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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

Marketers Eye Petrol Price Reduction, Ready To Load As Port Harcourt Refinery Begins Operation April

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The Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria have projected a marginal reduction in the pump price of Premium Motor Spirit, popularly called petrol, produced from the Port Harcourt Refining Company once the plant begins operations next month.

IPMAN and MEMAN also declared their readiness to load products from the facility, as they urged the Nigerian National Petroleum Company Limited to fulfill its promise of pumping put refined products from the plant in two weeks.

It was reported last week that the Group Managing Director, of NNPCL, Mele Kyari, announced that the Port Harcourt refinery would commence operations in about two weeks.

Kyari, who appeared before the Senate Ad-hoc Committee investigating the various Turn Around Maintenance projects of refineries, revealed that mechanical works had been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery would commence operations in December.

“We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready. The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December,” Kyari had explained.

Reacting to this on Monday, the National President, of IPMAN, Abubakar Maigandi, told our correspondent that marketers had been informed of the development and were ready to start lifting products.

He also stated that once products start coming out from the plant, the cost of petrol would reduce, but stressed that this would be a marginal reduction.

“As independent petroleum marketers, immediately we received the information, we told all our members to start preparing for loading, especially those in the South-South region of the country, because it is closer to them.

“So at any time they (NNPCL) say we should come and start loading, we are ready. We are just waiting for them to start,” the IPMAN president stated.

He added, “Price reduction is obvious when they start releasing products, and there will be availability because it would serve as support to the imported products. So we are expecting a change in price, for no matter how small the reduction is, it is still a reduction.

“Also, the commencement of operations there will create more employment for Nigerians. So it is a welcome development and IPMAN is happy about this, especially if products start coming out from the plant in the next two weeks as promised by NNPCL.”

On his part, the Executive Secretary, MEMAN, Clement Isong, stated that major oil marketers had been buying products from the trading arm of NNPCL, adding that this arm of the national oil firm would be in charge of the products to come out from the Port Harcourt refinery.

He noted that though the facility would not be able to provide all the volumes of petrol required by the consumers, MEMAN would definitely load from the plant by buying refined products through the trading arm of NNPCL.

“Sure, we have been buying from the trading arm of NNPCL and we will continue once products from the refinery are being released. On price reduction, this is going to be marginal, because the product is being produced in Nigeria,” he stated.

Kyari had told the Senate that over 450, 000 barrels of oil had been stocked into the Port Harcourt refinery, which means the plant is ready to deliver refined crude to the market.

“All crude lines are active and have actually delivered over 450,000 barrels into Port Harcourt refinery.

“We are confident of the integrity of it. Yes, there may be security issues, but also the government is responding to the situation,” the NNPCL boss had stated.

The Federal Government had announced in December 2023 that the mechanical completion of Port Harcourt refinery had been completed, stating that products from the plant would get to the market before the end of last year.

This, however, did not happen, as Nigerians anxiously await the production of refined petroleum products from refineries in Nigeria. Currently, Nigeria imports its refined petroleum products through the NNPCL.

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Nike Unveils Super Eagles 2024/25 Jersey [PHOTOS]

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The new Super Eagles jerseys for the 2024–2025 football season have been unveiled by clothing powerhouse, Nike.

Nike’s Instagram page published a post on Monday with a launch video of the new jerseys.

“The 𝟐𝟎𝟐𝟒 𝑵𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑻𝒆𝒂𝒎 𝒌𝒊𝒕𝒔 disrupt convention with bold twists on icons.

“Featuring 𝑫𝒓𝒊-𝑭𝑰𝑻 𝑨𝑫𝑽 innovation, each kit is engineered for the needs of the modern footballer, from kick-off to the final whistle,” the post read.

Green hoops at the ends of the sleeves and shorts adorn the white home jersey. In a striking combination of colours, the word “Naija” is written in green across the kit’s breast.

In a stylistic nod to Nigeria’s national colours, the away uniform is patterned in a pastel version of the same colour, dark green.

For their 2026 World Cup qualifying campaign, the Super Eagles are anticipated to wear the new jerseys.

The team’s third qualifying match is scheduled for June 3 at home against South Africa. Seven days later, they are scheduled to travel to Benin Republic.

Before that, the Eagles will visit Grand Stade de Marrakech in Morocco for friendly matches against Ghana and Mali on March 22 and 26, respectively.

 

See photos below;

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Renovated Government House: Osun PDP Mocks APC, Says Opposition Party Hallucinating

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The ruling Peoples Democratic Party (PDP), encouraged by the recently reopened Government House in Osogbo, the capital city of Osun State, after a respectable renovation, has chastised a faction within the Osun APC over a statement attributed to its embattled chairman, Tajudeen Lawal, on the renovated Government House. The party has asked the disorganised opposition group to either apologise for its heinous looting of the state’s common patrimony or cease filling the airwaves with loud music.

It would be recalled that officials of the previous administration led by the then defeated Governor and now Minister of Marine and Blue Economy, Alhaji Gboyega Oyetola, left the Government House virtually empty after callously bolting away with properties in the quarters– an act reminiscent of some mannerless unarmed robbers, who never wished the state well.

A statement released on Monday by the media office of the ruling party and signed by the State Chairman, Hon Sunday Bisi, described the statement credited to Lawal led APC faction as unbridled afront on the collective intelligence of the well enlightened people of Osun State, who are still spoiling for further punishments against the inglorious pilfering of public asset by stalwarts of the APC.

“Granted that Lawal and his conquered hirelings in the APC are in shock over the level of upgrade and innovations in the State Government House, we expected that it would have served the looters better if they had opted for the silence button, instead of classless grumblings over the patriotic efforts of His Excellency, Governor Ademola Adeleke in bringing the state assets up to speed of modernity and dignity befitting of cradle of Yoruba race.”

“APC as a regressive party populated by known thieves in the context of the renovated government asset was just bringing its shamelessness again to the fore by having the guts of any finger of objection to bringing the State House back to life after the edifice was set for desolate with reckless looting of almost all the interior fittings by APC officials, without any iota of consideration of the cost implications on the already mismanaged economy by the prodigal son in chief, Gboyega Oyetola.”

“APC statement about the Government House renovation has shown that Lawal and his faction of mourners are still grieving about the rejection of their discredited party by the Osun people. They have since their woeful loss resort to wailing and craving for attention and public sympathy they’ve lost long ago with no remedy in sight”

“Lawal and his factional members should be grateful for the maturity and exposure of the good people of Osun State by allowing the APC elements to still walk the streets without some pebbles on their heads considering the ungodly level of atrocities committed against humanity in Osun State. While you await your days with relevant security operatives for your sins, you should keep shut and lay low at least.”

“As a good manager of resources, Governor Adeleke, unlike Oyetola, will continue to inject life into all abandoned assets of the state left to rot away by the immediate past APC administration and this the governor has pursued without compromise”

“Lawal has not only shown unseriousness and confusion about governance but he has also reduced his group to ‘Paperweight, Jesting Desperados,’ merely hallucinating about the steadfast running of the state by the Governor Adeleke led administration.”

“Lawal should tell Osun people how he came about the N1b cost of renovation he quoted. He should be tapped out from his fallacious claim that there is nothing to show in the state in terms of physical infrastructure. Lawal should be reminded that the last time Osun State had a befitting infrastructural investment, like what is ongoing in the state, was under PDP administration, followed by Ogbeni Aregbesola, only for the opportunistic Oyetola to bring the expected progress to a criminal halt after he was spoonfed into office by his predecessor.”

“The only thing Oyetola did in his 4 years in terms of infrastructure was to give Osogbo a substandard, Mungo Park era bridge, which aggravated public anger against him and his acrimonious lieutenants. For Governor Ademola Adeleke, he is making good his promise to give the state a global standard facelift and we are glad the great of the state are right behind him to succeed”

“While the PDP government is open to constructive criticism as enshrined in a democratic society, the APC factional group is however expected to do better by engaging their thinking cap, away from frivolous ranting and wailing without borders,” Hon Sunday noted.

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