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Firstbank Expands Its International Money Transfer Network, Reinforces Its Commitment To Customer Service

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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 a 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. 

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BIG STORY

Aliko Dangote Submits Paperwork To Build Biggest Seaport In Nigeria

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Aliko Dangote, who leads the Dangote Group, has revealed plans to construct what he describes as the “biggest, deepest seaport in Nigeria”.

Speaking with Bloomberg, Dangote mentioned that he has submitted an application to initiate development of the planned Atlantic seaport located in Olokola, Ogun state.

He explained that the project is aimed at simplifying the export process for products — including liquefied natural gas (LPG) — and will contribute to the rapid expansion of his industrial ventures.

Dangote noted that the initiative “to build the biggest, deepest port in Nigeria” progressed after submitting the necessary documentation for approval last month.

“It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he said.

The proposed port marks Dangote’s return to the same location where he had once halted plans for a refinery and fertiliser plant due to disagreements with local authorities.

Back in March, Dangote stated he had resumed construction in Ogun state “because of His Excellency, our governor, Prince Dapo Abiodun”.

In a separate interview, Devakumar Edwin, Dangote Group’s vice-president, disclosed that the company also intends to export liquefied natural gas (LNG) from Lagos.

He added that this effort will involve laying pipelines from the Niger Delta to the coast.

“We want to do a major project to bring more gas than what Nigeria LNG is doing today,” he said.

“We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

On May 26, Dangote announced that Dangote Industries Limited (DIL) aims to generate $7 million in daily fertiliser sales within the next two years.

Roughly a month later, the company declared that it would commence nationwide distribution of diesel and premium motor spirit (PMS), commonly known as petrol, starting August 15.

The organisation also revealed that it has procured 4,000 new compressed natural gas (CNG)-powered tankers to improve its fuel delivery network across the country.

On June 27, Dangote further stated that the continent will become self-reliant in fertiliser production within 40 months.

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BIG STORY

Nigeria’s FX Reserves To Hit $41bn As Naira Seen Sustaining Gains

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Nigeria’s foreign exchange reserves are projected to reach $41 billion by the end of the year, slightly higher than the 2024 figure, as the naira continues to strengthen, according to CardinalStone’s mid-year outlook.

The expected increase in reserves is linked to the federal government’s plan to raise $3.2 billion in the second half of the year to address certain fiscal needs. Potential inflows from portfolio investors are also anticipated to support this outlook.

“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm stated in its report.

A stronger external reserve position is seen as a positive for the naira, with the firm projecting the local currency to stay within the N1,550.00 — N1,635.00 per dollar range through the end of 2025.

So far this year, Nigeria’s FX reserves have dropped by over $3.5 billion as the central bank settled around $2 billion in external obligations and continued to inject dollars into the market to sustain liquidity and stabilize the naira amid global challenges.

CardinalStone Research analysts noted that external pressures—including instability in the Middle East and new tariffs introduced by US President Donald Trump—have driven $22.83 billion in FX outflows, as investors pivot to US Treasuries and Gold.

This situation has prompted the central bank to implement a “discretionary FX framework”, resulting in the sale of $4.72 billion to counteract market distortions.

The report highlighted that the CBN’s average monthly FX intervention stood at $786.58 million, significantly below the pre-COVID average of $2.30 billion and the post-COVID level of $1.38 billion, both of which were previously used to support the naira despite broader macroeconomic weaknesses.

To control inflation, attract foreign investment, and boost the naira’s value, monetary authorities have maintained key interest rates for two consecutive sessions after increasing lending rates by a total of 875 basis points to 27.5 percent.

The analysts foresee an additional 50 to 100 basis point adjustment before the year concludes, potentially easing the burden on businesses affected by high borrowing costs.

The combination of tighter monetary policy, improved FX reserves, and more effective FX management is gradually restoring investor confidence, which had declined during previous episodes of currency instability.

Nonetheless, the forecast remains vulnerable to shifts in global oil prices, the level of portfolio investments, and how quickly fiscal consolidation efforts advance. Disruptions in these areas could negatively affect both reserves and currency stability.

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BIG STORY

Dangote Refinery To End Crude Imports By December — Bloomberg Report

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The Dangote Petroleum Refinery plans to stop importing crude oil by December 2025, aiming to replace hundreds of thousands of barrels per day of imported crude with domestic supply.

A Bloomberg report quoted Devakumar Edwin, Vice President at Dangote Industries, who oversees the 650,000-barrel-per-day facility in Lagos, saying that contracts with foreign crude suppliers will expire, allowing the refinery to shift to sourcing feedstock locally.

Edwin stated that the refinery had previously imported crude from Brazil, Angola, Ghana, and Equatorial Guinea. However, he explained that “improved relations between the refinery, local oil traders and the government will result in a steady supply of Nigerian crude.”

The report noted that in June, the plant received about half of its crude from local producers, who will be able to supply more as their foreign commitments wind down.

Edwin said, “We expect some of the long-term contracts will expire. Personally, and as a company, we expect that before the end of the year, we can transition 100 per cent to local crude.”

Data compiled by Bloomberg revealed that in June, the refinery sourced 53 per cent of its crude from domestic producers and 47 per cent from the United States.

Edwin added that the plant is currently processing 550,000 barrels of crude per day.

According to cargo allocations seen by Bloomberg News, Dangote was scheduled to receive five cargoes from the Nigerian National Petroleum Company Limited in July, with the same amount set for August. Each cargo contains nearly one million barrels of crude.

Aliko Dangote constructed the $20 billion refinery to end the export of Nigerian crude for refining abroad and the subsequent importation of refined products.

The gradual ramp-up of the refinery has already enabled Nigeria to become a net exporter of petroleum products, despite initial challenges in securing adequate domestic crude to reach its full capacity of 650,000 barrels per day. This led to the refinery relying heavily on foreign crude.

Dangote recently stated that despite a naira-for-crude deal, the refinery had been largely dependent on crude from the United States.

The refinery expects a notable increase in local crude supply over the coming months.

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