Business
The Making of a CSR Masterstroke: An X-Ray of FirstBank’s Yeoman Effort to Move One Million Children to e-Learning
The rabbit hole of uncertainty, confusion and fear that pupils and their parents fell into in the dying days of March when the country was in lockdown was best captured in a Saturday Sun feature of May 16, titled, “COVID-19: Troubles of e-Learning.”
The story catalogues the challenges that erupted out of the disruption caused by the coronavirus pandemic, the fears and frustrations brewed by the new abnormality foisted on the world, the pessimism that pervaded the globe from developed to underdeveloped countries and the possibilities that blew up in the aftermath in the education stratosphere.
With the new order of social distancing, self-isolation, government-enforced quarantine and the ubiquitous lockdown, the prospect of indefinite stay at home until at least an elusive vaccine is found, loomed. This precipitated a distress as never seen before in the education space.
Yet, a panacea was at hand: Digital learning, though hitherto given scant attention. But crossing into that nirvana was an uphill task, especially, in this part of the world. Why: The existence of a huge digital deficit both in infrastructure and the requisite skill.
The dilemma confronting parents, pupils and tutors are multi-dimensional as illustrated by these three vignettes from the story:
Oko Odinakachi, a student of Abia State University, faced frustration on two fronts: her institutions dillydallying about adopting the e-learning strategy on the one hand; her little faith in digital learning, on the other hand. “I was on the verge of writing my first-semester examination. How possible can we do that digitally when there are issues with even JAMB CBT here in our country?”
A father whose daughter, a student of Federal Government College Shagamu preparing for her Senior School Certificate Exam, was compelled to seek a suitable e-learning portal because WAEC advised students to be studious during the lockdown as they’d be going straight into the exam hall at short notice as soon as the pandemic is over. The search led him to an online WAEC Preparatory Class that demanded payment for requisite online resources. “One subject is N1, 500, four subjects N4, 500 and six subjects cost at N6, 500. I didn’t go further because of the fee, which I think is exorbitant, given the current state of the country,” he complained. He joined the rank of other parents who raised concerns over exploitation by mercenaries masquerading as e-learning groups.
Abolade Kunle, a JSS3 student was aware of the government-sponsored tutorial on the radio but he was unable to enjoy the benefits: “We don’t have a radio set in the house. I use my dad’s phone once in a while but he doesn’t allow me to use it all the time,” he railed. A related drawback was cited by one of his teachers at the public school in Mushin: “In the past five weeks, we have had barely three days of electricity supply. It is not every parent that can afford a generator. Is it not when you have electricity supply that the children can watch [government educational programme on] the television?”
The absence of curative or prophylactic breakthrough against the virus meant that academic activities would remain in limbo, while pupils and their parents are faced with the undaunted possibility of a long spell at home. The prospect of a long lull of academic inactivity struck a palpable fear that fueled the scramble unto digital learning platforms as educationists and institutions across the country experimented with remote learning, albeit on a trial-and-error basis. The efforts were at best tangled; the process muddled; the result ineffective. Even, for students of tertiary institutions, the online class was to many a Lala-land.
With the option inevitably narrowed down to digital learning, a Catch-22 situation evolved. Who’s going to make it happen? How? When?
Best foot forward
Eventually, the first foot forward––and indeed the best one––came and it was from First Bank of Nigeria Limited.
The bank, a leading financial inclusion services provider, announced its intention to roll out an innovative e-learning initiative on the heels of its philanthropic contribution of the sum of one billion naira to the Coalition Against COVID-19 (CACOVID), a private-sector task force that partners the Federal Government, the Nigeria Centre for Disease Control (NCDC) and the World Health Organisation (WHO) to combat the coronavirus in Nigeria.
In the months to come, the bank’s effort would resonate forcefully in the education space. The reason for this was not farfetched. Since responsiveness remains a cornerstone of Corporate Social Responsibility, when it is timely, it becomes a major coup. The severity of the pandemic required “uncomfortable, transformative responsiveness,” not the usual CSR response where organisations choose and design responsiveness on their own terms, described by Wayne Visser in Evolution and Revolution of Corporate Social Responsibility, as “when giving is easy and cheque-writing does nothing to upset their commercial applecart.”
Taking on the e-learning challenge head-on was an self-assigned project for which the bank was not under any compulsion to undertake. That it volunteered to tackle the challenge is an indication of the largeness of its CSR aorta.
Suffice to say that a handful of digital learning initiatives exist before the advent of the Covid-19 lockdown; the First Bank effort, however, resonates louder because it has a measurable stated goal: Moving one million pupils into e-learning platform.
A response apt and adequate
Lagos State’s prompt response to the pandemic included the immediate shutdown of schools. By March 25 (four days before Lagos State went into total lockdown on the order of the President), the First Bank initiative was rolled out, and it inalienably took the optics of “the” response to the glitch caused to the education system by the coronavirus pandemic.
First Bank went into collaboration with Lagos State Government and an indigenous mobile learning platform, Robert and John Limited, whose trademark Roducate e-solution, a comprehensive curriculum-based education, is a cornucopia for a broad spectrum of students.
Having powered similar projects in the past, Robert and John was an obvious best in the e-learning business, a fact reinforced by First Bank CEO, Adesola Adeduntan: “In searching for the best fit solution, several options were considered by educators and teachers from the state and First Bank over the last couple of weeks before adjudging Roducate the offering from Robert and John, an innovative technology firm, to be the best of all reviewed.”
Is Roducate the Rosette stone of online learning? The facts were in its favour. Its claim of being the “most comprehensive e-learning platform in Nigeria and indeed Africa” is justified on its curriculum-based education for primary, secondary, and tertiary students. Moreover, ;it has been active in the e-learning space as far back as 2014 and has perfected the mechanics of effective digital learning, winning endorsements along the way from NUC, NERDC, JAMB and Lagos State Ministry of Education.
And by tweaking its blueprint, it came up with an e-learning mother lode––lecture notes, assignments, mock exams, videos, podcasts, and educational games––a rich vein of contents for primary, secondary and tertiary institutions, structured in consonance with the government-accredited curriculum. From the interactive tutorial videos to the innovative feature that enables the learner to take notes for quick reference, it was a whole new experience and an enjoyable learning process.
Suffice to reiterate that the First Bank/LASG Roducate is not the first of its kind; before it, there was Glo Mobile Tutor (since 2014) and UBA LEARN (unveiled in 2018) amongst others. However, certain factors gave it an edge.
The comparative advantage
The CSR takeaways from the initiative are writ large in what makes it different from others––in other words, its comparative advantages.
On the first count, the effort surfaced at a time of need, a time when there was an urgent need to close the gap caused by the disruption in children education due to schools closure following the Covid-19 lockdown. In one fell swoop, a solution materialised that provided succour for all, from kindergartens kids to grad-year students of tertiary institutions.
Secondly, while it is indeed a rolling scheme, it nevertheless came with specific number goal of one million pupils to be empowered with digital learning; this calibrated objective makes the intervention easy to evaluate, compared to other similar initiatives.
Thirdly, the biggest boon: subscription-free.
Consider what this means to parents such as the one cited in Sun story who had to shell out approximately N6, 000 for his daughter to access the needed resources. With the First Bank initiative, students simply get on the platform by registering free at https://www.firstbanknigeria.com/e-learning/.
And then the masterstroke: the enhanced offline feature of the initiative. It means students can study offline without having to bear the burden of buying data. What’s more, First Bank gave further impetus by providing 20, 000 devices that came preloaded with the curriculum.
Elaborating on the low-end devices preloaded with Roducate offline content, Adeduntan disclosed that “the phones have SIMs and limited data tied, only, to the Roducate learning product.”
Kayode Abayomi, the spokesperson for Lagos State Ministry of Education, further hit the nail on the head.
“The devices are efficient and fit for purposes for all students especially indigent students given the fact that data consumption of most e-learning solutions has been a major stumbling block for the majority of students and teachers alike,” he said.
Its fourth edge is from its collaborative nature. One of First Bank’s collaborators on the project is a partner with leverage in the education space: the Lagos State Government. That made a big difference, as it gave the initiative authority and legitimacy that immediately gained traction.
In return, the initiative was well-appreciated by Lagos State Governor Sanwo-Olu: “It is not out of place that we are witnessing more infusion of technology in learning and this intervention by First Bank could not have come at a better time.”
Lastly, the First Bank e-learning project took care of both the short-term and the long-term interest of Nigeria in the digital race. Beyond the exigency of the moment, which was to get the children into learning mode, the intervention took on the imperative of helping young Nigerians develop relevant skills in emerging technologies, thereby enhancing their competitiveness in the interconnected world of today.
How? Via two other initiatives, both partnerships with IBM (that schooled youths in coding Artificial Intelligence, cloud, internet of things, blockchain, data science, analytics and cybersecurity) and Curious Learning (which offers academic contents for pre-learning and early-stage children aged 3-8 through self-guided learning apps). These two threw open the door of digital technology and made available for free the opportunities to transform them into tech geeks.
Taking responsibilities
For organisations with a sense of CSR, Covid-19 was an opportunity that was too good to miss. Where and how they responded depend on their preexisting corporate responsibility culture, their focus, the heft of their commitment.
Adeduntan said of the First Bank initiative: “We are warmed by the fact that different organisations have risen to the various challenges and are supporting in areas such as health and welfare, and we feel the peculiar needs of our children and youth must not be left out and have therefore elected to focus on contributing to solving the current education challenge.”
He said further: “It is a responsible approach to empower them, given that they are our future and the foundation to build our country to greatness. By partnering on this, we are solving a problem for families and our future.”
In September, schools re-opened, and education activity, deflated for months, gradually regains shape and gathers momentum. The number of students enrolled on the platform has increased significantly. The big question: is it going to be one of those projects that got abandoned after the ovation died down? Or is it likely to be sustained?
The cue is in the stated goal of the initiative. FirstBank has placed on itself the onus to continue to build on the effort and to give the needed impetus that will accelerate the achievement of the set goal of 1,000, 000 registered children in record time. It is expected that FirstBank will sustain the race to the finishing line.
The growing influence of the Dangote Petroleum Refinery & Petrochemicals is extending far beyond Africa and the Middle East, as the United States imports over two million barrels of jet fuel from the world’s largest single-train refinery in March.
Experts assert that this development should bring immense joy to Nigerians, as it attests to the unparalleled quality of the refinery’s products and the trust that the international community places in Dangote Refinery.
According to data from ship-tracking service Kpler, six vessels carrying around 1.7 million barrels of jet fuel from Dangote Petroleum Refinery arrived at US ports this month. Another vessel, the Hafnia Andromeda, is set to arrive at the Everglades terminal on 29th March with approximately 348,000 barrels of jet fuel.
The shipments from the Dangote Refinery, with a capacity of 650,000 barrels per day (bpd)—Africa’s largest—highlight its potential to reshape global fuel trading dynamics, establishing a new swing supplier in the Atlantic Basin.
This shipment to the United States follows three cargoes of jet fuel, totalling around 130 million litres, exported from Nigeria to Saudi Arabia by the Dangote Petroleum Refinery. The refinery has already demonstrated its ability to compete with European refiners on gasoline (PMS) exports, and these jet fuel shipments to the United States could challenge the economics of domestic producers in the world’s largest fuel-consuming nation.
According to Chief Operating Officer of TankTiger, Steven Barsamian, ‘’the surge in demand, partly driven by the influx of supply from Nigeria, is expected to lower jet fuel prices in the US ahead of the peak summer travel season. US jet fuel imports from Dangote Refinery are expected to decrease aviation fuel prices during this period, according to trade analysts and storage brokers. US jet fuel imports in March have averaged around 226,000 bpd, the highest since February 2023, underlining the global demand for products from Dangote Refinery.
The Dangote Refinery, which commenced production in January 2024, has already exported its products to almost every continent. While the surge in US imports was partly triggered by a maintenance-related shutdown at the Phillips 66 Bayway refinery in New Jersey, analysts believe the choice of Dangote’s products highlights its growing presence in international markets, having successfully competed with European refiners in gasoline exports.
Economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprises (CPPE), Dr Muda Yusuf, stated that the export of jet fuel to the United States by Dangote Refinery is a point of pride for Nigeria, highlighting the quality, standard, and the trust that the international community places in the refinery.
“Nothing could be more prideful for us as a country than the fact that we now have a refinery producing products that can be exported to the United States. It speaks to the quality, standards, and trust that international communities have in Dangote Refinery, because these are markets that don’t compromise on quality. They have stringent standards, and if they deem it worthy to import from Nigeria, it is a source of great pride,” he said.
The former Director-General of the Lagos Chamber of Commerce and Industry (LCCI) also emphasised that Dangote Refinery is enhancing Nigeria’s position on the global stage and should be supported by both citizens and the government.
“That is why all of us—citizens and the government—should do everything to support the refinery, as it is breaking many barriers and boosting our country’s reputation. The lesson here is that we should support the Dangote Refinery and other refineries with similar capacities, as they can provide us with significant leverage,” he added.
Public Policy Expert, Dr Abimbola Oyarinu, stated that the Nigerian economy would be in a better state today if the country had functional refineries in the past, rather than just exporting crude oil while importing refined petroleum products.
“This is something that should have been addressed since 2014. Things wouldn’t have reached this point—such as high inflation and unemployment—if we had a functioning refinery. However, both the government and the people failed to take action until Dangote stepped in with significant investment. The Dangote Refinery is not only reducing foreign exchange outflow, but it is also bringing in foreign exchange. It is unfortunate that despite this, some elites and those in power are still intent on sabotaging the refinery and Dangote himself,” he said.
The university lecturer also warned that the lack of ease in doing business and the frustration of local investments could discourage future investors.
“This is something the country should be proud of. We previously had a mono-economy, reliant solely on oil exports, but Dangote has helped diversify the sector by selling finished products to international markets. However, which investors would want to invest in Nigeria after seeing what Dangote is going through?” He queried
Zenith Bank Plc has announced its audited financial results for the year ended December 31, 2024, delivering significant growth across key performance indicators. The Bank’s impressive performance reflects effective management and pricing of its risk assets, as well as an optimized treasury portfolio, reinforcing its position as a leader in Nigeria’s banking industry.
According to the audited financial results for the 2024 financial year presented to the Nigerian Exchange (NGX), the Bank recorded a double-digit year-on-year (YoY) growth of 86% in gross earnings, increasing from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase in interest income, supported by investment in high-yield government securities, and growth in the Bank’s loan book.
Commenting on the results, Dame Dr Adaora Umeoji OON, Group Managing Director/CEO, stated “This year’s performance underscores our unwavering commitment to innovation and customer- centric solutions. We will also remain focused on deepening financial inclusion, enhancing service delivery, and creating value for our customers and stakeholders.
Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024 from N796 billion in 2023, driven by a combination of top-line expansion and efficient treasury portfolio management.
Net interest income increased by 135% from N736 billion in 2023 to N1.7 trillion, reinforcing the Bank’s strong core banking performance and ability to grow earnings despite macroeconomic headwinds. Non-interest income also grew by 20% from N919 billion to N1.1 trillion.
The Bank’s total assets grew by 47% from N20 trillion in 2023 to N30 trillion in 2024, underpinned by a strong liquidity position and effective balance sheet management. Customer deposits surged by 45% from N15 trillion to N22 trillion in 2024, reflecting a historically strong corporate deposits portfolio and a sustained increase in retail deposits. The increase in retail deposits was driven by customer acquisition and the Bank’s strategic focus on low-cost funding.
Return on Average Equity (ROAE) declined to 32.5% on the back of the injection of new capital, while Return on Average Assets (ROAA) remained unchanged at 4.1%. The Bank’s cost-to-income increased slightly from 36.1% to 38.9%, despite inflationary pressures. Its Non-Performing Loan (NPL) ratio stood at 4.7%, with a coverage ratio of 223%, underscoring the Bank’s prudent risk management and commitment to maintaining a resilient loan book, ensuring stability and confidence in the Bank’s operations.
Given the good earnings performance, the Bank has proposed a final dividend of N4.00 per share, which brings the total dividend for the year to N5.00 per ordinary share.
In a significant milestone, Zenith Bank successfully raised N350 billion in capital through a rights issue and public offer, with a subscription rate of 160%, demonstrating strong investor confidence in the Bank’s growth trajectory. The proceeds from this capital raise will be strategically deployed to enhance technology infrastructure, strengthen liquidity, and support the Bank’s expansion into key African markets, unlocking new growth opportunities.
The bank remains focused on delivering sustainable growth, enhancing shareholder value, and driving financial inclusion through innovative banking solutions. With its solid capital base and innovative product offerings, the Bank is well-positioned to navigate evolving market conditions while continuing to strengthen its leadership in the Nigerian financial landscape.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; and Best Bank in Nigeria for four times in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards.
Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards.
The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics.
By Eric Elezuo
FirstBank of Nigeria Plc, one of Nigeria’s leading deposit banks, has rejected the ruling by the Federal High Court in the case between it and GHL in a matter of maritime concerns, and filed an appeal while seeking court injunction and a stay of execution of the judgment.
In the judgment, the court decided that the matter is not a maritime claim but rather, a simple case of debt recovery, a situation FirstBank found quite surprising and unacceptable.
FirstBank acknowledges its respect for the court, but insisted that that the decision is a miscarriage of justice.
The bank pledges its continuous commitment to “protecting and securing the interest of its members, and relentlessly pursue justice against mischievous debtors”.
The FirstBank statement is presented in details as follows:
“In a surprising twist of events, its decision delivered today, the Federal High Court in a surprising shift from the true nature of FirstBank’s claim held that the matter is not a maritime claim but rather, a simple case of debt recovery. This is quite surprising considering the fact that the order sought is to prevent further fraudulent sale of crude on the FPSO.
“Shockingly, the court also held that the Arrest Order against the cargo, because it was exparte in nature, expired by effluxion of time within 14 days of its issuance.
“Aggrieved by the decision, FirstBank lodged an appeal against the decision of the FHC. Also, FirstBank filed an application for an injunction of the court against GHL, pending the determination of the appeal. The Cargoes of Crude Oil on the FPSO TAMARA TOKONI remain arrested.
“While FirstBank has great respect for the courts, it strongly disagrees with the ruling, which, in our view, constitutes a miscarriage of justice.
“FirstBank remains committed to protecting and securing the interest of its members and will relentlessly pursue justice against mischievous debtors seeking to use the machinery of the law to perpetuate mischief and evade their responsibility to offset outstanding obligations.”
