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When a Bank Puts SMEs First

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Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale. By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19 outbreak.

In keeping with the Nigerian spirit of being one’s brother’s keeper, equally unprecedented efforts by individuals, groups and corporate organisations to try to provide assistance for people and businesses affected by the crises of the past week, have followed. Individuals and groups have announced donations of cash and materials, set up helplines to offer psychological counselling and support, and started online crowd-funding efforts in support of victims. Among corporate organisations, we have seen banks take a leading role. Some banks, such as Access Bank and Stanbic IBTC, have announced funds or desks they have set up to receive requests from, and process assistance for, affected individuals and businesses. One of these banks’ efforts include pledged interest-free loans and grants that affected businesses and individuals can access.

Another bank has seen thousands of requests for assistance pour in through the online channel it set up for the purpose. The requests have flowed in, not only because of the victims’ desperation for help, but also because of the humane approach to banking that this institution adopts. Always putting the customer at the heart of its business, FirstBank has been showing empathy with all those who have experienced one loss or the other as a result of the crises. Since last week, the bank has been seeking every opportunity to identify with people who are currently grieving and hurting.

Although the largest and most prominent member of Nigeria’s leading financial powerhouse, the FBNHoldings Group that is a one-stop shop for financial services ranging from commercial and investment banking to financial advisory, insurance brokerage and pensions custodianship, FirstBank is neither immune nor removed from the challenges people face. It is a human institution with thousands of humans working as employees to provide bespoke banking products and services to millions of other humans whose pulse the bank feels through its employees. Being part of a group with expertise across the broad spectrum of financial services, makes FirstBank the banking partner with the broadest shoulders to assist SMEs buffeted by the wave of violence witnessed across the nation last week.

Given the interconnectivity between Nigeria and FirstBank’s history, it is no surprise that a tumultuous week in Nigeria is giving way to one with stories of hope and optimism by Nigerians badly affected by the crises of the past week, who are looking to FirstBank for assistance. These Nigerians have been encouraged by the strides FirstBank has made over the years in the SME space as the bank of first choice for small businesses. Built around seven strategic pillars – of connect to infrastructure, connect to talent, capacity building, policy and regulation, connect to resources, connect to market as well as connect to finance – considered essential for the sustainability and growth of SMEs and intended to promote a healthy business interaction and adaptability of the SMEs with their immediate environment, FirstBank’s involvement with SMEs, through SMEConnect (the bank’s branded bouquet of empowerment initiatives, products and services tailor-made for SMEs), has been one that has sought to facilitate their growth into future economic powerhouses playing ever-increasing roles in Nigeria’s economic development.

Since its maiden SME National Conference in 2014, FirstBank has annually engaged small businesses and SME owners in series of empowerment seminars and workshops designed to improve their business capacity. Only this year, FirstBank held its inaugural SME Business Clinic in Lagos, Port Harcourt and Abuja with many SMEs in attendance. The SME Business Clinic featured Abayomi Adewumi, CEO of the Global Leadership Institute and an industry expert and business growth consultant with vast experience working with SMEs. He engaged participants on the FirstBank SME diagnostic tool designed for SMEs to check the health of their business, better understand it and drive profitability.

In 2019, FirstBank organised a weeklong SME event which had owners of SMEs in different sectors mentored across multiple states in the country. It was the first of its kind in the industry. Organised in partnership with SME Traction, a leading business coaching platform, it was aimed at empowering SMEs to make informed choices about their businesses, thereby facilitating growth and bolstering their contribution to the development of the economy. At the event, FirstBank’s Deputy Managing Director, Gbenga Shobo, underlined the importance the bank attaches to SMEs. He said: “At FirstBank, we recognise the impact SMEs have in promoting growth of the economy and are excited at the opportunity to continue to enable them prosper by strategically contributing to the sustainability of their business. We remain the trusted financial partner of SMEs and reiterate our resolve to be known as the brand that enables their success; much the same way that we have for over 125 years enabled Nigerians and the economy at large.”

This same point was elaborated at another FirstBank SME event, “Food Souk”, convened in 2019 in partnership with Eventful Limited, an events management firm, where the bank restated its commitment to the Federal Government’s diversification drive, promising to continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector so they could in turn create job opportunities. The bank also extended its hand of partnership to all small businesses involved in organising different trade fairs and exhibitions. A food vendor at the event, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the food fair to make profit, meet new clients as well as create the needed publicity for her brand. It is for people like Ebeneme that FirstBank maintains an SME website (https://smeconnect.firstbanknigeria.com) with rich resources to help SMEs build capacity and improve how they run their business. On the website is a blog featuring business articles and tips, SME business toolkit, SME products, Microsoft 365 Business Basic and a whole lot more.

In support of owners of SMEs operating in the education sector, FirstBank, in partnership with the Lagos State Employment Trust Fund (LSETF), set up a matching fund scheme of ₦5 billion LSETF-FirstEdu Loan. Officially launched in September by Governor Babajide Sanwo-Olu of Lagos State and Dr Adesola Adeduntan, Managing Director/CEO of FirstBank, the scheme aims to cushion the impact of Covid-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate. Speaking at the launch, Dr Adeduntan said: “At FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”

It is for efforts like all those highlighted above and many more that the 2019 edition of KPMG’s Annual Banking Industry customer Satisfaction Survey named FirstBank as the biggest mover in the SME space. The 2014 edition of the Survey had named the bank as the most popular bank among MSMEs for both deposit transactions and credit/loan facilities with 26 per cent of the SMEs surveyed identifying the bank as one where they had an ongoing loan facility or had obtained one in the recent past. It is also for the same reason that the unfortunate events of the last week have reignited the bond between Nigerians and FirstBank, a partner that they can bank on in times of need. The bank’s track record leaves no one in any doubt of its unwavering commitment to continue to weather all storms with Nigeria and Nigerian SMEs with whom it shares a common destiny.

Culled from BusinessDay

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Dangote Refinery Surpasses Nameplate Capacity, Strengthens Nigeria’s Energy Security, Export Position

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Dangote Petroleum Refinery has achieved a significant operational milestone, recording an average capacity utilization of 105.21 percent in August 2026, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The 700,000 barrels-per-day refinery processed an average of 736,470 barrels of crude oil per day in August, a substantial increase from 497,000 barrels per day in July when utilization stood at 71 percent.

The strong performance was supported by a rebound in domestic crude oil supply, with deliveries rising by 16.75 percent to 683,000 barrels per day during the month, enabling the refinery to ramp up throughput.

The improved throughput translated into average daily production of 84.43 million litres of refined white products, including Premium Motor Spirit, PMS, Automotive Gas Oil, AGO or diesel, and Aviation Turbine Kerosene, ATK, further reinforcing its role as a major supplier of refined petroleum products across Nigeria and the wider West African region.

Speaking on the development, the Dangote Group said the achievement underscores the refinery’s growing contribution to Nigeria’s energy security, foreign exchange conservation, and industrial growth agenda.

The refinery continued to significantly reduce Nigeria’s dependence on imported petroleum products during the review period. Domestic PMS deliveries from the refinery rose by 39 percent month-on-month to 35.87 million litres per day in August, accounting for approximately 71 percent of total domestic petrol supply.

The increased local supply contributed to a sharp decline in fuel imports, with national PMS imports falling by 26 percent to 14.60 million litres per day, highlighting the refinery’s expanding impact on the domestic fuel market.

Beyond meeting a significant portion of Nigeria’s domestic fuel requirements, the refinery also strengthened the country’s export profile through robust shipments of refined products.

In August, the refinery exported an average of 9.73 million litres of PMS daily, alongside 8.75 million litres of diesel and 21.30 million litres of aviation fuel. These volumes further support Nigeria’s emergence as a net exporter of refined petroleum products and contribute to increased foreign exchange earnings for the country.

The refinery’s growing production capacity was particularly evident in the diesel market, where domestic AGO deliveries averaged 12.37 million litres per day. This level of output substantially reduced the need for imported diesel, with national diesel imports declining from 7.90 million litres per day in July to 1.30 million litres per day in August.

The development reflects the refinery’s increasing ability to support critical sectors of the economy, including transportation, manufacturing, agriculture, telecommunications, and power generation.

According to the Group, the ability to operate above nameplate capacity demonstrates the efficiency, reliability, and resilience of its operations. The milestone also reinforces investor confidence as the refinery’s ongoing public offering continues to attract significant market attention.

Dangote Group reiterated its commitment to maximizing local value addition, supporting economic diversification, and ensuring the sustainable supply of high-quality refined petroleum products to Nigeria, Africa, and global markets.

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2026 NBBF League Finals: Zenith Bank Commits to Development of National Women Basketball

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The road to the 2026 Zenith Bank NBBF Women’s Basketball League title reaches its climax as eight top teams converge on Lagos for the highly anticipated National Finals.

The finals will hold from September 28 to October 3, 2026, at the Indoor Sports Hall of the National Stadium, Surulere, Lagos.

Emerging from fiercely contested Atlantic and Savannah Conference campaigns, Nigeria Customs, AS Sky Queens, Titans, Air Warriors, MFM, First Bank, Victoria Queens, and Bayelsa Blue Whales have booked their place in the battle for national honours.

Last year’s champions, Dolphins Basketball Club, who lifted the trophy after defeating First Bank in the final, will not be in contention this year after failing to make the top four of the Atlantic Conference. Their absence leaves the title wide open for a new champion.

The trophy will however be contested by teams with rich championship pedigree. First Bank, last year’s finalist and the most successful team in the history of the competition, arrives with a record nine league titles, while MFM will be banking on its recent dominance after winning back-to-back championships in 2023 and 2024.

It is a level of competition that reflects the growth of a league that has, for more than two decades, provided a platform for Nigeria’s best female basketball talents to emerge, compete and develop. At the heart of that journey has been Zenith Bank, the sole sponsor of the National Women’s Basketball League since 2005.

Through its partnership with the Nigeria Basketball Federation (NBBF), Zenith Bank has consistently supported the development of women’s basketball, helping to provide and sustain a competitive platform where talents can be discovered, nurtured and prepared for the highest level of the sport.

The league has also served as a vital pathway to the National Women Basketball team, D’Tigress, with several players who have featured prominently for Nigeria emerging from the domestic competition.

Beyond the national team, the league continues to contribute to youth development by giving young female athletes the opportunity to build confidence, skill, discipline, teamwork and professional sporting careers.

For Zenith Bank, the sponsorship of the Women’s Basketball League represents more than support for a sporting competition.

It reflects the Bank’s broader commitment to creating platforms that provide opportunities, develop potential and make a meaningful difference in the lives of young Nigerians.

This commitment extends across several areas of community development, with notable initiatives including the reconstruction and beautification of Ajose Adeogun Street and Roundabout, the annual Zenith Bank Youth Parade and Light-Up Ceremony, the construction of ICT Centres in tertiary institutions across the country, and the construction of the ultra-modern Iga Iduganran Primary Healthcare Centre, among others.

Through these initiatives and its longstanding support for women’s basketball, Zenith Bank Plc continues to demonstrate that its commitment to society goes beyond banking, with a focus on creating opportunities and contributing to the development of communities and the next generation.

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Dangote Reveals Plans to Invest $10bn in Africa’s Power Sector

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Africa’s richest man, Aliko Dangote, has revealed that he would be investing over $10 billion dollars in the coming years to tackle the power crisis in Nigeria and drive industrialisation.

He spoke during an interview with Al Jazeera, where he identified inconsistent government policies and inadequate electricity supply as major challenges discouraging Africans from investing in the continent.

He disclosed that the group is considering redirecting funds from certain businesses, including steel, towards electricity generation and other power-related investments.

“And I’m telling you in the next three to four years, there will be a major transformation in Africa, and that’s why we’re looking at power. We are going to invest in power. There are one or two businesses that we might cancel, like steel, and we will put the money in power. We want to invest over $10billion alone in power.”

He expressed concern that more than 600 million Africans continued to live without electricity, describing the situation as one that the continent must address, saying, “We Africans should not really allow over 600 million of our people to remain in darkness.”

The industrialist linked electricity supply to economic development and argued that governments that successfully deliver power to their citizens may not need to go for campaigns again during elections.

“You know, if some politicians work hard and have a plan, when you deliver power, you don’t need to go for a campaign when you’re going for an election. Power is key; we will never create growth without power. That’s why they say power is growth. When I say power, I mean electricity is growth.”

He said Africa would be unable to create jobs and achieve sustainable economic growth without industrialisation, stressing that the continent must reduce its dependence on imported goods.

On what some are saying about not investing in Africa, he said: “The problem really is, it takes two to tango. I think in the past, there’s been a lot of flip-flops in government policies. Government policies are changing every day, and then, the lack of electricity is also there.

“So, these two issues haven’t gone away. They are still there. But for some of us that really mean business, we are here, and we know that yes, without our intervention, Africa will never be able to create jobs. If there’s no industrialisation, how do you create jobs? You can’t,” he said.

Dangote warned that Africa could eventually lack the financial resources to continue importing the goods it consumes, making industrial development and local production necessary for the continent’s future.

“One day we will not have money to import what we are consuming. So how can we remain an import continent? It has to change. But that change can only happen when Africans believe in Africa, and they invest in Africa,” he stated.

According to the businessman, a growing number of investors are showing interest in supporting African businesses because of the opportunities available on the continent. He added that his investment approach was focused on spreading wealth, expanding participation in businesses and strengthening corporate governance.

“We want to make sure it’s about spreading the wealth. It’s about getting more people in the business. It’s also about corporate governance. So that’s the direction.”

Responding to accusations that his business activities were creating a monopoly, Dangote said he would remain focused on his objectives rather than be distracted by his critics.

He used football star Lionel Messi as an example, explaining that a player must concentrate on the ball rather than the audience while playing.

“Well, you know, if I’m going to listen to that, have you ever seen a footballer looking at the audience? He has to continue looking at the ball. If I’m Messi, for example, I’m kicking the ball, and I’m looking at the audience, do you think I won’t miss the ball? I will miss the ball,” he stated.

Dangote argued that people would not always be satisfied with the activities of businesses, adding that accusations of monopoly would not stop him from pursuing his investment plans.

“If I’m going to make my continent great and people want to call me a monopoly for no reason, so be it. I mean, it’s not going to reduce the colour of my face or whatever. You can call me whatever you want to call me; I didn’t stop anybody; it is an opportunity given to everybody, every one of us has that opportunity whether Africans, foreigners or whoever,” he stressed.

He said the government had not granted his businesses exclusive rights to operate in any sector, maintaining that opportunities were available to investors who were willing to participate.

“There’s nothing that the government gave us and say, ‘this is only for Dangote ’. The government will create a policy around a sector, and they will blow a whistle and say, ‘ Yes, this is it,” he noted.

Using a 100-metre race as an illustration, Dangote said investors who had chosen not to participate should not blame those who entered and won.

“If there’s a 100-metre race, some people were on the bench while I’m on the track, and I agreed to run that race, and I won that race alone, are you going to blame me or are you going to blame people who just sat on the bench?” he asked.

The businessman added that businesses and individuals needed to believe in Africa and invest in its development if they want to benefit from the continent’s economic opportunities.

“They’re not ready, they’re not prepared, they don’t even believe in Africa itself. If you don’t invest, you are not going to get fruit of that labour,” he replied to those accusing him of monopoly.

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