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Guaranty Trust Bank Completes Corporate Re-organisation, Rebrands to Guaranty Trust Holding Company Plc

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GTCO Commemorates Listing on Nigerian Exchange - Investors King

Aiming to strengthen its long-term competitiveness and growth prospects, Guaranty Trust Bank plc, has completed its re-organisation to a Holding Company Structure. Under the terms of the re-organisation, a new operating company has been established. The corporate name of Guaranty Trust Holding Company Plc (GTCO) will be used by the newly established operating company.

Kindly be informed that as part of the restructuring process, the Board of GTCO was constituted and the Board of Guaranty Trust Bank Limited (GTBank) was reconstituted following the retirements of the following Directors: (i) Mrs. Osaretin Demuren (Chairman); (ii) Mr. Adebayo Adeola (Non-Executive Director); (iii) Mr. Demola Odeyemi (Executive Director); and (iv) Mr. Bolaji Lawal (Executive Director).

GTCO is also pleased to announce its new Board of Directors as well as changes to the Board of its banking subsidiary, GTBank. All the appointments have been approved by the Central Bank of Nigeria.

GTCO’s Board will comprise Mr. Sola Oyinlola as Chairman, Mr. Segun Agbaje as the Group Chief Executive Officer, Mrs. Cathy Echeozo as Non-Executive Director, Mr. Suleiman Barau and Mrs. Helen Bouygues as Independent Non-Executive Directors and Mr. Adebanji Adeniyi as Executive Director.

GTBank Board will comprise Mr. Ibrahim Hassan as Chairman, Mrs. Miriam Olusanya as Managing Director, Mr. Olabode Agusto as Non-Executive Director, Ms. Imoni Akpofure and Mrs. Victoria Adefala as Independent Non-Executive Directors, Mr. Jide Okuntola as Deputy Managing Director and Mr. Haruna Musa as Executive Director.

Commenting on the completion of the Corporate Re-organisation, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO said: “We believe that a Holding Company Structure will allow us take advantage of new business opportunities in the emerging competitive landscape and str base. We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate re-organisation, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.

Mr. Agbaje further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success. As a Proudly African and Truly International brand, we will continue to live by these values-of excellence, hard work and integrity, even as we create faster, cheaper, safer and more diverse products for people and businesses of varied types and sizes.”

Prior to its corporate re-organisation to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders. It is widely regarded as the best managed financial institution in Nigeria and has over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24 million customers in 2020, and profit before tax from N45.5 billion at the end of the 2010 financial year to N238.1 billion at the end of the 2020 financial year.

Profile of the Board of Directors of GTCO

Mr. Hezekiah Oyinlola (Chairman

Mr. Hezekiah Oyinlola holds a Bachelor of Science degree (B.Sc) in Accounting (First Class Hons.) from University of Ghana, Legon (1979) and a Master of Business Administration (MBA) degree from Stanford University, United States of America (USA). He is a seasoned professional with over thirty (30) yearswork experience in the Oil and Gas industry, having worked with Schlumberger Group from 1984 to June 2016. He has at various times served in a management capacity, including being the first Nigerian Managing Director of Schlumberger Group in Nigeria and rose through the ranks to Vice President, Group Treasurer and Chairman Africa, Schlumberger Group, a position he held from 2011 until his retirement in 2016. 

Mr. Oyinlola is a member of the Advisory Board, Sustainability Accounting Standards Board; the Executive Committee, African Diaspora Health Initiative; the Board of Trustees, Nigerian American Multicultural Council; and President and Member of the Board of the Schlumberger Foundation. He is also a Fellow of the Institute of Petroleum Studies, University of Port Harcourt, Nigeria. 

Mr. Oyinlola is an alumnus of several local and international training programs on Infrastructure and Energy Finance, Reservoir Engineering, Petroleum Fiscal Systems and Economics, Project Finance, International Tax Management, Crisis Management and Management, Banking, Finance, Trade and Investment at institutions such as the Oxford University Institute for Energy Studies, Institute for Management Development, (IMD), Switzerland. He joined the Board of GTBank in 2014

Mr. Segun Agbaje (Group Chief Executive Officer) 

Mr. Segun Agbaje is the Group Chief Executive Officer of GTCO, one of Africa’s leading banking groups with a client base of over 20 million customers and business outlays across ten (10) African Countries and the United Kingdom

Mr. Agbaje started his career in 1988 as an Auditor at Ernst & Young, USA. He subsequently joined GTBank as a pioneer staff in 1991 and rose through the ranks to become Executive Director in 2000 and Deputy Managing Director in 2002. In 2011, he was appointed Managing Director and CEO of GTBank, and under his leadership the Bank became one of Nigerias most profitable banks, maintaining impressive year-on-year growth in market share and profitability. 

Mr. Agbaje is widely regarded as one of Africas leading CEOs with a reputation for identifying capital opportunities and executing business deals. He holds a Bachelor of Science in Accounting and a Masters in Business Administration, both from the University of San Francisco, USA. He is also an alumnus of the Harvard Business School and has over 30 years of experience in investment, commercial and international banking. 

Passionate about innovation and embracing disruptive technologies, Mr. Agbaje is driving the transformation of GTCO by constantly pioneering groundbreaking ideas that offer customers more value beyond financial services. Under his leadership, the 

has promoted enterprise in the SME sector by empowering small businesses and creating Free Business Platforms such as the GTBank Food and Drink Fair and the GTBank Fashion Weekend

Mr. Agbaje also revolutionized consumer lending in Nigeria through GTBank’s offering of Quick Credit, which gives individuals and small businesses instant, real time access to loans at a low interest of 1.3 percent monthly. 

In recognition of his sterling leadership and consistent outstanding performance, Mr. Agbaje has been the recipient of several awards over the years, some of which include: the African Banker of the Year Award by the African Banker Magazine, the Banker of the Year, Africa by the World Finance Magazine and CEO of the Year at the Africa Investor Awards

Mr. Agbaje currently serves on the boards of GTBank (Ghana) Limited, GTBank (UK) Limited, GTBank (Kenya) Limited, and GTBank (Tanzania) Limited. He is also a Director on the MasterCard Advisory Board (Middle East and Africa), and was elected to the Board of Directors of PepsiCo Inc., USA as an Independent Director and a member of the companys audit committee in July 2020. 

Mrs. Catherine Echeozo (NonExecutive Director

Mrs. Catherine Echeozo started her 33-year banking career in 1984 with Chase Merchant Bank Nigeria and also worked with Ecobank Nigeria Plc. She then began her 24-year career with GTBank in 1993. She was appointed to the Board of GTBank as an Executive Director in March 2005, and Deputy Chief Executive Officer of the Bank in 2011 and served in that capacity until her retirement in March 2017, Mrs. Echeozo also represented GTBank on the Board of Nigerian Interbank Settlement System (NIBSS) from 2008 till March 201

After her retirement in 2017 from GTBank, Mrs. Echeozo was appointed to the Council of The Nigerian Stock Exchange as the Second Vice President and also served as an Independent Director of Stanbic IBTC Pension Managers Limited from 2017 2020. She presently manages Cathingens Empowerment Initiative, her social intervention & Investment entity and also serves in the following capacities

-Chairman, NGX Regulation Ltd, a subsidiary of the Nigerian Exchange Group External Member, Investment Committee CDC Group. -Member Board of Trustees First Cardiology Foundation. Member Finance Council. Catholic Archdiocese of Lagos. Member Board of Trustees ICAN University 

Mrs. Echeozo holds a first degree in Accountancy from the University of Nigeria, a Masters of Business Administration from the University of Maryland, University College, USA. She became a Fellow of the Institute of Chartered Accountants of Nigeria in the year 2000 and a Certified Information Systems Auditor in 2005 

Mr. Suleiman Barav, OON, FCIB, FNIM (Independent NonExecutive Director

Mr. Suleiman Barau holds post-graduate degree in Economics and Certificates in Management Research and Projects Planning. He is a seasoned banker and economist, His experience in the banking sector covered merchant, commercial and central banking

Mr. Barau was between 2007 and 2017 a two-term Deputy Governor of the Central Bank of Nigeria (CBN). Prior to that, he was a Special Adviser to the CBN Governor between 2005 and 2007. Mr. Barau had been involved in significant reforms of the all services industry during these periods particularly on banking, payments and monetary policies. 

Mr. Barau has received executive education from most of the major global business schools

Mrs. Helen Lee Bouygues (Independent Non-Executive Director) 

Mrs. Helen Bouygues received her Bachelor of Arts, magna cum laude, from Princeton University in Political Science and a Masters of Business Administration from Harvard Business School. She started her career in 1995 at J.P. Morgan in the M&A group in New York and in Hong Kong. From 2000 until 2004, she worked at cations Inc. as Chief Operating Officer, Chief Financial Officer and Treasurer. She thereafter became a Partner at Alvarez & Marsal Paris, where she left to launch her own consulting firm specialised in corporate turnaround and transformations in 2010. In 2014, she joined McKinsey & Company in Paris where she was Partner responsible for the Recovery and Transformation Services division. Since June 2017, she has been an active board member for multiple companies including Burelle SA, CGG SA, Neoen SA, Latécoère SA and Steinhoff Europe AG (representing the first and second lien creditors)

Mr. Adebanji Adeniyi (Executive Director) 

Mr. Adebanji Adeniyi is an astute professional of over 24 years, he acquired consulting and auditing experience in Coopers & Lybrand 19961998, PricewaterhouseCoopers 19982000 & Arthur Andersen 20002001. During his stint at the Big 4, he garnered experiences within the Manufacturing, Oil and Gas and Financial Services Industry providing value adding financial statement audit, assurance & business advisory services. 

Mr. Adeniyi started Banking at Lead Bank in 2001, rose to Deputy Manager/Head, Internal Audit with responsibilities for Inspection &, Internal Control functions, Implemented Control tools amongst other projects at the Bank. In February 2006, he joined GTBank, rose to General Manager & Chief Financial Officer, having responsibilities for the activities within Financial Control, Strategy and Group Reporting Division. He has diverse knowledge and vast experience in planning, implementing, building and enhancing financial health of Organizations. Possesses strong analytical, General Management, Accounting, Financial Advisory & Control Skills

Mr. Adeniyi has worked on several projects with challenging objectives; GTBank Eurobonds issuance working with PwC, JP Morgan, Morgan Stanley and White & Case, led the finance team in converting 3years Local GAAP Financial Statement to IFRS FS in fulfilment of the listing requirement of $825m GDR on the London Stock Exchange and championed GTBank‘s full transition and embedding of IFRS & has presented GTBank at several Road shows (RS) and Conferences (CFS) both locally and Internationally (GTBank/JPMorgan RS, HSBC, EFG Hermes, Rencap, Standard Bank & Moody CFs. 

Mr. Adeniyi is an Alumnus of University of Ibadan, graduated with Doctor of Vet Medicine Degree in 1995, a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), bagged MBA in 1999 & HCIB in 2013. He has attended Local and International Trainings; Euromoney, Programme Certificate in Strategic Finance IMD Switzerland, McKinsey Executive Leadership Programmes South Africa, Michigan Ross, Cranefield School of Management & LBS SMP

Profile of the Board of Directors of GTBank: 

Mr. Ibrahim Hassan (Chairman

Mr. Ibrahim Hassan is a phenomenal leader, highly experienced petroleum geologist, economic analyst, serial entrepreneur, community leader and a philanthropist with over 27 years of professional experience in the Oil and Gas industry. Mr. Hassan holds an MSc. Degree in Oil and Gas Enterprise Management from the University of Aberdeen, United Kingdom (UK). He is the Founder/Executive Chairman of Summit Energy Limited, a foremost integrated energy contracting Company. Mr. Hassan is also an outstanding and experienced Corporate Governance Practitioner and Boardroom player. He is the Chairman of the Boards of Directors of Axis Petroleum Limited, Pathway Exploration and Production Limited and Rosemount Nigeria Limited. Mr. Hassan undertook extensive Executive level Business and Leadership Education in world-class institutions including Harvard Business School in Boston, USA, Columbia Business School USA, Kellogg School of Management at Northwestern University in Chicago, USA, Cranfield School of Management UK, London Business School, UK, Institute of Directors (loD) London and Institute for Management Development, Switzerland. He is a member of los London, loD Nigeria and other professional organizations Mr. Hassan is a philanthropist, with deep commitment towards youth and community empowerment. He holds the revered title of Sarkin Dawaki of the Mubi Emirate of Adamawa State. He joined the Board of GTBank in 2010

Mrs. Miriam Olusanya (Managing Director

Mrs. Miriam Olusanya has over 23 yearsbanking experience that cuts across Transaction Services, Asset and Liability Management, Financial Markets, Investment Banking and Investor Relations. 

Mrs. Olusanya holds a Bachelor of Pharmacy (B. Pharm) degree from the University of Ibadan, Nigeria and a Master of Business Administration (Finance and Accounting) from the University of Liverpool, United Kingdom. Mrs. Olusanya has also attended several executive management and banking speci developmental programs in leading educational institutions around the world. 

Mrs. Olusanya serves as a Non-Executive Director on the Board of Guaranty Trust Bank (Gambia) Limited. She is also a member of the Financial Markets Sub Committee of the BankersCommittee, the primary interactive policy platform made up of the Central Bank of Nigeria and banks. 

Mrs. Olusanya was the Group Treasurer and Head, Wholesale Banking Division, responsible for balance sheet and financial markets activities of the Bank and its African subsidiaries, Corporate Finance as well as Investor Relations

Mrs. Olusanya joined GTBank as an Executive Trainee and rose through the ranks until her appointment as Executive Director in 2018, a position she held until her appointment as Managing Director. 

Mr. Olabode Agusto (NonExecutive Director

Mr. Olabode Agusto obtained his Bachelors degree in Accounting from the University of Lagos in 1977. Mr. Agusto became an Associate of the Institute of Chartered Accountants of Nigeria in 1981 and a Fellow of the same association in 1991. He has over 40 years’ work experience in various organizations including UTC Motors Limited, PricewaterhouseCoopers and Nigeria International Bank Limited (now Citibank Nigeria Limited). He is the founder of Agusto & Co, Limited, which is the first credit rating agency licensed by the Securities and Exchange Commission in Nigeria

In 2003, President Obasanjo appointed him as his DirectorGeneral/Adviser (Budget Matters) and a member of his Economic Team during his second term in office (2003-2007)

Mr. Agusto was a non-Executive Director of Shell Nigeria Closed Pension Fund from 2009 to 2013. He was also the ProChancellor and Chairman of the Governing Council of Lagos State University from 20142015. Currently, he serves as a non executive director on the board of Agusto & Co. Limited and Grand Cereals Limited (a subsidiary of UAC of Nigeria plc)

Mr. Agusto is a recipient of the national honour of Member of the Order of the Federal Republic. He joined the Board of GTBank in 2010. 

Ms. Imoni Akpofure (Independent NonExecutive Director) 

Ms. Imoni Akpofure is an experienced finance and sustainability professional with over 30 yearsof developed and developing country experience. Ms. Akpofure is a generalist with wide industry and geographic coverage and has a deep understanding of Sub-Saharan Africa

Ms. Akpofure began her career as a civil & environmental engineer with Scott Wilson Kirkpatrick (now part of URS Corporation) in the UK, becoming a Chartered Civil Engineer in 1993. Following an MBA, Ms. Akpofure joined the International Finance Corporation (IFC), the private sector arm of the World Bank Group, and worked there from 1995 until her departure in 2013 as Director Western Europe. Between 20062013, Ms. Akpofure was also a Faculty Member of the Business and Sustainability Programme under the University of Cambridge’s Institute for Sustainability Leadership. From 2014-2016, Ms. Akpofure was one of 2 Regional Directors for Africa for CDC Group Plc, the UK Governments development finance institution. From 2016-2020 M$. Akpofure was a Senior Associate with KINA Advisory Ltd, a socioeconomic advisory firm. 

Ms. Akpofure holds an MBA from INSEAD, France, an MSc in Environmental Engineering from Newcastle University, UK, and a BEng in Civil Engineering from Imperial College, London. 

Ms. Akpofure is currently a NonExecutive director on the Board of Africa50, a Morocco-based pan-African infrastructure fund; and a Trustee on the Boards of the Engineers in Business Fellowship, UK, the Gamaliel & Susan Onosode Foundation (GAMSU), Nigeria and Technoserve Inc, USA. She also serves on the Investment Committees of Africa50 and the Fund for Agricultural Finance in Nigeria (FAFIN). She joined the Board of GTBank in 2015

Mrs. Victoria Adefala (Independent Non-Executive Director

Mrs. Victoria Adefala holds a Bachelor of Laws (LL.B) degree (1987) from the University of Lagos, Nigeria and a Master’s degree in International Law (LL.M) from University of Houston Bates Law School, Houston, Texas. She was called to the Nigerian Bar in 1988. Mrs. Adefala is a seasoned professional with over thirtythree (33) yearswork experience in diverse industries including Manufacturing, Finance and Transportation as well as the Legal profession, having worked with the African Chamber of Commerce, Houston, Texas, Michelin Nigeria Limited and Alstom Nigeria. 

Mrs. Adefala served as the Country President and Managing Director of Alstom Nigeria up till 2016. Prior to working at Alstom, she was an Executive Director at Michelin Nigeria Limited, and sits on the Board of both local and international companies. She is the Managing Partner of WHITGIFT Law Firm. She joined the Board of GTBank in 2017

Mr. Jide Okuntola – (Deputy Managing Director) 

Mr. Jide Okuntolas banking and financial service experience spans across Transaction Services, Risk Management, Treasury, Financial Control, Oil and Gas as well as Fintech, by over the years actively interfacing and or assuming leadership roles in some of these business segments

With over a decade experience in originating, advising, structuring and executing transactions inexcess of $13 Billion in Oil and Gas Financing, he was responsible for managing the Bank’s Oil and Gas portfolio covering the Upstream, Midstream and Downstream subsectors of the Oil and Gas industry

Mr. Okuntola holds a Bachelor of Economics degree from the Lagos State University and a Master of Business Administration (Petroleum and Energy Economics) from the European-American University. He has attended several executive management and banking specific programs in leading educational institutions. 

Mr. Okuntola joined GTBank as an Executive Trainee and rose through the ranks to become an Executive Director in 2018, a position he held until his appointment as Deputy Managing Director. 

Mr. Haruna Musa – (Executive Director

Mr. Haruna Musa holds a Masters degree in Finance and Management (2009) from Cranfield University, United Kingdom, Masters in Business Administration (1998) from university, Kano and Bachelor of Agriculture degree (1991) from Ahmadu Bello University, Zaria. He has worked previously with United Bank for Africa Plc (1997 – 1998), FSB International Bank (1998 2001), before joining GTBank in 2001. 

Mr. Musa has over twenty-three (23) yearsexperience, out of which 19 years was spent in various aspects of banking including banking operations, corporate banking, Public Sector, Retail & SME BO and risk management. He joined the Bank in 2001 and rose through the ranks to become an Assistant General Manager and Group Head Public Sector, North East Division in 2006. Prior to his appointment as Executive Director, Mr. Musa was the General Manager in charge of the North East Division. He joined the Board in 2015

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

Zenith Bank GMD, Onyeagwu Emerges “CEO of the Year” as Zenith Bank Wins ‘Most Responsible Organisation in Africa’ at SERAS CSR Africa Awards 2021

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Ebenezer Onyeagwu - Investors King

Zenith Bank’s Group Managing Director/CEO, Mr. Ebenezer Onyeagwu, has emerged CEO of the Year for a second consecutive year at the Sustainability, Enterprise and Responsibility (SERAS) CSR Africa Awards held at the weekend in Lagos.

According to the judges, he was selected for a number of reasons, including engendering a culture that promotes the continued investment in social initiatives in support of the United Nations Sustainable Development Goals (SDGs). Under his leadership, the Zenith Bank’s social investments totalled NGN3.285 billion in 2020, representing nearly 2% of the Bank’s profit after tax.

The judges found him worthy for his commitment to promoting sustainability and responsible business practices in Nigeria, by his frontal leadership of sustainability in Zenith Bank, thereby enabling best industry practices in the banking sector, and for his passion for reducing carbon emissions in the Bank’s operations.

Zenith Bank Plc also emerged winner in four other categories at the SERAS CSR Africa Awards, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.

Zenith Bank was adjudged the Most Responsible Organisation in Africa, winning the overall best sustainability award, for its continued commitment to the tenets of Sustainability and Corporate Social Responsibility, within its immediate community and in the society at large.

The Bank also emerged as the winner in the category for Reporting and Transparency for its consistency in disclosing and communicating its sustainability journey and progress annually vis-a-vis environmental, social, and governance (ESG) goals, in line with the guidelines and protocols set by the Global Reporting Initiative (GRI), Nigeria Sustainable Banking Principles (NSBP), NigerianExchange (NGX), United Nations Global Compact (UNGC), and United Nations Environment Programme Finance Initiative (UNEP FI). The Bank also ensures the assurance of its sustainability report by reputable independent third parties. In 2021, the Bank’s 2020 sustainability report was assured by PricewaterhouseCoopers (PwC) and disseminated through the Bank’s website for the public and sent to all relevant stakeholders, including the United Nations Global Compact (UNGC).

In the infrastructure development category, the Bank was voted winner for its nation-building initiatives and investments, including supporting efforts towards establishing basic services and functional security, governance, and economic and infrastructure systems, especially in Nigeria. As a testament to this and in demonstration of its commitment to the development (often referred to as reform, restructuring and rebuilding) of the Nigeria Police Force for the preservation of law and order, protection of life and property, and law enforcement in Nigeria, the Bank supported the Lagos State Security Trust Fund with N500,000,000.00 for the provision of security-enhancing facilities and infrastructure. This is in addition to contributions to other state security trust funds.

Zenith Bank was adjudged winner in the category for the Best Company in Promotion of Gender Equality and Women Empowerment for its Z-Woman initiative, which offers credit facilities to women-owned businesses at a single-digit interest rate and for a gender-balanced workforce (Women make up about 50% of employees). During the reporting period, the number of women and women enterprises supported by the Bank, through the Z-Woman initiative, grew by 88.7%, from 391 in 2019 to 738 in 2020.

The Sustainability, Enterprise and Responsibility Awards (SERAS) is an initiative of TruCSR which celebrates and promotes investments by corporate organisations in the society through CSR and sustainability initiatives. It made its debut in 2007, and participation was opened to other countries of Africa in 2016.

The 2021 awards featured 387 projects by 97 organisations across Africa. The SERAS Jury Board consists of global thought and best-practices leaders from around the world such as Maria Sillanpaa (Finland); Nyasha Gwatidzo (Zimbabwe); Adesuwa Onyenokwe (Nigeria); Amjed Achour (Morocco); Charles Ojei (Nigeria); Ellen Gunning (Ireland); Gina Din-Kariuki (Kenya); Indira Kartallozi (England); Lampe Omoyele (Nigeria); Paul Kapelus (South Africa); and Scott Walker (England).

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Banking Sector

Having a FirstBank Salary Account Can Ease Your Money Problems, Find Out How…

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FirstBank Headquarter - Investors King

“There is always a lot to spend money on, and sometimes the bills can’t wait for the salary to be paid” Tope complained when his wife informed him that they had run out of cooking gas and had to refill.

He had just moved to a new location with his family and the bills seemed to be coming at such speed that he could hardly keep up. Barely three weeks in the new apartment, the electricity bill had arrived.  The new apartment was bigger than the last and their two double-seater cushions left too much space vacant in the seating room. They needed to get a couple more pieces of furniture to fill the space. His wife had not stopped reminding him of the car he promised to get, in order to ease mobility for the family.

Everyone has been a Tope at some point in time, and that is why everyone needs a financial partner like FirstBank, Nigeria’s premier and leading financial services brand. FirstBank offers a variety of loan products that can help you ease off the pressure as you work towards meeting pressing and urgent needs, as well as medium-term goals.

FirstAdvance is a digital product tailored for Salary Account holders, who have an urgent cash need and would want to access salary advances from the bank.  If you have held a salary account with FirstBank for up to two months, you can access 50% of your monthly net salary and as much as half a million naira (N500,000).

A physical visit to the bank branch is not required as you can access it via the FirstMobile (FirstBank’s Mobile banking app) and USSD channels. To access the service via USSD, dial *894*11# from the phone number linked with your FirstBank account. This has proved to be the solution for many people while emergencies arise before payday. There is no point in waiting for month-end before you can take on those pressing financial obligations.

FirstCredit is another digital product designed to cater for non-salaried individuals. All that is required is for your account to have been active and transacting in FirstBank for six months or more to access FirstCredit. It provides customers with quick and easy access to loans to fund urgent transactions. You do not need a smartphone or a physical visit to the bank to get this done as well. This credit facility can be accessed using a mobile phone and the USSD banking code, *894*11#. You can access as much as N300,000 to be repaid within 30 days.

No physical documentation or collateral is required, neither do you need a physical visit to the bank to access both loans.  Imagine the confidence that comes with sorting out your bills within minutes and without having to wait till month-end.

Salary accounts should do more than receive your monthly payments from your employer. It should be instrumental in making your day-to-day living easier, and this is what having your salary account with FirstBank can achieve for you. You can get a Personal Loan Against Salary (PLAS) if you have a longer-term project at hand or investments to make. It may be paying school fees for your kids, acquiring assets or renovating your properties, paying rent, taking professional examinations. Customers who qualify can access Up to N50 million based on their net monthly income and rates are competitive while offering long-term and flexible repayments up to 48 months tenor.

Despite all these benefits and ease in access to loans, it literarily costs nothing to open a FirstBank Salary Account.  Zero opening balance, Zero minimum daily operating balance, Zero account maintenance charge, plus you even get your first debit card issued for free.

Truly, it is always “YOU FIRST” from FirstBank.

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Banking Sector

Nigerian Banks Disburse N7 Trillion Loans in 3 Years

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Global Banking - Investors King

In the last three years, commercial banks in Nigeria have disbursed over N7 trillion in loans and advances to their customers, a feat which the Central Bank of Nigeria said was achieved through the apex bank’s loans to deposit ratio (LDR) policy.

This was stated by the Deputy Governor, Financial Systems Stability of the CBN, Mrs Aishah Ahmad at the 40th anniversary summit of the Financial Institutions Training Centre (FITC) in Lagos on Friday. Ahmad noted that the LDR policy, which specified that a specific percentage of bank deposits must go out as loans and kicked off in 2019, had seen the rate at which banks lend to the economy improve largely.

In July 2019, the CBN had increased the minimum required LDR to 60% and then went on to review it upward to 65% later in the year which has since then helped the country’s economy, as well as increased retail lending to households.

The increase of the loans to deposit ratio being increased means that for the amounts of money being deposited in the banks, the banks are to increase the rate at which loans will be given against the deposited amount. For example, if $1 is deposited, the LDR increase to 65% would mean that the bank would give out the equivalent of 60.5 cents per one dollar.

According to Ahmad, the CBN has tried for years to endure that it drives lending to the real sector as she went on state that the policy established by CBN Governor Emefiele over the past years has placed emphasis on this, in terms of intervention funds and also in terms of some of the policies put in place like the loan to deposit radio (LDR) which has added about N7 trillion in loans.

Speaking on the stability of the banking sector, Ahmad stated that all the indicators point to its strength and stability, as well as its role as a catalyst towards the country’s recovery.

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