Business
FirstBank Celebrates 2021 Corporate Responsibility and Sustainability Week, Calls for All to Adopt Kindness as a Way of Life
The best definition of kindness is not one provided by any of the world’s best dictionaries but one demonstrated by how we treat others on a daily basis. Kindness is a universal language that does not require any special knowledge, exposure, skills, training or background to understand and appreciate it as a beneficiary or observer of a kind act. Neither is any special knowledge or training required to show and extend it to others. Just as anyone and everyone can be shown acts of kindness, all persons without exception can and ought to show and extend acts of kindness to others. Kindness flows from deep within us, from the better angels of our nature. Hence, the common idiom “the milk of human kindness”.
This is probably the backdrop to the theme “Kindness…a Way of Life”, which FirstBank has chosen for commemoration of its 2021 Corporate Responsibility and Sustainability Week (CR&S Week). This year’s CR&S Week, scheduled to hold from 26th – 30th July 2021, will feature Kind Comments Days, visits to orphanages/less privilege homes, webinars focused on the kindness theme, SPARK school engagement among other activities – lined up for each of the days. The yearly CR&S Week is a dedicated week designed to offer FirstBank staff, customers and the public opportunities to demonstrate the milk of human kindness that flows in them and give their time and resources to defined causes. It seeks to amplify FirstBank’s innate culture of giving and volunteering as embodied in its Employee Giving and Volunteering programme.
The Corporate Responsibility and Sustainability Week was introduced in 2017 as part of the bank’s longstanding Employee Giving and Volunteering programme created to enable and encourage staff to give back to society through donations and volunteering. Specially designed to reignite acts of random kindness in the society with events that are tailored to reorient people towards the right values, it provides a veritable platform for encouraging the citizenry to intentionally create positive impact in their immediate environment. One of the main highlights of the first CR&S Week was the SPARK Initiative. S.P.A.R.K stands for Start Performing Acts of Random Kindness. But originally the “S” stood for “Staff”. It was changed to “Start” to broaden the initiative beyond just staff and encourage everyone else to be part of the kindness brigade. Also, “P” originally stood for “Promoting” but was changed to “Performing” to convey the sense that participants are equally involved in actually doing kind acts and not only promoting kindness.
Held between 25 – 29 September 2017 with “Promoting Kindness: Putting You First” as theme, the maiden CR&S Week was the first of its kind in Nigeria’s financial services industry. It highlighted the role FirstBank’s corporate citizenship interventions was playing in driving positive impact across various communities – all within one compact week. It was aimed at encouraging people everywhere to step out of their comfort zones, shift attention from themselves and their personal needs to others in society who have not been as fortunate as they have and perform a random act of kindness towards them. The first edition of the CR&S Week provided opportunity for FirstBank staff to give their time and resources to promote acts of random kindness within their communities and contribute to the welfare and well-being of others through giving and visits to orphanages/homes of the less fortunate and internally displaced people (IDPs). Within the same Week the bank held career counselling sessions with secondary school students across the six geo-political regions in Nigeria with FirstBank staff coordinating the impactful sessions that inculcated the values of financial literacy and inclusion in young students. Also, staff had the opportunity to nominate beneficiaries they believe are deserving of random of acts of kindness. Through this activity, Baby Ijeoma was nominated as one of the beneficiary that received corrective heart surgery in India which was in partnership with Vama Wave Foundation. The impact of the first edition went beyond Nigeria as FirstBank’s subsidiaries in sub-Saharan Africa and the UK also participated, benefitting people and at least 22 charities in six countries.
The second edition of the CR&S Week held from 19 – 23 June 2018. Themed “Touching Lives: You First”, the 2018 Week was intended to demonstrate FirstBank brand promise to always put stakeholders first. It focused mainly on five key initiatives/activities. First was the launch of a partnership with VisionSpring to advance social impact by providing vision screening and affordable eyeglasses for 10,000 low-income earners. This aligned with the bank’s financial inclusion and financial literacy approach of promoting accessible and affordable financial products and services to disadvantaged groups with the goal of bringing these marginalised populations into the mainstream economy, improving their chances for resilient livelihoods and financial stability. Second were giving and visits to orphanages/less privilege homes. This was the biggest platform for employee engagement during the week. It followed a needs assessment of the orphanages to be visited to enable employees donate appropriate items, and employees responded generously, donating at a scale that had never been done before. In all, eight countries witnessed this initiative while more than 26 charities participated.
Celebration of the UN International Widows’ Day on 23rd June 2018, which coincided with the last day of the CR&S Week, was the third activity. Driven by the International Women’s Society (IWS) in Lagos with whom the bank partnered to organise an empowerment outreach for 500 widows in Lagos, it provided start-up capital and capacity building required to successfully run start-ups and small businesses, to the widows. Fourth was a Career Counselling Day for over 10,000 senior secondary school students, as part of the broader FutureFirst programme of the bank aimed at ensuring the youth are empowered to be financially independent through fulfilling careers and the right financial knowledge. Fifth and final was the SPARK (Start Performing Acts of Random Kindness) initiative, which included a SPARK Day set aside in the bank for people to act within their individual spheres of influence to promote kindness. The initiative also saw the bank receiving about 200 internal and external nominations of people deserving of kindness, out of which 24 beneficiaries were to emerge. The 2018 Week was marked across Nigeria’s six geopolitical zones with two states from each zone, totalling 12 states in all. It was also commemorated in the six countries/markets outside Nigeria where FirstBank already had subsidiaries – UK, Ghana, Democratic Republic of Congo (DRC), Guinea, Sierra Leone and Senegal.
In 2019, the CR&S Week held from 1 – 6 July 2019 with the theme “Ripples of Kindness: Putting You First”. The theme was informed by the bank’s belief that every act of kindness (regardless of how little or in whatever form) ignites a ripple effect that goes on without end. The year’s CR&S Week focused mainly on the SPARK initiative, which had gained so much traction since its humble beginnings in 2017. A Kindness Manifesto for both internal stakeholders and external stakeholders was introduced. There were other new activities or initiatives. A Nice Comments Day was introduced for the first time and scheduled to hold on the first day of the CR&S Week. The basis for it, according to the bank’s committee that oversaw the planning and implementation of the 2019 CRS Week, is the important place of words in the “kindness ecosystem”. The committee underlined this point when it noted as follows: “One of the truest reflections of how kind we are is our choice of words. That’s why we have created Nice Comments Day to help build a kinder world [through kind words].”
Another new initiative introduced in 2019 was the SPARK School Engagement, which involved launching the SPARK initiative in schools to promote the 3Cs projected as the pillars of kindness – Compassion, Civility and Charity. The schools – secondary schools across Nigeria – were to be visited to educate students on acts of kindness, encouraging them to make kindness a lifestyle. A crowd-funding initiative was also added in 2019 to enable both employees and external stakeholders donate to defined humanitarian causes, such as supporting widows, sending children (from indigent homes) to school and providing health care for the physically challenged and the old. As at August 2019, nearly N7 million had been raised through the crowd-funding initiative.
The regular initiatives/activities were also retained in 2019. There were visits to orphanages/less privilege homes. Widows’ empowerment was organised in collaboration with International Women’s Society (IWS), Nigeria to empower a select number of widows across Nigeria. The implementation in Nigeria covered the six geopolitical zones with activities held in four states per zone, amounting to 24 states in all. Six subsidiaries of FirstBank also implemented the programme in their markets/countries – UK, Ghana, DRC, Guinea, Sierra Leone and Senegal. In all, 25 schools benefitted with 6,000 students participating in terms of the School Engagement; 50 charities and NGOs, including Leap Africa and IWS, were partnered. Over 20,000 orphans/less privilege people including widows were reached and impacted.
No CR&S Week could take place in 2020 because of the COVID-19 pandemic and its associated restrictions on public gatherings and visits. But FirstBank did not just fold its hand and sit idly. The bank did something absolutely amazing, demonstrating uncommon solidarity with a vulnerable segment of society – children. Realising that the harsh effects of the COVID-19 crisis were borne disproportionally by children, whose education and thus future were being endangered due to the lockdown and prolonged closure of schools, FirstBank embarked on a mission to do something about it. Working with partners, such as IBM, UNESCO, Robert & John, Curious Learning and the Lagos State Government, it launched the bold and ambitious e-Learning Initiative designed to move one million children onto safe online learning platform. The Initiative was to minimise the disruption to children’s education, ensuring that they remained fully engaged during the difficult period and are not left behind by their peers across the (developed) world. There are already over 150,000 students benefitting from the e-Learning initiative in the height of the COVID-19 crises. In addition, the Bank deployed communication material to create more awareness of the SPARK Initiative and to sensitize staff, customers and the public during the unprecedented times.
What greater demonstration of kindness could there have been in 2020 given the circumstances the whole world found itself, especially vulnerable children? So there may not have been a CR&S Week in 2020 but the same kindness narrative that has characterised all activities of the various CR&S Week since 2017 clearly shone through FirstBank’s COVID-19 response, especially its e-Learning Initiative. In future, people would probably easily be forgiven if they assumed the e-Learning Initiative represented FirstBank’s CR&S Week in 2020. FirstBank has demonstrated uncommon consistency over the years to its Corporate Responsibility and Sustainability Week and the ideals it seeks to project through the platform. This has earned the bank the right to make the bold call that is the theme of this year’s CR&S Week.
The question is whether we will heed the clarion call to adopt kindness as a way of life. Will we go out there and extend kindness to others in ways that will make them realise that kindness is not just a word taken from the dictionary but an act that should always be expressed to others? Will we embrace kindness as our new way of life? Will we commit to making our everyday a Kind Comments Day, thus giving others permission and the strength to do the same? Will we Start Performing Acts of Random Kindness towards all and make them feel obligated to start acting kindly towards other people as their new lifestyle?
Culled from Nigerian Tribune
African Marketplace (AMP) is set to return for its highly anticipated second edition from October 10–12, 2026, at the prestigious Conrad Hotel Dubai, following the success of its landmark 2025 debut. The three-day event will once again convene some of the finest products, services, creatives, and innovators from Africa and the Caribbean, connecting them with global buyers, investors, policymakers, distributors, and cultural enthusiasts in one of the world’s most strategically connected trade capitals.African Marketplace is a pan-continental trade and cultural platform designed to spotlight Africa’s and the Caribbean’s finest export-ready brands, SMEs, and innovators, empowering them to scale internationally, unlock investment opportunities, and achieve global relevance. African Marketplace 2026 will showcase the richness of African and Caribbean heritage alongside contemporary innovation across fashion, furniture, art, cuisine, music, technology, wellness, and intellectual capital.Speaking on the announcement, Ibukun Awosika, Founder of African Marketplace and the Ibukun Awosika Leadership Academy (IALA), said: “African Marketplace 2025 was proof of concept. What the world witnessed in Dubai was not potential, it was excellence in full expression.” “For 2026, we are going even further. We are building on that foundation with greater scale, sharper commercial focus, and an even stronger declaration that Africa and the Caribbean are not waiting to be discovered. We are here. We are globally ready. And we are building our own tables. Dubai is where we invite the world to experience who we truly are.” She added.Through curated exhibitions, business networking, investment conversations, cultural showcases, and strategic partnerships, African Marketplace continues to position itself as a leading platform connecting Afro-Caribbean excellence to global opportunity. More than an exhibition, AMP serves as both a commercial gateway and cultural platform; creating meaningful opportunities for trade, investment, collaboration, and cross-cultural exchange on a global scale.As the platform grows year after year, AMP remains committed to building a lasting ecosystem where commerce, culture, innovation, and identity converge.EXHIBITOR REGISTRATION IS NOW OPENBusinesses, investors, partners, and attendees interested in participating in African Marketplace Dubai 2026 can learn more at:www.theafricanmarketplace.orgFor media inquiries, sponsorship opportunities, or partnership proposals, please contact:info@theafricanmarketplace.orgAbout African MarketplaceAfrican Marketplace (AMP) is a pan-African trade and culture platform connecting Africa and the Caribbean to global markets through commerce, creativity, innovation, and strategic partnerships. Hosted annually in Dubai, AMP provides export-ready businesses and entrepreneurs with access to international visibility, investment opportunities, and global networks.
Business
UAE’s Exit from OPEC: Eroding Pricing Power, Saudi Arabia’s Response, and the Implications for Nigeria
By Uwadiae Osadiaye, Head of Alternative Investments, FirstCap Limited
In a move that has sent ripples through global energy markets, the United Arab Emirates (UAE) announced on April 28, 2026, that it will formally withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance effective May 1. The UAE, one of OPEC’s largest and most capable producers with output around 3.2–3.6 million barrels per day (bpd) and significant spare capacity, cited national interests and the need for production flexibility amid the ongoing energy crisis linked to Iran-related disruptions.This departure marks a historic fracture in the nearly 60-year-old cartel and follows precedents like Angola’s 2024 exit over quota disputes. For Nigeria, Africa’s largest oil producer and a longtime OPEC member, the implications centre on weakened cartel cohesion, diminished pricing power, and direct pressure on revenues.Impact on Oil Prices and OPEC Pricing PowerFree from quotas, the UAE is expected to ramp up production toward 5 million bpd. While current supply disruptions may limit the immediate effect, the added volume will exert downward pressure on prices and increase volatility in the medium to long term. Analysts point to potential declines of $5–7 per barrel once markets normalize.More critically, the exit undermines OPEC’s core pricing power. The UAE brought meaningful spare capacity; its departure leaves Saudi Arabia carrying a heavier burden for any future production cuts needed to stabilize prices. This makes defending price levels more costly and less effective for the Kingdom.Saudi Arabia’s Response: A Strategic Setback and Managed RiftSaudi Arabia, OPEC’s de facto leader, regards the UAE exit as a significant blow to its influence. Riyadh has kept public reactions measured, emphasising the resilience of deep trade, investment, and logistical ties between the two economies. Analysts note that a full economic rupture would harm both sides and is unlikely amid shared regional threats. Behind the scenes, however, the move exposes and widens longstanding rifts over oil quotas, Yemen, Sudan, and regional influence. It forces Saudi Arabia to shoulder more of the stabilisation burden alone, weakening its ability to enforce discipline across the group. The exit is seen as the UAE asserting autonomy and rejecting Saudi-led oil governance. A recent Gulf summit was described positively by UAE officials, indicating efforts to contain fallout.This response highlights Saudi Arabia’s recalibration: maintaining core OPEC leadership while adapting to a less reliable alliance structure. It may push Riyadh toward more unilateral production decisions or tighter coordination with remaining compliant members.Domino Risks and Further Erosion of InfluenceVenezuela, with vast reserves and recovering output, emerges as a potential next candidate for greater independence or even exit, alongside other quota-frustrated producers. A cascade of departures could render OPEC largely symbolic, leaving global oil prices driven primarily by market forces rather than coordinated cuts. This would likely result in a structurally lower price floor and higher volatility.Direct Effects on NigeriaNigeria remains heavily dependent on oil for export earnings and government revenue. With production often falling short of its ~1.5 million bpd OPEC quota (recent figures around 1.38 million bpd amid theft, vandalism, and infrastructure issues), the country has limited ability to offset price weakness through higher volumes.Softer prices or sustained volatility would widen fiscal deficits, pressure the naira, and complicate budgets benchmarked around $65–70 per barrel. Angola’s experience showed that quota freedom alone does not guarantee production gains when structural problems persist- Nigeria risks similar constraints. A weaker OPEC, with reduced Saudi leverage to enforce discipline, further diminishes the “price floor” protection African producers have relied upon.In this environment, Nigeria’s longstanding challenges – upstream security, investment attraction, and economic diversification – become even more urgent. While the country has reaffirmed commitment to OPEC, the cartel’s diminishing pricing power (exacerbated by the Saudi-UAE rift) means future revenue stability cannot be taken for granted.Outlook: Navigating a More Fragmented Oil Order The UAE’s exit, Saudi Arabia’s measured but strained response, and the resulting erosion of OPEC cohesion signal a structural decline in the cartel’s pricing influence and a more market- driven oil era. For Nigeria, this heightens fiscal and currency risks tied to its oil dependence while underscoring the limits of relying on collective producer power.In the short term, elevated prices from geopolitical disruptions may provide a temporary buffer. Over the medium to long term, however, increased supply from the UAE (and potentially others) combined with weaker coordination could sustain volatility and a softer price environment. Saudi Arabia’s heavier stabilisation role may lead to more pragmatic quota adjustments or unilateral actions, but it also risks exposing fractures that smaller members like Nigeria cannot easily exploit.ConclusionNigeria’s path forward requires decisive action. Upstream priorities should include intensified security operations against oil theft, accelerated infrastructure upgrades, and targeted incentives to attract investment – addressing the chronic underproduction that has left the country unable to capitalise on quota flexibility. Downstream and diversification efforts remain critical: expanding refining capacity, developing gas resources, and growing non-oil sectors (agriculture, manufacturing, and services) will reduce vulnerability to crude price swings.Diplomatically, Nigeria must engage actively within a diminished OPEC, potentially advocating for more flexible arrangements that reflect African producers’ realities. Broader economic reforms—fiscal discipline, improved revenue management, and naira stability measures—will determine whether external shocks translate into crises or catalysts for resilience.Ultimately, the Gulf realignment and OPEC’s evolution present Nigeria with both risks and opportunities. In a world where oil market power is fragmenting, proactive domestic transformation offers the most reliable route to energy security and sustainable growth. The coming months will test whether Nigerian policymakers seize this moment or allow it to deepen existing vulnerabilities.FirstCap Limited is a dynamic investment banking and capital markets advisory firm, and a subsidiary of First HoldCo Plc, one of Africa’s most resilient and trusted financial institutions. With over two decades of experience delivering tailored financial solutions that drive growth, transformation, and long-term value. Our core expertise spans mergers and acquisitions, capital raising, and strategic financial advisory. Backed by a proven record of landmark transactions across multiple sectors, We are a trusted partner of choice for corporations, institutions, and entrepreneurs navigating complex financial landscapes.https://firstcapltd.com/
Business
FIRSTCAP CLOSES N4.46BN LAPO MFB SPV PLC SERIES 1 BOND, DEEPENS ACCESS TO LONG TERM CAPITAL
IMG_5294 L-R: Chief Finance Officer, LAPO Microfinance Bank, Emmanuel Igiehon; Managing Director, LAPO Microfinance Bank, Cynthia Ikponmwosa; Managing Director, FirstCap Limited, Ukandu E. Ukandu, and Head of Capital Markets, FirstCap Limited, Oluseun Olatidoye, at the LAPO MFB SPV Plc Series 1 Bond Issuance Signing Ceremony recently held in Lagos.
Lagos, Nigeria – April 2026 — FirstCap Limited, a leading investment banking firm and subsidiary of FirstHoldCo Plc., has successfully closed the ₦4.46 billion Series 1 Bond Issuance by LAPO MFB SPV Plc, reinforcing its strong leadership in Nigeria’s debt capital markets and deepening access to long term funding for high impact sectors.Acting as Lead Issuing House, FirstCap structured the fund raising on behalf of LAPO MFB SPV Plc (a company sponsored by LAPO Microfinance Bank Limited to mobilise institutional capital targeted at SME financing, renewable energy expansion, and digital financial services, three critical drivers of inclusive and sustainable economic growth in Nigeria.The transaction is underpinned by a compelling impact thesis, with proceeds strategically deployed to support small businesses and clean energy initiatives. The microfinance sector continues to demonstrate resilience and strong fundamentals positioning the issuance at the intersection of growth, sustainability, and financial inclusion.Commenting on the transaction, Ukandu E. Ukandu, Managing Director, FirstCap Limited, said:
L- R: Company Secretary, LAPO Microfinance Bank, Peggy Idehoy; Managing Director, LAPO Microfinance Bank, Cynthia Ikponmwosa; Managing Director, FirstCap Limited, Ukandu E. Ukandu; Chief Finance Officer, LAPO Microfinance Bank, Emmanuel Igiehon, at the LAPO MFB SPV Plc Series 1 Bond Issuance Signing Ceremony recently held in Lagos.
“This successful issuance underscores our strategic commitment to directing capital where it delivers measurable economic impact. At FirstCap, we partner with institutions that have the scale, discipline, and vision to transform markets, and LAPO exemplifies these qualities.The ₦4.46 billion bond is positioned to be a catalyst for SME growth, expanded energy access, and broader financial inclusion. We remain committed to structuring transactions that are not only bankable, but impactful and aligned with Nigeria’s long term economic trajectory.”FirstCap Limited remains committed to leading from the forefront of Nigeria’s capital markets, structuring transactions that are bankable, impactful, and investable, while supporting the future trajectory of Nigeria’s economic development.”
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