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LEADERSHIP AND FIRSTBANK’S SUCCESSFUL TRANSITIONING TO ‘CLICK’ BANKING
In December 2015, the share price of First Bank of Nigeria Limited was trading around N4.8 band. About seven years later, precisely last December, the value held tightly to N15, growing by over threefold amid general asset and economic doldrums.
The steep rise in the valuation of the financial institution deviates remarkably from the average performance of FUGAZ, an acronym describing the top five Nigerian banks by market capitalisation. In the past seven years, the share prices of the leading banks appreciated by an average of 90 per cent as against over 200 per cent growth seen in FirstBank.
Deflated by the bank’s exceptional performance, Access Holdings, GTCO, UBA and Zenith stocks posted about 60 per cent growth. The performance of the entire banking sector also flattens out when compared with FirstBank, which raises questions about the fundamentals of the bank and its growth trajectory.
In terms of inflation-adjusted return on investment, FirstBank shareholders are among the investors that emerged from the turbulent years with a positive real rate of return. Was it a stroke of luck? Does the market reward poor performance?
Of course, stocks sometimes thrive on mere greater fool theory, thus triggering an asset bubble. But the positive share movement of the premier bank is but only one of the many high growth indicators.
In first quarter of 2023, the bank’s non-performing loan (NPL) ratio came down far below the five per cent regulatory threshold, which means so much difference when placed in a historical context. As at December 2015, its NPL ratio was over 45 per cent, a telling reflection of the level of effort that went into cleaning its books in the intervening years. For analysts, the cleanup, which was done without raising fresh capital, explains what disciplined, focused and forthright leadership could achieve.
On cleanup process, the Bank CEO, Dr. Adesola Kazeem Adeduntan, said the institution was “its self-created AMCON”, referring to the Asset Management Corporation of Nigeria set up in the aftermath of the 2008 financial crisis to buy up the threatening toxic assets of Nigerian banks.
Indeed, what the management of the bank has done in the past seven years is not remarkably different from the role of AMCON, since its creation in 2011, except that the former raised fresh capital for its humongous responsibility whereas the bank did not. Also, the FirstBank experience was internal; and it did face a tougher task in terms of the proportion of its assets that had gone bad.
At the height of the financial crisis in 2008/2009, the NPL ratio rose to 37.3 per cent, from 9.9 per cent on record in 2007. On the other hand, the premier bank was carrying over 45 per cent NPL on its book as at January when Adeduntan took the reins of its leadership as the managing director.
All through the process, the bank did not raise fresh capital for the housecleaning programme, meaning the shareholders’ value was not diluted in the process.
Investors may have also kept in view other impressive qualitative metrics such as pre-tax return on equity (RoE), a measure of net income in proportion to shareholders’ equity, which moved from 0.6 to 17.3 per cent at the end of last year’s financial cycle. Also, pre-tax Return on Asset (RoA) climbed from 0.1 to 1.6 per cent while the cost of risk was also down to 1.7 per cent last year, from 10 per cent recorded in its 2015 financial.
At the end of this month, Adeduntan would have spent 7.5 years in office and he would be 30 months short of the tenure limit requirement. Already, he is the longest-serving chief executive of the institution, which is known for its short-term leadership tradition. Casual observers consider him as fortunate, but deep analysts think differently – the bank has been fortunate to have had him.
The lender, which predated ‘Nigeria’, and played the most active financial role in the structuring of the country’s pre- and post-Independence economy, may have just got its groove back under the current management. The books are clean and the NPL is trending downward, faster than the industry average. But beyond, its top and bottom lines are all out of the woods and climbing.
Its total assets, for instance, have increased by 167 per cent in the past seven years, meaning that its asset size has almost tripled, which also outperformed the industry growth. In terms of liquid asset to total asset ratio, it is also ahead of most of its peers. This suggests that while the quality of its assets has increased remarkably, with the NPL ratio falling by 88 per cent in less than a decade, the bank’s asset growth has not stalled, which speaks volumes about the quality of its risk management approach.
Currently, FirstBank had in its portfolio of about 41 million customer accounts, an extraordinary 276 per cent lift from its 2015 record. The figure is about 30 per cent of total bank accounts held by Nigerian banks. Customer depositors also jumped by as much as 153 per cent to 10.6 trillion.
The growth seen is also robbing off on the bottom line with the profit before tax (PAT) increasing by N137 billion in the period. That translates to over 1300 per cent, probably contributing majorly to the sudden spike in the share of the bank.
Perhaps, owing to its long history dating back to when banks were mostly associated with corporate and public sector financial infrastructure, FirstBank was mostly seen as a go-to for savers and borrowers. But that seems to have changed with its many smart digital channels. For its management, that is deliberate.
“Our goal is to transform the bank from lending-based to a transaction-based financial institution,” the chief executive pointed out.
Yes, its transformation is no longer a dream. From zero share of corporate e-bill payments, it has shoved its competitors behind to take hold of 42 per cent of the market. The bank, in the words of its managing director, has pivoted from brick and mortar to “brick and click”, making payment seamless and a click away for individuals, corporate as well as public entities.
“We have built a very formidable trade and cash management platform that we call FirstDirect, which allows corporate banking customers, from the comfort of their home, to initiate a trade transaction and complete it. You have a single view, giving you an interface where you can add your different accounts and transact,” Adeduntan explained.
FirstMobile, a standalone digital bank, has also emerged as a household name in the financial technology ecosystem. In 2015, when the platform was still at its teething age, its users were about 60,000 a number that soared to over six million (a growth of over 10,000 per cent). That has contributed immensely to the changing tradition of banking with FirstBank, as about 85 per cent of its transactions are now initiated via digital windows.
FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and effort to appeal to younger demographics. But the platform itself is merely one of the potpourris of telecommunication-driven initiatives it has taken on to get the young depositors on board. FirstOnline users have also grown from about 90,000 to over one million within the timeframe just as its USSD, which targets feature phone users, is even more successful with users increasing by close to 3,000 per cent in seven years to 14.7 million.
Overall, its digital banking has evolved in both volume and public impression. Ease, convenience and reliability have moved the customer base from its tiny 0.6 million to 22 million.
Indeed, FirstBank is transmuting into a transaction-led institution. Last year, the volume of transactions hit 17 million, 8.5 times what it was in 2015 when it experienced some corporate turbulence. But the growth is not only in volume terms, as its non-interest income ratio hit 40.6 per cent for the first time last year, which aligns with the strategic direction of the current management in weaning the group from excessive credit risk exposure.
Over the years, most Nigerian banks have consolidated their global outlook. FirstBank has led the pack with its 40-year United Kingdom subsidiary, which is bigger than some of its competitor wholesale operations back home. But some of the pro-offshore Nigerian banks had been accused of extroversion and ego-seeking as most of the outposts were nothing but cost centres.
In the past few years, the assumption has been deflated; and the performance of the African subsidiaries of FirstBank is among what could be changing the tide. Before the 2015 change of the guard, the subsidiaries’ operations left had created a gaping hole in the PBT of the consolidated account. Last year, they contributed a combined 21.3 per cent to the group’s pre-tax profit.
But that was not because there was no risk out there. In the heat of the Ghanaian government debt crisis, Adeduntan revealed, FirstBank took the least impairment among Nigerian banks that were exposed to the crisis “not because we saw it coming but because we have consistently done the right thing and adopted best risk management practice”.
There is also a humane side to his management approach. Today, FirstBank is among the highest-paying Nigerian banks and offers the most attractive conditions of service, including training, accelerated career growth and many more. In 2021, its efforts were compensated with the Great Place to Work Award. Today, the once-touted conservative bank is attracting young and upwardly mobile professionals with the average age of its employees estimated at 39 years.
Being the longest-serving managing director of the pre-colonial financial behemoth, Adeduntan has the leverage of time and experience to enforce its transformational agenda. But he had also prepared for the job. At KPMG where he co-pioneered the firms’ financial risk management advisory services, he trained in almost all areas of human endeavors – presentation, people management, business writing and all sorts. On assumption of office, he was bold and firm in his decision to headhunt, institute new work culture, clear career growth blockages and challenged the status quo.
His courageous outing in the past seven and half years has transformed an institution once considered one of least prepared for the age of “brick and click” banking into the Usain Bolt of the emerging financial technology space.
Zenith Bank Plc has awarded ₦190 million to 13 winners across three innovation competitions at the sixth edition of its flagship technology event, Zenith Tech Fair 2026: Future Forward 6.0, reinforcing its commitment to nurturing innovation, accelerating digital advancement and empowering the next generation of African technology leaders.
Held virtually for the first time on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct,” the event brought together technology leaders, entrepreneurs, innovators, policymakers and participants from across the world to explore the transformative potential of Artificial Intelligence (AI) and its implications for businesses, economies and society. The ₦190 million prize pool is the largest in the history of the Tech Fair, further demonstrating the Bank’s growing investment in technology and innovation.
The 2026 edition featured three competitions: the Hackathon, Startup Pitch Competition and the newly introduced Future Innovators Challenge. Together, they attracted over 3,000 submissions from developers, entrepreneurs and secondary school students seeking to showcase innovative solutions and secure funding to advance their ideas.
In the Hackathon category, Team Solo emerged overall winner, receiving ₦35 million, while 10x Brains secured second place with ₦20 million. Rumour Hunters came third with ₦15 million, while Òmìnira and Team Avera emerged fourth and fifth, receiving ₦10 million each.
In the Startup Pitch Competition, Cutstruct Technology Limited clinched first place with ₦35 million, followed by Sproutly, which received ₦20 million. PharmaRun secured third place with ₦15 million, while AUI BRAND and ProDevs completed the top five, receiving ₦10 million each.
The Future Innovators Challenge, introduced to encourage technology-driven creativity and problem-solving among secondary school students, produced three winners. Caleb British International School emerged first, receiving ₦5 million, while Queen of the Rosary College, Onitsha, came second with ₦3 million. Regina Pacis International School secured third place with ₦2 million.
Among the winning solutions, Cutstruct Technology Limited’s LiveVend platform is transforming construction procurement by connecting developers and contractors with suppliers. Sproutly uses financial technology to simplify school payments, while PharmaRun makes access to authentic medications more convenient through its network of pharmacies. Caleb British International School’s ReLearn platform, which won the Future Innovators Challenge, redistributes used textbooks to students in underserved communities, making learning materials more affordable and accessible.
Beyond the financial rewards, the winners will benefit from a six-week mentorship and incubation programme, providing expert guidance and practical support to refine their solutions, strengthen their business models and scale their innovations.
In his welcome remarks, the Founder of Zenith Bank Plc, Jim Ovia, CFR, reaffirmed his vision of empowering young people through technology and nurturing innovators capable of making a global impact. He said: “My vision is to continue empowering young people through technology, with the hope that one day we will produce individuals who make an impact on the scale of Bill Gates, Steve Jobs and Jeff Bezos.”
In her opening address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr Adaora Umeoji, OON, highlighted the urgency of embracing Artificial Intelligence and adapting to the rapidly evolving technology landscape. She noted that the Bank’s commitment to innovation is reflected in its investments in digital infrastructure, products and services, including its Zenith Intelligent Virtual Assistant (ZIVA). She also highlighted the role of the Bank’s fintech subsidiary, FinoPay, in developing the SMART AfCFTA Portal to facilitate intra-African trade.
Speaking on Africa’s role in the global AI revolution, she declared: “The next generation of global AI champions can and should come from Africa.” She further challenged participants to embrace emerging technologies, stating: “Do not fear AI. Embrace it. Whether you are developing a solution for a farm, clinic, classroom or factory, dare to think big, build ethically and create scalable solutions.”
The Governor of Lagos State, His Excellency, Mr. Babajide Sanwo-Olu, commended Zenith Bank’s contribution to technological advancement, saying: “Over the years, Zenith Bank has been a strong driver and enabler of innovation, using technology to advance solutions and raise expectations for its employees, stakeholders and the wider business community.”
He also reaffirmed the Lagos State Government’s commitment to the technology ecosystem, stating: “We are also committed to supporting and promoting the technology ecosystem, creating opportunities for innovation and ensuring that Lagos remains at the forefront of this important area of development.”
The Honourable Minister of Innovation, Science and Technology, Dr Kingsley Tochukwu Udeh, SAN, represented by the Director-General of the National Space Research and Development Agency (NASRDA), Professor Matthew Adepoju, commended the Bank’s investment in technology and youth empowerment. He emphasised the importance of public-private collaboration in translating innovation into economic opportunities, stating: “When government and the private sector work in the same direction, ideas become products, products become businesses, and businesses create jobs for our people.”
The Tech Fair featured a distinguished line-up of technology leaders and industry experts, with Zach Kass, former Head of Go-to-Market at OpenAI, delivering the keynote address. Examining the evolution of AI and the emergence of autonomous agents, Kass challenged participants to consider the place of human judgement and values in an increasingly automated world. He said: “We are approaching a world in which we will have to ask ourselves, regularly and seriously: what do we want to keep human, and what are we willing to automate?”
Other speakers included Mike Ogbalu III, Managing Director/CEO of the Pan-African Payment and Settlement System (PAPSS); Deniz Oran, Head of Payment Partnerships at Google for EMEA; Jane Egerton-Idehen, Managing Director/CEO of Nigerian Communications Satellite Limited (NIGCOMSAT); Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA); and Chinwe Uzoho, Regional Managing Director, West Africa, Network International. Sessions were moderated by Victoria Rubadiri, CNN Correspondent, alongside other industry experts.
Conceived by the Bank’s Founder, Jim Ovia, CFR, the Zenith Tech Fair reflects his vision of empowering young Nigerians through technology and nurturing innovators capable of developing solutions with global relevance. Over the years, it has evolved into a platform connecting ideas, talent, investment and opportunities, while giving emerging technology businesses the resources and exposure to grow.
Previous winners have gone on to develop solutions with practical applications across different sectors. They include JumpnPass, which developed a self-checkout solution for retail; CreditChek, which uses AI and open banking to streamline credit verification; TrustLoop, winner of the 2025 Hackathon with its digital identity verification solution; and Cubbes Technologies Limited, winner of the 2025 Startup Pitch Competition with its AI-powered educational technology platform.
With the introduction of the Future Innovators Challenge, Zenith Bank is extending this support to secondary school students, recognising the importance of identifying and nurturing technology talent early. Through the Tech Fair and its broader technology-driven initiatives, the Bank continues to invest in the people, ideas and businesses shaping Africa’s digital economy, providing innovators with the funding, mentorship and opportunities to turn promising ideas into impactful solutions.
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ZENITH BANK REINFORCES COMMITMENT TO AFRICA’S CREATIVE ECONOMY THROUGH CONTINUED SPONSORSHIP OF ART X LAGOS 2026
Building on its support for ART X Lagos’ landmark tenth anniversary, the Bank continues its partnership with the fair, championing African artistic excellence, cultural heritage and emerging creative talent.
Zenith Bank Plc has reaffirmed its commitment to advancing Nigeria’s creative and cultural landscape through its continued sponsorship of ART X Lagos 2026, taking place from November 5-8, 2026, at Federal Palace, Lagos.
Building on its support for the fair’s landmark tenth-anniversary edition in 2025, the Bank returns as a Silver Sponsor for the 11th edition, reinforcing its commitment to platforms that celebrate African artistic excellence, preserve cultural heritage and create opportunities for emerging creative talent.
Founded by Tokini Peterside-Schwebig in 2016, ART X Lagos is a leading international cultural platform dedicated to showcasing contemporary art from Africa and its diaspora. Through its multidisciplinary programming, the fair has become an important platform for connecting artists, galleries, collectors and cultural institutions while promoting African creativity on the global stage. Since its inception, ART X Lagos has brought together artists and galleries from over 70 countries, welcoming participants from 170 nations worldwide.
The 11th edition of ART X Lagos will hold under the theme: A New Chapter, A New Decade, reflecting on the artists, architects, educators and thinkers who shaped modernism in Nigeria. The theme explores how cultural inheritance can inspire new forms of artistic expression and possibilities for the future.
Through its sponsorship, Zenith Bank supports the continued growth of ART X Lagos as an international platform for artistic exchange, cultural preservation and creative enterprise, strengthening connections across Africa’s creative ecosystem and fostering opportunities for growth and collaboration.
As part of its broader sponsorship of ART X Lagos 2026, Zenith Bank will support two key programmes: ART X ICON and The Masterclass. While ART X ICON celebrates the achievements and enduring contributions of Nigeria’s artistic pioneers, The Masterclass creates opportunities for emerging creatives to learn, engage and develop their practice.
In this 11th edition, the focus of ART X ICON is turned to pioneering Nigerian potter Ladi Dosei Kwali (1925–1984) with Ladi Kwali: Beyond the Vessel, conceived and developed by curator Dr Jareh Das.
Widely recognised as the face on Nigeria’s 20-naira note, Ladi Kwali is celebrated for her extraordinary contribution to Nigerian ceramics and her role in bringing traditional Nigerian pottery to international prominence. Drawing on generations of indigenous pottery knowledge, she developed a distinctive artistic practice that earned her international recognition.
Bringing together ceramics and archival materials from the National Museum in Lagos, alongside works from private lenders, Ladi Kwali: Beyond the Vessel offers a deeper exploration of the artist’s life, practice and enduring influence.
The exhibition will also feature works by women potters who worked alongside and after Kwali, including Kande Ushafa and Asibi Ido, as well as traditional pottery by Gbari, Nupe and Bida potters. Together, these works illuminate the artistic traditions Kwali inherited, the innovations she introduced, and the knowledge carried forward by subsequent generations.
Complementing ART X ICON, The Masterclass will place emerging artists in dialogue with Ladi Kwali’s legacy, creating an opportunity to explore the relationship between traditional artistic knowledge and contemporary creative practice.
The programme will select 10 emerging artists from across disciplines including painting, sculpture, photography, film, textiles, digital practice, performance and ceramics, providing opportunities for intimate conversations and meaningful engagement with established creative practitioners.
Speaking on the partnership, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO, Zenith Bank Plc, commented:
“At Zenith Bank, we recognise that the growth of the creative economy requires both the preservation of our cultural heritage and sustained investment in the talents shaping its future. Our continued partnership with ART X Lagos reflects our belief in the importance of supporting platforms that celebrate African artistic excellence, strengthen cultural institutions and create opportunities for emerging creatives. We remain committed to supporting initiatives that unlock the economic and cultural value of Nigeria’s creative industry and enable African creativity to gain even greater recognition on the global stage.”
Tokini Peterside-Schwebig, Founder and Director of ART X Lagos, said:
“As ART X Lagos enters its second decade, we are immensely grateful for the continued partnership of sponsors such as Zenith Bank, whose support reflects a shared commitment to advancing Nigeria’s creative and cultural landscape. Partnerships like this are instrumental in sustaining our vision, deepening our impact and creating lasting opportunities for African creativity to thrive on a global scale.”
Beyond ART X ICON and The Masterclass, ART X Lagos 2026 will feature 15 exhibitors across its Main and Spotlight sections, alongside a diverse programme of Special Projects, including Ndidi Dike’s Residues of Past Encounters: 2024–2026, The ART X Library and Speakers’ Corner.
The fair’s wider multidisciplinary programme will also feature ART X Cinema, ART X Live!, ART X Talks, Art Across Borders and the Schools’ Programme, celebrating the breadth and diversity of contemporary creativity from Africa and its diaspora.
ART X Lagos 2026 takes place from 5–8 November 2026 at Federal Palace, Victoria Island, Lagos.
Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.
Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.
Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.
According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.
“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.
“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.
Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.
According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.
“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.
“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.
The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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