Business
EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON
Published
8 hours agoon
EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON
Building on its long-standing presence in sub-Saharan Africa, First Bank of Nigeria Limited is gearing up for its next growth phase as financial systems across the continent open up to new opportunities.
More than a decade after an acquisition spree that boosted its footprint in sub-Saharan Africa, First Bank of Nigeria Limited is looking to expand into several other countries, including Ethiopia, Angola and Cameroon.
“There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up,” Deputy Managing Director, Ini Ebong told The Africa Report in December on the sidelines of the Africa Financial Industry Summit (AFIS).
“So, you look at countries like Ethiopia and Angola. In francophone West Africa, we want to expand our presence in places like Côte d’Ivoire and Cameroon. The market opportunity is there, and we seek to continue to exploit it,” said Ebong.
Ethiopia, Africa’s second most populous country, is poised to partially open its banking sector to foreign banks following a vote by lawmakers in December. The new banking law, passed by a majority in parliament, allows foreign banks to open subsidiaries in Ethiopia. Foreign firms will only be allowed to own 49% of shares, according to the Ethiopian news magazine Addis Standard.
Speaking during a panel session at AFIS, Ethiopia’s central bank governor Mamo Mihretu said the country had been working on the legislation that would finally open the banking sector to foreign competition over the past one year.
After the ratification of the legislation by the parliament, the largest economy in East Africa is “open for business” for any banks looking to come into the country, according to Mihretu.
Previously the executive director in charge of treasury and international banking before his appointment in June 2024, Ebong said that there are growing opportunities in markets across the continent with the expansion of financial systems similar to “what we saw in the early 2000s in some of the larger African markets”. “We believe it is an opportune time to take part in the phase of growth that we see,” said Ebong.
‘Strong franchise’
FirstBank, which has been operating in Nigeria for 130 years, began establishing subsidiaries in other African markets in 2011, when it acquired Banque International de Credit, one of the leading banks in Democratic Republic of Congo.
In November 2013, it snapped up the subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana and Guinea. It went ahead to purchase ICB Senegal the following year, completing its acquisition of West African assets and operations of ICBFGH.
FirstBank also has a subsidiary in the United Kingdom with branches in London and Paris, France, as well as a representative office in Beijing, China. Its parent company FBNHoldings saw its pretax profit for the first nine months of 2024 soar to N610.86bn ($395m) from N267.88bn in the corresponding period a year earlier.
Fitch Ratings said in July last year that FirstBank, Nigeria’s third-largest lender, represented 10.7% of banking system assets at the end of 2023. “Its strong franchise supports a stable funding profile and low funding costs. Revenue diversification is significant, with non-interest income typically exceeding 40% of operating income,” it said.
Culled from The Africa Report
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Bank
Fidelity Bank Supports Improved Maternal Health in Lagos
Published
5 hours agoon
January 9, 2025Fidelity Bank Supports Improved Maternal Health in Lagos
Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.
The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.
Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.
Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”
Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths. In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria. This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”
Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”
“On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center. We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.
On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.
One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels. The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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Business
ABRIDGED PROFILE OF CHINEDU NSOFOR (CEO, WORKWIS GROUP)
Published
2 days agoon
January 7, 2025ABRIDGED PROFILE OF CHINEDU NSOFOR (CEO, WORKWIS GROUP)
Chinedu Nsofor is a Professional Social Worker, a Seasoned Technocrat, an International Development Expert, a Change Agent, a Media Guru/Wikipedian, and a Versatile Project Management Expert with a passion for developing and implementing programs and initiatives that touch lives and impact different segments of society, focusing on bringing about massive change, especially in Africa.
He holds an M.Sc. in Social Work, specializing in Industrial Social Welfare from the Ladoke Akintola University of Science and Technology, Ogbomosho, Oyo State, and a B.Sc. in Social Work from the University of Nigeria, Nsukka.
As a Media Guru/Wikipedian, he is the Founder/CEO of WORKWIS Media Ltd., a leading and reputable media outfit in Nigeria and Africa.
As an International Development Expert, he is currently the Country Director of Rapid Heal Nigeria, a leading wound and skincare treatment company with its global headquarters in Malaysia. Prior to assuming this role, he served as the Country Programs Director (Nigeria) and Africa Director of Asia Pacific Sports International, a reputable sports business and management firm headquartered in Malaysia, with branches in Singapore and other Asian countries.
As a versatile Project Management Expert, Chinedu has coordinated over 50 impactful programs at national, regional, and state levels in Nigeria, touching the lives of over 50,000 Nigerians. Some of these include:
Coordinator of the IMOFINTECH Program for 5,000 Imo youths, organized by the Imo State Government in partnership with Iwuanyanwu Foundation (October–December 2019).
Program Coordinator of safety training for ambulance drivers in Southeast Nigeria during COVID-19 (2021).
Coordinator of the Central Bank of Nigeria-Southeast Entrepreneurship Development Centre’s Program, Owerri Study Centre (2018).
Program Coordinator of the maiden edition of the Inter-secondary School Debate Competition for all secondary schools in Abuja (2018), organized by the Federal Road Safety Corps in partnership with Iwuanyanwu National Ambulance Foundation.
Coordinator of the 2017 Accident-Free Ember Month Program of the Federal Road Safety Corps (Owerri Safety Command) and Iwuanyanwu National Ambulance Foundation.
Program Coordinator of the Imo State and Ebonyi State Free Automobile Training Program, organized by Innoson Kiara Academy in partnership with Iwuanyanwu Foundation and the governments of Imo and Ebonyi States (2021).
Coordinator of the Free Physiotherapy Treatment Intervention Program for arthritis, neck pain, back pain, and waist pain patients in Ikeduru LGA, Imo State (December 3–4, 2021).
Co-coordinator of the Chartered Institute of Personnel Management Program, Abuja Study Centre (April–December 2015).
Co-coordinator of the 20-day NAPSAS/National Power Training Institute Program in Abuja (May 2015).
Co-coordinator of the National Power Training Institute of Nigeria (NAPTIN)/SURE-P TVET training for graduate engineers in Lagos (February–March 2015).
Coordinator of the second edition of the seven-day “Work While in School Conference” at UNN, attended by about 3,000 students, organized by the Work While in School Foundation in partnership with the Institute of African Studies, UNN.
Project Coordinator of the Global Impact Show organized by Great Minds International and powered by the Faculty of Social Sciences, UNN (2012).
As a student leader/Igwe of the Faculty of Social Sciences, UNN, he organized the Faculty’s New Yam Festival in 2010, an event attended by the Senior Special Assistant to the President on Special Duties and other national dignitaries.
Coordinator of the first “Work While in School Conference” at UNN (2011) for over 4,000 third-year students, organized by the Work While in School Foundation in collaboration with the Centre for Entrepreneurship and Development Research, UNN. This program is recorded as the largest student entrepreneurship conference in the history of UNN.
Coordinator of the seven-day African Education and ICT Conference, organized by WORKWIS Foundation and the Institute of African Studies, UNN (March 2010). The conference secured a renewal of the ₦5 million annual scholarship grant from the Dr. Sam Onyishi Foundation and attracted a ₦50 million donation to the university. Over 5,000 UNN students from seven faculties were trained in various skills.
Chinedu Nsofor is a man of integrity and deep spirituality, with a steadfast commitment to excellence in all his operations. His words are his bond, and his contributions consistently bring positive transformation to society.
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Business
A Businessman and His Siren: Tunde Ayeni Refutes News of His Fatal Return to Gail Fajembola
Published
3 days agoon
January 7, 2025A Businessman and His Siren: Tunde Ayeni Refutes News of His Fatal Return to Gail Fajembola
The allure of forbidden passion often carries a price, and for Dr. Tunde Ayeni, the once-revered businessman whose rise and fall mirrors the trajectory of a Greek tragedy, the cost has been steep.
Amid the ruins of financial embarrassment, public disgrace, and familial strain, Ayeni has frantically disassociated himself from speculations of his purported return into the arms of the arms of Gail Fajembola, a woman whose name is synonymous with scandal.
In a bid to distance himself from Gail and their controversial past together, Ayeni went as far as instructing his property firm to notify tenants of a choice Ikoyi property that Gail should no longer be allowed to use the address for correspondence. “Dr. Ayeni has nothing to do with Gail’s relocation to Nigeria,” a source close to him declared. “He is focused on growing his businesses and spending quality time with his family and true friends.” Yet, despite these denials and calculated efforts to sanitize his image, insiders whisper of a rekindled liaison between the embattled businessman and his former mistress.
This revelation comes as a shock to many who recall Ayeni’s vehement disassociation from Gail years ago. Back then, he publicly vowed to sever all ties with her, swearing on his children’s lives that he would never return to the woman whose influence nearly dismantled his business empire and marriage. The reasons for this oath were both public and damning: Gail, with her extravagant lifestyle and insatiable demands, had drawn Ayeni into a vortex of corruption and financial impropriety that nearly consumed him.
The Return of the Femme Fatale
Gail Fajembola’s return to the Nigerian social scene, after a five-year sojourn in the United Kingdom, has been met with both intrigue and suspicion. Described by some as a “femme fatale” with a penchant for seducing powerful men, her arrival in Abuja has reignited whispers of her alleged connection to Ayeni. Sources suggest that Gail’s relocation may not be as innocent as claimed, with many speculating that her return signals a calculated move to reclaim her position in Ayeni’s life.
The woman once vilified for the chaos she sowed in Ayeni’s world seems undeterred by past scandals. Gail’s critics describe her as a chameleon—a master manipulator who has left a trail of broken relationships and tarnished reputations in her wake. Despite this, Ayeni appears to remain ensnared by her charms, prompting questions about what compels him to rekindle a relationship that has cost him so dearly.
A Scandalous. History
Gail’s romantic history reads like a cautionary tale of ambition and audacity. Her past liaisons include some of Nigeria’s most prominent men, from a former Senate President to influential oil industry magnates. Yet it is her relationship with Ayeni that has proven the most enduring—and destructive.
During their initial affair, Gail’s extravagant demands reportedly drained Ayeni’s finances and drew him into a web of questionable dealings. Her influence was so pervasive that Ayeni found himself under investigation by the Economic and Financial Crimes Commission (EFCC), with allegations of embezzlement and financial misconduct dominating headlines. The fallout left Ayeni’s reputation in tatters, his businesses struggling to recover, and his family in disarray.
In the years that followed their breakup, Ayeni’s public declarations of remorse and determination to rebuild his life were seen as an attempt at redemption. He sought to distance himself from Gail, focusing on salvaging what remained of his legacy. However, recent developments suggest that Ayeni’s resolve has faltered, raising questions about his judgment and the nature of his relationship with the woman who nearly destroyed him.
Gail’s Calculated Return
Observers note that Gail’s return to Nigeria coincides with a period of significant upheaval in Ayeni’s life. Once a high-flying billionaire, Ayeni’s financial empire has reportedly been reduced to a shadow of its former self. With mounting debts and diminishing influence, Ayeni’s renewed association with Gail appears both illogical and self-destructive.
For Gail, however, the motivations seem clear. Known for her ability to manipulate powerful men, she has often been described as a “hunter”—a woman who thrives on the wealth and influence of her targets. Critics argue that her return is a calculated move to regain access to Ayeni’s resources, despite his precarious financial state.
The Anatomy of Obsession
What drives Ayeni’s apparent inability to break free from Gail’s grasp? Psychologists might label it as a classic case of compulsive attachment, a destructive bond fueled by a mix of passion, vulnerability, and dependency. Others see it as a testament to Gail’s unparalleled skill in exploiting the weaknesses of her partners, drawing them into a cycle of desire and destruction.
For Ayeni, the consequences of this renewed liaison could be dire. Already besieged by financial woes and public skepticism, his decision to re-engage with Gail risks alienating his family and further tarnishing what remains of his reputation. His critics have been unsparing in their condemnation, describing him as a “shameless man” who has returned to his vomit, defying both logic and morality.
Gail, too, has faced harsh judgment, with detractors labeling her as a woman devoid of dignity. Her willingness to endure public humiliation for another chance at affluence has only reinforced her reputation as a manipulative figure, willing to go to any lengths to achieve her goals.
The story of Tunde Ayeni and Gail Fajembola serves as an admonition about the perils of unchecked desire and the corrosive effects of scandal. Their relationship, a volatile mix of passion, ambition, and self-destruction, offers a stark reminder of the dangers of succumbing to temptation.
For Ayeni, the stakes could not be higher. His continued association with Gail risks sealing his fate as a man undone by his own desires. For Gail, the narrative is one of relentless ambition and calculated opportunism, a woman whose pursuit of power and influence knows no bounds.
As their story continues to unfold, one thing is certain: the saga of Tunde Ayeni and Gail Fajembola is far from over. Whether it ends in redemption or ruin, it will undoubtedly remain a stark reminder of the high cost of forbidden love.
Findings reveal that to ensure a clean break from this past relationship, Tunde Ayeni’s property firm recently wrote to the occupants of one of his choice properties in Victoria Island to inform them that Gail Fajembola should no longer be allowed to use the address as her mailing address and should no longer receive her mails through the office address. The correspondence was firm in its assertion that the business mogul and his company no longer have anything to do with Gail. ( letter attached).
To further lend credence to the position that the relationship has since been consigned to the backyard of history, another source disclosed that Dr Ayeni, nowadays, often makes it clear to confidants and close business associates that he was done with the past social life and that the new chapter of his life is focused on expanding and deepening his business interests.
When contacted on the Gail relocation issue and the allegation that he facilitated it, the businessman said: “When will you guys leave me alone and stop disturbing me over mundane issues. I have made it clear, and it is in the media space: I’m done with all these issues of this relationship, that relationship. I have moved on, and I’m not looking back. What you are asking is in the realms of the past, and I’m now focused on the present and the future. Spare me, please. “t and the future. Spare me, please.”
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