General News
First Bank Records 32% Increase in Revenues
First Bank of Nigeria Plc has recorded a 32 percent increase in revenues from N96.6 billion to N128.1 billion for the six months ended 30 September 2009.
The bank’s unaudited results presented at the floor of the Nigerian Stock Exchange shows deposits liabilities increase of 41 percent, from N851 billion to N1.2 trillion, while its total assets of N1.8 trillion increased by 14 percent to N2.0 trillion.
Its profit after tax indicated a drop from N23 billion to N2 billion (N30.0 billion September 2008), experienced a decrease of 89 percent on prior year while shareholders’ funds of N308 billion also fell by 8 percent from N334 billion in September 2008
Bisi Onasanya, group managing director of First Bank while commenting on the results said: “In line with our conservative nature, we have taken provision in excess of the N20.1 billion mandated by the Central Bank of Nigeria. We believe that subsequent recoveries of these loans will have positive impact on our performance in coming periods.”
Onasanya affirms that First Bank remains committed to capturing synergistic value through further diversification of the bank’s business model, supported by enhanced cost efficiencies and a strong capital base, saying that the bank strong capital adequacy ratio of 22 percent and stable funding base allows it to withstand short-term pressures without deviating from our long-term objectives.
Ola Oyelola, group chief financial officer, First Bank on his part believes that the bank’s conservative approach to provisioning against doubtful debts is the correct one, as evidenced by the successful conclusion of the Central Bank’s audit.
“We cannot deny the impact the global financial crisis continues to have on our customer base, and we have made further prudent provisions against the value of loans and investments on our balance sheet. This allows us to provide a transparent view of the bank’s assets at the end of the period, as well as look forward with confidence that the impact of the prevailing market environment has been largely recognised”, he said.
The bank’s operational highlights include the opening of 25 new branches, bringing its total number of branches, agencies and subsidiaries to 561 as at September 2009.
It recorded an expansion of its ATM network to 1,368 from 999 at the end of the March 2009.
First Bank improved its Wide Area Network infrastructure including optimizing cost of operations through VSAT replacement and deployment of WAN accelerators where replacement is not feasible and also establishment of FirstContact, a 24/7 customer interaction centre, to expand the range of the bank’s customer service channels, and enable the migration of substantial volume of requests and enquiries.
The Bank is in the final stages of the establishment of a centralized processing centre to serve as a large scale back-office for routine, non customer-facing processes to enable it reduce transactions processing costs, increase processing efficiency by leveraging on economies of scale and the concentration of core competency, achieve consistency and standardization in transactions processing.
Over the next 12 months, the bank plans to focus on solidifying its leadership position within the Nigerian financial services industry by leveraging its scale advantages e.g. distribution network, balance sheet strength, etc. to serve customers better and more efficiently.
First Bank’s performance management strategy is designed to make it the premium employer brand and a talent magnet in the Nigerian banking industry as it has put in place robust performance management systems that will enable it repeatedly deliver against its corporate objectives and develop a performance culture among its workforce.
General News
Police Uncover Fake Diplomatic Number Plate Syndicate in Abuja

Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.

Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
General News
Gavi Okays $500m for Vaccines, PHCs in Nigeria

Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.

The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
General News
The Journey to Financial Freedom: Priscilla, a PalmPay Agent Now Owns a Store

For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.

Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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