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FirstBank Conquers Financial Inclusion Challenge with Firstmonie Agents Banking

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By Eric Elezuo

When Nigeria’s foremost bank, FirstBank of Nigeria Plc rolled out drums to celebrate top performers among its over 37, 000 firstmonie banking agents, the reasons were obvious. In the first instance, the bank succeeded in proving that it remains the first name behind the quest to implement financial inclusion in the banking world as well as explain that the gap between the tech savvy and the low literacy clients has been breached. This is because the firstmonie agent network represents the convenient and comfortable alternative for customers that are acquainted with sophisticated digital channels.

Another reason stem from the fact that it has succeeded in looking into the future to create that ecosystem that allows easy financial transaction wherever a customer is in Nigeria.

At the event, FirstBank compensated 37 leading agents with N15, 250, 000.00 as follows; the sum of N250, 000 to 31 agents at the state level; N1, 000, 000 to five agents at the regional level and a whopping N2, 500, 000 to the grand prize winner at the National level. Zayyanu Hassan Ishaq from Abuja emerged the grand prize winner.

FirstBank’s Firstmonie service is providing financial/banking solutions to rural and semi-urban locations across the country. Through this channel, the Bank is providing convenient services that endears trust and provides ease of access to banking products, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

The firstmonie initiative of FirstBank is borne out of the fact that 38 per cent of the adult population in the country is financially excluded. Of this number, according to EFINA 2018 Survey, 41.1 percent are male while 55.9 percent are female. There was need therefore, to get all hands on deck to bring about financial inclusiveness among all and sundry, invariably fostering economic development.

Trancing the origin of firstmonie, the Deputy Managing Director, First Bank of Nigeria Plc, Mr. Francis Gbenga Shobo stated that “It actually started in 2009 when it was just a concept in the bank. We have branches all over nigeria; we are one of the most spread branches in the country. But we felt that there was still an opening out there. It was in 2010 that we launched the firstmomie programme.”

Lending credence, the Group Executive eBusiness and Retail Products, Mr. Chuma Ezirim,  confirmed that steps were taken between 2014 and 2017 to give the programme the top of spot status it enjoys today.

“In 2014, we took a decision to change the scheme from wallet base to account base. It took us another two years to test the concept and officially started the pilot in 2017,” Ezirim revealed.

It is worthy of note that the firstmonie initiative had undergone several operating structure changes and value proposition. In December 2017, the bank ran its pilot test with over 400, 000 transactions processed. The success of the first run necessitated its re-launching in 2018.With a key motive of ‘planting community heroes nationwide’, FirstBank has not only succeeded in developing the small and medium scale enterprise sector, but has created independent finance experts and men and women who can hold their own financially.

Giving further details, Managing Director/Chief Executive Officer, First Bank of Nigeria Plc. Dr. Adesola Adeduntan, described how it is FirstBank’s proactive stance to leverage on gaps in the society to provide long lasting solutions beneficial to citizens towards financial inclusion, addressing poverty, hunger, unemployment and reducing crime.

He said: “The key part of our history and our future is about development and economic growth, and the key strength of our franchise is our ability to look at gaps in the society, develop products and services that address that gap. So as an integral part of our strategy, we believe that by significantly working with the Central Bank, we can improve the financial inclusion index of the country. We would, as FirstBank, be assisting this country to address poverty, hunger…thereby also promoting security of life and property because when people are gainfully employed, the implication is that they think less of crime.

He noted that FirstBank’s intention with firstmonie is to try as much as possible to make agents the ‘centre of the financial ecosystem in the country’.

Across the length and breath of the nation, tidings of great joy are the order of the day following the presence of FirstBank’s firstmonie agents, even in the remotest parts of existence. The scheme has eased the stress of trading and has raised financially independent entrepreneurs as well as thoroughbred employers of labour.

In Aiyetoro, a riverine community in Ilaje, Ondo State, where there are no banks, but FirstBank has positively impacted it. A firstmonie agent, Stephen Adeleye, confided that;

“People can easily walk in without having to travel and that has developed a savings habit because we have easy access to the bank and can deposit their money easily,” he said.

Testifying to the positive impact of the scheme, a beneficiary, Tina Farodoye, revealed that “The transaction has really helped my business to grow. I buy my things in bulk and do a transfer from here. And the things I buy from Lagos gives me more gains because they are expensive here.

“Again, Agent Emphraim Osinachi from Obohie, Asa Ukwa West of Abia State explained that people of all ages have embraced the scheme because of its positives, saying that customers are better given attention by the agents as against what is obtainable at the ATMs.

“We serve all ages, from adults to minor. Unlike the ATM machine where there is no assistance, the people feel relaxed here. Sometime ago, armed robbers invaded a house and were able to get only N50 from a home after ransacking the house while the owners were away. The reason is because of the firstmonie agent banking in place now.”

He maintained firstmonie is a veritable option to enforcing the Federal Government policy on cashless economy.

Aliu Adeleye spoke from Lekki-Aja in Lagos, and excitedly narrated how people have come to support and patronise the scheme, stressing that business improved when he added ‘mobile banking transaction using our firstmonie platform’.

“This place is heavily buzzing with transactions, especially in the evenings when the banking halls are already closed. Presently we have about six other locations because of the demands, and they are all doing well,” an elated Adeleye said.

Surajudeen Adebisi Bada from Abeokuta, Ogun State stated that “we open by 8am but people are already lined up by 7am, and there over two hundred customers trying to transfer money and over a thousand trying to collect money. If I look at our data base, I am convinced that we can beat some of the banks.”

Noting the importance of Firstmonie agents, Shobo emphasized that they are the ones the customers go to, to open accounts, take deposits, make payments, sell airtime and all the rest, adding that ‘they are the most critical part of that ecosystem’. He further lauded the CBN for its regulatory role and enablement and the Bill and Melinda Gates Foundation for their contributions and oversight functions.

“The regulators are very important, and we must give it to the CBN and its governor, Godwin Emefiele; they have done a lot of changes in regulation that have allowed the programme to scale as much as it has, today. A very, very important partner of ours has been the Bill and Melinda Gates Foundation; they helped us with grants, advice, and insight of what they had in other countries. We’ve used all that in coming up with the testimonies with which we are running now.”

Today, we have 36, 000 agents, with each having about one or two persons assisting them. We have opened more than 500, 000 accounts, processed more than two trillion transactions through the firstmonie agency, indirect employment in excess of 100, 000 people working across the entire value chain. More than 8, 000 women have been fully empowered servicing different customers, and they can begin to improve for themselves,” he said.

Sustaining the avalanche of positive feedbacks, Kehinde Kudirat Kasali from Ogun State, confessed that ‘FirstBank has been able to help me a lot. This is so that I can stand on my own. I can hold my own anywhere I am, and I appreciate Firstmonie.”

In the words of Uchechi Amogu from Obowo in Imo State, ‘There’s really been a great change in my life. I can tell you that in this very location, sometimes we do up to 200 transactions each day. I was working alone, but now I have employed two other persons.”

From Warri, Delta State, Orode Hesse, said that “Firstmonie has really impacted me; it has empowered me financially, and I have been able to employ six staff; five female and one male. I see firstmonie as a business to employ and empower women.”

Abubakar Aki Bolaji from Abuja puts it this way ‘the nearest bank here is about 15 kilometres away. We have cut the cost of transportation, and we have about 350 footprints here on a daily basis’ exposing a massive influx of customers each passing day.

Conquering harsh terrains and topography, the firstmonie agent banking scheme has reach the nook and crannies of Northern Nigeria and made impacts indelible to neglect.

“We have built up a significant number of firstmonie agents in the Northern parts of the country. A top government officer from Jigawa State told me of a couple of agents at somewhere in Gumel. This is about 70 kilometres to the nearest bank-town. Along the 70 kilometres, he said he saw two agent locations. That’s a testimony of our presence in the North.

“We are not stopping. It’s going to be a marathon; we believe there’s a lot to be done, not just in Nigeria. We also have other locations across Africa. Ghana is of interest to us, and we have started rolling our agency banking in Ghana. The Democratic Republic of Congo, a country of about 80 million people, is also a significant opportunity for us to help Africa, to promote financial inclusion and begin to address poverty across the continent,” Adeduntan said.

The assessment of Mohammed Tatari from Bauchi state seems to summarise the unquantifiable advantage of firstmonie.

He said: “We are thankful for this bank that has come closer to us. Before this time, people travel far just to enjoy banking services, but now firstmonie has brought banking close to them. This firstmonie service is helping people in many ways, as a result, we are experiencing large numbers of people here.”l

“Before firstmonie, goods have to be loaded into vehicles and will not be delivered until money has exchanged hands. But now, we just transfer the money to the supplier and the goods will be delivered without question so this has really changed our lives.”

While the tradition among people is that banks have about 600 locations, FirstBank has 37, 000 locations, and they are present in 99 per cent of the 774 local government areas of the Federation, and there’s no one close to the record. The beauty of the opportunity is that it is being used to impact positively on the society.

The Head, Marketing and Communication, FirstBank Nigeria Plc, Mrs. Folake Ani-Mumuney, was full of praises and encouragement for the Firstmonie agents, urging them to continue in their giant strides while encouraging others to follow suit to further raise the banner of financial reach and inclusion, and the Nigerian economy.

“This is about your future and the growth of your locality and the country in general. Continue to thrive and win, and do not rest on your laurels,” she admonished.

“The  unwavering efforts and remarkable contributions by our Firstmonie Agents at promoting financial inclusion in Nigeria is indeed very much appreciated. We remain committed to doing more, strengthening business activities, driving economic growth and development; thereby reducing poverty,” the CEO, Adeduntan concluded.

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NNPC Denies Reducing Petrol Pump Price

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The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.

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Midoil Unveils Three-In-One Investment Opportunities

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By Eric Elezuo

The ballroom of the prestigious Sheraton Hotel & Towers Ikeja, was an epicentre of history on Sunday when thriving petrochemical company, Midoil Refining and Petrochemicals Company Limited, under the leadership of its Executive Chairman, Chief Mrs. Elizabeth Omolara Akintonde, hosted the who is who in the industry to the unveiling of its tripartite investment opportunities consisting of the Midoil Refinery project, SereneCity Properties and Serene Partners Energy to be situated in various communities within it acquired land at Ikosi/Ejirin Local Council Development Area, Lagos State.

Anchored by Ben Ogbeiwi of Project Fame, and coordinated by Otunba Gbenga Onayiga, retired Acting Director of Federal Radio Corporation of Nigeria (FRCN) Network News, who is also a veteran journalist, the event was graced by dignitaries both from the political, traditional, and entrepreneurial circle including Retired Deputy Inspector General of Police in charge of the Force Criminal Investigation Department (FCID) Abuja, Babatunde Johnson Kokumo, Baale of Sekungba, Chief Solomon Omotayo, Baale of Arogbo, Chief Adesanya Oyenubi, Baale of Ererufu, Elder Gabriel Lawal, and the CEO, Gidi Real Estate Investment Limited, Tobi Akerele.

The event x-rayed the opportunities inherent in investing in these lucrative ventures, which have been designed to change the landscape of Lagos State in particular, and Nigeria in general, in both human capacity development, provision of employment and reduction of poverty.

In his speech as the Chairman of the occasion, DIG Kokumo lauds the efforts of Mrs Akintonde and her team for their assiduous efforts in ensuring that the day came to pass, adding that the unveiling of the tripartite investment opportunities is another way of stabilizing Nigeria’s economy, and giving the populace a reason to live, as well as making the environment habitable.

He reiterated that the meddling of government in matters of refineries should be discouraged as it is deterring private investments, he gave kudos to the Midoil team for a job well done.

“Today, I am glad that we have Midoil Refining and Petrochemicals Company Limited unveiling its long-time coming investment to the general public, and I want to commend the efforts of the Executive Chairman and the Board of Directors for these laudable investments.

When we examine the real estate aspect of what is being unveiled today, SereneCity Properties; provision of habitable homes, providing structures for Nigerians which have been the responsibility of the government, and what they have been able to do have been grossly inadequate.

Midoil, having diversified into the creation of SereneCity Properties is not a tea party; it is a project that calls for stocks and investment in Midoil Refining and Petrochemicals; stocks and investments in SereneCity Properties and stocks and investment in Serene Partners Energy.

“I consider these investment opportunities a veritable option for investors, who are seeking commensurate returns on their investments,” Kokumo said. He, thereafter, advised all dignitaries in attendance to give all the required support to the threefold opportunities.

In her address, the Executive Chairman, Mrs Elizabeth Akintonde, went down memory lane to dissect the origin and birth of the projects, which has spanned over 12 years, giving unhindered appreciation to Hajiya Amina Abdullahi, with whom the concept was birthed; to the Sekungba, Arogbo and Ererufu communities, where the projects are to be sited, and their Baales, who have shown immense support to the company and the projects from inception.

She exposed that the projects, rooted in the magnum, The Vision, The Journey, The Reality, were consequences of her desire to leave a legacy, and contribute generously to the growth of Nigeria, and to generations yet unborn, who basically, are the target beneficiaries of all the efforts.

Noting that the Vision is rooted in the foresight to establish a modular refinery in Lagos State, Nigeria, leading to the establishment and registration of Midoil Refining and Petrochemicals Company Limited in 2012, she informed that the Journey has been about procuring the large expanse of land required for the projects and all its ancillary, which include housing for expatriate staff, other senior, middle and junior staff.

“Today, March 17, 2024, we are unveiling our vision, our journey and our reality. We received our land allocation letter on April 24, 2014, and subsequently, on January 24, 2017, we were approved the Licenses to Establishment (LTE) by the Department of Petroleum Resources (DPR),” Mrs Akintonde informed of the journey so far.

“To the traditional rulers here present, you have refused to be enticed with cheap money. Therefore, on behalf of the Board of Directors of Midoil Refinery, I once again thank you for your patience and perseverance,” she enthused.

She however, expressed disappointment at some traditional rulers, including the Kabiyesi of Ejinrin, who reneged, and encouraged other Baales to work against the mutually signed MOU.

“Our mutual agreement for Midoil to inhabit the land in peace, as well as having received some financial benefits from Midoil over the years was breached with the latest activities of some communities including Ejirin in the sales of Midoil acquired land,” the Executive Chairman lamented.

She used the opportunity to call on governments at all levels to monitor the activities of land grabbers, and eradicate them completely, stressing that if not stopped, could jeopardize the many proposed development of the communities.

She also called on the Lagos State government “to create expansive awareness among traditional settlers on the land on the need to support developmental efforts by citizens, who wish to give back to the society that has been there for them.”

In addition, Mrs Akintonde urged the government through the Surveyor General’s office “to ensure proper documentation of all lands in the state as well as remove unscrupulous staff assisting ‘Omo Onile’ in perpetuating illicit land grabbing” as they are the reasons for unnecessary delays.

She further revealed that in the 10 years of hard work behind the scenes, Midoil has secured the interest of investors, and the consortium of investors are ready to invest a whopping sum of Five Billion Dollars ($5,000,000,000) in the project.

The highpoint of the event was the signing of Memorandum of Understanding, (MOU), with the three Communities led by their Baales.

Contract was also signed with UNILAG Consult for the conduct of the Pre-Feasibility Study for the proposed refinery.

The event rounded off with awards of loyalty and certificates of appreciation to deserving MPIC Member and other stakeholders in the Midoil adventure.

Notable among the awardees were Engr Sunday Ashaolu (MPIC Member) the Baales of Sekungba, Chief Solomon Omotayo, Baale of Ererufu, Elder Gabriel Lawal; Midoil First Media Coordinator, Mr. Babajide Morounfolu; Midoil Oversea Supporter and Consultant, through whom the $5billion investment was secured, Mrs Ngozi Louise Ogboru; Renowned Toast Master, Bennett Ogbeiwi; Mr. Daniel Adeleke Ogungbe, Very Reverend Oluwafunminiyi, Venerable (Dr.) Olusiji Olumide Kolawole, Mrs Kofoworola Olowolagba and Alhaja Bolanle Jafojo-Adedeji.

The groundbreaking at Sekungba/Ejinrin of the Midoil Refinery project is expected to take place on July 12, 2024, which incidentally is Mrs Akintonde’s birthday, as a follow-up to the March 1, 2024, groundbreaking of SereneCity Properties at Ererufu.

The refinery, when completed, will be producing at a capacity of 100,000 barrels per day (bpd).

Pix by Ken Ehimen

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Airtel Performs Groundbreaking Ceremony for its NXTRA Data Centre, Promises 1000 Jobs

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By Eric Elezuo

Prominent Nigerians were present as network communications service provider, Airtel Africa, performed the ground-breaking ceremony for the establishment of its NXTRA data centre project in Nigeria, at the prestigious Eko Atlantic City, in Victoria Island, Lagos, informing that the project is programmed to create over 1000 jobs for Nigerians.

The company noted that the facility, nicknamed the Nitra frontier, and reported as the first of five hyperscale data centres to be developed by Airtel Africa on the continent, will deliver 38 megawatts of total power and host high-density racks that integrate the latest best practice construction to achieve 1.3 power usage effectiveness (PUE).

It was also revealed that the data centres at full capacity will offer 180-megawatt capacity, distributed across 13 major data centres, and over 48 edge data centres.

Speaking at the event, the Group Chief Executive Officer of the Airtel, Segun Ogunsanya, who informed that the project is expected to go live by the first quarter of 2026, further stated that out of the 1000 jobs expectedto be created, 250 will be permanent once the project is deployed and at capacity.

He praised the project as marking a significant milestone in the company’s journey and is a cornerstone of the organization’s growth strategy, with a particular focus on Nigeria, which unarguably is its largest market.

He added that the project will enhance data sovereignty, security, and preservation within the continent, as well as reflect the group’s commitment to make Nigeria a major hub for access to digital services as it propel Africa towards a sustainable and inclusive digital age.

“This mega project will provide over 1000 jobs. More significantly, once deployed and at capacity, it will create over 250 permanent jobs for Nigerians whilst supporting companies in manufacturing, financial services, and health care as they move their data and computing into third-party data centers like ours.

“Ultimately, we have to store data and content closer to where it is being consumed,” Ogunsanya said.
Boost for digital economy

Ogunsanya was also of the opinion that with Airtel Africa’s extensive fibre footprint, NXTRA “offers secure and scalable integrated solutions to global hyper-scalers, large African enterprises, startups, SMEs and governments.

“Through locally available data centre capacity, speed to access digital services will improve and the cost of managing data will be reduced, thus helping power increased innovation, while supporting a new generation of African tech talent,” he said.

In his remarks at the event, that also has the governor of Lagos State, Babajide Sanwo-Olu, in attendance, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani laud the creativity attached the innovation, saying it is in tandem with technology revolution that is fast engulfing the universe, with Artificial Intelligence (AI) as a main point of reference.

“Data is a key driver in our economy. Not only do we need to connect our people, we also must invest in the digital economy, and through the investment that companies like Airtel have made in our economy, we are fully able to participate in the digital economy,” he said.

Other personalities that graced that event include traditional rulers and stakeholders in the telecoms sector.

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