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FirstBank: Unlocking Wealth in Salary Account
Kayode Tokede examines ways monthly salary earners with FirstBank accounts can benefit from the lender’s numerous loans initiatives amid harsh economy
In time past, monthly income earners – especially bank customers – were unable to have quick access to personal loans to meet their immediate financial needs due to the stringent conditions.
The Central Bank of Nigeria (CBN) had introduced the Know-Your-Customer (KYC), among other policies, to enhance financial inclusion and reduce the incidence of related identity fraud in the banking sector. These have enhanced the capabilities of banks to grant soft loans to customers.
With these, monthly income earners have access to loans every month with an attractive interest rate, below the stipulated limit, which has eased customers with the opportunity to access soft loans (Personal loans) and meet urgent needs.
Amid double-digit inflation rate, among other operating headwinds, meeting demands of owning a dream car, house, and travel for vacation become challenges as daily expenses inflate. Personal loans are borrowed money that can be used for large purchases, debt consolidation, emergency expenses, and much more.
These loans are paid back within the period advised in the terms and conditions of the facility. The payback period can be within a month, a couple of months or a few years.
Salary accounts can do more than just receive monthly pay; they have inherent wealth that can be unlocked to help customers achieve dreams as they advance in their careers and be on top of ‘money demanding’ situations at home and work.
Over the years, First Bank of Nigeria Limited has adopted the strategy of creating opportunities for salary accounts holders to unlock the wealth in their accounts with numerous initiatives introduced to bridge the gap in the access of quick loans.
The bank’s salary accounts offer zero opening balance, zero minimum daily operating balance, zero account maintenance charge, First Free Verve or Master Card Issuance and access to consumer loans.
The bank also introduced Personal Loan Against Salary (PLAS), First Advance, and FirstCredit Salary Account designed to meet personal loans demands.
With FirstBank’s PLAS, the salary account holder can access personal loans up to N30 million to pursue capital projects, carry out renovation works on their properties, acquire assets, give their children the best education, and other fulfilling accomplishments. PLAS offers flexible options to top-up and refinance existing loans at competitive rates.
The product is designed to also help customers meet immediate personal financial obligations such as rent renewals, vacation trips to choice destinations and pay for professional examinations to take their career to the next level. With PLAS, Nigerian salary earners need to be assured of a funding partner in FirstBank to fulfil their dreams. PLAS is available to employees whose salary accounts are domiciled with FirstBank.
FirstAdvance is a digital lending solution designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries.
The product is meant for salary earners whose accounts are domiciled with FirstBank and have received regular salaries in the last six months or more. The maximum amount accessible is N500,000.00, subject to 50 percent of the net average three months salary, whichever is lower.
The eligible amount is calculated after deducting all other loan obligations to the Bank. This product can be accessed via the Bank’s leading digital channels: FirstMobile and USSD.
The features of FirstAdvance include: Salary account must be domiciled with FirstBank, loan amount of up to 50 per cent of net monthly income, the tenor is 30 days or next payday [whichever comes first]. Repayment is taken immediately salary is received, while a lien is placed on the unfunded account, among others The bank also has FirstCredit, a product designed to provide customers with a quick and simple loan to fund their immediate needs.
FirstCredit loans can be accessed from anywhere without visiting the Bank. It involved no documentation or collateral required and all the customer need is a mobile phone or tablet.
FirstCredit is easy and convenient as it promotes immediate access to loans to meet needs. It facilitates quick loan requests and disbursal with no physical documentation required nor collateral required. Neither are there hidden charges nor fees.
Its features include: the customer’s account must have been operational in FirstBank for at least six months; linkage of the account to a valid BVN is a requirement; primarily details of the account, including phone number and residential address, must be correctly updated and the customer must have a positive credit history and score with Credit Bureaus. The maximum loan amount is N300,000.
Others are loan tenor: of 30 days, an interest rate of 10 per cent flat and insurance fee is also taken upfront on loan disbursal. To apply for FirstCredit, customers are to Dial *894#, select Loans, and follow the instructions.
Culled from ThisDay
The Court of Appeal in Abuja on Thursday upheld the judgment that stopped the Directorate of Road Traffic Services and Vehicle Inspection Officers (VIO) from seizing vehicles or imposing fines on motorists.
In a unanimous decision by a three-member panel, the appellate court found no basis to set aside the Federal High Court’s ruling of October 16, 2024, which restrained the VIO from harassing motorists.
The appeal filed by the VIO was dismissed for lacking merit. Justice Oyejoju Oyewumi delivered in the lead judgment.
The high court had earlier ruled, in a judgment by Justice Nkeonye Maha, that no law authorizes the VIO to stop motorists, impound vehicles, or impose penalties for alleged traffic offences.
The case arose from a fundamental rights suit (FHC/ABJ/CS/1695/2023) filed by lawyer Abubakar Marshal.
Marshal informed the court that VIO officials stopped him at Jabi in Abuja on December 12, 2023, and seized his vehicle without lawful reason. He asked the court to determine whether their actions violated his rights.
Justice Maha agreed and ordered the VIO and its agents not to impound vehicles or impose fines on motorists, describing the actions as unlawful. She held that only a court can impose fines or sanctions.
She ruled that the VIO’s conduct breached the applicant’s constitutional right to property under Section 42 of the 1999 Constitution and Article 14 of the African Charter. She further held that the VIO has no legal authority to seize vehicles or penalize motorists, as doing so infringes on rights to fair hearing, movement and presumption of innocence.
Although Marshal, represented by Femi Falana, SAN, requested ₦500 million in damages and a public apology, the court awarded ₦2.5 million.
The Directorate of Road Traffic Services, its Director, its Abuja Area Commander at the time (identified as Mr. Leo), team leader Solomon Onoja, and the FCT Minister were listed as respondents.
They appealed the decision, but the Court of Appeal dismissed the appeal.
Plans have been concluded for the 19th edition of the Lagos State Security Trust Fund (LSSTF)’s Annual Town Hall Meeting on Security with Governor Babajide Sanwo-Olu, National Association of Online Security News Publishers, NAOSNP, can report.
At the event, the Lagos’ Chief Security Officer, will champion the task of driving immense financial, material, and moral support for the Public-Private partnership agency which has been at the forefront of safety and security since its establishment in 2007. It will also be the first Town Hall meeting to be spearheaded by the agency’s new Executive Secretary/CEO, Dr Ayo Ogunsan.
Over the years, the Town Hall Meeting has become a platform for reviewing security interventions and strengthening partnerships in Nigeria’s commercial nerve centre and West Africa’s economic hub, Lagos. The theme of this year’s Town Hall meeting is “Building Trust, Enhancing Security: A New Era of Security and Partnerships.” It will bring together top government officials, security agencies, private-sector partners and other stakeholders committed to improving safety across the state. It will be held on Thursday 11th December, 2025, by 11am at Eko Hotel and Suites in Lagos.
This year’s edition will focus on deepening public trust and advancing collaborative approaches to tackling emerging security challenges. LSSTF expressed optimism that the outcome of the meeting would further strengthen the state’s security framework and support ongoing efforts to enhance public safety.
Participation at this year’s event will be strictly by invitation due to the high-level nature of the deliberations and the need to accommodate core stakeholders.
However, the public would not be left out, as the entire session would be streamed live on its official social media platforms for wider access and transparency. Thus, members of the public can join the broadcast through the Lagos State Security Trust Fund and Lagos State Government pages on Facebook and Instagram.
You can join the event Live on:-
FACEBOOK: Lagos State Security Trust Fund/followlasg
INSTAGRAM: followlsstf/lagosstategovt
The Departmental Selection Board (DSB) promotion exercise for Police Inspectors has officially commenced at the Zone 2 Command Headquarters, Onikan Lagos, according to a statement by the Zonal PRO, CSP Ayuba Tunni Umma, and made available to the National Association of Online Security News Publishers (NAOSNP).
The statement highlighted that the exercise is in line with the commitment of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, to the welfare and career progression of personnel.
Designed to assess qualified Inspectors due for promotion to the next rank, and scheduled to run until Friday, December 5, 2025, the nationwide exercise is mandated across all Police Zonal formations.
“The exercise is being held at the Zonal Headquarters, and encompasses all eligible Inspectors serving under the Lagos and Ogun State Police Commands. It is being presided over by the Assistant Inspector-General of Police in charge of the Zone, AIG Adegoke M. Fayoade, psc, mni, fisn,” the statement noted.
While addressing officers at the commencement of the exercise, the Assistant Inspector General in charge of the Zone, AIG Adegoke Fayoade, congratulated them on their eligibility, and urged them to exhibit the highest standards of professionalism throughout the process. He reiterated the commitment of the Police leadership to a fair, merit-based, and transparent promotion system.
The AIG therefore, warned all participants against any form of misconduct, corruption or bribery, emphasizing that integrity is paramount. Assisting the AIG during the process are: Deputy Commissioners of Police in charge of Finance & Administration *DCP Bello Adamu and DCP Olubode Fakeye in charge of Zonal Criminal Investigation Department.
Personnel welfare remains a core priority for the Nigeria Police Force, and this exercise underscores the Force’s dedication to rewarding hard work, competence, and dedication among its ranks, fostering a motivated and professional workforce.
