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ADESOLA ADEDUNTAN, CEO, FIRSTBANK – HOW TO DO WELL BY DOING GOOD

I travel to meet Dr Adesola Adeduntan in Edinburgh, where he has been invited to give a keynote address at the Edinburgh School of Business about the role of financial institutions in driving financial inclusion.Fittingly, as you land in Edinburgh, you are greeted by billboards from different investment funds advertising their credentials in responsible and sustainable investment and how environmental, social and governance (ESG) considerations underpin their activities.
With economists and politicians questioning capitalism and the Western liberal model, today the emphasis is very much on a stakeholder-based approach, whereby growth and prosperity is more equally attributed and takes into consideration the needs of the wider community. Sustainable investment has become de rigueur among corporate jargon.
Dr Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria, is a veteran in the Nigerian banking and corporate world. His overriding message, clearly expressed throughout his interview responses, and also at the various talks he gave during the day (at the Business School and at a law firm), is on the importance of doing good if you’re to do well – financially – in Nigeria and indeed, Africa.
A telling sign
FirstBank is actually the oldest bank in Africa. It was established in Lagos in 1894 as the Bank of British West Africa. Last year it celebrated its 125th anniversary. It is also the biggest bank in Nigeria in terms of assets and branch network.
For Adeduntan, a veterinary doctor by training, it becomes clear, once we have settled down for our discussion, that the institution’s longevity is a telling sign: it not only proves the bank’s resilience, it also shows that it has the right structures in terms of governance and the right business model, with the country’s development at its core. The theme of the anniversary celebrations was about how the bank has been woven into the fabric of Nigerian society.
The clear message to the industry is that while it is possible to make a quick buck, you can only enjoy the sort of longevity it has if you conduct your business with the interests of the country at heart.
Nonetheless, it’s apparent Adeduntan does not want to dwell too long on past glories. Using the analogy of a car, he says that there is a reason why the windshield is large whilst the rear-view mirror is small.
The challenge of fintech
As in most sectors, traditional ways of doing business have been coming under increasing disruption from ever-evolving technology. The banking industry is no exception and seems to be under siege from an expanding fintech onslaught.
I ask him if he is worried that non-financial companies will be entering the banking sector, especially given the recent change in regulation by the Central Bank that allows non-traditional finance institutions, namely mobile operators, to enter the fray.
He says he is not worried as his bank has one of the best defined strategies when it comes to financial inclusion and that it has the largest digital banking network in Nigeria.
Much of this has been developed through the bank’s FirstMonie Agents system: 46,000 agents represent the bank across the country. Currently, 9m customers transact on their USSD platform (by mobile phone, both smart and analogue) in addition to 3m customers transacting on the FirstMobile platform.
The agent network, the biggest of its kind in the country, enables the bank to provide services to the most remote rural communities; and because it doesn’t need to have an extensive branch network, it means that these services can be supplied at a fraction of the cost of a ‘legacy’ banking model.
Financial deepening
Adeduntan prefers to use the phrase ‘financial deepening’ when talking about the unbanked. Financial inclusion has increased from the low 20s to approximately 40% in Nigeria over the past seven years and is expected to double to the mid-80s within the next five years.
He says ‘financial deepening’ occurs when financial inclusion starts playing an important role in economic development. It’s about layering additional products on the current agency banking network – services such as micro-credit, micro-insurance and micro-pension.
The aim is to provide value-added services whilst at the same time increasing the savings rate; this aspect, which is critical in driving investment rates, has been one factor behind Asia’s rapid growth.
It is in this area, he says, that the bank has a vital role to play and a distinct advantage over new entrants. Technology, he emphasises, will play a crucial part in broadening financial inclusion. In addition, it is important to partner and collaborate with different stakeholders such as NGOs and other organisations dealing with the bottom of the pyramid, to help them reach out to different groups and also improve financial literacy.
Last year saw a boom in venture capital investment into Nigeria. For example, $400m was invested in a number of fintech start-ups during November alone. Is he not worried that these fintech players, with their lower cost base and ability to use technology, AI and big data to overcome traditional hurdles, are going to take the majority share of the pie when it comes to servicing the unbanked?
He says that will only be the case if the banks do not manage to reinvent themselves. In Edinburgh, he actually spent a large part of his day visiting tech hubs around the university in the city and speaking to fintech companies. FirstBank, he adds, has a number of partnerships with fintechs as well as its own Digital Laboratory developing new solutions for the bank.
Nevertheless, he firmly believes that the ‘legacy banks’ will still continue to play a very central role, especially “in this part of the world where banks are quite dominant and they have significant buying power”.
In terms of settlements and deposits, he sees many of these new players as partners they can work with, even if in some areas they will be competitors.
Scope for growth
Despite the impressive strides made by the banking sector in Nigeria, Adeduntan believes there is still a massive scope for growth for the sector. He points out that none of the country’s top banks have made the Top 10 Banks in Africa list, despite Nigeria being the continent’s largest economy.
He thinks that with the signing of the African Continental Free Trade Agreement, “we are entering a very interesting period for the banking sector, not only in Nigeria but Africa in general”.
On the domestic front, does he expect further consolidation? “Within certain thresholds,” he answers. “Anything that would allow the strengthening of the entire banking sector, I am sure the Governor of the Central Bank would be positive about.”
He also points to demographics and the high rate of the unbanked as great opportunities for the growth of the sector continentally. “According to UNICEF, two billion babies will be born in Africa in the next 30 years,” he says. “And in places like DRC [where FirstBank has a presence] financial penetration is as low as 5%.” Put the two sets of figures together and, in theory at least, you get vast opportunity. But he adds the all-important caveat that demographics are only good if managed properly.
Supporting national champions
It hasn’t all been plain sailing for the bank, however. Adeduntan inherited a bank with several large exposures in the oil & gas and energy sectors, at a time when the oil & gas prices fell considerably, resulting in the devaluation of the naira against the dollar.
He says his management weathered the storm, reduced NPL levels to under double digits, and has strengthened the risk infrastructure, thus enabling the bank to better deal with cyclical downturns in future.
Discussing the role of large companies in the commercial landscape, Adeduntan says it is essential to have big banks like FirstBank, just as it is vital to have national champion companies that have the scale and wherewithal to make transformative investment. Such companies require financial institutions of similar scale to support them. The Dangote Group’s investment into what will become the continent’s largest oil refinery is a case in point, he adds.
Role of the Central Bank
We move on to the regulator and the role of the Central Bank. Does he think that it is too interventionist, dictating how much banks should lend, where they should place their assets?
Adeduntan refused to be drawn into criticism of the regulator, with whom he says he, and other bank CEOs, have a strong relationship. But he did say that the role of a central bank in the development of an emerging economy is clearly different from the role of a central bank in a developed economy.
“It is not unusual that the Central Bank intervenes in critical sectors allied to the loan to deposit ratio. It’s about economic growth; it’s about development; it’s about channelling credit in sectors that are very important for the national economy.
“Let us take agriculture – again, we are one of the biggest lenders into that sector. We found the Central Bank intervention in some of those critical sectors extremely useful and not just for us as a bank, but for the country as a whole. When you look at intervention in agriculture, you have to put it in the context of the size of the population. Nigeria is a country of 200m people today. The business of feeding 200m people is a strategic business. Everything that is being done to ensure that at least we are self-sufficient in food production is strategically important. We find the Central Bank intervention in those areas quite useful and of national importance.”
He reflected the positive attitude of many Nigerian entrepreneurs to the country’s future. He says he has a lot of time for the Economic Advisory Council – composed of credible business leaders and economists – that has been put together by President Muhammadu Buhari. And despite reports that the government is not economy-minded, he thinks that it is a pro-business government.
Ethical banking
It is nearly 10.00 in the evening when we finish our talk, his day having started at 07.30am. We go back to sustainability and the role of financial services to make sure they are lending to institutions that are ethical about their business and operating in a sustainable manner.
He says that the journey has started even if it is still early days. “But ultimately,” he says, “this is where we are headed. The Nigerian Sustainable Banking Principle speaks to this particular question. I think it’s evident from the points that I’ve made today, you can say that FirstBank is a bank that is happy to forego a few basis points in terms of its net margins, if that means it is contributing to development in a more ethical and sustainable way.
“We’ve always made a point that profitability is very important for us at FirstBank, but economic growth and national development is equally very important and speaks to the sustainability question.”
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GTCO Plc Becomes the 1st Financial Services Institution in West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange

Guaranty Trust Holding Company Plc (GTCO Plc), Africa’s leading and most profitable Financial Services Group, has recorded a significant milestone in its growth and expansion journey with the successful admission of its Ordinary Shares to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange.
This historic achievement makes GTCO Plc, the 1stFinancial Services Institution in West Africa to dual list its Ordinary Shares on both the Nigerian and London stock exchanges, and subject to certain criteria, it is expected that the Shares will be transferrable between the two exchanges.
The admission follows the successful pricing of its fully marketed offering (The Offering) on the London Stock Exchange to raise gross proceeds of $105million in exchange for 2.29 billion of new ordinary shares in the company, which was supported by a strong book of high-quality, long-term institutional investors.
Concurrent with the Offering, the Company also gave notice of its intention to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) category of the Official List of the United Kingdom Financial Conduct Authority (“FCA”) and the admission to trading of GDRs on the London Stock Exchange’s main market for listed securities.
Building on the momentum of the successful first tranche of its equity capital raise programme in July 2024, which secured ₦209 billion, GTCO will deploy the proceeds from the Offering to strengthen its capital base, meet its recapitalization target, and fund strategic expansion across high-growth markets and priority sectors within and outside Nigeria.
It is expected that Admission and unconditional dealing in the Shares will become effective on or before 8.00 a.m. (UK time) on 9 July 2025 under the ticker “GTHC”. Following the cancellation of the GDRs listing, the Company intends to change the ticker symbol for the Shares from “GTHC” to “GTCO” and will issue a separate announcement in due course to that effect.
Commenting on the LSE Listing, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Today marks a major milestone—not just for GTCO, but for the future we see for African financial institutions on the global stage. We are incredibly proud to be the 1stFinancial Services Institution in West Africa to list our ordinary shares on London Stock Exchange’s main market for listed securities, and even more honored by the trust placed in us by the investing community. For us, this was not just about raising capital. It was about validating the strength of our franchise, the clarity of our strategy, and the discipline with which we execute.”
He further said; “I would like to thank everyone who made this possible—our advisors and legal teams, our longstanding shareholders, the regulators both in Nigeria and in the UK, as well as the Nigerian government for creating an environment that supports our bold ambition and vision to be Africa’s leading financial services institution.”
GTCO’s fully marketed offering attracted long-term institutional capital, reflecting investor confidence in the Group’s fundamentals, governance, and strategic outlook. It also signals improving market sentiment, buoyed by ongoing economic reforms by the Federal Government and a return to traditional orthodox monetary policy by the Central Bank of Nigeria, which have gone a long way to stabilising the macroeconomic environment and gradually restoring investor confidence in Nigeria’s long-term prospects.
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ZENITH BANK RETAINS TOP SPOT AS NUMBER ONE BANK IN NIGERIA BY TIER-1 CAPITAL FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING

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Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for
the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by TheBanker,FinancialTimesGroup,UnitedKingdom.ThisrankingplacesZenithBankPlcasthe581st Bank globally, with a Tier-1 Capital of $2 billion.The global rankings, published inthe July 2025 edition of TheBanker, was based on the 2024year-end Tier-1capital ofbanks. Thisis theprimary basisformost internationalorganizations’assessments of banks.Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame(Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as theNumber One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement isa reflection of the bank’s robust financial performance, prudent risk management and steadfastdedication to delivering exceptional value to our customers and stakeholders”. She thanked theFounder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which hasplayedapivotalroleincultivatingaresilientandthrivinginstitution.Shealsoexpressedherdeepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenithbrand, the Board for the sound corporate governance, and the staff for their relentless & tirelessefforts in ensuring the bank’s success.Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from aregulator’sperspective.Accordingtotheranking,Tier-1Capital,asdefinedbytheBankforInternational Settlements(BIS) guidelines,includes loss-absorbingcapital, i.e.,common stock,disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that areless than whollyowned. A strongTier-1 capital ratio boostsinvestor and depositorconfidence,indicating the Bank is well-capitalised and financially stable.Accordingtotheaudited financialresultsforthe2024financialyearpresented totheNigerianExchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasingfrom N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase ininterest income, supported by investment in high-yield government securities, and growth in theBank’s loan book. Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024from N796 billion in 2023. This performance saw the bank record an unprecedented total dividendpayout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.Zenith Bank’s track record of excellent performance has continued to earn the brand numerousawards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of theYear Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025,in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the -
Euromoney Awards 2023; and being listed in the World Finance Top 100 Global Companies in2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021to2024intheWorldFinanceBankingAwardsandMostSustainableBank,NigeriaintheInternationalBanker2023and2024BankingAwards.Additionally,ZenithBankwasacknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance CorporateGovernance Awards from 2022 to 2024 and ‘Best in Corporate Governance’ Financial Services’Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand inNigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year2023 and 2024 at the BusinessDayBanks and Other Financial Institutions (BAFI) Awards, andRetail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFIAwards.TheBankalsoreceivedtheaccoladesofBestCommercialBank,NigeriaandBestInnovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.ZenithBankwasalsonamedMostResponsibleOrganisationinAfrica,BestCompanyinTransparency and Reporting and Best Company in Gender Equality and Women Empowermentat the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank oftheYear2024byNewTelegraphNewspaper;andBestinMSMETradeFinance,2023byNairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’at the Nairametrics Capital Market Choice Awards 2025
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Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State, Pledges Continued Support

Pix 1 L-R: Registrar & Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) Akin Morakinyo; Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; Managing Director Taj Bank Mr. Hamid Joda; and Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend
Pix 3: L-R: Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; and Managing Director Taj Bank Mr. Hamid Joda, during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian Bank CEOs, has pledged significant support to alleviate the suffering of flood victims in Niger State
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba.
The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state.
Oliver Alawuba who is also the Group Managing Director/CEO of United Bank for Africa(UBA), led the delegation to the Niger State Government house Abuja, where they presented essential relief items, including bags of rice, beverages, vegetable oil, and mattresses, valued at millions of naira.
The devastating floods, which have affected thousands of families in the region, have prompted the banking community to come together in a show of empathy and support to those displaced and affected by the disaster.
In his address, Alawuba expressed the banking industry’s deep sympathy for the affected communities and reaffirmed their dedication to sustainable support while pointing out that the gesture underscores the banking sector’s commitment to corporate social responsibility and humanitarian intervention especially in times of crisis.
He said, “Today, we stand with the people of Niger State in their time of need. We want you to know that we feel your pain and we give you our firm resolve to assist in rebuilding lives. This donation is just the beginning; we pledge continued collaboration with the Niger State Government to ensure long-term recovery and resilience.”
Other top CEOs and executives at the presentation included by the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Managing Director Taj Bank Mr. Hamid Joda; Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman senior government officials, banking executives, and media representatives, marking a significant step in public-private collaboration for humanitarian relief.
Governor Bago, who received the relief materials on behalf of the state, commending the banking sector for its timely intervention.
“This gesture reinforces the critical role of private-sector partnerships in disaster response,” Governor Bago stated. “We are grateful for this support and look forward to deeper collaboration in safeguarding our communities against future challenges. On behalf of the good people of Niger State, particularly the affected families in Mokwa, I extend our sincerest thanks for this timely and compassionate intervention,” Bago stated.
“The recent floods in the state brought immense hardship to the people, displacing families, destroying livelihoods, and disrupting communities and the banking sector, under the leadership of Alawuba and his esteemed colleagues, has demonstrated that beyond financial stewardship, they are true partners in national development and humanitarian service.
This donation is not just about the physical items; it is a symbol of hope, resilience, and the unwavering support of Nigeria’s financial institutions in times of need. It reassures our people that they are not forgotten, the governor stated.
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