Business

FirstBank Expands International Money Transfer Network, Reinforces Commitment to Customer Service

Published

2 years ago

September 21, 2021

Eric

In furtherance of the need to expand diaspora remittance inflow into the country, First Bank of Nigeria Limited has increased its network of International Money Transfer Operators (IMTOs), targeted at easing the accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner. With over 750 branches across the country, customers can receive money from the nearest FirstBank branch closest to them.

Over the years, FirstBank has been in partnership with Western Union, MoneyGram, Ria, Transfast, and WorldRemit. The bank is also in partnership with other IMTOs which include Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflow into the country, thereby putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the world.

Beneficiaries can receive remittance in US dollars in any of our over 750 branches spread across the country. Customers without an existing domiciliary account can have dollar account automatically created for their remittances. You can also receive inflow directly into your account through Western Union.

In addition, FirstBank has launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Reiterating the Bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr Gbenga Shobo said “at FirstBank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.

We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.”

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

Business

Is There a Hostile Takeover in Wema Bank?

Published

7 hours ago

May 31, 2023

Eric

Tongues are already wagging about a hostile takeover of Wema Bank, principally owned by three core investors, Nemtree, about 40%, SW8 about 20% and Oodua, 10%. SW8 nominee became the MD with the understanding that Nemtree being the majority shareholder will produce the next Chairman. This has always been the norm since new investors came in some nine years ago.

Unfortunately, a nominee of SW8 has now been appointed as Chairman following the retirement of the erstwhile Chairman. Invariably, SW8 with less than 20% wants to also produce the MD and Chairman af the same time. This development has started generating a lot of issues in the bank…

Watch out for more details exclusively from The Boss…

Business

Rotary Should Continue to Inspire Women for Economic Growth- Alaba Lawson

Published

1 week ago

May 22, 2023

Editor

Mrs Geetika Tandon, Rtn Gabriel Otsu, Chairman, organising Committee, Iyalode Alaba Lawson, Keynote Speaker, District Governor, Rotary District 9110, Rtn Omotunde Lawson & Rtn Francis Lawson

A call has gone to Rotary International District 9110 and indeed organisations around the country to consistently inspire and promote women for economic and national growth

The appeal was made by former President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Alaba Lawson while presenting the keynote address at the first Rotary District 9110 Women in Rotary Conference held at the Nigeria Law School Auditorium, Victoria Island, Lagos.

Rtn Francis Lawson, District Governor, Rtn Omotunde Lawson, Mrs Angela Emewa, Chairman, Punch and award recipient & Rtn Gabriel Otsu, Chairman, Organising Committee

Speaking on the topic “ The Transformational Woman: Diversity, Equity & Inclusion For Socio-Economic Change”, Chief Lawson stated that Rotary as an organization has made giant strides in the area of women empowerment and advised that the body should do more as it will ultimately lead to the nation’s growth.

Rtn Gabriel Otsu, Rtn Francis Lawson, District Governor, Rtn Omotunde Lawson, Chief (Mrs) Alaba Lawson & guest speaker

She noted that women are the key to Nigeria’s economic and political advancement, and the more women involved at the top echelon and decision-making process, the better.

According to her“When more women work, economies grow. Women’s economic empowerment boosts productivity, increases economic diversification and income equality in addition to other positive development outcomes”.

Describing women as the future, she stated that studies have shown that companies with more women on their boards outperform those without them by a significant margin, and organisations with greater gender diversity globally grew to 32% in 2022.

According to her, women often excel at soft skills required for business leadership and they represent a significant economic force and provide valuable consumer insight that any nation needs to thrive.

She further highlighted the fact that Nigeria needs traits such as ability to connect, collaborate, empathize, communicate and be prudent which are inherent in women to make progress in key sectors including economy, politics and more.

She, however, lamented that despite the fact that women are in the majority in terms of population, the opportunities for them to show their skills and contribute meaningfully have been hampered by systemic bottlenecks.

She therefore advised that to fuel its fire of progress and revolutionize its economic, political and social structure, women must be given adequate representation in government and key sectors of the economy.

Also speaking, Tax expert and management consultant, Mr Gbenga Badejo who spoke on “10 Top Financial Challenges for Micro, Small and Medium Enterprises” noted that if women can overcome these challenges, they would be able build formidable businesses and play in the big league.

He gave the challenges as: limited or inconsistent cashflow, not using budgetary control mechanism, no preparation for unforeseen expenses, not raising enough capital, too much debt, neglecting necessary financial reporting and book keeping, , poor regulatory compliance, mixing business and personal finances, poor marketing tactics and poor managing of receivables and payables.

Earlier in her welcome address, Rotarian Omotunde Lawson, District Governor, Rotary International District 9110 noted that the conference, the first in the 41 -year history of the District, which covers Rotary Clubs in Lagos and Ogun States, was aimed at equipping women with the right support for personal and financial growth.

The conference was rounded off with a dinner and awards ceremony at the same venue where eminent women were honoured for their contributions to national development.

Business

Buhari Headlines Commissioning of Dangote’s 650,000bpd Refinery on May 22

Published

3 weeks ago

May 7, 2023

Eric

President Muhammadu Buhari is expected to be in Lagos on May 22 to commission the Dangote Refinery.

Bashir Ahmad, special assistant to the president on digital communications, announced the development in a tweet on Sunday.

“Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd, 2023, by President Muhammadu Buhari,” the tweet reads.

The Dangote Refinery is a 650,000 barrels per day (BPD) integrated refinery project located in the Lekki free trade zone area of Lagos state.

The project, which cost an estimated $19 billion to build, is Africa’s biggest oil refinery and the world’s biggest single-train facility.

The integrated refinery and petrochemical project is expected to generate 9,500 direct and 25,000 indirect jobs.

Its output is expected to be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.

Last year, Aliko Dangote, chairman of Dangote Group and Africa’s richest person, said his oil refinery would be commissioned before the end of Buhari’s tenure.

In June 2021, Mele Kyari, group managing director, NNPC, confirmed that the federal government would acquire a 20 percent equity stake in the Dangote Refinery.

Two months later, the federal executive council (FEC) approved the sum of $2.76 billion for the acquisition of a 20 percent minority equity stake in the refinery.

TheCable