Business

FirstBank Marches on, Brings the World to a Standstill

Published

5 years ago

March 4, 2019

Eric

Nigeria’s Premier financial institution and iconic banking Brand, First Bank of Nigeria Limited had the world stand still on Friday, 1 March 2019, as it held its symbolic flag hoisting ceremony across Nigeria and other countries where it does business. The celebratory flag hoisting officially flags off the bank’s commemoration of attaining the milestone year of 125.

The event was also to reinforce the Bank’s continuous march to greatness; a march that exemplifies tenacity, doggedness, viability, socio-economic impact and commitment across the length and breadth of Nigeria, Africa’s largest economy.

CEO, FirstBank, Dr. Sola Adeduntan, delivering his Welcome address

The flag hoisting ceremony was held in honour of the Bank’s illustrious journey that started 125 years ago, a journey that encompasses more than half a dozen nations across Africa, Europe and Asia; notably Ghana, DR Congo, Sierra Leone, Senegal, Gambia, Guinea, China, UK and France.

The distinctively designed anniversary flag comprised the Bank’s iconic logo – the elephant head in the yellow gold dynamic shape; the figure 125 written in The Dreamer Font with the number “5” chipped out of an elephant tusk; the weaving needle; the embroidered fabrics from different cultures – Yoruba Adire, Tiv Lishi, Ghana Kente, the Scottish kilt to illustrate the diversity of a brand that transcends beyond borders and across Continents.

Cross section of dignitaries at the event

In the course of the event, the symbolic flag was presented to the Oba of Lagos, his Royal Highness, Oba Rilwan Akiolu, in recognition of his traditional leadership of Lagos, the State where the journey began 125 years ago; the Chief of Naval Staff, represented by Rear Admiral Adebari, in recognition of the movement across the waters by the Bank’s founders from the United Kingdom; the Deputy Governor of the Central Bank, Mr Adebisi Shonubi represented by Director of Banking Operations, Dipo Fatokun as the event is not just about FirstBank but to pride the industry as one that has impacted the Nation through a century and a quarter years and lastly, the Chief Executive Officer, the Nigerian Stock Exchange, Oscar N. Onyema, signifying the Bank as the oldest listed company.

In the welcome address delivered by the Bank’s Chief Executive Officer, Dr Adesola Adeduntan, he noted that the flag symbolises the identity, impact, permanence and reverence of a long-standing institution which predates Nigeria as a unified entity and added that FirstBank is entrenched in the nation’s development; woven into the very fabric of society, with the Bank’s involvement in every stage of national growth and development.
Reinforcing the Bank’s Corporate Responsibility and Sustainability, whilst forging ahead into the future, across its business location, Adeduntan said “Supporting our host communities to promote sustainable development and of course, putting You First, in all our business activities are some of the many secrets of our long existence. We are now building for the next 125 years and beyond; purposefully blazing the trail in our industry and ensuring that we maintain our leadership position.

Chairman, FirstBank, presenting the flag to the Oba of Lagos

Expressing his goodwill message to the Bank, the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar N. Onyema OON buttressed the Bank’s impact on the Nigerian Stock Exchange. He said “FirstBank is one of the very first companies to be listed on the Exchange and they have become a bellwether for us when you look at the Banking industry.

In addition Onyema identified the leadership role by the Bank in the NSE stating that “They have also produced a number of Presidents of the Council of the Exchange; from Oba Otudeko to Asabia and other captains of industry that FirstBank has offered to the Nigerian Stock Exchange.

GMD, FBNHoldings handing over the anniversary flag to the CEO, NSE, Mr. Oscar Onyema

Also speaking, Mr Adebisi Shonubi, Deputy Governor of the Central Bank of Nigeria, represented by Director of banking operations, Dipo Fatokun lauded the bank for its achievement in the development of the financial sector and Nigeria as a whole.

Shonubi said that the history of the Central Bank of Nigeria cannot be written without the name of the Bank, FirstBank, lettered in gold, as the Bank has impacted the nation at large.

Other eminent personalities and dignitaries at the event include the former Managing Director of FirstBank and former Governor of the Central Bank of Nigeria, Mr Joseph Sanusi; immediate past Managing Director of the Bank, Mr. Bisi Onasanya; Former Nigerian Minister of Industry and former President of the Lagos State Chamber of Commerce and Industry, Mrs. Nike Akande and former Nigeria’s Minister of Communication Technology, Dr Omobola Johnson.

Horse guards parade by the Nigeria Police were at the venue to add to the glitz and glamour of the event as well the military band who were on ground to provide music throughout the event, thereby instilling the Bank’s resolve to foster its support to customers, Nigeria and other locations across Continents where the Bank operates.

The anniversary flag and flag of countries where the Bank does business were hoisted at the Bank’s headquarters to represent the nations, peoples and the diversity the Bank represents.

The 125 anniversary celebration will continue all through the month of March and through the year with other activities which include the Bell Ringing at the Nigerian Stock Exchange; a religious thanks-giving to be held in churches and mosques across Continents and locations of its business activities; the Anniversary Lecture; the Anniversary Gala Dinner & Command drama Performance by the famed Bola Austen Peters group among others. Staff and customers of the bank will also have the opportunity to participate in the milestone ceremony with donations and volunteering efforts as part of the bank’s Corporate Responsibility and Sustainability initiative, SPARK (Spreading Acts of Random Kindness)

Business

Naira Slumps to N1,399/$1 in Official Window, N1,430/$1 in Parallel Market

Published

7 hours ago

April 27, 2024

Eric

The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, in both the official and parallel windows.

The domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Friday, the Naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday, April 26, 2024.

The intra-day high and low recorded during the day were N1,410/$1 and N1,05/$1 respectively, representing a wide spread of N359/$1.

Similarly, the Naira slumped against the dollar at the parallel section of the market for the seventh consecutive day to trade at N1,430/$1 representing a loss of N10 when compared to the N1,420/$1 it traded the previous day.

However, the Naira gained against the pound. The domestic currency appreciated by N50 against the British Pound to trade at N1,650/£1 as against the previous trading price of N1,700/£1 representing a gain of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,450/€1 as against the rate of N1,500/€1 the previous trading rate indicating a gain of N50 for the Nigerian currency.

Business

Bureau De Change Operators Seek Unified FX Retail Market

Published

7 hours ago

April 27, 2024

Eric

The Association of Bureau De Change Operators of Nigeria (ABCON) has announced plans to create a unified structure for the retail end of the country’s foreign exchange market.

The association disclosed on Friday that the move would tackle volatility and boost regulatory compliance within that segment of the market.

This move, according to the ABCON President Aminu Gwadabe, is aimed at tackling currency volatility and strengthening regulatory compliance within the sector.

Gwadabe outlined ABCON’s strategy, which involves unifying operators across various categories within the market. The association is establishing state chapters to achieve better market coordination, integration, and ultimately, a single, standardized market structure. This would, in theory, allow authorities to monitor all BDC operators throughout Nigeria more effectively.

He said: “Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions.”

He reiterated the benefits of a vibrant retail end of the forex market to support the Central Bank of Nigeria’s goal of achieving true price discovery for the Naira, balancing international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.

With the world going digital, BDC operators under the ABCON leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to foreign exchange end-users.

“Finally, we also condemned in its entity, the seeming reappearance of illegal economic behaviours in forex conversion and peer-to-peer trading that pose another recent surprise in naira volatility and I therefore want to warn that while surprises are the new normal, resilience is also the new skills,” Gwadebe explained.

The benefits of a unified market are multifaceted, according to Gwadabe. It would not only address exchange rate fluctuations but also bolster regulatory compliance among BDCs.

This could have a positive impact on the Central Bank of Nigeria’s (CBN) efforts to achieve transparency in foreign exchange pricing. Additionally, a unified structure could enhance the overall image of BDCs and other stakeholders in the market, potentially leading to increased employment opportunities.

Business

FirstBank Appoints New MD/CEO, Alebiosu

Published

5 days ago

April 22, 2024

Eric

First Bank of Nigeria has appointed Olusegun Alebiosu as its new Managing Director with effect from April 2024.

The Bank stated this in a release signed by its acting company secretary Adewale Arogundade.

Alebiosu takes from Adesola Adeduntan, who resigned abruptly on Saturday with eight months left to complete his tenure in December 2024.

The release stated that “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He is an alumnus of Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a Master’s degree in International Law and Diplomacy from the University of Lagos and holds a Master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.”