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First Bank’s 125th Anniversary Documentary: Exemplifying Business Sustainability In Africa

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4 years ago

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There should never be any word like “arguably” mentioned in the same statement that clearly describes the First bank of Nigeria as the biggest institution in the country in whatever context or perspective one chooses to look at it from. This is obviously because this iconic brand, in its one hundred and twenty-five years of establishment, has been part of the principal players in the building, financing of Nigeria and Nigerians.

The penultimate bank of Nigeria which boasts of the largest number of shareholders in the country; 1.3 million and over 16 million customers, a feat which no other institution comes close to matching, serves as a point of reference to every other financial institution. What makes it the biggest is not just obviously being the oldest, but, it’s massive coverage and aggressive expansion across the country, decades and decades of consistent huge customer support, investments. The scale of its operation influence in the market is simply understood this way, should anything goes wrong with First Bank, there will be systemic reverberations.

There are currently about 50 million banking people in Nigeria and 24 other banks. This means that over a quarter of all the banking customers put their financial trust in First bank.

In the early 20th century, the Bank of British West Africa (FBN) began expanding aggressively across the regions, with branches opened in Calabar, Zaria, Accra, Kano, Sierra Leone, and many more. When the Kano bank was opened in 1914, an illustrious merchant showed up with three camels saddled with twenty bags of money, deposited that day. Today, First bank has over 82,000 locations spread across all 774 local government areas of the 923, 763 square kilometers. This means that it is everywhere.

Speaking about the magnitude of the greatness, Ibukun Awosika, the Chairman, First Bank of Nigeria, stated that one will have to have an insider point of view to fully and truly have a grasp of what a great institution it is, “when I say “institution”, I meant that; an INSTITUTION. Think of how many different ‘future’ First Bank has gone through. Imagine when it was ten years old, the environment that it was in. 1894, by 1904, what did this region look like. By the time you got to the Amalgamation in 1914, you could only anticipate what was going to happen next. Walkthrough all of those seasons into the season of independence of the country, think of the season when we had a lot of cash crops and everything and the kind of development and the nature of the country and the region, and the emergence of the petrodollar and the different political systems, whether military or whatever we had overtime. And think of an institution that has continuously re-engineered itself effectively for each future that it had to encounter and successfully do it”.

For a bank that is 125 years old, First Bank is ‘not competing’ with its new generation counterparts, but, has remained tremendously relevant, outstanding, and consistently at the forefront over the years, with its capacity and ability to invent and reinvent itself. This has strategically positioned the bank to remain as the dominant financial institution, not just in Nigeria, but in the west and central part of Africa, where it currently plays.

Segun Agbaje, the Managing Director of Guaranty Trust Bank, who also happens to be the son of J.K. Agbaje, the first appointed African branch manager of First Bank could not hide his respect for the giant bank; “There are very few banks truthfully that I have a lot of respect for because I don’t think that a lot of banks are necessarily doing banking the way I would like it to be done and that probably one of the four or five banks that I think are doing banking properly in Nigeria is definitely First Bank nd that if a Guaranty Trust was able to have the staying power and the strength, and the brand and the trust that obviously First Bank has, then I think it would have done very well”.

Agbaje also reveals his latest competition with First Bank, “[It’s] over NIP volumes. I think that last year we controlled about twenty-five percentage of NIP and First Bank was about eighteen percent. Today, they have used their retail base to go up to about 22.9% of NIP, I think we are 20.9%”.

Some of the big features that stand First Bank out as a financial institution is its financial security, customer support, investment. By far, First Bank has the largest asset base; N5.3 trillion. This gives the customer peace of mind knowing his money is always safe. For over a century, Fist bank has been providing support for so many businesses of different sizes that form the engine of the economy. First Bank has been partners with thousands of both large conglomerates and small businesses.

In the 1920s when Nigerians were beginning to clamor against the unfair taxes by their colonial masters, First bank was there to provide heavy supports for the ordinary Nigerians, in all forms of agriculture, trade, and services. At this time, the bank had become the treasury for the governor and the Central bank of Nigeria, CBN, with a customer base of hundreds of thousands.

During every landmark development of and in Nigeria, First Bank has been there. From roads to bridges, to dams. It was there providing financial support. From the groundnut pyramids and cash crops of the 1930s to the first power lines to the first major railway project that connected the two ends of the country, to the Niger bridge linking major cities, First Bank played a major role in these landmark developments. Even today, the flying elephant has continued to carry the modern agricultural developments, privatization of the power sector, and some of the country’s largest infrastructural projects, both public and private.

First Bank has not only the nation in diverse ways, it is impacting individual lives with valuables in areas of health, education, welfare, and so many other areas. Through its initiative, SPARK, Start Performing Acts of Random Kindness. This initiative has restored visible hope in the family of Kate Ogbonnaya, a recipient whose daughter, Ijeoma Gold Ogbonnaya had a hole in her heart and had a successful surgery. So many others have benefited from this tremendous initiative. Many students have seen their education dreams fulfilled, schools have received buses to help the transportation of students to and fro the school premises.

Bringing the Automated Teller Machine, ATM, and introducing the Western Money Transfer, no doubt, this pioneering bank has continued to evolve and deliver values to generations of Nigeria.

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AIR PEACE ADDRESSES IN-FLIGHT THEFT INCIDENT ON FLIGHT P47190

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1 day ago

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February 22, 2025

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We confirm an incident of in-flight theft onboard Flight P47190 on February 19, 2025. The airline reiterates its unwavering commitment to passenger safety and security and has taken decisive action in response to the situation.

During the flight, a passenger was found in possession of a missing item following a thorough search conducted upon landing at Port Harcourt International Airport (PHC). The suspect was subsequently handed over to the airport police for further investigation and necessary action.

Air Peace is deeply concerned by the rising trend of in-flight thefts observed in recent weeks. To curb this menace, the airline is implementing enhanced surveillance measures onboard its flights. Cabin crew members have been advised to heighten their vigilance throughout the journey, and in-flight announcements will be intensified to sensitize passengers on the importance of securing their belongings and reporting any suspicious activities immediately.

Furthermore, the airline is taking a firm stance against such criminal acts by recommending the blacklisting of the identified suspect, reinforcing its zero-tolerance policy for any misconduct that compromises the safety and comfort of passengers.

Air Peace remains committed to delivering a safe, secure, and world-class travel experience for all passengers. The airline urges the public to cooperate with its security protocols and report any suspicious behaviour to ensure a seamless and enjoyable journey for everyone.

 

 

SIGNED

Dr. Ejike Ndiulo

Head, Corporate Communications

Air Peace Limited

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Court orders final forfeiture of Emefiele’s $4.7m, N830m, properties

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2 days ago

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February 21, 2025

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A federal high court in Lagos has ordered the permanent forfeiture of $4.7 million, N830 million, and properties linked to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN).

 

Yellim Bogoro, the presiding judge, granted the final forfeiture application brought by the Economic and Financial Crimes Commission (EFCC), in a judgement delivered on Friday.

 

The funds, now forfeited to the federal government, were held in First Bank, Titan Trust Bank, and Zenith Bank accounts managed by individuals and entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

 

 

Properties affected by the interim forfeiture include 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1 on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos; and two properties purchased from Chevron Nigeria, located in Lakes Estate, Lekki, Lagos.

 

 

Additional properties include a plot at Lekki Foreshore Estate Scheme, Foreshore Estate, Eti-Osa, LGA; an estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos; and a property at 8 Bayo Kuku Road, Ikoyi, Lagos.

 

Justice Bogoro held that all these properties and funds are proceeds of unlawful activities which are bound to be forfeited to the Federal Government of Nigeria.

 

 

The judge held: “I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately Godwin Emefiele left CBN as a governor of the Bank and salary could not be made?

 

“I hold that they are not legitimate business activities.

 

“I hold that Anita Omoile is a close crony of the former CBN governor Godwin Emefiele who has been given undue influence to unlawfully sway dollars from CBN.

 

 

Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria.”

 

The EFCC through its counsel Rotimi Oyedepo SAN had cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution in its application, seeking an interim forfeiture on the grounds that the funds and properties were suspected to be proceeds of unlawful activities.

 

Justice Bogoro, finding merit in the EFCC’s application, ordered the interim forfeiture and mandated the publication of the order in a national newspaper.

 

 

Following the failure of the defendants or anyone else to prove that the funds legitimately belonged to them, the judge then made the interim order permanent.

 

Today’s order is another testament to the EFCC’s commendable assets recovery and anti-corruption efforts under its Executive Chairman Mr Ola Olukoyede.

 

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Halt campaign against NNPC’s progress

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4 days ago

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February 19, 2025

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By: Emmanuel Akanni

 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has again been the target of a deliberate misinformation campaign aimed at tarnishing its reputation and undermining the remarkable strides it has made recently.

 

 

After failing to discredit the accomplishments of the Mele Kyari-led management—most notably the revitalisation of the 60,000-barrel-per-day Port Harcourt Refinery, which had been non-operational for over 30 years, and the successful restreaming of the Warri Refining & Petrochemicals Company on December 30, 2024—critics have turned to spreading false claims about the quality of fuel supplied by NNPC Ltd.

 

In a recent viral video, a content creator claimed to have bought a litre of Dangote petrol from the MRS filling station in Lagos at N925 and another litre of PMS from an NNPC station at N945. The video showed two new generators running the fuel, and according to him, the generator running the NNPCL fuel stopped after 17 minutes, while the Dangote petrol lasted for 33 minutes.

 

 

Of course, the controversial video was sponsored to damage the reputation of NNPC Ltd, having recorded major milestones under Kyari. The video, which was done in bad faith, portrayed the NNPC Ltd. as a supplier of substandard fuel, an allegation too weighty to be overlooked.

 

Dismissing the claims, Olufemi Soneye, the Chief Corporate Communications Officer at the NNPC Ltd., said, “The Nigerian National Petroleum Company (NNPC) Ltd strongly refutes the false and misleading allegations made in a viral video circulating online, which claims that NNPC fuel does not last. This assertion is baseless and entirely unfounded, originating from unverified and amateur research that lacks credibility, accuracy, and professional oversight.”

 

 

The NNPC Ltd reaffirmed that its fuel was carefully formulated with one of the best compositions, ensuring optimal efficiency, durability, and environmental sustainability for consumers.

 

 

“Furthermore, it is important to emphasize that a significant percentage of Premium Motor Spirit (PMS) sold at NNPC retail stations in Lagos—where this deceptive video was created—is sourced from the Dangote Refinery, a strategic partner in promoting local production and energy security. Dangote Refinery adheres to strict industry standards, guaranteeing the quality of petroleum products supplied to our consumers,” NNPC Ltd. added.

 

According to Soneye, the misleading video was another desperate attempt by economic saboteurs to misinform the public and tarnish NNPC Ltd’s reputation.

 

 

Vowing that the NNPC would no longer tolerate malicious and deliberate misinformation designed to undermine its operations and mislead Nigerians, the company warned of dire legal consequences for the merchants of misinformation and campaigners of calumny against it.

 

 

“Henceforth, NNPC Ltd will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations. Those engaged in such malicious activities will be held fully accountable under the law,” Soneye added.

 

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), after thorough testing, condemned the amateurish video and submitted that the fuel supplied by NNPC  Ltd. meets the highest industry standards.

 

 

“We urge content creators not to joke with sensitive matters that can collapse the economy,” said Billy Gillis-Harry, the PETROAN president.

 

The viral video lacks scientific proof, inappropriate, offensive and unethical. The content creator should have opted for laboratory analysis and not a social media stunt aimed at discrediting a particular brand against the other. It was a bad comparative and combative advertising dangerous to both brands.

 

The sustained campaign to demarket the NNPC Ltd started after the company, under Kyari’s sound leadership, reopened the Old Port Harcourt Refinery on Tuesday, November 26, 2024, apparently to the disappointment of forces against the revival of the country’s four refineries.

 

Attempts by sceptics to rubbish the achievement recorded with the Port Harcourt refinery were roundly repudiated by the NNPCL, workers at the refinery, experts, and delegates from the Presidency, Nigeria Labour Congress, Trade Union Congress, Petroleum and Natural Gas Senior Staff Association of Nigeria, and Nigeria Union of Petroleum and Natural Gas Workers. However, traducers will stop at nothing to carry out their nefarious agenda.

 

Let it be known that those fabricating lies to destroy NNPC’s reputation are fighting a lost war. Nobody can demarket a company that is doing well and consistently breaking new ground. From what was believed to be a cesspool of corruption to an organisation guided by sound management, transparency and corporate governance, Kyari and his team are doing a good job. The NNPC Ltd remains steadfast in its mission to ensure fuel availability, affordability, and quality for all Nigerians while maintaining global industry standards.

 

Of course, the coming of the $23 billion Dangote Refinery has changed the Nigerian downstream landscape igniting competition and a recent price war; such development is welcome and the expectation is that demand and supply forces would continue to drive the market. It is, however, important to keep the competition healthy and virile. No need to demarket one another. The downstream market should be a level playing field for all.

 

Recall that Kyari played a pivotal role in supporting the Dangote Refinery by securing a $1 billion loan backed by NNPC’s crude reserves. The strategic move not only addressed liquidity challenges but also ensured the successful completion of Dangote Refinery.

 

This, according to NNPC Ltd., underscores Kyari’s commitment to fostering public-private partnerships that deliver long-term value to the nation.

 

The NNPCL boss was said to have considered the investment in the Dangote Refinery as a strategic move aimed at strengthening domestic fuel supply.

 

“A strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the 650,000-barrel-per-day Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development,” Soneye, the NNPC spokesman, had said at a recent Energy Relations Stakeholder Engagement in Abuja.

 

The Kyari-must-go campaigners have also joined the smear campaign against NNPC Ltd., sponsoring opinion pieces and media publications in an attempt to undermine the company’s progress. However, no amount of negative rhetoric can diminish the achievements NNPC Ltd. has made under Kyari’s leadership.

 

Apart from the refineries, NNPC Ltd. under Kyari declared N3.297 trillion profit for the 2023 financial year, the highest in its 46-year history and an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion. This, of course, has been credited to the stringent financial management strategies deployed by Kyari and his team.

 

In 2021, NNPC declared profit in its operations for the first time.  From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

 

However, in 2020, it posted its ‘first-ever’ profit of N287 billion, then in 2021, it recorded an N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. In a company where profitability was like an anathema, Kyari has bucked the trend and changed the narrative by posting profit year-on-year.

 

Efforts to discredit NNPC Ltd. are futile in the face of the company’s impressive performance. While constructive criticism is welcomed, malicious campaigns to harm the company’s reputation are unacceptable. NNPC Ltd. should continue to fight against such attacks and stand firm in its commitment to serving the nation.

 

Emmanuel Akanni, an energy analyst, writes from Lagos.

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