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Adeduntan Sustains His Winning Streak, Pioneers Leadership Excellence In Banking

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Since his appointment as MD/CEO of First Bank of Nigeria Limited in 2016, Dr. Adesola Adeduntan has completely transformed the financial institution and has made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, FirstBank is now a darling to all as it leverages latest digital tools to meet its customers’ needs. Also, under Adeduntan’s leadership, the 128-year old bank has made huge contributions to national development, thereby stimulating development, setting standards and motivating excellent output across sectors. Clearly, these contributions to national development were what endeared Adeduntan to President Muhammadu Buhari who recently saluted him on his recognition by Cranfield University, UK, one of the most prestigious citadels of learning in Europe. Adeduntan will on Wednesday, June 22, be conferred with Doctor of Science, Honoris Causa and he would be delivering an address to the graduating class of the university. This feat, the president in a statement by his Special Adviser (Media and Publicity), Femi Adesina, described as, “another testament to the fact that Nigeria is blessed with the brightest and the best in all areas of human endeavor.” Buhari lauded Adeduntan for being a role model to the younger generation, showing that hard work pays, and with resourcefulness and doggedness, great heights are achievable.

Adeduntan holds a Doctor of Veterinary Medicine from the University of Ibadan, Master’s in Business Administration from Cranfield University, and is Fellow of Institute of Chartered Accountants of Nigeria (ICAN), as well as Chartered Institute of Bankers of Nigeria (CIBN).

The president sent best wishes to Adeduntan and family as he hoisted Nigeria’s flag proudly to receive an honor Cranfield University said was in recognition of his outstanding contribution to business. Incidentally, Buhari’s commendation came on the day the bank successfully held its AGM which showed a stellar performance in its financials, a transformational result that put the bank on course to reclaiming its leadership position of the financial sector.

Adeduntan has a distinguished career in finance having held senior positions at Citibank Nigeria, KPMG and Arthur Andersen Nigeria. He studied at Cranfield University as a British Chevening Scholar, achieving an MBA in 2005.

Commenting on the honour by Cranfield University, the FirstBank boss said: “I am extremely humbled and most grateful to the university for this recognition. My time at Cranfield served as a catalyst for my professional and personal development propelling me to the leadership position I occupy today.

“I am a firm believer in talent management, being vital to further accelerate Africa’s growth to enable it to benefit from its demographic dividend and the opportunities therein. I look forward to sharing my experiences with the students on the universal applicability of the skills the Cranfield MBA provides to positively impact the world.”

On his part, the Chief Executive and Vice-Chancellor of Cranfield University, Professor Karen Holford CBE FREng also congratulated Adeduntan, saying: “It is an honour to welcome Dr Adeduntan back to Cranfield to recognise all his professional achievements in this way. His own experience at Cranfield University has propelled his career forward and this serves as a true inspiration for our graduates both this year and in the future.”

Indeed, Adeduntan is an accomplished professional with distinctive international and domestic experience in commercial and investment banking, development finance, audit, and consulting; a philanthropist and leader with keen interest in providing platforms for the development of other young leaders.

The FirstBank Group, the commercial banking arm of FBN Holdings Plc, which he heads is made up of First Bank of Nigeria and subsidiaries including FBNBank UK, FBNBank DRC, FBNBank Ghana, FBNBank Senegal, FBNBank Guinea, FBNBank Gambia, FBNBank Sierra Leone and First Pension Custodian as well as Representative Offices in France and China.

Adeduntan is overseeing one of the most extensive transformation programmes in sub-Saharan African financial services industry, with the goal to reposition FirstBank Group to market pre-eminence.

He is leading FirstBank Group on the journey to win the most significant emerging business opportunities in the financial services industry through the development and execution of a digital-led strategy that has established FirstBank as the dominant player in digital banking.

FirstBank Group’s transformation programme, under the leadership of Adeduntan has enabled the bank to grow customer accounts from about 10 million in 2015 to over 36 million (including digital wallets), become the second largest issuer of cards in Africa with over 11.8 million issued cards, onboard over 18.6 million active customers on FirstBank’s digital banking platforms, and initiate and grow the most expansive bank-led Agent Banking Network in Africa with over 170,000 agents.

His career in banking and finance, spanning almost three decades, has earned him various recognitions and awards including Forbes Best of Africa – Outstanding Leader in Africa, Distinguished Alumnus Award by both the Cranfield University’s School of Management and the University of Ibadan, African Banking Personality of the Year, African Banker of the Year Award; Banking Icon of the Decade by the Sun Newspapers and induction into the African Leadership Magazine (ALM) Hall of Fame, Honorary Citizenship of the State of Georgia and Congressional Commendation Award from the Georgia Senate – USA, Bank CEO of the Year by the AES Excellence Club and several other awards.

He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France). He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).

Adeduntan’s leadership drive also reflected in First Bank Nigeria Limited’s recently released full year 2021 financial statement. The results clearly showed the strength and resilience of the iconic African elephant as well as the financial institution’s leadership in the industry. The impressive results were a reflection of the robust strength and growth of the iconic African elephant, showing that the bank has taken its rightful position among the industry leaders.

In addition, it showed the level of work the current board, management and staff of the bank have put in to turn the tide in the 128 years old institution with entrenched corporate governance.

The full year 2021 performance by the bank represented a shift in the financial institution’s performance trajectory and was made possible through its undeterred commitment in pursuing its transformational agenda; cutting across customer-led innovation, building a digitalised bank, culture change, reinventing the bank’s workplace and safeguarding its assets for the digital age.

For the first time, FirstBank Group posted the best result in more than a decade history of the bank by crossing the N100 billion profit line. Specifically, in the full year 2021 financial statement, the FirstBank Group reported a 73.9 per cent growth in its profit after tax to N117.8 billion, as against the N67.8 billion recorded as of December 2020, just as its profit before tax stood at N130.9 billion, which was a significant rise by 77.9 per cent year-on-year, as against the N73.6 billion it was as of December 2020.

FirstBank’s gross earnings also increased by 30.3 per cent to N716.8 billion in 2021, up from N550.3 billion it was as of December 2020. Also, it recorded non-interest income of N342.2 billion in the year under review, which was 106.4 per cent higher than the N165.8 billion recorded as of December 2020. As a result of years of strategic restructuring of its balance sheet and operations, its gross earnings also moved northwards by 30.3 per cent, its total assets was up 15.9 per cent to N8.5 trillion as of the end of 2021, as against the N7.4 trillion recorded the previous year, just as its customer deposits also climbed by 19.5 per cent to N5.6 trillion, up from the N4.7 trillion recorded the previous year. The bank’s customer loans and advances also improved by 28 per cent to N2.8 trillion in the year under review, up from N2.2 trillion the previous year.

FirstBank has shown innovation, resilience and commitment to growth by significantly reducing its non-performing loans (NPL) from 25% in 2016 to an acceptable level of 6.1% in 2021.

To demonstrate that the bank’s performance in 2021 was not a fluke, the Bank equally performed excellently well in Q1 2022. FirstBank recorded 32% increase in gross earnings to N180bn in Q1’22 from N136.6bn in Q1’21. Profit after tax was up 108% to N32.4 billion (Q1’22) relative to N15.6 billion (Q1’21). This impressive performance is hinged on robust loan portfolio, effective cost structure and increased digital services.FirstBank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% amongst tier-1 Banks in the review period.

With FirstBank under Adeduntan, the safety of customers and the security of their transactions come first. This has ensured the bank keeps the trust of Nigerians gained over the many years of its enduring legacy of safety and security.

The bank also delivers unique and bespoke financial services solutions across all customer segments underpinned by its commitment to innovation and the customer experience. It also leverages its strong investment banking capabilities to support clients in defining and executing innovative debt solutions as well as offer strategic advice at the highest level, arrange tailor-made financing structures, manage risk and ultimately help clients to realise their aspirations

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.

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, FirstBank 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. It is expected that the leadership excellence and recognitions accorded to Adeduntan would continue to reflect positively on the FirstBank brand and fundamentals of the bank so that the elephant will continue to stand ‘gidigba.’

Culled from ThisDay

BIG STORY

BREAKING: Lagos Govt. Extends Okada Ban To Mushin, Oshodi, 7 Other LGAs

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The Lagos State Government has extended the ban on commercial motorcycles popularly called Okada to four more Local Govt Areas and five Local Council Development Areas.

As gathered, the state Governor, Babajide Sanwo-Olu, has directed full enforcement from September 1, 2022.

The additional councils where the total Okada ban is pronounced include Kosofe Local Government, Oshodi-Isolo Local Government, Shomolu Local Government, and Mushin Local Government.

Others are Ikosi-Isherri LCDA, Agboyi-Ketu LCDA, Isolo LCDA, Bariga LCDA, and Odi-Olowo LCDA.

Sanwo-Olu had in May banned the operation of commercial motorcycles on highways and six local governments and nine LCDAs. The governor announced that the ban is “indefinite and total”.

The six local governments listed by the governor are Ikeja, Surulere, Eti-Osa, Lagos Mainland, Lagos Island, and Apapa. The ban followed the February 2020 restriction placed on the activities of commercial motorcycles.

Sanwo-Olu said the Government decided in line with the State’s Transport Sector Reform Law of 2018 to immediately address the chaos and menace created by the operations of Okada in the listed areas. He told the police to enforce the order without compromise.

He said, “After a critical review of our restriction on Okada activities in the first six Local Government Areas where we restricted them on February 1, 2020, we have seen that the menace has not abated. We are now directing a total ban on Okada activities across the highways and bridges within these six Local Government and their Local Council Development Areas, effective from June 1, 2022.

“This is a phased ban we are embarking on this period, and we expect that within the short while when this ban will be enforced, Okada riders in other places where their activities are yet to be banned can find something else to do. We have given the notice now and we expect all commercial motorcycles plying the routes in the listed councils and areas to vacate the highways before enforcement begins. The enforcement will be total.”

Following reactions that greeted the ban’s announcement, the governor on May 24 insisted that the state government would go ahead with its proposed ban on motorcycles, adding that security services and government are on the same page with respect to the banning of motorcycles in the selected areas of the state.

He also assured that the security architecture of the state would not be compromised in any way so that Lagos residents will continue to live their lives and do their business without any fear or favour.

He said, “The security meeting gives us an opportunity for us to review the recent pronouncement on the future banning of Okada (motorcycles) in some selected local governments and LCDAs.

“We are able to put strategies in place. All of us were able to identify a lot of other things we need to do to embark on advocacy and ensure that we communicate effectively and efficiently to citizens. And that is why you see us giving out handbills in all of the major languages that we have in the country.

“There is a radio jingle being sent out to also communicate to people. I am also aware that there is a plan for advocacy on television stations as well.

“It is a people-driven initiative that we all agreed to live and to comport ourselves in a similar manner. And we know what has been the effect of this. So, I am happy that all of us, the security operatives and government are on the same page with this and we will also be going ahead with our plans.”

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NDLEA Nabs Abuja Businessman For Selling Illicit Drugs Online

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Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested the MD/CEO of Marvelrock Pharmaceuticals and Stores Limited, Mr. Orakwe Chibuike Celestine, for allegedly engaging in sales of illicit and controlled drugs on the popular e-commerce platform, Jiji.ng.

A graduate of Business Administration from the University of Abuja, Orakwe, it was alleged, registered the pharmaceutical company on 16th December 2014 with the certificate and support of a licensed pharmacist, who opted out of the deal in 2017. The suspect continued running the business and enrolled it on Jiji.ng platform in 2019. He however came under NDLEAs radar in October 2021 when he advertised many pharmaceutical products such as Tramadol, Ketamine Hydrochloride injection, and Hypnox flunitrazepam tablets among others on the Jiji.ng online marketplace.

NDLEA said between 26th October 2021 and 8th August 2022, its team of anti-narcotic officers assigned to investigate Orakwes drug business activities was able to establish the suspect was selling Tramadol 225mg and other illicit/controlled drugs through the e-commerce platform. It said, as a result, the suspect was arrested with some quantities of Tramadol and Swiphnol brand of Rohypnol on Monday 8th August at a drink joint in the Jabi area of Abuja where he had gone to make some supplies of orders made through his online channel on Jiji.ng.

In his reaction to Orakwes arrest, Chairman/Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd) said the painstaking investigation and process of arresting the businessman should send a strong message to those hiding behind the internet to engage in marketing and selling illicit/controlled drugs that the Agency will definitely get them to face the consequences of their action.

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Lagosians Call For Total Ban Of Commercial Motorcycles

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. . . As Government Announces 86% Reduction in Crime Rate, 63.7% Decline in Okada-Related Accidents

Lagosians are calling on the State government to place a total ban on commercial motorcycles.

At a stakeholders’ forum convened to review the ban on commercial motorcycles, popularly called ‘okada’, in six local government areas, participants unanimously called for a total ban on the mode of transportation.

Commissioner for Information and Strategy Mr. Gbenga Omotoso explained that Governor Sanwo-Olu mandated a committee to engage stakeholders and review the ban, which took effect on June 1, 2022.

The Commissioner said, “After seeing the results of the ban in the six local government areas, many Lagosians have been calling on the government to expand the ban. Some say it should be statewide, considering the present anxiety over security. Mr. Governor has mandated us to have this meeting to discuss what next”.

Calling on stakeholders to present sincere opinions and recommendations that would aid the government’s decision, Omotoso noted that data available after the ban indicated a security improvement, a reduction in motorcycle accidents, and lower admission of ‘ókada’ victims in hospitals.

Commissioner for Transportation Dr. Frederic Oladeinde said an anti-okada squad was inaugurated to aid the police and task force in enforcing the ban.

The Commissioner said: “In the affected areas within the period under review, available records show that crime and accident rates reduced by 86% and 63.7% while 7,500 motorcycles were impounded and crushed”.

He said the forum was convened “to reignite the State’s commitment to tackling insecurity, crime, non-compliance to safety rules and traffic regulations as well as underground activities perpetuated by non-State actors with the use of Okada”.

Oladeinde gave an assurance that the State Government would consider the views at the forum in taking further decisions on the okada menace.

Kick-starting conversations at the meeting, the moderator and anchor of the popular Journalists’ Hangout on TVC, Mr. Babajide Otitoju, emphasized the need for participants to give candid opinions that would help Governor Sanwo-Olu take the most beneficial decision on okada.

Otitoju gave examples of states that had banned the mode of commercial transportation, saying “When Boko Haram was using okada to kill people, the government had no choice but to ban okada in Kano. If it can happen in Kano, I am convinced a total ban can work in Lagos”.

He cited examples of other States that had banned okada as Akwa Ibom and Enugu.

The Lead Speaker at the forum, Prof. Bamidele Badejo, Dean of the Faculty of Social and Management Sciences, Olabisi Onabanjo University Ago-Iwoye, traced the emergence of motorcycles as a means of transportation in Lagos to the economic depression in the early eighties.

He, however, noted that the advent of ‘okada’ heralded security and safety challenges, health consequences, confusion on highways, and a high level of indiscipline and harassment on Lagos roads, among others.

Prof. Badejo insisted that commercial motorcycles must be banned because the trend does not comply with “global best practices for mobility infrastructure development” and its health consequences, such as pollution; smoke emission, and, abuse of drugs, among riders, as well as security and safety challenges.

Expressing confidence in the State Government’s transportation plan, Prof. Badejo said that completion of the ongoing rail and road projects as well as the opening of the waterways would remove the need for okada in any part of Lagos.
The panelists – Mr. Sanya Oni, a representative of the media; Nelson Ekujumi, an activist and representative of Civil Society Organisations; Chairman of the National Youth Council of Nigeria (Lagos State Chapter), Comrade Olalekan Sulaimon-Oba, and Alhaji Azeez Amusat, Chairman Lagos State Community Advisory Council – were unanimous in their recommendations that the Government should ban okada across all Local Governments and Local Council Development Areas.

The youth representative stated that his constituency is hundred percent in support of a “total ban” and was emphatic that the government should ensure that all Local Governments and Local Council Development Areas stop the issuance of riders’ permits to commercial motorcyclists.

Sulaimon-Oba went on: “Politicians should stop empowering youths with okada in Lagos State. The government should also not relax the ban due to approaching elections”.

Also at the event were security chiefs, traditional rulers, and religious leaders, who were all in support of a ban on commercial motorcycles operating in Lagos.

Oba Segun Ajasa of Onigbongbo said; “Okada should be banned all over. What is good for the goose is good for the gander. It is used to steal and snatch phones. Okada is not a good thing because the riders are looking for fast money. That is our experience”.

The Grand Chief Imam of Ikorodu Division, Fadheelat Sheikh Seifudeen A. A. Olowo-Oribi, applauded Governor Sanwo-Olu for providing various empowerment programs for youths.

Sheikh Olowo-Oribi noted that many okada riders have arms and ammunition in their possession.

“Tell Mr. Governor to make the ban total across local governments to ensure safety all over the State”, he said.
Special Adviser to the Governor on Transportation Mr. Sola Giwa urged all participants to return to their communities and “walk the talk” on decisions taken at the stakeholder engagement.

The event was attended also by members of the State Executive Council, including Commissioner for the Environment and Water Resources Mr. Tunji Bello, and the Commissioner for Housing Mr. Moruf Akinderu-Fatai.

Also present were the Permanent Secretary, Ministry of Transportation, Mr. Kamal Olowosago, the Executive Assistant to the Governor on New Media and Public Relations, Mr. Olusegun Fafore, and other top functionaries of the State Government.

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