First Bank

Tuesday, March 26, 2024

Court sentences Chinese to death for killing Nigerian girlfriend

Kano-based High Court on Tuesday pronounced a death sentence by hanging on Chinese national, Frank Geng-Quangrong, 47, who stabbed his Nigerian girlfriend, Ummukulsum Sani, 22, to death.

A resident at Kano Railway quarters, Geng-Quangrong, was convicted on one count charge bordering on culpable homicide.

While delivering judgment, Justice Sanusi Ado-Ma’aji, upheld that the prosecution had proven its case beyond any reasonable doubt, adding that, “The defendant’s testimony is inconsistent I hereby find him guilty.”

EFCC arraigns ex-banker over alleged N2.7 billion fraud

The trial of one Christopher Jackson Edeh, alleged to be involved in a N2.7 billion Fidelity bank fraud case, is scheduled to commence on May 30, 2024, as announced by Justice O.O. Abike-Fadipe of the Special Offences Court in Ikeja, Lagos.

According to a statement published on X, Edeh faces nine-count charges brought forward by the Economic and Financial Crimes Commission (EFCC) on February 28, 2024, including fraudulent false accounting and unauthorized access to a computer, under Sections 337 and 387 of the Criminal Law of Lagos State.

Saturday, March 23, 2024

Moscow concert hall attack: At least 60 killed and more than 100 wounded

Gunmen killed at least 60 people and injured more than 145 in a concert hall near Moscow, authorities announced late Friday in what Russia has described as a "terrorist attack."

"The bodies of the dead are being examined. It has been previously established that more than 60 people died as a result of the terrorist attack. Unfortunately, the number of victims may increase," according to a statement by Russia's Investigative Committee.

The number injured has differed in official sources. The Moscow region Health Ministry published a list of 147 people with wounds of varying degrees of severity. Russian Health Minister Mikhail Murashko said he was aware of 115 people who were injured and the Russian Emergency Ministry published a list of 99 people who were hospitalized after the shooting.

Monday, March 18, 2024

At Polaris Bank IWD Webinar, Guest Speakers Advocate Empowering Opportunities for Women

…as CEO, Kayode Lawal highlights the indispensable contributions of women to societal progress, economic development

Lagos, Nigeria: March 18, 2024 – Polaris Bank's International Women’s Day (IWD) webinar themed: 'Empowering Voices: Women Leading Change,' offered a dynamic platform for insightful conversations. The 2024 International Women’s Day (IWD) theme "Inspire Inclusion," recognizes that despite progress made, women face significant obstacles to achieve equal participation in the economy.

Held on March 12, 2024, at the Bank’s Victoria Island, Lagos headquarters, the webinar featured a distinguished panel of experts who discussed various aspects of women's empowerment and inclusivity. The event witnessed participation from customers and staff alike. The two guest speakers, who focused on inclusion in the workplace and inclusive health, did a phenomenal job.

Saturday, March 9, 2024

Union Bank Advocates for Inclusivity and Female Empowerment at 2024 International Women’s Day Celebration

Union Bank of Nigeria has re-emphasised its advocacy for an equitable and inclusive society devoid of biases, stereotypes, and discrimination. This assertion was recently made at a special event hosted by the Bank to commemorate this year’s International Women’s Day celebration under the global theme #InspireInclusion.

Tagged Ability Over Gender, the occasion provided the Bank with another unique opportunity to showcase its commitment to gender inclusivity and promotion of female excellence and competence across different fields of endeavour.

The event highlighted a keynote address by Union Bank’s new CEO, Yetunde B. Oni, who reiterated the financial institution’s commitment to continually champion the cause of women's advancement and other underrepresented communities while pushing for their inclusion and recognition in otherwise closed-off spaces.

A special panel session moderated by Chioma Nwokike, Head of Retail Segments and αlpher, followed soon after the keynote address. The panellists included Chinasa Collins-Ogbuo, Advocacy & Communications Lead at EFInA (Enhancing Financial Innovation & Access); Dr. Zahra Modibbo, Managing Partner, Débbo Africa; Olajumoke Daramola, Specialist Advisory Services Africa, Women’s World Banking; and Esohe Adetola, Learning Solutions Manager at Shell Nigeria, who lent their voices on how to change the narrative around inclusion and truly create an environment that enables women to truly thrive and excel ‘Because She Can’.

Speaking at the sidelines of the event, Olufunmilola Aluko, Chief Brand & Marketing Officer at Union Bank, said

“Union Bank, at its core, stands for equal representation and acknowledgement of the incredible skills and ability women bring to the table notwithstanding the industry or enterprise they engage in. The message behind this year’s theme is a call for everyone to strive for a fair, equitable world where individuals are judged and assessed on the depth of their capability rather than their biological makeup.”


Thursday, March 7, 2024

Tony Elumelu calls for privatization of electricity transmission lines to boost economic growth


Tony Elumelu, has urged the federal government to privatize the transmission lines to boost electricity supply and promote economic growth in the country.

Speaking to Bloomberg on Wednesday, Elumelu stated that revamping the electricity sector is critical for revitalizing the ailing economy, urging the government to take action.

He mentioned that the growth of the industry is being hindered by inadequate transmission lines and a shortage of liquidity in the electricity market.

Elumelu said that to develop the nation’s vast gas reserves for power generation, President Bola Tinubu’s administration should attract investors and permit the private sector to oversee the transmission lines.

In 2013, Nigeria privatized around 15 state-owned power generators, transferring them to private entities to boost efficiency, while the government-maintained control over the transmission infrastructure.

However, due to insufficient investment in these transmission assets, they remained inadequate and inefficient for delivering electricity to consumers.

Submit financial returns monthly or risk sanctions, CBN mandates microfinance, mortgage banks and DFIs

The Central Bank of Nigeria has mandated Microfinance banks, Primary Mortgage Banks (PMBs) and Development Financial Institutions (DFIs) to ensure they submit their financial returns monthly through the FinA application or risk sanctions.

The apex bank disclosed this in three separate letters signed by its Director of Financial Policy and Regulatory department, Valentine Ururuka, PhD to the financial institutions under the categories listed.

According to the letter, the CBN warned that all financial institutions under the categories listed should submit the monthly FinA on or before the 5th of the next month.

Tuesday, March 5, 2024

Ghana’s Central Bank Suspends Forex Licences Of GT Bank, First Bank Over Alleged Fraudulent Documents

The Ghanaian Central Bank on Tuesday suspended the foreign exchange licence of Guaranty Trust Bank and FBN Bank for one month. 

In a statement issued by the apex bank, the suspension will commence on March 18 and this comes barely three months after it barred eight money transfer organisations (MTOs) from offering remittance services without regulatory approval as the apex bank seeks to regulate the foreign exchange market. 

The statement added that the affected commercial banks committed various breaches of the foreign exchange market regulations, including submitting fraudulent documentation in their forex operations.

Reacting via a statement issued on Tuesday, Guaranty Trust Bank said it is “actively collaborating with the Bank of Ghana to swiftly address the trade-related issues leading to the suspension.” 

The bank also reassured customers that all other business operations remained unaffected as the suspension was limited to its foreign exchange segment. 

The suspension is in line with Section 11 (2) of the Foreign Exchange Act 2006,  which gives the Bank of Ghana the power to suspend a licence for a period instead of revoking it. h

The Bank of Ghana said in a statement that it would restore the banks’ licences after one month if it is satisfied that the banks “put in place effective controls” to ensure strict adherence to regulations. The apex bank also warned other financial institutions and called for strict adherence to forex market regulations and guidelines. 



Monday, March 4, 2024

Sterling Bank, EAS To Grow FX Earnings For Nigerian SMEs.

Sterling Bank Ltd., Nigeria's leading commercial bank, has proudly announced a strategic partnership with Export And Sell Nigeria Limited (EAS), a leading international trade consultancy, to organize the "Export to Wealth" conference. This ground-breaking initiative which is being held between 6th – 7th of March 2024, aims to empower at least 2,000 export-ready businesses by providing practical tools and resources for successful sales on international retailing platforms.

The collaboration between Sterling Bank and Export and Sell Nigeria Limited represents another milestone in the lender’s continuing commitment to fostering economic growth and Nigerian empowering businesses of all sizes to thrive in the global market. Leveraging their expertise, both organizations will combine forces to create an impactful event that equips entrepreneurs with the skills and knowledge necessary to navigate the intricacies of international trade.