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Firstbank Boosts The Business Operations Of Its Customers With A Bouquet Of Retail Product Offerings

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First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country. The products: Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage will strengthen the capacity of businesses to meet their immediate and long-term needs which are required to continually impact the socio-economic development of the country.

Commercial Mortgage (CM) is designed to meet the funding needs of established small and medium-scale enterprises in viable businesses to acquire Business/Office Premises. This product is structured to part finance the acquisition of business /office premises and warehouses as the building itself is collateral. With its competitive pricing entailing a tenor of 60 months, flexible repayment period as well as flexible collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines. To access the product, customers must have been in business for at least 5years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months.

Operational Vehicle Finance (OVF) is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities. Its flexible tenure is in 2 variants, comprising 1 – 24 months and 2 – 36 months which is dependent on the brand of the vehicle. The product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they will be at an advantage in sustaining the distribution of goods from one location to another. To be eligible for the service, the customer must have been in business for at least 12 months and should have maintained a healthy and active bank account with either FirstBank for a minimum of 6 months or 12 months with other banks.

Petroleum Dealership Finance (PDF) is created to offer working capital finance to filling stations with a DPR licence for the purchase of kerosene (DPK), petrol (PMS), and diesel (AGO). This product facilitates access to financing opportunities to purchase products at competitive rates. A 12months facility tenor with a cash flow lending option up to N20M is also available. The product is packed with lots of exciting benefits including access to up to N20million without providing tangible collateral as it bridges the customers’ liquidity gap while also aiding the continuous replenishment of stock. The product also provides the opportunity to increase the volume of business as well as margins through consistent growth in turnover through credit financing.

To take advantage of the product, interested customer(s) must have a valid DPR license, and maintain an account relationship with FirstBank or any bank for at least 6 months. The dealer must have been in business for at least 24 months and the account must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.

According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank: “as a bank woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector. Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF) are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 128 years.
With over 750 business locations and over 189,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has an international presence through its subsidiaries, FBNBank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 12million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.
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.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

BIG STORY

Yahaya Bello And The EFCC Quandary: The Devil Is In The Details By Ayoola Ajanaku

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The dust is yet to settle, following the efforts of the Economic and Financial Crimes Commission (EFCC) to arrest the immediate past governor of Kogi State, Yahaya Bello last week, on the heels of the anti-graft agency preparation to arraign him over corruption charges. This development is more than what meets the eye, as it’s laden with intricate details that are the kernel of this lucid treatise.

The attempt to arrest the ex-governor led to the gestapo like siege to his residence located in Wuse Zone 4, FCT earlier. Officials of the EFCC cordoned off the road and entrance to the residence of the former Kogi State governor for most of Wednesday.

Despite the heavy presence of EFCC operatives around Bello’s residence, his successor in office, Usman Ododo, paid him a solidarity visit. Ododo arrived the erstwhile helmsman’s residence in the afternoon and was cheered by the loyalists of the former governor who were present to give support to their embattled principal.

Also, while the siege on Bello’s residence was still on, two conflicting court rulings emerged in respect to the attempt to arrest of the former governor by the EFCC. One of the rulings, which came from a Kogi State High Court sitting in Lokoja, restrained the EFCC from arresting, detaining or prosecuting Bello.

Justice I.A Jamil, who gave the order in a ruling last week, stated that infringing on the fundamental human rights of the former Kogi helmsman is null and void except as authorised by the Court.

“By this order, the EFCC is hereby restrained from arresting, detaining and prosecuting the applicant except as authorised by the Court.

“This is a definite order following the earlier interim injunction given,” he averred.

In another twist in the yoyo-like locomotion of multiple judicial pronouncements, however, the EFCC obtained permission from the Federal High Court sitting in Abuja to arrest the ex-Kogi State governor in preparation to his arraignment on Thursday.

Justice Emeka Nwite granted the warrant this afternoon at the instance of the EFCC.

Love or hate Yahaya Bello, the pertinent questions begging for answers in this litigation are:

The EFCC had in March indicted Yahaya Bello, in an alleged diversion of about N100 billion, an offence said to have been committed months before he assumed office as governor in September 2015. If any third party dissects the budgetary appropriation of Kogi State and it’s IGR dispassionately then the numbers do not add up. The former helmsman meet a humongous liabilities and backlog of non-serviced facilities accruing to the Confluence State that had to be serviced. The pervasive prevarication that colossal funds found it’s into his pockets amount to ‘Alice in Wonderland’ tales.

The anti-graft agency had joined Yahaya Bello in the amended suit alongside the Chief of Staff to Kogi State Governor, Alli Bello, and one Daudu Suleiman, who was re-arraigned by the anti-graft agency before Justice James Omotoso of the Federal High Court, Abuja.

The ex-governor was not a defendant in the original suit, and was not in court on the said day.

Justice Omotoso had granted an accelerated hearing in the matter and had also ordered that all forms of objections must be kept in abeyance till the address stage and the charge were read to them.

In the first count, the former governor, and the two suspects were accused of conspiring with each other in September 2015 and converting N80, 246, 470, 089 to their personal use. For contextual and editorial alignment, the goalposts of allegations have witnessed shifting and amendments.

What court Order did the EFCC appeal against as well as the reason behind it?

It is a germane fact in public domain that the EFCC appealed against the Order granted on the 9th of February, 2024 by the High Court of Kogi State, the said order was an order restraining the EFCC from inviting, arresting or detaining the Applicant vide Notice of Appeal filed on 26th February, 2024.

Also, the EFCC further asked for a stay of Execution of the Interim Order at the Court of Appeal on 21st of March, 2024, which request was refused by the Court of Appeal.

However, on the 6th of March, 2024, in defiance of the interim Orders and their own pending appeal against the interim Order, the EFCC proceeded to prefer a 17 Count(s) Charge before Justice Nwite of the Federal High Court against Yahaya Bello.

The EFCC went further to resort to self help when on the 17th of March, 2024, it approached the same Federal High Court, Abuja, via an Ex-parte application and without informing the said court of the interim Order and their pending appeal against the interim order, to obtain an arrest warrant against the same person in respect of whose Order they had appealed to the court of appeal.

Akin to the above, if indeed the EFCC has nothing to conceal, why are they trying to muddle up the issues on account of the main judgement that was also subsequently delivered in the same High Court of Kogi State without recourse to the interim order that they appealed against and requested to be stayed, which request was refused?

The EFCC claims to have extended invitation to Yahaya Bello’s quarter immediately after his tenure elapsed on January 27th 2024. He has challenged the anti-graft agency to produce a copy of this invitation, including the delivery date and the recipient’s name and endorsement. There’s ample confidence on his part that they cannot provide ample evidence to this effect.

This sudden attempt at trying to confuse unsuspecting public with sentimental press statements and mug shot poster emblazoned with wanted message in capital letters. These actions intended to impugn and malign Yahaya Bello would not help them clear the infraction and abuse of the judicial process to give a dog a bag name to hang it. It’s a recurring decimal and standard MO of the anti-graft agency to embark on the route of smear campaign on suspects in a bid to gain an edge in the gallery of public opinion.

Again, by the admission of EFCC to the effect that they were at the Court of Appeal on the matter, and at the same time, approached a Federal High Court without informing the court of the subsisting order and appeal, is an admission of abuse of judicial process, and a fraudulent deceit of the court that has led it to granting conflicting Orders while appeal was pending.

This approach is a grave infraction of due process of law, subsequently, the statement issued by the learned counsel representing EFCC in the said matter amounts to trying to justify the infraction in a media trial which is unethical and not allowed or recognized in the legal profession.

The NJC should seriously investigate this matter as the conduct of the EFCC lawyer is clearly unethical and smirks of “Jankara” and “Boju Boju” practice of circumventing due course of the law.

The EFCC had appealed the order on March 11, 2024 and sought a stay of execution in Appeal No: CA/ABJ/CV/175/2024: Economic and Financial Crimes Commission v. Alhaji Yahaya Bello. The Court of Appeal did not grant the stay of execution, but fixed yesterday for hearing.

The appeal, however, failed to take place as the registrar told journalists that the appeal was not listed among the cases for the day.

The latest development in this jurisprudential tango, the embattled immediate past Governor of Kogi State, Yahaya Bello said he was ready to appear before the Federal High Court in Abuja to answer to the 19-count charge the Economic and Financial Crimes Commission, EFCC, preferred against him.

Though Bello was absent for his arraignment, he briefed a team of lawyers who addressed the court on his behalf on Tuesday. A member of his legal team, Mr. Adeola Adedipe, SAN, told the court that his client would have made himself available for the proceedings, but all he clamours for is the strict adherence to the rule of law.

“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe, SAN, submitted.

Consequently, he urged the court to set aside the exparte order of arrest it earlier issued against the former governor.

Adedipe, SAN, contended that as at the time the order of arrest was made, the charge had not been served on his client as required by the law.

He noted that it was only at the resumed proceedings on Tuesday that the court okayed substituted service of the charge on the defendant, through his lawyer.

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning.

“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.

Time will tell where the pendulum will swing, as Yahaya Bello is fighting a battle of his life to untangle himself from the charges filed by the Nigeria’s anti-graft agency earlier that has caught the attention of all and sundry.

In a nutshell, the pontification of prominent Lutheran pastor in Germany, Martin Niemoller rings a bell in this scenario. “First they came for the socialists, and I did not speak out—because I was not a socialist. Then they came for the trade unionists, and I did not speak out -because I was not a trade unionist. Then they came for the Jews, and I did not speak out – because I was not a Jew. Then they came for me – and there was no one left to speak for me.”

Regardless of his exact words, Niemöller’s message remained consistent: he declared that through silence, indifference, and inaction worse things happen. Alas, reverse is the case as in this part of the world an individual is not presumed innocent until proven guilty. The hounds and irate mob are out and baying for blood aided by apparatus of power with a predetermined ploy to have Yahaya Bello’s head on a plate via the guillotine.

 

Ayoola Ajanaku is a Communications and Advocacy Specialist based in Lagos, Nigeria.

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FG Revokes 924 Inactive Mining Licences — Solid Minerals Minister Alake

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924 inactive mineral licences have been withdrawn by the Federal Government via the Ministry of Solid Minerals Development.

Dele Alake, the Minister of Solid Development and Minerals, revealed this information on Wednesday in an Abuja press conference.

There are 273 small-scale mining licences, 101 quarry licences, 20 mining leases, and 528 exploration licences among the revoked permits.

November of last year saw the ministry withdraw 1,633 mineral titles that had been issued to mining corporations that had not complied.

In order to make the solid minerals industry more competitive internationally, the minister also pledged to clean it up and asked all parties involved to start acting morally again.

But speaking at the briefing, Alake said the ministry decided after identifying a problem of licence racketeering among players in the sector.

He said, “In line with constitutional provisions, we ensured that adequate notice was given to the concerned parties through the official gazette of the Federal Republic of Nigeria no 227 which was published on December 27, 2023.

“This notice gave all concerned parties 30 days to regularise their status including clarifications on what caused the licence to be dormant.

“In view of the above, which shows our adherence with due process and fair consideration and in line with the standard policy of use it or lose it, I hereby revoke the 924 dormant licences with immediate effect.

“These include 528 exploration licences, 20 mining leases, 101 quarry licences and 273 small-scale mining licences.”

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BIG STORY

An Icon Of Service: NATCOM Boss, Otunba Adejare Adegbenro’s Leadership Legacy

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In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

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