Recall that Dr. Agbai Eke, a customer of FirstBank, reportedly filed a court case against the bank, over alleged missing N550 million deposited in Abiriba branch of the bank.

A statement signed by Olajumoke M Moyo‑Ladipo, a senior CSR, Media and External Relations manager at First Bank Nigeria Limited, reads:

“We have been made aware of a recent publication by Thisday Newspaper, Arise Television and a circulating video regarding a court case filed by a customer, Dr. Agbai Eke, against FirstBank.

“We can affirm that the allegations of fraud in the Bank as alluded to by ‘Dr. Agbai Eke’ are entirely unfounded and false.

“Our findings on the matter indicate unprofessional and unethical dealings between Dr. Agbai Eke and a former FirstBank employee, using a personal relationship to facilitate unauthorized transactions outside the bank’s knowledge or involvement.

“As the matter is currently before the Court, we will refrain from further comments to allow the Court to dispassionately determine the issues before it. The Bank has equally filed a report to law enforcements for further proper investigations and the suspects have made useful statements while the investigations are ongoing.

“FirstBank remains committed to transparency, accountability, and the protection of its customers’ interests.

“We assure our stakeholders that we operate with the highest standards of integrity and professionalism”.

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This announcement follows Zone’s recent $8.5 million seed funding round led by Flourish Ventures and TLcom Capital, and the launch of its decentralised PoS Payment Gateway, ZonePOS. 

These milestones represent major advancements towards the company’s mission of connecting every monetary store of value by harnessing the power of blockchain.

Zone secured a switching and processing license from the Central Bank of Nigeria in 2022, making its payment infrastructure Africa’s first regulated blockchain network for payments. 

By integrating with Zone’s regulated blockchain network, UBA, Zenith Bank, and First Bank along with other financial service providers already on the network, will significantly enhance their payment processing capabilities. 

These banks will benefit from being able to route transactions directly between participants on the network, which eliminates intermediaries and reduces failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs. 

With its unique architecture and underlying technology, Zone’s blockchain-powered payment infrastructure is expected to serve as a major catalyst in the transformation of Nigeria’s payment industry and the actualisation of the highly anticipated cashless society. 

With leading banks like Zenith Bank, First Bank, and UBA already integrated and processing transactions on its network, the industry stands to gain more than just improved transaction reliability. 

This is because connecting financial service providers directly with each other also delivers payment experiences with significantly less friction and allows payment service providers function with little to no operational risks. 

Specifically, Zone’s network provides end-to-end transparency and automatic reconciliation, which eliminates chargebacks, prevents chargeback fraud, and delivers same-day settlement to financial institutions and their customers. 

Commenting on the announcement, Obi Emetarom, CEO and co-founder of Zone, said: “We are thrilled to have UBA, Zenith Bank, and First Bank in our network. Their integration into our decentralised payment network is a significant milestone in our journey to advance the payment landscape in Nigeria and the rest of the world. 

“Having some of Africa’s largest and most reputable financial institutions underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless and universally interoperable payment experiences.

“As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem operating without cash.”

The report on Nigeria’s capital importation for the first quarter of 2024 showed that the banking sector was the leading recipient of foreign capital, attracting $2,067.44 million. This represents 61.24% of the total capital imported into the country during this period. 

Several banks stood out as top performers in capital importation for Q1 2024, with the list led by Stanbic IBTC Bank Plc, which received the highest capital importation among Nigerian banks.

The Bank secured $1,257.38 million, accounting for 37.24% of the total capital imported into Nigeria, highlighting Stanbic IBTC’s strong position and appeal to foreign investors.

Following Stanbic IBTC, Citibank Nigeria Limited attracted $547.71 million, making up 16.22% of the total capital importation, while Rand Merchant Bank received $528.73 million, which represents 15.66% of the total capital imported. 

Standard Chartered brought in $399.41 million, showcasing its continued influence and trustworthiness in the eyes of global investors, as Access Bank received $278.18 million, rounding out the list of top-performing banks in terms of capital importation for the quarter.

Other banks, including First Bank and Zenith Bank, had $98.71 million and $96.98 million respectively.

The solid performance of these banks is a positive indicator for Nigeria’s economic stability and growth prospects. 

The capital inflows into the banking sector show that foreign investors are optimistic about the country’s financial institutions and their ability to manage and grow investments effectively.

NBS’ data emphasizes the indispensable role of the banking sector in driving Nigeria’s economic development. The inflows into banks are likely to facilitate increased lending, support business expansions, and stimulate economic activities across various sectors.

This downturn coincided with the first month-to-date decline in the NGX All Share Index of the year, which lost 6% in April this year.

The most impacted were the: First Bank, UBA, GTCO, Access Bank, and Zenith—although Zenith was the only one to maintain its position in the SWOOT (Stocks Worth Over One Trillion Naira) index.

As of December 2023, Nigeria’s largest banks had a total net asset value of N9.7 trillion but only a combined market capitalization of N4.2 trillion ($ billion), translating to a price-to-book ratio of 0.43, or 43%.

This indicates that investors significantly undervalue banks compared to their book values.

Amid this, challenger banks like Opay and Kuda Bank are valued above $1 billion, despite their smaller operational scales.

According  the Index, as of April, FBN Holdings, UBA, GTCO, and Access Bank each fell below the trillion naira market cap, a level they last exceeded in January when they briefly hit this milestone.

Since January, these banks have seen substantial declines in market capitalization.

For instance, Access Bank, Nigeria’s largest bank by assets, last reached the N1 trillion mark in late January. By the end of April, its market cap had fallen to about N598.9 billion, despite having over N32 trillion in total assets and N2.5 trillion in net assets.

Similarly, UBA, with total assets and net assets of N20.6 trillion and N2 trillion respectively, saw its market cap drop from over N1 trillion in January to N817.3 billion at April’s end.

FBN Holdings, Nigeria’s oldest bank, saw its market cap peak just above N1 trillion in early April but fell to N857.8 billion by April 30th, 2024.

GTCO also experienced a dip; valued above N1 trillion as recently as April 26th, it ended the month with a market capitalization of N962.3 billion.

Zenith Bank, however, remained in the SWOOT, though it risks dropping below if the sell-offs continue into May 2024. It has total and net assets of N20.3 trillion and N2.3 trillion, respectively.

Several factors contribute to these low valuations relative to net assets, despite consistent dividend payouts.

Some analysts attribute it to the high liquidity of bank stocks, while others point to a general disinterest in the Nigerian stock market, suggesting that intrinsic stock values are seldom reached.

A more recent factor is the banking recapitalization announcement by the apex bank, which requires banks to raise over N4 trillion in new capital.

This has likely prompted a sell-off, as lower share prices benefit bank shareholders when the capital increase is through a rights issue.

Mr Alebiosu has been the bank’s executive director/chief risk officer since 2022.

He has been in the bank’s employ for nearly three decades, with expertise in credit marketing, Trade, corporate and commercial banking, credit risk management among other.

Mr Alebiosu takes the crown from Adesola Adeduntan, who gave up the role  on Saturday even though he was due to complete his tenure in December.

Our correspondent gathered that the  decision to appoint Mr Alebiosu was reached on Sunday after a Saturday board meeting of the bank could not resolve the controversy surrounding Mr Adeduntan’s resignation.

Reliable sources familiar with the matter said the board of the bank has approved Mr Olusegun Alebiosu ’s appointment and that a notification to that effect will be sent immediately to the Nigerian Exchange Limited, where the bank’s shares are listed.

Going by his profile gleaned from the bank’s website, Mr Alebiosu was appointed executive director, chief risk officer and executive compliance officer in January 2022.

Prior to that appointment, Olusegun Alebiosu served as the lender’s Group Executive/ Chief Risk Officer, a position he held since 2016.

He will be bringing to the position close to 30 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing, his profile on the First Bank website indicated.

For records, “Mr Alebiosu commenced his professional career in 1991 with Oceanic Bank Plc. (now EcoBank Plc.)  prior to joining First Bank in 2016,  served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head,  and Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc respectively.

Segun Alebiosu, is an alumnus of Harvard School of Government and holds a bachelor’s degree in Industrial Relations and Personnel Management.

He also obtained a master’s degree in International Law and Diplomacy from the University of Lagos and holds a master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.

However, the reasons necessitating the cancellation have not been made available to the member of the public or shareholders alike at the time of filling this report.

“The Extraordinary General Meeting of the members of FBN Holdings Plc (the “Company”), earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up to N300bn and other ancillary matters is hereby cancelled,”

The statement read, Last week, FBN Holdings in a notice of its Extraordinary General Meeting filed with the NGX disclosed that it would be seeking shareholders’ approval to raise N300bn additional capital.

According to the notice, shareholders will consider and vote on the special business “that the company be and is hereby authorized to undertake a capital raise of up to N300,000,000,000.00.”

The financial institution proposed to raise the funds via a public offering, private placement, or rights issue in the Nigerian or international capital markets.

The capital raise came barely weeks after the Central Bank of Nigeria directed Banks to recapitalise.

Adeduntan resigned his appointment with the front-line bank eight months before  the expiration of his tenure.

However, Techeconomy gathered from the supposed letter written to Mr. Tunde Hassan-Odukale, the chairman of First Bank, the reasons for his resignation.

The letter titled, reads ‘Notice of Retirement,’ the bank CEO whose tenure ought to elapse on December 31, 2024, voluntarily decided to step down.

He would commence his retirement leave with immediate effect.

“As you are aware, my contract would be expiring on 31 December, 2024, after which I would no longer be eligible for employment within the bank having served as the Managing Director/Chief Executive Officer of First Bank for a record time of nine years.

“During this period the bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. I have however decided to proceed on retirement with effect from 20 April, 2024, to pursue other interests.

“I am eternally grateful to the board of directors of First Bank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continue success and progress as we move into the next phase of its evolution. Warm regards.”

Recall that the bank’s chief who was retired in 2021, by the then board of the financial institution, was reinstated few days after by the Central Bank of Nigeria.

Since his appointment as MD/CEO, Adeduntan has contributed significantly towards the transformation of the financial institution and made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, First Bank’s perception has improved significantly.

A peep into Adedutan’s career in banking and finance spanning more than three decades earned him various recognitions and awards.

He holds a Doctor of Science, Honoris Causa and an MBA from Cranfield University, United Kingdom which he attended as a Chevening Scholar, and a Doctor of Veterinary Medicine (DVM) awarded by the University of Ibadan.

He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France).

He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).

Nothing else aptly defines the consistent growth of First Bank of Nigeria Limited (FirstBank) and its consistent reinvention as the conscience of corporate Nigeria in the face of rising competition from traditional and other shadow banking brands.

Not many living Nigerians can list a single other existing Nigerian company founded in 1894, long before modern Nigeria was created.

But FirstBank has not only survived the long 13 decades during which it etched itself into the socio-economic fabric of the country and created a niche as Nigeria’s banker, but it has also pushed itself into the frontier of financial technology evolution, making an inroad into the consciousness of tech-savvy Nigerian youths and the upwardly mobile banking public.

For an organization that has stuck to Nigeria through thick and thin and enjoyed the monopoly of banking the country from the cradle, long before Africa tasted the beauty of financial system evolution, FirstBank could have been a dinosaur. That would have been easy.

But it has chosen the tougher option; challenging traditions, breaking new ground, and constantly refreshing its operational template to stay ahead of the curve.

Established in 1894 as British Bank of West Africa (BBWA) by the late Sir Alfred Lewis Jones, a shipping magnate, FirstBank has been at the forefront of Nigeria’s economic growth and development through its superior banking services and social investments across sectors – manufacturing, small and medium scale enterprise (SMEs), agriculture, oil and gas and just about every other sector that has contributed to the country’s economic discovery.

The history of FirstBank is the history of Nigeria. At some point in its history, it even served as Nigeria’s Central Bank. Today, as the undisputed leader of the country’s brick-and-mortar banking, its nearly 800 business locations across the country give it a robust presence in every local government across the nation.

Of course, in an era of ‘click’ banking, no financial institution is assessed by the strength of its physical banking network alone. Interestingly, the premier institution understands this logic, hence it has emerged as a force in continuously investing in cutting-edge financial technologies.

FirstMobile

For one, FirstMobile, its digital banking application, has also become a household name in the financial technology ecosystem.

In 2015, when the platform was still in its infancy stage, its user base was about 60,000, a number that has soared to over six million (a growth of over 10,000%) as of last year.

That has contributed immensely to its changed perception from a traditional bank to an innovative digital bank.

Today, about 85 percent of its transactions are initiated via digital platforms, according to insights provided by the bank in its public statements.

FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics.

But the platform itself is only one of the potpourri of telecommunications-driven initiatives it has taken on to get young depositors on board.

FirstOnline users have also grown from about 90,000 to over one million in less than a decade just as its USSD banking, which targets feature phone users, is even more successful with users increasing by close to 3,000 percent in the last eight years, to about 15 million.

Last year alone, its Firstmonie Agent banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks.

Some of its strategic investments in technology include the development of its smart and interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country.

FirstBank Smart Banking

The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC) which are currently located in Lagos, Ibadan, and Abuja with plans to open more across the nation.

Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints. Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023. This number, according to the Chief Executive Officer of FirstBank Group, Dr. Adesola Adeduntan, during an interview with The Guardian last year, would double in no distant future as the organization migrates aggressively to transaction-led banking. In September 2023 the bank’s non-interest income hit ₦293.0 billion, up 111.6% in comparison to September 2022 at ₦138.5 billion validating the bank’s commitment to a transaction-based era.

In addition, the number of users on the Bank’s digital channels has grown from about 600,000 users in 2015 to over 23.2 million users in 2023.

On the back of the extensive technology infrastructure overhaul FirstBank embarked on under Adeduntan’s leadership, its digital banking channels have become the most dominant delivery channel with the percentage of customer-induced transactions processed via digital channels increased from about 20% to over 90%.

FirstBank has equally been consistent in its profitability. Its Group profit before tax (PBT) has climbed steadily from 10 billion naira in 2015 to 362.24 billion naira in 2023.

For an organization that has not only created Nigeria’s banking industry but also dynamically shaped it, there is no reason the brand would not attract the best professionals.

It attracted a blend of top Nigerian bankers and became the training ground for young professionals who have contributed to its rich history of corporate leadership.

Despite this, Adeduntan who assumed office with a touch of dynamism, clearly understood the meeting point between institutional legacy and modern ‘click’ banking. In close to a decade since he first took over the reins at the Bank, he has brought this to bear, rejuvenating the rich corporate culture of the bank, competing actively in the youth space in both employment and business.

Nigerian banks have grown to become international brands, competing for businesses across Africa, (which they have dominated), Europe, Asia, and other Continents. With its United Kingdom subsidiary (which has a representative office in Paris, France) celebrating its 40th anniversary in 2022, FirstBank has led the revolution.

Other subsidiaries of Nigeria’s premier financial inclusion services provider include FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, and The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China.

Indeed, local banks have done well in recent years in opening offshore operations except that most of them are cost-centres, hence the promoters are often accused of ego-seeking and extroversion. And it is true because most of the subsidiaries’ operations have created a gaping hole in the bottom lines of the consolidated accounts of many of the institutions.

But FirstBank turned the tide. In 2022, its overseas operations contributed a combined 21.3 per cent to the group’s pre-tax profit. Adeduntan has repositioned the financial institution from purely a Nigerian company to a multinational brand with an African focus but a Nigerian nucleus.

Beyond its name, it has recorded several firsts in the industry it single-handedly created. Some firsts include – the first to be listed on the stock exchange, the first – amongst the existing banks – to adopt the use of ATM and the first Nigerian bank – and second in Africa – to reach the 10 million ATM cards-issued milestone. In addition, FirstBank is leading in AI and robotics with regards to the deployment of Humanoid Robots, in the financial services space in Nigeria. The robots are equipped with Video Banking and Artificial Intelligence (AI), taking on the role of friendly branch staff. The financial institution is the first to foray into arts, food, music, and other lifestyle sponsorships as part of the brand value proposition for clients of all ages.

Speaking on the resilience of the bank at a recent function Adeduntan disclosed what he called the bank’s secret of success:

“At FirstBank, our purpose is to enable success, putting our customers and stakeholders at the heart of our business. “For the years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers. We continue to improve on our products and create new ones that suit their specific needs. The reason why we have been successful is our ability to invent and reinvent ourselves. You can only be successful like that when you make your customer the center point of all your actions. That is the secret of our success.”

The bank has demonstrated it is a responsible corporate citizen, playing a catalytic role in the economic and social development of the country. FirstBank’s sustainability/ESG focus and commitments are in three key areas: Responsible Lending, Procurement & Climate Performance; Financial Inclusion & Diversity; as well as Education, Health, and Welfare.

Customers of the financial institution remain a vital element of its business. So, the bank constantly seeks responsible ways to provide lending and investment products and services that meet the customers’ needs, while ensuring that it manages the environmental social and governance (ESG) impacts in the process thus contributing to and promoting overall sustainable growth and development. About N5 Trillion worth of transactions were screened for ESG risks in 2023.

The bank has shown its commitment to playing a key role in the transition to a global net-zero economy by decarbonising its operations and value chains, driving climate finance, and promoting climate thought leadership.

For example, its partnership with Nigeria Conservation Foundation has seen the financial giant begin 50,000 tree planting with this year 2024 set as the target year for this audacious goal.

FirstBank’s community development initiatives are anchored on its strategic Education, Health, and Welfare pillars.

In 2023 alone, FirstBank executed various projects under the Start Performing Acts of Random Kindness (SPARK) initiative with growing impacts across 8 countries, including 60 beneficiary schools with over 150,000 secondary school students, and 30,000 underprivileged people and widows; over N100,000,000 (one hundred million naira) donations covering books and infrastructure for students, food items and clothing for the underprivileged, provision of capital for small and micro businesses.

Its FutureFirst programme in partnership with Junior Achievers Nigeria (JAN) has impacted over 1,000,000 (one million) people across the regions of the country including Lagos, Port Harcourt, and Abuja with the knowledge of financial literacy and entrepreneurship.

It has also strategically driven partnerships with over 100 Charities/NGOs including LEAP Africa; International Women Society; UNGC; UN Women; and Junior Achievement Nigeria. Following the COVID-19 lockdown, FirstBank stepped in to donate cash (over 1 billion naira) and food to support the government in the fight against the pandemic.

It also provided an innovative e-learning initiative enabling the education of one million Nigerian students to drive sustainable efforts towards improving education for all.

In partnership with the Lagos State Employment Trust Fund (LSETF), it launched a N5 billion LSETF-First Edu Loan scheme to cushion the impact of the COVID-19 pandemic on low-cost private schools in Lagos State.

For 30 years, FirstBank has remained a sponsor of the annual Nigerian Economic Summit, organized by the Nigerian Economic Summit Group, a think tank group with a mandate to promote and champion the transformation of the Nigerian economy into a private sector-led economy.

It is known for other sponsorships including, the Kaduna Georgian Cup Polo Tournament, now in its 103rd year, which is perhaps the longest-standing sports sponsorship in the world.

FirstBank is also a long-standing sponsor of the Lagos Amateur Open Golf Championship at the Ikoyi Club, a property it has faithfully sponsored for 62 years.

The bank has played a crucial role in empowering entrepreneurs, women, students and the rapidly growing creative industries locally, which are gaining global recognition.

Its strategic interventions through DecemberIssaVybe, FirstGem, SPARK, FirstBank Women Network and numerous other campaigns have been impactful, especially in addressing some key United Nations Sustainable Development Goals (SDGs).

FirstBank has demonstrated its commitment to Diversity through policies, partnerships, and initiatives, such as its employees’ ratio of female to male (39 percent:61 percent); 32 percent women in management, and 11 women on the Board of Directors across the FirstBank Group as well as various initiatives aimed at addressing the gender gap and increasing participation of women at all levels within the organization.

In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment Principles – Equal Opportunity, Inclusion, and Non-discrimination. And there have been rewards via awards for its leadership and life-changing initiatives.

The recent ones include Best Corporate Bank at the recent Euromoney Awards for Excellence, Nigeria 2023; Best Corporate Bank Western Africa 2023, by Global Banking and Finance; Best Internet Banking in Nigeria 2023, by International Business Awards; Most Innovative Banking Brand in Nigeria, by Global Brands Awards; the Financial Institution of the Year 2023, by Afreximbank Pan-African Business and Development; Best CSR Bank Western Africa 2023 by Global Banking and Finance Magazine; Market Leader Nigeria in ESG – Euromoney Market Leaders 2022. For six consecutive years (2011 – 2016), FirstBank was named ‘Most Valuable Bank Brand in Nigeria’ by The Banker Magazine of the Financial Times Group and ‘the Best Retail Bank in Nigeria’ from 2011 to 2018, an award of the Asian Banker International Excellence in Retail Financial Services Awards.

At the heart of FirstBank’s success story – which includes enabling the success stories of its customers and other stakeholders – lies its ability to continuously reinvent itself. And the reinvention seems to have started in earnest. For instance, its stock soared recently, pushing the Group into the exclusive club of stocks with over one trillion (SWOOT) capitalization.

A few months after the remarkable feat, it went, shoving other lenders aside to reclaim the most capitalized banking stock on the stock exchange.

It has been 13 decades of rising and growing with Nigeria. But FirstBank is not slowing down in its journey with the country its operation pre-dated.

Known as Project Radar, the platform built was an important step in safeguarding the integrity of the country’s thriving fintech ecosystem.

One year after its launch, the platform, now renamed Reporta, has successfully strengthened Nigeria’s financial sector in the fight against digital fraud.

Meant to serve as a joint fraud prevention network, the project has gained massive adoption, delivered noticeable impact and proved that collective action is need in securing the nation’s digital finance industry.

With the ever-increasing number of Nigeria’s fintech firms—home to over 217 startups and a sector that attracted nearly 50% of Africa’s total fintech funding between 2019 and mid-2023—the need for standard fraud prevention system has always been important.

Digital financial crimes have become technically advanced, with fraudsters taking advantage of any hole between isolated payment networks.

Reporta was developed as an industry-wide solution to counter these threats and protect millions of Nigerian users who rely on digital payments daily.

Today, Reporta is an independent, voluntary registry that is collectively owned by a group of financial and fintech organisations in Nigeria with board members rotated from various financial institutions.

The platform pulls together country-wide pockets of siloed information on suspicious digital behaviour. It proactively protects businesses from suspicious transactions by leveraging behavioural fingerprints.

Since its inception, Reporta has been accepted by over 25 leading banks, fintech companies, and verification platforms including Sterling Bank, Moniepoint, Busha, First Bank, Unity Bank, Wema Bank, Dojah, Flutterwave, Voyance, Preambly, Remita, Paddy Cover, Globus Bank, Herconomy, Kredi Bank, VFD, and the Nigeria Inter-Bank Settlement System (NIBSS).

The platform reported over 50,000 fraudulent transactions, thereby allowing financial institutions to detect and block suspicious activities faster than ever before.

There are now plans to extend the project to the insurance industry, which is also susceptible to fraud.

Before its introduction, fraud alerts were often shared informally via WhatsApp groups, making real-time detection chaotic and unreliable.

Now, with Reporta’s centralized intelligent database, banks and fintech firms can quickly search for flagged transactions using BVN, account numbers, or phone numbers—resulting in a 70% improvement in fraud detection accuracy.

A fraud analytics officer at a bank acknowledged the platform’s impact. “Before Reporta, fraud reports were scattered and often buried in long chat threads. Now, with a quick search, we can immediately see flagged transactions and take action—saving millions in potential losses.”

Apart from transaction monitoring, the system also gives fraud analysis, which helps banks understand new fraud patterns and tackle risks before they escalate.

According to a fraud and compliance officer at another bank, before Reporta, siloed information didn’t help in getting up to date analytics on new trends people are using.

“Now we can check the dashboard and see these types of data, significantly increasing our fraud detection capabilities.”

The impact is even more pervasive in Nigeria’s fintech companies, which are much younger than the banks.

According to a staff at one of the leading fintech firms, Reporta has opened up access to more important data, enabling them to upgrade their infrastructure.

“Due to better access to crucial data, we can now update our infrastructure to be more secure and can better educate customers on how to protect their accounts.”

Reporta’s impact goes beyond technology—it’s about collaboration. Over the past year, the platform has forged strategic partnerships with financial institutions, security agencies, and regulatory bodies.

These partnerships have led to fraud intelligence sharing across banks and fintechs, improved coordination with law enforcement agencies to track and prosecute fraudsters, and new regulatory standard that aligns with fraud prevention system.

One of the biggest achievements was the hassle-free integration with Nigeria’s top banking networks, giving the ground for coordinated fraud reporting and prevention efforts across multiple financial institutions.

This level of cooperation is very important in the fight against fraudsters, who sometimes take advantage of weak points and update their tactics. With all hands-on deck, fintechs and banks can close security gaps and stay ahead of cybercriminals.

Looking ahead, Reporta is working towards maximizing Artificial Intelligence (AI) and machine learning to detect fraud patterns before they happen. Instead of relying on manual reporting, AI-powered fraud prevention will analyze transactional behaviours to detect fraud before it occurs, which gives traditional banks and fintechs the edge to proactively prevent losses instead of just reacting after it occurs.

The introduction of predictive analytics will further increase fraud intelligence, which will reduce false positives while legitimate transactions remain hassle-free.

According to Lead project engineer, Wilson Adenuga, this next phase of creativity, stating that AI fraud detection system will improve security for Nigeria’s fintech firms.

Within just one year, Reporta has moved from being a promising idea to an important fraud- prevention weapon used by top banks and fintech firms. Its impact is undeniable with tens of thousands of fraud cases have been identified and blocked, and financial platforms now have a more coordinated and efficient approach to fraud detection.

The move comes in response to recent reports emphasizing the installation of a robot representative to assist customers in the bank’s branches.

In an exclusive interview with ThisDay, Dr. Adesola Adeduntan, the CEO of First Bank Nigeria, addressed these concerns.

Introducing Humanoid Robots for Enhanced Self-Service Banking

Adeduntan shed light on the bank’s groundbreaking Digital Xperience Centre (DXC), heralded as Nigeria’s first digital bank branch. Leveraging advanced technologies such as artificial intelligence and humanoid robots, the DXC aims to revolutionize self-service banking operations for clients.

Adeduntan emphasized that the introduction of humanoid robots aligns with the bank’s forward-looking approach to the future of financial services delivery.

Launched initially in Lagos in 2021, the DXC stands as a fully automated interactive digital branch, redefining customers’ banking experiences through digitized self-service. Subsequent rollouts at the University of Ibadan, Oyo State, and the Wuse branch in Abuja have garnered positive feedback from customers, especially those in the retail segments.

Responding to concerns about potential job displacement for bank employees, Adeduntan clarified the bank’s stance on the matter. He emphasized that the DXC is not intended to replace employees but rather to enhance efficiency and productivity.

Adeduntan stated, “The DXC is not a trade-off for our employees but an enabler to free up our staff’s productive time to take on more complex and rewarding tasks within the Bank.”

Adeduntan further reassured the public by highlighting the bank’s ongoing commitment to employee empowerment.

He stated, “Given our several laudable employee initiatives, we are well-equipped to empower our employees to take on any other role they may desire within the larger FirstBank Group.”

Looking Ahead

First Bank of Nigeria remains dedicated to pushing the boundaries of technological innovation in the banking sector.

Adeduntan concluded the interview by stating that there are plans for additional rollouts of DXCs across all operating jurisdictions, underscoring the bank’s commitment to providing cutting-edge banking solutions while simultaneously fostering employee growth and development.