Business
First Bank adopts arts for mass employment, economic development
First Bank of Nigeria (FBN) says it is harnessing strength and skills of the nation’s youths through arts by creating mass employment, promoting economic development and preserving Nigeria’s rich cultural heritage.
The FBN’s Executive Director, Retail Banking, South Directorate, Mr Oluseyi Oyefeso, said this during a stage play, “Kúrunmí” sponsored by the bank, on Sunday night in Lagos.
Kúrunmí was written by Late Nigerian playwright, Prof. Ola Rotimi.
It is a theatrical production that delves into the rich history of the Oyo Kingdom, and is part of First@arts initiative.
The stage play was produced by Gboyega Akosile, who is also Special Adviser, Media and Publicity to Gov. Babajide Sanwo-Olu of Lagos State.
Kúrunmí, directed by Muyideen Oladipupo (Lala), told the story of a fearless leader in the ancient Yoruba Kingdom of Oyo.
Speaking with journalists, Oyefeso said that the play told a major story which documented for posterity, the culture and conflict between the ancient Egbas, the Ibadans, and the Oyo people.
According to him, FBN is there to make sure we preserve the culture of Nigeria,
He said that First@arts covered almost everything around arts, including stage plays, cinematography, artworks, documenting history, documenting the society, among others, to preserve the culture and the history of Nigerian people.
The executive director said that the large stage cast was a fraction compared to huge numbers that worked behind the scene, thereby creating jobs and contributing to Nigeria’s economic growth.
“That is what we need to be thinking about in Nigeria. How do we productively engage our young ones, to putting them to productive use?
“You can see the energy that those young folks display. You can see the choreography, amazing dance steps.
“So, we have to find a way to keep them engaged for the positive use. In a way, FBN is using the arts to promote job creation and develop the economy,” he said.
Oyefeso urged people in the creative sector with good proposals to present them to FBN for free sponsorship.
Gboyega Akosile, the producer, thanked FBN for the partnership.
Akosile, who is also Special Adviser, Media and Publicity to Sanwo-Olu, also appreciated the governor for supporting his vision to birth Kúrunmí.
He said that his vision was to promote arts, and Kúrunmí gave him the satisfaction of using the large dedicated cast who diligently worked for five months to bring the idea to fruition.
The Director, Lala, said that the story would help the younger generation to connect to their roots, adding that, white actors were included to aid understanding of colonialists involvement.
“Theatre is dying and we need people to support and revive it, so, we are happy with what First Bank is doing because 85 per cent of our cast are youths,” he said. (NAN)
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.