Prince Tonye Princewill is from Rivers State, a politician, business magnate, filmmaker and philanthropist. He was the Director of Strategic Communications of the All Progressives Congress, APC Campaign in Rivers State in the 2019 general elections.

Currently an APC Chieftain, he was the governorship candidate of the Action Congress, AC in 2007 in Rivers state. In 2015 he also became the governorship candidate of the Labour Party, LP. In this interview, he bares his mind on how the party will navigate out of its present quagmire

The reconciliation process in APC appears not to be yielding dividends. How do you think this will affect the chances of the party in 2023?

Nigeria’s biggest challenge in my honest opinion is not corruption or insecurity, neither is it unemployment, although it is second on my list. Our biggest problem is internal party democracy. How we as party members chose our leaders. If we can get that right, the leaders we have will be true representatives of the wishes of the people and then the scourges of youth unemployment, corruption and insecurity that the masses are facing will give way to the development that has been so elusive to our beloved nation. Trace the problems in the party and you will find that they are linked to the lack of internal party democracy.

So to your question; reconciliation is critical. It is not what happens to you, but how it is addressed. Show respect, listen to opposing views and find a way to put them behind you and you will see the results. In 2014, APC showed Nigeria how reconciliation and collective interests produced a consensus that overthrew an incumbent government. Men decided to bury personal interests to converge around a single ideal that kicked PDP out of power. In the pursuit of retaining power, APC has to do the same otherwise it will have a taste of its own medicine. A word is enough for the wise.

Some Nigerians are of the opinion that President  Buhari missed the opportunity to engrave his name in gold by his refusal to sign the electoral Act as passed by the National Assembly. What is your take on this?

The opportunity has not been lost and the President’s legacy is bigger than the passage of one bill into law. Granted this bill is no ordinary bill and granted its passage has the potential to change the landscape of how we conduct elections in the future, but it is my firm belief that the two branches of government under the umbrella of the same party, will reach a consensus because they have the capacity to do so. Extracting direct primaries, which I favour, should give us a way forward. Future amendments can tick that box. Like I have said, how we choose our leaders is important. I will go further to say, the cost of doing a direct primary is small in comparison to the cost of flawed primaries when you consider the cost of bad leadership. But politics is about compromise. Great nations are not built overnight. This government can shift the needle, even without direct primaries because the bill contains many other changes that will foster more credible elections.

If the APC is unable to resolve its many internal crises ahead of the 2023 presidential election, do you foresee the PDP taking advantage of the situation?

It’s not impossible. PDP is weak and also prone to a customised implosion of its own, but nobody should ever be underestimated. Nigerians have very short memories. Some have forgotten what PDP represents and cut off their nose to spite their face. I’ve seen men do very strange things, only to regret it later. Besides, powerful men being out of power for eight years can do powerful things like swallow their own vomit to get back in. For many, politicians, politics and power is all they know. They can do anything to remain relevant. The other factor to consider is 2023 may not be about party. It may be about candidate. If PDP brings a popular candidate, he or she can give the party a new image. The message to us in APC is do not take Nigerians for granted. And I am so sure, we will not.

What is your take on zoning, particularly of the presidential ticket ahead of next year’s general election?

In a mature democracy, zoning has no place. But in a fledgling one like ours, with a pluralistic foundation and a history of ethnic, cultural and religious tensions, only a politician blinded by overreaching ambitions can ignore it. Since the world is full of selfish politicians, there are many legal loopholes available to deny zoning. But that which is unjust and morally bankrupt, eventually falls.

Speculation is rife that certain chieftains of your party are encouraging  former President Jonathan to defect to the ruling party and pick its presidential ticket.  As someone from the South-South zone, are you excited by the move to lure Jonathan and thrust the APC ticket on his laps?

Some of us in Rivers State who fell victim to the imposition of Wike on us in 2015, remember the role of our former President and his wife in the marginalization of their fellow Ijaw’s interest for the governor of Rivers State. Like we later suffered in the 2019 election too, a desire to settle personal scores with Amaechi also contributed to make us lose that election too. We are still suffering the consequences today. But it’s politics, it isn’t personal. Let’s leave speculation, my father taught me not to believe in my breakfast until I’ve eaten it. If the former president comes to join us, we will give him a special welcome.

What is your take on President Buhari’s recent media chat with the NTA and Channels TV? What is your take away from those sessions?

I watched it with keen interest and I saw what I felt was a man who felt it was time to send out a signal. He will defend his legacy, protect it and see to it that he leaves Aso Rock with the knowledge that his gains will not be reversed. It’s timing was no accident.

The APC lost Edo to PDP; it was equally denied its mandate in Bayelsa State through Court pronouncements. As we approach 2023, is there hope for your party in the South South geo-political zone?

Yes, there is. APC’s biggest challenge is APC. Not just in the South-South geopolitical zone, but nationwide. If the leaders in the South-South, for example, can find a way to work together; they will make great gains in the region. I can see the signs of this beginning to emerge. The new leadership of the party can build on this, when they emerge. That’s why I am looking forward to the quality of Leadership that will emerge. So far, the field is narrowing and the final picture appears to be producing the kind of politicians who know what it takes to win wars and not isolated battles.

Finally, there is so much anxiety over the February Convention. One of the reasons being advanced by those calling for extension of the national convention is the internal dissension and the ongoing reconciliation process. Is it a valid argument that the reconciliation Committee should conclude its assignment before the party proceeds with the election of national officers?

Yes, that is correct, but the clock waits for no one. The arguments for and against are both valid. But it is what it is. A date has been set and the process for a new convention is underway. The debate is over and it is no longer productive to lament. I believe that the cards we have in front of us may not be ideal, but we can work with them and still secure a brand new mandate in 2023. The buck stops with the new leadership.

What is your take on Tinubu’s declaration? Should he have remained a king maker?

Tinubu is entitled to run and so it’s not for me to say, he should not. But my candidate remains the Rt Hon Rotimi Amaechi and I say so, not just because he is from my state, because that is not enough. I say so because his track record, his commitment, his energy, his ability to get things done, his age and his ability to reach a consensus over the years, stands him in good stead. As our speaker, he was the chairman of speakers, as governor, he was the chairman of governors, as minister, he is the best performing minister, by far. So as President, I know the trend will continue. Nigeria is far too important to leave tomorrow to chance.

The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, last year saw his tenure extended as part of efforts to ensure the stability of the financial institution. In this interview with THISDAY, he speaks about the intervention of the Central Bank of Nigeria, the future of the bank, trends that shaped the economy in 2021, his expectations for 2022 and other pertinent banking sector issues. Excerpts…

What is the level of the Central Bank of Nigeria’s involvement in First Bank?
The central bank’s involvement in FirstBank is essentially about playing the role of the regulator. CBN’s intervention has been in the best interest of the bank’s stakeholders and its performance; aimed at restoring confidence in the bank as well as to reassure the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system.

Your third quarter results saw a decline in some of the key indicators such as gross earnings, profit before tax and profit after tax, what was responsible for this?

The Commercial Banking reported a resilient performance resulting in a Profit before Tax of N44.3billion for the nine months period ended September 30, 2021. This result was delivered in a sustained low yield environment, which continues to compress margins as the macro-economic environment remained challenging amidst the negative impacts of the COVID-19 pandemic.

FirstBank’s focus on putting the customers first continues to be a driving force as we keep supporting our customers in meeting their business needs. The evidence of this support is reflected in the 24.1% y-t-d growth in the loan book, underpinned by solid risk management practices and from which sustainable good quality earnings are being delivered as asset quality remains firmly under control. Furthermore, in our concerted efforts at sustaining our dominance in financial inclusion and digital banking, we continue to record growths in our agent banking business, supporting the 17.5 per cent growth in non-interest income.

We remain determined to continue strengthening our capabilities across our footprints, as we are confident that our investment in technology and the strong balance sheet, which the Group has built over the last six years, will provide the solid platform for more impressive results into the future.

The CBN recently introduced the eNaira, what has been the acceptance rate by FirstBank’s customers, and do you think this will positively impact your bank?

The Central Bank of Nigeria (CBN) as the regulator of the banking industry continues to lead and drive development in the industry. In the banking industry, digital currency is the future and the CBN is staying ahead of the curve in Africa with the introduction of the eNaira given the several benefits associated with the digital currency, such as safety, speed, and convenience. A review of the events over the course of the past few years has shown that digitalisation in its different forms has been net positive for the financial services industry.

The eNaira is no different; the digitalisation of the naira expands upon Nigeria’s already advanced payment ecosystem; the roadmap for the eNaira over the next couple of months will reveal some exciting use cases that will further grow the ecosystem and encourage even more interaction with this new form of currency. Currently we have a whole segment of digitally curious customers who have started interacting with the eNaira, and as the eNaira ecosystem grows and acceptance increases as a store and exchange of value, so will those numbers.

FirstBank’s channels currently account for about 17 per cent of the total reported eNaira transaction volume. The bank is dependably dynamic and continues to be at the vanguard of innovation in the banking industry. Overall, I am confident that the eNaira will positively impact the bank as our customers continue to transact through the bank’s channels, supporting the digital economy drive. The number of customers will increase as the eNaira will enable the sign-on of excluded people in the financial system, thereby supporting the financial inclusion drive of the CBN. The eNaira will reduce the cost of processing cash for the bank, thereby making it a cheaper, reliable and faster way of exchange and the bank will have access to customers across the continents, simplifying and facilitating cross border payments and trade.

What’s opinion about the CBN’s FX and what long-term impacts will it have on the exchange rate and has your bank been able to meet the demands of customer?

The main objectives of exchange rate policy in Nigeria are to preserve the value of the domestic currency, maintain a favorable external reserves position and ensure external balance without compromising the need for internal balance and the overall goal of macroeconomic stability. The new CBN’s foreign exchange (FX) policy is geared towards harmonising the FX rates across the various markets and increasing the availability of FX to those who genuinely need it and not for those who are speculators or those who deliberately try to distort the market. The current FX policy of the CBN has recorded some successes in improving the availability of FX for transactions and curbing the incessant decline of the naira exchange rate in the parallel markets.

The current policy is expected to strengthen the naira exchange rate, however, there are several other factors that are critical to the movement of the exchange rate, predominantly oil prices and capital inflows. If these factors continue to trend positively, then we can expect a relative stability of naira relative to other international currencies. I believe the long-term impact will be the relative stability of the naira, as the CBN continues to meet all legitimate needs, increasing the confidence of the people and sending the right signaling effect to foreign investors. Typically, FirstBank engages the regulators, providing all the necessary foreign exchange bid documentations and following defined processes to ensure that our customers’ bids are successful, and we get as much allocation as possible for all our needy customers.

How prepared do you think banks are for Basel III?

The Basel III accord was developed by the Basel Committee on Banking Supervision (BCBS) and is built upon the frameworks of the existing Basel II accord, with the aim of strengthening regulation, supervision, and risk management within the banking industry, globally. Due to the impact of the 2008 global financial crisis on banks, it became imperative for the current frameworks under Basel II to be revised to improve the ability of banks to handle shocks from financial stress and to strengthen their transparency and disclosure. The Central Bank of Nigeria (CBN) on September 2, 2021, issued a circular to all banks in Nigeria titled Basel III Implementation by all Deposit Money Banks. The circular aims to inform all banks of the issuance of guidelines for the implementation of the Basel III standard which is a voluntary global regulatory framework that addresses banks’ capital adequacy, stress testing, and market liquidity risk.

Basel III standard will prevent banks from taking excessive risks that can negatively impact the players and the economy. Implementation of Basel III will have significant implications for capital requirement – there will be a higher minimum CAR requirement for players in the industry. However, the apex bank has engaged and defined a road map to ensure that operators in the banking industry meet and surpass the higher capital requirements. The Basel III will be implemented in phases and banks have developed their capital plan to ensure they meet and surpass the higher capital and liquidity requirements for the Basel III implementation. Many banks have revamped their operational and credit risk infrastructure to mitigate operational and credit risk losses. The effect is already being seen in the general decline in the industry’s non-performing loan portfolio. The successful implementation of the Basel III frameworks would be beneficial to the banking industry and the economy at large.

Do you think it would spur more mergers and acquisitions in year 2022?

The Basel III standard implementation by the Central Bank of Nigeria is aimed at decreasing the risk of the financial services sector. The main aim of Basel III is to improve financial stability – the standard is set to increase the soundness of Nigeria’s financial services sector and the confidence of the people in the financial system. The implementation is expected to impact banks’ capital adequacy by raising liquidity and lowering bank leverage. Analysts believe that the implementation of Basel III would increase the capital requirement of Systemic Important Banks (SIB) in Nigeria to 17 per cent from 15 per cent but, most banks in Nigeria are well-capitalised and are expected to increase capital buffer that can be drawn upon in periods of stress. However, despite being well-capitalised, the implementation of Basel III would reduce the capital headroom of operators and banks would have to resort to various strategies to strengthen their capital positions to drive credit and business growth. These strategies may include mergers and acquisitions (M&A) as Basel III policy implementation takes effect to strengthen their capital positions as the policy requires higher capital requirements/enhanced capital cushions. Nonetheless, I believe Nigerian banks are well-positioned to withstand regulatory headwinds whilst driving growth.

How would you assess your bank’s performance through the pandemic?

The Covid-19 pandemic disrupted several sectors of the economy, the banking industry was one of the most impacted given the critical role that banks play in the economy and across all sectors. However, FirstBank navigated the pandemic crisis successfully and recorded the best financial performance since 2015 in the 2020 financial year. FirstBank delivered a strong performance both on the financial and non-financial front underpinned by resiliency, digital innovation and customer centricity. On financial performance, despite the pandemic, the bank recorded significant growth in its revenue base, profitability and asset. Revenue and Profitability Performance: In the context of the pandemic, FirstBank Group delivered strong financial results, generating gross revenue of N539 billion for the year ended 31 December 2020. The Group’s non-interest income grew impressively by 24 per cent between 2019 and 2020, closing at N154.5 billion for the year ending 31 December 2020.

The non-interest income growth was propelled by transactional and eBusiness income and credit related fees. In 2020, FirstBank Group delivered its most profitable year since 2015. The Group’s profit before tax increased from N70.8 billion for the year ended 31 December 2019 to N73.6 billion for the year ended 31 December 2020, resulting in a year-on-year profitability growth of 4 percent between 2019 and 2020. Strong Asset Growth and Stable Funding Base: FirstBank Group experienced solid total asset growth of 25.5 per cent to N7.4 trillion as at December 31st, 2020 (2019: N5.9 trillion). The Group continues to maintain a strong liquidity and capital position driven by its high volume of customer deposits held in low-cost current and savings accounts, which amounted to over 75 percent of the Bank’s customer deposit base as at 31 December 2020.

Renewed emphasis by the Group in improving the service performance level in the retail segment, expanding digital touchpoints and repurposing of its branch network have resulted in 20.5 per cent increase in deposits to N4.7 trillion as at December 31st, 2020 (2019: N3.9 trillion); a reflection of our strong franchise value which has come to be associated with safety, stability and innovation. Through the bank’s extensive physical footprint and expanding agent banking network and digital banking capabilities, the Group continues to reach an increasing number of customers, which drives customer deposits in low-cost current and savings accounts that serve as an important funding base. On non-financial performance, the bank’s non-financial performance across disruptive innovation and customer focus lens has been impressive. Some of the milestones achieved during the pandemic was us launching the pioneer FastTrack ATM in Africa offering customers a touchless solution for ATM transactions and enabling customers to pre-order cash on ATMs via the bank’s USSD or mobile banking platforms.

We unveiled FirstBank’s Virtual Payment Card, a digital representation of the naira-denominated plastic debit card, launched the Firstmonie Agent Credit, a digital lending solution designed to provide bridge finance to help our Agents solve liquidity challenges, leveraged technology to promote digital account opening process through the Digital Sales Executive App, ATMs, Firstmonie Agents, *894# USSD banking, FirstMobile and Company website. Also, we upgraded the Bank’s mobile banking application, FirstMobile, with new and improved features to promote a convenient and secured mobile banking experience for customers, rolled out FirstBank Digital Innovation Lab’s proprietary developed Mobile Banking App for our wholly owned subsidiary FBNBank Senegal, Increased customer account base (including wallets) to over 30 million.

Maintained the dominant digital bank rating in Nigeria with over 20 per cent market share of electronic banking transaction volumes, about 16 million users on our digital banking platforms (USSD *894#, FirstMobile and FirstOnline) and over 11 million card users. Expanded the Agent Banking network to over 86,500[1] agents across 772 out of 774 local governments in Nigeria and paid out over N18 billion as commissions to Firstmonie Agents.Reinforced the Bank’s financial inclusion drive with the disbursement of over N22 billion and N35 billion in loans through FirstAdvance and Agent Credit digital platforms, respectively. Provided free e-learning solutions in partnership with Roducate, IBM and the Lagos State Government, thereby helping to reduce the negative impact of school closure following the COVID-19 pandemic on students in Lagos State. Additionally, the bank, in partnership with Junior Achievement, positively impacted over one million students through its financial literacy, entrepreneurship and career counselling programs and Improved customer ranking in the Wholesale Banking segment by four places in 2020.

What are your expectations and forecast for the economy in 2022?

Globally and in Nigeria, economic recovery was strong in 2021 following improved vaccination exercise, and support from monetary and fiscal authorities for demand. However, I believe 2022 will witness slower pace in economic growth over lingering health crisis (the fourth wave of the covid-19 pandemic with the omicron variant) and rising price levels globally. Also, the boost from base effects and reopening of the economy will decline in 2022. Locally I expect economic growth to improve slightly; however, the following trends are expected in 2022 are disinflationary trend to continue in 2022 but inflation would still bite harder although potential PMS subsidy removal is the most consequential known factor that could push inflation to its worst-case estimates in 2022. Higher taxes may take the center stage as the federal government explores all options to cover for burgeoning budget deficit. Potential improvement in fiscal metrics given the bullish sentiment in the international oil market and savings potential from the PMS subsidy removal.

Capital importation may improve as foreign portfolio investments, diaspora remittances and other sources of inflow witness gradual growth following global economic recovery and increased employment for Nigerians in diaspora. Monetary policy measures may normalise in 2022 with the Central Bank of Nigeria maintaining an accommodative stand. Economic growth in 2022 is projected to be with the range of 2.7 per cent and three per cent. However, the key activities to look out for in 2022 include electioneering, the penultimate year before the next general elections, increase in taxes, buoyant oil market, PMS subsidy removal, and exchange rate policy of the CBN.

With the recent push to increase lending by CBN, don’t you think this would impact or drive up your bank’s NPLs?

The Central Bank of Nigeria had in recent times taken some tough decisions to address the challenges affecting the growth of the real sector and the Nigerian economy. This includes ensuring that banks comply with the minimum 65 per cent loan to deposit ratio (LDR). This increased lending by CBN has proved potent in filling the financing gap as credit to private sector has indeed risen to an appreciable level. Although there is a concern that this push to increase lending by CBN would drive up bank’s non-performing loans (NPLs), a report by the National Bureau of Statistics (NBS) noted that despite the increase in LDR there is an inverse proportionate reduction in non-performing loans. FirstBank has achieved great strides in reducing its NPL from double-digit in 2016 to single digit in 2021 which attest to the fact that the bank is strong and resilient.

I am happy to note that the recent drive to increase lending will not affect the bank’s NPLs negatively as the bank has instituted a robust and automated operational and credit risk management processes and infrastructure. FirstBank has in the recent years built an enduring risk culture and governance system, strengthened the risk infrastructure through specialised training, digitalisation credit processes and imbibe disciplined and active portfolio management approach thereby ensuring strict regulatory compliance. FirstBank will continue to support CBN’s lending initiative to achieving strong economic growth and diversification as the bank is well positioned to maintain good asset quality and profitable credit portfolio.

With the emergence of PSBs and telcos granted licences, how much would that deepen financial inclusion and do you see this competing with banks’ agency banking?

The introduction of Payment Service Banks (PSBs) is another step taken by the CBN in line with its goal of promoting financial inclusion and enhancing access to financial services for the unbanked, underbanked, and underserved segments of the population across all parts of the country. The entrance of the PSBs will certainly deepen financial inclusion. It will impact the financial services landscape to the extent that the Telcos will be able to leverage their extensive infrastructure to offer last mile delivery of financial solutions to those currently unbanked. Today, we have 70 million Nigerians that have been issued the National Identity Number.

About 20 per cent of this number are currently unbanked, and they can more easily be reached. The expected impact will ride on the back of synergy and collaborations across the industry. And this is what we are already seeing. For us at FirstBank, the development is not a threat, we see it more as an opportunity. You will agree that for an institution like ours that has been around and flourishing for over 127 years, our ability to read and effectively respond to market trends has been well proven. What we have done with our agent banking is to build a platform that could be leveraged to enrich customer offerings in diverse ways. We do not just possess spread, we possess depth. So, leveraging technology and open API, we are poised to work with the PSBs to deliver value to the banking public and citizenry.

Still on agency banking, can you give us an update on the expansion of your bank’s agency banking and the impact it had especially during the lockdown?

FirstBank’s agent banking, Firstmonie, has witnessed continuous growth since its launch. The Firstmonie agent network operates in 772 of the 774 local government areas in Nigeria and is the largest bank-led network in Nigeria, and indeed Sub-Saharan Africa, with over 150,000 agents including over 22,000 women agents, enabling the Bank to drive gender inclusive growth within rural communities. The Firstmonie network has processed over N17 trillion ($39.3 billion) in over 817 million transactions between 2018 and December 2021. The Firstmonie initiative has been a very formidable vehicle for job creation and economic development in several communities across the country, as over 150,000 direct jobs and 450,000 indirect jobs have been created, with an agent earning an average monthly commission/income of N85,000. Over 1.5 million individuals have been economically impacted through the jobs created via the FirstBank’s Firstmonie agent banking proposition. Significant percentage of Firstmonie’s agents are in the rural areas, contributing significantly to the development of the rural economy in Nigeria.

Overall, FirstBank is supporting the social-economic development of Nigeria in a profitable way. During the peak of the lockdown, the Firstmonie network provided an alternative channel for the Bank’s customers to conduct transactions and meet their basic financial service needs, serving as quasi-physical touchpoint for the bank’s customers. This resulted in the Firstmonie network processing over N6.6 trillion worth of transactions during the period We are not resting on our oars and the growth in 2021 is equally impressive; as at Q3 2021, we had processed more value of transactions than we did in the whole of 2020. The outlook for 2022 and beyond is also quite exciting. We will continue to focus on impacting the lives of the communities we serve and deepening the services we offer through collaborations with partners, the regulatory authorities, other industry players, and our customers.

Your tenure as CEO was last year renewed, can you speak on your achievements and milestones thus far?

I was appointed Chief Executive Officer/Managing Director of this iconic institution – FirstBank of Nigeria Limited in January 2016. The board and management team embarked on a transformation journey with deliberate and focused extraordinary actions to rescue and gradually rebuild the bank. Fast forward, the rebuild effort of the last five-plus years has translated to significant outcomes across key indicators of business momentum and growth. Some of the achievements and milestones include: Grew the bank’s average assets to N8.2 trillion as at Q3, 2021 from N3.9 trillion as at December 2015, increased Group deposits base to N5.1 trillion in Q3, 2021 from N2.9 trillion as at December 2015.

FirstBank grew the Bank’s profit before tax to N52.7 billion in Q3, 2021 from N10.2 billion as at December 2015, reduced the Bank’s NPL ratio from double-digit in 2016 to single digit in 2021 (vintage NPL is <1%). Reduced cost of risk to <2% as at Q3 2021 from double digit in 2016, transformed and repositioned international subsidiaries businesses for improved performance – all are returning positive profitability, upgraded the core banking platform (Finacle Future Ready – FFR) with improved processing capacity and availability + better integration agility. Built an industry leading digital banking (electronic banking) business. Made significant progress in transaction banking – controlling 26 per cent of industry corporate e-bills payment market share. Also, during my tenure, the FastTrack ATM was Launched in Africa offering customers a touchless solution for ATM transactions and enabling customers to pre-order cash on ATMs via the Bank’s USSD or mobile banking platforms.Unveiled the FirstBank Virtual Payment Card, a digital representation of the naira-denominated plastic debit card. Launched the Firstmonie Agent Credit, a digital lending solution designed to provide bridge finance to help our Agents solve liquidity challenges.

Leveraged technology to promote digital account opening process through the ATMs, Firstmonie Agents, *894# USSD banking, FirstMobile and Company website. Upgraded the Bank’s mobile banking application, FirstMobile, with new and improved features to promote a convenient and secured mobile banking experience for customers. Rolled out FirstBank Digital Innovation Lab’s proprietary developed Mobile Banking App LitApp. Others are increased customer account base (including wallets) to over 34 million. Maintained the dominant digital bank rating in Nigeria with over 20% market share of electronic banking transaction volumes, about 16 million users on our digital banking platforms (USSD *894#, FirstMobile and FirstOnline) and over 11 million card users.

Build a ubiquitous and robust Agent Banking network across 772 out of 774 local governments in Nigeria with over 150,000 agents. During my tenure, the Bank’s outstanding services have attracted numerous recognitions and awards. In 2021, FirstBank was named “Best Private Bank in Nigeria” and “Best Consumer Digital Bank in Nigeria” by Global Finance; “Most Innovative Banking Application – Nigeria, 2021” and “Best CSR Bank – Nigeria, 2021” by Global Banking and Finance Awards; “Most Innovative Banking Product 2021” by International Finance Awards; as well as “Treasury and Global Markets Brand of the Year 2021” and “Alternative Delivery Channel of the Year” by BusinessDay Banks and Other Financial Institutions (BAFI) Awards 2021.

For six consecutive years, FirstBank was named, “Most Valuable Bank Brand in Nigeria,” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row by The Asian Banker Awards. We are grateful for accolades and achievements which attest to our exceptional commitment to promoting national, regional and global economic growth and development through constructive engagements with the public and private sectors of various economies, and our host communities across the globe.

What should your customers and shareholders expect from your bank in the near future?

The industry has changed and will continue to evolve at a faster pace with new innovative technologies, and the customers will continue to gravitate towards institutions that provide the best digital payments services that address their changing needs for convenience, speed and security.

FirstBank will remain at the cutting edge of innovation and technology in the industry. FirstBank has the right capabilities and competencies to lead and take advantage of the new developments in the digital payment space, and indeed, the banking industry. At FirstBank, we will continue focus on customer-led innovation as we put our customers first in everything we do.

We understand that although the needs of customers may remain the same, the channel of delivery remains dynamic, and we must stay ahead of the curve; Our stakeholders should expect to see a bank that is future-proof and ready to provide best-in-class products and services that will meet and surpass their needs.

FirstBank remains dependably dynamic and will ensure that the needs of all stakeholders are met to the customers, we will provide the best products and deliver exceptional customer experience, to the shareholders, capital appreciation and good dividend payout,to employees, competitive emolument and good career path, to regulators, voluntary compliance to all rules and regulations and to communities, we will be good corporate citizens and give back to the society where we operate.

Tell us about some of the impact of FirstBank on the communities where it operates?

At FirstBank, we are committed to nation-building and have been driving sustainable social, economic and environmental growth for over 127 years of our existence. Our community development initiatives are anchored on our strategic Education, Health and Welfare pillars. Our engagement in sustainable business practices is based on our promise of enhancing economic development and ensuring economic stability for the present and future generation. Our key programmes include Infrastructure Development programme; Endowment programme; Future First (Financial Literacy, Entrepreneurship and Career Counseling); E-Learning Initiative; SPARK (Start Performing Acts of Random Kindness) and CRS Week. I will highlight achievements for a few. First Bank Infrastructural Development programme is aimed at promoting infrastructure development under its identified areas of support.

This includes providing infrastructure facilities in schools, hospitals and environmental infrastructure projects. This is in recognition of the importance of these facilities in improving the quality of life. We have built over 16 infrastructure projects which include universities and secondary and primary schools and recently commissioned a Primary Health Centre in Ijedodo Community in partnership with Lagos State Government. The FutureFirst programme in partnership with Junior Achievement Nigeria has impacted Over 1,000,000 people across the regions of the country including Lagos, Port Harcourt and Abuja with knowledge of financial literacy and entrepreneurship.

Over 170,000 students have benefitted from the E-learning initiative thus far. This include 20,000 indigent students that have received free low-end devices preloaded with accredited content.
The Corporate Responsibility & Sustainability Week (CR&S) Week which started in 2017 is a dedicated week designed to offer opportunities for employees to give their time and resources to defined causes in line with the Bank’s CR&S strategic approach. The Week’s activities are an aspect of the Bank’s Employee Giving & Volunteering Programme, which was instituted with the aim of encouraging employees to give back to the community as well as inculcate in them the integral corporate culture of giving. The main initiative implemented during this week is SPARK.

SPARK is a values-based initiative designed to raise consciousness that we can choose to be kind. SPARK which was introduced in the maiden edition of the Corporate Responsibility & Sustainability (CR&S) week in 2017 espouses reigniting our values which appear to be eroding fast. The initiative focuses on creating and reinforcing an attitude of going beyond just meeting the material needs of people who are unable to help themselves to showing compassion, empathy, affection.

In 2021, the lives impacted include 60 Beneficiary schools; over 18,000 secondary students’ participants in SPARK launch; 20,000 underprivileged including widows lives touched in 8 countries including United Kingdom, Ghana, DRC, Guinea, Sierra Lone, Senegal & Nigeria. We had partnerships with over 100 Charities / NGOs including LEAP Africa; International Women Society; UNGC; UN Women; Junior Achievement Nigeria.

In addition, SPARK Amplification has expanded and deepened staff involvement within our various host communities by integrating and institutionalizing acts of random kindness, which has seen 7 Directorates & Departments in the Bank implement various initiatives including empowering small businesses; infrastructure and books for schools, and providing household items for orphanages. In 2021, staff contributions spent to implement SPARK amplification stands at N13,570,743.10 and a total of 9,706.5 volunteering hours.

When will the Elephant (FirstBank) stand ‘Gidigba’ again?

As I said earlier, the bank is consistently delivering a resilient performance within a challenging macro-economic environment amidst the negative impacts of the COVID-19 pandemic. I highlighted some key points as evidence in our commitment to and journey towards reclaiming our top position in the industry. These include firstly, our determined efforts at sustaining our dominance in financial inclusion and digital banking, reflecting growth in our agent banking business, supporting the 17.5 per cent growth in non-interest income. The second thing is our deliberate, planned and consistent efforts in putting the customer first as shown in the 24.1% y-t-d growth in the loan book, fortified by solid risk management practices and from which sustainable good quality earnings are being delivered as asset quality remains firmly under control.

And the confidence that our stakeholders including our customers repose in us is reflective in 10.3% y-t-d growth customers’ deposits. This is in addition to our constant investment in technology. We have always maintained that FirstBank is built to be resilient, stable and for the long-haul. And we remain committed to reinforcing our performance by the continued implementation of the Bank’s strategy, which is designed to deliver accelerated growth in profitability and overcome the possible challenges of the environment.

Culled from THISDAY

 We recently heard you survived 5 mini heart attacks before you were properly diagnosed in a London hospital. What really happened?

Six in total if you count the one that happened in the hospital between when I did my ECG and while I was waiting for my chest X-ray results. The truth is I had been having many episodes of chest tightening and I could not explain it. First in Dubai, then in Nigeria. After one very bad experience, I went to a hospital in Abuja and was given medication for indigestion which surprisingly made me feel better. It was not until I got to London that it reoccurred and my wife insisted I should be taken to the hospital, that we found out what it was. Just the ECG and blood tests revealed there was a problem and so without delay I was rushed into the theater and operated on. If I had not come in, the damage would have spelt the end for me. A few quick lessons to be learned. 1. Listen to your wife. 2. Doctors without equipment is trial and error and 3. Many people die for lack of treatment. The whole experience was free. Not one Naira was spent. Because two days later was my wedding anniversary, they let me home the following day to go and enjoy my second lease on life. The final lesson is between your symptoms and an equipped doctor, there are things you can do. Mine was breathing exercises. A simple google search will reveal the different types. I used them to save my life. Now I’m up and about and feeling even better than the weeks leading up to when I went in. It’s God.

With all the stress of politics and your passion for progress, are you not tempted to slow down and take life easy?

I’m glad you used the word passion. That means you know it’s not a thing you turn on and off as you see fit. I have seen the world, I have seen Nigerian politics, I know what is needed and I know who can get it done. Why then would I look the other way and mind my business? Because I’m looking for food? No. Food will find me. I’m not that hungry. With this heart attack sef, I need less of it. I strongly believe in the potential of Nigeria and I truly believe in the genuineness of men like Buhari, Amaechi, El Rufai and others. I’ve seen the sincerity of some men in the legislature, the business community, the arts and at the grassroots level in Nigeria. We have enough men and women to build a better Nigeria for all of our children. I choose to help them. Especially when they make mistakes. Nobody is perfect.

 Rivers state is in the news again for all the wrong reasons. Be it internal APC issues or statements from your Governor. Any comments?

We have a history of being very outspoken, especially on social media. Even secondary school children are posting political opinions on Facebook. During Odili it was not like that. But they were one family then. Now the family has broken up and they all think that they are equals. Besides there is a benefit for being an equal or a close ally of an equal and that benefit is what politicians from 1999 have lived on. Stopping it now is not easy. That’s one reason. The second reason is outside influences. Rivers state is the donation capital of Nigeria. It’s influential just by virtue of its place in Nigeria. They don’t call it the Treasure base for nothing. Even if Delta, Bayelsa and Akwa Ibom like they should take more allocation, Rivers is still Number 1 in the eyes of everyone. So being a friend of our Governor is a career path for many citizens both inside and outside the APC. I said it once and I’ll repeat it again. People in APC in Abuja conspired with Wike to prevent Amaechi’s candidate from becoming Governor in Rivers state. Why? Because if Amaechi has a Governor in Rivers state, he will be too influential in the Abuja equation for 2023. So unless Amaechi makes peace with his colleagues in Abuja, we cannot have peace in Rivers. In the meantime he is doing his work as Minister of Transport oblivious to them. I admire his focus, but I will be constantly preaching peace. Like I said in response to the Governor’s unfortunate comments, we don’t need to wash our dirty linen in public. While we spend huge cash on media, lawyers and frivolous costs, our people are looking for school fees, food to eat or money to invest in business. Who loses? I thank my father for giving me the wisdom to not respond.

 Are you interested in contesting for Governor come 2023? Word from the grapevine says you are gearing up for it. Can you be open and tell us what you are planning?

I’m not going to be making the same mistake my brother and former Senator friend made by pushing for hundred before I even reach for one. The state of the party in the state is not conducive for any kind of electoral victory, talk less of a Governor. A total root and branch overhaul is needed to address the fresh management that we need. Unless you want to change parties as a protest. Not me. I have done that before. Doesn’t work. Becoming Governor in Rivers state is not a one man show. It requires a team effort and if you are talking APC Rivers state, Amaechi is the undisputed leader of that team. The grassroots believe in him and so without his support, you can’t win. 2023 is miles away, if we take care of the little things, other things will take care of themselves. I have shown that I’m not desperate to be the one on the chair. All I want is for Rivers state to move forward. It must not be me.  But move forward it must. Amaechi is the leader in the state. If you don’t want his leadership, it’s not a cult, you can operate outside him. But let us avoid bringing each other down publicly for the sake of our party faithful, for the sake of our state and for the sake of our region. It’s not worth it. We can agree to disagree agreeably. Weakening APC strengthens PDP. I cannot support that.

What are your thoughts about the statement by Senate President that anything Buhari wants, he will get from the assembly?

In politics there are two types of people. The ones who care about the optics of how things look and those who just get on with it. I am increasingly leaning towards the latter. It’s important we put his comments into context. The Senate President is succeeding a predecessor who was a stumbling block to the executive at every turn. Without the benefit of his personal thoughts I think this Senate Preaident is distinguishing himself and the Senate he leads from that toga. Call him a rubber stamp or an extension of the executive if you like but he will not stand in the way of the much needed progress Mr. President wants to bring to this country. Thankfully he has given us a key deliverable already. A budget. In December, 2019. That is what my thoughts are processing.

Can a party with this level of crisis and amidst renewed calls for the national Chairmam to resign make progress and move the country forward?

Of course. It’s possible to chew gum and walk at the same time. Friction is a function of interaction. What is taking place is normal when you are viable. People fight over you. But our party is not running the government, the President is. Let’s leave internal party affairs to the party. They will resolve them, without the glare of you in the media.

 The recent victory of APC in Bayelsa state fueled allegations of anti party activities against former President Jonathan. Do you wish to comment?

Not really. Except to say that the former President gave us Wike.  I understand why. The enemy of your enemy is your friend. There is very little difference between the parties in Bayelsa. It’s not like they have a peculiar ideology.

When a Christian moves from one denomination to another, he or she still serves God, yet a politician can’t work in another party and still serve his or her people? I used to think our problem was leadership. Now I’m not so sure. What goes around will come around.

  Allegations of mismanagement within the NDDC. Are you happy about the probe and what would you like to see going forward?

Oh yes. I am. For two reasons. The first is I know many heads will roll. Secondly, heads rolling signifies consequences. That is the singular most significant reason why we are where we are today. There are no consequences for our actions. Change that and you change everything. Why be good when being bad has no consequence?

 You were into movie production. Why did you stop?

God forbid!! Me stop. Not possible. I am alreadyvworking on my next project. My scriptwriter and I are having lunch in London tomorrow just to review our progress. So the entertainment industry is not a passing phase for me. It’s what I hold dear. Two of my kids are coming for that lunch meeting. One is in Princeton and he wants to become a Producer. My daughter is already making waves in the UK film industry on major HBO productions and wants to be a writer/director. Her CV is intimidating. She just graduated with a first class. So film production is in the family. It’s just that I believe in taking my time. It shows in the productions.

Finally, give us your assessment of 2019 with regards to the Buhari administration and tell us what your predictions for 2020 will be.

Well he won the election, so the 2019 story itself was that positive assessment. Looking at 2020, I think he wants to leave a legacy. That is good and bad news. The good news is he will take Nigeria to the next level of prosperity. I expect more jobs, increased investment, improved infrastructure, greater transparency and better fiscal management. The bad news is he will take no prisoners along the way and he will take some very tough short term decisions that have a longer term positive impact. He isn’t contesting for an election and he has the future of the masses in his mind. My only advice will be for him to pay attention to healing the nation. Politicians play on our divisions to get power. Now that they have lost it, patriots should play on our unity to keep Nigeria strong.

APC NWC has set up a national reconciliation committee but some are already kicking against the composition. Will there be genuine reconciliation because there are certain people who believe nothing good can come out of Oshiomhole?

I don’t share that view. Anyone who wants to make progress should have no problem embracing peace. I’m an optimist with an umbrella like I said before. Let’s give peace a fair chance. The proof in the pudding is in the eating. Let them start work.

The emergence of Ovie Omo Agege as leader of the party in south south. Some people boycotted the meeting that produced him: Godswill Akpabio, Rotimi Amaechi, Godwin Obaseki. Can we say their absence showed a crack within?

You can say it but it won’t be true. I believe the Deputy Senate President is now the highest political officer from the South South, so he is not really contesting political leadership with anybody. The media often like to read meaning into innocent issues. Maybe because controversy sells. Amaechi, Akpabio, Sylva and even Oshiomole have large profiles and could easily provide leadership for the region, but the respect for the office of the DSP and their preference to focus on their jobs means, this isn’t a matter for debate.

Buhari has said he won’t contest in 2023. So many tendencies smarting for the ticket. Which of these will pick the ticket and do you forsee the cabal producing a candidate by proxy, despite Buhari warning that no one should drop his name?

I won’t be tempted to speculate. If as has been established , a week is a long time in politics, how much more time is 3 years? There are too many actions the President can take that will affect the outcome. The worst mistake anyone should make is to underestimate the role of the President. Even his silence will speak volumes.