Connect with us

News and Report

ADEDUNTAN SUSTAINS HIS WINNING STREAK, PIONEERS LEADERSHIP EXCELLENCE IN BANKING

Published

on

Since his appointment as MD/CEO of First Bank of Nigeria Limited in 2016, Dr. Adesola Adeduntan has completely transformed the financial institution and has made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, FirstBank is now a darling to all as it leverages latest digital tools to meet its customers’ needs. Also, under Adeduntan’s leadership, the 128-year old bank has made huge contributions to national development, thereby stimulating development, setting standards and motivating excellent output across sectors. Clearly, these contributions to national development were what endeared Adeduntan to President Muhammadu Buhari who recently saluted him on his recognition by Cranfield University, UK, one of the most prestigious citadels of learning in Europe. Adeduntan will on Wednesday, June 22, be conferred with Doctor of Science, Honoris Causa and he would be delivering an address to the graduating class of the university. This feat, the president in a statement by his Special Adviser (Media and Publicity), Femi Adesina, described as, “another testament to the fact that Nigeria is blessed with the brightest and the best in all areas of human endeavor.” Buhari lauded Adeduntan for being a role model to the younger generation, showing that hard work pays, and with resourcefulness and doggedness, great heights are achievable.

Adeduntan holds a Doctor of Veterinary Medicine from the University of Ibadan, Master’s in Business Administration from Cranfield University, and is Fellow of Institute of Chartered Accountants of Nigeria (ICAN), as well as Chartered Institute of Bankers of Nigeria (CIBN).

The president sent best wishes to Adeduntan and family as he hoisted Nigeria’s flag proudly to receive an honor Cranfield University said was in recognition of his outstanding contribution to business. Incidentally, Buhari’s commendation came on the day the bank successfully held its AGM which showed a stellar performance in its financials, a transformational result that put the bank on course to reclaiming its leadership position of the financial sector.

Adeduntan has a distinguished career in finance having held senior positions at Citibank Nigeria, KPMG and Arthur Andersen Nigeria. He studied at Cranfield University as a British Chevening Scholar, achieving an MBA in 2005.

Commenting on the honour by Cranfield University, the FirstBank boss said: “I am extremely humbled and most grateful to the university for this recognition. My time at Cranfield served as a catalyst for my professional and personal development propelling me to the leadership position I occupy today.

“I am a firm believer in talent management, being vital to further accelerate Africa’s growth to enable it to benefit from its demographic dividend and the opportunities therein. I look forward to sharing my experiences with the students on the universal applicability of the skills the Cranfield MBA provides to positively impact the world.”

On his part, the Chief Executive and Vice-Chancellor of Cranfield University, Professor Karen Holford CBE FREng also congratulated Adeduntan, saying: “It is an honour to welcome Dr Adeduntan back to Cranfield to recognise all his professional achievements in this way. His own experience at Cranfield University has propelled his career forward and this serves as a true inspiration for our graduates both this year and in the future.”

Indeed, Adeduntan is an accomplished professional with distinctive international and domestic experience in commercial and investment banking, development finance, audit, and consulting; a philanthropist and leader with keen interest in providing platforms for the development of other young leaders.

The FirstBank Group, the commercial banking arm of FBN Holdings Plc, which he heads is made up of First Bank of Nigeria and subsidiaries including FBNBank UK, FBNBank DRC, FBNBank Ghana, FBNBank Senegal, FBNBank Guinea, FBNBank Gambia, FBNBank Sierra Leone and First Pension Custodian as well as Representative Offices in France and China.

Adeduntan is overseeing one of the most extensive transformation programmes in sub-Saharan African financial services industry, with the goal to reposition FirstBank Group to market pre-eminence.

He is leading FirstBank Group on the journey to win the most significant emerging business opportunities in the financial services industry through the development and execution of a digital-led strategy that has established FirstBank as the dominant player in digital banking.

FirstBank Group’s transformation programme, under the leadership of Adeduntan has enabled the bank to grow customer accounts from about 10 million in 2015 to over 36 million (including digital wallets), become the second largest issuer of cards in Africa with over 11.8 million issued cards, onboard over 18.6 million active customers on FirstBank’s digital banking platforms, and initiate and grow the most expansive bank-led Agent Banking Network in Africa with over 170,000 agents.

His career in banking and finance, spanning almost three decades, has earned him various recognitions and awards including Forbes Best of Africa – Outstanding Leader in Africa, Distinguished Alumnus Award by both the Cranfield University’s  School of Management and the University of Ibadan, African Banking Personality of the Year,  African Banker of the Year Award; Banking Icon of the Decade by the Sun Newspapers and induction into the African Leadership Magazine (ALM) Hall of Fame, Honorary Citizenship of the State of Georgia and Congressional Commendation Award from the Georgia Senate – USA, Bank CEO of the Year by the AES Excellence Club and several other awards.

He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France). He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).

Adeduntan’s leadership drive also reflected in First Bank Nigeria Limited’s recently released full year 2021 financial statement. The results clearly showed the strength and resilience of the iconic African elephant as well as the financial institution’s leadership in the industry. The impressive results were a reflection of the robust strength and growth of the iconic African elephant, showing that the bank has taken its rightful position among the industry leaders.

In addition, it showed the level of work the current board, management and staff of the bank have put in to turn the tide in the 128 years old institution with entrenched corporate governance.

The full year 2021 performance by the bank represented a shift in the financial institution’s performance trajectory and was made possible through its undeterred commitment in pursuing its transformational agenda; cutting across customer-led innovation, building a digitalised bank, culture change, reinventing the bank’s workplace and safeguarding its assets for the digital age.

For the first time, FirstBank Group posted the best result in more than a decade history of the bank by crossing the N100 billion profit line. Specifically, in the full year 2021 financial statement, the FirstBank Group reported a 73.9 per cent growth in its profit after tax to N117.8 billion, as against the N67.8 billion recorded as of December 2020, just as its profit before tax stood at N130.9 billion, which was a significant rise by 77.9 per cent year-on-year, as against the N73.6 billion it was as of December 2020.

FirstBank’s gross earnings also increased by 30.3 per cent to N716.8 billion in 2021, up from N550.3 billion it was as of December 2020. Also, it recorded non-interest income of N342.2 billion in the year under review, which was 106.4 per cent higher than the N165.8 billion recorded as of December 2020. As a result of years of strategic restructuring of its balance sheet and operations, its gross earnings also moved northwards by 30.3 per cent, its total assets was up 15.9 per cent to N8.5 trillion as of the end of 2021, as against the N7.4 trillion recorded the previous year, just as its customer deposits also climbed by 19.5 per cent to N5.6 trillion, up from the N4.7 trillion recorded the previous year. The bank’s customer loans and advances also improved by 28 per cent to N2.8 trillion in the year under review, up from N2.2 trillion the previous year.

FirstBank has shown innovation, resilience and commitment to growth by significantly reducing its non-performing loans (NPL) from 25% in 2016 to an acceptable level of 6.1% in 2021.

To demonstrate that the bank’s performance in 2021 was not a fluke, the Bank equally performed excellently well in Q1 2022. FirstBank recorded 32% increase in gross earnings to N180bn in Q1’22 from N136.6bn in Q1’21. Profit after tax was up 108% to N32.4 billion (Q1’22) relative to N15.6 billion (Q1’21). This impressive performance is hinged on robust loan portfolio, effective cost structure and increased digital services.FirstBank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% amongst tier-1 Banks in the review period.

With FirstBank under Adeduntan, the safety of customers and the security of their transactions come first. This has ensured the bank keeps the trust of Nigerians gained over the many years of its enduring legacy of safety and security.

The bank also delivers unique and bespoke financial services solutions across all customer segments underpinned by its commitment to innovation and the customer experience. It also leverages its strong investment banking capabilities to support clients in defining and executing innovative debt solutions as well as offer strategic advice at the highest level, arrange tailor-made financing structures, manage risk and ultimately help clients to realise their aspirations

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. It is expected that the leadership excellence and recognitions accorded to Adeduntan would continue to reflect positively on the FirstBank brand and fundamentals of the bank so that the elephant will continue to stand ‘gidigba.’

Continue Reading
Advertisement

News and Report

Organiser unveils speakers, panelists for the 2024 Industry Summit

Published

on

By

 

The organiser of the Industry Summit, an annual gathering for professionals and experts in brand marketing, finance, sustainability, and entertainment, has announced the speakers for the fifth edition of the summit in Lagos.

 

 

 

The event themed: Sustainable Marketing for Growth would feature the marketing director of Nigerian Breweries Plc, Mr. Emmanuel Oriakhi as keynote speaker while the head of unit, sustainability at Access Bank, Mrs. Omobolanle Victor-Laniyan and manager brand, strategy & communications at Stanbic IBTC, Ms. Rita Akao would feature as guest speakers.

 

 

 

The summit, which is scheduled to hold on Friday, May 3rd, 2024 at the Marcelina’s Place Ikeja GRA, Lagos would feature some exhilarating panel sessions with some of the contemporary professionals in the Nigerian brand and marketing industry.

 

 

 

The panelists include; Ms. Chioma Mbanugo, Head of Marketing PZWILMAR, Mr. Abiodun Coker, Team Member Media, UBA, Mrs. Mabel Adeteye, Head, Brand & Marketing Communications, Wema Bank PLC, Mr. Kevin Olumese, Marketing Communications Specialist, and Mr. Adeola Kayode, Head, Brands & Creative Services, 9mobile Nigeria.

 

 

 

Others who have confirmed participation are Ms. Aisha Anaekwe, Head, Brands & Comms, Coronation Group, Mrs. Victoria N’dee Uwadoka, Public Relations, Public Affairs & Sustainability Lead, Nestle Nigeria Plc, Mr. Samson Adeoye, Public Relations Manager, Airtel Nigeria, Mrs. Oluwatosin Odiagbe, Marketing Manager, Simba Solar and Ms. Arinola Shobande, Head of Marketing, Showmax.

 

 

 

While Oriakhi would be speaking to the topic, ““New Age Marketing – Catalyzing Transformation Through Value Chain Innovation, Technology, Analytics & Sustainability”, Victor-Laniyan and Akao would present papers on the topics; “Aligning organizational objectives with sustainable marketing for the good of the people, society and business, and “Reimagining Sustainable Growth Through Green Marketing” respectively.

 

 

 

In the press statement signed by the Publisher of The Industry Newspaper/Convener of The Industry Summit/Awards (TIES), Mr. Goddie Ofose, he said that “The 5th edition of the Industry Summit is focusing on sustainable marketing, which is a purpose-driven practice that works to orientate businesses, brands and society towards a sustainable future, influencing appropriate awareness, aspiration, adoption and action across economic and sociocultural systems by taking necessary accountability for its impacts and opportunities.”

 

 

 

“In today’s ever-evolving world, debating whether to incorporate sustainability into business strategy is no longer an option. Considering a values-driven approach when developing business strategies can be vital to long-term success” he said.

 

 

 

Therefore, we have carefully selected these professionals and experts to deliberate on the subject matter, highlight challenges and proffer solutions where private and public sectors could take lessons from and improve upon whatever they have been doing,’ Ofose added.

 

 

 

The Industry Summit/Awards is a brainchild of The Industry Newspaper Limited, publishers of The Industry Newspaper (theindustry.ng) and 789marketing.ng.

 

 

 

The summit is designed to bring together industry leaders across the continent in all sectors in the quest to rev up conversations that will move the Nigeria business, economy and communication industry forward.

Continue Reading

News and Report

IBEDC records 1,459 energy theft cases in January, February

Published

on

By

The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

Continue Reading

News and Report

Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

Published

on

By

The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

Continue Reading

Trending