One of the leading first generational banks in Nigeria, First Bank has clarified that it is not embarking on any system upgrade as erroneously reported in the social media.

Many of the commercial bank’s customers have expressed concerns over possible disruptions in banking transactions as fake report filtered that First Bank was upgrading its services.

Some had said there might be difficulties in withdrawing money or using the applications of the bank for their transactions.

Meanwhile, clarifying the misleading reports, First Bank assured its customers of seamless banking operations.

Maintaining that there is no system upgrade underway, a statement issued by the management and obtained by Investors King on Friday explained that the misrepresented statement was intended to its vendors only.

It said the step was focused on transitioning from its current I-Supplier Platform to a new Cloud-Based Supplier for improved benefits for its vendors.

“We wish to address a misleading report circulating in the media regarding a system upgrade at FirstBank.

“The message which was incorrectly interpreted and reported was sent to, and intended for our vendors only and focused on transitioning from our current I-Supplier Platform (our automated platform that connects us to suppliers) to a new Cloud-based Supplier Platform (worldclass platform for managing suppliers), to enable additional capabilities and benefits for our vendors.

“Please be informed that no system upgrade is currently underway, and all our customer applications are fully operational. We are not experiencing disruption to our services, and our banking systems, customer transactions, channels, etc, will not be affected by the enhanced supplier platform.

“Rest assured that our commitment to seamless service delivery remains unwavering as you continue to enjoy uninterrupted access to our services,” the statement reads.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said the Nigerian National Petroleum Company (NNPC) Limited has commenced the repayment of $6 billion debt owed to suppliers.

Edun made this announcement during a meeting with investors in the U.S. capital on the sidelines of the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank.

The revelation came amidst growing concerns about the NNPC’s financial stability and its capacity to sustain petrol supply to the domestic market.

The company had previously acknowledged owing suppliers of premium motor spirit (PMS).

Addressing the issue of ongoing foreign exchange subsidies, Minister Edun clarified that “In terms of NNPC and their situation, the reality is that, although the subsidy on May 29, 2023, was removed and was no longer on the balance sheet of the government, it did rear its head, not in terms of petrol subsidy, but foreign exchange subsidy, which was borne elsewhere, and borne mainly by NNPC,” the minister said.

Mr Edun also expressed optimism about the company’s future.

“I think what I can say about their own situation is with where they are now, they have a route to paying down their payables and I’m sure that in no time at all, they will start.

“From what I understand, they have even commenced the process of paying down their payables,”he said.

The NNPC had some months ago acknowledged that it was owing the money, but admitted it was remitting money into the purse of the country.

“But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders.

“The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis,” he said.

“It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly.

“This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme. In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC),” the NNPC had said in a statement in August.

Union Bank has set a new standard in Nigeria’s financial sector by offering unparalleled comprehensive maternity leave to support working mothers and an on-site crèche facility to support working parents, both male and female full-time employees.

The new initiative includes an industry-leading five months of fully paid maternity leave, exclusive of the applicable annual leave, and an on-site crèche facility.

According to Section 54 of the Labour Act in Nigeria, new mothers are legally entitled to 12 weeks of maternity leave. However, Union Bank is leading the way with this groundbreaking comprehensive package, which is a significant step ahead of industry norms.

This extended leave, coupled with the ability to take annual leave, gives new mothers more time to recover and bond with their newborns, aligning with SDG 3: Good Health and Well-being. Additionally, returning mothers will benefit from a one-hour late resumption for the first month, easing the transition back into work and ensuring a smoother work-life integration.

Union Bank will also be adding an onsite crèche facility to further support working parents, with a pilot programme at the Head Office set to launch in December 2024. The crèche will provide lactation rooms and family-friendly amenities, offering a convenient childcare solution, particularly for working mothers.

This initiative supports SDG 5: Gender Equality by enabling women to balance their professional responsibilities with childcare needs, helping to retain top female talent and fostering an inclusive work environment.

By promoting gender diversity, Union Bank is contributing to broader economic growth; research shows that achieving gender parity in the workforce could increase global GDP by 26%. With these innovative policies, Union Bank is taking significant steps to strengthen its position as a forward-thinking employer in the financial sector.

According to Omayuli Wale-Ajayi, Chief Talent Officer of Union Bank “At Union Bank, we are proud to set a new standard in the banking sector with comprehensive maternity leave for working mothers and crèche facilities for the babies of both male and female full-time employees. We are committed to creating a workplace where women can thrive, and these initiatives are crucial in supporting working mothers as they balance their careers and personal lives. By providing five months of fully paid maternity leave and convenient childcare solutions, we aim to retain and empower top talent, ensuring all employees can contribute to the bank’s success.”

These progressive policies enhance work-life balance and position Union Bank as a leader in workplace inclusivity and sustainability.

By prioritising gender diversity and employee well-being, Union Bank is committed to creating a supportive, inclusive workplace that aligns with global sustainability goals.