Business
BAFI Awards: FirstBank’s COVID-19 Response Sets the Pace in CSR
By Aniekan Ezekiel
From the publisher of BusinessDay, Frank Aigbogun’s welcome address at the recently held BusinessDay’s Banks and other Financial Institutions (BAFI) Awards came the following words: ‘The year 2020 has been a most interesting year. The economy and communities have been managed by disruptions imposed by COVID-19. Yet financial services have shown uncommon responsiveness and compassion towards customers and communities.’ Indeed, this has been an unusual year, no thanks to the coronavirus pandemic, but it has been a year defined as much by COVID-19 and its associated disruptions and difficulties as by the unprecedented response in kindness by corporate Nigeria.
BusinessDay’s BAFI Awards recognised achievements in a number of separate categories, each of which was worth its weight in gold. However, it could be argued that in this year of COVID-19, any recognition that took into account and was informed by the awardee’s COVID-related activities was probably the most significant of the awards/categories. It is against this backdrop that the recipient of the CSR Bank of the Year award at the BAFI Awards should be celebrated and projected as a model other corporate should emulate. And it came as no surprise that the bank that considers its destiny to be intertwined with Nigeria’s and whose commitment to nation building largely informs its approach to corporate responsibility and sustainability (CR&S), was so crowned as CSR Bank of the Year at the BAFI Awards.
The award was a well-deserved recognition for the exemplary role played by First Bank of Nigeria Ltd, Nigeria’s leading financial services provider, in support of the government and individuals’ as well as its own efforts to deal with the impact of COVID-19. Before the BAFI Awards, and, undoubtedly, proof that the award was not a fluke, CSR Reporters had named FirstBank as the 2020 Philanthropic Financial Institution of the Year in recognition of the bank’s social responsibility in the areas of e-learning and empowerment of SMEs in Nigeria. These CSR awards took cognisance of FirstBank’s unparalleled contributions to CSR, particularly through its e-learning initiative delivered in collaboration with partners from within and outside the continent, such as IBM, UNESCO and Robert & John, and the Lagos State Government.
Whilst different organisations rose to the various challenges resulting from COVID-19 crisis and were supporting in areas such as health and welfare, FirstBank chose and developed the e-learning initiative. FirstBank felt strongly that the peculiar needs of children and the youth risked being neglected at a time of unprecedented crises – with schools being closed, parents losing jobs, businesses shutting down, government revenues shrinking, health care resources being over-stretched, economic conditions worsening, etc. The bank therefore kicked off an initiative to move one million students to e-learning, alongside its partners, to minimise the disruption to the their education resulting from the prolonged closure of schools across Nigeria and ensure that they remain fully engaged during the difficult period, so they can continue to learn and compete favourably with their peers across the world. Over 140,000 students have benefitted from the e-learning initiative.
Focusing on key elements that resonated with its brand, such as dynamism, innovation and nation building, FirstBank’s e-learning initiative is an innovative and dynamic approach to learning which is not only a suitable and resourceful solution at this time, but also one that is intertwined with perhaps the next century’s likely digital approach to learning, especially with the addition of courses such as coding and robotics, which can usher students into the era of the Fourth Industrial Revolution and prepare them for jobs of the future. The e-learning initiative also aligns with the bank’s key focus area in its CSR framework – education. Education remains the single largest beneficiary of FirstBank’s enormous investments in CSR. Currently, 10 universities and three secondary schools enjoy FirstBank’s infrastructure projects; 10 universities are endowed with professorial chairs by the bank; and over 80,000 students in over 80 secondary schools in Nigeria have benefitted from financial literacy, and entrepreneurial and career counselling provided through FirstBank-sponsored programmes. Education consistently attracts the bank’s keenest attention from year to year. This is because FirstBank believes that education – quality and relevant education – remains the bedrock of any society and that when children are properly educated, the nation is enabled and global citizens who provide groundbreaking solutions for the continent and the world at large, are produced.
FirstBank’s partnership with IBM on the e-learning initiative, is making available to students the Digital-Nation Africa program, an online youth-focused learning programme that enables innovation and skills development on emerging technologies The IBM Digital- Nation Africa aims to provide African youth with effective digital literacy. The Platform seeks to enable African citizens, entrepreneurs and communities with the knowledge, tools and skills to innovate, design, develop and launch their own digital skills. It also helps African citizens enhance their digital skills to best meet the needs of the job market.
DNA provides a broad range of courses for various levels of digital literacy, from providing an introduction to the key emerging technologies beneficial for all, through an integrated innovator section to a focused skills enablement section where users can understand the skills and demands of the market and gain proven skills to enhance their job prospects. In addition, it provides free access to practical exercises and to allow for new ideas to be brought to life through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cyber Security. There are currently nearly 14,000 registrants on the program, which is promoting opportunities to learn skills of the future.
The partnership with Curious Learning is designed to reach smartphone users using available curated and tested literacy and numeracy apps – with free access provided to these apps. Curious learning is delivering academic-based content for students aged three to eight through a number of mobile applications designed to empower these young children in a fun, self-guided learning process through exploration and curiosity to help them with their cognitive skills at a fundamental level. Examples of these apps are Feed the Monster and Read with Akili. Efforts are in place through Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age. This is critical in identifying with the roles of children at securing the future of any country.
Another partnership in FirstBank’s e-learning initiative is the one with Lagos State Government and Robert & John, an Edu-tech company that owns Roducate. The Roducate e-learning platform, structured in line with the government’s accredited curriculum for primary, secondary and tertiary schools across various fields of academic endeavours, such as science, commercial and arts, includes tutorial videos to reinforce the learning engagement, as well as assignments and mock exams to test students’ knowledge and progress in the course of studying. Learning on the platform also enables note taking for quick reference, and to foster extra-curricular activities, provides exciting features to make learning exciting and fun, such as podcasts and various games like brain pulse, monster munch etc. which allows students to play with one another online, thereby building relationships and promoting interactive learning.
So far FirstBank has provided 20,000 low-end devices preloaded with Roducate offline (presented to Lagos State Government for distribution to students) and enabled over 120,000 free sign-ups, on the Roducate e-learning platform, with the ultimate goal being to empower at least one million students. ‘This [e-learning] solution,’ according to Dr Adesola Adeduntan, Chief Executive Officer of FirstBank, ‘will see Lagos State offer children in the lower bracket, who may not have access to devices or data from home, affordable smart phones preloaded with the curriculum. The phones have SIMs and limited data tied, only, to the Roducate learning product, which means the recipients cannot browse, encouraging safe learning, but they can still submit tests, mock exams, etc.’ Dr Adeduntan, who encouraged parents and guardians to have their children and wards registered so their educational development is not held back, noted that the initiative is ‘in keeping with who we are at FirstBank, [where] our commitment to self-development and continuous improvement is never far from our thinking.’ In addition, FirstBank is a member of the Global Education Coalition led by UNESCO which is a platform for collaboration and exchange to protect the right of education during this unprecedented disruption and beyond.
Furthermore, in a bid to support SMEs operating in the education sector, FirstBank created a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan, in partnership with the Lagos State Employment Trust Fund (LSETF). The scheme is designed to cushion the impact of Covid-19 pandemic on low-cost private schools by providing loans to them at an attractive interest rate. At the launch of the scheme, the Managing Director/CEO of FirstBank, Dr Adesola Adeduntan said: ‘At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.’
Woven into the fabric of society for over 126 years, overcoming challenges and remaining a dominant player in Nigeria’s financial services landscape, FirstBank has been partnering and supporting various sustainable activities towards the continued growth of its host communities and the nation at large. As a responsible corporate organisation committed to supporting all its stakeholders in the most sustainable manner possible, the bank has partnered various state governments through the private sector-led Coalition Against COVID-19 (CACOVID) intervention with a view to promoting the readiness and efficiency of health care professionals and other compatriots at the forefront of fighting the pandemic. Beyond Nigeria, FirstBank’s sub-Saharan African subsidiaries have also been involved. So far they have made donations amounting to US$173,000 in cash and kind towards alleviating the impact of COVID-19 on the continent.
According to BusinessDay, the BAFI Awards, convened annually to recognise and celebrate organisations that have achieved excellence in the delivery of their financial services across the entire client and customer spectrum, is adjudged the most rigorous, prestigious and transparent awards programme in the industry. Since its inception in 2014, when the first edition held, its organisers, BusinessDay has implemented an audit-based approach in the evaluation process, meticulously reviewing each shortlisted company’s financial reports, commissioned customer perception surveys and analyst opinion, then comparing these with its competition in a longitudinal study. The BAFI Awards have become established as the benchmark of distinction for institutions in the financial services sector. Its rising popularity among leaders in the banking, investing, insurance, and asset management subsectors have earned the BAFI Awards a reputation as ‘the only recognition you deserve’.
The BAFI Awards is backed by the BusinessDay Research and Intelligence Unit (BRIU). Nominations for the BAFI Awards are the culmination of a rigorous review process. The BRIU and an independent panel of judges evaluate more than two hundred and fifty institutions and benchmark them against their global peers using several indices in a thorough evaluation process. Nominees are assessed for their vision, execution and market leading propositions. The BAFI award categories cut across banking, insurance, capital markets, investment, pension funds, trustees, registrars, stockbroking and private equity. This year’s event where FirstBank won Best CSR Bank of the Year (and a second award – Best Mobile Banking App), was themed: Interpreting an Irrational Year: Coping, Adjusting and Thriving in a Wicked Learning Environment.
Ecobank Nigeria, a subsidiary of the leading Pan‑African financial services group, Ecobank Group, has announced the fifth edition of the Adire Lagos Experience, its flagship cultural and creative industry showcase. The event will take place from June 11–14, 2026, at the Ecobank Pan African Centre (EPAC), Victoria Island, Lagos.
The 2026 edition is themed “Threads Across Borders,” celebrating the depth and global resonance of Adire as a uniquely Nigerian art form, while positioning it within Africa’s broader textile and cultural narrative.
Rooted in Nigeria’s rich heritage, the Adire Lagos Experience continues to serve as a gateway for cross‑border cultural exchange, reinforcing Ecobank’s Pan‑African vision through culture‑led commerce.
The four‑day event will feature over 100 vendors, with the exhibition remaining predominantly Nigerian, reflecting the country’s leadership as the home and heartland of Adire production. To enrich diversity and continental collaboration, 10 percent of participating vendors will come from outside Nigeria, offering complementary African textile expressions and creative perspectives that foster knowledge exchange and cross‑border partnerships.
Speaking on the upcoming event, Omoboye Odu, Head, SMEs, Partnerships and Collaborations at Ecobank Nigeria, highlighted the intentional balance between cultural authenticity and Pan‑African inclusion.
“Adire is proudly Nigerian, and this platform remains firmly anchored in celebrating our local artisans and creative enterprises. At the same time, Ecobank’s Pan‑African mandate allows us to thoughtfully open the space to creators from other African markets, encouraging collaboration, shared learning, and trade connections that elevate African craftsmanship as a whole,” she said.
Beyond the exhibition booths, the Adire Lagos Experience 2026 will offer indigenous cuisine, African music and cultural performances, alongside curated networking and business engagement sessions designed to strengthen linkages across the Adire and wider creative value chain—from artisans and designers to merchants, buyers, and cultural enthusiasts.
As part of its ongoing commitment to supporting SMEs and the creative economy, Ecobank has opened registration for prospective exhibitors, with selected applicants eligible to receive complimentary exhibition booths. Applications close on April 28, 2026.
Through the Adire Lagos Experience, Ecobank continues to champion Nigeria’s cultural leadership while advancing Pan‑African collaboration—transforming heritage into enterprise and reinforcing its role as a truly Pan‑African institution driving impact beyond banking.
As the Central Bank of Nigeria’s (CBN) recapitaliSation exercise came to an end March 31, 2026, most banks operating in the country rose to the challenge and met the requirement ahead of time.
However, Fidelity Bank’s proactive approach paid off, and it continued to demonstrate its commitment to growth and innovation. In a remarkable display of investor confidence, Fidelity Bank opened and concluded a private placement in just one day on December 31, 2025. Leading institutions, including AFREXIM Bank and its subsidiaries, invested in the bank, showcasing their faith in Fidelity’s vision and leadership.
With the CBN’s verification process complete, Fidelity Bank’s capital base now exceeds the required N500 billion threshold. This milestone positions the bank to expand its footprint, drive growth, and deliver returns to investors.
Market analysts stated that the successful completion of the private placement underscores strong investor confidence in the bank’s growth strategy, governance framework and long-term fundamentals, even amid tightening regulatory standards and evolving macroeconomic conditions.
The lender had announced to the investing public that it has surpassed the N500billion regulatory capital threshold following the successful completion of a N259billion private placement of ordinary shares.
The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.
According to her, the proceeds from the exercise lifted Fidelity Bank’s eligible capital from N305.5billion to N564.5billion, subject to final regulatory approvals.
The latest capital raise positions the lender comfortably above the new minimum capital requirement of N500billion for commercial banks with international authorisation, as stipulated by the apex bank under its banking sector recapitalisation programme. According to the bank, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.
At the meeting, shareholders authorised the board to issue up to 20 billion ordinary shares through a private placement as part of measures to strengthen the bank’s capital base and enhance its capacity to support economic growth. The N259billion raised through the private placement builds on earlier capital-raising efforts by the bank. Fidelity Bank had stolen the show by taking a bold step in June 2024, launching a Public Offer and Rights Issue to raise capital.
Fidelity Bank successfully raised N175.85billion via a combination of a public offer and rights issue, which had increased its eligible capital to N305.5billion at the time. That exercise left a capital shortfall of N194.5billion relative to the new regulatory benchmark, a gap now fully covered by the latest transaction. Fidelity Bank’s strategic moves have set it up for success, and the stage is set for the bank to make significant strides in the Nigerian banking sector. Fidelity Bank noted that the strengthened capital position will enhance its balance sheet resilience, support business expansion, and enable it to play a more robust role in financing key sectors of the Nigerian economy, in line with regulatory expectations. The bank added that it remains focused on value creation for shareholders, prudent risk management and sustained profitability as it navigates the post-recapitalisation phase of the banking sector. Meanwhile, the stock price of Fidelity Bank closed trading April 10, 2026 at N19.50 per share on the NGX.
Access Bank Plc has been named Nigeria’s Most Valuable Brand for the fifth consecutive year by Brand Finance, reinforcing its leadership position in the country’s financial services sector.
Brand Finance announced this in its Nigeria 25 2026 report, which ranks the country’s strongest brands based on brand value, brand strength, and underlying business performance. According to the report, Access Bank’s brand value stands at ₦773.2 billion, maintaining its number one ranking despite short term macro-economic and market pressures.
It attributed the marginal year-on-year decline in brand value to a deliberate strategic shift, as the Bank continues to prioritise long term growth, regional expansion, and international scale over shortterm domestic margins.
Brand Finance pointed out that Access Bank’s sustained leadership reflects a longterm brand strategy anchored on scale, trust, and regional relevance, positioning the Bank to maintain brand strength and resilience as Nigeria’s economy continues its gradual recovery and the competitive landscape evolves.
It highlighted Access Bank’s transition from a local market leader to a cross continental financial infrastructure provider, noting that stronger contributions from its African operations helped offset a decline in Nigerian income during the period. This repositioning supports the Bank’s ambition of serving as a key gateway between Africa and global financial markets.
Importantly, the Brand Finance report also recorded a strengthening of the Access Bank brand, with the Bank rising to third place nationally on the Brand Strength Index (BSI), achieving a score of 88.7/100 and retaining an AAA brand rating. Brand Finance links this improvement to stronger brand coherence across markets and clearer strategic positioning following the consolidation of international acquisitions.
Commenting, Babatunde Odumeru, Managing Director, Brand Finance Nigeria, said, a defining shift in the business environment has been the movement from survival to resilience, with brands that invested through uncertainty now emerging stronger.
“This report highlights a key trend: trust is now the fundamental driver of business growth. With consumers now more cautious about how they spend their money, brands must offer a reliability premium in order to build trust, which is an essential foundation for customer loyalty. The brands that have achieved this have not just stood out but have consistently grown their brand value and maintained their lead in the Brand Finance rankings: If you are reliable, you are valuable.”
Odumeru noted that the rankings were dominated by the banking and manufacturing sectors, driven by homegrown resilience and digital savviness required to convert engagement into customer loyalty. This dynamic, he said, reflects a collaborative strength between the two sectors that continues to underpin Nigeria’s overall brand value.
The Brand Finance Nigeria 25 report is published annually and assesses Nigeria’s leading brands using a combination of brand value, brand strength, and comprehensive market analysis.
