Business
125 Years Anniversary: FirstBank Holds Relay Walk, Pledges Commitment to Teamwork, Service Delivery, Value Creation
By Eric Elezuo
Nigeria’s premier bank, FirstBank Nigeria, has reiterated its commitment to continue to provide quality service to its over 15 million customers, create value and exhibit wholesome team work and coordination among its staff.
The remark was the collective stand point of the bank’s principal officers as it holds a 125 kilometres relay walk to celebrate the banks 125 years of uninterrupted existence as a heavyweight in the financial institutions and general corporate world.
The walk which took place simultaneously at major FirstBank stations across Nigeria, was described as a significant activity to prove that achievements involve everyone committing his own quota for the common good of the whole organization.
Speaking at the Mobolaji Bank Anthony, Ikeja branch of the bank, which hosted one of the walks, the Executive Director, Corporate Banking, Dr. Remi Oni, stated ‘that it takes collaboration, working together, teamwork, empowering ourselves to be able to achieve what we have’.
He pointed out that everyone else’s tiny bit of cooperation contributes to what the bank has achieved.
He also said that the exchange of baton is “significant in the sense that it suggests that the present group has done their part and has passed on to the next generation that will continue the milestone achievements the bank is known for.”
The walk moved to the headquarters at Marina where the leadership and major customers of the bank assembled.
In his speech, the Group’s Chief Executive Officer, Dr. Adesola Adeduntan, said the bank remains committed to value creation and effective service delivery to all stakeholders in the years ahead.
He said the bank would continue to provide standard services and products to its customers and stakeholders for value creation to maintain its market share.
“What we intend to deliver to them will go up in terms of quality and in terms of value,” he said.
Adeduntan reiterated Dr. Oni’s stand that the Relay Walk was very significant because it shows greatness and synergy.
He explained that the 125km was a representation of the collaborative effort of not just FirstBank but all its entities.
“The 125km is a mark of our incredible journey of delivering impeccable financial services to our customers as we leave no stone unturned to remain an icon of admiration in today’s financial services industry in Africa.
“The Relay Walk is very significant and symbolic.
“It’s symbolic because it’s a collaborative efforts not just FirstBank but other operating entities within the FBN Holdings family.
“We came together to organise a relay and the significance is when you think of a relay, when you think of 125, if you want to run a relay of 125 on your own as an individual you can get tired but when you collaborate together you can achieve it.”
Adeduntan said the walk signified power synergy, noting that the leadership of the institution had moved from individual to individual, generation to generation in the last 125 years.
“What we are doing is to pass on the baton of this relay to the next generation of our staff,” he said.
In his remarks, the Group Managing Director, FBN Holdings Plc, Urum Kalu Eke, said the bank had been able to create a network of partners in the past 125 years.
“What we have been able to achieve today by the Relay Walk is to create a network of partners.
“No other institution in Nigeria has achieved this and we belong to a unique club globally of those that have clocked 125 years and more and we are proud of this day.”
Eke said the passing of baton showed that the bank had come to stay with successive leadership team, team spirit, innovation and self development.
The Group Chairman, Mrs Ibukun Awosika, on her part, said the bank would continue to be the number one in the industry with long enduring legacy of value creation.
“If you had the kind of legacy we have had, we are 125 years, you can only look forward to the future.
“When you remember that the only way you can have the opportunity to celebrate 125 years today is because at different times, different generations from the least to the highest worker have added value and created value.”
Also speaking, the Head, Marketing and Corporate Communication, Mrs. Folake Ani-Mumuney, said the bank would remain committed to helping customers build and grow their businesses as it has been committed to creating value for 125 years and counting.
She said: “We will continue to partner with our regulators to make sure there is strong robust financial services system in Nigeria.“
The anniversary celebration continues with more activities including a Jumat service on Friday, March 22, Church Thanksgiving service on Sunday, March 24 while a lecture will take place on Tuesday, March 26 with a prolific guest speaker, followed by a gala night.
Leading financial institution, FirstBank of Nigeria Limited, has debunked a misleading report circulating in the media regarding a system upgrade at FirstBank, saying that no such upgrade is underway and that all operational systems are functioning maximally.
The management of the bank made this clarification in a statement made available to this medium.
The statement reads in full:
We wish to address a misleading report circulating in the media regarding a system upgrade at FirstBank.
The message which was incorrectly interpreted and reported was sent to, and intended for our vendors only and focused on transitioning from our current I-Supplier Platform (our automated platform that connects us to suppliers) to a new Cloud-based Supplier Platform (worldclass platform for managing suppliers), to enable additional capabilities and benefits for our vendors.
Please be informed that no system upgrade is currently underway, and all our customer applications are fully operational. We are not experiencing disruption to our services, and our banking systems, customer transactions, channels, etc, will not be affected by the enhanced supplier platform.
Rest assured that our commitment to seamless service delivery remains unwavering as you continue to enjoy uninterrupted access to our services.
Riding on its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded strong and impressive growth across all its key indicators.
As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398 trillion up from N1.308 trillion recorded in September last year, while its net Interest income which stood at N443.0 billion at the end of the third quarter in 2023, rose impressively by 149 per cent to N1.103 trillion in the period under consideration.
The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48 billion compared to N502.09billion recorded at the end of the third quarter of 2023, while profit after tax also rose remarkably by 16.9 per cent from N449.26 billion recorded a year earlier to N525.31 billion in the period under review.
As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N31.801 trillion, representing a 54.0 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.
UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.
“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.
According to the GMD, the Bank’s performance has been underpinned by consistent strong growth on all core and sustainable banking income lines, as he added that “Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimizing operational efficiency.”
The Bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalizing around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.
On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”
On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said, “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”
He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
UBA Foundation, the Corporate Social Responsibility arm of the United Bank for Africa (UBA) Plc, has announced the commencement of the 2024 edition of its annual National Essay Competition (NEC) with a Call for Entries in Nigeria.
Now in its 14th year, the annual National Essay Competition (NEC) is part of the UBA Foundation’s education initiative aimed at championing literacy and encouraging intellectual development among senior secondary school students across Nigeria and the African continent.
The 2024 edition will see increased participation from senior secondary school students across Nigeria as they can conveniently submit their entries from the comfort of their homes or schools via the UBA Foundation NEC digital submission portal at www.ubagroup.com/uba-foundation/national-essay-competition
The essay topic for the call for entries is “Discuss the Impact of Carbon Emission on Climate in Nigeria: Challenges and Solutions”. Students are expected to properly research, write, scan and upload their handwritten essays to the digital portal on or before November 8, 2024.
The essays will be graded by renowned English professors who will then select the best 75 entries, which will be rewarded with N75,000 cash. A second competition will be held across four regions in Nigeria – Abuja, Enugu, Lagos and Port Harcourt where the 75 candidates will compete to be one of the 20 finalists. These 20 finalists will thereafter write a third essay where the top three will be selected.
The Foundation has also announced a substantial increase in educational grants as the first-place winner will receive N7.5 million to study at any African university of their choice, while the second and third-place winners will receive N5 million and N3.5 million, respectively.
The Chief Executive Officer, UBA Foundation, Bola Atta, who spoke ahead of the flag-off of this year’s completion, noted that despite the current global economic challenges, UBA Foundation remains steadfast in their commitment to educational excellence by significantly increasing the grant prizes this year
“We are aware of what families and parents are going through especially in the face of the current economic climate in Nigeria, and by raising the first-place prize to N7.5 million, with N5 million and N3.5 million for second and third places respectively, we are making a bold statement about our dedication to African education. The increase in grant prizes reflect our understanding of the rising costs of quality education and our determination to ensure that exceptional students can pursue their academic dreams without financial constraints.” Atta said
Apart from the 75 best essays, the 20 finalists will go home with brand new Laptops and other educational tools to help them with their studies and other tertiary research work. Also, the teachers of the school with the highest number of entries will be rewarded.
Atta pointed out that professors from leading Nigerian universities will serve as judges to evaluate the entries at all levels, to ensure fairness and transparency.
Speaking on the foundation’s unwavering commitment to development across Africa, Bola Atta, reiterated that NEC is a testament to UBA Foundation’s broader education initiatives, which include the ‘Read Africa’ program, which has distributed hundreds of thousands of books to students across the continent.
“The competition stands as a beacon of our commitment to nurturing Africa’s next generation of leaders and thinkers,” Atta said. “Through initiatives like this and our ‘Read Africa’ program, we’re not just promoting literacy; we’re investing in the intellectual capital that will shape Africa’s future”
The National Essay Competition has been rolled out in other African countries where UBA operates, in order to open up the opportunity for more African children to benefit from the educational grants.
UBA Foundation embodies the UBA Group’s CSR objectives and seeks to impact positively societies through several laudable projects and initiatives. Through its Education pillar, the Foundation has donated hundreds of thousands of books to students across Africa under the ‘Read Africa’ initiative aimed at encouraging and promoting the reading culture in African youths. Its National Essay Competition has also afforded the opportunity to hundreds of students to improve their lives through higher education.
