Business
FirstBank Raises the Bar in New CEO Appointment, Others
The appointment of Mr. Gbenga Shobo as new Managing Director/CEO designate of First Bank of Nigeria Limited on Wednesday by the Board of Directors of the Bank has been commended by industry stakeholders who said with the appointment, the Bank will no doubt raise the bar in delivery of financial services to its teeming customers.
Recall that the Board of Directors of the Bank, at its meeting on Wednesday, while announcing Shobo’s appointment, said the decision has proven the resilience of its succession planning mechanisms and the value the Bank places on long-standing corporate governance practices, which underpin its enduring sustainability.
Industry stakeholders while welcoming the appointment, praised the Bank for the smooth transition, adding that with his wealth experience, the new Managing Director/CEO designate will take the Bank to greater heights.
They commended the Board of the Bank for the visionary role it continues to play in ensuring that the institution remains the industry leader.
Speaking on the development, an Ibadan based legal practitioner, Mr. Olawale Toyin, said the Board of the Bank by the appointment of Shobo has kept faith with succession tradition it set in place some years ago, adding that Nigerians expects nothing short of excellence from the foremost financial institution in the country.
He stressed that having been part of the top management of the Bank, the new CEO will not only continue the good work left behind by the immediate past Managing Director/CEO of the Bank, Dr. Sola Adeduntan, but will improve on it.
A Stockbroker, Nnamdi Ajuzie, while stressing that Shobo’s appointment will surely rub off positively on FirstBank having garnered experience over the years courtesy of the top management positions he held prior to his latest appointment, traced the success recorded by the banking giant to the quality of persons on its board which he described as exceptional personalities.
According to him, the visionary disposition of the present board of directors resulted in the creation of the position of the Deputy Managing Director which was introduced at the exit of Mr. Bisi Onasanya as MD/CEO.
The creation, Ajuzie said, has helped in no small way to stabilize the Bank’s succession process, adding that with Gbenga Shobo who served as DMD to Dr. Sola Adeduntan, outgoing MD/CEO, now in the saddle, the Bank will continue to set the pace in the delivery of financial services to customers.
“In this seamless transition which has seen Mr. Gbenga Shobo emerge as MD/CEO and Abdullahi Ibrahim who had previously worked very closely with him becoming the DMD, FirstBank will continue to take the lead in meeting the ever-growing needs of its customers. The appointment of the two portends a great working relationship within the Bank,” he stated.
Ajuzie commended the outgoing MD/CEO of the Bank, Dr. Adeduntan, for the achievements he recorded while at the helm of affairs of the financial institution, adding Shobo’s appointment will ensure continuity and stability.
“The outgoing MD/CEO certainly recorded great achievements which the incoming MD/CEO will build upon to take FirstBank to higher heights. I have no doubt that with the appointment of Shobo as MD/CEO, the FirstBank Board has once again shown that it believes in continuity of the great things undertaken by Adeduntan as MD/CEO as well as disposition to explore new areas. This appointment is well thought out and bound to rub off positively on FirstBank,” he added.
The Daily Times recalls that alongside the appointment of Shobo as MD/CEO, the Board of FirstBank also announced the appointment of Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs. Bashirat Odunewu were also appointed as Executive Directors.
These decisions are subject to all regulatory approvals, the Bank added.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
