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Tag: First Bank

  • Otudeko, Onasanya Arraignment Stalled Amidst Service of Process Controversy

    Otudeko, Onasanya Arraignment Stalled Amidst Service of Process Controversy

    The much-anticipated arraignment of prominent Nigerian businessman, Oba Otudeko, and former First Bank Managing Director, Stephen Onasanya, took an unexpected turn when their legal teams vehemently protested the lack of proper service of the charges. This procedural hurdle effectively stalled the proceedings, leaving the courtroom in a state of uncertainty.

    The Economic and Financial Crimes Commission (EFCC) has leveled a 13-count indictment against Otudeko, Onasanya, and several others, including former Honeywell board member, Soji Akintayo, and Anchorage Leisure Limited. These charges stem from allegations of obtaining a substantial N12.3 billion from First Bank through fraudulent means.

    The courtroom drama unfolded as defense lawyers, led by renowned legal luminaries Bode Olanipekun (SAN) and Olumide Fusika (SAN), argued that their clients had not been duly served with the charges, a fundamental requirement for a fair legal process.

    Fusika, representing Onasanya, expressed deep concern over the media trial his client had endured, emphasizing that such premature publicity could severely prejudice public opinion and undermine his right to a fair hearing.

    “My Lord, it is deeply concerning that my client has been subjected to intense media scrutiny without the formal service of charges. This not only compromises his right to a fair trial but also infringes upon his fundamental right to dignity,” Fusika stated, his voice laced with a sense of urgency.

    The EFCC, represented by Rotimi Oyedepo (SAN), countered these claims, asserting that multiple attempts had been made to serve the defendants at their last known addresses. While acknowledging the presence of media reports on the impending arraignment, Oyedepo vehemently denied any involvement by the EFCC in disseminating such information. He suggested that journalists may have independently gathered information through other sources.

    “My Lord, we categorically deny any involvement in the release of any information to the media regarding this case,” Oyedepo stated, seeking to distance the commission from any perceived attempts to influence public opinion.

    Read Also:

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    Despite the initial impasse, the court ultimately allowed Fusika to accept service of the charges on behalf of his client. This procedural maneuver paved the way for the court to adjourn the proceedings until February 13th, a date set for the formal arraignment of the defendants.

    The EFCC alleges that the defendants engaged in a complex web of fraudulent activities between 2013 and 2014. These alleged offenses include conspiracy to defraud First Bank, obtaining loans under false pretenses, and engaging in sophisticated money laundering schemes.

    The charges further allege the use of forged documents to deceive the bank and secure credit facilities for various entities, including V-Tech Dynamic Links Limited and Stallion Nigeria Limited.

    This case has captivated public attention, highlighting the gravity of financial crimes and the ongoing efforts of law enforcement agencies to combat such illicit activities. The upcoming arraignment promises to be a pivotal moment in this legal saga, with far-reaching implications for the defendants and the financial landscape of Nigeria.

  • FirstBank Emerges Best Corporate Bank at 2023 Euromoney Awards For Excellence

    FirstBank Emerges Best Corporate Bank at 2023 Euromoney Awards For Excellence

    FirstBank, Nigeria’s premier financial institution and financial inclusion services provider, was announced as the Best Corporate Bank at the recent prestigious Euromoney Awards for Excellence in Nigeria 2023.

    A statement signed by the Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney revealed that First Bank of Nigeria Limited clinched the award based on its 130-year commitment to enabling its corporate customers to achieve success through relevant and tailored financial solutions.

    Its continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.

    FirstDirect2.0 provides a one-stop shop online banking platform for corporate organisations, offering best-in- class capabilities such as Payments, Collections and Account Services and a locally focused phased implementation of Trade and Supply Chain Finance-a first for the Bank.

    The platform offers customers various solutions for corporate cash management (Payments, Collections and Liquidity Management). It will also deliver end-to-end trade solutions for corporate clients covering the creation of Letters of Credit (L/C), tracking, bidding and reconciliations.

    The Bank’s Corporate Banking model is focused on ensuring that its clients get the same quality of service across the Bank’s geographical locations. The execution of this approach through the deployment of the Global Account Management (GAM) Framework, implemented to enhance cross-relationship management tailored to customers with a Pan African footprint.

    Dedicating the awards to its customers, Chief Executive Officer (CEO) of FirstBank Group, Dr. Adesola Adeduntan, said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023. We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU.”

    Speaking on the recognition, Euromoney explained that the “Awards for Excellence” is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and difficult to demonstrate.”

    “For over 30 years, Euromoney has recognised the banks and that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally,” it concluded.

    FirstBank also recently clinched Best Corporate Bank Western Africa 2023 by Global Banking and Finance; Best Internet Banking in Nigeria 2023 by International Business Awards; Most Innovative Banking Brand in Nigeria by Global Brands Awards, as well as Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development, among other awards.

     

  • Alebiosu’s Confirmation As New CEO To Foster Era Of Consolidation, Growth At FirstBank

    Alebiosu’s Confirmation As New CEO To Foster Era Of Consolidation, Growth At FirstBank

    By Edu Abade

    FirstBank of Nigeria Limited has expressed confidence that Mr. Olusegun Alebiosu’s confirmation as the Chief Executive Officer (CEO) affirms an era of consolidation of its rich culture of accelerated growth and excellent service to its customers in Nigeria and beyond.

    n a statement, the first generation financial institution said: “FirstBank’s 130 years of gripping history is a corporate handbook in many ways. Its fortunes are as great a lesson as its challenges. Its leadership and choice of leaders are fascinating chapters of the book it has become, validating the notion that each era in human history is shaped by the king of the moment. This is true across the corporate environment but uniquely applicable to Nigeria’s premier bank.

    “For its diffused ownership structure, its leadership is particularly dynamic, adding a great deal of variety to the journey. The confirmation of Olusegun Alebiosu as the new Chief Executive officer of the bank is seen as a consolidation of the rich culture of the bank. At a peculiar juncture in its 130 years of incorporation, the market has seen a new FirstBank that is ready to compete with the new entrants to recover the market it was holding in its grip as a monopolist.”

    FirstBank explained that it is consolidating on its adoption of the new ‘click’ banking through which it has invested heavily in digital infrastructure, adding that the success Alebiosu helped to create at the corporate performance of the First Quarter (Q1) 2024, which heralded him was impressive across top and bottom-line indicators.

    First, the bank’s total assets rose by 28 percent year-on-year to N20.7 trillion, while gross earnings rose by 178 percent to N682.5 billion on strong growth in the credit portfolio (which was 33 percent up from December 2023). Non-interest income, which reflected the robust transactional platforms, doubled year-on-year to N224.6 billion compared with N110 billion it earned in Q1 2023.

    Alebiosu also rode on powerful bottom-line indicators with profit before tax rising by almost 300 percent to N209.8 billion and profit after tax growing to N188.5 billion-a reflection of a decade of robust performance of the FirstBank Group that feeds into the holding company that has become the toast of the investing public in recent years.

    For one, FirstMobile, its digital banking application emerged as a household name in the financial technology ecosystem. In 2015, when the platform was still in its infancy stage, its user base reached 60,000, a figure that has increased to over six million as of last year. That has contributed immensely to changing the market’s perception of the institution as a traditional bank to an innovative digital bank.

    “Today, over 85 per cent of its transactions are initiated via digital platforms, according to insights provided by the bank. That suggests that while it consolidates on its hedge as a saver’s bank, it has also emerged as a transaction-driven bank. FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics.

    “However, the platform is only one of the many telecommunications-driven initiatives the bank has innovated to get young depositors on board. FirstOnline has also grown in leaps in terms of users – from about 90,000 to over one million in less than a decade.

    Also, USSD banking, under the watch of the immediate past handler, is even more successful with users increasing by about 3,000 percent in the last eight years to 15 million. What USSD banking (which targets feature phone users and rural communities where internet penetration is still very low) has done for the bank is giving a part of it to the original owners – rural dwellers and non-Internet natives who had never known any other bank than FirstBank,” the statement reads.

    The success of Firstmonie Agent Banking also validates its age-long popularity in rural areas. Last year alone, its Firstmonie Agent Banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks. Its strategic investments in technology include the development of its interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country.

    The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC), which are currently located in Lagos, Ibadan and Abuja with plans to open more across the country. Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints.

    Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023. This number, according to the immediate past Chief Executive Officer, Dr. Adesola Adeduntan, would double in the near future as the tier-1 financial institution migrates more aggressively to transaction-led banking.

    Last year, its holding company earned N171.8 billion in income from fees and commissions, a 46 percent year-on-year growth, demonstrating its success as a transaction-led bank. Its fee and commission income growth were not an exception but drew from impressive performances across the board. Its operating profit also jumped by 129 percent, much higher than the industry average, to N361.8 percent, leading to an earnings per share of N8.56k.

    Total assets also grew by 60 percent to N16.3 trillion and like other metrics had witnessed over 300 percent expansion from 2015 when it was N4.2 trillion. FirstBank also experienced aggressive growth in its customer base in the past nine years, growing from 10.9 million to over 42 million customers, leading to the aggressive growth of the bank’s fee and commission income.

     

     

  • FirstBank Sponsors ‘The Noble Warrior’ Play As Tribute To Wole Soyinka At 90

    FirstBank Sponsors ‘The Noble Warrior’ Play As Tribute To Wole Soyinka At 90

    West Africa premier financial institution and financial inclusion services provider, FirstBank, has announced its sponsorship of the Lagos command performance of Eni Ogun-The Noble Warrior, a theatrical performance as part of activities to mark Professor Wole Soyinka’s 90th birthday.

    The Noble Warrior-Eni Ogun, produced by Cash Onadele and directed by Oriade Adefila in honour of the global literary giant and national icon, will be performed at the Muson Centre in Lagos Island on Saturday, July 20, 2024 at 6:00pm.

    First Bank of Nigeria Limited said the sponsorship is another significant stride in the Bank’s First@art initiative conceived with the key objective of supporting the value chain of Nigerian arts and cultural development for the growth and development of the nation’s creative economy.  It is also in recognition of the contributions and achievements of Prof. Wole Soyinka, Africa’s first Nobel Laureate.

    Eni-Ogun, The Noble Warrior is set to tell the historic story of the successful defeat of the colonial forces at the hands of natives. This story intends to reposition the truth in history and showcase the repercussions of cultural invasions and the fight for freedom against imposing powerful colonial invasions.

    The protagonist’s brand persona, Oluwole, a princely noble warrior can be likened to Wole Soyinka and highlights similar personality traits as a fighter and the humane warrior in his 90-year sojourn on earth.

    Executive Producer of the performance, Toye Arulogun, said: “FirstBank is supporting this special production of The Noble Warrior as tribute to a national and global literary icon in consonance with the philosophy of the First@art initiative, conceptualized for the support of the creative arts and promotion of cultural development.

    “Once again, the leading financial services solutions provider is proud to demonstrate its commitment to sustaining the creative arts industry and this partnership with Adubiifa Network Co. is part of the celebration of a landmark birthday of Prof. Wole Soyinka-pride of our cultural heritage.”

    Celebrating the Nigerian living legend, Group Head, Marketing and Corporate Communications, FirstBank, Ms. Folake Ani-Mumuney said: “We are proud to be part of this special tribute to Prof. Wole Soyinka, a true literary giant whose contributions to literature and humanity continue to inspire us all.

    “FirstBank’s sponsorship of The Noble Warrior-Eni Ogun is our modest way of demonstrating our appreciation of his contributions to Nigerian literature and culture; his writings that have transcended borders and he remains a true embodiment of the power of art as a tool to uplift society.

    “FirstBank is woven into the fabric of society and for 130 years, we have been enabling success in the creative industry value chain through our First@arts initiative and Eni Ogun is another opportunity to reinforce this impact to support and empower small businesses.”

    First@arts is FirstBank’s platform for consolidating all its efforts in the arts, supporting the entire value chain of the creative arts, providing much needed financing, showcasing, and facilitating the successes of the industry, as well as enabling customers explore the wealth of opportunities the creative industry has to offer. One of the unique initiatives under the First@Arts umbrella is FirstBank’s DecemberIssaVybe.

    Through DecemberIssaVybe, FirstBank provides opportunities and platforms for memorable Homecoming Experiences from across the world including for those coming for marriage ceremonies, friends and family reunions; festivals, funerals, the I Just Got Backs (IJGBs); giving and communal engagement. It has always brought to friends and families of the Bank the most exciting, fun-filled, memorable experience in December.

     

     

     

     

     

  • FirstBank Announces Prizes For Visa Gold, Infinite Cards In 2024 Summer Campaign

    FirstBank Announces Prizes For Visa Gold, Infinite Cards In 2024 Summer Campaign

    Throughout the campaign, no fewer than 502 lucky Visa Infinite and Visa Gold cardholders will win $50 gift vouchers, while two cardholders will enjoy an all-expense-paid trip (for two) to the Olympic Games in Paris, France.

    The promo offers an excellent opportunity for cardholders to enjoy the premium benefits of using their FirstBank VISA cards while standing a chance to win fantastic rewards.

    To qualify for the exciting offer, Visa Infinite and Visa Gold cardholders must spend $500 and above in at least six transactions during the campaign period.

    Speaking on the promo Group Executive E-Business and Retail Products at FirstBank, Chuma Ezirim said: “We are excited to reward our loyal customers and users of FirstBank Visa Infinite and Visa Gold cards, whilst also welcoming new customers through this campaign.

    “This promo underscores our commitment to reward our customers with innovative and impactful offerings designed to enhance their banking experience.

    “We appreciate Visa for the partnership as we deliver value and create memorable experiences for our customers.”

    FirstBank’s Visa Gold card is an international premium credit card issued in partnership with Visa International. It is a U.S. Dollar-denominated card secured by chip and PIN technology, ensuring both convenience and security for users.

    On the other hand, the FirstBank Visa Infinite card is the pinnacle of the Visa card range, targeted at High-Net-Worth Individuals.

    This card offers an extraordinary selection of exclusive travel, dining, shopping and lifestyle opportunities, providing unparalleled benefits to its holders.

  • FirstBank, Fintechs Poised To Deepen $5 Trillion Dollar Global Gigital Economy

    FirstBank, Fintechs Poised To Deepen $5 Trillion Dollar Global Gigital Economy

    By Edu Abade

    In a bid to deepen fiscal literacy and penetration of digital financial services in Nigeria, Africa and the global marketplace, FirstBank of Nigeria Limited and Financial Technology Firms (Fintechs) have vowed to continue to raise the bar with a view to reaching the under-banked and underserved with innovative digital banking solutions irrespective of their social class and financial status.

    This follows projections that the Fintech ecosystem has the capacity to generate over 82 million Fintech firms and digital players by 2028 and that the over 600 Fintech firms worldwide as of 2024 have spent over $5 trillion to expand the market with Africa and Nigeria contending with about $3 billion of global spend and earnings in the fast growing digital financial industry.

    Industry experts who gathered at the maiden edition of the Nigerian Fintech Festival, which held on Thursday, September 26, 2024 in Lagos with the theme: Celebrating Nigeria’s Digital Payments Ecosystem said while the Nigerian Fintech industry has achieved several milestones worth celebrating, a lot still remains to be accomplished in the financial technology sub-sector.

    In his keynote address titled: Digital Transformation in Nigeria: The Journey So Far and the Next Steps, Co-Founder and Chief Executive Officer (CEO) of Optimus AI Labs, Lanre Adelanwa, argued that the sector has made significant strides since the days of teller and crowded banking halls, but there is still enough room for improvements.

    He stressed the need for continued collaboration and partnerships to grow and develop the Fintech ecosystem to distribute greater value, unlock more opportunities and ultimately create more robust value in the system.

    “The Nigerian Fintech ecosystem, worth over $300 million as of 2023, is poised to stimulate growth to the extent that about 82 million Fintechs and digital firms will be created by the year 2028. And as such, opportunities abound in the sub-sector and as we all can testify, technologies will be readily available to serve the diverse needs of clients and the larger society,” he said.

    In her presentation titled: The Role of Innovation in Driving Ecosystem Growth and Advancement, Chief Innovations Officer of Interswitch Limited, Mrs. Adaobi Igwe-Okerekeocha, who pointed out that fintech firms hold the future of the global financial sector, stressed the need for investors in fintech companies to innovate, leverage, invest and where necessary, acquire new technologies to actualize their business projections.

    Igwe-Okerekeocha, who maintained that investors should develop the appetite to invest in startups with the right corporate collaboration, insisted that industry players must develop talents, internal innovation programmes, explore viable opportunities, utilize external expertise and technologies, as well as accelerate Research and Development (R&D) innovation cycles to drive growth in the sector.

    “Such innovation risks, R&D initiatives and an appetite for investments is what gave the likes of Amazon, Netflix, Google and OpenAI, among others, the edge in their markets and areas of operation. With an estimated global spend reaching over $5 trillion in 2024 and rising and with $3billion of that amount in Nigeria and Africa, Fintech firms hold the future of the global digital economy,” she stated.

    In his presentation on Marketing Masterclass -Product Marketing Strategies to Drive Brand Equity and Growth, Managing Director of Total Scope Marketing Solutions and convener of the festival, Ikechuckwu Ugwu, explained that today’s businesses face five critical challenges including Foreign Exchange (Forex ) fluctuations, human capital losses, lack of access to capital and credit, increasing inflation and shrinking consumers income.

    He said to successfully navigate the modern complex business environment, business owners need to make strategic decisions by increasing their marketing efforts, focus on business development, optimize sales operations and cut costs, with special attention to Return On Investments (ROI)-driven marketing, especially with brand and growth marketing.

    Topics examined during the panel session include Modernized Cybersecurity and Data-Protection Measures to Adopt in the Age of Artificial Intelligence and Machine Learning; Expanding Growth and Influence of Women in Tech; The Role of Credit and Lending in Growing Nigeria’s Economy; Building the Next Cross-Border Rails for African Trade and Commerce; and Digital Transformation: The Role of B2B Partnerships in Accelerating Nigeria’s Fintech Growth.

    During the panel session moderated by Gbenga Aborowa, Chief Data Officer of FirstBank, Steve Asemota and Chief Technology Officer of FirstBank, Rachel Adesina along with Head of Banking Technologies at Interswitch, Chijoke Eze and Chief Solutions Officer of Cybervergent, Gbolabo Awelewa, explored ways of minimizing threats of fraud and cyber insecurity, while making efforts to deepen the Fintech space in the age of Artificial Intelligence (AI) and learning machines.

    Other facilitators in the panel sessions are Head of Retail Payments, Interswitch Limited, Suzan Fasipe; Chief Executive Officer, Ash Nelson Partners Limited, Sheila Ash Nelson; Commercial Manager, PayU GPO, Ibifaa Maclayton; Founder and CEO OF P2Vest Technology Limited, Austine Abolusoro; Co-Founder of Crendly, Damilare Oduero; Country Director, Onafriq Nigeria, Oladimeji Akano; Director of Sales, Comviva Anglophone West Africa, Samuel Chukwu; Co-Founder, PaddyCover, Mayowa Owolabi; Chief Revenue Officer, BlinqPay, David Nwosu; and Managing Director and CEO of Shago Payments, Sabastine Enechi.

    A highlight of the festival was an evening of cocktail After-Party in which the participants were treated to comedy, solo music and live performances, as well as unwinding and networking among partners, sponsors and invited guests.