Business
FIRSTBANK SUSTAINS POSITIVE IMPACT, WELCOMES BACK CUSTOMERS
Published
5 years agoon

FirstBank; Nigeria’s leading financial institution and Africa’s Bank of Choice has expressed its appreciation to the public – especially its customers – for their continued patronage of its services during the COVID 19 lockdown, whilst assuring the public that stringent measures have been implemented to ensure its branches and locations across the country operate in line with the health and safety guidelines issued by the Nigeria Centre for Disease Control to mitigate the spread of coronavirus.
Expressing the Bank’s delight at welcoming customers to its branches and locations from Monday, 4 May 2020, Dr. Adesola Adeduntan, the Bank’s CEO noted that these safety measures include ensuring personal protection, as wearing face masks is now mandatory; maintaining social distancing by reducing physical contact by at least one meter from the next person and queue guides and markings are in place to guide customers; as well as enhancing the practice of personal hygiene as hand washing stations and hand sanitisers have been provided.
Speaking on the impact made by the Bank across its sub-Saharan business Dr. Adeduntan said “We are glad that our investment in technology over the years has really borne fruit as many of our staff were able to work remotely during the lock down with effective IT support to hand. We were therefore able to actively support our customers, their families and businesses through these challenging times.
We ensured business continuity across eight countries – Nigeria, Ghana; Democratic Republic of Congo; Sierra-Leone; the Gambia, Guinea; Senegal and United Kingdom. We recognize that this has truly been a trying period and are poised to continue to provide as much support as we can to our customers and communities we operate in”.
Coming back home, the Bank’s Chief explained that during this period it proactively reviewed products and services to support customers better and expressed his appreciation to Nigerians for the whole hearted adoption and patronage of its electronic services, as these indeed demonstrated the trust which the public repose in the Bank and in return the Bank commits to always live by its resolve on being true to its mantra – You First.
He said “It is for this reason; putting our customers first, that our Bank working to regulatory, Federal and State Government directives worked assiduously to keep over 50 percent of our branches open across all nooks and crannies of the country.
At the same time the call centre was restaffed in the most efficient manner and retooled as we provided even more opportunities for our customers to reach us for their banking needs”.
He further provided a snapshot of transactions carried out across FirstBank’s e-banking channels during the five-week lockdown in various parts of the country:
• We recorded approximately 12.6 million withdrawals amounting to about N156bn across our ATMs well placed across the country.
• Nigerians with FirstBank cards used them 105 million times to make payments or withdrawals worth about N1.18 Trillion as they relied on us to settle their banking needs
• Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our digital channels.
• During this period, our 53,000 plus agents have processed over N512bn worth of transactions
• We have also recorded over 275,000 new sign-ups to alternative channels covering our Firstmobile; USSD and First-Online platforms.
As one of the leading SME banks in the country, with a drive to ensure SMEs are supported, Dr. Adeduntan, also stated that FirstBank has enhanced palliatives such as introduction of special waivers on repayment fees on its credit cards, and a 90-day loan moratorium on selected products across markets, to help cushion the impact of the toll on employment and livelihoods.
Our Wholesale business was also not left out as advisory services and a range of financial needs were met to the delight of our Corporate and Commercial customers.
On community impact, the Bank partnered with other organisations in the private sector to collectively help those most impacted by this pandemic. It has contributed N1billion and several volunteer staff towards the efforts of the Nigerian Private Sector Coalition Against COVID-19 (CACOVID) to meet the intervention objectives in the key areas of health; testing, provision of much needed health infrastructure, isolation units and raising public awareness and where needed providing food to the most vulnerable.
This is a time when we all must step up and do our bit by our people and our communities.
In addition FirstBank in keeping with its long standing tradition and focus on educational support and talent development has partnered with several organisations in a bid to help 1 million students access e learning.
“It is important in all this not to forget the children whose needs can so easily be overlooked at a time such as this”.
‘’ As the lock down is lifted nationwide, we will continue to provide seamless service to our customers ensuring the highest levels of support whilst operating as efficiently as possible, ensuring safety of all is paramount and empowering our staff to drive these goals. We will do these with three things in mind: ensuring you are staying safe; supporting your business; and safeguarding our future’’ Dr, Adeduntan said.

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Business
Two Years of President Tinubu: A Business Perspective By Abdul Samad Rabiu
Published
5 hours agoon
May 28, 2025
Two years of President Bola Ahmed Tinubu: A Business Perspective featuring Abdul Samad Rabiu, CFR, CON — Founder & Chairman, BUA Group
As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, I believe it is important to reflect, not from the lens of politics, but from the perspective of business, of industry, and of the economy. I speak not only as the Chairman of BUA Group – one of Africa’s largest conglomerates, but also as someone who has lived through the complexity of Nigeria’s reforms. I have seen the cost of dysfunction, the burden of inefficiency, but more importantly, the promise of a level playing field and the dividends of decisive governance.
*FUEL SUBSIDY REMOVAL*
The removal of the fuel subsidy is one of the most important decisions taken by this administration. Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price. During my trip to Saudi Arabia for the lesser Hajj in February this year, I checked the pump price at one of the petrol stations as we drove from Jeddah to Mecca. When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.
We could simply not afford the subsidy. It was not just Nigerians who were benefiting from it. We were subsidising the entire region. I remember visiting Niger Republic a few years ago when President Bazoum honoured us. During dinner, he joked and said, “Thank you for the subsidy.” He said 100 percent of all PMS consumed in Niger was coming from Nigeria because it would cost them three times more to import. There was no incentive for them to bring in their own fuel or refine crude at their own refinery. This was the situation across the region.
Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel. The PMS is still cheaper in Nigeria, even at 800 or 900 Naira per litre, but the logistics no longer support easy access. Countries like Niger and Benin Republic still take fuel from Nigeria, but others have stopped.
The removal of subsidies was needed not only to save the economy but to ensure that Nigerians alone benefit from what is imported. Even if there must be subsidy, it should be for Nigerians only. The money saved is now being channelled to infrastructure, to better support for states, and to other developmental priorities. All the states are receiving more money now, and that has made a real difference.
I am of firm opinion that President Bola Ahmed Tinubu made the right decision, and he made it boldly. On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country. Had we continued under that burden, only God knows where we would be today. I always say, Mr President is probably the only one who had the courage to take such hard and necessary decisions.
*ON THE UNIFICATION OF THE FOREIGN EXCHANGE REGIME*
The unification of the foreign exchange market is another critical reform. Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria. The CBN was the only source of official exchange, offering FX at around 500 Naira when the parallel market was 800 or 900. No business could survive outside the CBN structure.
Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient. You had to camp there for three or four days before Allocation Monday, waiting for the CBN to allocate dollars. Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.
This was also a bold move by President Tinubu. It was necessary, and he took that decision as well. We are very glad because today we can focus on our businesses. These reforms are saving the economy.
*FAIRNESS, SANITY AND STABILITY IN BUSINESS*
Under this administration, we have seen a return to fairness and stability in business. We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.
Later, we discovered that the Managing Director of NPA at the time decided to close the business simply because our operations were competing with those of her friend. She wanted to impress her friend. That was the only reason. Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu. You can wake up now without fear that your business has been shut down by an agency or politician.
That stability is critical. That Port Harcourt plant alone has seen over 500 million dollars in investment and has employed over 4,000 people. The confidence this government has brought is real, and it is helping us plan better.
I must also personally acknowledge former President Muhammadu Buhari. When our Port Harcourt plant was unfairly shut down, it was his intervention that saved it. I had the privilege of explaining the situation to him. He agreed it was wrong and acted. He said he would not permit injustice under his watch. That decision saved the business. But the reality is, I had access. What if I did not? That is the difference today. Now, nobody needs access to the President to be treated fairly. Everyone knows that if you do something wrong under President Tinubu, you may lose your job or even face prosecution and go to jail. That is why I can now spend more time focusing on the business and relaxing.
The President Tinubu reforms are creating a level playing field. Like I said previously, every business had to lobby the CBN for FX. If you did not, your business would collapse. Now, you do not need to go to Abuja. You just focus on your operations.
*INFRASTRUCTURE AS A KEY DRIVER OF DEVELOPMENT*
In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building.
These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment.
*BUA WILL CONTINUE TO BET ON NIGERIA*
Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 30MW solar energy project in Sokoto State.
In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies.
*ON FOOD SECURITY*
When I met President Tinubu recently, he raised concerns about food prices. He wanted to know what BUA Foods was doing. I explained that his six-month tariff waiver had worked. It disrupted hoarding in the rice market. In Nigeria, the rice harvest is short and runs for about three months. Middlemen were buying paddy rice, hoarding it, and raising prices post-harvest. This artificial scarcity drove prices to as high as 110,000 Naira per bag. The farmers did not benefit. Farmers just wanted to sell and move on yet some people were buying from them, hoarding it, and creating a food crises in the country.
The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked. It showed foresight. I told the President it helped and that if the situation persists, further steps can be taken. But for now, it has made a difference.
*PRESIDENT TINUBU’S NIGERIA FIRST POLICY AND BACKWARD INTEGRATION*
President Tinubu’s Nigeria First policy has aligned well with our own belief in backward integration. Our cement business is almost entirely local. We mine our own limestone. We use Nigerian gas even though it is dollar-denominated. The only foreign element is the equipment, and even that benefits from government concessions for mining equipment which everyone else in the industry benefits. If we had to import cement today, prices would be over 15,000 Naira per bag. Nigeria does not have the port infrastructure to even handle the import volume. Producing locally has saved the economy and stabilised the sector.
We are doing more, and we will continue to do more. Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.
So for me, what has this administration done right? First, it removed the fuel subsidy which was the biggest economic scam in our history. Second, it unified the foreign exchange market and third, it restored stability, fairness, and confidence in the economy. These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.
_Abdul Samad Rabiu is the Founder and Chairman, BUA Group._ Watch the full, exclusive interview on youtube – https://bit.ly/pbatbua
#TinubuAtTwo #BUAGroup #PresidentBolaTinubu #AbdulSamadRabiu #BetOnNigeria
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Business
Dangote Splashes N11bn in Gifts, Cash on Cement Distributors, Customers at Awards Nite
Published
6 hours agoon
May 28, 2025
Dangote Splashes N11bn in Gifts, Cash on Cement Distributors, Customers at Awards Nite
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Bank
Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support
Published
13 hours agoon
May 28, 2025
Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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