Connect with us

Featured

When a Bank Puts SMEs First

Published

5 years ago

on

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

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

I Won’t Be Intimidated, Seun Okinbaloye Replies Wike

Published

6 hours ago

on

April 6, 2026

By

Channels Television anchor, Seun Okinbaloye, has said he is not afraid and will not be intimidated following controversy surrounding remarks by the Minister of the Federal Capital Territory, Nyesom Wike, while also thanking Nigerians and organisations for their support.

Okinbaloye made this known during a broadcast on Sunday, where he acknowledged the outpouring of solidarity from civil society groups, viewers, and both local and international organisations.

“I sincerely want to thank civil society organisations, our viewers, for your love and your comments and your solidarity… Your support is deeply appreciated and reinforces our collective commitment to truth and accountability,” he said.

The anchor warned that democracy could be undermined if dissenting voices are silenced, stating that “our democracy is in danger if we allow one way traffic in balloting.”

He stressed that his comments were not directed at any political group but at all Nigerians, adding that “this is not a warning to the opposition or the ruling party, but to all Nigerians who believe in the development of our nation.”

Okinbaloye disclosed that he received reassurances regarding his safety, noting “the ongoing reassurance from the Department of State Services,” and also revealed that “I also received a call from the Honourable Minister who clarified that the intention was not as conveyed.”

Despite the clarification, he cautioned against the use of inflammatory language, saying “violent rhetoric or suggestive threats are never appropriate responses to dissent in a democratic society,” especially during an election period when “clear and consistent assurances of safety are critical.”

He added that such statements could create risks if misinterpreted, warning that “we must not create an environment where such statements can be exploited by those with harmful intentions.”

Reaffirming his position, Okinbaloye said, “Let me be clear, I’m not afraid, and I will never be intimidated,” adding that journalism “grounded in ethics and global best practices remains a duty to the public, not a concession to power.”
The anchor maintained that he would continue to hold public officials accountable, stating, “I will continue to do what I love, asking the necessary questions, holding power to account… If that commitment comes at a cost, so be it.”

The controversy followed remarks by Wike during a media parley in Abuja, where he reacted to Okinbaloye’s comments on a Channels Television programme discussing the leadership crisis in the African Democratic Congress and its implications for opposition politics ahead of the 2027 elections.

Okinbaloye had raised concerns about the possibility of a one-party state, a position the minister criticised as inappropriate for a journalist.

Although Wike later clarified that he did not intend physical harm, his aide, Lere Olayinka, said the remark was made “in a hyperbolic context… without intent,” explaining that the minister was responding to what he perceived as the anchor’s involvement in political commentary rather than neutral moderation.

Olayinka added, “The Minister never meant that he would shoot Seun Okinbaloye. What he meant was that he was angry seeing Okinbaloye descending into the political arena by speaking as an interested party, instead of an interviewer.”

However, Amnesty International Nigeria condemned the minister’s statement, describing it as “reckless and violent,” and warning that such language could incite attacks on journalists and undermine press freedom.

The organisation said the remark “carries the danger of normalising violence and encouraging the targeting of journalists for just doing their job,” stressing that such comments from public officials are unacceptable.

Continue Reading

Featured

Gov Adeleke Commends MicCom Legacy As Family Launches N150m Engineering Endowment at OAU

Published

3 days ago

on

April 3, 2026

By

The Governor of Osun State, Ademola Adeleke, has commended the legacy of indigenous manufacturing firm MicCom Cables and Wires, describing it as a symbol of Nigerian innovation and industrial resilience.

Speaking at the inauguration of a ₦150 million MicCom Memorial Endowment for Engineering Development at Obafemi Awolowo University, Adeleke said the company’s founders, the late Engr. Michael Ayantunde Ponnle and Engr. (Mrs.) Comfort Olufunke Ponnle, demonstrated that Nigerian engineers can compete globally.

Delivering his address, Governor Adeleke described the occasion as both a moment of remembrance and a celebration of a legacy that continues to shape the future of engineering in Nigeria.

“We are remembering two exceptional lives, while celebrating a legacy that continues to build, teach, and inspire even beyond their passing,” the governor said.

He highlighted the pioneering roles of the late couple in advancing indigenous manufacturing through MicCom Cables and Wires, at a time when Nigeria heavily relied on imported engineering technologies. Their bold commitment to local innovation, Adeleke noted, demonstrated the capacity of Nigerian engineers to compete on the global stage.

The governor emphasized that the Ponnles exemplified a rare partnership built on shared vision and complementary strengths, with Engr. Michael Ponnle providing leadership in enterprise development, while Engr. (Mrs.) Comfort Ponnle was known for her technical discipline and operational excellence.

Earlier, the Chief Executive Officer of MicCom Cables & Wires Ltd, Bukola Adubi, stated that the endowment is designed to sustain their parents’ legacy while supporting the development of future generations of engineers.

“The endowment being inaugurated today is more than a ceremonial gesture; it is a purposeful commitment to the future of engineering, innovation, and technological advancement in Nigeria. Established in honour of Late Engr. Michael Ayantunde Ponnle, FNSE, OON, OFR, and Late Engr. (Mrs.) Comfort Olufunke Ponnle, FNSE, the fund seeks to immortalize their remarkable legacy while creating a lasting platform for the development of future engineers,” she said.

Adubi added that the Ponnles were pioneers in Nigeria’s industrial sector, having founded one of the country’s first indigenous cable manufacturing companies at a time when local production capacity was still evolving.

Also speaking, the Vice-Chancellor of Obafemi Awolowo University, Simeon Bamire, described the MicCom Memorial Endowment Fund as a visionary initiative that will create opportunities for future engineers through scholarships, research support, and upgraded facilities.

“The ₦150 Million MicCom Memorial Endowment Fund represents a strategic investment in engineering education and innovation. This fund will foster academic excellence through cutting-edge research, provide scholarships to deserving students, upgrade facilities, and nurture the next generation of engineers equipped to tackle Nigeria and Africa’s most pressing technological and infrastructural challenges,” he said.

The inauguration ceremony brought together dignitaries from academia, government, industry, and traditional institutions, including Chairman, Ovation Media Group, Chief Dele Momodu, celebrating the enduring legacy of the Ponnles and their contribution to Nigeria’s engineering and manufacturing sectors.

Continue Reading

Featured

ADC: Timi Frank Warns INEC, APC Against Setting Nigeria on Fire, Seeks America’s Intervention

Published

4 days ago

on

April 2, 2026

By

A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, has warned that recent actions involving the African Democratic Congress (ADC) could destabilise Nigeria’s democratic system if not urgently addressed.

Frank also called on the United States government, including President Donald Trump, to intervene in safeguarding democracy in Nigeria.

In a statement issued in Abuja, Frank reacted to a decision by the Independent National Electoral Commission (INEC) to suspend recognition of the leadership of the ADC, including that of David Mark, as well as a rival claim by Nafiu Bala Gombe, pending the determination of a suit before a Federal High Court in Abuja.

He alleged that the development reflects a growing pattern of interference in opposition parties, warning that such actions could “set Nigeria on fire.”

“INEC and the APC-led government appear to be taking steps that threaten the very foundation of our democracy,” Frank said, adding that recent developments suggest a coordinated attempt to weaken opposition parties ahead of the 2027 general elections.

Frank drew parallels with the regime of former Head of State, Sani Abacha, alleging that current trends mirror past efforts to suppress democratic institutions.
He also expressed concern over the actions of President Bola Ahmed Tinubu, claiming they signal a drift towards authoritarianism.

“Recent developments raise serious concerns about the future of democratic governance in Nigeria,” he said.
The activist further alleged that internal crises within opposition parties—including the Peoples Democratic Party (PDP), Labour Party, Social Democratic Party (SDP), and New Nigeria Peoples Party (NNPP)—may have been influenced by external forces, warning that the situation is now extending to the ADC.

He also accused the judiciary of being used to frustrate opposition parties through questionable rulings and called on the international community to impose sanctions, including visa restrictions, on electoral and judicial officials found culpable.

“The courts have been used to thwart democratic processes with frivolous decisions,” he alleged.

Frank further claimed that opposition figures were being targeted through arrests and legal actions, warning that the country could face instability if the situation persists.
“Nigeria is heading towards a crisis that may be difficult to contain if urgent steps are not taken,” he said.

He urged Nigerians, civil society organisations, and professional bodies—including the Nigeria Bar Association (NBA), Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Nigeria Medical Association (NMA), and the Inter-Party Advisory Council (IPAC)—to speak out in defence of democracy.

Frank also appealed to the international community, particularly the United States, to remain vigilant in supporting democratic values in Nigeria.

He maintained that Nigerians have historically resisted anti-democratic tendencies and would continue to do so.

“Freedom of association and the right to choose must be protected. Enough is enough,” he said.

Continue Reading

Trending