First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP), virtually held on Tuesday, 30 June 2020 via the Zoom video-conferencing application. The programme which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide.
FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among Junior and entry-level cadre staff. Entries and applications for the programme enrolment was also extended to the public
Speaking about the programme, Dr. Adesola Adeduntan, CEO, FirstBank said “It is an intensive skill development programme structured to enhance acute thinking, financial, methodical skills of staff. The bank would continue to reinvest in its human capital to create a kind of leadership needed for future growth and development.”
“This is part of the Bank’s strategic objectives of infusing and developing leadership at requisite levels across its staff hierarchy, aimed at building the next generation of leaders who will be groomed to drive the Bank’s vision of being Africa’s Bank of first choice,” he concluded.
At the end of the programme, successful candidates are moved to middle management, becoming Management Associates irrespective of their grades at the point of entry.
Cross country postings and secondment opportunities are also offered to such staff to provide them with global exposure and network.
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.
With over 750 business locations and over 57,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank’s cashless transaction drive extends to having more than 9million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 3 million people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
Group Head, Marketing & Corporate Communications
Old Mutual supports LASG’s remote learning drive in vulnerable communities
The programme is targeted at students with limited or zero access to internet-based virtual learnings.
In response to the Covid-19 inspired shutdown of schools in Lagos State, the Nigerian subsidiary of the pan-African
insurance firm and global financial services provider, Old Mutual Limited, has partnered the Lagos State Ministry of Education to drive remote learning for students in vulnerable communities.
Senior representatives from Old Mutual and the Lagos State Ministry of Education kicked off the presentation of free 10,000 radio units to students at St. Francis Jnr Grammar School in Iwaya Lagos on Monday, July 27, 2020
The programme, which involves the broadcast of curriculum-based education through radio, is targeted at students in vulnerable communities with limited or zero access to internet-based virtual learnings. Old Mutual is ensuring that the remote learning initiative reaches 10,000 homes by donating free radio units to be distributed to schoolchildren across these underprivileged districts in Lagos State.
In her remark, the Executive Head, Marketing & Customer Experience, Old Mutual, Alero Ladipo said, “we understand that despite the impressive growth in internet connectivity and access in Nigeria, there are low-income families who cannot afford to access internet-based virtual learnings, which is fast becoming the conduit of
“As an organisation, we believe that no one should be left behind in the provision of quality education. So, we are proud to partner the Lagos State Government, who shares the same ethos and have evolved a low-tech and affordable strategy to drive remote education through radio broadcasting. Our support is to enable children from
10,000 low-income families, who cannot afford a radio set, to be able to tune in to this remote education during this pandemic.”
The Lagos State Commissioner for Education, Mrs. Folashade Adefisayo, who was represented at the event by the Director, Public-Private Partnerships, Lagos State Ministry of Education, Dr. Olufunke Oyetola stated that the support from Old Mutual would help the state in its quest to broaden the scope of education in the state. “The Old Mutual support is coming at a critical time when we need more hands to help build the future of our children. This exemplary gesture will help us to accelerate the adoption of virtual and remote learning as education and schooling would never remain the same post-COVID-19,” she said.
“As a government and promoters of quality education in the state, we have put in place adequate measures to track the development and usage of the devices by the children for educative purposes. We believe the children would put the materials to good use,” she added.
ABOUT OLD MUTUAL
Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance Company are part of the globally acclaimed Old Mutual brand, which has over 175 years of experience in providing life assurance and wealth, personal finance, savings, and general insurance services.
Old Mutual, since its entry into the Nigerian market, had leveraged its heritage and expertise, launching a wide range of insurance solutions tailored to meet the unique needs of Nigerian’s insurable population and corporate clients.
Heirs Holdings Appoints Dan Okeke as Group Executive Director
Mr Okeke joins Heirs Holdings following a distinguished three-decade career at the UBA.
Pan-African investment company, Heirs Holdings this week announced the appointment of Dan Okeke as Group Executive Director. The appointment took effect from August 01, 2020.
Mr Okeke joins following a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he most recently served as an Executive Director, responsible for leading consumer, commercial and public-sector businesses. At HH, he will be responsible for business coordination and growth across Heirs Holdings’ portfolio of pan-African investments in the power, financial services, oil and gas, hospitality, real estate, healthcare, and financial technology sectors.
Heirs Holdings is a family-owned investment company committed to improving lives and transforming Africa. Our portfolio spans the power, oil and gas, financial services, hospitality, real estate, and healthcare sectors, operating in twenty-three countries worldwide. Driven by the Africapitalism philosophy of the Group’s founder, Tony Elumelu, which positions the private sector as the catalyst of African growth and seeks both social and economic returns on investment, Heirs Holdings invests for the long-term, bringing strategic capital, sector expertise, a track record of business turnaround accomplishment and operational excellence to companies within its investment portfolio. Celebrating its tenth anniversary this year, Heirs Holdings has recorded consistent business success across its portfolio of investments.
Commenting on the appointment, Chairman, Heirs Holdings, Tony Elumelu, stated: “As we continue to grow in scale and complexity, Dan’s appointment demonstrates our ongoing commitment to institutionalisation. We have always recognised the need to invest in human capital. This announcement is a clear demonstration of our intent and determination to create sustainable value in all our business operations.”
“I am delighted to take on this new challenge and look forward to contributing towards the fulfillment of Heirs Holdings’ objective of improving lives and transforming the Continent,” Mr Okeke stated on his appointment.
Rating agencies, Agusto and GCR affirm ‘AAA’ long term credit rating of Infracredit, with stable outlook
InfraCredit’s “AAA” rating, with a stable outlook reflects its operational uniqueness as a guarantee provider.
Reflecting the strong fundamentals and credibility of Infrastructure Credit Guarantee Company Limited (“InfraCredit”), foremost rating agencies, Agusto & Co (“Agusto”) and Global Credit Ratings (GCR) simultaneously reaffirmed the “AAA” credit rating of the premier infrastructure guarantee company. Notwithstanding the unprecedented impact of the COVID-19 pandemic, which continues to weaken global and domestic macroeconomic outlook, InfraCredit sustained its strong risk capital and broader balance sheet, with significant headroom to underwrite further guarantees in pursuit of its mission of unlocking long term local currency infrastructure finance in Nigeria’s real sector.
Notably, InfraCredit’s “AAA” National Scale Rating, which is at par with the Nigerian Sovereign and reinforce the unparalleled credibility of its unconditional irrevocable guarantees, partly reflects the support of its shareholders and capital providers, which include the Nigeria Sovereign Investment Authority (NSIA), Africa Finance Corporation, GuarantCo (a Private Infrastructure Development Group company), and reputed multilateral institutions, including KfW Development Bank, who are committed capital providers. In addition, InfraCredit’s balance sheet and guarantee programmes are further supported under risk-sharing arrangements with the United States Agency for International Development (USAID), amongst other development finance institutions.
In arriving at its rating decision, Agusto reiterated that “the rating assigned to InfraCredit recognises its strategic importance and developmental role in the provision of local currency guarantees to enhance the credit quality of debt instruments issued to finance creditworthy infrastructure assets in Nigeria”. The foremost rating agency further noted that “the assigned rating reflects InfraCredit’s quality guarantee and investment portfolios, backed by an acceptable risk management framework, good return on investments and an experienced management team”.
Similarly, GCR emphasized, “InfraCredit’s “AAA” rating, with a stable outlook reflects its operational uniqueness as a guarantee provider, strong ownership and management profile, demonstrated financial flexibility, strong liquidity position, and profitability track record so far”. “The asset quality (in terms of issued guarantees) is sound, with nil non-performing exposure recorded from inception till date”, GCR analysts added.
Noteworthy, InfraCredit maintains the highest national scale rating accorded to any financial institution by Agusto and GCR, having recorded nil recourse on all its guarantee exposures since inception, reinforcing the quality of its obligors, ingenuity of the financing structures and strong governance oversight. Credited for its innovative approach to infrastructure financing, InfraCredit is creating capital access for infrastructure corporates in the real sector of the Nigerian economy whilst unlocking investable assets for pension funds, insurance firms and asset managers. As the premier infrastructure credit guarantee company, InfraCredit is committed to its vision of playing a catalytic role in engendering market confidence and stimulating financial inclusion for real sector-induced growth and the sustainable development of Nigeria’s economy.
Speaking on the ratings actions, InfraCredit’s Managing Director/CEO, Chinua Azubike said, “we are pleased with the simultaneous affirmations of InfraCredit’s “AAA” rating, with stable outlook, by the duo foremost credit rating agencies, Agusto and GCR. This assertion, which follows the thorough independent assessments by these reputed institutions, is a testament of our balance sheet capacity, impeccable quality of our guarantees and sound risk management practice. We would continue to adhere to global best practice in transaction structuring, governance, and market development, as we continuously strengthen our capitalization and broader capacity in pursuit of our vision to catalyze real sector growth through innovative infrastructure financing. Notwithstanding the challenges presented by the current COVID-19 pandemic, we continue to preserve our strong fundamentals, as we are committed to unlocking domestic credit to the private sector for infrastructure development that will create jobs and promote local economic growth.’’
InfraCredit is a ‘AAA’ rated specialised infrastructure credit guarantee institution backed by the Nigeria Sovereign Investment Authority, GuarantCo (a Private Infrastructure Development Group company), KfW Development Bank and Africa Finance Corporation to provide local currency guarantees and mobilize long term debt financing for infrastructure in Nigeria. InfraCredit’s guarantees act as a catalyst to attract domestic credit from pension funds, insurance firms and other long-term investors into credit-worthy infrastructure projects, thereby deepening the Nigerian debt capital markets. InfraCredit operates on a commercial basis with a developmental role and benefits from private sector governance.
InfraCredit maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co. and Global Credit Ratings Co., two of the major domestic credit rating agencies.
For more information please visit www.infracredit.ng