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
Conoil Bonanza Winners Emerge

Conoil Plc is spreading joy this Valentine season as the first group of winners in its Valentine Bonanza promotion have been announced and rewarded. Launched on February 14, the campaign continues to delight customers at participating retail outlets.

The initial raffle draw, conducted on February 21, saw fortunate customers receive ₦10,000 worth of free petrol each. The draw was carried out publicly, with media representatives present to ensure full transparency. With the promotion still ongoing, more customers have the opportunity to join in and potentially be among the next winners.
A Conoil Management spokesperson explained that the initiative is a way to show appreciation to loyal customers for their ongoing support. “Our customers have responded impressively to the bonanza, with strong participation recorded across our stations,” the spokesperson said.
The second and final phase of the promotion is now in motion. Customers who purchase at least 10 litres of petrol at any participating Conoil station remain eligible to win in the grand finale raffle.
The grand finale is set for February 28 at 12 noon. Motorists in Lagos and Ogun states are encouraged to visit Conoil outlets to collect their tickets and take part in the exciting conclusion of this Valentine celebration.
General News
PalmPay Couples Show How Love Is Funded Digitally

PalmPay users took to the #LoveWithPalmPay campaign to show how experiences are powered through seamless banking.

It’s the month of love and social media has been filled with couples showing affection with gifts. As digital payments become embedded in everyday life, the way relationships are planned, funded, and experienced is evolving.
Recent insights from SBM Intelligence 2025 ‘Love in the Air’ report show that despite economic pressures, most Nigerians still set aside dedicated budgets for Valentine’s Day, with the largest percentage planning to spend between N51,000 and N100,000, while less than 5% are willing to spend above N500,000.
This growing intentionality highlights the need for platforms that help people manage their money more effectively, offering features like free transfers and tools that make it easier to send, track, and preserve funds while still showing up for meaningful moments.
Through the #LoveWithPalmPay campaign, PalmPay set out to show how the platform is enabling users to plan, pay, and celebrate meaningful moments with greater ease.
During the Valentine’s season, PalmPay invited couples across Nigeria to share their stories through the #LoveWithPalmPay campaign, celebrating how digital banking supports their individual expressions of love.
The campaign saw strong participation, with many PalmPay couples submitting entries that showcased how they use the app to plan surprises, pay for outings, and stay connected through everyday transactions.
From these entries, four couples were selected, each showcasing how PalmPay has enabled fast and reliable transactions in key moments.
One video from @simply.omotoshan, one of the selected couples, captures the role of seamless payments in making their spontaneous moments possible.
She said in her entry video: “Our cutest money moment with PalmPay was when we planned our Valentine’s picnic and realized we had forgotten half of the things we needed; literally, half of everything. We rushed to the mall to get cakes, food, decorations, and all the essentials. When it was time to pay, we used PalmPay.
“The transaction was smooth, fast, and stress-free. In no time, we were done setting up our Valentine-themed picnic with everything perfectly ready. Honestly, all our experiences with PalmPay have been easy and satisfying, but this one is definitely our cutest money moment. Thank you, PalmPay.”
A testimonial from the fourth selected couple, Mohammed and his wife, reflects his excitement: “Hello PalmPay, thank you so much for selecting us as one of the winners of the #LoveWithPalmPay campaign. We truly appreciate this. My wife and I are very grateful. Thank you, PalmPay, for the love and support. We’re so happy and thankful for the N100,000 reward. We love you, PalmPay, and long live PalmPay. Thank you so much.”
Beyond the feel-good stories, the campaign reflects a broader shift: fintech is no longer just about transactions, it’s about enabling experiences. Reliable payments, fast transactions, and accessible financial tools reduce the friction that can disrupt important moments, allowing users to focus on connection rather than logistics.
From paying for dinner to managing other expenses, PalmPay continues to demonstrate how digital financial services support modern relationships, proving that in today’s economy, love is not only felt, it’s funded digitally.
General News
KPMG Strengthens Africa Leadership to Support Long‑term Growth Across the Continent

KPMG has appointed Tola Adeyemi as Chief Executive Officer for KPMG in Africa, alongside the addition of Professor Olayinka David‑West and George Njenga as independent members of the Africa Governance Council (AGC).

Effective from March 2026, the appointments reinforce the firm’s leadership expertise, underscore a long‑term commitment to Africa and highlight confidence in the continent’s growth potential.
“Africa is one of the most dynamic and promising regions in the global economy, and KPMG is committed to playing a meaningful role in its growth story,” said Tola Adeyemi, incoming CEO for KPMG in Africa.
He continued: “It is a privilege to step into this role at such a pivotal moment for both KPMG and the continent. I look forward to building on our strong, connected and high‑performing base to deepen collaboration and deliver consistent quality and impact across our markets.”
KPMG is recognised globally for its commitment to quality, integrity and professional excellence, supported by a strong global network of member firms. Trust remains the foundation of the audit and accounting profession, with high standards of governance, ethics and audit quality increasingly demanded across Africa’s public and private sectors.
KPMG One Africa’s approach brings the continent closer together with strong leadership to strengthen cross-border collaboration and offer shared expertise and consistency which is business‑critical to help clients navigate complex risks and unlock sustainable growth opportunities.
Commenting on the appointment, Professor Ben Marx, Chairman of the Africa Governance Council, said: “Tola Adeyemi is exceptionally well positioned to lead KPMG One Africa. In addition to his global perspective as a member of the KPMG Global Council, he brings significant influence and credibility as a respected business leader across the continent.”
The appointments of Professor David‑West and Mr Njenga to the Africa Governance Council, which provides board level governance, further strengthens independent oversight, bringing strong academic credentials alongside deep strategic and business expertise.
“These appointments reinforce KPMG’s commitment to strong governance, accountability and leadership depth,” Marx added. “They complement our established African leadership team, in‑country managing partners and regional senior partners, further enhancing our client‑centric approach across Africa.”
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