Managing Director/Chief Executive of First Bank of Nigeria Plc, Mr. Moyo Ajekigbe, last weekend reiterated the Bank’s determination to continue to post better returns on shareholders investments. Speaking at the dinner for Stock Market Operators at the Imperial Chinese Cuisine, Ajose Adeogun Street, Victoria Island, Lagos, Mr. Ajekigbe said the Banks record-breaking performance at the stock market was as a result of the its strategic business initiatives and the cooperation of stock market players.

According to him, the Bank was able to grow its Balance Sheet (total assets plus contingents) by 32 % to N731bn from N555.3bn while deposits grew by 35 % to N449bn from N332bn. Gross earnings rose by 18 % to N67.44bn from N57.3bn while Profit before tax rose by 30 % to 21.8bn from N16.81bn.

While describing FirstBank as a mega financial mall, Mr Ajekigbe said the Bank has one of the largest number of functional and profitable subsidiaries in the banking industry, adding that stock brokers should endeavour to create more wealth for their clients by tapping into the Share Purchase Loan facility of FirstBank, under its U First suite of retail and consumer products.

Other laudable achievements of the Bank include: Most capitalized company on the Stock Exchange (July, 2006); Market price surpassed industry benchmark at N72.76; Best Bank stock in West Africa (African Business Magazine); one-for-one bonus issue; N1.00 per share dividend; strongest brand in the Nigerian banking industry (Alder Consulting); Best Western Union Agent Infrastructure Award (2005); and Global Finance Best Bank in Foreign Exchange.

Responding on behalf of stock market operators, the doyen of the Nigerian Stock Brokers and Managing Director/Chief Executive of Clear View Securities Limited, Rev. Olu Odejimi, described FirstBank as the bank to beat in the industry. According to him, never in the history of the sector has the stock price of a bank gained a daily 5% growth after been marked down at the closure of its books. He said the fact that FirstBank achieved this feat is a testimony to the Bank’s financial solidity and ability to grow shareholders’ value.

“You invest in stock for three different reasons: safety of capital, growth of capital and liberal good dividend. For me, and all of us at the capital market, FirstBank has delivered on all these fronts. The Bible says ‘Thou shall know the truth and the truth shall set you free’. Today, (August 18, 2006) at a closing price of N43.59, coming after a mark down of its share price, FirstBank is far ahead of its closest rivals. Do we need anybody to tell us who the leader is?”, he asked, adding that “What we are celebrating today is the success of the biggest and best financial leader in the country”.

“The people you brought here today are the crème de la crème of the stock market. We wouldn’t have been here tonight if we do not believe in you. Anybody can lay claim to any position, but we are saying that you are the leader in the industry”, he said.

In his closing remarks, the Executive Director, Risk & Management Control of FirstBank, Mr. Lamido Sanusi enjoined holders of FirstBank’s shares to hold on to them, adding: “we are here for the long haul. Our intention is to build a bank that would be here for the next hundred years, and the next hundred years and another and another. We make clean money based on sound business ethics, good governance, and transparency”

Present at the dinner were the Bank’s executive directors: Messrs. John Aboh (Banking Operations & IT); Remi Babalola (Retail Banking, Lagos & West); Ola Oyelola (Retail Banking, Up Country); Alex Otti (Commercial Banking); and Lamido Sanusi (Risk & Management Control.

Apart from Rev. Odejimi, other stock brokers present include the President of Chartered Institute of Stockbrokers and MD/CE of Signet Investments & Securities Limited, Mr. Oladipo Aina; MD/CEO of BGL Securities Limited, Mr. Albert Okumagba, MD/CE of Forthright Securities & Investments Limited, Mr. J.T Faromoju; MD/CEO of Support Services Limited, Mr. Oladipo Williams; MD/CEO of Greenwich Trust Limited, Mr. Kayode Falowo; MD/CEO of Future View Securities Limited, Mrs. Ernest Ebi; MD/CE of Securities Transactions & Trust Company Limited, Mr. Godwin Obaseki; MD/CEO of Crossworld Securities Limited, Mr. Olu Abayomi Sanya; AN MD/CEO of Dynamic Portfolio Limited, Mr. Remi Lasaki.

Click on the link to view a Photo Gallery of some of the high points of the dinner for Stock Market Operators held at Chinese Cuisine, Ajose Adeogun Street, Victoria Island, Lagos, Friday 18th August, 2006.