In a move set to bolster infrastructure development across Lagos State, FirstBank of Nigeria Limited has expressed its commitment to partnering with the state government.

This collaboration aims to drive key projects that will enhance power infrastructure, create employment opportunities, and boost economic growth.

The commitment was made by the Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, during a courtesy visit to the Lagos State Governor, Babajide Sanwo-Olu, on Tuesday.

Alebiosu, who was recently confirmed as the substantive MD/CEO of FirstBank in late June, led a management team to the Governor’s office to discuss the potential partnership.

“Power infrastructure is crucial, especially because Lagos State is a model for other states in Nigeria,” Alebiosu remarked. “We are keen to see the framework that the Lagos State Government will establish, alongside various private investors, to launch significant power projects aimed at reducing production costs. FirstBank is committed to supporting these initiatives to ensure Lagos State reaps the benefits, including increased employment opportunities and enhanced tax revenue generation.”

Alebiosu highlighted several special projects already underway by the Lagos State Government and emphasized FirstBank’s dedication to continuing its support.

He expressed optimism that these projects would not only benefit Lagos but also contribute to the broader Nigerian economy.

In response, Governor Sanwo-Olu expressed his appreciation for FirstBank’s longstanding partnership with the state.

He reaffirmed his administration’s commitment to maintaining mutually beneficial relationships with financial institutions, particularly FirstBank.

“We have a special space for FirstBank because of our historically productive relationship,” Sanwo-Olu said.

“Over the years, our banking relationship with FirstBank has created significant economic value and movement. We will continue to nurture this relationship by giving the bank its rightful place and ensuring that FirstBank receives a substantial portion of our business.”

The Governor underscored the importance of such partnerships in meeting the needs and aspirations of Lagos residents.

He highlighted that sustained collaboration with FirstBank would be pivotal in achieving the state’s infrastructure and economic goals.

The discussions between the FirstBank team and the Lagos State Government come at a time when the state is focusing on extensive infrastructure projects to support its growing population and economic activities.

The partnership with FirstBank is expected to accelerate the completion of these projects, particularly in the power sector, which is critical for industrial growth and overall development.

As FirstBank and Lagos State forge ahead with this new partnership, both parties are optimistic about the positive impact it will have on the state’s infrastructure landscape and its residents’ quality of life.

This collaboration marks a significant step towards a more robust and sustainable economic future for Lagos State.

Access Holdings Plc is set to open its highly anticipated N350 billion rights issue to existing shareholders on Monday, July 8, 2024.

The strategic move was announced during a signing ceremony held at the corporate head office in Lagos on Tuesday, and it marks a significant milestone in the company’s ambitious growth plan.

At the ceremony, the Group Managing Director of Access Holdings, Mrs. Bolaji Agbeje, explained the importance of this rights issue for the company’s future.

“Our success is rooted in our resolute dedication to excellence, our strategic vision, market research, resilience, and ability to adapt to the ever-evolving financial landscape,” she stated.

“This rights issue will create real value for all and position the group for sustained growth for the future.”

The rights issue, priced at N19.75 per share, is offered on the basis of one new share for every two shares held as of June 7, 2024.

With 17,772,612,811 new ordinary shares available, Access Holdings aims to raise significant capital to support its strategic objectives outlined in the 2023-2027 plan.

Mrs. Agbeje emphasized the crucial role of shareholders in realizing the company’s vision.

She said “Indeed, the realisation of this vision requires the full backing of our valued shareholders. It is your support that ensures we optimize the emerging opportunities in the ecosystem and create long-term value.”

The funds raised will be instrumental in meeting the new N500 billion capital base mandated for top commercial banks in Nigeria, as per the Central Bank of Nigeria’s circular issued in April 2024. The deadline for recapitalization is set for March 31, 2026.

Mr. Aigboje Aig-Imoukhuede, Chairman of Access Holdings, said “This is the second rights issue by Access Corporation, the first being in 2002. Today, we are here for another significant corporate action in the life of the Access ecosystem. This is the first time we are bringing to the market an Access Bank financial instrument without Herbert being present, but his spirit and vision are very much a part of this offer.”

Aig-Imoukhuede noted that the capital raising steps were planned independently of the Central Bank’s announcement.

This, he said ” speaks to our strategic intent and enables early compliance with the Central Bank’s overall recapitalization of our sector. The proceeds will support our ambition to fly the Access Bank flag across Africa and beyond.”

Roosevelt Ogbonna, Managing Director of Access Bank, said “Every time we have been put to that test, we have passed in flying colours. The truth is that it is an opportunity for us to bind together as a board and, more importantly, as a stakeholder group.”

The funds raised will not only bolster the bank’s core operations but also support its non-banking ventures in pension and fintech sectors, reinforcing Access Holdings’ position as a leading financial services group in Africa.

There is no gainsaying that having a vision and purpose, gives direction to ones hustle as well as gives flight to dreams.  

To put in perspective, It helps you focus on what you want to achieve and the steps you need to take, to get you there. Without a clear vision, you may end up going in different directions, wasting time and resources.

For a number of individuals and institutions who have passionately followed this principle, the outcome has been, that of enviable success.

Individuals and organisations who get better at what they do, all over the world have constantly shown and proven that when you go at your dream  relentlessly even when it seems daunting, eventually it all comes together. That is consistency. It helps you gain mastery of a particular skill or set of skills. Consistency opens the door to expertise and eventual greatness.

Today, the iconic success story of UBA since coming into existence 75 years ago, typifies this and is indeed an exceptional one which is a testament to vision and sheer determination and truly deserves commendation.

Whether it’s in its  first rate customers service, passion to overall wellbeing, customer satisfaction, business growth, the ability to maintain a steady course over time from generation to generation as evidenced in the overwhelming testimonials of UBA generational customers, is one that has kept the bank constantly leap-frogging competition in bounds which is why UBA continues to enjoy enduring success.

This principle is brilliantly exemplified in what  the United Bank for Africa (UBA) PLC, a financial institution which has not only survived but thrived for 75 years stands for. Let’s look at how UBA’s unwavering commitment to excellence has allowed it to keep getting better with age.

Adapting to Change and Innovation

UBA has stayed relevant for 75 years by embracing technological advancements. From launching the first chat banking bot in Africa, the first cash deposit ATMs in Nigeria to launching the Braille account opening form for the visually impaired, The bank has continued to balance reliability with innovation.

A Legacy of Trust

While speaking during a global press conference as part of its 75th anniversary celebration, Group Managing Director, United Bank for Africa Plc (UBA), Mr. Oliver Alawuba, said: “Since 1949, UBA has continued to support and transform businesses across Africa, especially in the critical SME space. One such transformed business is Destination Global Investment, a beverage distribution company that was able to expand its business into major distributorship, through the support of UBA”.

“This he attested to the bank’s huge contribution to the growth of businesses and the bank’s unwavering dedication to its customers (C1st Philosophy) which has made it easy to build this legacy of trust and reliability”.

Alawuba also applauded the Group Chairman of UBA Group, Mr. Tony Elumelu for his visionary leadership and tutelage without which, he said the bank’s success would have been impossible.

Also, Alawuba noted that the bank remains committed to improving and facilitating intra-Africa trade, adding that the $6 billion it pledged for that purpose would be used to finance it and as well as support from Development Finance Institutions (DFIs).

“we are committed to developing Africa. We are committed to supporting the key sectors that are pushing African economies. And it is showing even in our performances and our businesses. If you look at our accounts and performance, you will see that our performance has continued to improve, reflecting clearly what we are doing.

“We don’t just support these businesses; we support all the value-chain that are tied to these businesses so that the SMEs will continue to thrive. SMEs are the future of Africa and will continue to provide support to SME businesses,” he said.

“We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders. Collaboration and partnerships as exemplified by the $6 billion SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objectives. We are dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success.

“As we embark on the next phase of our journey, I urge all stakeholders to continue their support and collaboration. Together, we will write the next chapter of success for United Bank for Africa Plc.”