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Adeduntan: FirstBank is reducing poverty, deepening financial inclusion through its 31,000 agent network

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Adeduntan: FirstBank is reducing poverty, deepening financial inclusion through its 31,000 agent network 

By Okafor Endurance

In its quest to deepen financial inclusion, FirstBank is channelling its resources to reach those at the bottom of the pyramid through its agency banking.

The tie-one bank has over 31,000 agents spread across Nigeria with 9,000 assigned to provide financial services to the highly excluded Northern region.

According to Adesola Adeduntan, the MD/CEO, First Bank of Nigeria Limited, the bank took it upon itself as part of their strategic plan to be the bank that can be the right partner to the CBN and the government by helping to achieve the right social impact.

“If there is that bank on ground to help the country to address the seeming geographical gap in terms of financial inclusion, it is FirstBank, because we are already doing a lot,” Adeduntan said.

With over 125 years of unbroken existence in Nigeria, the lender has the largest branch network in Nigeria with over 750 branches spread across the country.

Nigeria has an exclusion rate of 36.8 percent as at December 2018; this translates to about 36.6 million Nigerian adults who are not included in the formal financial net.

The Central Bank of Nigeria plans to ensure it drive that number to 20 percent by the year 2020. But with less than five months to the deadline, the regulator has about 16.8 percent exclusion gap.

“So with over 31,000 agents and 750 branches spread across all the LGAs in Nigeria, FirstBank is indeed a frontrunner at not just providing banking to all Nigerians but importantly improving their respective businesses and developing the Nigerian economy,” Adeduntan noted.

According to Emeka Onwuka, CEO, Parkway Project, a Lagos-based Fintech company known for its popular ReadyCash product, when it comes to financial inclusion, the distribution is really “where we have the problem.”

“It is not about wallet rather it is about the touch point where people can actually go and have access,” Onwuka added. In January 2019, the central bank unveiled a revised version of the National Financial Inclusion Strategy (NFIS) in which it projected that it will enroll about 500,000 mobile money/bank agents available to serve about 105 million adult Nigerians by the year 2020. The figure translates to about 476 agents per 100,000 adults.

Less than five months to the projected deadline, Nigeria’s financial institutions have however enrolled a joint 65,753 mobile agents, data obtained from the Nigeria Interbank Settlement System (NIBSS) showed.

This is 86.85 percent less than the 500,000 mobile agents which are going to serve about 105 million adult Nigerians. If the industry regulator is to meet the target by 2020, it would have to enroll about 434,247 agents in five months.

According to data by EFInA, a huge population of Nigerian adult still lack access to financial products and services. The number is however highest in the northern part of the country.

Compared to other regions of Africa’s most populous nation, the northern part of the country reported more unbanked people owing to high illiteracy level, insurgency in some parts of the region coupled with high poverty rate, as compiled from BusinessDay survey.

“Currently we have up to 9,000 agents specifically in the northern part of the country and the same thing goes for the statistics of our ATM,” Adeduntan said.

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Abdulkabir Aliu at 50: A Golden Journey of Vision, Excellence, and Service -Kayode Alfred

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Abdulkabir Aliu at 50: A Golden Journey of Vision, Excellence, and Service -Kayode Alfred

Abdulkabir Aliu at 50: A Golden Journey of Vision, Excellence, and Service
-Kayode Alfred

 

Today, as Abdulkabir Aliu, the visionary founder and CEO of Matrix Energy Group, marks his 50th birthday, a wave of celebration sweeps across Nigeria and beyond. From the corridors of power to the hearts of communities he has touched, Aliu’s journey is hailed as a testament to brilliance, resilience, and boundless generosity. It is a moment not just to honor a man but to reflect on a legacy of transformation that has shaped industries and uplifted lives.

Abdulkabir Aliu at 50: A Golden Journey of Vision, Excellence, and Service
-Kayode Alfred

Born into a Nigeria striving for greatness, Aliu has become one of its brightest beacons. At 50, he embodies the golden age—a point where wisdom meets vigor, where achievements inspire and the horizon stretches toward even greater heights. Under his leadership, Matrix Energy Group has emerged as a colossus in Nigeria’s energy landscape. From oil and gas logistics to LPG distribution, shipping, and fertilizer blending, the breadth of his enterprise reflects a mind unbound by limits and a heart committed to national growth.

President Bola Ahmed Tinubu’s tribute captures the essence of Aliu’s impact: a transformative force not only in energy but in the social fabric of the nation. “Abdulkabir Aliu exemplifies the spirit of resilience, innovation, and service that elevates communities and strengthens our nation,” the President remarked, lauding his extraordinary contributions to Nigeria’s economic and social progress.

But Abdulkabir Aliu’s achievements go beyond boardrooms and balance sheets. His philanthropic endeavors speak of a man who understands the deeper purpose of success. In Maiduguri, his vision gave rise to a state-of-the-art Kidney Complex, a beacon of hope in a region often in need. At the Obafemi Awolowo University Teaching Hospitals Complex, his generosity has restored dignity and life through the renovation of healthcare facilities. Over 4,000 scholarships bear his name, a lifeline to students whose dreams might otherwise have withered. Women empowered through his skills training and financial support carry forward his legacy of compassion and opportunity.

In a nation too often plagued by fleeting promises, Aliu stands as a pillar of integrity and vision. At 50, he is not merely celebrating years but the culmination of dreams fulfilled and the promise of dreams yet to come. Abdulkabir Aliu is a living testament to what it means to be a leader, a benefactor, and above all, a patriot. As Nigeria raises its glass to toast his golden jubilee, one thing is clear: his legacy is only just beginning.

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UK-Based Nigerian Pastor Not Facing Deportation Over Alleged £1.87m Mismanagement – Lawyer

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UK-Based Nigerian Pastor Not Facing Deportation Over Alleged £1.87m Mismanagement – Lawyer

UK-Based Nigerian Pastor Not Facing Deportation Over Alleged £1.87m Mismanagement – Lawyer

 

Dele Olawanle, the lawyer for UK-based Nigerian pastor Tobi Adegboyega, has refuted claims that the British government plans to deport the cleric over allegations of mismanaging £1.87 million in church funds.

Recent reports alleged that SPAC Nation, a church founded by Adegboyega, was shut down by UK authorities following accusations of financial mismanagement and lack of transparency. Reports also claimed that a British immigration tribunal had ruled for Adegboyega’s deportation after concluding investigations.

A report by The Telegraph stated that “various manifestations of [Adegboyega’s] church have been closed down by either the Charity Commission or the High Court due to financial concerns and lack of transparency.” The report also included allegations of unethical fundraising practices, including encouraging impoverished young members to take out loans, commit benefit fraud, and even sell blood to make donations.

Despite these allegations, Olawanle, in a statement shared on his social media account on Wednesday, strongly denied the claims of deportation.

“People have inundated me with calls and messages since last night. I couldn’t stop laughing when I read that Tobi Adegboyega faces deportation from the United Kingdom,” Olawanle said. “The newspaper that carried this news was ignorant of basic immigration law. Deportation is for criminals, and Pastor Tobi is not one. He has lived in the UK for over 20 years without any criminal conviction and has contributed significantly to the British community.”

Olawanle clarified that although SPAC Nation faced scrutiny from the courts and the Charity Commission, Adegboyega himself was not found guilty of any personal wrongdoing.

He further criticised the spread of sensationalism and misinformation, particularly from members of the African community and other clerics, saying, “Many adversaries, including so-called pastors, are quick to make ignorant comments without facts. It’s disheartening to see people take joy in others’ struggles.”

Olawanle concluded by emphasizing Adegboyega’s resilience and contributions, stating, “He has faced many challenges but remains a winner. The joy some derive in seeing others go down reflects a societal problem.”

Despite the controversy, the pastor has reportedly been lauded for his work by notable figures, including former Prime Minister Boris Johnson and senior officials within the Metropolitan Police.

The statement underscores Adegboyega’s continued commitment to his community and dismisses ongoing reports as baseless.

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Atiku Urges Immediate and Unconditional Release of Dele Farotimi

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Atiku Urges Immediate and Unconditional Release of Dele Farotimi

Atiku Urges Immediate and Unconditional Release of Dele Farotimi

 

Former Vice President, Atiku Abubakar, has called for the immediate and unconditional release of Dele Farotimi, a lawyer and human rights activist.

Farotimi was arrested on Tuesday in Lagos on charges of criminal libel, as disclosed by fellow human rights lawyer, Femi Falana.

In a statement issued personally on Wednesday in Abuja, Atiku condemned the arrest, describing it as both unacceptable and unjust. He expressed concern over the nature of the charges, noting that defamation, in most cases, does not warrant the involvement of law enforcement. “The police’s intervention in such matters is nothing more than using a sledgehammer to kill a fly—an overreach of immense proportions,” he stated.

Atiku further condemned the arrest as part of a broader agenda to suppress fundamental freedoms, particularly the right to free expression, which he argued is a direct affront to democratic principles. “The objective is clear: to intimidate and silence dissent, particularly from citizens and the media, ultimately paving the way for the establishment of a one-party state,” he said.

The former presidential candidate for the Peoples Democratic Party (PDP) emphasized that freedom of speech and association are constitutional rights, not privileges. He added that if someone feels defamed, they should seek redress through the courts, not through state power.

Atiku pointed to his own experience in 2019, when he was defamed but chose to take the matter to court instead of involving law enforcement. “It is an appalling abuse of power to use the police for personal vendettas,” he said. “Therefore, I call for the immediate and unconditional release of Farotimi.”

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