Economy
First Bank Unveils Activities for CRS Week
First Bank of Nigeria Ltd. has announced plans for the fifth edition of its Corporate Responsibility and Sustainability (CRS) Week.
The bank’s Group Head, Marketing and Corporate Communications, Mrs Folake Ani-Mumuney, said this in a statement on Sunday in Lagos.
The statement said that the event slated for Aug.
22 to 27, would offer employees opportunities to give their time and resources to defined causes in line with the bank’s CRS strategic approach.It said that the theme of the event: “Kindness, A Way of Life”, reflected the single-minded purpose to make a difference in the world by inspiring and institutionalising kindness.
The statement said that the week-long event commemorated across business communities in Nigeria, United Kingdom, Democratic Republic of Congo, Ghana, Gambia, Guinea, Sierra-Leone and Senegal, was fast becoming a household name in the bank’s host economies.
“The FirstBank CRS Week is a dedicated week designed to offer opportunities for employees to give their time and resources to defined causes in line with the bank’s CRS strategic approach.
“The CRS Week will offer employees opportunities to give their time and resources to defined causes.
“The week’s activities are an aspect of the bank’s Employee Giving and Volunteering Programme, which was instituted to encourage employees to give back to the community as well as inculcate in them the integral corporate culture of giving,” It said.
The statement noted that the maiden edition of the bank’s CRS week which held in 2017 with a focus mainly on three key initiatives/activities, had become more successful in subsequent years.
It said that giving and visits to orphanages/less privileged homes/IDPs, career counselling day; and Staff Promoting Acts of Random Kindness (SPARK) initiative – which is now Start Performing Acts of Random Kindness were activities it focused on in the previous years.
The statement said that this year’s would have five main activities to be implemented in Nigeria, FBNBank UK and across the SSA markets.
It said that these activities included SPARK APP, Kind Comments Day, visits to orphanage/less privileged homes, SPARK School Engagement, and Women Economic Empowerment.
The statement disclosed that the major highlight of the week would be the launch of the SPARK App.
“The app is strategic in the bank’s journey to institutionalise “A Day of Kindness” on a national level, and globally position the bank as a corporate citizen in leveraging new media to drive sustainability practices.
“The SPARK App is a sensational application designed to have individuals abreast with the act of kindness through various kindness-based quotes and inspirational phrases that will be displayed on one’s phone screen, especially when the phone is idle.
“Kind Comments Day is an initiative that focuses on inspiring and encouraging everyone to be deliberate with the use of kind words in relating or interacting with anyone.
“In addition, with Women Empowerment, the bank will support VVF patients in need of surgical operations and also empower them with vocational skills as they integrate back into the society,” it said.
It added that the SPARK Schools Engagement would be implemented through the national competition of JAN SPARK School Integration, aimed at rewarding the various participating students.
The Managing Director/Chief Executive Officer, FirstBank, Dr Adesola Adeduntan, was quoted by the statement as saying that the CRS Week would afford the bank another opportunity to touch more lives.
“The CRS Week is another opportunity to strengthen our commitment and extend our reach beyond the communities where we operate in Nigeria and across our subsidiaries.
“Over time, our goal has stayed the same, to create platforms through which our positive impact is felt.
“For us in the FirstBank Group, beyond saying that we care, we take a step further and show it,” Adeduntan said.
He said through the years of commemorating its annual CRS Week, FirstBank had impacted lives across its host communities in Nigeria, the United Kingdom and its SSA subsidiaries.
Adeduntan said these impacts comprised the partnership with the Lagos State Government on the provision of a Primary Health Centre at Ijedodo Community, Lagos State; engagements with over 60 charities, non-governmental organisations, orphanages, correctional centres, schools and Internally Displayed Persons (IDP) camps.
He said that the partnership resulted in touching the lives of over 20,000 underprivileged individuals including widows, orphans and children with disabilities.(NAN)
Economy
Imo records over $1m from non-oil exports in 2025 – NEPC
The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.
The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.
50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.
Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.
He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.
According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.
“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.
“We also trained about 600 exporters and small and medium-scale enterprises,” he said.
Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.
One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.
Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.
Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)
Economy
NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions
By David Torough, Abuja
In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.
The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.
According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.
“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,” a statement by Head of Public Affairs of NCC, Nnen Ukoha said.
Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.
The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.
Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.
“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.
“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.
“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .
Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.


