Banking
First Bank Gives Update on Requirements for FX Purchase
By Aduragbemi Omiyale
One of the leading financial institutions in Nigeria, First Bank, has given updates on how its customers can apply for foreign exchange (FX) “in line with regulatory requirements.”
In a notice obtained by Business Post, the lender said customers can secure $4,000 for Personal Travel Allowance (PTA) and $5,000 for Business Travel Allowance (BTA) to be disbursed directly to their First Bank Travel Card.
However, the bank emphasised that “all PTA/BTA applications along with the approved Form A are submitted at the branch exactly 14 days before your proposed travel date,” noting that sales are limited to two quarters a year.
This development has become necessary in Nigeria as a result of the scarcity of forex in the country. This has forced the banks to ration available FX to customers.
In the message sent via email, First Bank noted that for the application of hard currency for the payment of school fees abroad, customers must send the request at least 30 days before.
“For school fees, a minimum of 30 days is required for processing, after the submission of documents along with the approved Form A at the branch, subject to a maximum of $15,000 per semester and limited to two semesters per session,” the lender stated.
It added that application for upkeep requires a minimum of 30 days for processing subject to a maximum of $3,000 (or its equivalent in other currencies) per semester, limited to two semesters per session.
It stressed that the customer must present evidence of payment of the school fees for the current session if the school fee was not paid through First Bank.
The notice also disclosed that “a Form M must accompany applications for Form Q, subject to a maximum of $20,000 and limited to 2 quarters a financial year.
“Application for Form A for (school fees, student upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) platform.”
The bank listed the requirements for FX purchase and processing school fees for the first degree and post-graduate programmes as:
Admission letter on the school letterhead
Invoice for the current semester on the school letterhead.
The beneficiary bank/account details in the name of the school/university
Duly completed Form A
Authority to debit customer/applicant account for Naira equivalent and charges
Biodata page of the International passport of the student
Additionally, a first-degree certificate is required for postgraduate programs.
Notification of result is acceptable only if it is duly endorsed as a ‘certified true copy’ by the institution that awarded it
The applicant should be a recognized parent or guardian of the student.
School fees and student upkeep is strictly for degree and postgraduate programs.
The school fees amount should be equal to or less than the amount on the invoice and not more than the amount on the invoice.
The maximum limit of $15,000 (or its equivalent in other currencies) per semester is no longer applicable. The amount on the invoice is the limit in line with recent CBN/ Bankers committee decisions.
The student upkeep/maintenance fee is a maximum of $3,000 (or its equivalent in other currencies) and can be paid directly to the account in the name of the student abroad per semester if the school does not make provision for the collection of student upkeep on behalf of the student. This is in line with the recent CBN/ Bankers committee decision.
Requirements for processing PTA/BTA:
Biodata page of International Passport
Valid Visa Page
Duly confirmed return ticket with e-ticket number
Authority to debit account for naira equivalent and charges
Account must have been opened and run for at least 6 months
Complete a prepaid card request form where the customer does not have one
By Modupe Gbadeyanka
A former staff of First Bank of Nigeria Limited, Mr Muiz Tijani Adeyinka, has forfeiture seven properties linked to him in Lagos to the federal government.
This followed a final forfeiture order ordered by Justice Dehinde Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, April 10, 2025.
He was brought before the court by the Economic and Financial Crimes Commission (EFCC), which argued that the properties were obtained with questionable funds.
Justice Dipeolu had earlier ordered the interim forfeiture of the properties and also ordered the publication of the said order in a national newspaper for any interested parties to show cause why the properties should not be finally forfeited to the federal government.
Moving the application for the final forfeiture yesterday, the EFCC, through its lawyer, Ms Zeenat Atiku, told the court that “no one showed cause within the 14 days window granted after the publication.”
The legal counsel also stated that the application was supported with an affidavit deposed to by an operative of the EFCC, Mr Isah Yusuf Nadabo.
In the affidavit, Nadabo informed the court that Mr Adeyinka worked at the settlement office of the bank and that he had the capacity to carry out some inalienable access available only to the office by virtue of his office.
He stated further in the affidavit that, “He, therefore, carried out illegal, unauthorised and fraudulent activities against First Bank Nigeria Plc.
“Investigation has thus far revealed and traced the sum of N35 billion benefitted by Muiz Tijani Adeyinka and his cronies.”
She, therefore, told the court that the properties traced to the former First Bank employee were reasonably suspected to have been acquired with proceeds of unlawful activities.
After listening to the EFCC’s counsel, Justice Dipeolu held that he found merit in the argument of the applicant and ordered the final forfeiture of the properties to the Federal Government of Nigeria.
The properties are Plot 9, Block 28 Itunu City, Veritas Homes & Properties Ltd., Aiyetoro, Epe Lagos State; a three-bedroom flat described as Block A, Floor 6, Flat 2 (Block A/6/2) Le Moriah Residences Estate, Off Kusenla Road, Ikate Ancient City, Lekki Penninsula, Eti-Osa LGA, Lagos State; a parcel of land known as Block L1, Plot 13, Amen Estate, Phase Ill Extension, Abomiti Zone, Lekki/Epe Express Way Epe LGA, Lagos State; a parcel of land known as Block 3, Plot 13, Arizon Estate , within Idera Scheme Allocation via Eleko Junction Ibeju-Lekki LGA; one plot of Land within Arizone Estate, Idera Scheme,lbeju-Lekki LGA and one plot of land within Itunu Residential Aiyetoro, Ibeju-Lekki LGA.
Others are a parcel of land known as Plot 7, Block 4 Itunu City, Veritas Homes & Properties Ltd, Aiyetoro Epe LGA, Lagos; a parcel of land known as Plot 1, Ido Gwari 2 Extension, within Ochacho Real Homes, Ido-Gwari 2 Extension, LifeCamp, Abuja and a parcel of land known as Block Q, Plot 25, Tiara by Amen City Limited, Along Lekki/Epe Express Way, Yeguda Resettlement Scheme, Epe Lagos State.
By Modupe Gbadeyanka
A veteran bank and founder of the defunct Diamond Bank Plc, Mr Pascal Gabriel Dozie, has died at the age of 85.
The former chairman of MTN Nigeria, a leading telecommunications firm, died in the early hours of Tuesday, April 8, 2025, just a day to his 86th birthday.
The Nigerian entrepreneur and businessman chairman of Pan-Atlantic University established Diamond Bank in 1990. The company later became one of Nigeria’s most respected financial institutions.
The current Governor of Abia State, Mr Alex Otti, once headed the lender before handing over to the founder’s son, Mr Uzoma Dozie, when he veered into politics.
Diamond Bank merged with Access Bank in 2019.
Mr Pascal Dozie, who was once the President of the Nigerian Exchange Limited, then known as the Nigerian Stock Exchange (NSE), was born on April 9, 1939, in Egbu, Owerri, Imo State, and began his career as an economist at the National Economic Development Office in the United Kingdom.
By Modupe Gbadeyanka
Some food packs have been distributed to residents of the Federal Capital Territory (FCT) Abuja recently by Fidelity Bank Plc as part of its Corporate Social Responsibility (CSR) initiatives under the Fidelity Food Bank.
This is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.
Officials of the financial institutions distributed the food items to seven communities in the Mabushi district of the FCT.
One of the beneficiaries, Mr Mukhtar Mohamed, expressed his gratitude to the bank, acknowledging the significant impact of food distribution.
Similarly, the District Head of Mabushi Community, Mr Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.
“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families.
“Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan,” Mr Danagna stated.
Speaking at the distribution event, the Executive Director for North at Fidelity Bank Plc, Mr Sufiyanu Garba, emphasized the lender’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.
“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria.
“At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need.
“While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive,” Mr Garba said.
“We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society,” he added.
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