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FirstBank’s FINTECH 5.0 Summit: Unleashing Possibilities for Operators, Customers
By Eric Elezuo
The FirstBank FINTECH Summit 5.0 held with total fulfilment of the promises made and expectations of the financial public, who waited with bated breath to experience the feeling and satisfaction only the financial giant can offer.
The event, which was in its fifth year/edition, and held via virtual, was as usual opened to the general public, who were privileged to register via https://firstbanknigeria.zoom.us/webinar/register/WN_NmkYfeckQqu4vjTWy5lr5w
Literally a financial technology hub, and themed “Open Banking and its Derivative Opportunities for the Financial Ecosystem”, the well attended summit was addressed by notable professionals, experts, policy influencers, regulatory officials as well as key and leading players from across the globe, with special emphasis to the Nigerian financial, banking and technology climate.
Among the discussants, who presented veritable papers were Prof Ndubuisi Ekekwe, the Lead Faculty of Tekedia Institute with a PhD in Engineering from John Hopkins University, USA, who led the discussion as the Keynote speaker and Ankit Sharma of Strategy&.
Other members of the panel were the Director at Strategy&, a part of the PwC network, based out of Mexico, Ankit Sharma; CEO (Chief Plumber) at One Pipe, Ope Adeoye; Aminu Maida, Executive Director, Technology & Operations at Nigeria Inter-Bank Settlement System Plc (NIBSS); Deputy Director, Payment Systems, Central Bank of Nigeria, Musa Jimoh; and Head, Corporate Transformation, FirstBank, Olayinka Situ, who completed the list of highly influential discussants.
Anchored by Rotus Odire, the free flowing interactive forum dealt on the importance of open banking system in Nigeria, noting that it goes beyond ‘convenience to its game-changing impact in transforming value creation, product conceptualization and closing the financially excluded gap’.
Leveraging on the CBN’s declaration that FINTECH has raked in over $500, 000, 000 to the Nigerin economy this year alone, FirstBank therefore, has positioned itself as the leading financial institution in the country, and with intimating presence in about six African countries, to initiate a conversation to continually increase earnings for the economy and provide veritable entrepreneurial opportunities for the Nigerian public. It is worthy that testimonies abound of how much FirstBank FINTECH initiative has changed lives.
Kick starting the summit, the ever performing Chief Executive Officer of First Bank of Nigeria Ltd & Subsidiaries and the event’s Chief Host, Dr. Adesola Adeduntan, CEO, delivered a stunning opening speech, which captured the vision and mission of the five years old financial conversation.
Acknowledging the pioneering efforts of FirstBank as Africa’s financial inclusion and innovation pacesetter, Dr Adeduntan noted that while the event was primarily to create a global platform for conversations around the future of innovation in the financial technology space of which objective is to contribute to the evolution of banking and finance service delivery, “this years edition themed “Open Banking and its Derivative Opportunities in the Financial Ecosystem promises to be exciting and engaging with a line-up of local and international thought leaders ready to spur the conversation around the prospects for open banking. The theme recognizes the increasing pervasive role open data, cloud technology and artificial intelligence play in the financial ecosystem.” And surely, with incisive and juicy presentations from the team on ground, the event lived up to its billing.
Open banking today demonstrates the practical fusion of these variables, presenting remarkable potentials that can redefine product development, customer experience and overall value creation; with multiplier effects for both players and consumers.
It is worthy of note that FirstBank has generously taken advantage of the the Regulatory Framework for Open Banking in Nigeria as issued by the Central Bank of Nigeria on the rules and premises under which financial data sharing can take place across the financial ecosystem and the National Information Technology Development Agency’s (NITDA) Nigerian Data Protection Regulation (NDPR) 2019. These, according to Adeduntan, are demonstrations of the future of regulations around Open Banking.
In its 127 years of existence, FirstBank has traversed series of regulatory transformation over the years, and is constantly keeping to promise of continuing to play its role in furthering conversations to refine regulatory frameworks and shape thoughts on industry and societal developments as was witnessed at the 5.0 summit.
He concluded: “We will also continue to demonstrate our support for start-ups and innovators in the fintech space by providing them the relevant data support and infrastructure to enable them scale appropriately.
“Every step we take continues to be geared towards strategically positioning us as the bridgehead and reference point for fintech and financial services providers across the African continent, as we will continue to lead the charge towards realizing the future of banking.”
Leading the lecture, a man described as the doctor of innovations, who doubled as one of the 60 great Nigerians listed as making Nigerians lives matter during the nation’s 60th anniversary, Professor Ndubuisi Ekekwe, took the audience on a classic tour of Mechanics of Market System, majoring on a sub-theme, Open Banking: The Grand Unification Application and Utility Age. In his dissection, Professor took the audience down memory lane, resuscitating Pythagoras theory of the world as consisting of numbers, invariably stating that human existence is a product of numbers. He proffered incredible and practical ideas to banking and application utility.
“If you understand the numbers of your customers, you will be a better bank… If you understand the numbers around anything you do on earth, you have a possibility of doing that thing better,” he said.
He itemised perceptions, expectations and needs as the major ways of setting the basis for competition, describing open banking as actually open financial services. He mentioned that across the length and breadth of the nation, the quest for open banking is actually the quest for prosperity.
Following in quick succession was the Director at Strategy&, Ankit Sharma, who spoke on Global Perceptions of Open Banking.
“In the world of open banking, there is a collaboration model that allows you to share data and services through APIs, and this collaboration is not only between financial services fund, but even with non-financial services fun,” Sharma enlightened.
He further itemised personal finance manager, credit scoring and payments as avenues to explore in the world of open banking.
A governing council member of the FINTECH Association of Nigeria and Director of Information System, Dr. Olayinka David West was next on line, as the anchor for the well endowed panel discussion. After a brief expose on the activities of open banking as it relates to fintech, she went ahead to introduce members of the panel including a representative of Central Bank of Nigeria, Director of Payment Systems Management Department, Mr. Musa Atope Jimoh, represented by Olubukola Akinwunmi, Aminu Maida, Ope Adeoye and Olayinka Situ.
All the panelists agreed that FINTECH has come to stay, and bring about the great transformation that everybody is talking about in terms of providing the derivatives of open banking and giving the operators and customers a great leverage in the world of finance.
FirstBank’s FINTECH Summit has remained a regular dish in the menu of financial inclusion in the last five years, and has assisted both operators and customers to operator seamless banking operation in the open – anywhere other than the banking hall.
The bank has through standardized and accessible open API technologies, availed innovators and product developers a wealth of big data and attendant insights. This is in addition to the potential to completely redefine standards for product conceptualization, customer satisfaction and service delivery across Africa’s largest economy.
As Dr Adesola Adeduntan says: “our annual FinTech Summit in the past four years has been a platform of leading conversations and practices that have impacted the financial technology and electronic banking eco-system which has been integral to bridging the gap and digital divide of modern banking in today’s global village. Participants at our summits have been enlightened on ways to optimally carry out their digital transactions and business activities in safe and seamless ways.”
The 2021 5.0 edition was no different.
The next edition of FINTECH Summit to be known as 6.0 is due for 2022.
Disturbed by the increasing level of terrorism and banditry in the country, the Senate has declared that it will consider the amendments to the 1999 Constitution to provide for the establishment of State Police in the country this week.
In a statement on Monday, the Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central, said that after it is considered by the Senate, it would then be transmitted to the 36 State Houses of Assembly for further legislation.
In the statement issued by his Directorate of Media and Public Affairs, the Leader of the Senate explained that all stakeholders across the federation “are on the same page with the National Assembly on the establishment of State Police.”
Bamidele, who explained that the National Assembly would isolate the aspect from the ongoing constitution amendment and pass it into law due to its national exigency, also revealed that President Bola Tinubu and all the state governors were on the same page with the National Assembly on the State Police.
He added that the legislative week, which begins on Tuesday, would be a crucial one for the Senate as the issue of state police would top their agenda.
Section 214 (1) of the 1999 Constitution says: “There shall be a Police Force for Nigeria, which shall be known as the Nigeria Police Force.”
Bamidele said: “Our position is very clear on state police. We are standing with Nigerians on the issue of state police. All strata of the federation have made it clear that there cannot be a better time to establish a state police than now.
“That is where we stand. Where we are coming in is to now help translate this popular desire of the people into reality as elected representatives of the Nigerian people.
“We came to the conclusion that we are going to pass the constitutional amendment in this respect to make a provision for the State Police. If I can tell you as of today, that will come to fruition this very week because there is no need to allow any further delay
“There have been a series of meetings between the National Assembly. When I say the national assembly, I mean Chairman, Senate Committee on the Review of the 1999 Constitution, Senator Barau I. Jibrin and Chairman, House of Representatives Committee on the Review of the 1999 Constitution, Rt. Hon. Benjamin Kalu, both of whom are representing the National Assembly.
“They had been in a series of meetings with the office of Attorney-General, Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; Inspector-General of Police, Mr. Tunji Disu and other stakeholders in the last one week and that is why I can sit here to tell you that we’re pursuing that this week.
“It is going to be the subject we will be dealing with this week. What we have resolved to do is to isolate it with the rest of the bills that we have proposed under constitutional amendment so that we can vote on this as soon as possible.
“The bill can as well be on its way to the 36 States’ Houses of Assembly as soon as possible because you know we will need two-thirds of the state assemblies to approve it before the president can assent to it.
“The president is also with us on this proposal. I am sure he cannot wait for the bill to come to him for assent. I am sure the majority of our governors, as we know, are in support of this bill. The state assemblies are also waiting for this bill to come. We will initiate the proposal for the creation of state police within the week.”
Chief of Staff to the President, Femi Gbajabiamila, had disclosed that President Tinubu would receive a comprehensive report on the proposed creation of state police as consultations on the constitutional framework for its establishment approached completion.
Abia State governor, Alex Otti, has announced plans to construct a FIFA-standard stadium in Aba with a seating capacity of approximately 35,000, in what is being described as one of the most significant sports infrastructure projects in the State’s development agenda.
The proposed stadium is designed to meet international football standards, making it suitable for hosting top-tier domestic league matches, continental competitions, and other global sporting events.
The facility is expected to feature modern pitch technology, upgraded spectator stands, advanced lighting systems for night games, VIP lounges, media centres, locker rooms, and safety and security installations that align with FIFA requirements.
The project is also expected to include auxiliary facilities such as training pitches, parking spaces, and support buildings that will enhance its overall functionality as a multi-use sports complex.
According to the governor’s vision, the stadium is not just a sports project but part of a broader economic revitalisation plan for Aba.
The city, already known as a major commercial hub in South-eastern Nigeria, is expected to benefit significantly from increased sporting activities, which will drive business for hotels, transport operators, food vendors, and local entrepreneurs.
The initiative is also positioned to strengthen grassroots football development and provide a modern home ground for local teams, especially Enyimba FC, one of Nigeria’s most successful football clubs.
The project is expected to be executed through a structured development approach that may involve partnerships aimed at ensuring timely delivery and high construction standards.
When completed, the stadium is projected to elevate Abia State’s profile in national and African football circles while creating new opportunities for youth engagement, talent development, and sports tourism.
Overall, the Aba stadium plan reflects a strategic push by the state government to combine sports, infrastructure, and economic development into a single long-term growth vision for Abia State.
Suspected gunmen have abducted the sister of a former Minister of Power, Adebayo Adelabu, in Ibadan, the Oyo State capital.
The family of former minister and chieftain of the All Progressives Congress (APC) confirmed the abduction, disclosing that Mrs. Olaide John-Paul and her 12-year-old twin sons were kidnapped by the gunmen on Wednesday, June 3, 2026.
According to a statement issued by Adelabu’s media aide, Femi Awogboro, the victims were kidnapped at about 7:30am while Mrs. John-Paul was taking her children to school.
Mrs. John-Paul, the youngest of five children of Mrs. Olufunmilayo Aduke Adegoke Adelabu, reportedly retired voluntarily from her career at First Bank Pension Custodian in 2025 before relocating to Ibadan with her children.
She was said to be making arrangements to join her husband, who had earlier relocated to the US.
The family expressed deep concern over the development but stated that security agencies had already commenced efforts to rescue the victims and apprehend those responsible.
“We are pleased to confirm that security operatives have swung into action and preliminary investigations have commenced in earnest,” the statement partly read.
While appealing for calm, the family urged members of the public to refrain from spreading unverified information that could undermine ongoing rescue operations.
“We are deeply distressed by this unfortunate incident, but remain hopeful that the victims will be rescued safely. We appeal to the public to remain calm, avoid speculation and support ongoing efforts with prayers,” the statement added.
The family also called on anyone with useful information that could aid the rescue operation to promptly share such intelligence with security agencies through the appropriate channels.
It assured that it would continue to cooperate fully with law enforcement authorities and provide updates as investigations and rescue efforts progress.
