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FirstBank Raises the Bar in New CEO Appointment, Others  

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FirstBank Raises the Bar in New CEO Appointment, Others

 

 

The appointment of Mr. Gbenga Shobo as new Managing Director/CEO designate of First Bank Nigeria Limited on Wednesday by the Board of Directors of the Bank has been commended by industry stakeholders who said with the appointment, the Bank will no doubt raise the bar in delivery of financial services to its teeming customers.

 

Recall that the Board of Directors of the Bank, at its meeting on Wednesday, while announcing Shobo’s appointment, said the decision has proven the resilience of its succession planning mechanisms and the value the Bank places on long-standing corporate governance practices, which underpin its enduring sustainability.

 

Industry stakeholders while welcoming the appointment, praised the Bank for the smooth transition, adding that with his wealth experience, the new Managing Director/CEO designate will take the Bank to greater heights.

 

They commended the Board of the Bank for the visionary role it continues to play in ensuring that the institution remains the industry leader.

 

Speaking on the development, an Ibadan based legal practitioner, Mr. Olawale Toyin, said the Board of the Bank by the appointment of Shobo has kept faith with succession tradition it set in place some years ago, adding that Nigerians expects nothing short of excellence from the foremost financial institution in the country.

 

He stressed that having been part of the top management of the Bank, the new CEO will not only continue the good work left behind by the immediate past Managing Director/CEO of the Bank, Dr. Sola Adeduntan, but will improve on it.

 

A Stockbroker, Nnamdi Ajuzie, while stressing that Shobo’s appointment will surely rub off positively on FirstBank having garnered experience over the years courtesy of the top management positions he held prior to his latest appointment, traced the success recorded by the banking giant to the quality of persons on its board which he described as exceptional personalities.

 

According to him, the visionary disposition of the present board of directors resulted in the creation of the position of the Deputy Managing Director which was introduced at the exit of Mr. Bisi Onasanya as MD/CEO.

 

The creation, Ajuzie said, has helped in no small way to stabilize the Bank’s succession process, adding that with Gbenga Shobo who served as DMD to Dr. Sola Adeduntan, outgoing MD/CEO, now in the saddle, the Bank will continue to set the pace in the delivery of financial services to customers.

 

“In this seamless transition which has seen Mr. Gbenga Shobo emerge as MD/CEO and Abdullahi Ibrahim who had previously worked very closely with him becoming the DMD, FirstBank will continue to take the lead in meeting the ever-growing needs of its customers. The appointment of the two portends a great working relationship within the Bank,” he stated.

 

Ajuzie commended the outgoing MD/CEO of the Bank, Dr. Adeduntan, for the achievements he recorded while at the helm of affairs of the financial institution, adding Shobo’s appointment will ensure continuity and stability.

 

“The outgoing MD/CEO certainly recorded great achievements which the incoming MD/CEO will build upon to take FirstBank to higher heights. I have no doubt that with the appointment of Shobo as MD/CEO, the FirstBank Board has once again shown that it believes in continuity of the great things undertaken by Adeduntan as MD/CEO as well as disposition to explore new areas. This appointment is well thought out and bound to rub off positively on FirstBank,” he added.

 

The Daily Times recalls that alongside the appointment of Shobo as MD/CEO, the Board of FirstBank also announced the appointment of Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs. Bashirat Odunewu were also appointed as Executive Directors.

 

These decisions are subject to all regulatory approvals, the Bank added.

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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