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The Making Of A CSR Masterstroke: An X-Ray Of First Bank’s Yeoman Effort To Move One Million Children To E-Learning

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The rabbit hole of uncertainty, confusion and fear that pupils and their parents fell into in the dying days of March when the country was in lockdown was best captured in a Saturday Sun feature of May 16, titled, “COVID-19: Troubles of e-Learning.”

The story catalogues the challenges that erupted out of the disruption caused by the coronavirus pandemic, the fears and frustrations brewed by the new abnormality foisted on the world, the pessimism that pervaded the globe from developed to underdeveloped countries and the possibilities that blew up in the aftermath in the education stratosphere.

With the new order of social distancing, self-isolation, government-enforced quarantine and the ubiquitous lockdown, the prospect of indefinite stay at home until at least an elusive vaccine is found, loomed. This precipitated a distress as never seen before in the education space.

Yet, a panacea was at hand: Digital learning, though hitherto given scant attention. But crossing into that nirvana was an uphill task, especially, in this part of the world. Why: The existence of a huge digital deficit both in infrastructure and the requisite skill. The dilemma confronting parents, pupils and tutors are multi-dimensional as illustrated by these three vignettes from the story:.
Leadership Newspaper

The rabbit hole of uncertainty, confusion and fear that pupils and their parents fell into in the dying days of March when the country was in lockdown was best captured in a Saturday Sun feature of May 16, titled, “COVID-19: Troubles of e-Learning.”

The story catalogues the challenges that erupted out of the disruption caused by the coronavirus pandemic, the fears and frustrations brewed by the new abnormality foisted on the world, the pessimism that pervaded the globe from developed to underdeveloped countries and the possibilities that blew up in the aftermath in the education stratosphere.

With the new order of social distancing, self-isolation, government-enforced quarantine and the ubiquitous lockdown, the prospect of indefinite stay at home until at least an elusive vaccine is found, loomed. This precipitated a distress as never seen before in the education space.

Yet, a panacea was at hand: Digital learning, though hitherto given scant attention. But crossing into that nirvana was an uphill task, especially, in this part of the world. Why: The existence of a huge digital deficit both in infrastructure and the requisite skill.

The dilemma confronting parents, pupils and tutors are multi-dimensional as illustrated by these three vignettes from the story:

Oko Odinakachi, a student of Abia State University, faced frustration on two fronts: her institutions dillydallying about adopting the e-learning strategy on the one hand; her little faith in digital learning, on the other hand. “I was on the verge of writing my first-semester examination. How possible can we do that digitally when there are issues with even JAMB CBT here in our country?”

A father whose daughter, a student of Federal Government College Shagamu preparing for her Senior School Certificate Exam, was compelled to seek a suitable e-learning portal because WAEC advised students to be studious during the lockdown as they’d be going straight into the exam hall at short notice as soon as the pandemic is over. The search led him to an online WAEC Preparatory Class that demanded payment for requisite online resources. “One subject is N1, 500, four subjects N4, 500 and six subjects cost at N6, 500. I didn’t go further because of the fee, which I think is exorbitant, given the current state of the country,” he complained. He joined the rank of other parents who raised concerns over exploitation by mercenaries masquerading as e-learning groups.

Abolade Kunle, a JSS3 student was aware of the government-sponsored tutorial on the radio but he was unable to enjoy the benefits: “We don’t have a radio set in the house. I use my dad’s phone once in a while but he doesn’t allow me to use it all the time,” he railed. A related drawback was cited by one of his teachers at the public school in Mushin: “In the past five weeks, we have had barely three days of electricity supply. It is not every parent that can afford a generator. Is it not when you have electricity supply that the children can watch [government educational programme on] the television?”

The absence of curative or prophylactic breakthrough against the virus meant that academic activities would remain in limbo, while pupils and their parents are faced with the undaunted possibility of a long spell at home. The prospect of a long lull of academic inactivity struck a palpable fear that fueled the scramble unto digital learning platforms as educationists and institutions across the country experimented with remote learning, albeit on a trial-and-error basis. The efforts were at best tangled; the process muddled; the result ineffective. Even, for students of tertiary institutions, the online class was to many a Lala-land.

With the option inevitably narrowed down to digital learning, a Catch-22 situation evolved. Who’s going to make it happen? How? When?
Best foot forward

Eventually, the first foot forward––and indeed the best one––came and it was from First Bank Nigeria Limited.

The bank, a leading financial inclusion services provider, announced its intention to roll out an innovative e-learning initiative on the heels of its philanthropic contribution of the sum of one billion naira to the Coalition Against COVID-19 (CACOVID), a private-sector task force that partners the Federal Government, the Nigeria Centre for Disease Control (NCDC) and the World Health Organisation (WHO) to combat the coronavirus in Nigeria.

In the months to come, the bank’s effort would resonate forcefully in the education space. The reason for this was not farfetched. Since responsiveness remains a cornerstone of Corporate Social Responsibility, when it is timely, it becomes a major coup. The severity of the pandemic required “uncomfortable, transformative responsiveness,” not the usual CSR response where organisations choose and design responsiveness on their own terms, described by Wayne Visser in Evolution and Revolution of Corporate Social Responsibility, as “when giving is easy and cheque-writing does nothing to upset their commercial applecart.”

Taking on the e-learning challenge head-on was an self-assigned project for which the bank was not under any compulsion to undertake. That it volunteered to tackle the challenge is an indication of the largeness of its CSR aorta.

Suffice to say that a handful of digital learning initiatives exist before the advent of the Covid-19 lockdown; the First Bank effort, however, resonates louder because it has a measurable stated goal: Moving one million pupils into e-learning platform.

A response apt and adequate Lagos State’s prompt response to the pandemic included the immediate shutdown of schools. By March 25 (four days before Lagos State went into total lockdown on the order of the President), the First Bank initiative was rolled out, and it inalienably took the optics of “the” response to the glitch caused to the education system by the coronavirus pandemic.

First Bank went into collaboration with Lagos State Government and an indigenous mobile learning platform, Robert and John Limited, whose trademark Roducate e-solution, a comprehensive curriculum-based education, is a cornucopia for a broad spectrum of students.

Having powered similar projects in the past, Robert and John was an obvious best in the e-learning business, a fact reinforced by First Bank CEO, Adesola Adeduntan: “In searching for the best fit solution, several options were considered by educators and teachers from the state and First Bank over the last couple of weeks before adjudging Roducate the offering from Robert and John, an innovative technology firm, to be the best of all reviewed.”

Is Roducate the Rosette stone of online learning? The facts were in its favour. Its claim of being the “most comprehensive e-learning platform in Nigeria and indeed Africa” is justified on its curriculum-based education for primary, secondary, and tertiary students. Moreover, ;it has been active in the e-learning space as far back as 2014 and has perfected the mechanics of effective digital learning, winning endorsements along the way from NUC, NERDC, JAMB and Lagos State Ministry of Education.

And by tweaking its blueprint, it came up with an e-learning mother lode––lecture notes, assignments, mock exams, videos, podcasts, and educational games––a rich vein of contents for primary, secondary and tertiary institutions, structured in consonance with the government-accredited curriculum. From the interactive tutorial videos to the innovative feature that enables the learner to take notes for quick reference, it was a whole new experience and an enjoyable learning process.

Suffice to reiterate that the First Bank/LASG Roducate is not the first of its kind; before it, there was Glo Mobile Tutor (since 2014) and UBA LEARN (unveiled in 2018) amongst others. However, certain factors gave it an edge.
The comparative advantage

The CSR takeaways from the initiative are writ large in what makes it different from others––in other words, its comparative advantages.
On the first count, the effort surfaced at a time of need, a time when there was an urgent need to close the gap caused by the disruption in children education due to schools closure following the Covid-19 lockdown. In one fell swoop, a solution materialised that provided succour for all, from kindergartens kids to grad-year students of tertiary institutions.

Secondly, while it is indeed a rolling scheme, it nevertheless came with specific number goal of one million pupils to be empowered with digital learning; this calibrated objective makes the intervention easy to evaluate, compared to other similar initiatives.

Thirdly, the biggest boon: subscription-free.
Consider what this means to parents such as the one cited in Sun story who had to shell out approximately N6, 000 for his daughter to access the needed resources. With the First Bank initiative, students simply get on the platform by registering free at https://www.firstbanknigeria.com/e-learning/.

And then the masterstroke: the enhanced offline feature of the initiative. It means students can study offline without having to bear the burden of buying data. What’s more, First Bank gave further impetus by providing 20, 000 devices that came preloaded with the curriculum.

Elaborating on the low-end devices preloaded with Roducate offline content, Adeduntan disclosed that “the phones have SIMs and limited data tied, only, to the Roducate learning product.”

Kayode Abayomi, the spokesperson for Lagos State Ministry of Education, further hit the nail on the head.

“The devices are efficient and fit for purposes for all students especially indigent students given the fact that data consumption of most e-learning solutions has been a major stumbling block for the majority of students and teachers alike,” he said.

Its fourth edge is from its collaborative nature. One of First Bank’s collaborators on the project is a partner with leverage in the education space: the Lagos State Government. That made a big difference, as it gave the initiative authority and legitimacy that immediately gained traction.

In return, the initiative was well-appreciated by Lagos State Governor Sanwo-Olu: “It is not out of place that we are witnessing more infusion of technology in learning and this intervention by First Bank could not have come at a better time.”
Lastly, the First Bank e-learning project took care of both the short-term and the long-term interest of Nigeria in the digital race. Beyond the exigency of the moment, which was to get the children into learning mode, the intervention took on the imperative of helping young Nigerians develop relevant skills in emerging technologies, thereby enhancing their competitiveness in the interconnected world of today.

How? Via two other initiatives, both partnerships with IBM (that schooled youths in coding Artificial Intelligence, cloud, internet of things, blockchain, data science, analytics and cybersecurity) and Curious Learning (which offers academic contents for pre-learning and early-stage children aged 3-8 through self-guided learning apps). These two threw open the door of digital technology and made available for free the opportunities to transform them into tech geeks.
Taking responsibilities

For organisations with a sense of CSR, Covid-19 was an opportunity that was too good to miss. Where and how they responded depend on their preexisting corporate responsibility culture, their focus, the heft of their commitment.

Adeduntan said of the First Bank initiative: “We are warmed by the fact that different organisations have risen to the various challenges and are supporting in areas such as health and welfare, and we feel the peculiar needs of our children and youth must not be left out and have therefore elected to focus on contributing to solving the current education challenge.”

He said further: “It is a responsible approach to empower them, given that they are our future and the foundation to build our country to greatness. By partnering on this, we are solving a problem for families and our future.”

In September, schools re-opened, and education activity, deflated for months, gradually regains shape and gathers momentum. The number of students enrolled on the platform has increased significantly. The big question: is it going to be one of those projects that got abandoned after the ovation died down? Or is it likely to be sustained?
The cue is in the stated goal of the initiative. FirstBank has placed on itself the onus to continue to build on the effort and to give the needed impetus that will accelerate the achievement of the set goal of 1,000, 000 registered children in record time. It is expected that First Bank will sustain the race to the finishing line.

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BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

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BUA FOODS PLC RECORDS 101% PROFIT GROWTH IN H1 2025, CONSOLIDATES LEADERSHIP IN NIGERIA’S FOOD SECTOR …Revenue Rises to ₦912.5 Billion; PBT Hits ₦276.1 Billion

BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

By femi Oyewale

BUA Foods Plc has delivered one of the most impressive financial performances in Nigeria’s fast-moving consumer goods (FMCG) sector, recording a 91 per cent increase in Profit After Tax (PAT) for the 2025 financial year.
According to the company’s unaudited financial results for the year ended December 31, 2025, Profit After Tax rose sharply to ₦508 billion, compared with ₦266 billion recorded in 2024, underscoring strong operational efficiency, improved cost management, and resilience despite a challenging macroeconomic environment.
The near-doubling of profit reflects BUA Foods’ ability to navigate rising input costs, foreign exchange volatility, and inflationary pressures that weighed heavily on manufacturers throughout the year. Analysts note that the performance places the company among the strongest earnings growers on the Nigerian Exchange in 2025.
The company’s Q4 2025 performance further highlights this momentum. Group turnover stood at ₦383.4 billion, while gross profit came in at ₦151.5 billion, demonstrating sustained demand across its core product lines including sugar, flour, pasta, and rice.
Despite a year marked by higher operating costs across the industry, BUA Foods maintained disciplined spending. Administrative and selling expenses were kept under control relative to revenue, helping to protect margins.
Operating profit for Q4 2025 stood at ₦126.9 billion, reinforcing the company’s strong core earnings capacity. Although finance costs and foreign exchange losses remained a factor, reflecting the broader economic realities, BUA Foods still closed the period with a Net Profit Before Tax of ₦102.3 billion for the quarter.
Earnings Per Share Rise Sharply
Shareholders were among the biggest beneficiaries of the strong performance. Earnings Per Share (EPS) rose significantly, reflecting the substantial growth in net income and strengthening the company’s investment appeal.
Market watchers say the improved earnings profile could support sustained investor confidence, especially as the company continues to consolidate its leadership position in Nigeria’s food manufacturing space.
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025

By femi Oyewale
Industry Leadership Amid Economic Headwinds
BUA Foods’ 2025 results stand out against a backdrop of currency depreciation, energy cost spikes, and logistics challenges that constrained many manufacturers. The company’s scale, backward integration strategy, and local sourcing advantages are widely seen as key contributors to its resilience.
Outlook
With a 91% year-on-year growth in PAT, BUA Foods enters 2026 on a strong footing. Analysts expect the company to remain a major driver of growth in the consumer goods sector, provided macroeconomic stability improves and cost pressures ease.
For now, the 2025 numbers send a clear signal: BUA Foods is not only growing—it is accelerating.
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Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

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Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.

The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.

 

Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards

Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.

Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.

The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.

For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.

The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.

Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.

As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.

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Why Nigeria’s Banks Still on Shaky Ground with Big Profits, Weak Capital

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*Why Nigeria’s Banks Still on Shaky Ground with Big Profits, Weak Capital*

*BY BLAISE UDUNZE*

Despite the fragile 2024 economy grappling with inflation, currency volatility, and weak growth, Nigeria’s banking industry was widely portrayed as successful and strong amid triumphal headlines. The figures appeared to signal strength, resilience, and superior management as the Tier-1 banks such as Access Bank, Zenith Bank, GTBank, UBA, and First Bank of Nigeria, collectively reported profits approaching, and in some cases exceeding, N1 trillion. Surprisingly, a year later, these same banks touted as sound and solid are locked in a frenetic race to the capital markets, issuing rights offers and public placements back-to-back to meet the Central Bank of Nigeria’s N500 billion recapitalisation thresholds.

 

The contradiction is glaring. If Nigeria’s biggest banks are so profitable, why are they unable to internally fund their new capital requirements? Why have no fewer than 27 banks tapped the capital market in quick succession despite repeated assurances of balance-sheet robustness? And more fundamentally, what do these record profits actually say about the real health of the banking system?

 

The recapitalisation directive announced by the CBN in 2024 was ambitious by design. Banks with international licences were required to raise minimum capital to N500 billion by March 2026, while national and regional banks faced lower but still substantial thresholds ranging from N200 billion to N50 billion, respectively. Looking at the policy, it was sold as a modern reform meant to make banks stronger, more resilient in tough times, and better able to support major long-term economic development. In theory, strong banks should welcome such reforms. In practice, the scramble that followed has exposed uncomfortable truths about the structure of bank profitability in Nigeria.

 

At the heart of the inconsistency is a fundamental misunderstanding often encouraged by the banks themselves between profits and capital. Unknown to many, profitability, no matter how impressive, does not automatically translate into regulatory capital. Primarily, the CBN’s recapitalisation framework actually focuses on money paid in by shareholders when buying shares, fresh equity injected by investors over retained earnings or profits that exist mainly on paper.

 

This distinction matters because much of the profit surge recorded in 2024 and early 2025 was neither cash-generative nor sustainably repeatable. A significant portion of those headline banks’ profits reported actually came from foreign exchange revaluation gains following the sharp fall of the naira after exchange-rate unification. The industry witnessed that banks’ holding dollar-denominated assets their books showed bigger numbers as their balance sheets swell in naira terms, creating enormous paper profits without a corresponding improvement in underlying operational strength. These gains inflated income statements but did little to strengthen core capital, especially after the CBN barred banks from using FX revaluation gains for dividends or routine operations. In effect, banks looked richer without becoming stronger.

 

Beyond FX effects, Nigerian banks have increasingly relied on non-interest income fees, charges, and transaction levies to drive profitability. While this model is lucrative, it does not necessarily deepen financial intermediation or expand productive lending. High profits built on customer charges rather than loan growth offer limited support for long-term balance-sheet expansion. They also leave banks vulnerable when macroeconomic conditions shift, as is now happening.

Indeed, the recapitalisation exercise coincides with a turning point in the monetary cycle. The extraordinary conditions that supported bank earnings in 2024 and 2025 are beginning to unwind. Analysts now warn that Nigerian banks are approaching earnings reset, as net interest margins the backbone of traditional banking profitability, come under sustained pressure.

Renaissance Capital, in a January note, projects that major banks including Zenith, GTCO, Access Holdings, and UBA will struggle to deliver earnings growth in 2026 comparable to recent performance.

 

In a real sense, the CBN is expected to lower interest rates by 400 to 500 basis points because inflation is slowing down, and this means that banks will earn less on loans and government bonds, but they may not be able to quickly lower the interest they pay on deposits or other debts. The cash reserve requirements are still elevated, which does not earn interest; banks can’t easily increase or expand lending investments to make up for lower returns. The implications are significant. Net interest margin, the difference between what banks earn on loans and investments and what they pay on deposits, is poised to contract. Deposit competition is intensifying as lenders fight to shore up liquidity ahead of recapitalisation deadlines, pushing up funding costs. At the same time, yields on treasury bills and bonds, long a safe and lucrative haven for banks are expected to soften in a lower-rate environment. The result is a narrowing profit cushion just as banks are being asked to carry far larger equity bases.

 

Compounding this challenge is the fading of FX revaluation windfalls. With the naira relatively more stable in early 2026, the non-cash gains that once flattered bank earnings have largely evaporated. What remains is the less glamorous reality of core banking operations: credit risk management, cost efficiency, and genuine loan growth in a sluggish economy. In this new environment, maintaining headline profits will be far harder, even before accounting for the dilutive impact of recapitalisation.

 

That dilution is another underappreciated consequence of the capital rush. Massive share issuances mean that even if banks manage to sustain absolute profit levels, earnings per share and return on equity are likely to decline. Zenith, Access, UBA, and others are dramatically increasing their share counts. The same earnings pie is now being divided among many more shareholders, making individual returns leaner than during the pre-recapitalisation boom. For investors, the optics of strong profits may soon give way to the reality of weaker per-share performance.

Yet banks have pressed ahead, not only out of regulatory necessity but also strategic calculation.

 

During this period of recapitalization, investors are interested in the stock market with optimism, especially about bank shares, as banks are raising fresh capital, and this makes it easier to attract investments. This has become a season for the management teams to seize the moment to raise funds at relatively attractive valuations, strengthen ownership positions, and position themselves for post-recapitalisation dominance. In several cases, major shareholders and insiders have increased their stakes, as projected in the media, signalling confidence in long-term prospects even as near-term returns face pressure.

 

There is also a broader structural ambition at play. Well-capitalised banks can take on larger single obligor exposures, finance infrastructure projects, expand regionally, and compete more credibly with pan-African and global peers. From this perspective, recapitalisation is not merely about compliance but about reshaping the competitive hierarchy of Nigerian banking. What will be witnessed in the industry is that those who succeed will emerge larger, fewer, and more powerful. Those that fail will be forced into consolidation, retreat, or irrelevance.

 

For the wider economy, the outcome is ambiguous. Stronger banks with deeper capital buffers could improve systemic stability and enhance Nigeria’s ability to fund long-term development. The point is that while merging or consolidating banks may make them safer, it can also harm the market and the economy because it will reduce competition, let a few banks dominate, and encourage them to earn easy money from bonds and fees instead of funding real businesses. The truth be told, injecting more capital into the banks without complementary reforms in credit infrastructure, risk-sharing mechanisms, and fiscal discipline, isn’t enough as the aforementioned reforms are also needed.

 

The rush as exposed in this period, is that the moment Nigerian banks started raising new capital, the glaring reality behind their reported profits became clearer, that profits weren’t purely from good management, while the financial industry is not as sound and strong as its headline figures. The fact that trillion-naira profit banks must return repeatedly to shareholders for fresh capital is not a sign of excess strength, but of structural imbalance.

 

With the deadline for banks to raise new capital coming soon, by 31 March 2026, the focus has shifted from just raising N500 billion. N200 billion or N50 billion to think about the future shape and quality of Nigeria’s financial industry, or what it will actually look like afterward. Will recapitalisation mark a turning point toward deeper intermediation, lower dependence on speculative gains, and stronger support for economic growth? Or will it simply reset the numbers while leaving underlying incentives unchanged?

The answer will define the next chapter of Nigerian banking long after the capital market roadshows have ended and the profit headlines have faded.

 

 

Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]

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