Business
FirstBank’s Adeduntan Wins Global Banking and Finance’s Retail Banking CEO Award
While the age-old saying and philosophy of virtue being its own reward (or seeing doing good as its own reward) remains a strong motivating factor in doing good persistently, it helps when virtue gets recognition from time to time. Even though anyone or organisation committed to doing good will keep doing so with or without recognition, recognitions for virtue tend to act like a shot in the arm for such people or organisations, spurring them to commit even more to doing good.
That is what the recent award of “Retail Banking CEO of the Year Nigeria” to Dr Adesola Adeduntan, CEO of First Bank of Nigeria Limited, is to both him and the bank he leads. It is a shot in the arm of this foremost CEO of Nigeria’s most enduring financial institution that is also the pioneer in retail banking development in Nigeria, the premier bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years, to keep steering the bank in the right direction, energising and expanding retail opportunities for all Nigerians in the process. It is a well-deserved recognition for a man and the institution he leads that would rather keep off the spotlight and focus exclusively on attending to Nigerians’ banking needs as best as they can – which is what has kept them going for 127 years and counting.
This critical role is one FirstBank is better suited to lead than any other lender given the robust retail banking framework that the bank has in place, that is riding on its innovative technology-driven operations, over 750 branches across the continents and 100,000 Firstmonie Agent banking network spread across 772 local government areas in Nigeria. It is little wonder that FirstBank, which is intricately woven into the fabric of the Nigerian society, has been an essential player in the retail space, empowering Nigerians of all walks of life by providing them bespoke and innovative financial products and services that address their multidimensional needs. The bank has been at the forefront of bridging the financial exclusion gap and enabling customers and the general public to carry out both individual and corporate financial activities which contribute to the growth and development of the national economy.
The award by Global Banking and Finance Magazine, according to Dr Adeduntan, “speak[s] to the investments we [as FirstBank] have made over the past years in…enhancing financial inclusion….” It is a loud testament to the incredible strides FirstBank has made and continues to make in the retail space under the able and dynamic leadership of the management team led by Dr Adeduntan.
The strides are in turn underpinned by the bank’s resolute commitment to putting the customer and other stakeholders at the heart of its business. Dr Adeduntan reiterates this view when he wasted no time in dedicating the award to all the bank’s “customers, as the trust they reposed in us being their bank of first choice in meeting their business and financial needs has been instrumental to the success we have achieved in our existence of over 127 years.” “We remain committed,” he continued, “to putting you, our customers, first as we contribute to the growth and development of our host communities.”
Organised to identify the banks across the world that have excelled across a number of areas, including corporate governance, sustainability and innovation, and have played a key role in the industry’s growth, the Global Banking and Finance Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community. The awards were created to accord recognition to companies of all sizes which are prominent in their areas of expertise and excellence within the financial world. For Dr Adeduntan and FirstBank, the award is further proof of FirstBank’s enduring commitment to providing excellent retail banking services to all its customers as reflected in the bank’s strategic vision, diverse and inclusive workforce and performance-oriented organisational structure.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to reinforce its role in shaping the continent’s financial ecosystem with the launch of its landmark whitepaper.
The whitepaper, titled “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth,” will be unveiled on the sidelines of the World Bank-International Monetary Fund (IMF) Annual Meetings in October 2025 in Washington, D.C., placing Africa’s economic agenda at the heart of global financial discussions.
The document presents a comprehensive and actionable framework for unlocking Africa’s vast economic potential, providing analysis of critical growth pillars including trade facilitation, infrastructure development, digital innovation, climate finance, and inclusive growth, while showcasing strategies for leveraging domestic capital alongside strategic global partnerships to access the continent’s $3.4 trillion single market potential under the African Continental Free Trade Area (AfCFTA).
UBA’s Group Chairman, Tony Elumelu, who emphasised the strategic importance of this whitepaper, explained that over the past few years, the bank has become an active leader in conversations and activities that drive tangible investments to the continent.
“UBA is shifting Africa’s development agenda from talk to action. With this whitepaper, we are championing initiatives that convert strategic dialogue into bankable projects and direct investments. Our commitment to execute these plans for the benefit of the continent and its people cannot be overemphasised,” Elumelu said. “We are committed partners in Africa’s development and sustainability and will continue to provide the capital, the platform, and the network needed to transform Africa’s vast potential into economic growth.”
UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, remarked on the white paper’s significance, highlighting the urgent need for private sector leadership.
“This whitepaper is a call to action and a statement of our capability,” Alawuba said. “It underlines our unique position in facilitating the partnerships and capital flows required to finance Africa’s future, providing the blueprint for action. The document delivers critical insights at a defining moment for Africa’s financial infrastructure.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with more than 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France, and the United Arab Emirates, UBA provides retail, commercial, and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
Business
Transcorp Power Posts Impressive Q3 2025 Results, Reports N91.2bn PBT As Revenue Grows by 38%
Transcorp Power Plc (“Transcorp Power” or the “Company”), (NGX: TRANSPOWER), one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc (“Transcorp Group”), has announced its unaudited Q3 financial results for the period ended 30 September 2025.
The Company’s revenue grew by 38% year-on-year to ₦308.5 billion in 2025, compared to ₦223.5 billion in Q3 2024.
The Q3 2025 performance was driven by an increase in average power generation, reflecting Transcorp Power’s continued investment in improving generation capacity and operational excellence.
Key Highlights
▪ Revenue Growth
− Revenue grew by 38% year-on-year to ₦308.5 billion, from ₦223.5 billion in Q3 2024.
▪ Profit
− Gross profit increased to ₦119.7 billion, up from ₦96.5 billion in Q3 2024, representing a year-on-year growth of 24%, with a gross margin of 38.8%.
− Profit Before Tax (PBT) climbed, to ₦91.18 billion in Q3 2025, from ₦81.12 billion in Q3 2024, representing a year-on-year growth of 12.4% − Profit After Tax (PAT) rose, to ₦68.42 billion in Q3 2025, from ₦58.4 billion in Q3 2024, representing a year-on-year growth of 17%
Chairman Transcorp Power Plc, Emmanuel Nnorom, commented: “Our performance in the third quarter, building on the positive momentum in the first half of the year, demonstrates Transcorp Power’s resilience and capacity to sustain profitability, despite economic challenges, supported by efficient operations strategies and prudent cost management. This sustained performance, in the face of economic headwinds will further strengthen investor confidence in our capacity to create shared value and maintain our growth trajectory.”
MD/CEO Transcorp Power Plc, Peter Ikenga, comments: “The Q3 2025 results are underpinned by further growth in energy delivered to the grid, and emphasising our strategic approach, that ensures we deliver ever increasing value to our shareholders and stakeholders. These results illustrate our continuous drive to improve our business operations, eliminating waste and harnessing value. We are confident of finishing the year strong in fulfilment of our mission to improving lives and transforming Africa.”
Transcorp Power Plc is one of Nigeria’s principal power generation companies and an electricity-generating subsidiary of Transnational Corporation Plc (“Transcorp Group”), Nigeria’s leading, listed conglomerate, with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value, driving economic growth, and ensuring social goods through access to the
electricity supply.
www.transcorppower.co
Fidelity Bank’s market leadership has been affirmed once again as the tier-one lender bagged double honours at the BusinessDay Bank and Other Financial Institutions’(BAFI) Awards 2025.
At the awards ceremony, which was held at the Lagos Continental Hotel, Victoria Island, Lagos on Saturday, 11 October 2025, Fidelity Bank was presented with the awards for the “Best Bank for Export & Trade Finance” and “Most Innovative Bank of the Year”.
Dedicating the Export and Trade Finance Award to its customers, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe,OON, who was represented by the Executive Director/Chief Operations and Information Officer, Stanley Amuchie, said, “This recognition underscores our unwavering commitment to promoting non-oil exports and supporting Nigerian businesses to compete globally through initiatives such as the Fidelity International Trade & Creative Connect (FNITCC) and the Export Management Programme (EMP).
“I dedicate this award to all our exporters who continue to showcase the best of Nigeria to the world, our loyal customers, and our partners for their steadfast support.”
The BAFI Awards is the benchmark of distinction for institutions in the Nigerian financial services sector.
Now in its 12th year, the awards recognise and celebrate organisations that are excelling in the delivery of financial services in Nigeria.
The award acknowledges organisations demonstrating leadership, vision and impact in driving Nigeria’s growth trajectory.
Fidelity Bank’s recent recognition is attributed to significant accomplishments over the past twelve months.
Notable milestones include the inauguration of the first privately constructed onshore oil export terminal in Nigeria in fifty years at the Otakikpo Marginal Field, which was funded by Fidelity Bank and commissioned by President Bola Ahmed Tinubu last week.
Additionally, the Bank launched the Fidelity SME Hub, a multipurpose facility designed to support small businesses through innovation, collaboration, and capacity-building initiatives.
Furthermore, Fidelity Bank organized the third edition of the Fidelity Nigeria International Trade & Creative Connect (FNITCC) in Atlanta, Georgia, USA, in September 2025.
This event provided local businesses with opportunities to engage in deal rooms with U.S. buyers, including prominent retailers such as Walmart and Target, fostering potential partnerships.
“The innovation award is a special one for us as it validates our continued drive to enhance operational efficiency, elevate customer experience, and strengthen business performance. We sincerely appreciate BusinessDay Media for this recognition and reaffirm our commitment to introducing more impactful innovations that empower our customers and advance the Nigerian financial services industry”, commented Amuchie.
