, Abuja, Jos, Nasarawa and other fast-developing areas. Each location is strategically selected for growth potential, access to amenities, and investment returns, ensuring that no matter where you buy, you’re making a sound investment.

5. Seamless Documentation and Support
Purchasing property can involve a lot of paperwork, but Adron Homes ensures a smooth experience by providing comprehensive support throughout the process. From the initial payment to securing your title deed, the Adron team will assist you in navigating each step, making property ownership stress-free.

6. Access to Expert Advice
During the Lemon Friday Promo, Adron Homes offers access to real estate consultants who provide expert advice on property choices, investment insights, and location advantages. This is an excellent opportunity to get professional guidance on choosing the right property for your needs and budget.

Adron Lemon Friday Promo is not just about discounts; it’s about creating opportunities for people to achieve their dreams of homeownership or investing in real estate. Whether you’re a first-time buyer or a seasoned investor, the promo provides access to quality properties and flexibility, with perks that enhance the overall experience.

If you’ve been waiting for the right time to invest in property, the Lemon Friday Promo is it! Take advantage of the offers, secure your future, and become part of the Adron Homes community.

Confusion! As GTBank Customers Decries Unauthorized Transactions and Deductions in their Accounts

The crisis facing the Guaranty Trust Bank (GTBank), seems not to be abating. The bank that pride itself as one of the best in the country has been facing issues since it upgraded a couple of days ago. It initially kept the customers in the dark when the app is not opening after the bank had announced a successful upgrade thereby not giving them access to transact both banking and non-banking operations on their accounts.

As if that is not enough, the customers of the bank have also come to the social media to express their confusion and anger after they eventually gain access (though still not able to perform any successful transaction) to their accounts only to discover that there have been so many unauthorized transaction in their accounts. Whereas some are confused about the deposit and subsequent remover of monies into their supposed personal accounts, the complain of some is that there are unauthorized deductions carried out and still being carried out while their complains to the bank through digital and physical means are being treated with kid gloves.

It would be recalled that social media had recently reported that the website of the bank was hacked, though this was refuted by the bank at that time but the recent happening is questioning whether the bank is still in control of their banking platforms, and this is making slight the competence of the bank in securing the deposits of its numerous customers, who had been left in limbo by the management of the GTBank.

The bank is taking so many backlash over the recent issue as some customers are threatening seeking legal approach claiming the long disruption of banking activities has cost them huge loss.

Nigerians on the X (formally Twitter) had been coming up with several reasons for the unauthorized transactions on different accounts that. According to some Netizens, after discovering the evidence of the unauthorized transactions, expressed fear and suspicion that the transactions may be that some fraudsters within and outside the bank had hide under the upgrade to use their accounts to fraudulently transfer proceed of fraud.

GTBank has not responded in anyway to the accusations and suspicion, while giving the shocked and angry customers the silent treatment, some have taken to the social media to warn against banking with the bank over the shoddy treatment.

Below are links and screen shot of few customers on the current fiasco by the GTbank;

https://x.com/AyshaHamman/status/1846334135981269199?t=N-LbNlhD4DNK2s4V3i0OgA&s=08