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FirstBank demystifying financial inclusion with XploreFirst

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Worried by the increasing rate of the unbanked population, the Federal Government, through the Central Bank of Nigeria (CBN), kicked off a campaign in 2012 to achieve 80 per cent financial inclusion of adult population by 2020.

The CBN carried out the campaign through agency banking, mobile banking/mobile payments, linkage models and client empowerment, to reduce financially excluded adult Nigerians from 46.3 per cent in 2010 to 20 per cent in 2020.

According to the CBN, the overall goal of the strategy is to promote a financial system accessible to all Nigerian adults at an inclusion rate of 80 per cent (formal and informal).

However, the 2018 Access to Financial Services Survey findings, conducted by the Enhancing Financial Innovation and Access (EFInA) department of CBN, showed that 36.8 per cent Nigerian adults were still financially excluded.

This translates to a population of 36.6 million adult Nigerians who are excluded at the moment, with 44.1 per cent male and 55.9 per cent female.

The survey also disclosed that the country had a total adult population of 99.6 million, with 39.8 per cent as the banked population, which translates to 39.7 million.

In line with the apex bank’s strategy, some commercial banks have introduced products aimed at promoting financial inclusion, educational development and financial literacy to meet the 2020 target.

For instance, First Bank of Nigeria Limited has since launched a couple of innovative products such as FirstMobile, USSD, agent banking and FirstBillsPay to enhance banking efficiency.

The bank recently added a new scheme, FirstBank XploreFirst, a promotional campaign aimed at rewarding its youthful customers, in line with its financial inclusion and educational development drive.

Chuma Ezirim, FirstBank Group Executive, e-Business & Retail Products, said the six-month promo, which kicked off on October 1, 2018 and ends in May, was a FirstBank savings account variant designed specifically for students between 18 and 29 years.

He said a minimum of N1, 000 was required to open the account and account holders were required to maintain a minimum balance of N200.

To participate in the promo, Ezirim said XploreFirst customers were encouraged to save or maintain a minimum amount of N10, 000 in their accounts during the promo period to be eligible for the scholarship raffle draw, and that incremental deposits of N10, 000 in the account entitled the account holder to multiple tickets for the raffle draw.

To this end, a total of 198 winners emerged from the promo with 18 account holders (three from each of the six geopolitical zones) rewarded with scholarships of N150, 000 at the final raffle draw totaling N2.7 million.

The 18 account holders who won the N2.7 million scholarships were Chukwuebuka Ezugba, Oluwatunmise Olorunfemi and Michael Offiong for Lagos zone.

North-Central: Patrick Oginni, Aliyu Muhammad, Confidence Umeh; North-East West: Razaq Ibrahim, Habiba Ibrahim, Abdullahi Mannir; South-East: Victoria Umo, Armstrong Akoma and Deborah Fubara.

South-South winners were Woyingi Kunoun, Shulammite Onyigabor, Stephen Okolo; South-West: Adenike Adekale,  Dorcas Agbakwuru and Oghogho  Onoigboria.

Also, the bank rewarded 180 account holders with N5, 000 (N900, 000) airtime as consolation prizes, five from each of the six geopolitical zones.

Ezirim said the initiative was targeted at the youth, especially those in tertiary institutions and the informal sector to enhance savings culture and drive financial inclusion across the country.

He noted that the initiative would be sustained by the bank in the future in line with the CBN financial inclusion mandate.

Also speaking, Olufemi Odumuboni, the bank’s Head, Youth/Women Banking, said the promo dynamics were centred at making people to engage in financial discipline.

Odumuboni said winners were selected based on certain principles that made them eligible to qualify for the draw.

He explained that apart from the N2.7 million set aside for the yearly scholarships the bank had splashed about N900, 000 on customers that emerged winners at the various monthly draws for data purchase for their mobile phones.

To FBN Head, Retail Business & Community Banking, Mr Abiodun Famuyiwa, the bank embarked on the initiative due to its belief in nation’s building.

“We started this last year and the reason why FirstBank is driving this promo is because of our belief in nation’s building.

“We cannot build a nation without the population, youths populism consists of over 50 per cent of the population.

“And this population of youths we are targeting is those in the campuses, which are actually in need of some kind of support in their education, and this is one of the driving forces of the promo,” Famuyiwa said.

He also noted that the focus of the bank in organising the promo was to have more of the youths in the bank’s database, because traditionally, people associated FirstBank with old people.

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AUBA Commences Comtempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order

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Mr. Lewis Tung and his brother Robert Tung

The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.

The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.

The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.

Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.

The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).

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$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others

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A Lagos State High Court, last Thursday, granted interim preservative orders of Mareva Injunction against Vitol SA – a Switzerland based Energy Trading company, and four other shipping companies in favour of United Bank for Africa Plc.

The bank alleged Vitol of wrongful release of cargoes of petroleum products which were consigned to the order of United Bank for Africa Plc in the Bills of Lading.

Addressing the Court, Bode Olanipekun, SAN, lead counsel for United Bank for Africa, urged the Court to grant the interim preservative orders against Vitol and the other shippers.

In a ruling on the application, the presiding judge, Honourable Justice K. A. Jose (Mrs.) granted three prayers in UBA’s application, including requests to restrain the dissipation of assets and dealings with funds up to the disputed amount by Vitol S.A.

“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.

UBA is seeking to contend in the substantive proceedings that Vitol SA and the owners of the vessels, are liable for alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.

UBA also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.

In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank issued a letter of credit for the benefit of Vitol SA to facilitate a petroleum products transactions.

UBA alleged that the cargo was transported to Nigeria and that the vessels’ masters issued several bills of lading.
The bank further alleged that Vitol subsequently endorsed the bills of lading “to the order of” UBA and handed over the original copies to it.
UBA maintained that the endorsement entitled it to take possession of the cargo upon completion of the voyage.
However, Chilaka stated that the bank had not received the gasoil despite the completion of the voyage.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargo was instead, applied to the use of another party, contending that the respondents’ failure to deliver it amounted to conversion and negligence.
The bank argued that the respondents had obligations arising from the transaction and the endorsement of the shipping documents, which it claimed were not fulfilled.
The bank alleged that the cargoes associated with those transactions were also diverted to the use of other parties after their voyages, rather than delivered to UBA.

 

 

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BANKING ON HER TOMORROW: ZENITH BANK EMPOWERS 300 GIRLS WITH EDUCATION, KNOWLEDGE AND CONFIDENCE

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Caption: (L-R) Founder, Aruwa Capital Management, Adesuwa Okunbo-Rhodes; Group Managing Director/CEO, Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON; The Queen Consort of Warri Kingdom, Her Majesty, Olori Atuwatse III ; and Executive Director, Zenith Bank Plc, Mrs. Adobi Nwapa, with girls from selected schools in Lagos during the maiden edition of the Zenith Bank Girl-Child Empowerment Programme held at the Civic Centre, Victoria Island, Lagos, on Monday.


Zenith Bank Plc has launched the maiden edition of its Girl-Child Empowerment
Programme, themed “Banking on Her Tomorrow,” bringing together 300 schoolgirls aged 13 to 17 from selected schools across Lagos for a day of learning, mentorship and personal development.

Held on Monday, October 12, 2026, at the Civic Centre, Victoria Island, Lagos, the programme featured sessions on finance and investment, etiquette and personal development, social media ethics, and social relationships and interactions, equipping participants with practical knowledge and skills for their personal, educational and future career journeys.

The initiative, a brainchild of the Bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, OON, reflects Zenith Bank’s commitment to nurturing the potential of young girls and helping them make informed choices about their futures.

In her welcome address, Dame (Dr.) Umeoji urged the participants to believe in their abilities, pursue their ambitions and remain focused and disciplined. Drawing on examples of young girls who have achieved remarkable feats, she challenged them to look beyond their present circumstances and envision the women they aspire to become.

“To all my amazing young ladies here today, each of you possesses gifts, talents, and ideas that are capable of revolutionising the world. You can revolutionise the world with your ideas,” she said.

The GMD/CEO further encouraged the girls to explore their interests and resist societal limitations, stressing the importance of taking ownership of their futures.

“Never allow gender or age to limit your goals. Whatever interests you today, explore it. Whatever you choose to pursue in life, give it your best shot,” she said.

Delivering the keynote address, Her Majesty, Olori Atuwatse III, Queen Consort of the Warri Kingdom, encouraged the girls to embrace their identities, develop resilience and use their abilities to make a positive difference in the lives of others.

Using the mangrove tree as a metaphor for resilience, she reminded the participants that challenges need not define their futures and that their worth extends beyond academic results and external expectations.

“Every time you affirm the truth about who you are, you are building confidence. Every time the tide of life goes out and you are still standing, you are building resilience. And every time you use your gifts for another person, you are discovering your purpose,” Olori Atuwatse III said.

The programme featured interactive sessions led by accomplished professionals and personalities:

Ayanime Edem, founder of The Elite Finishing School and modern etiquette educator, discussed confidence, communication, self-presentation and etiquette.

Nigerian actress and content creator Bukunmi Adeaga Ilori, popularly known as Kie Kie, addressed responsible social media use, authenticity and digital boundaries.

Representing Zenith Bank, Thelma Okonye and Adesola Adeyemo introduced the girls to saving, responsible money management and investment, highlighting the importance of developing sound financial habits early.

While Nigerian filmmaker, creative executive and educator,Praise Onyeagwalam, Director Pink, led a session on healthy relationships, self-awareness and effective communication.

The sessions encouraged active participation, giving the girls opportunities to ask questions and engage with the speakers on issues relevant to their experiences and aspirations.

The programme also featured competitions, with cash prizes totalling over ₦1 million awarded to winners. The participants received books to encourage reading and personal growth, while musical performances by Nigerian singers Qing Madi and No. 11 added to the lively atmosphere. The event was hosted by Temi Badru, public speaker, communications coach and lawyer, with Darasimi Destiny Nadi serving as mini host.

Delivering the closing remarks, Executive Director, Zenith Bank Plc, Dr. Mrs. Adobi Nwapa, highlighted the GMD/CEO’s vision for the initiative and the Bank’s commitment to sustaining its impact.

“The programme is the vision of our GMD/CEO, who conceived and championed it, demonstrating her unwavering commitment to the empowerment of the girl child. Through her leadership, she has shown the girls what is possible when a woman dares to lead. At Zenith Bank, our commitment to the girl child extends beyond today, and we will continue to nurture their aspirations through this annual initiative,” she said.

Dr. Nwapa thanked the speakers and participants for contributing to the programme’s success and encouraged the girls to apply the lessons learnt, remain confident and pursue their aspirations with determination.

The initiative builds on Zenith Bank’s longstanding commitment to advancing opportunities for women and girls through programmes including its annual International Women’s Day Seminar, the Zenith Women’s Basketball League, the Women of Honour Awards in partnership with the Ford Foundation, the Pad-a-Queen Initiative and Z-Woman, which supports women-owned businesses through business support and access to credit at discounted rates.

Through “Banking on Her Tomorrow,” Zenith Bank is extending this commitment to a younger generation, equipping girls with the knowledge, skills and confidence to pursue their ambitions and contribute meaningfully to their communities and society.

 

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