Business
FirstBank Empowering Women Through Financial Inclusion
First Bank of Nigeria Limited is taking steps to ensure that women and women-led businesses are empowered. The bank has, through its FirstGem; FirstMonie and First Women Network empowered and brought several unbanked women into the financial system. This it proved during this year’s International Women’s Day (IWD) celebration, writes COLLINS NWEZE.
Empowering women through improved access to finance and social support are crucial in achieving the desired growth for the economy. This is the belief of First Bank of Nigeria Limited, even as it maintained that investing in women’s economic empowerment sets a direct path towards gender equality, poverty eradication and inclusive economic growth.
It acknowledges the enormous contributions made by women, whether as business women, farmers, entrepreneurs or employees, or by doing unpaid care work at home.
This it demonstrated during this year’s International Women’s Day (IWD), a worldwide event that celebrates women’s achievements – from the political to the social. It is also a day that stakeholders in Nigeria and in the Diaspora canvassed gender equality in society and workplace.
The event brings together governments, women’s organisations, corporations and charities for purposes of development and inclusion.
According to the World Bank, women empowerment is the process that creates power in individuals over their own lives, society and in their communities.
Women’s empowerment is all about equipping and allowing them to make life-determining decisions through the different problems in society.
Also, empowering women by granting them access to vast opportunities and information will not only lead to personal development for them but also the development of the communities and societies they operate in.
First Bank is, therefore, supporting women’s economic empowerment through FirstGem, which gives them economic voice and bring many unbanked women to the financial system.
The bank has advanced N58 billion loans to over 81,000 women-led businesses and interests. Besides, 44,356 women (corporate and individual, including members of staff of the bank) currently own and operate the FirstGem account with a seating balance of N2.4 billion.
Also, the Agent Banking platform – which the bank leads in the industry – has promoted not just the financial inclusion of women but also independence as there are many women among its Agent Banking. Data showed that there are 38,185 male banking agents, and 11,762 female banking agents.
First Bank Managing Director/CEO Adesola Kazeem Adeduntan, said women-led businesses constitute a large part of the banks’ balance sheets and stream of income, even as he added that the bank will continue to give priority to issues that affect women.
He said the bank is also in tune with the Nigerian Sustainable Banking Principles (NSBP) which requires that companies promote gender equality in workplace.
To support the NSBP project and give women voice in the workplace, FirstBank boss said women remain some of the best workforces and always make great impact in establishments.
FirstBank believes that women needed to be economically empowered. Unless social concerns such as gender disparity and women economic empowerment are addressed, economic and environmental goals and overall sustainable development will be difficult to achieve.
Adeduntan said the introduction of FirstGem, a female-focused product by the bank has contributed to the development of the Nigerian economy.
Speaking at the FirstGem third anniversary conference held in Lagos, the bank chief said he was delighted that FirstGem is promoting savings culture, financial literacy, loan management, wealth creation and healthy lifestyle for women.
Adeduntan said the product has a wide array of advisory, health and current awareness services for the discerning woman.
He said: “On October 28, 2016 we launched this women-centric account, designed specifically to meet the financial needs of both corporate and entrepreneurial women. This product, apart from being an account dedicated solely to women, is lifestyle-enhancing.
“It provides a total lifestyle support for discerning women to enable them to meet their economic needs and aspirations. It goes without saying that economic stability does impact overall stability of individuals, institutions, communities and nations.
“With FirstGem, therefore, our long-term focus is on national economic development. I believe that with the indices we have so far, FirstGem is on the right performance track.”
In sports, the Female Basketball team, Elephant Girls, have, over the years, dominated the Women Basketball League of the Nigeria Basketball Federation, representing Nigeria in the International Basketball Federation (FIBA) Africa Women’s Champions.
According to FirstBank, Corporate Responsibility and Sustainability (CR&S) involves meeting the needs of our stakeholders now and in the future. Our CR&S approach is three-pronged: citizenship, stakeholder management and impact management.
“Citizenship and stakeholder management involves putting into consideration the needs of stakeholders in making decisions, while impact management is basically about minimising our negative impacts and increasing our positive impacts on society.
“FirstBank prides itself in being an equal opportunity employer and have integrated diversity and inclusion policies and awareness into its practices.
The bank said its efforts at engendering diversity in the workplace include having in place a policy that encourages inclusion. The group’s diversity and inclusion objective is to be a recognised industry leader in workforce diversity and leverage diversity for the growth of the group and the success of the customers and communities we serve. We have a male: female ratio of 61:39 across the workforce,” he said.
Also, the bank’s Board and Senior Management Teams have consistently supported women development by deliberately designing a dedicated platform called FirstGem to drive financial inclusion and all-round development of women.
The bank’s CR&S approach is designed to deliver value in a structured way in the areas of education, health and welfare; financial inclusion; responsible lending and procurement.
Inclusivity ties in with our people empowerment goal which includes improving the lives of our stakeholders through the bank’s agenda of nation-building by empowering women and girls to access the opportunities and societal benefits to grow and advance societal and economic benefits. The bank is committed to promoting diversity, inclusion through our products, services and programmes.
Advancing the FirstGem vision
FirstBank explained that in recognition of the impact of women’s contribution to economic development, the bank is steadily advancing the vision of FirstGem through active and value-adding participation in many women empowerment programmes, international conferences, seminars, workshops, and roadshows across different cities and states of Nigeria over the past couple of years.
It revealed that at the forefront of these engagements is the Chairman of Board of Directors of the Bank who happens to be a female.
It said the bank is committed to maintaining a positive work environment and to conducting business in a positive, professional manner by consistently ensuring equal employment opportunity.
FirstBank Women Network is aimed at addressing the gender gap at the senior levels and taps the opportunities presented by enabling our women to contribute even more if given the necessary strategic support and an enabling environment. This includes providing a platform that enables women to become more engaged in their workplace, set and achieve goals, have greater influence in their lives and achieve more of their potential.
The initiative was launched with the International Women’s day (IWD) celebration that held on March 8, 2018 with the theme #PressforProgress.
Also, the First Women Network is built around six pillars which are influence career pipeline, networking opportunities, grooming, etiquette and poise, mentoring, coaching and sponsorship opportunities, counselling, support and welfare, financial planning and empowerment.
Coaching/mentoring scheme
FirstBank has a coaching and mentoring scheme dedicated to female members of staff in the bank. This is to enable older female members of staff to handhold and coach the younger ones with reference to their experience as they climbed the career ladder.
For her, the types and number of products and services available to women include the facilities and polices provided to support gender diversity in the work place, among others.
Also, 2,708 female employees have special opportunities as nursing mothers: The Bank recognises that pregnancy and childbirth may take its toll on the women.
In addition to the three months’ maternity leave with pay, our practice allows for nursing mothers to resume two hours later than the normal resumption period, or close two hours earlier than the normal closing hours. This is applicable for the first three months after resumption from maternity.
All these have made the bank winner of the Nigeria Sustainable Banking Awards on Women Empowerment Category, which is driven by the Central Bank of Nigeria, among other laurels.
Business
Nestlé, AGRA, TechnoServe Launch Groundbreaking Climate-Smart Agriculture Initiative in Nigeria
In a bold step towards building a climate-resilient agricultural sector, AGRA, Nestlé Nigeria, and TechnoServe have launched the Strengthening Farmers’ and SMEs’ Resilience through Climate Smart Grain Production and Accessing the Structured Markets (StreFaS) initiative in Nigeria.
StreFaS is a three-year initiative, funded by AGRA and Nestlé, that will run from June 2024 to October 2027. The program aims to support 25,000 smallholder farmers and eight aggregators across Kaduna and Nasarawa States, promoting sustainable production of maize, soybean, rice, and sorghum. It focuses on integrating regenerative agriculture into every step of the value chain, with particular emphasis on empowering youth and women.
StreFaS will help improve soil health, lower greenhouse gas emissions, increase biodiversity, and strengthen economic resilience. Furthermore, the program connects smallholder farmers to formal markets, including Nestlé’s supply chain, enabling them to receive premium prices for climate-smart produce.
The launch event, held in Zaria, Kaduna State, brought together high-level representatives from the government, development partners, private-sector stakeholders, and members of the media.
The event featured keynote speeches from implementing partners, a case study from a climate-smart farmer, and a powerful project overview underscoring the initiative’s role in transforming Nigeria’s grain value chains.
In her welcome address, Mrs. Adesuwa Akinboro, Country Director of TechnoServe Nigeria, described the STREFAS initiative as a transformative step for Nigeria’s agricultural sector.
“This project represents a bold commitment to supporting smallholder farmers and agribusinesses with the tools, knowledge, and market access they need to thrive in the face of climate change. STREFAS is not just about boosting yields—it’s about regenerating our soils, restoring dignity to farming, and creating a more inclusive and sustainable future for communities across Kaduna and Nasarawa States,” she said.
“We are proud to co-lead this initiative that puts farmers first — not just by introducing new practices, but by rebuilding the very ecosystems that sustain farming — core to AGRA’s approach to sustainable and resilient food systems transformation,” said Dr. Rufus Idris, AGRA’s Country Director for Nigeria.
Speaking on Nestlé’s commitment, Mr. Wassim Elhusseini, CEO of Nestlé Nigeria, added:
“At Nestlé, we believe that good food starts with high-quality ingredients and the well-being of the people who produce them. Our partnership in this initiative underscores our commitment to sustainable sourcing and decarbonizing our value chain. Globally, we aim to source at least 50% of our key ingredients from farmers practicing regenerative agriculture by 2030. With an investment of over $1,000,000 in this project over the next three years, we aim to contribute towards establishing regenerative agriculture as the standard in the food industry, addressing both environmental and social priorities holistically.”
Speaking at the event, the Commissioner, Ministry of Agriculture, Kaduna State, Honourable Murtala Muhammad Dabo stated “This launch marks a significant milestone in our journey towards a more sustainable agricultural future. I commend TechnoServe and its partners for their dedication to promoting climate-smart agriculture practices in Kaduna State. Let us continue to work together to empower farmers, improve food security, and build a climate-resilient agricultural sector. I wish you all the best in this endeavor.”
On the sidelines of the launch, MAGGI celebrated the Soya Bean farmers who were part of the regenerative agriculture pilot project. One of the farmers Engineer Lawan Abdul, shared a compelling testimonial.
“Since I started adopting the strategies, we were taught in this project, my yields have increased by 100%. This was very surprising and encouraging for me. I am very happy with the outcome and thank the project partners and MAGGI for bringing this opportunity to us.”
The StreFaS initiative is aligned with AGRA’s 3.0 Country Strategy, Nestlé’s 2030 Climate resilience sourcing goals, and TechnoServe’s proven expertise in building market-driven solutions for rural prosperity.
By connecting smallholder farmers to better tools, markets, and capital, StreFaS will scale regeneration in ways that are profitable and empowering. As implementation continues, the program will deepen collaboration with government, private sector, and civil society partners to sustain scalable change across Nigeria’s grain value chain.
Shareholders of tier one lender, Fidelity Bank, have applauded the board and management of the bank for delivering an outstanding performance in FY 2024.
Speaking at the 37th Annual General Meeting (AGM) held virtually on Tuesday, April 29, 2025, the National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, praised the bank.
“This is a superlative performance and we the shareholders are grateful to management and staff for giving us a bank to be proud of,” he said. “It is also important to note that the bank has earned its spot as one of the top 3 dividend-paying financial institutions in Nigeria.”
In his remarks, the Chairman, Zonal Shareholders Committee, Sir Tunji Okelana, recognized the bank’s exceptional leadership, which has seen the bank grow to unprecedented heights.
“The achievements of the current MD have surpassed those of everyone who held that office before her. In addition, staff working with her are assets. They are truly ‘Fidelity, they keep their word’. Without any doubt, I am very happy with the bank”, he declared.
Chairman, Board of Directors, Fidelity Bank Plc, Mr. Mustafa Chike-Obi, said, “Despite the global economic headwinds, we demonstrated exceptional resilience, achieving record breaking growth across all performance indicators, most notably our Profit Before Tax (PBT)”.
The chairman further noted that the bank’s stakeholders were all pleased with the success of the first stage of the capital-raise exercise.
“The oversubscription of 237.9% in the Public Offer and 137.7% in the Rights Issue is a testament to the strength of our brand and the confidence the investing public has in us. Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise”.
Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, in her statement to shareholders, shared the strategic outlook to build on the bank’s FY 2024 success.
“Our priorities in the 2025 financial year are to complete the next phase of our capital raise and further strengthen our asset base, enhance operational efficiency and digital innovation and explore strategic regional expansion into select African markets,” she said.
According to the bank’s 2024 annual report available on its website and distributed to shareholders, the bank recorded an impressive 210% growth in Profit Before Tax to N385.2 billion.
Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The bank also witnessed an impressive 47.9% growth in deposits from N4.0trn in 2023FY to N5.9trn while Advances grew from N3.1tn in 2023FY to N4.4tn in 2024FY.
Several resolutions were considered and passed at the AGM, including the declaration of a final dividend of N1.25 kobo, the election of non-executive directors – Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam; the election of Mr Sufiyanu Ibrahim Garba as executive director; and the re-election of non-executive directors – Mr Mustapha Chike-Obi and Engr Henry Obih, among others.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
Its multiple local and international awards include the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, Fidelity Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Business
Zenith Bank Promises Quantum Leap in Future Dividends, Delights Shareholders with Payout of N195.67bn
Shareholders of Zenith Bank Plc, at the 34th Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday, April 29, 2025, approved the proposed final dividend payment of NGN4.00 per share, bringing the total dividend for the 2024 financial year to NGN5.00 per share, with a total value of NGN195.67 billion.
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unflinching support and commitment, which have been responsible for the bank’s stellar performance over the years. He noted that despite challenges globally in 2024, Zenith Bank was able to leverage the opportunities within the environment of each subsidiary to record a performance that solidly attests to the bank’s resilience as a brand.
The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, expressed her appreciation to the shareholders for their commitment and support, promising quantum leap in dividends going forward. According to her, “This is the first time that I am addressing the Annual General Meeting (AGM) in my capacity as the first female GMD/CEO of Zenith Bank. I would like to thank you for your confidence and support that has placed me in this position today”. She further said that “Zenith Bank is committed to, not only meeting your expectations, but exceeding them. We are focused on running a very efficient and sustainable institution that is resilient and will ensure that our institution outlives many generations to come”. Talking specifically about dividend, she emphasized that “If you look at our dividends trajectory, payments over the period have always increased and we will continue to maintain this record. We have successfully completed our recapitalization exercise, achieving 160% subscription. Therefore, we are not under any pressure to go back for the second time to raise funds. Zenith Bank has sufficient capital buffer to do business and we will continue to delight our shareholders. We are committed to growing our topline organically while adhering to our strict corporate governance culture.”
Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), applauded the Group Managing Director for her efforts in ensuring the growth of the bank’s financial indices. He said, “We are very happy that the bank is paying us N5. Most importantly the GMD/CEO, Dame Dr. Adaora Umeoji, has done so well. In the past year, she won the award for the Banker of the Year which is very commendable, and all the bank’s indices have gone up; we are now experiencing trillions in profit against N676 billion the previous year, and the shareholder’s funds, the gross earnings – everything now is in trillions. I think this is very commendable. The bank has won so many awards – no bank in Nigeria has won such qualitative awards like they have. They also surpassed the capitalization threshold of CBN by 160% – this is unprecedented. We are very happy with their performance.”
Speaking on the dividend payout, Alhaji Otunba Mukhtar Mukhtar, Chairman, Trusted Shareholders Association of Nigeria, said “The consistency of Zenith Bank dividend payout has never been matched in Nigeria. Since the inception of this bank, they have kept giving shareholders a consistent dividend payout, and this has made shareholders to be richer, happier, and more excited at the hardwork, performance and commitment of the bank. We are very happy. If you look at the Profit Before Tax (PBT) and the Profit After Tax (PAT), they have been able to cross the N1 trillion threshold. They have given us a Profit Before Tax of N1.3 trillion, which is very commendable. The shareholders, as you have seen at the meeting, have expressed their happiness and joy about this performance. I am grateful to the Chairman, Dr. Jim Ovia, CFR, the Management and the Board for such an outstanding performance.”
Ambassador Dr. Olatunde Okelana, the Balogun Olugbon of Orile- Igbon, Oyo State, also commented on the bank’s dividend payout. In his words, “Zenith Bank investment has been the best for me. I want to believe that whoever has not invested in Zenith Bank has lost. Their dividend policy is very palatable, very beautiful in the banking industry and the lady at the helm of affairs is performing wonderfully well. She is one of the best female CEOs in the banking Industry in Nigeria. I am a capitalist, so I invest where my money can give me beautiful returns. I want to tell you that Zenith Bank has been the best in the capital market and it is the best investment. Dr. Jim Ovia, CFR, the Founder & Chairman, is a benefit to mankind, he has done the best by giving us Zenith Bank. 99.9% of my savings is in Zenith Bank, because I have confidence in them and in the Management led by Dame Dr. Adaora. I want to encourage many Nigerians to invest in Zenith Bank so that they too can reap the fruit of their labor as soon as possible. I am very happy to be a shareholder of this bank.
Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The dividend we received this year of N5 has been a promise which they have given to us at several forums which they have called at different times, and we thank them for not failing us in their promise. I am very proud to be a shareholder of Zenith Bank, and also their customer. The bank is a very reliable bank – if you keep your investments in Zenith Bank, you can go to sleep because there is always somebody there watching your investment for you.”
The bank’s robust financial performance in 2024 alluded to its commitment to continually delivering value to its investors in spite of challenging macroeconomic conditions. Zenith Bank Group achieved a remarkable double-digit growth of 86% in gross earnings, from NGN2.13 trillion in the previous year to NGN3.97 trillion in 2024. This was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book. Customer deposits grew by 45%, reflecting the bank’s market leadership and customers’ trust. Total assets rose by 47%, underpinned by a strong liquidity position and effective balance sheet management.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognized as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.
1 Comment