Business

FirstBank: Much More than a Brand

Published

5 years ago

March 18, 2019

Eric

By Eric Elezuo

In 1894, a brand was not just created; a brand was given birth to for the sole function of taking over the leadership of not only the financial world but the entire corporate business inclusion. The process was tailored through the provision of custom made quality services that beat the imaginations of competitors and would-be rivals. That brand is FirstBank, Nigeria’s primus inter pares in corporate business.

The invincibility of FirstBank cuts across the African sub regions towards achieving for itself continental and global accolade. Consequently, for 125 years and counting, the brand has remained one indivisible brand with no record of ever being acquired merged or put on hold for any period. It has maintained unbroken and uninterrupted service delivery and never changing its name. It was birthed in 1894 as FirstBank, and today is still FirstBank with a conglomeration of subsidiaries which gave it the impetus to be addressed in the superlative as first among equals.

Among many of the qualities that set First Bank of Nigeria Limited aside and make it the premier Bank in West Africa, is its ability to provide first class banking services solutions in Nigeria, a task it has performed effortlessly for 125 uninterrupted years.

It is therefore not a fluke that the brand boasts of about 15 million customer accounts, to whom it provides a comprehensive range of retail and corporate financial services in well over 750 business locations across the globe.

Over the years, the Bank has evolved, consequent upon unimaginable beneficial services to all and sundry, and developed subsidiaries through which it has developed wholesome international presence. These subsidiaries include but not limited to FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative office in Beijing.

The hallmark of FirstBank’s ingenuity since its advent in 1894 lies in its ability to consistently build relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.

The high flying FirstBank flag

It is worthy of note that over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, it provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner. Little wonder the only financial institution on the lips of investors and business oriented minds is FirstBank.

The bank, over the years has been blessed with splendid leadership that has stood the test of time, exhuming confidence far from intimidation, corrupt practices and anti-welfarism. Some of this leaders include Emir Sanusi Lamido Sanusi who from the stable of the bank became the Central Bank of Nigeria’s governor and went ahead to sit on the reverred stool of Kano Emirate. There is also Joseph Sanusi, who also became the Central Bank governor as well as the immediate past Managing Director of the bank, Mr. Bisi Onasanya; these men portray a brand discipline and professionalism which only FirstBank can bestow.

FirstBank’s domineering efforts has not escaped the eagle eyes of industry watchers, and the entity has on six consecutive occasions been named “Most Valuable Bank Brand in Nigeria” (2011 – 2016) by “The Banker Magazine” of the Financial Times Group, a renowned global outfit.

Furthermore, it won Best Retail Bank in Nigeria for seven consecutive years (2011 – 2017) as presented by the Asian Banker International Excellence in Retail Financial Services Awards, and followed it up wit “Best Bank in Nigeria” award by Global Finance for 15 years.

FirstBank, as a brand has no other mission other than to always put customers, partners and stakeholders at the heart of its endeavour. Primarily speaking, the customers are the centrepoint of the Bank’s local and international relations.

Noted for so many firsts, the bank in 1996, distinguished itself with the highly celebrated Century II transformation project which made it rise heads and shoulders above its peers. Consequently, It has continuously transformed and projected for the future by reinventing, re-engineering and creating value for customers by rethinking next generation solutions ahead of others in the industry.

This is a bank strategically positioned to always put the Customers current and future needs at the core of its business.

In 2016, the bank floated PR1MUS, a Brand name for it’s new Enterprise Transformation program. This has articulated an ambitious strategy to maintain position as undisputed industry leaders through profitable growth by leveraging technology to drive innovation.
The project cuts the brand away from a culture of silos and manual operations while aligning with the basic strategic pillars of business objectives in a more structured and targeted way. The following are some of intentions of the scheme:

• More deliberate and aligned business objectives and strategic initiative.
• More collaborative engagements with stakeholders across all levels.
• And finally, embarking on projects and initiatives with clear set and well defined objectives with a new set of ambitious end goals in sight.

Not resting on its oars, FirstBank is working tiredlessly to standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with the brand vision.

Moving assiduously to a common goal, FirstBank’s wholesome ambition is to be the partner of first choice in building the future of anyone who comes in contact with it, promising to always deliver the ultimate “gold standard” of value and excellence.

What else can anyone say… FirstBank in 125 years, has really lived up to its billing as ‘truly the first’.

Business

Naira Slumps to N1,399/$1 in Official Window, N1,430/$1 in Parallel Market

Published

1 day ago

April 27, 2024

Eric

The Naira continued its slump against the American dollar for the seventh consecutive day on Friday, in both the official and parallel windows.

The domestic currency traded at N1,399.23/$1 and N1,430/$1 respectively.

This is according to data sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the end of trading on Friday, the Naira lost N89.35 against the dollar when compared to the previous exchange rate of N1,309.88/$1 on Thursday, April 26, 2024.

The intra-day high and low recorded during the day were N1,410/$1 and N1,05/$1 respectively, representing a wide spread of N359/$1.

Similarly, the Naira slumped against the dollar at the parallel section of the market for the seventh consecutive day to trade at N1,430/$1 representing a loss of N10 when compared to the N1,420/$1 it traded the previous day.

However, the Naira gained against the pound. The domestic currency appreciated by N50 against the British Pound to trade at N1,650/£1 as against the previous trading price of N1,700/£1 representing a gain of N50 for the local currency,

The Canadian dollar however closed flat against the Naira to trade at N1,000/CA$1 same as the previous trading day rate.

The Euro also slumped against the Naira to trade at N1,450/€1 as against the rate of N1,500/€1 the previous trading rate indicating a gain of N50 for the Nigerian currency.

Business

Bureau De Change Operators Seek Unified FX Retail Market

Published

1 day ago

April 27, 2024

Eric

The Association of Bureau De Change Operators of Nigeria (ABCON) has announced plans to create a unified structure for the retail end of the country’s foreign exchange market.

The association disclosed on Friday that the move would tackle volatility and boost regulatory compliance within that segment of the market.

This move, according to the ABCON President Aminu Gwadabe, is aimed at tackling currency volatility and strengthening regulatory compliance within the sector.

Gwadabe outlined ABCON’s strategy, which involves unifying operators across various categories within the market. The association is establishing state chapters to achieve better market coordination, integration, and ultimately, a single, standardized market structure. This would, in theory, allow authorities to monitor all BDC operators throughout Nigeria more effectively.

He said: “Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions.”

He reiterated the benefits of a vibrant retail end of the forex market to support the Central Bank of Nigeria’s goal of achieving true price discovery for the Naira, balancing international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.

With the world going digital, BDC operators under the ABCON leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to foreign exchange end-users.

“Finally, we also condemned in its entity, the seeming reappearance of illegal economic behaviours in forex conversion and peer-to-peer trading that pose another recent surprise in naira volatility and I therefore want to warn that while surprises are the new normal, resilience is also the new skills,” Gwadebe explained.

The benefits of a unified market are multifaceted, according to Gwadabe. It would not only address exchange rate fluctuations but also bolster regulatory compliance among BDCs.

This could have a positive impact on the Central Bank of Nigeria’s (CBN) efforts to achieve transparency in foreign exchange pricing. Additionally, a unified structure could enhance the overall image of BDCs and other stakeholders in the market, potentially leading to increased employment opportunities.

Business

FirstBank Appoints New MD/CEO, Alebiosu

Published

6 days ago

April 22, 2024

Eric

First Bank of Nigeria has appointed Olusegun Alebiosu as its new Managing Director with effect from April 2024.

The Bank stated this in a release signed by its acting company secretary Adewale Arogundade.

Alebiosu takes from Adesola Adeduntan, who resigned abruptly on Saturday with eight months left to complete his tenure in December 2024.

The release stated that “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He is an alumnus of Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a Master’s degree in International Law and Diplomacy from the University of Lagos and holds a Master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.”