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FBNHOLDINGS: SETTING THE TONE FOR GENDER INCLUSIVENESS, BALANCE IN BOARDROOM
Bashirat Odunewu, Group Executive, Energy and Infrastructure, FirstBank; Cecilia Akintomide (OON), Independent Non-Executive Director, FBNHoldings; Folake Ani-Mumuney, Chairman, FBNInsurance Brokers/Group Head, Marketing & Corporate Communications, FirstBank; Ibukun Awosika, Chairman, First Bank of Nigeria Limited; Fiona Ahimie, Managing Director, FBNQuest Securities Ltd; Oluwande Muoyo, Independent Non-Executive Director, FBNHoldings; Ijeoma Nwogwugwu, Managing Director, ARISE News Channel Africa; Otunba Debola Osibogun, Non-Executive Director, FBNHoldings and Oyinkan Adewale, Independent Non-executive Director, FBNQuest Merchant Bank in a group picture at the Women Corporate Directors (WCD) Foundation, Nigeria Chapter, meeting hosted by FirstBank, to promote female leadership in management.
In many parts of the world, including Nigeria, women often face the barriers of discrimination and persistent gender inequalities which deny them access to key positions in the corporate world as well as access to finance or the formal economy.
Women make up almost half of the world’s working-age population of nearly 5 billion people. But only about 50 percent of those women participate in the labor force, compared with 80 percent of men, according to a report by the International Monetary Fund (IMF).
The IMF’s research highlights how the uneven playing field between women and men imposes large costs on the global economy. Early IMF studies on the economic impact of gender gaps assumed that men and women were likely to be born with the same potential, but that disparities in access to education, health care, and finance and technology; legal rights; and social and cultural factors prevented women from realizing that potential.
Nearly 70 UK companies have been told to employ more women in senior roles. Domino’s Pizza, JD Sports and Greene King are among those that have called out by financial trade sector body The Investment Association and the Hampton-Alexander review, a diversity study backed by the government.
The number of women holding the most senior jobs in the boardrooms of Britain’s biggest companies has fallen, according to a report that criticises the lack of progress made by businesses in getting more women to the top.
Analysis from Cranfield University, as part of its 20th FTSE Women on Boards Report, shows a sharp drop in the number of women occupying chief executive (CEO), chief financial officer (CFO) or other executive roles on FTSE 250 boards, and static numbers at FTSE 100 companies.
Women constitute almost half of the Nigerian’s population and its workforce. Yet the kind of work they do, the condition under which they work, and their access to opportunities for advancement at work place differ from that of men. Women are often disadvantaged in access to employment opportunities and in conditions of work as compared to men. In addition, many women forgo or curtail employment because of family responsibilities. The removal of obstacles and inequalities faced by women is advantageous to an economy’s development. For example, the Beijing Declaration affirms a national commitment to the inalienable rights of women and girls and their empowerment and equal participation in all spheres of life including the economic domain.
Also, Goal 8, target 8.5 of the Sustainable Development Goals (SDG) is to achieve full and productive employment and decent work for all women and men (including for young people and persons with disabilities), as well as equal pay for work of equal value by 2030.
According to a report by the National Bureau of Statistics (NBS) the percentage of men employed in the State Civil Service from 2014 to 2015 was higher than the percentage of women for both senior and junior positions.
The average percentage of women employed in the State Civil Service from 2010 to 2015 in each category (junior and senior) was 38.16 per cent, while it was 68.84 per cent for men.
Also, men dominated employment in federal MDAs while women on grade level 01 –17 plus Special grade level was 34.67, 35.08 and 32.79 per cent for 2015, 2016 and 2017 respectively.
In the financial services sector, the Central Bank of Nigeria (CBN) had in 2014 directed that 40 per cent of banks’ top management and 30 per cent of board directors should be women.
Reports revealed that that women constitute only 22.3 per cent of the total board appointments in Nigerian banks, while their counterparts make up 77.7 per cent since 2014.
However, FBNHoldings, Nigeria’s leading financial holding company and parent company to FirstBank is no doubt exemplary at representing the change, thus demonstratively redefined the Women in Business trajectory with women occupying various leadership positions, positioning the financial group powerhouse as a leading institution at driving Gender Balance in the Boardroom.
Leading the pack of women in the board across the group structure which comprises FirstBank and its subsidiaries , FBNQuest is Ibukun Awosika whom has been Chairman of FirstBank since 2016. Prior to being the Chairman, she was a Non-Executive Director. since 2016 . The representation further cuts across the group entity of its parent company, FBNHoldings. Other companies across the group, FBNQuest and FBNInsurance are also not left out.
Otunba Debola Osibogun, Non-Executive Director, FBNHoldings; Cecilia Akintomide (OON), Independent Non-Executive Director, FBNHoldings; Oluwande Muoyo, Independent Non-Executive Director, FBNHoldings; Dr. Omobola Johnson, Non-Executive Director, FBNQuest Merchant Bank; Oyinkansade Adewale, Non-Executive/Independent Director, FBNQuest Merchant Bank.
Others are Kehinde Adenrele, Chairman, FBNInsurance, Folake Ani-Mumuney,Chairman, FBNInsurance Brokers; Ijeoma Agboti, Non-Executive Director, FBNQuest Capital; Funke Feyisitan Ladimeji, Non-Executive Director, FBNQuest Asset Management; Titi Adebiyi, Independent Director, FBN General Insurance and Margaret Dawes, Non-Executive Director, FBNInsurance.
With such an admirably notable representation, it is no surprise that only recently, Women Corporate Directors (WCD) – Nigerian Chapter – had FirstBank host its meeting, held on Thursday, 3 October 2019 with 60 female directors and leaders of various organisations across various industries in attendance. These women discussed pertinent corporate issues with a view to promote the continued influence of women in Business and the economy, also ensuring that the needed balance on the home front is bolstered. The keynote speaker is Osagie Okunbor, managing director SPDC & Country Chair, Shell Companies in Nigeria.”
FBNHoldings recognition of female impact in its business operations at management level no doubt sets the tone for other institutions across other industries to promote women inclusiveness in management, thereby instrumentally shaping gender balance in the business atmosphere, thus influencing ethical practices in a cultured way worthy of consistently reiterating the recognition of female at impacting the economy and National Income as a whole. This in no small measure transcends to the political space, the cornerstone of legislative impact in the economy and business activities as a whole.
Godwin Emefiele, governor of the CBN, said recently that the Apex bank had made remarkable progress in closing the gender gap in the Bank.
“It is heartening that today, women represent 29.0 per cent of CBN staff and 29.0 percent of directors are women. Eight departmental directors and one Director General of WAMZ as against 26.0 per cent of staff and 25.0 percent of directors in 2014. Similarly, three out of 11 board members are women (27 percent)”, Emefiele said at the 2019 CBN Commemoration of the International Women’s Day (IWD) in March, 2019.
Access Holdings PLC has been ranked the Tier 1 bank
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www.accessbankplc.comAccessHoldingsdemonstratedstrongfundamentalsacrossalltheseparameters.Itclosed Full Year 2024 with total assets of 41.5 trillion and a loan book of 13.1 trillion.₦ ₦The Group’scapitaladequacyratiostoodat20.46percent,whileassetgrowthfortheperiodreached55.49percent.Itscostofriskwasheldat1.25percent,netinterestmargin recorded at 6.80 percent, and earnings growth was an impressive 88.05 percent,all indicators of a business built on financial soundness and execution excellence.Speaking at the launch event, Olufemi Awoyemi, Chairman of Proshare, described thereport as a vital mirror into the shifting dynamics of Nigeria’s financial services industry.“AccessHoldingshasprovenitselfasastrong,adaptiveinstitution.Itsrobustcapitalbase, successful fundraising, and continental expansion efforts show a group that is notonlygrowingbutevolving.Asrecapitalisationreshapesthebankinglandscape,institutions like Access Holdings will continue to define the future of finance in Africa.”He further remarked on the nuance behind E
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ZENITH BANK TO EXIT CBN’S REGULATORY FORBEARANCE BY 30TH JUNE, ASSURES SHAREHOLDERS OF CONTINUED DIVIDEND PAYOUT
Zenith Bank Plc, Nigeria’s biggest bank by Tier-1 Capital, has assured shareholders and investors of its readiness to satisfy all relevant conditions to exit the Central Bank of Nigeria’s (CBN) regulatory forbearance by June 30, 2025. The bank also expressed confidence in meeting shareholders’ dividend expectations in the 2025 financial year.The clarification comes on the back of heightened scrutiny of Nigerian banks’ capital health following the new CBN directive that suspends dividend payments and tightens oversight for banks with outstanding forbearance-related loans or breaches of the Single Obligor Limit (SOL).In a statement presented to the Nigeria Exchange (NGX) Group on Tuesday, June 17, 2025, the Bank stated that its exposure under the Single Obligor Limit (SOL) forbearance relates solely to a single obligor, pointing out that this exposure will be brought within the applicable regulatory limit on or before June 30, 2025. The bank also confirmed that the forbearance granted on other credit facilities applies to only two (2) of its customers, noting that it has made substantial provisions in respect of these facilities and taken appropriate and comprehensive steps to ensure full provisioning by June 30, 2025.The bank further emphasized its strong financial footing, stating that it has successfully raised and surpassed the new regulatory capital requirement of N500 Billion, and is therefore well positioned to continue delivering value to all its key stakeholders.Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices. The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.The Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year 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 was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 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 in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. 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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National Credit Guarantee Company Limited: Powering Inclusive Growth Through Risk-Sharing Guarantees
The National Credit Guarantee Company Limited (“NCGC” or the “Company”) is set to commence operations on 01 July 2025, as a specialised financial institution established to unlock access to credit and drive inclusive economic growth across Nigeria’s real economy. With an initial capital commitment of ₦100 billion, recently announced by President Bola Ahmed Tinubu, the NCGC is positioned to reshape how Micro, Small and Medium Enterprises (MSMEs), manufacturers, and strategic sectors access much-needed financing.
For decades, Nigerian businesses especially micro, small and medium scale enterprises have faced significant challenges accessing loans due to collateral barriers and high-risk perception. NCGC is bridging that gap. By providing partial credit coverage, the company will offer banks and other financial institutions a safety net, allowing them to lend more confidently to eligible borrowers, particularly in underserved and high-growth sectors.
NCGC does not lend directly to businesses. Instead, it partners with Participating Financial Institutions (PFIs) including commercial banks, microfinance banks, fintechs, CBN-licensed institutions and other development financial institutions to share lending risk and support broader financial inclusion. The model is simple but powerful: enable lenders to do more by reducing the risk that prevents them from reaching viable, underfunded borrowers.
Key Beneficiaries
NCGC’s framework targets a wide range of beneficiaries:
· MSMEs across all regions
· Local manufacturers and value chain operators
· Credit consumers
· Youth and women-led enterprises
· Export-oriented and non-interest-based businesses
· Large enterprises within priority sectors
Our Core Services
NCGC offers three primary services:
· Partial Credit Guarantees – Covering up to 60% of outstanding principal on qualifying loans.
· Co-Guarantees – Collaborating with other institutions to jointly share lending risk.
· Technical Assistance – Providing capacity-building support for lenders and borrowers to enhance credit readiness and portfolio quality.
Guiding Principles
The company’s operations are underpinned by globally accepted credit risk-sharing principles:
· Risk-sharing, not risk transfer
· Strategic issuance to preserve borrower discipline
· Tiered eligibility to promote inclusion and developmental impact
· Full alignment with CBN regulations
These principles ensure every guarantee issued is responsible, irrevocable, and impact-driven.
Product Suite
NCGC offers a diverse set of guarantee products:
· Individual Guarantees – For high-value, project-specific loans.
· Portfolio Guarantees – For pool of loans in homogeneous sectors (e.g., agro-processing, creative economy).
· Performance Bond Guarantees – For businesses seeking to meet contract-based obligations.
Sectoral Coverage
Our guarantees are available across critical sectors including:
· Agriculture & Agribusiness – From inputs to processing and logistics.
· Renewable Energy & Green Economy – Including solar, clean tech, and mini-grids.
· Manufacturing & Infrastructure – Targeting value-added production and light industry.
· Digital & Tech Enterprises – Including startups, fintechs, SaaS, and logistics tech.
· Solid Minerals and Metal – Metal fabrication, recycling, beneficiation, coating, etc.
· Textile – Fashion, leather works, jewelry
· Export-Oriented SMEs – Especially in non-oil sectors.
· Women & Youth Enterprises – Including all women-owned businesses (promoter age not more than age 65).
· Islamic Enterprises (coming soon) – Non-interest, Shariah-compliant financing models.
A New Era of Credit Confidence
NCGC is more than just a financial institution; it is a catalyst for Nigeria’s economic transformation. By incentivizing lenders to serve more businesses safely and sustainably, NCGC is enabling job creation, driving productivity, and fostering a more self-reliant economy.
Its operational model is built to:
· Unlock access to finance for real sector growth
· Create jobs and alleviate poverty
· Drive inclusive economic outcomes
· Strengthen the MSME ecosystem
· Build trust and scale in Nigeria’s credit markets
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