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First Bank Records 32% Increase in Revenues

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First Bank of Nigeria Plc has recorded a 32 percent increase in revenues from N96.6 billion to N128.1 billion for the six months ended 30 September 2009.
The bank’s unaudited results presented at the floor of the Nigerian Stock Exchange shows deposits liabilities increase of 41 percent, from N851 billion to N1.2 trillion, while its total assets of N1.8 trillion increased by 14 percent to N2.0 trillion.
Its profit after tax indicated a drop from N23 billion to N2 billion (N30.0 billion September 2008), experienced a decrease of 89 percent on prior year while shareholders’ funds of N308 billion also fell by 8 percent from N334 billion in September 2008
Bisi Onasanya, group managing director of First Bank while commenting on the results said: “In line with our conservative nature, we have taken provision in excess of the N20.1 billion mandated by the Central Bank of Nigeria. We believe that subsequent recoveries of these loans will have positive impact on our performance in coming periods.”
Onasanya affirms that First Bank remains committed to capturing synergistic value through further diversification of the bank’s business model, supported by enhanced cost efficiencies and a strong capital base, saying that the bank strong capital adequacy ratio of 22 percent and stable funding base allows it to withstand short-term pressures without deviating from our long-term objectives.
Ola Oyelola, group chief financial officer, First Bank on his part believes that the bank’s conservative approach to provisioning against doubtful debts is the correct one, as evidenced by the successful conclusion of the Central Bank’s audit.
“We cannot deny the impact the global financial crisis continues to have on our customer base, and we have made further prudent provisions against the value of loans and investments on our balance sheet. This allows us to provide a transparent view of the bank’s assets at the end of the period, as well as look forward with confidence that the impact of the prevailing market environment has been largely recognised”, he said.
The bank’s operational highlights include the opening of 25 new branches, bringing its total number of branches, agencies and subsidiaries to 561 as at September 2009.
It recorded an expansion of its ATM network to 1,368 from 999 at the end of the March 2009.
First Bank improved its Wide Area Network infrastructure including optimizing cost of operations through VSAT replacement and deployment of WAN accelerators where replacement is not feasible and also establishment of FirstContact, a 24/7 customer interaction centre, to expand the range of the bank’s customer service channels, and enable the migration of substantial volume of requests and enquiries.
The Bank is in the final stages of the establishment of a centralized processing centre to serve as a large scale back-office for routine, non customer-facing processes to enable it reduce transactions processing costs, increase processing efficiency by leveraging on economies of scale and the concentration of core competency, achieve consistency and standardization in transactions processing.
Over the next 12 months, the bank plans to focus on solidifying its  leadership position within the Nigerian financial services industry by leveraging its scale advantages e.g. distribution network, balance sheet strength, etc. to serve customers better and more efficiently.

First Bank’s performance management strategy is designed to make it the premium employer brand and a talent magnet in the Nigerian banking industry as it has put in place robust performance management systems that will enable it repeatedly deliver against its corporate objectives and develop a performance culture among its workforce.


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Report Finds 30% More Young Gamers Targeted by Cybercriminals in H1 2024 vs. H2 2023

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The number of unique users targeted by cybercriminals using popular children’s games as a lure surged by 30% in the first six months of 2024 compared to H2 2023, according to Kaspersky experts.

 

Researchers analysed gaming risks for young players and discovered that more than 132,000 users had been targeted by cybercriminals. More details can be found in the latest Kaspersky report on cybercrimes targeting young gamers.

The most exploited children’s games

Kaspersky looked into the threats disguised as popular kids’ video games and analysed the period from July 1, 2023, to June 30, 2024.

Throughout the reported period, Kaspersky security solutions detected more than 6.6 million attempted attacks, where cybercriminals used the brands of the kids’ games as a lure.

Out of the 18 games chosen for this research, the majority of attacks were related to Minecraft, Roblox, and Among Us. According to Kaspersky’s statistics, more than 3 million attempted attacks under the guise of Minecraft were launched throughout the reported period.

Most likely, cybercriminals chose this method of attack based on the popularity of games among players, as well as the ability of gamers to use cheats and mods. Since the majority of mods and cheats are distributed on third-party websites, attackers disguise malware by posing as these applications.

Kaspersky experts believe that the higher success rates detected in 2024 can be explained by the trends observed in the recent developments of the general cyberthreat landscape.

On the one hand, following popular trends, cybercriminals launch more cunning attacks, exploiting the current agenda and crafting less obvious schemes, instead of using generic attacks.

On the other hand, cybercriminals are increasingly using AI to automate and personalise phishing attacks that are more likely to deceive young gamers. At the same time, new advanced phishing kits — pre-made templates of phishing pages — created with automated tools consistently appear on the dark web, allowing an increasing number of attackers to deploy highly effective phishing sites that mimic popular gaming platforms.

Scams on children’s favourite games

One of the most common scams in gaming is the offer to receive new skins for your character — essentially clothing or armor — that enhance the hero’s skills. Some skins are common, while others are extremely rare and, therefore, more desirable.

Kaspersky experts have found an example of a scam that uses both the name of popular game Valorant and that of the world-famous YouTuber Mr. Beast. By selecting this blogger and using his photo, the fraudsters aim to capture children’s attention and hook them into their fraudulent scam.

To receive the desired Mr. Beast skin, young users are asked to enter their login and password for their gaming account, enabling their credentials to be potentially stolen by scammers as a result.

Another popular trap is the offer of receiving in-game currency. In one of the discovered scams exploiting the Pokémon GO brand, users are asked to enter the username for their gaming account. Next, they’re asked to take a survey to prove they’re not a bot.

Once the survey is complete, they are redirected to a fake website, usually one promising free prizes or giveaways. This is where the real scam kicks in.

The scammers aren’t actually after personal data like credit card details; they’re using the guise of gaming to lure users into another hoax — one involving fake downloads, prize claims, or other deceptive offers.

The whole process is a clever way to redirect users to a different, more dangerous scam under the pretense of a legitimate verification step.

“Throughout our research, we see attacks on children are becoming a common vector of cybercriminals’ activities. That’s why cyber hygiene education and the use of trusted cybersecurity solutions are a ’must-have’ in building children’s safety in the online environment.

By fostering their critical thinking, responsible online behaviour, and a strong understanding of the risks, we can create a safer and more positive online experience for this generation of digital natives,” comments Vasily Kolesnikov, security expert at Kaspersky.

 


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NCC, ALTON, MainOne Back Oketola’s Book on Tech Evolution

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Dr. Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, has confirmed his participation as the immediate past Editor of The PUNCH, Dayo Oketola,  launches a book on Information and Communications Technology evolution.

The book, ‘The Catalyst: Nigerian Tech Evolution Through a Journalist’s Lens,’ will be launched on September 17, 2024, at an exaugural lecture to mark the end of Oketola’s time as Editor, The PUNCH and celebrate his nearly 20 years in journalism and leadership practice.

The Head, Media Relations at the NCC, Dr Omoniyi Ibietan, who communicated NCC’s support to the author, said, “It is a consequential work. Congratulations.”

Read Also: NCC Threatens to Fine Telcos over Poor QoS

Similarly, the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, and the CEO, MainOne, an Equinix Company, Ms. Funke Opeke, have also thrown their weight behind the book launch and exaugural lecture while congratulating the author.

“We would like to express our sincere gratitude for the invitation to your upcoming exaugural lecture and book launch. Congratulations on reaching this significant milestone,” MainOne said in a letter.

Former President Olusegun Obasanjo, GCFR, will be the Special Guest Speaker at the event.

Oketola said the evolution of Nigeria’s telecommunications sector, which began with the introduction of GSM in 2001 by Obasanjo, had attracted over $70bn in investments and created over 500,000 jobs in the country.

He highlighted the bold initiatives that opened the sector to private investment, from 450,000 telephone lines before 2001 to a vibrant market today, and also charts a path through which Nigeria can maximise its digital economic potential.

Oketola, now a senior member of the PUNCH Editorial Board, left as Editor of The PUNCH  in June.

While serving as editor, he won the Editor of the Year prize at the Nigeria Media Merit Awards (NMMA) in December 2023.

He also led the organisation to win the Newspaper of the Year at the same award ceremony.

Oketola, a consistent journalism prizeman, also won Editor of the Year Award at The Industry Awards 2022.

He is a two-time winner of the Zimeo Excellence in Media Awards in Johannesburg 2015 and Nairobi 2016, among numerous awards during his illustrious journalism career.

In a statement, Oketola said, “I am excited to announce the upcoming launch of my book, The Catalyst: Nigerian Tech Evolution Through A Journalist’s Lens, scheduled for September 17, 2024.

“On the same day, I will also be hosting an exaugural lecture to celebrate my tenure as Editor of The PUNCH and nearly 20 years in journalism.”

Speaking further, the former editor described his years in journalism as one that had driven advocacy and impacted different sectors of the economy.

“My 20 remarkable years of stewardship to the nation via media and leadership practices have driven advocacy and impacted areas such as business and economy, ICT, energy, agriculture, social inclusion, anti-corruption, drug trafficking prevention, and nation-building, a testament to the power of journalism in shaping our society,” Oketola remarked.

Read Also: NCC Unveils DMS to Protect Mobile Phone Users

Other influential guests hosted at the media event are a former Chief Executive Officer of MTN Nigeria, Michael Ikpoki, who will chair the occasion, and the Convener of the Centre for Social Media Research, Dr Akin Olaniyan, who will be the book reviewer.

The Minister of Information, Alhaji Mohammed Idris, will grace the occasion as the Chief Host.

Similarly, the Managing Director/ Editor-in-Chief of PUNCH Nigeria Limited, Mr. Adeyeye Joseph, is the host, while the President of the Nigerian Guild of Editors, Mr. Eze Anaba, is the co-host.


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DLM Asset Management Partners Your Study Path on “School is an Asset” Webinar

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DLM Asset Management, a subsidiary of DLM Capital Group, in collaboration with Your Study Path, is excited to announce the “School is an Asset” webinar, scheduled for September 19, 2024.

This engaging virtual event will spotlight the crucial role of education as a foundation for a prosperous future and spotlight the Child Education Plan designed to help parents secure their children’s educational opportunities.

The “School is an Asset” webinar will emphasize that education is not just a path to personal success but a significant investment with lasting benefits for individuals, families, and communities.

As the world evolves, the importance of education in fostering personal and professional growth cannot be overstated. This event aims to inspire students and parents to fully embrace and leverage their educational opportunities.

We are pleased to feature an esteemed lineup of speakers, including Egunjobi Daniel Ololade, CEO of Your Study Path; ThankGod Ojabugbe, Portfolio Manager at DLM Asset Management; Goziem Nancy Idonor, Business Development Manger at DLM Capital Group; and Gbotemi Kolowale, Digital Marketer at DLM Capital Group.

Each speaker will provide valuable insights into the significance of education and discuss the Child Education Plan designed to assist parents in financially planning for their children’s education. Attendees will also have the opportunity to engage with the experts during live Q&A sessions to receive personalized advice and answers to their questions.

The webinar will take place on September 19, 2024, from 11:00 AM (WAT). It will be hosted virtually, and free registration is available here.  Join us for the “School is an Asset” webinar and take an essential step toward securing a brighter future through education.

 


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