Business

FirstBank Emerges Winner of 2019 Oil and Gas Banker Award

Published

4 years ago

February 28, 2020

Eric

First Bank of Nigeria Limited has won the Oil and Gas Banker of Year 2019 award, and was honoured at the Patrons’ Dinner and Industry Awards of the Nigeria International Petroleum Summit held at Transcorp Hilton, Abuja.

The four-day event, comprising conference and award dinner, is acclaimed to be Nigeria’s Government official platform for the petroleum industry gathering which has evolved to become Africa’s premier business and technology conference for not just oil and gas but for other industries in the economy, notably; maritime, automobile, banking and finance, power (electricity), pipelines, LNG, infrastructure, engineering and construction amongst others.

Speaking on the award, the Bank’s Chief Executive Officer, Dr. Adesola Adeduntan said, “we take pride in this recognition, as it represents the nation’s identification with our leading role in promoting the growth of the oil and gas industry. We remain steadfast on being the financial partner of first choice to Nigerians and, indeed across Africa as we collectively strive towards the continued growth of the economy at large”

The event had in attendance; Dr. Adesola Adeduntan, CEO, First Bank of Nigeria Limited, represented by Mrs. Bashirat Odunewu, the Bank’s Group Executive, Energy & Infrastructure as a panelist to deliberate the topic “What are the key challenges when it comes to managing risk and generate sustainable long-term in-country value development environment”. Other speakers in the panel were Mrs. Olayemi Anyanechi, Managing Director, Partners Sefton Fross; Bank Anthony Okoroafor, Chairman, Petroleum Technology Association of Nigeria (PETAN); Mr. Bitrus Bako Nabasu, Permanent Secretary, Ministry of Petroleum Resources; and Patrick Olinma, Executive Director, Oil & Gas Commercial, Total E&P Nigeria Ltd.

Over 5000 individuals and Corporate bodies from across 43 countries including; Dr. Sun Xiansheng, Secretary, General, International Energy Forum (IEF); Jean-Marc Thystère Tchicaya, Minister of Hydrocarbons, Republic of the Congo; Dr. Omar Farouk Ibrahim, OPEC Governor for Nigeria; Jens FrolichHolte, State Secretary, (International Development) Ministry of Foreign Affairs, Norway; Carri Lockhart, SVP Portfolio and Partner Operated Development and Production International Equinor; Gabriel Mbaga Obiong Lima, Minister of Mines and Hydrocarbons Republic of Equatorial Guinea and Magda Chambriand, Former CEO, National Agency of Petroleum Natural Gas and Biofuels Government of Brazil amongst others, participated in the event.

FirstBank has over the years supported public and private players in the oil and gas industry which has been the mainstay of the Nigerian economy, post-independence. With its “Oil and Gas Contract Finance products”, the Bank finances the Oil & Gas value-chain by providing Advisory/Agency services, Acquisition Finance/Reserve based lending to indigenous oil producing companies, trade Finance for crude oil export and refined product import and contract finance for oil service companies ranging from simple hospitality to complex turnkey Engineering, Procurement and Construction, amongst other tailor-made treasury and cash management solutions.

Business

FirstBank Appoints New MD/CEO, Alebiosu

Published

3 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.”

Business

Again, Naira Slumps Against Dollar, Trades at N1,169/$1 in Official Window

Published

4 days ago

April 20, 2024

Eric

The Naira, on Friday, slumped for the second consecutive day against the American dollar at the official window trading at N1,169/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Friday, the Naira lost N15 against the dollar when compared to the previous exchange rate of N1,154/$1 on Thursday, April 18, 2024.

The intra-day high and low recorded during the day were N1,236/$1 and N1,021/$1 respectively, representing a lean spread of N215/$1.

Similarly, the Naira slumped against the dollar at the parallel market for the second consecutive day to trade at N1,150/$1 representing a loss of N50 when compared to the N1,100/$1 it traded the previous day.

The British Pound also slumped against the Naira by N50 to trade at N1,500/£1 as against the previous trading price of N1,450/£1 representing a loss 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 of N1,000/ CA$1.

The Euro also slumped against the Naira to trade at N1, 280/€1 as against the rate of N1,200/€1 the previous trading rate indicating a gain of N80 in the European currency.

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

2 weeks ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.