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ADESOLA ADEDUNTAN, CEO, FIRSTBANK – HOW TO DO WELL BY DOING GOOD
Published
5 years agoon

I travel to meet Dr Adesola Adeduntan in Edinburgh, where he has been invited to give a keynote address at the Edinburgh School of Business about the role of financial institutions in driving financial inclusion.Fittingly, as you land in Edinburgh, you are greeted by billboards from different investment funds advertising their credentials in responsible and sustainable investment and how environmental, social and governance (ESG) considerations underpin their activities.
With economists and politicians questioning capitalism and the Western liberal model, today the emphasis is very much on a stakeholder-based approach, whereby growth and prosperity is more equally attributed and takes into consideration the needs of the wider community. Sustainable investment has become de rigueur among corporate jargon.
Dr Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria, is a veteran in the Nigerian banking and corporate world. His overriding message, clearly expressed throughout his interview responses, and also at the various talks he gave during the day (at the Business School and at a law firm), is on the importance of doing good if you’re to do well – financially – in Nigeria and indeed, Africa.
A telling sign
FirstBank is actually the oldest bank in Africa. It was established in Lagos in 1894 as the Bank of British West Africa. Last year it celebrated its 125th anniversary. It is also the biggest bank in Nigeria in terms of assets and branch network.
For Adeduntan, a veterinary doctor by training, it becomes clear, once we have settled down for our discussion, that the institution’s longevity is a telling sign: it not only proves the bank’s resilience, it also shows that it has the right structures in terms of governance and the right business model, with the country’s development at its core. The theme of the anniversary celebrations was about how the bank has been woven into the fabric of Nigerian society.
The clear message to the industry is that while it is possible to make a quick buck, you can only enjoy the sort of longevity it has if you conduct your business with the interests of the country at heart.
Nonetheless, it’s apparent Adeduntan does not want to dwell too long on past glories. Using the analogy of a car, he says that there is a reason why the windshield is large whilst the rear-view mirror is small.
The challenge of fintech
As in most sectors, traditional ways of doing business have been coming under increasing disruption from ever-evolving technology. The banking industry is no exception and seems to be under siege from an expanding fintech onslaught.
I ask him if he is worried that non-financial companies will be entering the banking sector, especially given the recent change in regulation by the Central Bank that allows non-traditional finance institutions, namely mobile operators, to enter the fray.
He says he is not worried as his bank has one of the best defined strategies when it comes to financial inclusion and that it has the largest digital banking network in Nigeria.
Much of this has been developed through the bank’s FirstMonie Agents system: 46,000 agents represent the bank across the country. Currently, 9m customers transact on their USSD platform (by mobile phone, both smart and analogue) in addition to 3m customers transacting on the FirstMobile platform.
The agent network, the biggest of its kind in the country, enables the bank to provide services to the most remote rural communities; and because it doesn’t need to have an extensive branch network, it means that these services can be supplied at a fraction of the cost of a ‘legacy’ banking model.
Financial deepening
Adeduntan prefers to use the phrase ‘financial deepening’ when talking about the unbanked. Financial inclusion has increased from the low 20s to approximately 40% in Nigeria over the past seven years and is expected to double to the mid-80s within the next five years.
He says ‘financial deepening’ occurs when financial inclusion starts playing an important role in economic development. It’s about layering additional products on the current agency banking network – services such as micro-credit, micro-insurance and micro-pension.
The aim is to provide value-added services whilst at the same time increasing the savings rate; this aspect, which is critical in driving investment rates, has been one factor behind Asia’s rapid growth.
It is in this area, he says, that the bank has a vital role to play and a distinct advantage over new entrants. Technology, he emphasises, will play a crucial part in broadening financial inclusion. In addition, it is important to partner and collaborate with different stakeholders such as NGOs and other organisations dealing with the bottom of the pyramid, to help them reach out to different groups and also improve financial literacy.
Last year saw a boom in venture capital investment into Nigeria. For example, $400m was invested in a number of fintech start-ups during November alone. Is he not worried that these fintech players, with their lower cost base and ability to use technology, AI and big data to overcome traditional hurdles, are going to take the majority share of the pie when it comes to servicing the unbanked?
He says that will only be the case if the banks do not manage to reinvent themselves. In Edinburgh, he actually spent a large part of his day visiting tech hubs around the university in the city and speaking to fintech companies. FirstBank, he adds, has a number of partnerships with fintechs as well as its own Digital Laboratory developing new solutions for the bank.
Nevertheless, he firmly believes that the ‘legacy banks’ will still continue to play a very central role, especially “in this part of the world where banks are quite dominant and they have significant buying power”.
In terms of settlements and deposits, he sees many of these new players as partners they can work with, even if in some areas they will be competitors.
Scope for growth
Despite the impressive strides made by the banking sector in Nigeria, Adeduntan believes there is still a massive scope for growth for the sector. He points out that none of the country’s top banks have made the Top 10 Banks in Africa list, despite Nigeria being the continent’s largest economy.
He thinks that with the signing of the African Continental Free Trade Agreement, “we are entering a very interesting period for the banking sector, not only in Nigeria but Africa in general”.
On the domestic front, does he expect further consolidation? “Within certain thresholds,” he answers. “Anything that would allow the strengthening of the entire banking sector, I am sure the Governor of the Central Bank would be positive about.”
He also points to demographics and the high rate of the unbanked as great opportunities for the growth of the sector continentally. “According to UNICEF, two billion babies will be born in Africa in the next 30 years,” he says. “And in places like DRC [where FirstBank has a presence] financial penetration is as low as 5%.” Put the two sets of figures together and, in theory at least, you get vast opportunity. But he adds the all-important caveat that demographics are only good if managed properly.
Supporting national champions
It hasn’t all been plain sailing for the bank, however. Adeduntan inherited a bank with several large exposures in the oil & gas and energy sectors, at a time when the oil & gas prices fell considerably, resulting in the devaluation of the naira against the dollar.
He says his management weathered the storm, reduced NPL levels to under double digits, and has strengthened the risk infrastructure, thus enabling the bank to better deal with cyclical downturns in future.
Discussing the role of large companies in the commercial landscape, Adeduntan says it is essential to have big banks like FirstBank, just as it is vital to have national champion companies that have the scale and wherewithal to make transformative investment. Such companies require financial institutions of similar scale to support them. The Dangote Group’s investment into what will become the continent’s largest oil refinery is a case in point, he adds.
Role of the Central Bank
We move on to the regulator and the role of the Central Bank. Does he think that it is too interventionist, dictating how much banks should lend, where they should place their assets?
Adeduntan refused to be drawn into criticism of the regulator, with whom he says he, and other bank CEOs, have a strong relationship. But he did say that the role of a central bank in the development of an emerging economy is clearly different from the role of a central bank in a developed economy.
“It is not unusual that the Central Bank intervenes in critical sectors allied to the loan to deposit ratio. It’s about economic growth; it’s about development; it’s about channelling credit in sectors that are very important for the national economy.
“Let us take agriculture – again, we are one of the biggest lenders into that sector. We found the Central Bank intervention in some of those critical sectors extremely useful and not just for us as a bank, but for the country as a whole. When you look at intervention in agriculture, you have to put it in the context of the size of the population. Nigeria is a country of 200m people today. The business of feeding 200m people is a strategic business. Everything that is being done to ensure that at least we are self-sufficient in food production is strategically important. We find the Central Bank intervention in those areas quite useful and of national importance.”
He reflected the positive attitude of many Nigerian entrepreneurs to the country’s future. He says he has a lot of time for the Economic Advisory Council – composed of credible business leaders and economists – that has been put together by President Muhammadu Buhari. And despite reports that the government is not economy-minded, he thinks that it is a pro-business government.
Ethical banking
It is nearly 10.00 in the evening when we finish our talk, his day having started at 07.30am. We go back to sustainability and the role of financial services to make sure they are lending to institutions that are ethical about their business and operating in a sustainable manner.
He says that the journey has started even if it is still early days. “But ultimately,” he says, “this is where we are headed. The Nigerian Sustainable Banking Principle speaks to this particular question. I think it’s evident from the points that I’ve made today, you can say that FirstBank is a bank that is happy to forego a few basis points in terms of its net margins, if that means it is contributing to development in a more ethical and sustainable way.
“We’ve always made a point that profitability is very important for us at FirstBank, but economic growth and national development is equally very important and speaks to the sustainability question.”
Culled from African Banker
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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Prophet Ogundipe Honors Governor Dapo Abiodun’s 65th Birthday With Gratitude And Blessings
Published
11 hours agoon
May 30, 2025
Prophet Ogundipe Honors Governor Dapo Abiodun’s 65th Birthday With Gratitude And Blessings
Prophet Israel Oladele Ogundipe of Genesis Global Church recently celebrated Governor Dapo Abiodun of Ogun State on his 65th birthday, expressing heartfelt gratitude for the governor’s impactful leadership and unwavering support for the church and the state. Prophet Ogundipe prayed fervently for Governor Abiodun’s continued good health, wisdom, and divine guidance as he marks this significant milestone. The spiritual leader’s tribute is a testament to the governor’s dedication to the well-being of his people and his commitment to developing the state.
The governor has been a beacon of hope and progress for Ogun State, implementing numerous initiatives that have transformed the state’s infrastructure, economy, and social welfare. From improving road networks to promoting entrepreneurship and education, the governor’s policies have had a lasting impact on the lives of Ogun citizens. His commitment to developing the state has earned him widespread acclaim, and Prophet Ogundipe’s celebration is a reflection of the governor’s positive influence on the state.
The relationship between the respected man of God and Governor Abiodun is built on mutual respect and a shared vision for the betterment of Ogun State. The governor has been a strong supporter of Genesis Global Church, often participating in significant church events and initiatives. In return, Prophet Ogundipe has consistently offered prayers and spiritual guidance to the governor, seeking divine favor and protection for his administration. As Governor Abiodun celebrates his 65th birthday, he can look forward to continued blessings and support from the people and spiritual leaders of Ogun State.
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Retired, Not Tired: Buratai’s Fitness Routine Sparks Motivation Nationwide
Published
2 days agoon
May 28, 2025
Retired, Not Tired: Buratai’s Fitness Routine Sparks Motivation Nationwide
After years of distinguished service at the helm of the Nigerian Army, Lt. Gen. Tukur Yusufu Buratai (rtd) is redefining what life after uniform looks like—with energy, discipline, and a commitment to personal wellness.
Recent photos of the former Chief of Army Staff in the gym, widely shared on social media, show a man who has swapped combat boots for training shoes but not his signature resolve. Relaxed yet resolute, Buratai continues to lead by example—this time, in the pursuit of health and balance.
In a caption accompanying the viral images, Buratai emphasized that his workout routine isn’t just about staying fit—it’s about celebrating a life of service with renewed purpose. “This gym walk-out is about more than exercise; it’s about enjoying the fruits of a long, honorable career,” he wrote.
The message has struck a chord. Admirers across the country have commended his discipline and positivity, lauding his transition from top military leadership to a model of healthy living in retirement. For many, Buratai is not just a retired general—he’s now a wellness ambassador.
His journey offers a powerful reminder: retirement isn’t the end, but the beginning of a new chapter—one where growth, self-care, and inner peace can thrive.
Photos and full message available on his verified Facebook page:
Read more here
https://www.facebook.com/share/p/16hgxtnhXu/
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TRUMP, MALEMA, RAMAPHOSA AND THE OVAL OFFICE GRILL by Chief Femi Fani-Kayode
Published
5 days agoon
May 25, 2025
TRUMP, MALEMA, RAMAPHOSA AND THE OVAL OFFICE GRILL by Chief Femi Fani-Kayode
It was quite a show at the Oval office in the White House a few days ago when South African President Cyril Ramaphosa met with American President Donald J. Trump to discuss bilateral issues and world affairs.
It began with Trump’s unsubstantiated and frankly asinine allegation that the white Boers of South Africa are being subjected to mass murder, ethnic cleansing and genocide.
This is not only false but also painfully absurd.
Sadly it did not stop there. Trump went on to assert that Julius Malema, the inspirational charismatic and colourful M.P. and leader and founder of the South African Economic Freedom Fighters (EFF), is a hate-filled black supremacist and racist and a cold-blooded murderer and ruthless terrorist whose intention it is to kill every white person in South Africa.
Needless to say these allegations are baseless and false. The Americans are attempting to give a dog a bad name in order to hang it. It is nothing but yet another well-crafted but unsubstantiated mendacity.
Even though Malema is very vocal and highly controversial he does not strike me as a hater of whites but rather as a hater of injustice, oppression, persecution and institutional racism.
He is a man with a social conscience who speaks for the poor, the weak, the vulnerable and the oppressed and who has constituted himself into a major thorn in the flesh of the political establishment and the ruling elites in South Africa both white and black.
He is very eloquent, well-informed, well-read and quick off the mark and these qualities, coupled with his obvious courage and strength, make him a formidable adversary which every person of class, rank or privilege in his country has every reason to be wary of.
He also speaks a good deal of sense and his passion for truth, justice and equity for the black majority population of South Africa and commitment to the emancipation of the African continent from the forces of imperialism and neo-colonialism cannot be denied.
To millions of South Africans Malema is a deeply courageous, insightful and profound man and possibly the greatest post-Mandela hero and rising star that their nation has ever known.
To add to this millions of Africans (including Nigerians and Zimbabweans) who live in South Africa regard him as a loyal and trusted friend who has always spoken up for them and sought to protect them from the rabid xenophobia that most black South Africans suffer from and who has a strong and commendable Nkrumaist Pan-African vision.
For Trump and his White House to attempt to disparage such a man that brings so much to the table and that has done so much to restore the self-respect and dignity of black South Africans and Africans all over the world simply because he sang an old outdated, pre-independence, apartheied-era, anti-Boer war song at his political party rally is uncharitable and unkind.
To turn down the lights of the Oval office, watch a film on him on television for four good minutes and make him the centre of discussion at a bilateral meeting between the Presidents of two of the most respected nations on earth only proves the fact that he is no longer only an African phenomenon but also a global brand and a rallying point for blacks from all over the world.
To that extent Trump has inadvertently elevated his profile rather than diminish it.
Like in the case of the Biblical Joseph, what Trump meant for evil, God meant for good.
Yet perhaps the most shameful thing that Trump did on that day was not what he attempted to do to Malema but rather the following.
He presented a picture to Ramaphosa and his delegation of what was purportedly “1000 white South African graves with white crosses on them of white South African farmers” that were supposedly “dispossessed of their land by black terrorists” and “murdered in cold blood”.
Contrary to the American Presidents assertions it was later confirmed that the picture was NOT of the graves of white farmers in South Africa but rather of a burial ground in a completely different country called Congo!
One wonders how the President of the most powerful nation on earth could make such an egregious and monumental blunder and indulge in such deceit and doublepeak all in an attempt to humiliate the South African President.
Sadly it didn’t stop there. Trump literally ambushed Ramaphosa, lectured him, bullied him, spoke down to him, accused his Government and people of heinous crimes, kept interrupting him when he attempted to speak, mocked his role as a peacemaker in the Ukraine/Russia conflict and sought to utterly humiliate him.
To behave in this unacceptable manner and indulge in such mendacious falsehood is below any President let alone the most powerful one in the world.
I see the hand of Elon Musk, who himself is a South African and who has not hidden his contempt and disdain for the ANC-led South African Government and Israeli Prime Minister Benjamin Netanhayu, whose Government has been accused by South Africa of genocide and indeed taken to the International Court of Justice and to the International Criminal Court both at the Hague, in all this.
Both must have thoroughly enjoyed the spectacle!
Yet the truth is that even if his predominately white right-wing MAGA base in America may have been excited and thrilled by his proverbial lynching and carpeting of a helpless and whimpering black President at the Oval office it has also alienated a lot of black and particularly African Trumpers like yours truly who have always refused to regard Trump as a racist but rather as a man who was specially chosen, prepared, raised and anointed by God to destroy the American Deep State, to terminate the Godless agenda of the globalists, to stop the wars of the world, to put God at the centre of affairs when it comes to politics and governance, to re-establish and re-instill the Christian virtues and values that America was built on, to break the back of the unholy, Luciferean trinity and anti-Christ philosophy of Obama, Clinton and Biden in world affairs and American politics.
I sincerely hope that we do not end up regretting our support for him but if he continues in this way that support shall undoubtedly dwindle.
Why do I day this? Consider the following.
First it was “let us grab Greenland, Canada, Mexico, the Panama Canal, the Suez Canal and rename the Gulf of Persia”, then it was “let us turn Gaza into an American Riviera”, then it was “let us wage a tariff war against the nations of the world”, then it was “let us alienate and abandon our European allies”, then it was “let us provoke China”, then it was “let us go to the three richest nations in the Middle East and compel their Kings to invest trillions of dollars in America and even give us a new presidentiel jet”, then it was “let us bring the little African leader who leads a country with the largest and most properous economy on his continent to the Oval office, humiliate him before the world and bully him into leaving our white brothers in South Africa alone” and the latest is “let us stop foreign students from attending Harvard University because the authorities of that school have refused to bring to an end the pro-Palestinian
demonstrations that are taking place on campus”.
These actions are increasingly troubling and whether we have hitherto admired, loved and prayed for Trump or not we cannot support a confirmed bully and racist. That would be ungodly.
We cannot support a man that finds it difficult to empathise with the suffering of others or that is fast losing his humanity. That would be incorrigible.
Trump needs to retrace his steps, divest himself of these glaring and obvious symptoms of meglomania, obsessive vanity and extreeme narcissim and get real.
God did not deliver him from the hands of his enemies and make him President to do this sort of nonsense but rather to make America great again and to make the world a better and safer place. If he fails to do this God will leave him, remove him and replace him with another.
Back to the episode at the White House.
Cyril Ramaphosa’s responses to the grilling were equally embarrassing and frankly disappointing.
Most western commentators have described his disposition, body language and reaction as “weak”, “cowardly” and “cringeworthy” and I am constrained to concur.
No President should bow and tremble before another no matter how rich and powerful the latter may be.
In the African context Nelson Mandela would not have done so and neither would Murtala Mohammed, Olusegun Obasanjo, Jerry Rawlings, Thomas Sankara, Ahmed Ben Bella, Muammar Ghadafi, Patrice Lumumba, Gamal Nasser, Sani Abacha, Ibrahim Babangida, Kwame Nkrumah, Muhammadu Buhari, Robert Mugabe, Samora Machel or Ibrahim Traore.
This ritual of inviting foreign leaders to the Oval office like King Hussein of Jordan (who literally had to bow and lick Trumps posterior), President Vlodomer Zelensky of Ukraine (who was insulted, rubbished, humiliated and finally thrown out) and now Cyril Ramaphosa (who was forced to watch an embarrassing scene about his country on television) and belittling and denigrating them must stop.
The humiliation of the South African President particularly was painful for me to watch because of the frightful history of his country and the terrible atrocities and apartheid system that the white Afrikaaner Boers subjected the black Africans to for hundreds of years.
They went through all that and now they have to suffer this in the hands of yet another white man.
This same white minority that oppressed and enslaved them in their own land for hundreds of years control 80% of the economy and own 90% of the land in their country today despite the fact that they only constitute 8% of the population.
These are the people that Trump is claiming are being subjected to genocide and is offering asylum in America.
These are people that in the main and in the past have regarded black Africans as being “no better than animals”.
These are people that practised apartheid and that described black people as the biblical “hewers of the wood and drawers of the water”.
These are the people that once regarded a black man as being a quarter of a human being and that not only refused to have legal inter racial sex or marriages but compelled black people to live in shanty towns that were little better than concentration camps and subjected them to pass laws much in the sane way as the Israelis are subjecting the Palestinians to such inhumanity and degradation today.
If a Nigerian leader had been treated like this at the Oval office and I was in the room believe me all hell would have broken loose and Trump, his VP, his Ministers, his team and the American White House Press Corps would not only have got more than they dished out and bargained for but they would have been given a curt history lesson about the past and present atrocities of their nation and a thorough and precise lecture about the matter at hand.
I am a Trump supporter but in all matters my nation and continent must come first.
I despise the way he bullied Ramaphosa and I hope and pray that if he or any other foreign leader tries this with any Nigerian leader that I am in the room.
The days of talking down to African Presidents are long over.
More importantly the days of cowardly, weak, subservient, spineless, grovelling, corrupt, compromised and ignorant African lichspittles and
quislings who call themselves leaders but who lack self-esteem, self-respect and pride in their people and who have no shame or dignity, who are hopelessly compromised, who have no knowledge of world affairs or world history, who are pawns of the neo-colonialists and imperialists and who have sold their soul and destiny of their nation to the western powers are long over.
This fact can be confirmed by what can best be described as the “Traore spirit” that is blowing into all the nooks and corners of our continent today.
As much as I love and support Trump his attitude and policy on Africa and Gaza leaves much to be desired.
He needs to do better and he must understand that the Palestinians and the Africans, though facing challenges, are far more resilient than his people ever were and come from a far older and greater civilisation than his country ever did.
We may not have their money and power but we have God.
Their time is now but tomorrow belongs to us. That God that put them up there and established their hegemony and empire shall remember us.
We too shall rise and at that time all men shall say that the rejected stone has become the corner stone, that the Lord uses the foolish things of this world to confound the wisdom of the wise and that in truth all things are possible with God.
(Chief Femi Fani-Kayode is the Sadaukin Shinkafi, the Wakilin Doka Potiskum, a former Minister of Aviation and a former Minister of Culture and Tourism)
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