Tuesday, March 2African Business News
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Tag: First Bank

First Bank reinforces financial inclusion, disburses N17 billion

First Bank reinforces financial inclusion, disburses N17 billion

Finance
First Bank of Nigeria Limited, a leading financial inclusion services provider, recently announced that loans in excess of N17 billion had been disbursed to individuals, across the country. The loan disbursement is carried-out through FirstAdvance, its digital lending solution. FirstAdvance is designed to offer convenient and easy access to cash for salary earners whose accounts are domiciled with FirstBank and have received regular salaries for two months, prior to the loan request. In barely a year since the launch of FirstAdvance, over 128,000 unique customers in over 782,996 successful transactions have so far benefitted from loans. Processing a loan with FirstAdvance is implemented in less than a minute and it is accessed in two ways, the USSD code or the Bank’s recently upgrade...
First Bank presents devices to Lagos Government to boost e-learning

First Bank presents devices to Lagos Government to boost e-learning

Economy
First Bank of Nigeria Limited, has presented 20,000 units of e-learning devices to the Lagos State government. The devices are planned for distribution to school children. The event was held at the State House in Marina, Lagos. With the gesture, the Lagos State governor, Babajide Sanwo-Olu said the State had found a “real development partner” in FirstBank, noting that the intervention came at a time the Government was massively deploying technology to transform the conventional mode of teaching and learning. The presentation of these devices which is also in partnership with Robert & John (an edu-tech company who owns Roducate) is part of activities implemented to close the gap caused by the disruption in children education’s due to schools’ closure, following the COVID-19 pa...
FBN Holdings Pays N14bn Dividend, Promises Shareholders Better Returns

FBN Holdings Pays N14bn Dividend, Promises Shareholders Better Returns

Finance
Commending the board and management on the improved results and the dividend recommended, Mr. Sunny Nwosu of the Independent Shareholders Association of Nigeria (ISAN), said: “I want to put on record, our appreciation for the dividend being proposed. We look forward greater dividend in the future because we believe we have in place a management with good thinking. So, we are expectant of good products.” Also speaking, another shareholder, Mr. Adebayo Adeleke, described the financial result of the group as another outstanding performance and one that has helped shareholders enjoyed better dividend of 38 kobo this year. FBN Holdings ended the year with profit before tax (PBT) of N83.6 billion in, up by 30.9 per cent from N63.9 billion in 2018, while profit after tax (PAT)rose from N58...
FirstBank donates N1b against COVID-19

FirstBank donates N1b against COVID-19

Economy
FirstBank Plc has announced its donation of N1 billion towards the joint effort by the Nigerian Private Sector Coalition Against COVID-19 (CACOVID) to rapidly expand health facilities. The fund was committed to testing, isolation, treatment and the provision of Intensive Care Unit (ICU) facilities that are pivotal to controlling the spread and treating individuals diagnosed with COVID- 19. This is in addition to the Bank’s drive to move one million children to e-learning, together with an early partner – Roducate – as recommended by the Ministry of Education, Lagos State. In line with the 14-day stay-at-home directive for Lagos, Ogun and the Federal Capital Territory (FCT), Abuja, in the speech by President Muhammadu Buhari, the Bank has also reiterated its preparedness to provid...
Nigerian Gasoline Price Review to N125 and the Pursuit of Fuel Subsidy Removal

Nigerian Gasoline Price Review to N125 and the Pursuit of Fuel Subsidy Removal

Oil & Gas
The announcement of a N20 reduction in the price of Petroleum Motor Spirit, PMS has received mixed reactions across the country. For the petroleum industry which will feel the wider impact, it has come as a big break for the downstream marketers in the country. Taking a deeper look at the recent announcement by the Ministry of Petroleum Resources, the policy gains is subject to the government retaining a free market, by setting gasoline pump prices in line with prevailing global oil prices. Despite this policy move, an immediate boost to product sales volumes in H1, 2020 is not likely due to the impact of the global coronavirus pandemic, which will affect social, religious and economic activities in major cities such as Lagos. In context there are indications that there will be incr...