The Nation Newspaper

Category: Money

  • Africa Fertilizer Financing Mechanism gets $7.3m lift

    Africa Fertilizer Financing Mechanism gets $7.3m lift

    Global Affairs Canada has provided $7.3mn in funding to the Africa Fertilizer Financing Mechanism (AFFM) to enhance sustainable agricultural productivity and smallholder farmer livelihoods, particularly women and youth across Africa.

    The financing will aid the Mechanism in replicating its credit guarantee programs, enabling fertilizer importers and aggregators to access the product on credit. It will also boost efforts to improve soil health and provide technical assistance to farmers.

    The funding agreement between the earmarks CAD$10mn specifically to the Mechanism’s ‘Fostering Africa’s agricultural productivity through fertilizer value chain financing’ (FOSTER) program. Administered by the African Development Bank Group, the Mechanism provides innovative financing to accelerate fertilizer use in Africa and improve agricultural productivity across the Bank’s regional member countries.

    “We thank Global Affairs Canada for its support to advance the Africa Fertilizer Financing Mechanism’s implementation of its Strategic Plan 2022-2028, which focuses on broadening access to finance through capital investments and policy reforms, among other priorities that benefit Africa’s smallholder farmers,” said Beth Dunford, the bank’s vice president for Agriculture, Human and Social Development.

    Fertilizer is essential for food production, yet it is significantly underutilized in sub-Saharan Africa’s agriculture sector due to limited financing and technical know-how among farmers.

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    The FOSTER program targets 800,000 smallholder farmers, with 40% of beneficiaries expected to be women and 10% youth. It aims to provide access to and improve the utilization of 80,000 tons of organic and inorganic fertilizer, which is expected to increase yields by 30%.

    Canada’s Minister of International Development, Ahmed Hussen, said: “Canada is proud to support resilient, climate-smart agriculture and adaptable food production systems in Africa. We remain committed to promoting inclusive, green growth in partnership with the African Development Bank, including through our contribution to the Africa Fertilizer Financing Mechanism.”

    Under the FOSTER program, the Mechanism will extend credit guarantee facilities to the inputs supply chain in eight African countries. The program will also facilitate the formulation of fertilizer policies and regulatory frameworks to foster gender-sensitive and sustainable soil management practices.

  • Lagos, Enterprise NGR announce LIFC council meeting resolutions

    Lagos, Enterprise NGR announce LIFC council meeting resolutions

    The Lagos State Government and EnterpriseNGR have announced the successful conclusion of the second meeting of the Lagos International Financial Centre (LIFC) council and listed decisions taken during the meeting. The meeting was held last Wednesday at the Governor’s Office, Alausa, Ikeja, Lagos.

    The LIFC was established through an executive instrument issued by the Governor of Lagos State, Babajide Olusola Sanwo-Olu on November 3rd, last year.

    The Council was inaugurated on November 3rd, 2023 and chaired by the Governor of Lagos State and co-chaired by Aigboje Aig-Imoukhuede, (Chairman of EnterpriseNGR). It was set up primarily to oversee the establishment of the LIFC.

    The meeting presented opportunity to review the activities of the Council and proposed recommendations for enhancing the Lagos State’s global financial connectivity, regulatory efficiency, infrastructure development and international reputation.

    During the meeting, the council reiterated the importance of the LIFC and affirmed its commitment to deliver on its mandate, which is to serve as a significant hub for a diverse range of financial activities and services at an international level.

    The council further reviewed its participation at the Lord Mayor’s Show which held in London, UK last November as well as the stakeholder meetings with the international business community which culminated in the InvestLagos Reception.

    “The InvestLagos Reception is a high-profile event designed to promote the unique advantages and opportunities in Lagos to potential investors. In view of the positive outcomes of the InvestLagos Reception, the Council agreed to establish the InvestLagos Reception as an annual event, and to this end, InvestLagos 2024 will hold in November 2024,” the group said.

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    It also considered the importance of Licensed Exchanges (securities; commodities, among others) in the LIFC market infrastructure; and thereafter unanimously resolved that the LIFC Council, led by the Chairman and Co-Chairman, should engage with all Exchanges hosted by Lagos state with a view to exploring how the government can support efforts at deepening the markets and opening them up to more local and international investors.

      “The Council affirmed that the objectives of the LIFC would be achieved through work-streams and thereby agreed to establish the following work-streams for this purpose legal and governance, strategy and finance; regulatory framework and incentives; infrastructure and operations and investment promotion and public relations.”

    It said that these work-streams will be resourced with members of the LIFC Council as well as relevant professionals from the FPS sector in Nigeria and globally.

    The Council also commended the efforts of the Nigerian diaspora community in engaging and giving back to the nation at large, especially in the areas of healthcare investment, medical aid/missions, infrastructure investment and tourism.  It unanimously resolved to continue to promote diaspora investor confidence through the promulgation of an enabling and conducive business environment and articulated its plans to engage the diaspora community through a structured unit of the LIFC.

    The Council also unanimously agreed to continue to foster collaborations with other international financial centers, regulatory bodies and relevant organizations to further promote knowledge sharing, best practices and global integration.

    The LIFC Council, under the able leadership of Governor Sanwo-Olu and Aig-Imoukhuede reaffirmed its commitment to establishing Lagos as a premier global financial centre by enhancing its infrastructure, regulatory efficiency, and international reputation.

  • First Bank confirms Alebiosu as MD, Ebong DMD

    First Bank confirms Alebiosu as MD, Ebong DMD

    First Bank of Nigeria Limited (FBNL) yesterday confirmed the appointment of Olusegun Alebiosu as its substantive Managing Director/Chief Executive Officer (MD/CEO).

    Company Secretary Adewale Arogundade updated the Nigerian Exchange Group of Alebiosu’s appointment in an update yesterday subject to approval by the Central Bank of Nigeria (CBN).

    Before his new appointment, Alebiosu was acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan, resigned.

    The bank also appointed Ini Ebong as the Deputy Managing Director (DMD) and Alao Olatunde-Olaifa as Non-Executive Director. Both appointments are also subject to the approval of the apex bank.

    Alebiosu previously served as the bank’s Executive Director (ED), Chief Risk Officer, Executive Compliance Officer, Group Executive/ Chief Risk Officer, among others.

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    The new MD/CEO has over 28 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing.

    Ebong was previously the bank’s ED, Treasury and International Banking. He brings to the Executive Management of FirstBank over 20 years banking experience.

    Olatunde-Olaifa, the current Group Financial Officer (GFO) of Leadway Holdings, brings to the Board years of experience, cutting across corporate finance, including capital raising, debt restructuring, acquisition planning, project financing and asset management.

  • Sterling Bank, SMEDAN begin N5b loan scheme with Databanc

    Sterling Bank, SMEDAN begin N5b loan scheme with Databanc

    Sterling Bank, and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), have launched a groundbreaking platform called Databanc.

    The platform will serve as a single source of truth for data on businesses in Nigeria to guide personalized interventions and support from decision makers who serve the MSME ecosystem. The platform will provide insights which will be utilized by SMEDAN to deliver its mandate on policy formulation, delivery of intervention programmes and other initiatives, including financing, that will support the growth of small businesses in Nigeria.

    This platform will also provide unique identification for small businesses and their promoters as well as their business areas/sectors. This platform and the

    Sterling/SMEDAN N5 billion single digit loan program are some of the avenues

    through which Sterling Bank is working with SMEDAN to jointly grow the Nigerian economy by supporting the growth and expansion of small businesses.

    Speaking at the launch of the platform, Executive Director of Commercial and

    Institutional Banking at Sterling Bank, Tunde Adeola, announced the platform and fund was a materialization of Sterling Bank’s commitment towards growing the real sector of the nation’s economy.

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    Adeola said “We are delighted to bolster the backbone of our economy with

    SMEDAN. This initial fund of N5 billion marks just the beginning of what has been and will continue to be a mainstay of our approach to funding businesses to grow at scale, and become the preferred financial partner for businesses, no matter their scale.”

    The Executive Director said that over 20,000 SMEs have enrolled on the Databanc platform, with over 80 beneficiaries of the single-digit loan program and further disbursements ongoing. He encouraged all MSMEs in the country to enrol on the platform.

    SMEDAN’s Director-General, Mr. Charles Odii, represented by the Director of

    Agribusiness Development and Access to Finance, Levi Anyikwa, highlighted the programme’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises. Anyikwa affirmed that “access to finance remains a significant hurdle for SMEs, and we are committed to removing that barrier.”

    Anyikwa emphasized the November 2022 Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank as a pivotal step towards digitalizing and streamlining loan processes.

    Bolanle Tyson, Head of SME Digital Products at Sterling Bank, emphasized Sterling Bank’s strategic focus on critical sectors encapsulated in the HEART of Sterling forward strategy: Health, Education, Agriculture, Renewable Energy, and Transportation.

    Tyson outlined the innovative support package, including access to capital at

    single-digit interest rates, alongside essential resources such as capacity building, marketing support, and infrastructure development. “We are leveraging data to empower SMEs like never before,” she added.

    “Our commitment to SMEs is steadfast,” Tyson asserted. “We recognize their pivotal role in driving Nigeria’s GDP and employment. This partnership with SMEDAN underscores our shared dedication to their success.”

    The launch of the Databanc platform chronicles another major milestone in the

    ongoing strategic partnership between Sterling Bank and SMEDAN, dating back to June 2023 when both entities signed a partnership to create Nigeria’s largest SME database, which was followed closely in November 2023 with the signing of the memorandum for the N5 billion loan portfolio.

  • Transcorp Hotels CEO joins Save the Children UK’s Africa Advisory Board

    Transcorp Hotels CEO joins Save the Children UK’s Africa Advisory Board

    Managing Director and CEO of Transcorp Hotels Plc, Dupe Olusola has been appointed to Save the Children United Kingdom’s Africa Advisory Board.

    She brings to the philanthropy a wealth of experience in leadership, strategic development, and community engagement.

    With a background in turning around businesses, transformation and investments – SMEs and private equity, Dupe has continued to distinguish herself in all markets

    Under her visionary leadership, Transcorp Hotels Plc has achieved impressive milestones and contributed significantly to its parent company Transcorp Group’s purpose of improving lives and transforming Africa. Dupe Olusola’s commitment to excellence and passion for transformative change aligns perfectly with Save the Children’s core values and objectives.

    Her extensive expertise and deep insights will be invaluable as the organisation continues its mission to create a sustainable impact for children across the continent.

    Commenting on the appointment, Dupe Olusola said, “I am honoured to join Save the Children United Kingdom’s Africa Advisory Board,” said Dupe Olusola. “Africa’s child population will reach 1 billion by 2055, according to UNICEF, making it the largest child population among all continents. Hence, investing in our children is not just a moral imperative but a strategic one for our future.

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    “Giving African children an equal opportunity to thrive will be a game changer for development in our continent. I believe that every child deserves early access to health services, education, and safe water, as well as other goods and services that can maximise a child’s opportunities as an adult and end the cycle of poverty. We have an important task on our hands, and I look forward to working alongside such a dedicated team to drive sustainable and impactful change for our children.”

    Save the Children is the world’s leading independent organisation for children, dedicated to ensuring that every child has the opportunity to thrive. With a presence in over 100 countries, Save the Children works to provide access to quality education, healthcare, protection from harm, and emergency response services.

    As a member of the Africa Advisory Board, Dupe Olusola will provide strategic guidance and support to Save the Children UK, helping to shape initiatives that drive positive outcomes for children.

    A multiple award-wining executive, Dupe Olusola earlier in the year became the first female CEO of a N1 trillion company on the Nigerian Exchange. She was named 2023 CEO of the year by the Seven Stars Luxury Hospitality and Lifestyle Awards as well as leading Nigerian publication Leadership newspaper. Dupe Olusola is also a member of the advisory board of the Africa Hospitality Investment Forum and a member of the Board of Directors, United Capital Microfinance Bank.

  • AfDB, GIABA inaugurate 3-year project against money laundering

    AfDB, GIABA inaugurate 3-year project against money laundering

    The African Development Bank and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have inaugurated a three-year support project to combat money laundering and terrorism financing in their member countries.

    The project, titled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,’’ will be backed by a $5mn grant from the African Development Bank Group.

    The launch ceremony, held in Dakar, Senegal, was attended by staff from the two institutions, representatives of beneficiary countries which are GIABA member countries, and Senegal’s Financial Intelligence Unit. Mohamed Cherif, African Development Bank Country Manager for Senegal and Edwin Harris, Jr., GIABA Director General, represented their institutions.

    The project will be financed through a grant from the Transition Support Facility of the African Development Bank to the tune of 3.5 million UA (about $5mn ). The project will contribute to resilience in the West African region, by improving anti-money laundering/terrorism financing regimes, and by developing the capacity of GIABA member states, with a particular focus on countries in transition.

    The grant complements the Bank Group’s strategic and operational engagements at country and regional levels. It also aligns with its policy and action plan on the Prevention of Illicit Financial Flows, as well as with the Bank’s group Strategy for Economic Governance in Africa.

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    Cherif commended the long-standing collaboration between GIABA and AfDB which includes training sessions for its member countries and technical assistance.

    The GIABA director in turn expressed his satisfaction about the financing, which he said, “comes at a pertinent time, to support the implementation of GIABA’s ongoing Strategic plan for 2023 – 2027 and to contribute to effective interventions on anti-money laundering and terrorism financing regimes in its member countries.”

    The African Development Bank is an observer member of GIABA, and also regularly consults this organization as a key stakeholder in the development of  Bank policies, strategies and action plans related to illicit financial flows, anti money-laundering and economic governance.

  • Lagos, Interswitch sign concession pact for LAGSHIP development

    Lagos, Interswitch sign concession pact for LAGSHIP development

    The Lagos State Government has signed a concession agreement with Interswitch, through its Healthtech subsidiary, Interswitch eClat, to develop and manage the Lagos Smart Health Information Platform (LAGSHIP).

    Nigeria’s healthcare industry remains grossly underfunded with several other challenges, lacking a truly national/integrated framework for healthcare service delivery due to fragmentation among health stakeholders.

    A recent report from Knight Frank estimates Nigeria would require about $82 billion of investment in health-care assets to reach the global average. Healthcare institutions continue to struggle with daily operations due to a myriad of constraints and process inefficiencies. The foregoing is the backdrop against which this latest public-private partnership milestone championed by the Lagos State Government is being launched with a view to positioning Lagos, Nigeria’s largest economic hub as a model for sub-nationals in strategic healthcare delivery interventions.

    The Executive Governor of Lagos State, Babajide Sanwo-Olu highlighted the significance of the Lagos State Smart Health Information Platform Project as one unprecedented in Nigeria till date. The Governor, in his remarks asserted that “The signing of the Concession Agreement between the Lagos State Government and Interswitch for the implementation of the Smart Health Information Platform (SHIP) is a ground-breaking development which signifies the start of a comprehensive technological overhaul in Lagos State’s health sector, aimed at enhancing residents’ access to healthcare services.”

    Sanwo-Olu further remarked that “I believe that this platform represents a significant and innovative approach to utilizing technology for accessing health information. It is poised to deliver numerous benefits and eliminate payment barriers, thereby encouraging citizens to actively engage with the process.”

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    Capitalizing on over 2 decades of experience and strategic expertise digitizing transactions and aggregating technology platforms across Africa, by virtue of this concession, Interswitch will support the State Government in securely leveraging data harnessed from electronic medical records deployed across all hospitals (public and private) and allied locations within the industry value chain, to create enhanced experiences for all stakeholders, from administrators to medical personnel, patients, as well as for better planning and policy-making, ultimately. 

    The strategic objective is to address gaps within the healthcare delivery system by creating an ecosystem that facilitates deeper connections between stakeholders and essentially addressing fragmentation by connecting patients to doctors, practices to public offices and patients to their medical data, thereby solving the operational problems of hospitals and healthcare providers through the robust over-arching technology infrastructure that LAGOS-SHIP represents.

    Commenting after the signing ceremony, which was jointly signed by the Commissioner for Health, Dr. Akin Abayomi and the Special Adviser to The Governor on Public-Private Partnerships (PPPs), Mrs. Bukola Odoe, and witnessed by the Executive Governor and selected members of the Lagos State Executive Council at the State House, Marina, Mitchell Elegbe, Founder and Group Managing Director/Chief Executive Officer of Interswitch, remarked:

    “22 years ago, we set out with a clear vision to solve social problems in Nigeria, starting by digitizing the use of cash, making it available to Nigerians just-in-time. Today, despite the incremental efforts of Interswitch and other players over the years, digital payments are estimated to be still less than 20% of total transactions in the economy.

    This realization suggests that there is tremendous value, financial and otherwise, locked up in sectors and areas where government is a key player, particularly in the aspects of healthcare, transportation, and other basic social services. This vision we had from the outset underpinned our acquisition of eClat Healthcare 5 years ago, and initiatives such as Lagos-SHIP are unfolding strategic interventions along that transformational roadmap.

    We are highly delighted that after a rigorous selection process, the Lagos State Government has deemed it fit to partner with us at the Interswitch Group on this epoch-making journey to digitize the healthcare system, uniting disparate elements into one holistic platform that creates value and enhances the experience of all stakeholders, just like we’ve done in the sphere of financial services, leveraging technology.”

    Also speaking at the signing ceremony, Managing Director for Interswitch eClat, Interswitch’s Healthtech Venture, Dr. Wallace Ogufere opined that the Lagos State Government’s pioneering initiative in the form of LAGOS-SHIP is significant in terms of advancing the outlook for Healthcare Management and Administration in a frontier-market such as Nigeria, and moving closer to what obtains in developed economies. In his words “The go-live of the Lagos Smart Health Information Platform will significantly close many identified gaps in electronic medical records management, essentially addressing long-standing constraints including process inefficiencies, limited transparency and inadequacy of necessary tools and supplies, among other challenges.”

    This partnership between the Lagos State Government and Interswitch represents a unique model for public-private partnership in the healthcare delivery space, and one which is expected to be a veritable reference point for national and sub-national governments in Africa going forward.

  • Access Bank to double child enrolment in schools

    Access Bank to double child enrolment in schools

    Access Bank Plc has continued to demonstrate its commitment to education and community development, breaking ground for the construction of 60 additional classrooms in Maraban Jos, Kaduna. This development, which took place on the sidelines of the 2024 Access Bank Charity Polo Tournament, builds on the Bank’s previous efforts having commissioned 30 blocks of 2 classrooms each at the tournament in 2023.

    Upon completion of the project, Access Bank aims to double the number of enrolees in the Access Bank Fifth Chukker School, which has seen about 14,000 children benefiting from access to quality education and social welfare.

    Speaking at the groundbreaking ceremony, Roosevelt Ogbonna, FCA, CFA, Access Bank’s Managing Director/Chief Executive Officer, stated that the project is part of a broad mission to enhance educational opportunities for underprivileged children and ultimately alleviate poverty across Africa.

    According to Ogbonna, “Nigeria faces a profound challenge. Over 12 million of our children are out of school, with a significant number residing in the northern region. This unpleasant reality compels us to act, transforming despair into hope, and ensuring that every child is afforded the opportunity to dream and achieve.

    “In line with our mission to drive prosperity across Africa, we are proud to flag-off the construction of an additional 60 classrooms that will soon echo with the laughter and choruses of our young minds learning. These classrooms will serve as more than just buildings; they will be sanctuaries of hope, where the dreams of thousands of children will be nurtured, and futures will be forged. We will continue to work with our partners to create a brighter, more equitable future for the African child.”

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    The Executive Governor of Kaduna, Uba Sani, lauded the efforts of Access Bank, Fifth Chukker and UNICEF for their commitment to improving the levels of education in the state. He added that Kaduna will continue to do its part in fostering the goal to reduce the number of out-of-school children in the region.

    “Kaduna is happy to have partners in Access Bank, Fifth Chukker and UNICEF as we work to ensure that our children have access to quality education. We believe that all children have a right to formal education, and we look forward to more groundbreaking projects,” Sani stated.

    In previous editions of the Tournament, Access Bank’s efforts have made a substantial effect, addressing the pressing need for educational facilities while helping to reduce overcrowding in classrooms. In addition to Nigeria, the impact of the Polo Tournament has also extended to South Africa. Yearly, donations are raised towards supporting underprivileged children in the country through the Nelson Mandela Foundation Children’s Fund.

  • Fidelity Bank ranked amongst top banks in ESG Rating

    Fidelity Bank ranked amongst top banks in ESG Rating

    A recent survey commissioned by the Independent Project Monitoring Company (IPC) Limited has ranked Fidelity Bank Plc fourth out of 29 Nigerian banks in Environmental, Social and Governance (ESG) practices and reporting. The bank achieved a score of 57.73%.

    The result shows that ahead of Fidelity Bank, Zenith Bank was ranked first at 65.22%, followed by Access Bank at 60.33% and Stanbic IBTC Bank at 60.16%.

    The United Bank for Africa (UBA) was ranked fifth at 57.19%.

    In a post hosted on MSN.com, , the IPC stated that the ratings were benchmarked against the leading global ESG rating companies such as S & P Global and MSCI Sustainability Ratings.

    These weightings were determined following a comprehensive analysis of both global rating standards and the specific nuances of the Nigerian business landscape, resulting in allocations of 13 percent for environmental factors, 43 percent for social factors and 44 percent for governance factors.

    In his welcome address at the launch of the ESG report in Lagos, Managing Director IPMC, Mr Robert Ode Odiachi, said the Nigerian banking and insurance sector have played key roles in the economy stability of the country.

    He said in the midst of growing challenges facing the two sectors, there is growing need for banks to integrate Environmental, Social and Governance (ESG) practices into their operations especially in the area of risk management and reporting.

    “This proactive approach helps them stay adaptive to changing regulations, amidst the rising expectations of consumers,” he stated.

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    Also speaking at the event themed, ‘Driving Impact: Harnessing ESG for Sustainable Finance’, Rukaiya el-Rufai, Special Adviser to the President on NEC and Climate Change, said companies that prioritise ESG are not only contributing to a more sustainable and an equitable world but are also positioning themselves for value creation that not only ensures greater financial performance but embeds value levers that will sustain the performance.

    According to el-Rufai, corporates must ensure that they attain the fine balance of creating sustainable value for their enterprises as well as for society in what is understood as share value creation.

    This means that corporates must look beyond themselves to seek to understand and incorporate what value means to their stakeholders.

    “Corporates can leverage frameworks, standards, ratings and guidelines to establish clear expectations and avoid blind spots in their operations.

    “Companies that proactively address these issues through sustainable practices, such as reducing carbon footprints, investing in renewable energy and promoting circular economies, are better positioned to thrive in a resource-constrained world,” she stated.

    It would be recalled that in November 2023, Fidelity Bank became an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

    Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

    The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

  • FirstBank, firm partner on movie production

    FirstBank, firm partner on movie production

    FirstBank has through its First@arts initiative partnered with Creazioni Communications, a foremost one-stop Broadcast and Production center in Nigeria, to produce a modern adaptation of the classic Yoruba folklore, Oke Langbodo. This groundbreaking production aims to promote arts, entertainment, and cultural heritage, while connecting with the youth demographic and promoting talent in the creative sector.

    Oke Langbodo will come alive on stage at the prestigious Wole Soyinka Theatre, University of Ibadan on June 18; 19; 27; 28 and 29 2024 by 5pm respectively. Tickets are available at thevibewire.com.

    Oke Langbodo, a legendary tale of courage and resilience, inspired by the timeless classic ‘Ogboju Ode ninu Igbo Irunmole’ by D.O Fagunwa, reimagined in English as ‘Forest of a Thousand Demons’ by the legendary Wole Soyinka, and brought to life on stage by the visionary Wale Ogunyemi during Festac 77 as ‘Lagbodo’ is a collusion of ancient legends with modern technology of immense digital and technological experiential possibilities. This innovative approach will resonate with audiences across the continent and beyond by re-igniting the historical values of the country’s culture and showcasing the country’s cultural identities through the featured characters.

    The play Langbodo, is about a skilled hunter, who embarks into the forest of a thousand demons in search of game. Along the way, he encounters a series of trials, including encounters with mythical creatures like spirits, witches, and other supernatural beings. Despite the dangers, Langbodo remains courageous and resourceful, using his wit and skill to overcome each challenge. The legend of Oke Langbodo continues to be celebrated in Nigerian culture as a timeless tale of bravery, perseverance, and the triumph of good over evil.  Through the vibrant characters of Àkàrà Oògùn, Kàkó, Elégbèdè, Ẹ̀fò Ìyẹ́, Àràmọ̀ǹdà, Ìmọ́dòye, and Olóhùn Iyọ̀, the story comes alive under the directorship of Babatunde Ojobaro transporting us to a world of wonder and adventure.

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    Highlighting the Bank’s impact on the arts industry, the Group Head, Marketing and Corporate Communications, Ms. Folake Ani-Mumuney said, ‘’for over 130 years, FirstBank has been a steadfast supporter of the creative arts, consistently enabling the giants in our artists, by fostering creativity and national unity. This program serves as an umbrella platform encompassing a diverse range of artistic expressions that includes stage theatre productions that bring captivating stories to life; fashion shows that celebrate style and creativity; vibrant carnivals that showcase our cultural heritage; electrifying concerts that unite us through music. Oke Langbodo is another partnership opportunity for making a profound impact and reinforcing our commitment to empowering the creative sector’, she concludes.

    According to the CEO of Creazioni Communications, the producer of Oke Langbodo, Ropo Ewenla, “it is a delight producing this classic piece, Oke Langbodo, with the huge support of FirstBank at this auspicious moment in our national history.  A time to re-emphasise the need to shun our individuality and embrace the uniqueness of our diversity as people seeking national rebirth. On this enchanting and engaging artistic journey, our message is of peace, unity, selflessness, devotion, perseverance and commitment to enabling ideals that can sustain our humanity. Oke Langbodo is a play that will connect with us as a nation in our constant aspiration for energy and purpose”

    First@arts is FirstBank’s platform for consolidating all its efforts in the arts, supporting the entire value chain of the creative arts, providing much needed financing, showcasing, and facilitating the successes of the industry, as well as enabling customers explore the wealth of opportunities the creative industry has to offer. One of the unique initiatives under the First@Arts umbrella is FirstBank’s DecemberIssaVybe.  Through DecemberIssaVybe FirstBank provides opportunities and platforms for memorable Homecoming Experiences from across the world including for those coming for marriage ceremonies, friends, and family reunions; festivals, funerals, the I Just Got Backs (IJGBs); giving and communal engagement. It has always brought to friends and families of the Bank the best exciting, fun-filled, memorable experience in December.