Bank
FIRSTBANK: THE EMBODIMENT OF CORPORATE RESPONSIBILITY AND SUSTAINABILITY
Published
3 years agoon

FIRSTBANK: THE EMBODIMENT OF CORPORATE RESPONSIBILITY AND SUSTAINABILITY
Who should corporate responsibility and sustainability lessons be taken from? Some companies are still unclear about the concept but latching onto the sustainability mantra anyway, because it has become a marketing buzzword for business? Or a company through whose creed and deeds, over the many decades it has been around, people can see corporate responsibility and sustainability lived (first) and preached (subsequently)?
If the above set of questions constituted a question in an examination hall, it would be one of the easiest of questions to answer. Not one person would fail it. Outside the examination hall, the answer to this question that seems as easy and simple like the question of 2 + 2 may not be as easy and simple. It may be complicated by all the cleverly arranged noise and claims projected at people to make it difficult for them to see and accept the obvious.
So, it is incumbent on people who know, and care enough (like this writer), to keep stating and restating the obvious. This is in the hope that doing so would help others to take full cognisance of the obvious and not allow themselves to be bamboozled by image without substance and rhetoric without pedigree.
The concept of corporate responsibility and sustainability is not about the clever or manipulative use of marketing buzzwords by corporate citizens. It is about impact, net positive impact, in the lives of real, not imagined, people through the deliberate and well-planned activities of socially-responsible corporate citizens.
Even if history is no longer taught in most schools in Nigeria, the records are there. The records show that Nigeria has been blessed to have standing by her, at all times, a corporate citizen which understands the concept of corporate responsibility and sustainability.
This corporate citizen has been standing by Nigeria before the country’s founding, through its amalgamation, Independence and all the conflicts and crises Nigeria has gone through and still faces. Today, the corporate citizen still stands by Nigeria.
First Bank of Nigeria Limited, a lender of unmatched pedigree, a bank with a history of unparalleled support to Nigeria and Nigerians (right from the colonial era to date, even serving as Nigeria’s central bank at some stage of our national development), has been a corporate citizen like no other.
A brand that has backed innumerable groundbreaking projects across Nigeria and beyond, FirstBank has demonstrated that real impact that can be seen and felt by all, and not mere marketing buzzwords, is the real measure of an institution’s understanding of corporate responsibility and sustainability.
It is incontrovertible that whichever way corporate responsibility and sustainability is understood or defined, FirstBank is sure to tick all the boxes. Just name every parameter for assessing a company’s efforts in corporate responsibility and sustainability and match each against what FirstBank has been doing. Is there any parameter that FirstBank has not surpassed?
FirstBank has been living corporate responsibility and sustainability for most, if not all, of its existence as a going concern. Knowing it cannot do it alone, the bank has also devoted resources to efforts that will enable it to preach or pass the message so other corporate citizens, groups and individuals will emulate it.
One platform the bank has used effectively for this purpose is its Corporate Responsibility and Sustainability (CR&S) Week. The CR&S Week is a full working week that the FirstBank Group, in-country and across the world where it operates, dedicates to the promotion, execution and celebration of social responsibility initiatives.
The Sustainability Week also includes a huge kindness campaign to reorient citizens towards the right values and reignite acts of kindness in society. It is only one of the many ways FirstBank is living true to its brand promise to always put customers first.
And the Sustainability Week seeks to invite others (individuals and corporate citizens) to follow the bank’s example and begin to intentionally create positive impact in their immediate communities.
From the inaugural edition in 2017, where the theme was “Promoting Kindness: Putting You First”, the Sustainability Week has helped to reinforce FirstBank’s role as a nation-builder that is driving sustainable development across communities where it operates. It was an opportunity for the bank to encourage others (individuals and corporate citizens) to follow in its steps, even if all they can afford to take are small steps.
Taking small steps may have informed the choice of theme for the second edition of the Sustainability Week in 2018: “Touching Lives: You First”. The bank sought to debunk the notion that touching lives in meaningful ways and making an impact on society require big-ticket projects, whilst emphasising the power in the little things people do and the small steps they take.
After all, is it not little drops of water that make a mighty ocean, like the saying goes? And does the journey of a thousand miles not begin with a (small) step, like another saying puts it?
Just take a look at SPARK (Start Performing Acts of Random Kindness), a values-based initiative that raises consciousness promoting kindness to one another in society, which the bank started during the inaugural Sustainability Week in 2017.
Aimed at reinforcing FirstBank’s corporate culture of encouraging giving and volunteering among its staff and the larger society, its magnitude today and the many kind initiatives it has sparked off across the country could not have been imagined when the seed was planted five years ago. Incalculable manhours and financial resources from FirstBank staff and partners have been contributed willingly.
Children in orphanages, internally displaced persons (IDPs) in various IDP camps, widows and other underprivileged or vulnerable groups have been visited and their challenges alleviated if not totally eliminated. Scores of career counselling sessions with secondary school pupils across Nigeria has also been organised as part of the Sustainability Week, which has been the first of its kind in Nigeria’s financial services industry.
In 2019, the third edition of the Sustainability Week with the theme: “Ripples of Kindness: Putting You First” enunciated the values (or pillars) of the SPARK initiative to include Compassion, Civility and Charity. FirstBank believes that these values and the acts of kindness that flow as a result of embracing the values are critical to promoting and building peaceful co-existence and prosperity in society.
Among the key highlights of the 2019 Sustainability Week was a “Nice Comments Day” that was a day set aside to foster words of encouragement, support and kindness to people around one, regardless of ones’ familiarity or close ties, in recognition of the instrumental role kind words play in lighting up people’s day and bringing out the best in them.
Another highlight was the SPARK School Engagement that promoted the SPARK initiative in schools, with the objective of embedding the values of SPARK amongst school children at a young age so the values become part of, and habitual to, them as they develop into adulthood.
Due to COVID-19 pandemic and government-imposed lockdown, the year 2020 witnessed no edition of the Sustainability Week. Any attempt to stage the kinds of activities and events that usually accompany the Sustainability Week would have been counterproductive, spreading infections and possibly deaths instead of kindness and joy that the Sustainability Week has become synonymous with.
However, FirstBank’s avowed commitment to corporate responsibility and sustainability would not allow it fold its hands and just watch while COVID-19 and its debilitating effects tried to make living and learning difficult for most Nigerians.
Working virtually or remotely and, where it could not do otherwise, physically but in strict adherence to COVID-19 safety protocols, FirstBank executed several initiatives meant to ameliorate the very difficult situation in Nigeria then.
The bank contributed to efforts to provide palliatives to vulnerable Nigerians, announced a moratorium on repayment of loans, set up a special loan fund for businesses run by women, established another for school proprietors in collaboration with a state government and drove an e-learning initiative that sought to move one million school children to a safe online learning platform so their educational progress would not be set back due to COVID-19 restrictions, government-ordered lockdown and the closure of educational institutions for the greater part of 2020
“Kindness: A Way of Life” was the theme for the fourth edition of the Sustainability Week held in 2021. Highlights of activities of the 2021 Sustainability Week, designed to entrench a culture of kindness, included a practical-oriented training webinar for staff to embed a culture of kindness in the bank by driving understanding of how kindness (or the lack of it) can impact the workplace, the marketplace and the communities in which staff live and work.
Another important feature of the Sustainability Week was the “Kind Comments Days” that ran all week to inspire a consciousness of kind choice of words and consideration for others. There was also a dedicated programme in secondary schools designed to institutionalise SPARK by using school SPARK champions (including students and teachers) alongside other partners such as Junior Achievement Nigeria (JAN) and Lagos State government to inculcate the SPARK values in school children.
One other feature was the ground-breaking ceremony for the Lagos State government’s OCAAT (One Community At A Time) initiative to provide the Primary Health Care Centre at Ijedodo community in Alimosho LGA. Set up as an initiative to improve the health and welfare of the members of various communities in Lagos State, FirstBank partnered the government on the project as part of its contribution to global efforts to meet some specific Sustainable Development Goals (SDGs).
There were also webinars: a general webinar with the sub-theme: “Education: Does Kindness have a Role?”; and a millennial webinar with the sub-theme: “Making the Cyber World a Kinder Place” which sought to proffer solution to the question of how people could become kinder on social media platforms.
All the past editions of FirstBank Sustainability Week highlight the longstanding and relentless commitment of FirstBank not only to continue to live but also to preach the message of corporate responsibility and sustainability.
Given its unmatched pedigree in corporate responsibility and sustainability, FirstBank has earned the right to address all other corporate organisations as well as individuals and groups on matters of sustainability. The bank has earned its right to the people’s audience.
It is against this backdrop that FirstBank’s forthcoming 2022 Corporate Responsibility and Sustainability Week should be welcomed by other banks and corporate citizens, irrespective of industry, as an opportunity to come together and take lessons from Nigeria’s foremost corporate citizen with regard to corporate responsibility and sustainability.
FirstBank does not consider itself too big to take lessons from other corporate citizens in areas where they have distinguished themselves. So other corporate citizens should not feel too big to take lessons from FirstBank in this area where the bank stands highly distinguished.
Or can anyone claim not to know that if the concept of corporate responsibility and sustainability were to be represented by one corporate citizen per country on a world map where countries are denoted by their foremost corporate entities, it is unarguable that FirstBank would be the company eminently representing Nigeria on that map?
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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Bank
“Calm Down, Wait for Facts!” — Oba Solomon Weighs In on Verydarkman Arrest, GTBank Boycott
Published
4 days agoon
May 5, 2025
“Calm Down, Wait for Facts!” — Oba Solomon Weighs In on Verydarkman Arrest, GTBank Boycott
Controversial Nigerian preacher, Oba Solomon, has called for calm amid rising public outrage and online campaigns following the arrest of popular social media critic Verydarkman (VDM), which has sparked mass calls to boycott Guaranty Trust Bank (GTBank).
VDM was reportedly apprehended after visiting a GTBank branch with his mother to resolve issues related to unexplained debits. While the exact reason for his detention remains unclear, speculation that the bank collaborated with the Economic and Financial Crimes Commission (EFCC) to arrest one of its own customers has ignited a firestorm of backlash online.
But as hashtags trend and tempers flare, Oba Solomon is urging Nigerians not to jump to conclusions.
“I cannot tell the government to release VDM until I know his offence. Nobody is above the law,” he said in a viral video posted Saturday evening.
Breaking ranks with many social media influencers and online commentators, Solomon refrained from condemning either the EFCC or GTBank, instead urging Nigerians to wait for an official statement expected on Monday from the anti-graft agency.
“Everybody should calm down and wait till Monday when the EFCC will release the official statement on why he was arrested. If they fail to do that, we can then swear for them,” he added, injecting his characteristic mix of bluntness and satire.
The preacher emphasized the importance of due process and warned against rushing to vilify institutions without verified facts.
“The government can arrest anyone, anywhere. But let us not make noise without evidence. Let’s hear from them first.”
As tensions continue to mount and digital protests against GTBank gain momentum, Oba Solomon’s remarks serve as a rare voice of caution—reminding Nigerians that clarity, not chaos, should lead the conversation.
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Bank
ZENITH BANK DELIGHTS SHAREHOLDERS WITH DIVIDEND PAYOUT OF N195.67 BILLION, PROMISES QUANTUM LEAP IN FUTURE
Published
1 week agoon
April 30, 2025
ZENITH BANK DELIGHTS SHAREHOLDERS WITH DIVIDEND PAYOUT OF N195.67 BILLION, PROMISES QUANTUM LEAP IN FUTURE
Dividends shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion.The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years.
He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward.
According to her, “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today”.
She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come”.
Talking specifically about dividend, she emphasized that “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”
Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices.
He said, “We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have.
They also surpassed the capitalization threshold of CBN by 160% – this is unprecedented. We are very happy with their performance.”Speaking on the dividend payout, Alhaji Otunba Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank.
We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion. threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.”Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank’s dividend payout. In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the Founder & Chairman, is a benefit to mankind, he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the Management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible.
I am very happy to be a shareholder of this bank.Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.”The bank’s robust financial performance in 2024 alluded to its commitment to continually delivering value to its investors in spite of challenging macroeconomic conditions. Zenith Bank Group achieved a remarkable double-digit growth of 86% in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024.
This was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book. Customer deposits grew by 45%, reflecting the bank’s market leadership and customers’ trust. Total assets rose by 47%, underpinned by a strong liquidity position and effective balance sheet management.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.
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Bank
Supreme Court sets aside N22trn judgement against Union Bank
Published
2 weeks agoon
April 28, 2025
Supreme Court sets aside N22trn judgement against Union Bank
The Supreme Court has set aside a Federal High Court judgement in which over N22 trillion was awarded against Union Bank and other parties since 2014.
The judgement arose from a suit instituted by a company known as Visana Nigeria Limited which claimed that Union Bank was indebted to it in the sum of approximately $8 million at an interest rate of 2.5 per cent per month compounded from January 2000 until judgement and thereafter at 10 per cent per annum from the date of judgement until the sum was fully paid.
Delivering the lead judgement of the Supreme Court, with which four other Justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.
The final determination of the case is expected to lay to rest the discomfort of the CBN and other regulators of Union Bank, its auditors and rating agencies on the possible impact of the judgement on the going concern status of the bank.
Visana instituted the suit against the defendants, alleging that Metalloplastica Nigeria Limited, a Borrower from Union Bank was indebted to it in the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica was invalid, same having been procured “without the prior written consent of Universal Trust Bank and its successors-in title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favour of Universal Trust Bank.
Judgment was delivered against Union Bank on 16 December 2014 for the sum of USD7,616,188.94 or its equivalent in Naira with pre judgement compound interest at the rate of 4.25 per cent per month from 26th January 2000 till the date of judgement and thereafter at the rate of 10 per cent on the judgement sum per annum from the date of the judgement till final liquidation of the debt.
The Court of Appeal later heard the application filed by the 1st respondent (Visana Nigeria Limited) to rely on fresh evidence. The Appeal was heard, and judgement was delivered on the 16th of April 2021. Judgement was reduced to the sum of USD 365, 605.32 or its equivalent in Naira with pre-judgement with interest at 4.25 per cent per month simple interest from 31st December 1993 to 16th December 2014 and thereafter at the rate of 10 per cent per annum from the date of the judgement at the court below until final liquidation of the Judgment debt.
Still dissatisfied by the judgement of the Court of Appeal, Union Bank further appealed to the Supreme Court in 2021. Union Bank’s persistence paid off in the judgement delivered on Friday, 25 April 2025.
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