Business
FirstBank as Synonym for Growth of SMEs in Nigeria
By Eric Elezuo
It is not by accident that banks need to be at the heart of the SME business, providing support, capital and innovative solutions to help small businesses prosper. It is also not accidental that most countries can boast of some quality banks that hold sway the prosperity of small and medium enterprises. In Nigeria, that bank is FirstBank Nigeria Plc, unarguably the best bank in the country going by its very many firsts, awards, honours and initiatives.
And in retaining their dominance, FirstBank has remained at the heart of the SME business, using technology to better understand the needs and context of the business.
As part of its efforts to further launch its specialized SME propositions to its customers, FirstBank cleverly designed a wide range of events and activities during its SMEs week, specifically targeted to and for the growth of SMEs operators. This includes the SME Masterclass with a mind boggling theme “Designing and Implementing a Growth Strategy for your Business”. There was also a specialized one on one sessions with renowned business coaches, culminating in the launch of seven unique pillars which make up the brand’s SME propositions. These and many more are available via SMEConnect – The FirstBank SME portal.
The SME portal is a platform through which SMEs can access FirstBank’s unique propositions specially tailored with the essential tools needed for the growth of their business. The SME portal, according to FirstBank, is also designed to help SMEs identify various gaps that hinder their business growth leveraging the brand’s innovative Business Diagnostics Tool, with a view to proffering tailored solutions and creating opportunities for business improvement, profitability and sustainability.
In addition, FirstBank through extensive research in the past years, has identified these seven strategic pillars to be essential for the sustainability and growth of the SMEs. These seven pillars are access to infrastructure, access to talent, capacity building, policy and regulation, access to resources, access to market as well as access to finance. The pillars, rightly named, have duly informed the bank’s strategy and propositions for SMEs.
To this end, FirstBank’s weeklong activity dedicated to operators of SMEs and held across six locations in Lagos, Abuja, Rivers, Oyo, Kano and Owerri in the month of August was practically centred on one on one coaching advisory sessions. The business owners came out of the sessions better equipped and prepared for the task ahead.
Buttressing FirstBank’s unalloyed leadership status in SME projection in Nigeria, the bank’s Deputy Managing Director, Gbenga Shobo, hinted thus:
“FirstBank has over the years, been at the forefront of supporting Businesses, especially the SMEs as we recognise that the SMEs are the engine of the economy. We are committed to ensuring that we leave no stone unturned as we connect with them in their continued contribution to national development in terms of the employment opportunities they create as well as their contribution to the nation’s GDP amongst many economic values.”
The event promoted the Bank’s SME proposition, and helped SMEs bolster their contribution to the growth and development of the economy.
Consequently, every SME operator can visit www.firstbanknigeria.com/SMEConnect/ to take the FirstBank SME Diagnostics test and get guidance for business improvement opportunities.
It must not be forgotten that in October, at the prestigious Oriental Hotel, Lagos, FirstBank celebrated some SME operators, better known as Firstmonie Agents, when it held the Agent Banking National award in an event themed Planting Community Heroes Nationwide. The Agent Banking Scheme was initiated in 2017, and ever since, has recorded giant strides at promoting financial inclusion across the nook and cranny of the country. There are about 40, 000 agents raised by FirstBank in the 774 local government areas of the nation. Through this medium, FirstBank is leading the effort at supporting the Federal government objectives to deepen access to financial services.
Summing it up, FirstBank’s Chief Executive Officer, Dr. Asesola Adeduntan noted “the unwavering efforts and remarkable contributions by our Firstmonie Agents at promoting financial inclusion in Nigeria, and indeed very much appreciated. Within the past two years, we have been able to create not only 40, 000 access points, but over 150, 000 indirect jobs. We remain committed to doing more, strengthening business activities, driving economic growth and development thereby reducing poverty.”
The CEO is of the opinion that FirstBank will never rest on its laurels as every individual’s contribution to national growth and development is important to the bank, and so will spiritedly continue to support the growth of SMEs.
Over the years, FirstBank has develop customer loyalty through development of a clear value proposition and strategy to partner with their SME customers, and offer them a broad range of solutions to run, control and grow their businesses. The following are some of the ways
- Helping SMEs connect with an ecosystem of suppliers, distributors and other SMEs
- Using their expertise across industries, channels and regions, to offer growth opportunities and insights
- Supporting business productivity by offering solutions, such as cash flow management, HR, talent and tax; and keeping their businesses safe through education on regulatory compliance.
With all these, FirstBank has got the basics right, and it is therefore not surprising that the bank has become a synonym for growth of SMEs in Nigeria.
Fidelity Bank Plc has reported a strong financial performance for the first quarter of 2026, with gross earnings rising by 37.9 per cent to N434.95 billion, driven by growth in its core banking operations.
The unaudited interim report and accounts for the three months ended March 31, 2026, released on the Nigerian Exchange, showed that the bank’s gross earnings increased from N315.42 billion recorded in the corresponding period of 2025.
Interest income grew significantly by 22.8 per cent to N314.48 billion in Q1 2026, compared with N256.10 billion in Q1 2025, reflecting expansion in the bank’s core business activities.
With net interest income standing at N180.97 billion, the bank posted a profit before tax of N92.48 billion for the period. Profit after tax settled at N74.47 billion, while earnings per share remained strong at N5.69.
The bank also recorded notable improvements across key balance sheet indicators. Total assets rose above the N11 trillion mark to N11.35 trillion as of March 2026, compared with N10.46 trillion recorded at the end of December 2025.
Customer deposits increased from N6.89 trillion to N7.38 trillion during the review period, while shareholders’ funds rose by 27.5 per cent from N1.09 trillion in December 2025 to N1.39 trillion by March 2026, supported by earnings growth.
The Q1 performance further strengthened the bank’s earnings outlook following the successful completion of its recapitalisation programme in 2025.
The bank had earlier posted strong full-year results for 2025, recording growth across major income lines and balance sheet metrics.
According to its audited financial statements, gross earnings rose by 45.6 per cent from N1.04 trillion in 2024 to N1.52 trillion in 2025. Interest and similar income increased from N803.1 billion to N1.11 trillion, while fees and commission income grew by 44.7 per cent to N113.4 billion.
Net profit after tax for the 2025 financial year stood at N242.4 billion.
Total assets expanded by 18.6 per cent to N10.46 trillion in 2025 from N8.82 trillion in 2024, while customer deposits increased by 16.1 per cent to N6.89 trillion.
Net loans and advances, however, declined slightly by 2.4 per cent to N4.28 trillion, which the bank attributed to repayments of matured obligations by customers.
The bank also strengthened its capital position in 2025, with eligible capital rising to N561 billion, above the N500 billion regulatory requirement for banks with international authorisation.
Capital Adequacy Ratio improved to 30.94 per cent in December 2025 from 23.47 per cent recorded in December 2024.
Commenting on the results, Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, said the Q1 2026 performance reflects the resilience and strength of the bank’s business model.
She stated that the successful recapitalisation exercise and the bank’s ongoing expansion had positioned Fidelity Bank for stronger growth and improved returns.
“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has deepened its longstanding relationship with the academic community and reaffirmed its commitment to innovation, youth empowerment, and nation-building by commissioning the UBA Innovation Hub and Business Office at the University of Lagos (UNILAG).
The landmark facility was commissioned by the Group Chairman, UBA, Tony Elumelu, represented by Group Managing Director/Chief Executive Officer, Oliver Alawuba, supported by other senior executives of the bank and members of the university leadership, led by the Vice Chancellor of the University of Lagos.
The commissioning marks another defining chapter in the enduring relationship between UBA and one of Nigeria’s foremost institutions of higher learning. The project also reflects UBA’s historic connection with the University of Lagos and Nigeria’s education ecosystem.
UBA was the first bank to establish a campus branch in Nigeria in the 1960s, pioneering financial inclusion and institutional banking support within the nation’s higher education environment.
Adding a personal dimension to the occasion, UBA Group Chairman, Tony Elumelu, himself an alumnus of the University of Lagos, described the commissioning as both symbolic and strategic.
“Returning to my alma mater for this commissioning makes this moment particularly meaningful. Universities remain the birthplace of ideas, innovation, and future leadership. Through this investment, UBA is reaffirming its belief in young people and in the role institutions like the University of Lagos will continue to play in shaping Africa’s future.”
He added that UBA’s philosophy of empowering people and building institutions remains central to its growth agenda across Africa.
The Vice Chancellor, Professor Folasade Tolulope Ogunsola, who emphasised that Elumelu remains “a son of the university”, commended UBA for sustaining a relationship built on impact, innovation, and institutional support.
“The Group Chairman of UBA, Mr Tony Onyemaechi Elumelu, CFR, one of Africa’s most celebrated entrepreneurs and philanthropists, is, in the truest and most meaningful sense, a son of this University,” Ogunsola said.
Ogunsola continued, “The intellectual rigour, the ambition, and the broadness of vision that he would go on to demonstrate as he transformed a struggling bank into a pan-African institution of global stature, that fire was sharpened here.”
The newly commissioned four-floor complex has been designed as a shared platform that promotes collaboration between academia and industry. Under the arrangement, UBA will operate its dedicated Business Office within the facility, providing direct access to innovative banking services, financial advisory services, enterprise support, and engagement opportunities for students, faculty, and the wider university community. The remaining floors of the complex will serve broader institutional and developmental purposes for the University’s use.
Also speaking, UBA’s Group Managing Director/CEO, Oliver Alawuba, noted that the Innovation Hub and Business Office represent an intentional investment in talent, enterprise, and future economic transformation.
“UBA continues to create platforms that connect knowledge with opportunity. This facility will provide students and the university community access to ideas, networks, innovation support, and financial services that help unlock potential and prepare future leaders for a rapidly changing world,” he said.
In another major highlight of the event, the University of Lagos announced the renewal of UBA’s sponsorship and support for the Professorial Chair in Finance, further strengthening collaboration between academia and industry and advancing thought leadership, research, and professional excellence in financial studies.
Alawuba stressed that the UBA Professorial Chair remains the bank’s most enduring academic contribution.
“Our most enduring academic contribution remains the UBA Professorial Chair of Finance, established in January 1972 as the first-ever Finance Professorial Chair in a Nigerian university. It was designed to strengthen finance education, deepen banking research, and support thought leadership in Nigeria’s financial sector. I am pleased that the Executive Management of UBA has approved an additional ₦61.67 million to further strengthen the Endowment Fund for the Chair and sustain its work through the current professorship tenure.”
The commissioning of the UBA Innovation Hub and Business Office reinforces the bank’s broader mission of enabling sustainable development through strategic investments in education, entrepreneurship, technology, and human capital across Africa.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to strengthening diaspora engagement, advancing healthcare development in Nigeria through the introduction of its healthcare investment proposition to the Nigerian-American medical community at the 2026 ANPA Carolinas Symposium held in Charlotte, North Carolina.
The ANPA Carolinas Symposium, hosted annually by the South Carolina and North Carolina Chapters of the Association of Nigerian Physicians in the Americas (ANPA), convenes over 170 physicians and healthcare professionals for medical and scientific dialogue on issues impacting communities across North America, the Caribbean, and Africa, particularly among people of Nigerian descent.
Speaking at the event, UBA’s Head of Diaspora Banking, Anant Rao, made a compelling case for structured diaspora participation in Nigeria’s healthcare transformation, encouraging attendees to expand their contribution beyond remittances toward long-term institution-building.
“The financial infrastructure required to connect your success abroad to sustainable institutional impact at home has not been intentionally designed for diaspora healthcare investors until now,” Rao said.
During his presentation, Rao introduced the ANPA–UBA Diaspora Healthcare Investment Platform — a professionally managed investment vehicle designed to channel diaspora capital into specialist hospitals, diagnostic centres, telemedicine infrastructure, and medical training institutions across Nigeria.
“Every dollar invested delivers a dual return — creating value for investors while contributing meaningfully to Nigeria’s healthcare future. We now have the regulatory framework, banking infrastructure, governance structures, and institutional commitment to make this possible,” he added.
Under the proposed structure, UBA will serve as custodian and structuring bank, while United Capital Asset Management, one of Nigeria’s leading asset managers with over ₦1.2 trillion in assets under management, will act as fund manager.
As part of deepening engagement with the Nigerian-American medical community, Rao also proposed a Memorandum of Understanding (MoU) between UBA and the two ANPA chapters. The proposed collaboration is anchored on six strategic pillars: preferred banking offerings for ANPA members; quarterly financial education sessions; the joint Healthcare Infrastructure Fund; a dedicated ANPA Wealth and Legacy Desk; access to group-rate family healthcare plans through Avon HMO; and a UBA co-matching contribution framework to support qualifying impact vehicles under the Pearl Endowment Fund.
The initiative represents a further expansion of UBA’s diaspora value proposition, which currently includes Non-Resident Nigerian (NRN) accounts in multiple currencies, fixed-income and dollar-denominated investment solutions through United Capital, elder-care trust solutions under the Homeland Anchor Care Trust programme in partnership with Avon HMO, and private wealth management offerings tailored to senior diaspora professionals.
The 2026 ANPA Carolinas Symposium marks another milestone in UBA’s strategic engagement with the diaspora community and reinforces the Bank’s long-held belief that diaspora capital can play a transformative role in accelerating healthcare and infrastructure development across Africa.
