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Adeduntan Wins Global Banking and Finance’s Retail Banking CEO Award

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While the age-old saying and philosophy of virtue being its own reward (or seeing doing good as its own reward) remains a strong motivating factor in doing good persistently, it helps when virtue gets recognition from time to time. Even though anyone or organisation committed to doing good will keep doing so with or without recognition, recognitions for virtue tend to act like a shot in the arm for such people or organisations, spurring them to commit even more to doing good.

That is what the recent award of “Retail Banking CEO of the Year Nigeria” to Dr Adesola Adeduntan, CEO of First Bank of Nigeria Limited, is to both him and the bank he leads. It is a shot in the arm of this foremost CEO of Nigeria’s most enduring financial institution that is also the pioneer in retail banking development in Nigeria, the premier bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years, to keep steering the bank in the right direction, energising and expanding retail opportunities for all Nigerians in the process. It is a well-deserved recognition for a man and the institution he leads that would rather keep off the spotlight and focus exclusively on attending to Nigerians’ banking needs as best as they can – which is what has kept them going for 127 years and counting.

This critical role is one FirstBank is better suited to lead than any other lender given the robust retail banking framework that the bank has in place, that is riding on its innovative technology-driven operations, over 750 branches across the continents and 100,000 Firstmonie Agent banking network spread across 772 local government areas in Nigeria. It is little wonder that FirstBank, which is intricately woven into the fabric of the Nigerian society, has been an essential player in the retail space, empowering Nigerians of all walks of life by providing them bespoke and innovative financial products and services that address their multidimensional needs. The bank has been at the forefront of bridging the financial exclusion gap and enabling customers and the general public to carry out both individual and corporate financial activities which contribute to the growth and development of the national economy.

The award by Global Banking and Finance Magazine, according to Dr Adeduntan, “speak[s] to the investments we [as FirstBank] have made over the past years in…enhancing financial inclusion….” It is a loud testament to the incredible strides FirstBank has made and continues to make in the retail space under the able and dynamic leadership of the management team led by Dr Adeduntan.

The strides are in turn underpinned by the bank’s resolute commitment to putting the customer and other stakeholders at the heart of its business. Dr Adeduntan reiterates this view when he wasted no time in dedicating the award to all the bank’s “customers, as the trust they reposed in us being their bank of first choice in meeting their business and financial needs has been instrumental to the success we have achieved in our existence of over 127 years.” “We remain committed,” he continued, “to putting you, our customers, first as we contribute to the growth and development of our host communities.”

Organised to identify the banks across the world that have excelled across a number of areas, including corporate governance, sustainability and innovation, and have played a key role in the industry’s growth, the Global Banking and Finance Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community. The awards were created to accord recognition to companies of all sizes which are prominent in their areas of expertise and excellence within the financial world. For Dr Adeduntan and FirstBank, the award is further proof of FirstBank’s enduring commitment to providing excellent retail banking services to all its customers as reflected in the bank’s strategic vision, diverse and inclusive workforce and performance-oriented organisational structure.

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UBA Announces Strategic Expansion into Key Markets Across Africa

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UBA Group senior executives recently concluded the Group’s Half Year Business Review. Held at global headquarters in Lagos Nigeria, Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.

It was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets. With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence,

The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base. The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets. Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.

Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

“UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents. Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY. These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.

As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.

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Dangote Refinery Slashes Petrol Price to N820

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The Dangote oil refinery has reduced the price of petrol from N840 to N820 per litre.

The N20 reduction came one week after the refinery dropped the price of the fuel from N880 to N840.

This indicates a N60 (6.82 per cent) cut in petrol prices by the Dangote refinery within a week.

The spokesman of the Dangote Group, Anthony Chiejina, told our correspondent on Tuesday that the company reduced the price to make the product more affordable for Nigerians.

“We have reduced petrol gantry price to N820 from N840 per litre,” he stated, noting that the price slash took effect from Tuesday.

Recall that Dangote, NNPC and other major fuel distributors in Nigeria hiked petrol prices less than three weeks ago, blaming this on the rise in crude oil prices in the international market as occasioned by the conflict between Israel and Iran.

The pump prices of petrol hovered between N915 and N955 at the pumps, then, depending on the location. It was below N900 before the sudden hike.

During the price hike, marketers stated that the product was sold at N960 and N980 in the far north because of the distance.

However, as crude prices fell below $70 last week, the pump prices of PMS also declined. Crude prices had crashed because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.

As of Tuesday, many filling stations sold petrol below N900 per litre in Lagos and Ogun States.

PUNCH Online reports that the filling stations sold petrol at rates ranging from N875 to N890 a litre.

A marginal drop is expected in the price of the product at the pumps.

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Access Bank Demonstrates Leadership at Climate Governance Initiative Launch

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Access Bank PLC has once again demonstrated its leadership in sustainable finance with a strong showing at the launch of the Climate Governance Initiative Nigeria (CGIN) Chapter, hosted by Lagos Business School.

Dr. Greg Jobome, Executive Director, Risk Management at Access Bank, was specially invited to speak at the event in recognition of the Bank’s pioneering role in integrating sustainability into its business model and its inspiring leadership within Nigeria’s corporate landscape.

In his presentation, Jobome provided a comprehensive overview of how Access Bank has embedded climate risk considerations across its governance structure, operations, and financial decision-making processes. He noted that climate change is a standing agenda item at both Board and Executive Management levels, with dedicated policies and systems in place to monitor and manage its impact.

Access Bank operates in 24 countries and serves over 60 million customers, with more than 18.5 million digital banking users and over 800 branches. The Bank has a capital adequacy ratio of 20.46% for its banking group and maintains a broad international footprint, including branches in Paris and subsidiaries in Angola.

The Bank has implemented a range of climate-focused initiatives including the measurement and reporting of Scope 1, 2, and 3 emissions, adoption of the Partnership for Carbon Accounting Financials (PCAF) model for financed emissions, and application of global reporting frameworks such as Task Force on Climate-related Financial Disclosures (TCFD) and the recently launched International Financial Reporting Standard (IFRS) S1 and S2 standards.

To date, Access Bank has installed over 974 solar-powered ATMs, reduced paper usage by more than 72% through process automation, and achieved a 50% reduction in landfill waste at its headquarters through comprehensive recycling initiatives.

Its Sustainable Finance Accelerator programme has supported numerous businesses in the climate space, providing funding, capacity building, and technical assistance. The bank has also reached over 63 million lives through social investments.

Dr. Jobome stated that climate considerations are integrated into credit approvals, capital expenditure planning, and the development of green financial products. These include offerings like Switch to Solar, Solar for Health, and mini-grid solutions targeted at supporting energy transition and low-carbon growth.

Access Bank has also issued Green and Sustainability Bonds and is the first commercial bank in Africa to be certified by the Sustainability Standards and Certification Initiative. Over the years, the Bank has received several recognitions including the World Finance Award for Most Sustainable Bank in Nigeria (twelve consecutive times), Euromoney’s Best Bank for ESG (Ghana), and the IFC’s Best Trade Partner in West Africa.

“Access Bank’s climate risk journey reflects a long-standing commitment to building a sustainable institution,” Jobome said. “We recognised early that climate risk is financial risk. We did not wait for regulation; instead, we acted proactively. That decision has made our institution more resilient and positioned us to unlock new growth opportunities.”

Dr. Jobome was invited to speak because Access Bank’s journey in building a sustainable organisation and leading the Nigerian corporate landscape has been truly inspiring. The Bank’s proactive stance, deep expertise, and results-driven implementation have made it a model for other financial institutions in Nigeria and across Africa.

The Climate Governance Initiative Nigeria Chapter was formally launched by Lagos Business School as part of the World Economic Forum’s global network to promote climate-conscious decision-making in corporate boardrooms. The event brought together board members, C-suite executives, regulators, and sustainability experts to strengthen climate governance and drive corporate responsibility in addressing climate change.

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