Banking
After zero transfer fees, Sterling Bank introduces free bus rides for Nigerians
After sparking a national movement with its Zero Transfer Fees campaign, Sterling Bank has once again pushed the boundaries of what corporate citizenship can mean to everyday Nigerians.
Last week, regular Lagosians stepping out after long workdays were met with an unexpected gift: Sterling OneBank-branded buses waiting to take them home, free of charge.
Starting as a push against bank transfer fees, the initiative has now taken to the streets, as the bank began offering free bus rides to customers across major Lagos corridors, a gesture that will continue through May 2025 to ease the return of workers after the May Day holidays.
For a city where a single bus fare can be the difference between feeding a family or not, Sterling’s free ride initiative struck a deep chord. What began with free transfers through its OneBank platform has now evolved into a movement on wheels, connecting digital convenience with real-world survival. In a time of skyrocketing costs, the bank is reaffirming a simple belief: financial freedom should not end at the removal of bank charges; it should move you, carry you, and lift you.
Across Lagos, from Obalende to Ikorodu and TBS to Oshodi, the sight of Sterling buses pulling up to offer free rides sparked moments of disbelief, gratitude, and quiet celebration. For thousands of commuters, it was a tangible reminder that sometimes, the biggest changes come not from slogans, but from small, deliberate acts of care.
“For customers who have to choose between transport fare and groceries, this is more than a ride, it’s hope,” said Chidimma Okoli, Masterbrand Marketing Lead at Sterling. “When we said we were tearing down the barriers to moving your money, we meant it. But we also meant the barriers to moving yourself, to moving your dreams, to moving your life forward.
This isn’t just about banking apps. It’s about freedom, in every sense of the word.” Mary E., a market trader from Oshodi, stepped off a Sterling bus last Friday and captured the mood perfectly. “This is the first time a bank is not just advertising but acting,” she said, beaming. “I have saved on transfers all month because of OneBank. And today, I saved on my transport. Sterling ehn, dem sharp. Dem dey move.”
Across town, a young professional shared his own experience on LinkedIn: “Every naira matters o. I already saved money on bank transfers using OneBank. Today, Sterling saved me time, money, and stress after a brutal day at work. They just get it.
Another rider, Amaka I., a single mother and hairdresser from Ajah, described the free ride as “a blessing nobody told me was coming.” She added, “We Lagos people work so hard just to move. Today, I didn’t have to count Naira for my bus fare. That is dignity. That is respect.”
Chidimma Okoli emphasised that this initiative was never about fanfare, but about putting philosophy into action. “Financial systems have for too long extracted from Nigerians,” she said. “At Sterling, we are making a different choice. We are giving back, not just in naira and kobo, but in opportunities, in relief and in real dignity.” This initiative builds on Sterling’s history of standing with Nigerians during critical moments.
During the pandemic, Sterling was one of the first banks to support remote work transitions and provide digital lifelines to struggling SMEs. Through programs like AltSchool Africa and entrepreneur bootcamps, Sterling has opened new doors to skills development and affordable financing. After fuel subsidies were removed, the bank financed transport cooperatives to keep mobility alive for thousands who would otherwise have been stranded.
But according to Okoli, what matters now is not history, it’s momentum. “We’re not trying to relive past glories,” she said. “We’re building new victories, alongside the people who trust us every day with their journeys.”
Beneath the buses and smiling faces lies a deeper story of infrastructure strength. Sterling’s robust digital banking backbone, capable of handling over 180 million transactions and scaling rapidly, allows it to absorb costs that many banks would have pushed onto customers. It is this invisible engine that has further helped make visible change possible.
As the month of May approaches, the momentum will continue. Workers returning from the holidays can expect to find the free rides still running across locations, a daily reminder that real banking doesn’t just live in apps but also on the streets, in the choices that make hard lives a little easier.
Sterling is encouraging all riders to share their experiences online, turning thousands of quiet journeys into a loud statement that Nigeria deserves a financial system that carries its people forward, not holds them back. Because true banking is not about hoarding profit; it is about moving lives and moving freely.
Zenith Bank Plc has once again been named the Best Bank in Nigeria in the Global Finance Best Banks Awards 2025, clinching the prestigious title for the fifth time in six years. The bank was one of the 36 winners across Africa honoured by Global Finance in its 32nd Annual Best Bank Awards.
According to the publication, the winners stood out by responding effectively to customer needs in challenging economic environments, delivering strong results, and positioning themselves for future growth. Despite rapidly shifting interest rate conditions, the awardees demonstrated prudent asset and liability management.
Selections were made by the editors of Global Finance after in-depth consultations with corporate financial executives, banking professionals, and analysts across the world. Criteria for the awards ranged from objective measures—such as asset growth, profitability, geographical reach, strategic partnerships, business development, and innovation—to more subjective assessments from equity analysts, credit rating agencies, and industry consultants.
Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, expressed delight over the award:
“We are thrilled to retain our position as the Best Bank in Nigeria for the fifth time since 2020. This achievement is a testament to our unwavering commitment to exceptional customer service, innovative solutions, and strong corporate governance. We remain focused on investing in our people, technology, and processes to consistently deliver top-tier service.”
She acknowledged key stakeholders, including the bank’s founder and chairman, Jim Ovia, CFR, for his visionary leadership; the board for its consistent guidance; the staff for their dedication; and customers for their loyalty and support.
Publisher and editorial director of Global Finance, Joseph D. Giarraputo, noted:
“Global banking continues to evolve, tackling challenges with resilience and seizing opportunities through innovation. AI has quickly become central to this transformation and is set to reshape the financial sector at an unprecedented pace.”
Global Finance’s Best Bank Awards are among the most coveted accolades in the banking industry, respected by banking and finance professionals across 150 countries and territories in regions including Africa, Asia Pacific, Latin America, and Europe.
Zenith Bank’s sustained excellence has earned it a long list of recognitions, including:
Number One Bank in Nigeria by Tier-1 Capital for 15 consecutive years (The Banker Magazine, 2024 Top 1000 World Banks Ranking)
Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards (2020, 2022, 2024)
Best Bank in Nigeria (Global Finance World’s Best Banks Awards, 2020–2022, 2024)
Best Bank for Digital Solutions in Nigeria (Euromoney Awards, 2023)
Inclusion in the World Finance Top 100 Global Companies (2023)
Other notable awards include:
Best Commercial Bank, Nigeria (World Finance Banking Awards, 2021–2024)
Most Sustainable Bank, Nigeria (International Banker Awards, 2023, 2024)
Best Corporate Governance Bank, Nigeria (World Finance Corporate Governance Awards, 2022–2024)
Best in Corporate Governance – Financial Services, Africa (Ethical Boardroom, 2020–2023)
Most Valuable Banking Brand in Nigeria (The Banker Magazine, 2020, 2021)
Bank of the Year (BusinessDay BAFI Awards, 2023, 2024)
Retail Bank of the Year (BAFI Awards, 2020–2022, 2024)
Best Innovation in Retail Banking, Nigeria (International Banker, 2022)
Most Responsible Organisation in Africa, Best Company in Transparency and Reporting, and Best Company in Gender Equality and Women Empowerment (SERAS CSR Awards Africa, 2024)
Bank of the Year by ThisDay and New Telegraph newspapers (2024)
Best in MSME Trade Finance (Nairametrics, 2023)
Rights Issue/Public Offer of the Year (Nairametrics Capital Market Choice Awards, 2025)
Zenith Bank continues to set the benchmark for excellence, innovation, and responsible banking in Nigeria’s financial services sector.
Chairman, FirstHoldCo Group, Mr. Femi Otedola has been named the Activist investor and Market Maker of the Year, 2025 by Nairametrics at its Capital Market Choice Awards ceremony over the weekend.
It said the award was in recognition of the role Otedola has been playing in the Nigerian Capital market and his various strategic moves which have impacted the market positively in over two decades.
FirstHoldCo, FirstBank and First Asset Management also received important awards at the event. First HoldCo Plc received the Tier-One Bank award of the Year (FUGAZ Bank of the Year), while FirstBank won the Agency Bank of the Year award which is a true reflection of the relevance, spread, strength and strategy of the bank in the agency banking and retail space in Nigeria.
First Asset Management won the Fund Manager of the Year award; reflecting the dominance of the company in the investment related activities in the Nigerian financial sector.
Billionaire businessman Otedola donates N3.7b Engineering building Phase II to Augustine University
These awards indeed signify a remarkable reality at the growing status of the FirstHoldCo Group as a major economic driver in the country’s financial landscape.
Speaking on these unprecedented recognition and achievements, Femi Otedola, said: ‘I am delighted at this recognition bestowed on me and the awards won by the companies in the FirstHoldCo Group. This attests to a collective focus in shaping the future of the Nigerian Capital Market and the strategic synergy in executing effective goals and objectives in the various locations where we operate as a Group.’’
Group Managing Director, FirstHoldCo Plc. Wale Oyedeji also said that “the awards won, show the laudable progression the Group is making towards delivering excellent service across board,” adding, “this indeed will continue unabated.’’ He congratulated Otedola, saying the recognition was “hugely deserved,”
Nairametrics Founder/CEO, Ugo Obi-Chukwu, said the Capital Market Choice Awards was “our way of reinforcing the values that drive a robust capital ecosystem-trust, performance and progress,’’ adding, ‘’ these awards will now be a tradition.’’
By Aniekan Ezekiel
What happens when legacy meets preparedness? What results from such a combination? Let us not be in a hurry to put forward any answers yet. Instead, let us consider first the opposite situation: When legacy meets unpreparedness.
The world abounds in examples of this distressing situation. A dynasty that has built wealth from generation to generation, with its illustrious heirs providing generational leadership, finds itself in a strange phase where an ill-prepared heir takes over the reins and in that same generation, not the next, wipes out the entire family fortune built over several generations.
We see the same thing with nations. History is replete with examples of great nations built by great leaders, which slid into oblivion when they were hit by arguably the greatest misfortune that ever befalls humanity – bad leadership. It is the reason American author and leadership expert John Maxwell asserts, “Everything rises and falls with leadership.”
As with nations, so with organisations. We see organisations that have thrived for decades and over several generations, get a new leader who is not prepared for such leadership, and the leader pushes the organisation to the brink of collapse.
Contrast this picture with the situation at Nigeria’s most enduring corporate organisation with the most amazing legacies of firsts, First Bank of Nigeria Limited, which witnessed a leadership transition about a year ago. Faced with a number of quality options in and outside the then management team, the decision-makers at the bank and its parent company FBNHoldings, now First HoldCo Plc, had to be clear-minded about who could become the new Chief Executive Officer of FirstBank Group.
Equally important as the need for continuity was the non-negotiable requirement for capacity to manage the ship of the 130-years-plus institution to sustain its enviable legacies and consolidate the gains made in recent years. The search was for someone with a steady head and hands (talk of risk control and mitigation), in addition to an excellent track record of sterling performance and achievements.
Fortunately, fate was on their side. They did not have to look outside. Right there before them was someone who understood all kinds of risks and how to control and mitigate them. He had been with FirstBank since 2016 when he joined as Group Executive / Chief Risk Officer. Then in January 2022 he was elevated to Executive Director / Chief Risk Officer and Executive Compliance Officer.
This man has given nearly three decades of his working life to the banking and financial services industry. He has under his belt a rich tapestry of cross-functional experience in credit risk management, financial planning and control, credit and marketing, and trade. His cross-functional exposure also includes corporate and commercial banking, agriculture financing, oil and gas, transportation, including aviation and shipping, and project financing
Meet Olusegun Alebiosu, the man history had prepared and the one decision-makers chose among the quality options. He was appointed substantive Chief Executive Officer of FirstBank Group in June 2024, having acted in that capacity since April 2024 when the former CEO left.
Determined to build on the bank’s legacies while navigating the ever-changing landscape of the financial services industry, Alebiosu has shown unwavering commitment to lead the bank through a transformative period that places emphasis on strategic consolidation, technological advancement and market expansion.
Alebiosu’s approach to sustaining the legacies of firsts at FirstBank, which has been at the vanguard of accelerating Nigeria’s digital payments as the first bank to issue over 13 million cards to customers, draws from his vast professional experience which began with Oceanic Bank Plc, now Ecobank Plc, in 1991. Between then and joining FirstBank in 2016, he had worked at Coronation Merchant Bank as Chief Risk Officer, at African Development Bank Group as Chief Credit Risk Officer and at United Bank for Africa as Group Head, Credit Policy and Deputy Chief Credit Risk Officer.
Under one year of his appointment as substantive CEO of FirstBank, Alebiosu’s strategic consolidation efforts have demonstrated that he is a worthy successor, not an ill-prepared or unprepared one, proving the decision-makers right. Understanding the critical role of its human capital in sustaining the bank’s legacies, Alebiosu has invested himself and the bank’s resources in promoting staff welfare.
A comprehensive review of the bank’s compensation structure was undertaken to position it within the 75th percentile of the industry, making the bank more retentive of, and attractive to, the best talents. The highest number of staff promotions across various grades in the last five years has happened under Alebiosu’s watch, with 1,654 employees being elevated in one single promotion cycle.
Under his leadership, over 2,186 new hires have been recruited across key functions and subsidiaries, with a large number of them deployed to the sales function to ensure that retail customers are adequately served. Staff are now more engaged based on the high employee engagement score of 86% achieved in the April 2025 WorkBuzz survey, indicating remarkable progress in the bank’s multi-pronged efforts to promote a positive and inclusive workplace culture.
This drive to reinforce a culture of inclusion and recognition has been accentuated by the launch of a group-wide culture transformation initiative with the goal of embedding the core values of integrity, excellence and innovation. It has also been strengthened by a renewed focus on inclusion, collaboration and high performance. Also contributing was the staging of a FirstBank Employee Appreciation Day 2025 featuring, among others, a personalised appreciation video message from the CEO to all employees across the group throughout Africa and beyond. The inclusion message is further boosted by the launch of the inaugural edition of the bank’s pioneering initiative, Mandarin Language School, to bolster the bank’s expansion in the Asian market.
Expansion is a critical plank in FirstBank’s new strategic planning horizon, under Alebiosu’s leadership. Taking off this 2025, the plan seeks to reinforce the bank’s market dominance across all operational regions and it includes deliberate expansion into new markets within and outside Africa.
Beyond geographical and horizontal expansion, Alebiosu’s plan has also targeted a skyward expansion. Or how else does one describe the groundbreaking ceremony in March 2025 for the bank’s new green-certified, 44-storey iconic head office building in Eko Atlantic City, Lagos State?
Alebiosu is also prioritising the acceleration of process automation in recognition of the importance of digital transformation. It is a massive push for technological advancement that includes adopting robotics technology and artificial intelligence at scale, to give the bank an unassailable competitive advantage among its peers in the industry.
The bank has deployed digital tools to enhance seamless account opening and optimised backend systems and customer service delivery. Two additional Digital Experience Centres (DXCs) have been launched – one at Lekki Admiralty Way, Lagos State and the other at its UNN branch, Nsukka, Enugu State. Also, the bank’s agent network has expanded to over 280,000, a 50,000 increase from the 230,000 agents it had in 2023.
As expected, shareholders, among other stakeholders, have been observing the strides the bank has been making under Alebiosu’s leadership, with a keen eye on the numbers. Fortunately, again, the bank’s results for the financial year ended December 2024 speak volumes, with after-tax profit of its parent company rising to the highest point it has reached in the last 12 years, according to the company’s latest financial statement.
In recognition of his achievements within such a short period and his exemplary leadership, Alebiosu was honoured at the World Business Outlook Awards as “Banking CEO of the Year – Nigeria 2025”. He has also been honoured with the “Special African Banking Leadership Award” by African Leadership Magazine. This was in 2024.
The story of Alebiosu’s leadership at FirstBank has clearly been one of preparedness meeting legacy. Working with the board and management team, he has consistently sustained the bank’s legacies and also consolidated its recent gains in ways that will ensure the gains keep compounding. FirstBank, more than ever before, is poised for greater intra- and intercontinental growth and impact in the years ahead.
Aniekan Ezekiel
Premium Trust Bank’s e-payment service manager, Matthew Adeniyi, has been arraigned before a Federal High Court in Lagos on allegations of hacking into the bank’s server, marking a significant legal development in cybersecurity violations within the banking sector, as reported by Nairametrics.
Adeniyi, along with four co-defendants, Kehinde Odeyemi, a nursing mother, Samson Latshin, Bolaji Omotosho, and Sunday Okunnola, was formally charged by the Economic and Financial Crimes Commission (EFCC) before Justice Alexander Owoeye.
The charges, spread across six counts, include conspiracy, cybercrime, and unlawful access to the bank’s database.
The prosecutor, Mrs. Zeenat Atiku, alleged that the defendants committed the offence between April and May 2025, working in collaboration with three additional suspects who are currently at large. Those still evading law enforcement include Isa Ismaila, Victor Joshua, known by the alias ‘Oracle’, and another individual simply identified as Humble.
According to the prosecution, Adeniyi, the first defendant, unlawfully disclosed highly sensitive credentials, including the bank’s server IP and domain details, to his alleged accomplices. This unauthorized disclosure reportedly led to a security breach, allowing illicit access to the bank’s database.
“The breach resulted in a financial loss of $10,000,” the prosecutor stated, outlining the gravity of the cyber intrusion.
Additionally, Atiku revealed that the defendants attempted to intercept the bank’s network security systems and procured a Hewlett-Packard ProBook 440 G9 laptop (serial number SN#5CD2473N6G) specifically configured to bypass the financial institution’s cybersecurity protocols.
Legal Proceedings and Bail Considerations
Despite the severity of the allegations, the defendants pleaded not guilty to the charges. The EFCC stated that the alleged offences violated the provisions of sections 12(1)(b), 27, 28(1)(b)(c), and 28(3) of the Cybercrimes (Prohibition Act, 2015, as amended in 2024).
Following their pleas, the prosecution sought a trial date and requested that the defendants be remanded in custody pending trial.
In response, the defence counsel made an oral application for bail, which the court declined, directing that a formal bail application be filed. Justice Owoeye subsequently adjourned the case to June 30 for trial and ruled that the defendants be remanded at the Nigerian Correctional Centre until their bail hearing.
The court further stated that the defence may apply for an earlier trial date upon filing their bail applications.
This high-profile cybercrime case underscores growing concerns about security vulnerabilities within financial institutions and the increasing sophistication of digital crimes.
What you should know
Financial crimes are usually perpetrated by staff of banks in collaboration with other outsiders.
Earlier this month, the Enugu Division of the Court of Appeal upheld the seven-year imprisonment of a convicted former employee of Guaranty Trust Bank, Onyekachi Nwosu, for his involvement in a loan fraud amounting to over N50 million.
Last week, a staff member of Access Bank Plc, Abdulmajeed Agboola, narrated to the Special Offences Court sitting in Ikeja, Lagos, how the bank’s former employee, Olajide Ogunmoroti, allegedly accessed the bank’s server through a private laptop, resulting in a system glitch on customers account that led to a N5 billion fraud.
Experts have advised that by adopting safer banking habits, strengthening institutional security frameworks, and fostering stronger collaboration among stakeholders, financial institutions can minimize risks while continuing to enjoy the benefits of a secure and efficient digital financial system.
Nairametrics
Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025. The company recorded a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.
The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.
Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.
Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits.
Local currency deposits increased by 2.0% ytd, while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn. Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The bank’s multiple local and international Awards include the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Fidelity Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Not fewer than 88 customers of Wema Bank received cash prizes of over N14 million as part of the bank’s 80th-anniversary celebrations.
The anniversary reward scheme tagged ‘80-For-80’ campaign, which began on April 17, culminated in a grand gala held in Lagos. At the event, eight customers each received N1 million, while 80 other lucky winners took home N80,000 each.
The giveaway was a grand finale to the bank’s customer appreciation initiative, which aimed to celebrate the bank’s loyal customers.
Moruf Oseni, managing director/ CEO of Wema Bank, who presented dummy cheques to the winners, reiterated the lender’s commitment to continue impacting lives.
Oseni said, “Reaching 80 years is a celebration of longevity and a testament to the resilience of our brand and the trust of the people we serve. We chose to give back in this way because our customers are the heartbeat of our success. It gives us great joy to know that this celebration is also about the lives we can touch. At Wema Bank, every milestone is an opportunity to show appreciation and deepen our connection with the people who make our journey possible.”
Kazeem Lawan, one of the eight winners, said: “Being among the 80th-anniversary raffle draw winners was completely unexpected. Hearing my name announced as a winner was surreal. I’m grateful for the surprise and thrilled to have been part of celebration.
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