Banking
First Bank Affirms Commitment to Corporate Governance
By Dipo Olowookere
First Bank Nigeria Limited has reiterated its commitment to the promotion and inculcation of sound business ethics in students of Nigerian universities as well as to continuously uphold good corporate governance in all its operations.
This commitment was made last weekend by the company’s Head of Corporate Responsibility, Marketing and Corporate Communications, Mr Ismail Omamegbe, during the National Final of the 2018 Ethics Challenge of CFA Society Nigeria held in Lagos.
At the event sponsored by First Bank, Mr Omamegbe said the financial institution is a responsible organisation that believes in robust corporate governance and sound ethics and that it was desirous of passing this on to the youth and Nigerians generally.
He added that the support for the Ethics Challenge was one of the numerous corporate and social responsibility initiatives by which First Bank promotes orderly society.
“We are going to be 125 sometimes in March 2019, and one of the key things that drive us is ethics; robust corporate governance. Without that, we wouldn’t have gone this far.
“But apart from internally believing in ethics and having an excellent framework for upholding it, we also think of creative ways we can drive this as a programme such that it would endure and build young minds,” he stated.
Mr Omamegbe added that, “Our focus is how to empower youth. Our core areas of CSR are education, health and welfare. There’s also financial inclusion and responsible lending. There are different areas within these categories, and one of them is the endowment of the Samuel Asabia Chair in Business Ethics at the University of Lagos. That shows how much we believe in ethics because it’s an endowment that’s in continuity. That’s why we have this programme and are partnering with CFA Society because their vision aligns with ours.”
Mr Omamegbe assured that the next edition of the competition would be more significant as plans are underway to involve all Nigerian universities.
President of CFA Society Nigeria, Mr Banji Fehintola, commended First Bank for supporting the competition and expanding its scope. He disclosed that the Society spent a long time talking to potential sponsors who turned it down before First Bank came on board.
He commended First Bank for investing in Nigerians saying, “They’ve been great people. This partnership started a little over a year ago when we approached them. I was so pleased when they came back to us and said we buy this mission. We believe in young people; we believe in ethics, so we are going to support this program. They came back to us and said not only are we supporting for one year but many years. Increasingly, they are increasing the impact of the competition. This shows their commitment to ethics.”
Three universities namely; Obafemi Awolowo University, Ile-Ife; University of Nigeria, Nsukka, and the University of Lagos emerged as finalists at the national final.
Four universities had earlier been produced at a regional preliminary held in Lagos on Friday while two had emerged from the Abuja elimination round. While the University of Lagos, Babcock University, University of Benin and Obafemi Awolowo University qualified from the preliminary round in Lagos, UNN and the University of Ilorin emerged from the first round in Abuja. The six universities contested in the national final.
Bowen University, Covenant University, Ekiti State University, Mountain Top University, University of Calabar, University of Ibadan, University of Abuja, University of Maiduguri, and Madonna University were the other participants in the Ethics Challenge that aims to promote the highest standards of ethics, education, and professional excellence in the financial and investment sector.
Winner of the competition will be announced at the CFA Society Nigeria Gala Night on Wednesday, November 7 at the Eko Convention Centre.
For emerging finalists, team members from the three universities will get scholarships for the CFA Level One examination. They will also be part of the CFA Society Nigeria’s investment conference and women in investment management workshop.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
