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Tag: First Bank

  • First Bank redeems $300m Eurobond, pays bondholders

    First Bank yesterday said it had redeemed a $300 million Eurobond before maturity and had paid all bondholders.The seven-year bond was issued in 2013 at 8.25 percent and had been due to be repaid in 2020.

    First Bank announced its intention last month to repay the debt before maturity and said on Tuesday it had made the payment after obtaining necessary approvals.

    It said the redemption had no impact on its capital ratios and that it had built up dollar liquidity over the past year.

    Nigerian banks cut lending last year due to weak economic growth and foreign currency risk. However, several of them are eyeing loan growth this year, citing economic improvements and especially as the central bank introduces liquidity to the banking sector targeting credit to manufacturers.

    First Bank said it did not plan to issue another Eurobond in the near term, because it had ample liquidity to meet its foreign and local currency funding needs. News of the redemption came after the market close. Shares in FBN Holdings, the bank’s holding company, closed up 0.51 per cent.

  • First Bank launches chat banking on WhatsApp

    Determined to ensure effective service to its customers, First Bank of Nigeria on Thursday unveiled its chat banking on WhatsApp.

    Mr Chuma Ezirim, the bank’s Group Head, E-Business, said the application would enable customers leverage the real-time messaging capabilities of the WhatsApp Business Solution to check their account balance.

    Ezirim said that customers would also leverage on the solution to perform simple banking queries.

    He said in a statement in Lagos that the launch which took place on Aug. 1 was at its pilot phase and would be available to a select group of customers after which it would be made available to all customers.

    Ezirim said additional details on the solution would be provided in the coming weeks as customers are encouraged to keep interacting with the bank on its various social media channels for updates.

    “Customers expectations are constantly changing and it is our duty as a customer-focused bank to ensure that our customers are provided with the means to carry out banking services through any channel they desire.

    “We are constantly seeking new ways and opportunities to meet customers at their preferred touch points and we understand our customers are actively engaged on WhatsApp.

    “With First Bank chat banking on WhatsApp, it is not just about staying connected with friends and loved ones, but also keeping in touch with your bank anytime and anywhere you are,” Ezirim said.

    First Bank is the premier bank in West Africa with about 14 million customer accounts and also provides a comprehensive range of retail and corporate financial services with over 750 business locations.

    It has international presence through its subsidiaries, FBN Bank (UK) 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.

  • First Bank flags-off agent banking in Jabi park

    First Bank Ltd yesterday flagged-off partnership on agent banking with the National Union of Road Transport Workers (NURTW) in Jabi Motor park, Abuja.

    The Deputy Managing Director, Mr. Gbenga Shobo, represented by Regional Head, Shehu Aliyu, and the President, NURTW Alhaji Najeem Yasin  led the representatives of the bank and the union respectively in the FirstBank Agent Banking/NURTW partnership.

    Shobo said “what we are doing today is the flagging-off of business across not only the motor park in Jabi but in six other locations in Nigeria. And we are starting with the pilot, which comprises seven motor parks, Jabi is one. And this is where we are having the launch of the partnership.

    “We have other locations in Kano, Maiduguri, PortHacourt, Lagos, Abia, Kaduna. These locations will be simultaneously commencing provision of  financial services to commuters and other users within the motor parks.”

    He noted that with the partnership, the drivers will be able to open accounts, make deposit, which they can access from any other location.

    According to him, the ceremony marked a year of discussions of the partnership with the union. He noted that the partnership was predicated on the realization that there are no financial service providers in the motor parks across the country.

    He said that drivers and commuters  run the risk of traveling with transport fares but the insecurity in the country has made it unreasonable for them to take such risk.

    He said that “commuters move from one location, from one place to another. They sell their goods and carry this money across distances. The drivers carry money in their pockets. While they move, they expose themselves to the danger of being attacked on the way. That informed our gesture of partnership with the union to extend our  services to people that work in the motor parks.”

    Soyobo noted  that the partnership was also to inculcate a saving culture in the drivers, stressing that “in order to to achieve this we have special savings account, that we call the drivers’ savings account.”

  • N17.258b judgment debt: Why court froze INEC’s accounts

    Facts emerged Friday why a Federal High Court in Abuja froze accounts owned by the Independent National Electoral Commission (INEC) in banks particularly Central Bank, First Bank and United Bank for Africa (UBA).

    INEC’s accounts in CBN, First Bank and UBA are: 002-01224-42021 and 002-01224-41032 domicile in Central Bank of Nigeria (including all funds held in both accounts).

    Others are: 2022050942 and 2022050904 in First Bank (with balances of N1, 578,696,848.84 and N600, 270,638.00); and 1005393548 in United Bank for Africa (with balance of N52, 000,000.00).

    The temporary freezing order was made by Justice John Tsoho upon an ex-parte motion filed by a Lagos-based firm – Bedding Holding Limited (BHL) – for a ganishee order nisi.

    The Federal High Court had on January 28, 2014 gave a judgment against INEC, its then Chairman, Prof Attahiru Jega, the Attorney General of the Federation (AGF) and three others in a suit marked: FHC/ABJ/CS/816/2010, filed by BHL.

    Other defendants in the suit were Haier Electrical Appliances Corporation Limited, Zinox Technologies Limited and Avante International Limited, who were contractors to INEC, engaged to supply equipment that it deployed for voters’ registration prior to the 2011 elections.

    BHL had sued, accusing INEC, Jega and other defendants of infringing on its exclusive “Patent Rights “No: RP16642 and Copyrights Design No: RD13841 in and over Electronic Collapsible Transparent Ballot Boxes (ECTBB) and Patent Rights No: NG/P/2010/202 – Proof of Address System/Scheme (PASS) – Embedded with the Concept of the Coded Metal Plate.”

    The firm claimed that the inventions, which its exclusive patent and copy rights covered, were deployed by INEC and the other defendants “for the production of voters’ register for the 2011 general elections, among other elections, without its prior license, consent and authorisation.”

    In a judgment on January 28, 2014, then Chief Judge of the Federal High Court, Justice Ibrahim Auta, agreed with BHL’s claims and granted all its declaratory and monitary reliefs against the defendants.

    Justice Auta ordered among others, that BHL “is entitled to 50 per cent of the total contract sum of N34, 517,640,000.00,(which is N17,258,820,000.00) being the minimum reasonable royalty accruable to the plaintiff for the production, procurement, supply, acquisition, importation, purchase, receipt, sale of the Direct Data Capturing Machine, laptops and/or any other equipment ancillary to, or associated with the process and application of the said products for the registration of voters and or the collation/compilation and production of the voters’ register for the 2011 general elections and any other elections by the defendants, without first seeking and obtaining the consent of the plaintiff.”

    BHL’s ex-parte motion for ganishee order nisi, granted by Justice Tsoho on May 24, 2018 was in furtherance of the execution of the January 28, 2014 judgment.

    Former President of the Nigerian Bar Association (NBA) Wole Olanipekun (SAN), who saw merit in BHL’s case, led a team of lawyers, including two other Senior Advocates – Assam E. Assam and Karina Tunyan – to argue the ex-parte motion on May 24, 2018.

    Olanipekun, while arguing the motion, told the court that BHL had, since January 28, 2014 when the judgement was given, notified the judgment debtors and written the AGF on the issue.

    He said parties to the judgment had held several meetings on the judgment, but which have remained inconclusive, a development that informed the motion aimed at executing the judgment.

    BHL, in a supporting affidavit, said mediation meetings held on two occasions, by parties to the judgment, under the chairmanship of the Solicitor General of the Federation/Permanent Secretary of the Ministry of Justice, “could not be concluded because the 1st judgment debtor (INEC) failed, refused and/ or neglected to attend subsequent meetings.”

    Although BHL”s motion for garnishee order nisi had all the six judgment debtors listed, it chose to proceed against only INEC and the AGF. It discontinued against Jega, Haier, Zinox and Avante.

    Justice Tsoho has adjourned to July 2 this year for the garnishee ( the 23 banks listed in the application) to show cause why the garnishee order nisi should not be made absolute (why the temporary freezing order should not be made permanent, compelling the banks to pay to the judgment creditor -BHL- the judgment sum).

  • EdoJobs partners First Bank, Interswitch to train 42 new employees

    As part of Governor Godwin Obaseki’s drive to create jobs and improve financial inclusion, the Edo State Government has through Edo Jobs, employed 42 persons as enumerators and partnered with Interswitch Financial Inclusion Services to train the new employees from the three senatorial districts of the state on agency banking.

    The exercise is the first in a series of activities that will roll out over 500 agency bankers in partnership with Firstbank Nigeria and Interswitch.

    The skills development program equips beneficiaries with skills and expertise to become third party agents for the processing of cash deposits, withdrawals and payment of utility bills.

    Read Also:Edo trains 150 youths in Career Kickstarter Programme

    Senior Special Assistant (SSA) to the Governor on Skills Development and Jobs, Mrs. Ukinebo Dare, said that the training is in part, a fulfilment of the Governor Godwin Obaseki’s administration’s promise to create 200,000 jobs in the state.

    She added that the trainees will also serve as enumerators for the EdoJobs programme, as they have been deployed to provide assisted registrations on the EdoJobs portal from all LGAs in Edo.

    Noting that the state government is determined to empower youths to become self-reliant, she said, “At Edo Jobs, we want to address the issue of job creation wholistically. So, we are leaving no stone unturned. Much as we are training people on how to be the best in the workplace, we are also empowering them to be self-reliant with bespoke training packages.”

    On the partnership for agency banking with FirstBank, she said, “As part of its commitment towards the development of Edo State, First Bank of Nigeria is partnering with EdoJobs on training and equipping of 500 small business owners on Agency Banking across all Local Government Areas.”

    She said, “Agent banking is the provision of financial services to customers by a third party (agent) such as cash deposits and withdrawals, payment of utility bills and other banking services. The partner will be branding the business location as well as providing necessary tools to help drive publicity and business profitability.

     

  • Court remands couple for alleged First Bank cheque forgery

    An Ikeja Magistrates’ Court in Lagos yesterday remanded a cohabiting couple, Patrick Nana, 35 and Ifeoma Alexander, 39, who allegedly forged a First Bank cheque with intent to withdraw N98, 000.

    Chief Magistrate Mrs. O .I. Raji granted the accused bail at N150, 000 each with two sureties.

    She said the sureties should be employed with an evidence of two years’ tax payment to the Lagos State government.

    “The accused should remain at Kirikiri Prisons pending when the bail conditions will be met,” Raji said.

    The accused, living at 31, Unity Estate, Giwa, Oke-Aro, Lagos are facing a five-count charge on conspiracy, forgery, fraud and false pretences.

    The prosecutor, Rachael Williams, said the accused committed the offences on March 23 at First Bank, Iju Road, Lagos.

    She said the accused with others at large, conspired to commit felony by stealing one slip of First Bank cheque, with an account name, Soluade Olawale .

    “The accused fraudulently procured the execution of valuable security to withdraw N98, 000 from the account of Soluade Olawale,” the prosecutor said.

    The duo pleaded not guilty.

    The offences contravene sections 314, 322, 329, 365 and 411 of the Criminal Law of Lagos State, 2015 (Revised).

    The magistrate adjourned the case till April 19.

     

  • Oil spill: First Bank objects to contempt charge by Rivers community

    First Bank of Nigeria Limited and its Chairman Mrs. Ibukun Awosika have filed a preliminary objection to a contempt charge against them by Ejama-Ebubu community in Eleme Local Government in Rivers State.

    Their counsel, Chief Wole Olanipekun (SAN), told Justice Ibrahim Buba, of the Federal High Court in Lagos, yesterday, that his clients’ motion for objection was dated March 18 and filed on March 20.

    He said his clients were challenging the proceedings and the court’s jurisdiction, and prayed that they should be set aside.

    “Our motion takes precedence in this matter. We are challenging the non-compliance with the rule of the court, conditions precedent and jurisdiction of the court,” Olanipekun said.

    He argued that the objection should be heard first, saying: “My learned friend said contempt is quasi criminal. Even in criminal proceedings, where an accused is challenging the jurisdiction of the court, he does not need to appear until when the application is taken and determined.”

    Counsel for Ejamah-Ebubu Mr. Rafiu Lawal-Rabana (SAN) said the alleged contemnors, First Bank and Awosika, ought to be in court.

    He said: “By the nature of this application and proceedings, they are bound to be in court because they were summoned to show cause while they should not be charged for contempt. It is our prayer that the contemnors be in court before proceedings can commence.”

    Lawal-Rabana said he had responded to the preliminary objection, urging the court to hear it with other applications.

    Ruling, Justice Buba said since the respondents filed a preliminary objection, an order for the alleged contemnors to be present was unnecessary until their application was decided.

    The community initiated the proceedings, accusing First Bank of refusing to release N17 billion which it allegedly guaranteed to pay on behalf of Shell Petroleum Development Company (SPDC).

    Ten indigenes of Ejama community in Ogoniland sued Royal Dutch Shell Plc, Netherlands, Royal Dutch Shell Plc, United Kingdom, and SPDC at the Federal High Court in Port Harcourt for alleged oil spills that occurred when Shell operated in the community.

    Justice Buba, who heard the case in Port Harcourt, awarded N17 billion to the community’s representatives in 2010, as well as 25 per cent interest on the principal.

    Shell appealed and applied for a stay pending the appeal, while the court required First Bank, Shell’s bankers, to provide a guarantee of the judgment sum as condition.

    The Court of Appeal dismissed Shell’s appeal, holding that the appellant did not pray for leave to amend its brief or for extension of time to file its original brief out of time.

    The appellate court held that in the absence of any clear or proper order sought and duly obtained from it, the amended appellant’s brief sought to be relied on was not fully and duly regularised.

    It held that Shell’s appeal was not a proper or valid process before the court and therefore it ought to be discarded as it was more or less as if the appeal was never filed.

    Shell is in the process of challenging the Court of Appeal verdict, it was learnt.

    Justice Buba adjourned till May 14.

  • Offa Robbery Attack: First Bank to partner with govt on security – MD

    First Bank Holdings has expressed its readiness to collaborate with the government in providing security in Offa Local Government Area of Kwara to curb incessant armed robbery.

    The Managing Director of the holdings, Dr. Adesola Kazeem said this in an interview with our reporters, at the Ilorin International Airport on Monday.

    The MD spoke through the Deputy Managing Director, Mr Francisco Shobo.

    The MD said, “We are very sad at the development but thankful to God that none of our staff or customers lost their lives to the armed robbery attack.

    “We are planning to partner the various tiers of government to ensure that sophisticated security outfit is provided within our branches in Offa,” the MD said.

    According to him, First Bank will support the police in ensuring that sound security apparatus is installed within the premises of the bank.

    Kazeem also assured the bank’s customers that it would resume operations as quickly as possible in the community to ease their transactions.

    He also called on the public to always report any suspicious person to the security agencies for necessary action.

    Kazeem appealed to both the Federal and the various state governments to assist banks curb attacks on banks in the country by putting in place adequate security measures.

    The robbers killed 24 people, including policemen and residents when they attacked branches of the Union Bank, ECOBANK, Guarantee Trust Bank, First Bank, Zenith Bank and Ibolo Micro Finance Bank in Offa on April 5.

    Also, some of those who sustained various injuries from the attacks were taken to different hospitals for treatment.

    NAN

  • House of Ganiyah partners First Bank, Wfm to launch She-EO Lagos

    House of Ganiyah, an independent non-partisan organization, is set to unveil the Lagos edition of its talk-show style experience, She-EO. The event tkes place on January 13 at the Clear Essence California Spa and Wellness Resort.

    The first edition took place in Maryland USA on August, 19 2017.

    Pioneer of the idea, Tope Fajingbesi, said that the goal of ‘She-EO’ is to provide safe platforms for women to retreat and discuss issues related to personal growth and community engagement. Tope says that this event is especially for women who wish to break barriers, who have the potential to be change agents in their families, organizations and communities and who are passionate about leaving a better world for future generations

    A Hot Seat guest and sponsor of the She-EO event, Toun Okewale, the CEO of WFM 91.7, said She-EO is breaking barriers by having no-holds barred discussions about issues that are “taboo” topics in many cultures and communities.

    Another Hot Seat guest and sponsor, Bashirat Odunewu, Group Executive, First Bank of Nigeria Plc, described She-EO as a soul inspiring and life transforming experience for purpose-driven women.

    Other expected hot seat guests include Bolanle Shobowale, Head of Customer Experience, Stanbic IBTC, Genevieve Mbama; Director, Oracle Insight EMEA, and Mo Abudu; CEO EbonyLife Television.

    Fajingbesi is a Nigerian-American financial management consultant, speaker and the author of Amazon bestselling novel, Love in Cancun. She created and hosts Impact Africa, a radio program that inspires listeners to participate actively in African development through entrepreneurship. She also invests her time into providing education, healthcare and social welfare initiatives for children from low-income families through United for Kids Foundation, an organisation she co-founded in 2002 and which she continues to serve as its Executive Director/Coordinating Trustee (Pro-Bono).

  • Davido becomes First Bank ambassador

    Davido becomes First Bank ambassador

    Having won several awards this year, Davido is also ending the year on a good note as he signed a contract with First Bank to become one of their ambassadors.

    The Omo baba olowo, crooner took to his Instagram page to share the good news by posting photo of the event, with the caption, “Me and my new family @firstbanknigeria, So many new projects and ideas coming! We also can’t wait for Dec 27th!”

    It has been revealed that the bank has taken over sponsorship of the grand finale of Davido’s ‘30 Billion Concert’ scheduled for December 27, 2017 in Lagos.

    The 30 Billion World tour, which had 28 countries on the list included Europe, Switzerland, Belgium, Denmark, Finland and Sweden. He also did a total of 13 cities in the US as well as four Canadian cities, four African countries including Djibouti, Ivory Coast and Guinea.

    According to report, the decision to go on the 30 Billion World tour ahead of a project is to create the environment for his sophomore album which will likely be supplemented by yet another tour in 2018.

    Davido was in the news in November when he won ‘Best African Act,’ at the 2017 edition of the prestigious Music of Black Origin (MOBO) Awards, having top leaders in Nigerian sending congratulatory messages to the artiste.