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FirstBank: Empowering Staff; Driving Productivity against the Odds
By Segun Adams
As the coronavirus pandemic forces firms to downsize and cut their wage cost to cope with the adverse economic realities, First Bank of Nigeria Limited (FirstBank) is bucking the trend with a different approach that puts its staff first, writes Segun Adams.
In a pandemic year where employees are agreeing to pay cuts to keep their jobs and businesses are either downsizing or simply liquidating, First Bank of Nigeria Limited is an outlier, taking an unusual approach to demonstrate how organisations can still ensure the best outcomes for both employer and employees.
The first-tier lender last Friday promoted a crop of its staff across all levels in a rare show of corporate resilience in the banking industry and beyond, both locally and across the borders.
According to FirstBank, keeping staff motivated during these unprecedented times is not only crucial for the soul of businesses, but it also demonstrates corporate responsibility.
In the wake of the new coronavirus pandemic, there have been unprecedented layoffs across the world as companies went bust, unable to generate cash to sustain their operations.
The United States, the world’s biggest economy has recorded a historic rise in unemployment with over 45 million initial unemployment claims in the last three months.
In Britain, HSBC, a giant global bank, is reviving plans for a 35,000 job cut due to pre-existing problems thought to have been worsened by the pandemic. Big banks like Morgan Stanley, Deutsche Bank, Citigroup, Barclays, Société Générale among others have announced about layoffs exceeding 60,000 jobs.
In Nigeria, 38% of the workforce was jobless in April due to the virus and lockdowns, the National Bureau of Statistics (NBS) estimates. In the MSMEs sector, 50,000 jobs were lost and 10,000 businesses have shut down according to Auwal Bununu Ibrahim, the National Vice President, North Central of the National Association of Small and Medium Enterprises, (NASME) and in the Aviation industry, some 24,000 jobs were lost as of April.
While banks in the country have been barred by the Central Bank of Nigeria (CBN) from laying off staff without regulatory approval, there is no obligation for banks to implement promotions or raise pay. In fact, most lenders have initiated pay cuts to cope with the excess capacity arising from skeletal operations and depressed levels of economic activities in the economy which is reeling from the coronavirus and lockdown shocks.
But against the odds, FirstBank promoted its staff and didn’t cut down salaries.
In a recent article, Forbes stated that the manner in which firms treat their employees during the ongoing health and economic crisis will not only be remembered for years to come but have a direct effect on their productivity going-forward.
“How businesses respond will have a lasting impact on employee behaviour including, engagement, productivity and loyalty,” the American business magazine noted.
Hertzberg’s Two-Factor Theory also known as dual-factor theory postulates that career progression is a motivating factor for employees to work harder.
As the coronavirus pandemic continues to take a toll on the mental health and focus of employees in the country, and across the world, due to uncertainty of job status, lower income and a disruption to their career development, FirstBank stands out as a safe and rewarding place to work.
The stability and confidence enjoyed by the bank’s staff are the vital environment human resources experts say is necessary for firms that will successfully navigate the tides of current realities.
In a recent BusinessDay Webinar, Nkemdilim Begho, CEO, Future Software Resources Limited advised that businesses can engage their team and see how they can help in creating new ideas and products that the company can deliver. The resultant effect will be greater efficiency of staff and innovation whereas, elsewhere organizations are bound to struggle with a demotivated workforce which could lead to inefficiencies and higher costs for the businesses with adverse implications for bottom-line.
To realise optimal human resources contributions, Begho acknowledged the need for firms to sustain team bond and ensure that morale of their staff is high.
Even before current events, FirstBank has always proven to be conscious of the impact a stimulating and rewarding environment can have on the overall employee performance and thus, provided value accretion to shareholders, customers and other stakeholders.
From its competitive remuneration across cadres including mid-level and senior-level employees to benefits that cover medical insurance and disability insurance, sick leave and vacation, and retirement options, FirstBank puts its workforce first ensuring that they are well motivated and equipped to deliver higher productivity.
FirstBank has featured on some of the best workplace rankings including A Great place to Work and Jobberman. Last year, the big bank ranked among the Jobberman 2019 best 100 companies to work for in Nigeria, a list that scrutinizes over 60,000 companies to pick the best 100 based on strict metrics. The bank has enjoyed positive reviews from credible job/career sites like Indeed where it banks a 4.1/5 positive rating.
A former employee of the bank Aderemi Adebiyi commended the institution for its keen interest in the welfare and career progression of its employees. “I worked in the Bank for 15 years and do not regret it. It’s fast-paced, performance-driven with varied streams of career development,” Aderemi said. “The company also offers paid trainings.”
FirstBank’s talent management strategy is aimed at supporting employee engagement, employee motivation and increased productivity, and leadership development across all levels of employees within the organization, according to its website. As a tenet of career development, FirstBank has devoted itself to creating a culture of continuous learning tailored to the needs and aspirations of the employees and the business itself.
The bank’s FirstAcademy and learning centres strategically located around the country allows for e-learning, mobile learning, physical classrooms and virtual libraries to allow all employees the opportunity to equip themselves for future roles that benefit both them and the organization. This means pandemic or not, learning is continuous and uninterrupted.
FirstBank also prides itself as an equal opportunity employer so that qualified persons irrespective of gender, culture, age, nationality, sexual orientation, disability or social background can participate in its business.
At the same time, FirstBank remains a performance-driven organization and merit-based, allowing individual talents to be rewarded for their hard work and contribution to overall organisational goals.
With people as one of the bank’s greatest assets, it strives to maintain a pool of multi-skilled and well-rounded employees relying on initiatives like Job Shadowing, Coaching, Counselling, Mentoring, Succession Planning and Career Maps to develop and retain talents at all levels of the organisation’s operations.
Sterling Financial Holdings Company Plc (“St Financial” or “the Group”) today released its unaudited results for the half-year ended 30 June 2026, posting broad-based growth across key performance indices.
The Group’s gross earnings rose 31.5% to ₦279.6 billion over the corresponding period in 2025, led by a 33.7% jump in interest income to ₦223.6 billion as the loan book expanded and asset yields improved. Net interest income climbed 41.0% to ₦137.4 billion, while non-interest income grew by 23.3% to ₦56.0 billion, supported by notable increases in fee income and other operating income lines.
Sterling Financial continued to strengthen its balance sheet with total assets expanding by 19.3% to ₦4.67 trillion, supported by a 21.1% growth in customer deposits to ₦3.62 trillion and disciplined expansion in the loan portfolio. The Group’s profit before tax (PBT) rose 21.9% to ₦55.5 billion while profit after tax (PAT) rose 20.4% to ₦50.3 billion.
Return on average equity stood at 20.6% and return on average assets improved to 2.35% from 2.05%.
Sterling Financial’s shareholders’ funds increased 27.8% to ₦547.7 billion in the period under review, primarily reflecting the ₦96.6 billion raised through a public offer of 13.8 billion ordinary shares. The Group’s share price has also appreciated over 15% from its year-opening position, reflecting renewed investor interest in the franchise ahead of the results release. Basic earnings per share stood at 77 kobo, reflecting the enlarged share base following the public offer.
The Group’s performance is anchored by its ongoing modernisation of its technology stack and operating model across its commercial (Sterling Bank), non-interest (AltBank), and wealth management (SterlingFI) arms. That work is showing up in faster service turnaround, tighter unit economics, and greater headroom to absorb rising customer activity without loosening the Group’s risk posture.
The combination of a reinforced capital base, expanding deposit franchise, and broader earnings mix leaves Sterling Financial positioned to compound growth in the second half of the year, channelling capital where it earns most and continuing to lend into the real economy.
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ZENITH BANK NAMED AFRICA’S BEST BANK & NIGERIA’S BEST BANK AT THE 2026 EUROMONEY AWARDS FOR EXCELLENCE
Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.
The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.
Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. AdaoraUmeoji, OON, said, “We are deeply honoured by theserecognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”
The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.
She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.
Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.
Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.
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 seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the EuromoneyAwards for Excellence 2025. 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 six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 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 led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 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 2024 to 2025. 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, 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.
Zenith Bank has also earned several non-financial awards, including 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.
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GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026
Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.
The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.
GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics
Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”
This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.
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