Is FirstBank Truly the First in Banking Services? 

For decades, First Bank of Nigeria (FBN), widely referred to as FirstBank, has prided itself on being a leader in the Nigerian banking sector. Established in 1894, the financial institution has positioned itself as a pillar of strength and reliability, serving millions of customers and businesses across the country and beyond. However, beneath the grandeur of its century-long legacy lies a series of alleged scandals, boardroom power struggles, and allegations that challenge its claim to excellence in banking services.

A Legacy Tainted by Controversy

While FirstBank has built a formidable reputation in the industry, recent years have seen the institution embroiled in controversies that have raised serious concerns about corporate governance, transparency, and ethical banking practices.

One of the most notable scandals in the bank’s recent history was the leadership tussle that rocked its board in 2021. The Central Bank of Nigeria (CBN) had to intervene after an alleged improper removal of the bank’s Managing Director, Adesola Adeduntan, by the Board of Directors. The regulatory authority deemed the move as a violation of corporate governance principles and reinstated Adeduntan, highlighting concerns of internal wranglings and executive interference within the institution.

The power struggle within FirstBank’s boardroom has long been a topic of public discussion in Nigeria’s financial circles. The institution has seen a revolving door of leadership changes, with accusations of alleged undue influence by powerful stakeholders, including billionaire businessman Femi Otedola and former board chairman Ibukun Awosika. Reports suggest that internal factions within the bank often engage in a battle of interests, placing political and personal agendas ahead of the bank’s strategic objectives.

Moreover, regulatory authorities have had to step in multiple times to stabilize the governance structure at FirstBank, raising concerns about the institution’s ability to independently manage its affairs.

Beyond governance struggles, FirstBank has not been immune to allegations of financial misconduct. In 2022, reports emerged regarding questionable loan approvals and potential insider dealings that put the bank at risk of financial instability. Some of these allegations pointed to loans granted without adequate collateral, benefiting influential figures with ties to the bank’s leadership.

Additionally, customers have raised complaints over the years about unethical banking practices, including unauthorized deductions, delayed transactions, and poor customer service. These issues, while common across the Nigerian banking sector, call into question whether FirstBank is truly living up to its legacy as the premier financial institution in the country.

Given the crisis engulfing FirstBank, the CBN has maintained a watchful eye over the institution. The apex bank’s intervention in leadership disputes and its mandate for compliance with regulatory frameworks indicate that FirstBank’s operations are not without significant oversight. While such interventions are meant to ensure stability, they also highlight the deep-seated issues within the bank that require continuous monitoring.

Despite these controversies, FirstBank remains a dominant force in the Nigerian banking landscape. Its extensive branch network, digital banking initiatives, and financial products continue to serve millions of customers. However, the multiple governance crises, allegations of financial impropriety, and regulatory interventions suggest that the bank’s claim to being the “first” in banking services is increasingly under scrutiny.

To maintain its esteemed reputation, FirstBank must prioritize corporate governance, transparency, and customer satisfaction. The banking industry is evolving, and with increased competition from both traditional banks and fintech disruptors, FirstBank must clean its house if it truly wants to remain the leader it claims to be.

The question remains: Is FirstBank still the first, or is it just another financial institution grappling with systemic issues? Only time will tell if the bank can rise above its scandals and reaffirm its leadership in the sector.

EXCLUSIVE:  Presidency Weighs Major Reforms in Broadcast Sector Amid Pay-TV Controversy

Abuja – The National Broadcasting Commission (NBC) may be on the brink of a major regulatory shake-up as concerns over the pricing strategies, content access, and advertising monopolies of Nigeria’s dominant pay-TV operators come under intense scrutiny.

Though no formal directive has been issued, remarks made by NBC Director-General Charles Ebuebu during an informal exchange with journalists after attending an industry event in Lagos have set the industry on edge, fueling speculation that the regulator is finally moving to rein in exploitative market practices

The urgency of the situation has been further underscored by a formal petition from DAAR Communications, owners of Africa Independent Television (AIT), which accused major pay-TV platforms of stifling competition and using their market power to restrict access to free-to-air (FTA) content. But if that wasn’t enough to trigger alarm bells in government, what followed surely did—a sudden subscription price hike by one of the country’s biggest pay-TV operators, despite the naira gaining strength and inflation beginning to ease.

The timing of the price increase has sparked outrage, with consumer groups questioning why a company would raise costs at a time when the price of other goods and services is falling. The Federal Competition and Consumer Protection Commission (FCCPC) has since challenged the draconian pricing strategy, and in a rare public alignment, the NBC has now declared full support for the FCCPC’s intervention.

Behind the scenes, the presidency has now directed the establishment of high-level ad-hoc teams within the regulatory agency to conduct a short-term review of the sector, signaling that the federal government is not only watching but may be preparing to act decisively.

THE FTA CRISIS: PAY-TV OPERATORS BLOCKING ACCESS TO FREE CONTENT

One of the most contentious issues under review is how pay-TV companies have turned free-to-air (FTA) channels into part of their paid subscription models. While these channels are meant to be freely accessible to all Nigerians, pay-TV operators have long bundled them into premium packages, ensuring that subscribers must pay to access content that is supposed to be free.

This deliberate restriction of FTA access has allowed pay-TV operators to meet their regulatory obligations while suppressing independent broadcasters, effectively cornering the market and forcing consumers into unnecessary payments.

Industry sources suggest that NBC’s review could lead to an enforceable policy ensuring that FTA channels remain truly free, whether a viewer is subscribed to a pay-TV package or not. Such a measure would restore fair competition, allowing independent broadcasters to reach their full audience without interference from dominant platforms seeking to control distribution.

This potential shift is widely seen as a direct challenge to the business model of major pay-TV platforms, which have long relied on their ability to bundle FTA channels into their paid offerings, forcing viewers to subscribe even when they don’t need to. Should NBC move forward with such a policy, it would represent one of the most significant regulatory interventions in the Nigerian broadcast sector in years.

THE ADVERTISING MONOPOLY: TIME TO BREAK THE STRANGLEHOLD?

Beyond price hikes and content access, another key issue under scrutiny is the monopolization of advertising revenue in the pay-TV sector. Industry analysts have long pointed out that a few dominant platforms control a disproportionate share of the advertising market, leaving independent broadcasters struggling to secure funding.

NBC’s review is expected to consider measures to cap the percentage of advertising revenue that pay-TV operators can command. The goal is simple—redirect a greater share of the market to independent broadcasters who rely solely on ad revenue to survive.

Additionally, NBC is said to be considering expanding the digital access fee, currently applied to certain pay-TV services, to all platforms benefiting from the Nigerian media market, including digital streaming services. This would ensure that all players profiting from Nigerian audiences reinvest a fair share into local content production, jobs, and infrastructure development, aligning with the government’s broader economic plan to expand the creative sector into a N3 trillion industry by 2030.

The growing influence of digital streaming services like Netflix, Showmax, and Amazon Prime may also come under increasing regulatory focus. While these platforms have provided greater content diversity and access to global programming, there is concern that they have been allowed to profit from the Nigerian market without making sufficient reinvestments into local content production.

Sources indicate that NBC’s review may explore policies to collaborate with streaming platforms and reinvest a percentage of their Nigerian revenue into local productions. This would ensure that the country’s content creators benefit from the streaming boom rather than simply serving as consumers of foreign content.

NBC AND FCCPC: A UNITED FRONT AGAINST PRICE HIKES

The NBC’s decision to publicly align with the FCCPC on the issue of unjustified price increases signals a rare moment of regulatory unity. The fact that subscription costs are rising even as the naira strengthens and inflation drops raises serious questions about whether consumers are being taken advantage of by operators who are using their market control to set arbitrary prices.

Industry insiders suggest that the regulatory stance could set the stage for a wider investigation into pay-TV pricing structures, particularly how these companies justify their frequent price hikes despite economic conditions that suggest they should be lowering costs, not increasing them.

The possibility of sweeping regulatory intervention has split opinions in the industry.

Independent broadcasters and content creators see this as a long-overdue correction. For years, they have been locked out of fair competition, watching as pay-TV operators dominate advertising revenue, control content distribution, and force subscribers to pay for channels that should be free.

However, major pay-TV providers have been more cautious, with industry executives privately warning that increased regulation could “discourage investment” and “disrupt business models”.

One senior pay-TV official, speaking anonymously, expressed concern that the review process may introduce “unnecessary uncertainty” into the market. “There is a way to ensure fair competition without damaging the industry’s ability to attract investment,” he said.

THE PRESIDENCY’S NEXT MOVE: TO ACT OR TO WATCH?

While the presidency has not issued any direct public orders, its decision to mandate an immediate review of pay-TV and broadcast practices suggests that it is closely monitoring the situation.

The Tinubu administration has repeatedly emphasized the importance of creating a media and entertainment sector that works for all players, not just a select few. Sources suggest that the outcome of NBC’s review will be closely aligned with the government’s economic and creative sector goals—but how far the administration is willing to go remains to be seen.

WHAT HAPPENS NEXT?

With high-level regulatory reviews underway, public backlash against rising subscription prices, and growing government interest in breaking monopolistic control, Nigeria’s pay-TV industry is at a crossroads.

If the NBC follows through on its review, Nigerians could soon see FTA channels that are truly free, advertising revenue that is more evenly distributed, and streaming platforms that reinvest in local content rather than extracting profits without giving back.

But if the dominant pay-TV operators successfully lobby their way out of meaningful reforms, business will continue as usual—with Nigerians paying higher subscription costs for channels that should be free, independent broadcasters struggling for survival, and corporate giants dictating the rules of the game.

One thing is certain—the era of unchecked dominance in Nigeria’s broadcast sector is being challenged like never before. Whether this results in real change or yet another quiet backroom settlement remains to be seen.

Uju Kennedy Ohanenye: conscientious public servant deserves commendation, not trial

By Victory Oghene

The shark- infested and mine-lined Nigerian politics has often proved to be graveyards of men and women of conscience.
The examples are legion from professor Tam David West to Tai Solarin to Dr.Olu Onagoruwa. The trial and tribulation of the former Minister of Women Affairs , Uju Kennedy Ohanenye is the latest in the long line of public figures who have given an unblemished account of themselves but finding themselves being on trial, a classic case of irony.

Highlighting Ohaneye’s unprecedented pedigree is no longer news much of it is in public domain.

Sources at the ministry of women affairs told NATIONAL WAVES that “the sum of N350 million was approved for her for travels. She travelled with only two aides which is rare among ministers or high ranking public servants. In spite of that she only spent N21 million, returning the balance to Wale Edun, the minister of finance and sought for approval to enable her use it to empower women.”

It was gathered that the sum of
IN70million was earmarked for her by the office of the Vice President to travel to Bahamas, but in a manner so unlike some other high ranking government officials, she wrote to the Deputy Chief of Staff that her presence was not needed in that trip. Thirdly, she was said to have raised the sum of N550million through private donation for the empowerment of women shortly before she was relieved of her job. ‘She refunded the money to the donors when she was relieved of her job”, a ministry source familiar with the matter disclosed to this medium.

She was said to have also specifically returned N100million to Authur Eze. She also refunded donations from Tony Elumelu’s UBA and others.

Professor Adeagbo Moritiwon a political scientist told this medium that “her removal was not due to lack of performance or competence but more to do with politics prevailing over every other consideration. Her case is just like Ade Ojo.”

So why did the EFCC go after such a minister who has displayed exemplary conduct in office.
The mere fact that the former minister did not run away but honorably honoured the EFCC invitation testifies to no hidden agenda.

Operatives of the Economic and Financial Crimes Commission were said to have quizzed her over alleged links to the misappropriation, violation of procurement processes, and diversion of public funds amounting to ₦138million.

Another source at the ministry said ” invitation does not mean guilt. If the EFCC had cause to raise an issue, then there is no crime in that. Inviting her to clarify matters is a routine thing. At the end of the day those who know her can bet on it that she will come out unscathed.”

The funds in question were allegedly misappropriated during the disbursement of the 2023 budgeted allocation for the ministry.

While clarifying her visit to the anti-graft agency via her x handle,
Ohanenye said that she was invited and as a law abiding citizen, honoured the invite of the anti graft agency.

“As a former public servant, I acknowledge that inquiries regarding past official activities are a standard part of ensuring accountability. In this spirit, I willingly honored the invitation from the Economic and Financial Crimes Commission (EFCC) on March 6, 2025, concerning allegations of a 138 million Naira diversion.

“I arrived at the EFCC headquarters at 2:15 PM, and the substantive discussions commenced at 2:50 PM. During this time, I provided comprehensive clarifications regarding my actions and expenditures throughout my tenure as the Minister of Women Affairs.I rounded up by 6:50pm and left thereafter

“I commend the EFCC for their professionalism and hospitality, and I appreciate the opportunity to address the matters that have recently been circulating in the media.

“I extend my sincere gratitude to President Asiwaju Bola Ahmed Tinubu for the privilege of serving my country and positively impacting the lives of many. I also express my appreciation to First Lady Senator Oluremi Tinubu for her steadfast support of myself and Nigerian women.

“I remain fully committed to cooperating with the EFCC and will be available for any further inquiries. It is the duty of every government official to be transparent and accountable for their time in office.

“During my tenure, my team and I executed our duties diligently, utilizing available resources effectively, and even supplementing with personal funds, demonstrating our dedication to the success of the Renewed Hope Agenda for Nigerian women and children.

“I assure that the facts and information will ultimately demonstrate the integrity of my actions”

While she held forte as Woman Affairs Minister, Ohanenye recorded a rare feat as regards her performance s

She explicitly understood that public service is for adding value to society.

Ohanenye profoundly had an in-depth perception of the purpose of government particularly Chapter II of the 1999 Constitution of the Federal Republic of Nigeria (as amended) which outlines the ‘Fundamental Objectives and Directive Principles of State Policy’ despite the fact the chapter as presently provided is not justiciable. Section 14 (2) supra provides thus; “It is hereby, accordingly, declared that; (b) the security and welfare of the people shall be the primary purpose of government”.

It would be recalled that Ohanenye was among five ministers relieved of their duties following the 19th Federal Executive Council meeting held at the State House in October 2024.

In her place, President Bola Tinubu reappointed the former Minister of State for Police Affairs, Imaan Suleiman-Ibrahim, as the new Minister of Women Affairs.

Oghene a renowned Journalist writes from Lagos