Business
FirstBank: Standing Strong on the Enviable Heritage of Firsts
By Eric Elezuo
It is often said that the child that would be great begins very early to manifest the traits, and in doing so, takes along the entire community, who are awed by his acts. These are acts that are tested, and trusted to last ages. This is the story of FirstBank of Nigeria Plc; a financially oriented company that manifested the traits of glory, customer satisfaction and all round first from birth, and has not looked back ever since.
In March 1894, in the quiet corner of Broad Street, Lagos, the brand was conceived and given birth to for the public gain. It was the first of its kind in the country, and deservedly got the best name appropriate – FirstBank.
FirstBank as the oldest bank in Nigeria, spanning 125 years and still counting, has grown in leaps and bounds, creating new frontiers, breaking barriers, constantly coming up with diverse firsts, bringing smiles to families with its cut to size promos and products as well as forging an enviable image for the Nigerian nation, both from within and across the globe.
As the premier and leading banking institution, not only in Nigeria, but the entire West African sub-region, FirstBank has fully revolutionalised the banking business, developing tip of finger-like ease of doing business and accessing funds. Consequently, the bank manages with ease over 15 million customer accounts in well over 750 business locations globally from where it provides a comprehensive range of retail and corporate financial services. The customers are also availed of the more than 2700 Automated Teller Machines (ATMs) across the banks and other locations.
Among the very many firsts the bank is endowed with is the launch in 2011 of the first cash deposit ATM in Nigeria thereby granting customers the pleasure of depositing cash without entering the banking hall. This service has helped in reducing the handling of cash and supporting the Federal Government cashless policy.
The Chief Executive Officer, FirstBank, Dr. Adesola Adeduntan; Group Managing Director, FBN Holdings Plc., Mr. UK Eke; Group Chairman, FBN Holdings Plc., Dr. Oba Otudeko, CFR and Company Secretary, FBN Holdings Plc. Mr. Seye Kosoko, at the 7th Annual General Meeting of FBN Holdings Plc held in Lagos.
With its XploreFirst promo, FirstBank has also regenerated banking and savings culture in the day-to-day activities of many customers, especially the students who are rewarded with potent scholarships. Recently, about 18 students were rewarded with N150, 000 scholarship each. This, the bank has used in promoting financial inclusion at all levels with about 18, 000 agent banking spread across the country. That’s quite a huge statement in putting the customer first as the slogan goes – You First!
Little wonder, in the tradition of firsts, the company performed a historical flag hoisting on March 1, 2019 to mark its 125 years in existence. If FirstBank had been a Dutch oriented company, it would have been dubbed Royal FirstBank, having hit the 100 years mark.
Talking about firsts, FirstBank is among the first banks (no pun intended) in the country to launch whatsapp banking as an alternative channel to ease banking stress. This is in addition to firstmobile, FirstMonie and firstonline, which have proved to be veritable tools to making banking more like a past time, accessible from almost anywhere. With its *894# code, FirstBank has reduced banking to mere touch of buttons.
FirstBank’s innovations and consistency has earned it recognitions from far and wide, chiefly among it is being named “Most Valuable Bank Brand in Nigeria” for six consecutive times between 2011 and 2016 by the globally renowned “The Banker Magazine” of the Financial Times Group.
Again, between 2011 and 2017, the bank was recognized as the “Best Retail Bank in Nigeria”. The honour was bestowed by the Asian Banker International Excellence in the category of Retail Financial Services. And for 15 years in a row, it won the “Best Bank in Nigeria”, an award sponsored by Global Finance.
In the words of the Group Head, Marketing & Corporate Communications, Mrs. Folake Ani-Mumuney “Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.”
Lending credence to the heritage of firsts of FirstBank, the Group CEO, Dr, Adesola Adeduntan said that “it is one of the ways FirstBank puts you first and enables you to stay connected with your contacts, loved ones, friends and finances all on the go while you chat with them because at FirstBank, we are driven to bolster relationships on all fronts, anywhere and anytime.”
A global bank by all standard, FirstBank is the second bank in Africa, and by all means the first in Nigeria to issue 10 million cards, in addition to being recognized as the first financial institution in Nigeria to achieve 100 million sustained monthly transactions in electronic payment, by Interswitch. This feat was achieved in December 2015 and again in May 2016.
The many firsts of FirstBank cannot be over-emphasized as in 2008, against all odds, it became the first Nigerian Bank as well as the first quoted company in the country to hit N2 trillion market capitalization.
It is worthy of note that over the years, FirstBank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes.
To serve the customers better, the bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
For 125 years, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.
The FirstBank Group is endowed with a rich blend first class human and material resources, which have helped in furthering the principle of placing the customer first ahead of every other thing. At the helm of affairs of FirstBank is Dr. Adesola Adeduntan, who is the Managing Director/CEO. The chairman of the group’s Board of Directors is Mrs. Ibukun Awosika while Oba Otudeko is the chairman, FBN Holdings.
Where would you rather bank? FirstBank…You First!
As part of activities to mark its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mastercard to introduce a special commemorative Debit Card.
This exclusive card offers UBA customers exciting deals and attractive discounts across multiple platforms, enhancing their banking experience in a memorable way.
The commemorative card which was unveiled at the bank’s corporate head office in Marina, Lagos, on Wednesday, is a custom-built card created with the intention of appreciating customers and other users for their loyalty throughout the seven and half decades of impactful journey.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, emphasised that the card, comes loaded with irresistible benefits aimed at impressing customers, including 25% off purchases on Jumia and $75 cashback on transactions made through AliExpress.
This according to him, symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.
He said, “This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, providing them with access to secure transactions and new opportunities across the continent.
The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries, adding, “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years.”
The President, Africa, Mastercard, Mark Elliot, who expressed gratitude to the management of the bank on the partnership, emphasised the importance and potential of the partnership with UBA.
“We are thrilled to be partnering with UBA, which we know is one of the best banks in Africa. For us, it is a privilege to work with a partner that shares our commitment towards digitizing the continent and enhancing customer experience through secure and convenient transactions.”
Elliot who noted the immense opportunities in the African payment ecosystem, said the organisation looks forward to exploring them with UBA. “Africa is currently one of the most attractive payment markets worldwide, and it’s clear that by 2030, the continent will likely become the fastest-growing equity market,” he said.
“Meeting the UBA management is always inspiring, as we always come up with bold and strategic ideas, and today is no exception. We are excited to match our shared ambitions,” Elliot stated.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
By Eric Elezuo
“Our goal is to ensure women feel supported, valued and respected. We have been working to balance the gender makeup of our workforce and leadership. As a result, the proportion of women in managerial positions is increasing, including in our most senior executive posts,” – Nestlé
If we have to measure the level or state Nestlé is giving women the power, authority and wherewithal to carry out their specific and basic assignments without recourse to another authority, the result will be unprecedented. Of course, this article is tailored towards that measurement, and the outcome is positively humongous. Women has found a resting beam on the efficacy and empowerment prowess of Nestlé, both as a Nigerian entity, and as a global force.
It is no secret that Nigerian women have found solace in the empowerment efforts of the dairy manufacturing giants, thereby taking charge of their own affairs, legally or otherwise towards becoming independent, self reliant, self sustaining, and of course capable of independently meeting their personal and communal responsibilities.
That is the makeup of Nigeria’s foremost food, beverage and other essential household makers, Nestlé Nigeria Limited, empowering all and sundry, with special bias to women, to becoming masters of their existence.
Charity, they say, begins at home, and so, Nestlé has anchored its placement of women on higher pedestal of empowerment and recognition from it primarily environment, as it gives women a pride of place in its employment indices. Presently, a total of 46.4% of its management positions are occupied by women. It is no wonder they won Top Employer Award in 2022 and following.
The company noted, “Our Gender Balance Acceleration Plan aims to increase the proportion of women in our top 200+ senior executive posts. We carefully monitor our succession planning to ensure that we have the right pipeline for our most critical business roles and provide career support and guidance through our Senior Leader Development Roadmap (Corporate Mentoring Program, Senior Leaders Development Assessment Center and Senior Executive Program).”
This has fulfilled one of their cardinal objectives, which is giving women the leverage to support their men, and in most cases become their own economic masters.
Nestlé’s efforts at empowering women is not limited to geo-location, and workplace excellence. Consequently, the brand on many occasions and still counting, has zeroed into communal existence, entrepreneurial capacity building, academic enablement, vocational mentorship and many more for women, giving them the needed zeal to coexist in a world erroneously described as a man’s world.
No one will forget in a hurry how during the 2014 United Nations 6th Annual Women’s Empowerment Principles event, Nestlé shared its mind bulging efforts to empower women and girls worldwide, exhibiting its works in cooperation with almost 750,000 women to provide technical and business skills, aimed at boosting education, training and opportunities, to encourage the professional development of women in the marketplace and community.
Also in August 2021, the brand launched the Nestlé Empowering Rural Women in Nigeria project, the first of its kind, with the sole aim of helping rural women retailers within the company’s value chain to scale up their businesses to increase their household incomes. The programme has assumed national prominence from Nsukka and Obolo-Afor, where it was launched, reaching instantly to the suburbs of the Federal Capital Territory and Osogbo in its first and second phases.
From the initial 150 beneficiaries, the gains have continued to multiply, integrating more Nigerian women, who are presently capable of holding their own. Nestle doesn’t settle for less in its quest to create a self reliant Nigerian woman.
The project is one of the Creating Shared Value initiatives that Nestlé deploys to help build thriving communities by improving livelihoods, and designed to equip female distributors at the end of the pyramid to scale up to three times the size of their existing businesses over three months, and to sustain the new level.
“At Nestlé, we believe that by contributing to the health and wellbeing of our communities, we create shared value for all stakeholders while contributing to the growth of our business,” the corporate headquarters was quoted as saying.
The package for beneficiaries of this programme includes grants by way of Nestlé products valued at 300% of their current monthly sales and participation in training and mentorship programs.
That’s not all, Nestlé provides each beneficiary retailer with a one-on-one mentor for guidance and consistent support. At the end of the day, the beneficiaries come out grounded and rounded, gaining the ability to master the trade and remain relevant in their businesses.
With this programme, Nestlé Nigeria has propelled 332 women entrepreneurs to amplify their businesses by an impressive 300% within the span of just one year, underscoring the company’s commitment to Creating Shared Value within its value chain, tailored to bolster financial security and enhance livelihoods, which specifically targets women within Nestlé Nigeria’s value chain.
Nestlé has also empowered women to diversify their incomes with the innovative family-centered approach, known as the Income Accelerator Programme, which is aiming to close the living income gap and reduce child labour risks by encouraging changes in behavior and rewarding positive practices.
This exemplifies Nestlé’s commitment to empowering women and households collectively, towards diversifying their incomes and building income resilience beyond every other primary endeavour.
Beyond the Nigerian shores, Nestlé also tells the story of global empowerment of women towards becoming the backbone of coffee cultivation.
The story goes, “Nescafé sources coffee from 20+ countries and recognizes the vital role that women play in growing high-quality coffee. Our sustainability initiative, the Nescafé Plan, isn’t just about producing great coffee. It’s also about empowering the communities that grow it. Supporting farmer incomes is a critical element, and, in many origins like Vietnam, the program is helping achieve yield increases up to 25%…
…”So far, Nescafé Plan 2030‘s farmer training programs have reached over 148 000 farmers in 16 countries, including… Vietnam. This knowledge empowers women to make informed decisions about their farms, improve yields, and, ultimately, grow their incomes.”
Again, Nestlé is in the forefront of empowering women farmers and advancing agriculture, and has been keenly aware of women’s vital role in Nigeria’s agriculture sector. Nestlé’s Agricultural Support Programmes have turned the challenge of limited access to resources, and climate change which threatens crop yield around, focusing specifically on women farmers by providing quality seeds, modern tools, and training in sustainable farming practices.
It has also partnered with the International Institute of Tropical Agriculture (IITA) to promote climate-smart farming techniques that empower women to combat environmental challenges and increase crop yields.
As a testament of wholesome assistance to women’s course, the Bloomberg Gender Equality Index, has recognized Nestlé for transparency in advancing women’s equality in the workplace for the fifth consecutive year.
It is believed that when the women are empowered, the community is empowered, and Nestlé takes cognizance, and is working assiduously in that direction.
Business
Dangote to IPMAN, PETROAN: Claims of Landing Fuel Cheaper Than Ours Means Importing Substandard Products
In response to allegations by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) about high fuel prices from the refinery, and importing cheaper fuel, Dangote Refinery has said that its ex-depot price of petrol ia pegged at N990 per litre for sale into trucks, and N960 for ships.
While defending pricing strategy, the refinery insisted that its rates are competitive and in line with international standards.
The refinery, in a statement signed by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, claimed that the assertions made by IPMAN and PETROAN that they can land cheaper petroleum products meant that they were importing substandard products into the country.
“We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.
“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports. If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.
Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.
“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.
“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.
“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.
“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.
“While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty” he stated.
