Business
First Bank too big for one person to own, says Emefiele
No one person can lay claim to ownership of a big bank such as the First Bank, the Governor of the Central Bank of Nigeria, Godwin Emefiele, has clarified.
He also said the Securities and Exchange Commission would provide the final decision on the ownership structure of FBN Holdings Plc, the parent company of First Bank Plc.
The company’s majority stake recently became a subject of controversy among investors, following the announcement of a significant share acquisition by billionaire business mogul, Femi Otedola.
Emefiele, commenting for the first time on the controversy at the end of the Monetary Policy Committee (MPC) meeting in Abuja, said that SEC as the capital market regulator would have the final decision on the ownership structure.
He said, “We have cleaned up the balance sheet of the bank. The NPL has dropped. People are now competing for the shares of First Bank.
“Should I quarrel that people are now competing for the shares of First Bank which six years ago was N2.00 and they were running away from it. The last time I looked at it, last weekend, it was N11. 55.
“I am happy that they are competing for the shares. But of course, we should all know that First bank is so big that no one person can say he owns First Bank.
“I have read the SEC clarifying the shareholding percentages and differences and indeed they are the people that are supposed to look at it.
“Our examiners were also opportune to look at it. I think we should take the SEC’s position because the SEC is the regulator of the capital market. We will take their position and they will give guidance on this subject.
“And of course as it affects the operation and the running of the bank we will ensure that the right things are done.”
On developments in the domestic economy, Emefiele said that the MPC noted the continued improvement in the Manufacturing Managers Index.
“This improvement indicated the gradual recovery of output growth driven largely by increase in new orders associated with rising aggregate demands and off-swing in business activities,” he said.
Emefiele noted that there were no major challenges of flooding this year and that as such he was optimistic of a bumper harvest.
A good harvest, he said, would further drive down the rate of inflation, given that the food basket has been a major driver of inflationary trends.
On forbearance, the CBN boss said that the institution expected all those who took bank loans should be able to start repayment next year, when the forbearance earlier announced would end.
He said, “At this time, we believe that global economy has opened up, lockdown have been lifted and of course, we know the casualties, the economic damages and the fatalities that were caused as a result of the lockdown, and I am so sure that not too many countries, if at all, will embark on a wholesome lockdown any longer, particularly because most countries are all administering vaccination that they think should assist in reducing the impact of the spreading of the virus.
“So, we believe in Nigeria, businesses are back or companies are back to business, revenue has been improved and if revenue improves then, then you expect naturally that companies that took loans should be able to pay back their loans.
“So as a result, we do not see a likelihood of increase in NPL. Indeed, we have worked so hard to bring the NPL down from as high as about 9% to 10% about two years ago to the level it is today, which is about 5.3%.
“And we are gratified that we are aggressively working NPL down to the maximum threshold that has been set by the CBN.”
The CBN had, at the outbreak of the COVID-19 pandemic, last year, announced a one-year moratorium for loans that people, companies and businesses had taken from banks. It was later extended by another one year, early this year.
Emefiele announced the decision of the MPC to retain the Monetary Policy Rate (MPR) at 11. 5 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.
He added that the Cash Reserve Ratio, CRR, at 27.5 per cent and the 30 per cent Liquidity Ratio were equally maintained.
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Auto
Happening now: Hyundai unveiling of Mufasa and Grand Creta
Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.
The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.


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Auto
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.
Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.
His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.
Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.
The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.
However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.
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Auto
Beyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
Beyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
Nigeria’s automotive industry must look beyond vehicle prices, specifications and flashy new models if it hopes to win lasting customer confidence. The real test of competition increasingly lies in what happens after the sale — when a vehicle needs servicing, spare parts, repairs or warranty support.
A car purchase is not a one-off transaction. It marks the beginning of an ownership journey that could last several years, during which the quality of after-sales service can determine whether a customer remains loyal to a brand or regrets the decision to buy it.
When customers struggle to obtain genuine parts, secure timely repairs or get clear answers to warranty claims, their frustration can damage confidence not only in a dealer but also in the manufacturer and the wider automotive market.
After-sales service must therefore move from the background to the centre of automotive competition in Nigeria.
Promises must translate into performance
Effective customer care starts with clear, credible commitments. Buyers deserve to understand warranty coverage, servicing schedules, access to genuine parts, repair procedures and the support available when problems arise.
But promises alone are not enough. A warranty has limited value if customers cannot access a competent service centre. A roadside assistance number means little without an effective response system. And a repair-time guarantee is only as good as the technicians, parts and processes supporting it.
Automotive distributors and dealers must ensure that their marketing promises are matched by the operational capacity to deliver.
Buyers, on their part, should ask questions before committing their money, examine warranty conditions and establish what support they can realistically expect throughout the vehicle’s lifespan.
Competing on ownership experience
Nigeria’s automotive market would benefit enormously if brands competed not only on the vehicles they sell but also on the quality of ownership experience they provide.
Such competition could drive improvements in service delivery, warranty transparency, spare-parts availability, technical training, repair turnaround and customer communication.
Some players are already putting more structured after-sales propositions before buyers. Carloha’s CarlohaCare 6-6-7 programme, for instance, combines a six-year warranty, six years of free servicing and a seven-day repair promise, subject to applicable terms and conditions. Its CarlohaCare Rescue service extends the proposition to assistance beyond the workshop.
These offerings illustrate how clearly defined service commitments can become part of a vehicle’s value proposition, rather than an afterthought.
However, the objective should not be to crown a permanent winner or single out one company as the industry benchmark. Every provider must demonstrate that its commitments are practical, transparent and consistently delivered.
The wider industry should embrace continuous improvement, with customers ultimately judging brands by their real-world experiences.
Automotive journalism must ask tougher questions
Automotive journalism has a critical role in broadening the conversation.
Coverage of the sector often focuses on vehicle launches, new technologies, prices, specifications and expansion plans. These remain important, but consumers also need independent reporting on the realities of vehicle ownership.
Journalists can examine warranty conditions, investigate spare-parts availability, interview service managers and fleet operators, document consumer experiences and assess how effectively companies resolve complaints.
They should celebrate genuine improvements while holding businesses accountable when their public commitments fall short.
The Nigerian Automotive Journalists Association (NAJA) is well positioned to encourage this conversation through informed reporting, industry analysis, interviews and stakeholder engagement.
The goal should be to bring manufacturers, distributors, dealers, fleet operators and consumers around a fundamental question: What level of care should Nigerians reasonably expect after buying a vehicle?
That conversation must remain independent, balanced and evidence-led, rather than becoming a promotional platform for individual brands.
Make after-sales service a buying criterion
The shift towards stronger customer care will gather momentum when Nigerians begin to assess after-sales support as seriously as they consider engine performance, fuel economy, safety features and purchase price.
A private buyer should ask about warranty coverage, servicing costs and the location of authorised workshops. A fleet operator should evaluate parts availability, repair turnaround and vehicle downtime alongside acquisition costs. Families should know what assistance is available when a vehicle breaks down far from home.
Dealers that offer transparent terms and dependable support should earn a competitive advantage. Those that fall short should have a clear incentive to improve.
This is particularly important in a market where vehicle ownership involves significant financial commitment and prolonged exposure to maintenance costs. A seemingly attractive purchase can become expensive if parts are difficult to source or repairs take too long.
The industry must therefore recognise that customer care is not merely a cost centre. Properly managed, it can build loyalty, strengthen brand reputation, generate repeat business and encourage referrals.
The real test begins after payment
Nigeria does not need an automotive market in which businesses compete only to sell more vehicles. It needs one in which they also compete to keep customers satisfied long after the keys have been handed over.
The true measure of a brand is not simply how attractively it markets a vehicle or how efficiently it closes a sale. It is how responsibly it responds when the customer needs help most.
As competition intensifies, the companies that combine good products with reliable service, accessible parts and transparent customer support will have a stronger foundation for lasting success.
For buyers, the message is equally clear: look beyond the showroom, ask the difficult questions and compare the support behind the badge.
Buy the car. Demand the care.
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