Business
FirstBank: Empowering Staff, Driving Productivity against the Odds
By Segun Adams
As the coronavirus pandemic forces firms to downsize and cut their wage cost to cope with the adverse economic realities, First Bank of Nigeria Limited (FirstBank) is bucking the trend with a different approach that puts its staff first, writes Segun Adams.
In a pandemic year where employees are agreeing to pay cuts to keep their jobs and businesses are either downsizing or simply liquidating, First Bank of Nigeria Limited is an outlier, taking an unusual approach to demonstrate how organisations can still ensure the best outcomes for both employer and employees.
The first-tier lender last Friday promoted a crop of its staff across all levels in a rare show of corporate resilience in the banking industry and beyond, both locally and across the borders.
According to FirstBank, keeping staff motivated during these unprecedented times is not only crucial for the soul of businesses, but it also demonstrates corporate responsibility.
In the wake of the new coronavirus pandemic, there have been unprecedented layoffs across the world as companies went bust, unable to generate cash to sustain their operations.
The United States, the world’s biggest economy has recorded a historic rise in unemployment with over 45 million initial unemployment claims in the last three months.
In Britain, HSBC, a giant global bank, is reviving plans for a 35,000 job cut due to pre-existing problems thought to have been worsened by the pandemic. Big banks like Morgan Stanley, Deutsche Bank, Citigroup, Barclays, Société Générale among others have announced about layoffs exceeding 60,000 jobs.
In Nigeria, 38% of the workforce was jobless in April due to the virus and lockdowns, the National Bureau of Statistics (NBS) estimates. In the MSMEs sector, 50,000 jobs were lost and 10,000 businesses have shut down according to Auwal Bununu Ibrahim, the National Vice President, North Central of the National Association of Small and Medium Enterprises, (NASME) and in the Aviation industry, some 24,000 jobs were lost as of April.
While banks in the country have been barred by the Central Bank of Nigeria (CBN) from laying off staff without regulatory approval, there is no obligation for banks to implement promotions or raise pay. In fact, most lenders have initiated pay cuts to cope with the excess capacity arising from skeletal operations and depressed levels of economic activities in the economy which is reeling from the coronavirus and lockdown shocks.
But against the odds, FirstBank promoted its staff and didn’t cut down salaries.
In a recent article, Forbes stated that the manner in which firms treat their employees during the ongoing health and economic crisis will not only be remembered for years to come but have a direct effect on their productivity going-forward.
“How businesses respond will have a lasting impact on employee behaviour including, engagement, productivity and loyalty,” the American business magazine noted.
Hertzberg’s Two-Factor Theory also known as dual-factor theory postulates that career progression is a motivating factor for employees to work harder.
As the coronavirus pandemic continues to take a toll on the mental health and focus of employees in the country, and across the world, due to uncertainty of job status, lower income and a disruption to their career development, FirstBank stands out as a safe and rewarding place to work.
The stability and confidence enjoyed by the bank’s staff are the vital environment human resources experts say is necessary for firms that will successfully navigate the tides of current realities.
In a recent BusinessDay Webinar, Nkemdilim Begho, CEO, Future Software Resources Limited advised that businesses can engage their team and see how they can help in creating new ideas and products that the company can deliver. The resultant effect will be greater efficiency of staff and innovation whereas, elsewhere organizations are bound to struggle with a demotivated workforce which could lead to inefficiencies and higher costs for the businesses with adverse implications for bottom-line.
To realise optimal human resources contributions, Begho acknowledged the need for firms to sustain team bond and ensure that morale of their staff is high.
Even before current events, FirstBank has always proven to be conscious of the impact a stimulating and rewarding environment can have on the overall employee performance and thus, provided value accretion to shareholders, customers and other stakeholders.
From its competitive remuneration across cadres including mid-level and senior-level employees to benefits that cover medical insurance and disability insurance, sick leave and vacation, and retirement options, FirstBank puts its workforce first ensuring that they are well motivated and equipped to deliver higher productivity.
FirstBank has featured on some of the best workplace rankings including A Great place to Work and Jobberman. Last year, the big bank ranked among the Jobberman 2019 best 100 companies to work for in Nigeria, a list that scrutinizes over 60,000 companies to pick the best 100 based on strict metrics. The bank has enjoyed positive reviews from credible job/career sites like Indeed where it banks a 4.1/5 positive rating.
A former employee of the bank Aderemi Adebiyi commended the institution for its keen interest in the welfare and career progression of its employees. “I worked in the Bank for 15 years and do not regret it. It’s fast-paced, performance-driven with varied streams of career development,” Aderemi said. “The company also offers paid trainings.”
FirstBank’s talent management strategy is aimed at supporting employee engagement, employee motivation and increased productivity, and leadership development across all levels of employees within the organization, according to its website. As a tenet of career development, FirstBank has devoted itself to creating a culture of continuous learning tailored to the needs and aspirations of the employees and the business itself.
The bank’s FirstAcademy and learning centres strategically located around the country allows for e-learning, mobile learning, physical classrooms and virtual libraries to allow all employees the opportunity to equip themselves for future roles that benefit both them and the organization. This means pandemic or not, learning is continuous and uninterrupted.
FirstBank also prides itself as an equal opportunity employer so that qualified persons irrespective of gender, culture, age, nationality, sexual orientation, disability or social background can participate in its business.
At the same time, FirstBank remains a performance-driven organization and merit-based, allowing individual talents to be rewarded for their hard work and contribution to overall organisational goals.
With people as one of the bank’s greatest assets, it strives to maintain a pool of multi-skilled and well-rounded employees relying on initiatives like Job Shadowing, Coaching, Counselling, Mentoring, Succession Planning and Career Maps to develop and retain talents at all levels of the organisation’s operations.
Premier bank in West Africa and a leading financial inclusion service provider, FirstBank, has announced the successful integration of the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa.
PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables instant, low-cost payments in local currencies between African countries.
Speaking on the integration, the Group Executive, e-Business and Retail Products at FirstBank, Chuma Ezirim, said, “The integration of PAPSS into the LIT app is a testament to FirstBank’s commitment to delivering innovative, customer-centric solutions that simplify and enhance financial transactions. This milestone aligns with the Bank’s strategic goal of deepening digital capabilities and expanding access to seamless cross-border payment services across Africa.”
Commenting on this collaboration, Mike Ogbalu, CEO of PAPSS said, “Every time an individual, an SME or a Company sends money instantly within Africa in their own currency, we are not just moving funds, we are connecting ambitions, supporting livelihoods, and bridging dreams across borders. This collaboration with FirstBank and their LIT app brings us a step closer to making African borders invisible to movement of money, so that the continent’s entrepreneurs and families can focus on what matters most: building their future, not battling payment barriers.”
The LIT App, FirstBank’s innovative digital banking platform, offers a wide range of features including virtual cards, scheduled payments, and multiple transfers in one go, designed to meet the dynamic needs of customers. The addition of PAPSS expands its capabilities to support cross-border commerce, especially for individuals and SMEs engaged in pan-African business.
With PAPSS now live on the LIT App, FirstBank is breaking down barriers to payments, trade and financial inclusion across Africa. Customers can now send funds conveniently to other countries in Naira, without needing US dollar, GBP or Euro conversions. This landmark integration enables real-time cross-border payments in local African currencies, reduces transaction costs, and improves settlement efficiency. It also expands access to digital banking services, promotes financial inclusion, supports SMEs and fosters growth under the African Continental Free Trade Area (AfCFTA).
This integration of PAPSS to the LIT app reinforces FirstBank’s leadership in digital banking innovation and supports the African Continental Free Trade Area (AfCFTA) agenda by simplifying intra-African transactions.
Nigeria’s leading real estate company renowned for making homeownership affordable for all, Adron Homes and Properties, has unveiled the much-anticipated Lemon Friday Plus Promo; an upgraded version of its annual Lemon Friday campaign.
The Lemon Friday Plus Promo is designed to make property ownership easier, more flexible, and more rewarding for Nigerians both at home and in the Diaspora. With discount of up to 50% on all landed properties, flexible payment structures, and exciting gift packages, Adron Homes continues to fulfill its mission of providing affordable housing solutions nationwide.
According to the company’s Group Managing Director, Mrs Adenike Ajobo, the Lemon Friday Plus Promo was introduced as part of Adron Homes’ commitment to empower more Nigerians to become landowners despite the current economic challenges.
“For over a decade, we have continued to make property ownership possible for everyday Nigerians. Lemon Friday Plus takes that vision even further by making payments more flexible and the process of owning land more convenient and rewarding,” he said.
For the first time, subscribers can spread their initial deposits into five convenient installments, from July to November 30, 2025. This unique feature allows individuals and families to plan their finances while securing a plot in any Adron Homes estate of their choice.
The promo offers affordable entry options with tiered deposit packages:
* ₦300,000 (Bronze)
* ₦500,000 (Silver) – includes a cockerel & rice
* ₦1,000,000 (Gold)
* ₦3,500,000 (Diamond)
Each deposit category comes with exciting gift rewards, ranging from home appliances such as refrigerators, washing machines, and home theatres, to even cows for festive celebrations.
During the promo period, customers can enjoy a massive 50% discount on all Adron Homes estates nationwide and spread their remaining balance conveniently over 12 months.
This offer applies to all Adron Homes estates, including popular developments such as Treasure Park and Gardens (Shimawa), City of David Estate (Abeokuta), Grandview Park and Gardens (Atan-Ota), Manhattan Park and Gardens (Karshi, Abuja), among others.
With over 60 estates across Nigeria, Adron Homes provides customers the opportunity to own land in Lagos, Ogun, Abuja, Oyo, Osun, Niger, Nasarawa, Ekiti, and Plateau States.
Speaking further, the Managing Director, Mrs. Adenike Ajobo, who officially declared the Lemon Friday Plus sales open at the company’s Ibadan regional office, emphasized that the campaign underscores Adron Homes’ goal of building cities and creating affordable housing opportunities.
“This promo is not just about discounts; it’s about making real estate accessible to everyone; traders, salary earners, entrepreneurs, and even students. At Adron Homes, we believe everyone deserves a place to call home,” she noted.
The Lemon Friday Plus Promo is currently open to new and existing customers nationwide. Interested buyers can visit any Adron Homes regional office, call the company’s hotlines, or connect via its official website and social media handles to take advantage of this limited-time offer.
Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the winners of the 4th edition of the Heirs Insurance Essay Championship, a nationwide competition promoting financial literacy and academic excellence among secondary school students and educators.
The grand finale, held at the Transcorp Hilton Hotel, Abuja, brought together students, parents, and academic leaders for a celebration of knowledge and creativity. This year’s edition, which attracted over 5,000 entries from junior secondary school students nationwide, was anchored on the topic “The Role of Insurance in Keeping Families Safe and Secure”.
After a rigorous evaluation process by a distinguished panel of academic professionals, independently verified by Deloitte & Touche, 13-year-old Rhema-Love Abraham of Precepts Learning Field, Lagos, emerged as the overall winner, earning a ₦5 million scholarship and a ₦1 million grant for her school.
Bernice Michael of S-TEE High School, Lagos, claimed the second-place position, winning a ₦2 million scholarship, while Afopefoluwa Tofio-Jacobs of D-IVY College, Ogun State, took third place, receiving a ₦1 million scholarship.
This year, Heirs Insurance introduced the inaugural Teachers Prize, to honor teachers promoting insurance awareness within their schools and communities. This initiative was created to democratise access to insurance literacy, working collaboratively with teachers and educators.
Mr. Okpe James Chidi, a teacher at Urban Secondary School, Umuna Orlu, Imo State, emerged as the winner of the Teachers’ Insurance Awareness Prize, with a personal award of ₦1 million cash prize, and a ₦500,000 grant for his school. His project, which deepened students’ understanding of financial literacy and insurance, was praised for its innovation, reach, and measurable impact.
Speaking at the ceremony, Niyi Onifade, Sector Head, Heirs Insurance Group, commended all the participants for their creativity and drive, emphasising the Group’s commitment to nurturing future leaders through education.
He said, “We are proud of every student and teacher who participated in this year’s Essay Championship. Their creativity, curiosity, and dedication reflect the future we envision for our nation; one built on knowledge, innovation, and resilience. At Heirs Insurance Group, we believe financial literacy is a powerful tool for empowerment and transformation”.
The Heirs Insurance Essay Championship is a flagship Corporate Social Responsibility (CSR) initiative of Heirs Insurance Group, created to build awareness of insurance literacy and critical thinking among young Nigerians. The introduction of the Teachers’ Insurance Awareness Prize further demonstrates the Group’s commitment to advancing insurance education and promoting financial inclusion at every level of society.
