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Tag: First Bank

  • Glitches: EFCC returns N802.4m to First Bank

    Glitches: EFCC returns N802.4m to First Bank

    The Economic and Financial Crimes Commission (EFCC) has handed over  N802,420,000, which it recovered  of  N1.3billion, to the First Bank Nigeria Plc.

    The cash was intercepted from a customer by the Benin Zonal Directorate of the commission following glitches in the bank.

    The customer and his relationship, who took advantage of the errors, have been  charged to court.

     According to a statement by the Head of Media and Publicity of the EFCC, Mr. Dele Oyewale, the money was retrieved from a suspect, Ojo Eghosa Kingsley, who took unlawful possession of over N1.3 billion belonging to the bank.

     The statement said: “The bank,  in its petition to the EFCC,  had alleged that system glitches led it to erroneously credit the account of Kingsley, a customer of the bank with the said amount.

    “The commission in its investigation discovered that the suspect,  upon the receipt of the money,  transferred a good measure of it to the bank accounts of his mother, Itohan Ojo and that of his sister, Edith Okoro Osaretin, and committed part of the money to the completion of his building project and the funding of a new flamboyant lifestyle.

    “With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.”

     The Acting Director, Benin Zonal Directorate of the EFCC,  Deputy Commander of the EFCC,  DCE Sa’ad Hanafi Sa’ad, while handing over the money,  said the EFCC will continue to discharge its mandate effectively in the overall interests of the society.

    Read Also: Adeyanju backs EFCC, faults opposition over reaction to Malami’s case

     Sa’ad added: “The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case,  First Bank was the victim and that is exactly what we have done.

    “We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud.”

    In his response, Olalere Sunday Ajayi, Business Manager, First Bank, Benin, who received the drafts on behalf of the bank,  commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the Commission.

    He described the EFCC as one of the most effective and reliable institutions.

    Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.

  • Glitches: EFCC returns N802.4m to First Bank

    Glitches: EFCC returns N802.4m to First Bank

    The Economic and Financial Crimes Commission (EFCC) has handed over  N802,420,000, which it recovered out of  N1.3billion to the First Bank Nigeria Plc.

    The cash was intercepted from a customer by the Benin Zonal Directorate of the commission following glitches in the bank. 

    The customer and his relationship manager, who took advantage of the errors, have been  charged to court.

     According to a statement by the Head of Media and Publicity of the EFCC, Mr. Dele Oyewale, the money was retrieved from a suspect, Ojo Eghosa Kingsley, who took unlawful possession of over N1.3 billion belonging to the bank.

     The statement said: “The bank,  in its petition to the EFCC,  had alleged that system glitches led it to erroneously credit the account of Kingsley, a customer of the bank with the said amount.  

    “The commission in its investigation discovered that the suspect,  upon the receipt of the money,  transferred a good measure of it to the bank accounts of his mother, Itohan Ojo and that of his sister, Edith Okoro Osaretin, and committed part of the money to the completion of his building project and the funding of a new flamboyant lifestyle.

    Read Also: Olukoyede: EFCC not victimising Malami, I inherited his case

    “With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.”

     The Acting Director, Benin Zonal Directorate of the EFCC,  Deputy Commander of the EFCC,  DCE Sa’ad Hanafi Sa’ad, while handing over the money,  said the EFCC will continue to discharge its mandate effectively in the overall interests of the society. 

     Sa’ad added: “The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case,  First Bank was the victim and that is exactly what we have done. 

    “We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud.”

    In his response, Olalere Sunday Ajayi, Business Manager, First Bank, Benin, who received the drafts on behalf of the bank,  commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the Commission. 

    He described the EFCC as one of Nigeria’s most effective and reliable institutions.

    Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.

  • Firstbank-sponsored ‘Obey the Musical’ stage play thrills audience in Lagos

    Firstbank-sponsored ‘Obey the Musical’ stage play thrills audience in Lagos

    First Bank of Nigeria Limited has sponsored the stage play Obey The Musical, a biographical production celebrating the life and legacy of juju music icon, Evangelist Professor Ebenezer Obey Fabiyi.

    The two-day performance, held on December 25 and 26 at the Agip Hall, Muson Centre, Lagos Island, attracted large audiences who gathered as part of the Yuletide festivities. The play was hosted by Joseph Edgar of The Duke of Somolu Foundation and written by Emmanuel Adejumo, son of the late veteran comedian, Baba Sala.

    Obey The Musical tells the true-life story of Chief Ebenezer Obey, widely regarded as one of the pioneers who took juju music from the streets to mainstream popularity in Nigeria. Through a blend of live music, traditional dance, drama and storytelling, the production traced Obey’s journey from his early years in school to his rise as a household name in the Nigerian music industry.

    Before the intermission, Edgar paid tribute to the late Segun Awolowo Jr., a strong supporter of the foundation’s productions. A minute of silence was observed in his honour, led by veteran actor and talk show host, Yemi Sodimu. 

    Also speaking, Otunba Bimbo Ashiru, Managing Director of Oodu’a Investment Company Limited, described Awolowo Jr. as a committed patron of the arts and commended the production team and sponsors for sustaining his passion for theatre.

    The play highlighted Obey’s formative years, his academic excellence, and his unwavering determination to succeed in music. It also explored defining moments in his career, including his breakthrough at Deca Records, where his preparation and talent earned him an immediate recording deal.

    A major emotional point in the production was the portrayal of the tragic loss of Obey’s wife, a moment that deeply affected the musician and influenced his artistic expression. The scene drew strong emotional reactions from the audience, with many moved to tears by the actors’ performance.

    The production further examined Obey’s transition into evangelism, showing how his Christian faith reshaped his music and life direction. 

    The story underscored themes of perseverance, discipline, faith, and consistency, presenting Obey’s life as both an artistic journey and a moral lesson.

    Directed by Joseph Edgar, popularly known as the Duke of Somolu, the production was praised for its attention to detail, from costumes and makeup to stage design and orchestration. The live band performed several of Obey’s classic songs, prompting many audience members to sing along during the show.

    Speaking after the performance, Group Head, Marketing and Corporate Communications at FirstBank, Olayinka Ijabiyi, reaffirmed the bank’s commitment to promoting arts and culture in Nigeria.

    “FirstBank is committed to creating memorable homecoming experiences during the festive season, from family reunions to cultural celebrations. Our partnership with the Duke of Somolu on this production reflects our long-standing support for the creative industry and the arts,” Ijabiyi said.

    He added that FirstBank, through its First@arts initiative, has 131 years of history supporting Nigeria’s creative sector, and encouraged Nigerians to take advantage of the entertainment offerings under the bank’s DecemberIssaVybe campaign.

    DecemberIssaVybe is FirstBank’s annual festive campaign designed to boost Nigeria’s arts and entertainment industry by providing platforms for live performances, concerts and cultural events throughout December. The campaign targets both local and international audiences, offering, as the bank describes, a premium homecoming experience.

    FirstBank also disclosed that preparations are already underway for the 2026 edition of DecemberIssaVybe, with plans to deliver more entertainment experiences for customers and the general public.

  • First Bank finishes  10th  at AWBL 2025

    First Bank finishes  10th  at AWBL 2025

    Nigeria’s flag bearers, First Bank Basketball Club, will conclude their outing at the 2025 Africa Women Basketball League (AWBL) with a 10th-place finish as the championship wraps up on Saturday in Egypt.

    The Lagos-based side, fondly called the Elephant Girls, endured a difficult group-stage campaign, suffering defeats in their opening two matches against Mozambique’s Ferroviario de Maputo and Kenya Ports Authority (KPA), results that left them with little margin for error.

    Read Also: SPORTS PERSON OF THE YEAR: VICTOR OSIMHEN

    First Bank, however, showed character in their final group game by edging Cameroon’s FAP to register their lone victory of the tournament. Despite the morale-boosting win, it was not enough to earn a place in the knockout phase.

    In the classification encounter that followed, FAP turned the tables with a 48–42 victory over the Nigerian champions, avenging their earlier loss and confirming First Bank’s 10th-place finish on the final standings.

    Attention now shifts to the championship decider, where defending champions Ferroviario de Maputo will battle host club Al Ahly Sporting Club in the final as the 2025 AWBL comes to a close in Egypt.

  • Entrepreneurs laud First Bank’s support for African development

    Entrepreneurs laud First Bank’s support for African development

    First Bank of Nigeria Limited has presented its prestigious CEO Award to Team Mauritius at the grand finale of the 15th Junior Achievement (JA) Africa Company of the Year competition, which concluded over the weekend in Abuja.

    The three-day event, held from December 3 to 5, 2025, brought together student entrepreneurs from eight African countries—Eswatini, Ghana, Mauritius, Nigeria, Rwanda, South Africa, Uganda and Zambia—who showcased innovative, climate-focused business solutions under the theme Action for Climate Transformation. The annual contest provides a platform for young innovators to compete for a chance to represent Africa at the global finals, while accessing funding, scholarships and long-term venture support.

    Announcing the award, FirstBank said Team Mauritius distinguished itself across the five judging pillars: strength of business idea, financial management and sustainability, leadership and teamwork, stage pitch, and trade fair performance.

    The team’s company, Plantura, impressed the bank with its “plant and air-based purifier,” a climate-smart solution developed by four students described by the bank as “smart, agile and intelligent. “We unanimously agreed that Mauritius had our vote for the FirstBank CEO Entrepreneurship Award,” the bank stated.

    President and CEO of JA Africa, Simi Nwogugu, commended FirstBank for its continued support, noting that the bank’s contribution has strengthened entrepreneurship and financial literacy programmes across the continent. “FirstBank has been an incredible supporter,” she said. “Usually, our headline sponsors are global organisations, so having FirstBank step up in that role was very exciting. We hope to further deepen the partnership—not just through funding, but also through FirstBank employees volunteering in classrooms.”

    READ ALSO; Getting it right

    Nwogugu highlighted Africa’s urgent employment challenges, noting that while 11 million young people enter the labour market annually, only about 3 million jobs are created, leaving millions without work. She warned that without deliberate efforts to empower the continent’s youth, poverty and crime could worsen.

     “Our solution is to raise young people who are not only job seekers but job creators,” she said. “We emphasise entrepreneurship education from an early age, teaching ethics, integrity and problem-solving. When young people identify problems, they should think immediately of how to solve them.”

    She added that the future of work is rooted in technology, underscoring the organisation’s commitment to digital skills training. JA Africa currently reaches 1.5 million youths and aims to double that number by 2028 and expand to 5 million by 2030.

    Also speaking, President and CEO of Junior Achievement Worldwide, Asheesh Advani, urged more Nigerian institutions to emulate FirstBank’s leadership in supporting youth entrepreneurship. “FirstBank is a great example of leadership in this regard, and we encourage other Nigerian companies to follow their lead,” he said.

  • Alleged $1b debt claim: First Bank, Access Bank, Zenith Bank MDs risk imprisonment over disobedience of court order

    Alleged $1b debt claim: First Bank, Access Bank, Zenith Bank MDs risk imprisonment over disobedience of court order

    The Federal High Court in Abuja has issued stern warnings to three major financial institutions, First Bank of Nigeria Limited, Access Bank Plc, and Zenith Bank Plc, placing their Managing Directors on notice that they could face imprisonment for allegedly disobeying a subsisting court order.

    The warnings were contained in a series of Form 48 Notices of Consequences of Disobedience to Court Order, issued in relation to an interim directive made on November 6, 2025, in Suit No. FHC/ABJ/CS/2369/2025.

    The suit concerns a high-stake dispute involving onshore oil asset and the FSO Ugo Ocha, linked to interests in the OML 42 Joint Venture, in which the Federal Government owns a 55 per cent share.

    Form 48 notices dated November 13, 2025, were served on the Managing Director of First Bank at both the bank’s Marina Head Office in Lagos and its Abuja main branch on Muhammadu Buhari Way.

    In the notices, the court reminded the banks that it had issued a clear directive requiring all parties to maintain the status quo, warning that any deviation could amount to contempt of court.

    The warning stated: “Unless you stop further disobedience and comply with the direction contained in the order… you will be guilty of contempt of court and will be liable to be committed to prison.”

    A copy of the original order was attached to reinforce the seriousness of the directive.

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    The order read: “The ex-parte application for Interim Injunction is hereby refused.

    “The Court hereby directs all parties to maintain the status quo as at today, the 6th day of November 2025.

    “Parties are ordered not to deal with the subject matter of the litigation pending the hearing and determination of the Motion on Notice for Interlocutory Injunction.

    “The Motion on Notice shall be served on the Defendants/Respondents before the next adjourned date.”

    The suit was instituted by Neconde Energy Limited, White Dove Shipping Company Limited, and others against First Bank, Access Bank, and five other defendants.

    The issuance of Form 48 marked the first stage of contempt proceedings.

    The notices, served between November 7 and 13, 2025, warned that any actions taken contrary to the court’s instruction to preserve the status quo would constitute contempt.

    The court has fixed the hearing of the motion for interlocutory injunction for December 4, 2025, and has cautioned that any breach of its directive before that date will attract serious legal consequences.

    • See court papers on pages I – III
  • Lagos Open: Mactay wins as First Bank pledges support for charities

    Lagos Open: Mactay wins as First Bank pledges support for charities

     FirstBank Corporate Golf Challenges for Charities, a part of the annual Lagos Amateur Open Golf Championships, came to a thrilling end at the golf section of Ikoyi Club 1938 on Thursday, with Team Mactay emerging the winner.

    To come top in the keenly contested encounter, Team Mactay shot a total of 89 stable points to beat their closest rival, Team Arravo, to the second position. Comprising star players like Mike Makinde, Tim Ayomike, Folabi Balogun, and Tayo Rotimi, the team fired from all cylinders to win the contest.

    Team Arravo fought to come in the second position. Their score of 83 points was 6 shots adrift from the winning Mactay.

    Read Also: Super Falcons, Nnadozie win  big at 2025 CAF Awards

    With a score of 77 points, Team First Asset Management, represented by Felix Majekodunmi, Femi Feyide, Dokun Oyenuga, and Musbau Amologbe, came in the third position, while Team Glenfiddich came fourth after shooting 75 points.

    Team FirstBank came fifth, while Team Sunbeth ducked in the Sixth position, Team First Securities Brokers came 7th, while Team Coscharis, with a score of 67 points, completed the top eight in the 18-hole tournament.

    Meanwhile, tournament sponsor, FirstBank of Nigeria Limited, has pledged its support to charities, saying money raised in the Corporate Challenge would be given to charities. Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications of FirstBank Group, while commending golfers for their participation in the challenge, the passion shown, the camaraderie, and competitive spirit are inspiring proof that leaders can deliver impact on the fairway just as they do in the boardroom, saying their participations extend far beyond this course. Similar initiatives in the past benefited schools like Pacelli School for the Blind and the Down Syndrome Foundation.

  • FirstBank redeems $350m Eurobond

    FirstBank redeems $350m Eurobond

    First Bank of Nigeria Limited (FirstBank) redeemed its $350 million Eurobond upon maturity yesterday.

    The Eurobond was issued as Senior Notes in October 2020 at 8.625 per cent with semi-annual coupon payments, which was 70 per cent oversubscribed at the time, evidencing FirstBank’s deep market access and investor confidence.

    The proceeds of the Senior Notes were used to, among others, finance various customer projects and activities, some of which were of vital national and economic importance.

    Chief Executive Officer, FirstBank Group, Olusegun Alebiosu, said the redemption reflected FirstBank’s effective liability management strategy as it further demonstrated the bank’s robust foreign currency liquidity and unrivalled franchise strength.

    He said the redemption also cemented FirstBank as a preferred issuer in the international investment community.

    According to him, with this redemption, FirstBank has now successfully redeemed $1.275 billion over four maturities, since it 2007 vintage issue.

    “This redemption is entirely from the Bank’s balance sheet, reflecting FirstBank’s superior assets and liabilities management, the unrivalled franchise strength and reinforces the confidence that the investment community reposes in FirstBank,” Alebiosu said.

    He reaffirmed FirstBank’s 131-year legacy as a leader in corporate banking in Nigeria and across Sub-Saharan Africa.

    READ ALSO: Commanding from the front: Tinubu strengthening national security architecture

    He also assured customers of the bank’s commitment to meeting their transaction banking, treasury and cash management needs, through differentiated product offerings, powered by recent cutting-edge technological investments aimed at further streamlining its processes and improving customer experience.

    Recently, Fitch affirmed FirstBank’s Long-Term Issuer Default Ratings (IDRs) at ‘B’ and upgraded the bank’s National Long-Term Ratings to ‘A+(nga)’ from ‘A(nga)’, both with ‘Stable’ outlooks, further reinforcing the Bank’s credit capacity and excellent balance sheet quality.

    In recognition of FirstBank’s leadership in corporate and transaction banking in Nigeria, the Bank was awarded the Best Bank for Corporates in 2024 by Euromoney, Global Finance and World Economic Magazine.

  • 300 golfers for First Bank’s sponsored tourney in Port Harcourt

    300 golfers for First Bank’s sponsored tourney in Port Harcourt

    First Bank’s sponsored Python Amateur Golf Open Championship has attracted 300 players from within and outside the country to Port Harcourt, Rivers State.

    Speaking at the Port Harcourt Golf Course, the Chief Executive Officer of First Bank Group, Olusegun Alebiosu, said the bank would also host the 65th  edition of its Lagos Open Golf Tournament on 20th  November.

    He underscored the bank’s commitment to supporting sports development in the country emphasising the importance of sports in nation-building and societal development.

    Alebiosu said apart from golf, the bank was also sponsoring other sporting events such as football, basketball, tennis and polo.

    He said: “Golf is not about being rich. I started playing golf when I was a nobody. The basic thing is buying the club, and some of us started with second-hand clubs.

    Read Also: First Bank launches all-round digital centre at BUK

    “It’s about sport and golf. At First Bank, we support sports across the country. Today is about golf, next week Sunday it will be about polo in Kaduna . We have been doing that for over a century.

    “In November we are going to see golf in Lagos specifically that is about on the 20th  where we are doing the 65th  edition of our golf tournament in Lagos. It is called Lagos Open, players come  all over the world to  come and play in Lagos Open”.

    Chairman of the Local Organising Committee (LOC), Dr Raphael Onoshakpo, said the Port Harcourt Open was a seven-day competition produced winners, who received various gifts.

    Onoshakpo attributed the growing interest in golf to the lockdown period, saying it saw a surge in people taking up the sport.

    He noted that the Python Golf Club had become a major hub for golfing, with a full training facility that had churned out over 200 new golfers in the past.

  • E1 Lagos GP: Winning with sports, First Bank’s legacy

    E1 Lagos GP: Winning with sports, First Bank’s legacy

    It was legacy sustained, commitment affirmed. That’s First Bank, a bank winning with sports. That commitment was further affirmed over the weekend when it bankrolled the maiden E1 Lagos GP, the first of its kind in Africa, culminating in an evening of vibes, entertainment and more.

    It was sports, culture and entertainment in one spot. How best can you describe such a show? Simply ‘Classy’, holding boat race fans spellbound, amidst cultural displays in a town that never sleeps.

    The ambience, the aesthetics, the vibes tell the story. It is E1 Lagos GP powered by the leading bank in Nigeria; First Bank of Nigeria Limited.

    Right from the countdown to the D-day, it was sure to be a grand event. At the closing, no one was disappointed. The atmosphere at the inaugural E1 Lagos Grand Prix was electrifying, vibrant, as the event which made its historic African debut raced to a great start. The all-electric powerboat race blended high-speed, zero-emission competition with Nigeria’s energetic cultural atmosphere, attracting thousands of fans and international attention able by FirstBank

    In the final race, Team Brazil emerged victorious, securing their first win of the season and keeping their championship hopes alive. Despite the challenging weather conditions on the Lagos Lagoon, Team Brazil’s pilots, Timmy Hansen and Ieva Millere-Hagin, put on a stellar performance, running through the still water with energy.

    Though Team Brazil won, the event wasn’t about the visitors only, Chelsea legend and Cote D’ivoire football icon, Didier Drogba was on ground with Team Drogba. Team Drogba Global Africa’s pilots are Oban Duncan and Micah Wilkinson. Duncan is a young British powerboat champion, while Wilkinson won a sailing bronze medal at the 2024 Paris Olympics. Their partnership in the E1 Series reflects a focus on promoting green technologies, sustainable development, and African talent on the global stage.

    In the Grand Prix, Team Drogba finished in third place, earning 24 points. Team Brady leads the overall championship standings.

    Read Also: Adeboye urges Nigerians to elevate God for progress, as Sanwo-olu reiterates commitment to serve

    The E1 Series involves other celebrity team owners, including Aoki Racing Team, Team Alula, championed by LeBron James, Team Blue Rising, Team Miami, powered by Magnus, and Team Rafa, owned by Rafael Nadal all took part in the racing championship.  The championship aims to promote both sport and sustainability, with a focus on inspiring future generations and fostering cleaner marine mobility.

    Beyond the racing, the event highlighted Lagos’s commitment to clean energy and the potential of its “blue economy”. E1 Founder and CEO Rodi Basso explained as much that the event was a crucial step in promoting cleaner marine mobility in Africa.

    For FirstBank, it was much more, the show was part of a lined up of entertaining events which are due to kick in as Nigerians get in the groove of the ember months as part of the bank’s annual entertainment and lifestyle slate known as #DecemberIsAVibe.

    According to Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, the bank is poised to dazzle Nigerians from this month until the end of 2025 with awesome entertainment and lifestyle events for the remaining part of the year.

    Also on the card this year is the 64th edition of the famed Lagos Open Golf Championship and the over a century Georgian Cup in Kaduna, a polo tournament.

    While FirstBank’s football team, the Elephant Boys continue to entertain on the football pitch, the Elephant Girls holds sway on the Basketball court, Dala Hard Court, tennis is historical and Ijabiyi says, it’s just the beginning.

    Truly, E1 Lagos GP, presented by first Bank was a product of great thinking, First Bank powered and fantastic outcome. It’s E1 Lagos GP.