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FirstBank Cardholders Records N1.18trn in Transactions Value during Lockdown

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ADEDUNTAN: FIRSTBANK IS FUTURE-PROOF AND REMAINS COMMITTED TO THE GOLD STANDARD OF EXCELLENCE IN BANKING

Since its establishment in 1894, FirstBank has consistently built relationships with her customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and effective leadership. These, amongst others, are the reasons the Bank has dominated the financial market for over 126 years.

The Bank has led the financing of private investment in infrastructural development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialization schemes, and entrenchment of the cashless policy which gave rise to electronic cards being a veritable entity in the day to day transactions among the bank’s customers. Consequently, the use of its wide range of cards, developed with the ‘man on the move’ in mind, come with far reaching benefits and rewards, connecting the remotest of places even as the world is plagued by the novel Corona virus disease today.

The world as we know it today, is a global village, and its connectivity is at the tip of an individual’s finger. That aside, it also revolves around the use of ‘ordinary’ but highly customised cards and FirstBank is a confirmed Leader in this space. There’s no gainsaying the fact that for 126 years and counting, FirstBank, Nigeria’s premier bank, with accolades and awards trailing its existence, has continued to blaze the trail in certainly every financial innovation. And as the name signifies, has continued to be the first in virtually everything banking and finance. Little wonder that in December 2015 and May 2016, FirstBank was named the first financial institution in the country to achieve sustained alternative channels transaction volumes of 100 million transactions. Subsequently in 2017, the Bank also attained the Milestone of 10million card base, a feat that is first of its kind in West Africa and Second in Africa.

There is hardly any banking innovation, which is not traced to the company that has overtime woven itself into the very fabric of the society. Commenting on FirstBank’s strides, the Chief Executive Officer, Dr. Adesola Adeduntan, disclosed that the bank’s 53, 000 agents across the country processed about N512 billion worth of transactions with differing values while the lockdown lasted. He noted that the bank was “able to actively support her customers, their families and businesses through these challenging times.” This is nothing short of the FirstBank advantage.

Adeduntan reiterated the faith Nigerians have in the use of FirstBank cards, saying that during the period of the lockdown, Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18 Trillion as they relied on the Bank to settle their banking needs. In addition, the Bank’s CEO noted that approximately 12.6 million withdrawals to the tune of N156 billion were carried out across FirstBank’s ATMs nationwide. 

“Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our digital channels. We have also recorded over 275,000 new sign-ups to alternative channels covering our Firstmobile, USSD and First-Online platforms,” the CEO informed.

While calling on lovers of stress-free banking to get on board, the FirstBank CEO further assured existing customers of the bank’s relentless efforts to ensure that banking transactions continue seamlessly, adding that COVID-19 will not slow down her activities and efforts at staying true to her brand promise to her customers. 

FirstBank cards come in a wide range of categories, each fulfilling tasks that are better imagined, but nevertheless are flexible and offer comfort, stress-free banking and wholesome peace of mind. It is therefore not a coincidence, that FirstBank is and remains Nigeria’s highest card transacting bank; a product of carefully thought out process, hard work and the quest to keep its customers first in all things. This is especially important at a time when movement and business activities were largely hampered by the lockdown, with the maintenance of social distance and the potential increase in the use of the Bank’s alternative channels – which is facilitated by its cards – for various transactions and business activities, thus staying safe to win the fight against the COVID-19 pandemic.

The range of cards available to customers of FirstBank are categorised into three broad groups, viz; DEBIT, CREDIT and PREPAID Cards. The grouping covers outstanding cards offerings such as Naira MasterCard, Verve Card and the pioneering Visa Multi-Currency Card. Others are Expressions MasterCard, Platinum MasterCard, Visa Infinite Credit Card, Visa Gold Credit Card, Naira Credit Cards (Visa Classic and Platinum), Visa Prepaid Card and Verve Prepaid Card.

FirstBank’s Naira MasterCard & Verve Card are Secured by Chip & PIN technology with local POS/Web limit increase available upon request. The Naira denominated MasterCard comes with various benefits such as online purchases, bills payments and cash withdrawals at ATMs world-wide. The various transaction limit(s) on Naira MasterCard issued by the Bank are N150,000 for ATM transactions, N2,500,000 for POS and N1,000,000 for Web transactions.

The FirstBank Verve Debit Card works with Chip and PIN technology to secure transactions. It allows the cardholder to conveniently pay for goods and services and is accepted by all ATMs, POS, Web, Mobile, Kiosk, and Bank Branch connected to the Interswitch network in Nigeria. It is available to all account holders and enables daily transaction limits of N150,000, and N500,000 on ATM and POS channels respectively. Customers can transact up to N1 million on the Web in a single transaction.

FirstBank cards also offer the Card Protection Transactions feature, which allows the cardholder to activate or deactivate it for all types of transactions, channels and locations, through the Card-in-Control Service on the Firstmobile app. The steps are few and simple:  On the Firstmobile app, go to Self Service > Card Services and choose card type (Debit, Credit, or Prepaid) to be activated or deactivated.

Another card innovation service by FirstBank is the Visa Gold Card, which offers higher daily spending capacity and limit on ATM, POS and Web. With the Visa Gold Card, the customer is assured of $1,000 daily ATM withdrawal, $10,000 POS transaction and $5,000 on the Web at any location around the world. It is a dollar denominated international Premium Credit Card issued in partnership with Visa International.

Moreso, it guarantees access to international emergency services such as Emergency Card Replacement & Emergency Cash Advance in situations where the card gets lost or damaged. The Visa Gold card comes handy when making airline bookings with its smooth seamless purchase options.

Yet another, among the FirstBank’s super cards, is VISA Debit Multi-Currency Card. It is by all intent and purpose, the first of its kind to be offered by any financial institution in Nigeria. It is an enhancement to the existing Visa Debit Dual Currency card and can be linked to any or all NAIRA, USD, EURO and GBP accounts. It is an international card with Chip and PIN technology which can be used to make payment anywhere in the world and across all channels – ATMs, POS & Web. With the Visa Debit Multi-Currency card, cardholders can make daily withdrawals to the tune of N150,000 (local) and $1,000 (international) from the ATM. However, on the Web, a total of N1,000,000 is permitted locally while $6,250 is allowed on the international corridor daily. POS transaction limit is N2,500,000 (local) and $2,500 (international).

The Platinum Debit MasterCard is a premium Debit Card denominated in Naira. It is linked directly to a customer’s Naira denominated Current and/or Savings account. It offers a convenient alternative to the use of cash, and cheques by giving direct access to funds in cardholders’ accounts across all channels like ATM, POS, and WEB etc.

Like other card types, its transactions are easily monitored via the FirstBank FirstMobile App or FirstBank Internet Banking service and offers 24-hour access support for all card-related complaints through First Contact. It is a card linked to a Naira denominated account, and it is valid for three years.

It is designed to suit the lifestyle of senior and management executives of multinational companies and leaders across various industries and sector of the global economy. Its daily limits include; ATM: N300,000; POS: N3million; Web: N2,000,000 as well as Cross-border TXN limit: $500 monthly.

For a brand that has consistently remained on top of its game, FirstBank Cards have received global recognition, as well as multiple honour for its reliable and trusted services.

Speaking further, Adeduntan highlighted that the contactless capability of the bank’s Visa and MasterCards support less human-to-human contact in executing transactions, in the same way that the Debit Cards have remained the base channel for self-onboarding to any digital channel such as USSD, Firstmobile, FirstOnline etc. It is therefore, imperative that customers get a Debit Card because of its peculiar nature to get enrolled on FirstBank’s digital channel for the best of services.

FirstBank’s benevolence did not end with making cards available to customers, but has initiated value added services attached to the cards including ‘discount at Merchants location such as Jumia Friday, Health Plus, among others. These are, without an iota of doubt, exclusive to FirstBank cardholders. This is why you must get your card(s) if you are yet to. Email us at [email protected], or call your Relationship Manager/Private Banker for whatever card options you require.


​​
​No lockdown on FirstBank alternative channels. Sign up for FirstMobile, 
​FirstOnline, *894# and FirstBank cards today!
​#EnablingYou

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Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre

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Amnesty International Criticism Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre ...advises Amnesty International to Fold Up Voluntarily

Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre

…advises Amnesty International to Fold Up Voluntarily

The African Centre for Human Rights and Rule of Law has criticized Amnesty International following its latest report, which alleged that up to 10,000 individuals have died in Nigerian Army custody since the onset of the Boko Haram insurgency.
Amnesty International Criticism Allegation of 10,000 Deaths: Amnesty International Past Its Prime – Centre ...advises Amnesty International to Fold Up Voluntarily
Grace Ameh, Head of the Centre, described Amnesty International as an organization that has outlived its relevance. She argued that instead of attempting to use Nigeria to repair its tarnished global reputation, Amnesty International should focus on voluntarily shutting down. Ameh asserted that the group has failed to prevent genocides globally and has become ineffective in its operations.
Reacting to the report in Abuja, Ameh stated, “The organization has become a shadow of its former self. It lacks creativity in its strategies and aims to distract the military from securing Nigeria from terrorists.”
She added, “One would have thought that Amnesty International would have moved beyond deploying blatant lies, fake news, and baseless allegations in its work in Nigeria. Instead, it has issued this misleading report to undermine the military’s efforts to liberate citizens held captive by Boko Haram terrorists.”
Ameh emphasized that Nigerians must recognize the transformation of their military into a professional fighting force that adheres to human rights, the rule of law, and global best practices. She argued that Amnesty International’s claims are inconsistent with the military’s demonstrated commitment to accountability and transparency.
“The Nigerian military operates under strict rules of engagement and complies with international human rights standards. Amnesty International has failed to substantiate its claims with credible evidence and has ignored the complexities of Nigeria’s security situation,” she said.
Ameh criticized Amnesty International for disregarding the Nigerian government’s efforts to investigate and address reported abuses. She challenged the organization to focus on global crises like the conflicts in Gaza and Ukraine rather than treating Nigeria as a convenient target to bolster its image.
“Amnesty International continues to recycle discredited reports under new titles and manipulated contexts while neglecting human catastrophes unfolding elsewhere. Its failure to contribute meaningfully to global issues has led to this misplaced attack on Nigeria,” Ameh said.
She urged Amnesty International’s Nigeria office to redirect its efforts toward addressing internal issues, including recent allegations of fraud and collusion with terrorists by former staff members and whistleblowers.
“Instead of perpetuating false narratives about Nigeria, Amnesty International should reflect on the revelations of misconduct within its ranks and take steps to regain credibility,” she concluded.

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As Wale Edun Re-awakens an Economy on the Edge of Collapse

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As Wale Edun Re-awakens an Economy on the Edge of Collapse

As Wale Edun Re-awakens an Economy on the Edge of Collapse

When President Bola Tinubu appointed Olawale Edun as Nigeria’s finance minister and coordinating minister of the economy in August 2023, many analysts wondered how he, alongside his colleagues in the fiscal and monetary authorities, would rejig an economy on the edge of total collapse.

As Wale Edun Re-awakens an Economy on the Edge of Collapse

A few months before the appointment was announced, Tinubu had just won a brutally disputed February 2023 presidential election, which was being challenged by his main opponents in court at the time. Vice President Atiku Abubakar, candidate of the People’s Democratic Party (PDP) and Peter Obi, the candidate of the Labour Party, both came second and third in the keenly contested elections. Both men claimed that the elections were rigged, and that Tinubu should be so removed from office.

Although Tinubu’s elections would later be confirmed by the election tribunals and the Supreme Court, the administration at the time faced serious legitimacy issues.

In that sense, among market analysts and economic experts, Wale Edun’s job was considered near-impossible.

It is important to state clearly that the scepticism that trailed his appointment didn’t stem from any doubt about Wale Edun’s expertise and competence to drive the reform; far from it!

In fact, he came very prepared for the job, as results of the past few months have shown.

Olawale Edun has a background in merchant banking, corporate finance, economics and international finance at both national and international levels. He is a former Chair of ChapelHillDenham Group, Lagos, a leading investment bank. He was an executive director of Lagos merchant bank, Investment Banking & Trust Company Limited, now Stanbic IBTC. He is also the Chair of Livewell Initiative, a not for profit organisation that specialises in health literacy advocacy and practical training in Nigeria, and a Trustee of Sisters Unite for Children, a not for profit institution that focuses on helping street children in Lagos.

But there were just too many hurdles for the President Bola Tinubu government to cross at the time, amid poor fiscal position, widespread poverty, dwindling revenues and drifting economy.

At the time of Edun’s appointment, Nigeria’s inflation rose to an 18-year high in July 2023. The country also faced widespread insecurity, mounting debt burden, high unemployment and slow growth which stoked tension among the population already struggling with a high cost of living.

To rejig the economy, Tinubu decided to embark on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing exchange rate restrictions.

Consequently, the naira weakened to record lows amid sky-high inflation and poverty.

Gains of Reforms

But in recent months, the pains witnessed by Nigerians seem to be paying off gradually as the gains of reforms are now manifesting.

Nothing demonstrates the confidence being restored in the local economy like how Nigeria recently achieved a milestone with its first-ever domestic dollar bond, which was oversubscribed by 180%.

Initially aiming to raise $500 million, the government finally secured $900 million in commitments. This result surprised many, given Nigeria’s fragile economic situation.

Wale Edun described the bond as a landmark for the country’s domestic market, adding that this success demonstrates investors’ confidence in the country’s ability to turn the economy around.

The bond, with a 9.75% coupon paid semi-annually over five years (an effective rate of 9.99%), is aimed at financing strategic projects in key sectors such as energy and infrastructure. The bond is part of a broader $2 billion program registered with Nigeria’s Securities and Exchange Commission. According to the terms of the issuance, the government has the option to absorb additional subscriptions up to the program’s full $2 billion limit.

The 180% oversubscription was indeed a major victory, drawing interest from Nigerian investors, the diaspora, and international institutions.

But before then, there has equally been some gains in the economy, all pointing towards Edun—-and indeed Tinubu’s—-rejig of the economy.

Already, the Federal Government no longer depends on the Central Bank of Nigeria (CBN) to fund its emerging obligations,a major part of the fruits being yielded by ongoing efforts to improve efficiency and ramp up revenues.

In September, Edun said the government has exited the use of Ways and Means advances for meeting emerging financing obligations, a practice that had been rampant until recently.

Within the periods, the federal government through the Central Bank of Nigeria cleared all outstanding matured and verified FX backlogs totaling $6 billion owed to various creditors, including foreign airlines.

All of the payments were without any depletion in the nation’s foreign reserves. Rather, the reserves have risen to a high of $41 billion, even as the nation remains at a far better fiscal position than it was before the new government came in, now meeting its obligations to creditors without hassles.

In recent months, it has become equally obvious that government was working to plug all loopholes and optimise Nigeria’s financial potential by ensuring that the country’s sovereign assets are fully harnessed for growth and development. Nigeria has huge stranded assets, which the government is expected to unlock to boost its financing liquidity, and efforts are being directed towards this path in recent months.

Another major gain of the government’s macroeconomic reforms is that the country now records a monthly net inflow of about $2.35 billion into its foreign exchange (forex) reserves in the recent months, an inrease that has contributed significantly to the stability of the naira in the forex market. Consequently, between Monday and today, Wednesday, the Naira has gained over N140 in the parallel market while strengthening and stabilizing in the orthodox market.

One equally important development that demonstrates the efficacy of Edun’s managerial competence was evident in the recent endorsement of the economic reforms by the International Monetary Fund. In her engagement with President Tinubu in November, the Managing Director of the International Monetary Fund, Kristalina Georgieva, commended Nigeria’s economic reforms under the leadership of Tinubu.

The IMF chief highlighted the progress made by Nigeria in its quest for economic stability and assured that the IMF remains strongly committed to supporting Nigeria on its path to recovery and sustained development.

What all of these have shown is that while reforms championed by Edun, Cardoso and others can be painful and tortuous, the gains can only reset a collapsing economy and fix a better future for younger Nigerians.

Like Georgieva said, the reform will surely “accelerate growth and generate jobs for its (Nigeria’s) vibrant population.” Surely, Wale Edun and others deserve all the support they can get.

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NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

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NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

NAFDAC Begins Crackdown on Alcoholic Beverages Below 200ml

 

The National Agency for Food and Drug Administration and Control (NAFDAC) has launched an enforcement campaign against the sale of alcoholic beverages in sachets and PET bottles below 200ml.

The enforcement began at Rumuokoro Market in Port Harcourt, Rivers State, where large quantities of the banned products were discovered in two shops. A statement by the South-South Zonal Director of NAFDAC, Pharm. Chukwuma Oligbu, and signed by the zone’s Public Relations Officer, Cyril Monye, confirmed the operation.

The seized items included hundreds of cartons of alcoholic drinks in sachets and PET bottles. Efforts to remove the products were met with resistance from traders, who reportedly obstructed the exercise.

Background on the Ban

Pharm. Oligbu explained that manufacturers were given a five-year grace period, starting in 2018, to phase out the production of these beverages. This period ended in December 2023, with the official ban announced in February 2024 by NAFDAC’s Director-General, Professor Mojisola Adeyeye.

“The ban was a decision of a federal government multilateral committee involving all stakeholders. NAFDAC will not tolerate the continued endangerment of young Nigerians through the consumption of these spirits,” Oligbu stated.

Warning to Manufacturers and Traders

The statement reiterated that manufacturers must halt production of the prohibited products. NAFDAC vowed to intensify its crackdown, targeting supermarkets, shops, and street vendors across the country to seize banned items.

This action is part of NAFDAC’s broader efforts to safeguard public health and address the dangers posed by the consumption of high-alcohol-content beverages in sachets and small containers.

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