FirstBank promotes elite sports to enhance brand’s equity, trust
By Dele Ojo
In highly saturated and competitive markets, such as the banking sector, companies are looking for ways to differentiate themselves beyond just the price and avoid a race to the bottom. They invest lots of time and money designing what they think is a unique identity. Following the financial crisis which portrayed the banks in bad light, they even doubled their marketing efforts in creating a better looking identity. That identity is meant to appeal to customers, bring the bank to their front of mind and essentially positively affect their market share and profitability.
However, creating a brand that is perceived to be the best and offer better value than competitors is a real challenge when the market is mature and products are perceived to be commodities.
Navigating through this stormy white waters of stifling financial markets competition, First Bank of Nigeria has been employing the ship of elite sports sponsorship for the enhancement of its brand and reaching out to high net worth depositors over the years, and very well, it is positively robbing off on its bottom line.
Amongst others, Golf, Polo and Horse racing are known as The Sport of Kings.
For instance, for over 59 years, FirstBank’s ownership of the Lagos Amateur Open Golf Championship has given the bank the differentiation as the major driver of the oldest bank-owned golf amateur championship, not just in Nigeria, but in other countries.
The game of golf is an aspirational sport in Nigeria and other parts of the world. It cuts across age, gender, differing abilities and allows the enjoyment of a fun and healthy competitive recreation. Fundamentally, golf fosters relationship building – there is no place better to build, deepen, and strengthen relationships than on the golf course.
This year’s edition of the FirstBank Lagos Amateur Open Golf Championship, being the 60th and longest-running known golf competition sponsorship in this part of the world is a landmark edition. The annual event attracts the best amateur golfers domestically and internationally, having achieved the status of the World Amateur Golf Ranking (WAGR) event, administered by the R&A and USGA. This status has given the championship a heightened level of recognition on the world stage as far as amateur golf championships are concerned. The tournament is now one of the international golf events where all amateur golfers worldwide can participate and amass points to aid their WAGR rankings.
Over the years, FirstBank has consistently demonstrated its commitment to the development of sporting talent in Nigeria, as part of its legacy sports initiatives which includes Golf, Polo and Tennis.
The competition, scheduled to hold November 18 – 21, 2021 at Ikoyi Club 1938- Golf Section features Corporate Golf Challenge for charity, Practice Round for Championship participants, Professional Coaching Clinic (Children), amongst others.
Recently, the bank sponsored the Kaduna Polo Club, reinforcing its support for Georgian Cup’s 102nd Tournament in Kaduna.
The competition, was held 23rd – 30th October 2021 at the Kaduna Polo Club, and featured High Goal teams drawn from across the country who are already on the Guinness Book of World Records as the longest running sponsorship in sports and Kaduna El-Amin as the defending Champion.
Expectedly, this year’s edition of the famous Georgian Cup generated lots of excitement within Kaduna State and beyond as combatants storm Kaduna in quest for honour and fame on the turf.
Led by the son of former Military Head of State, Mohammed Babangida, the team overpowered the then defending champions, Abuja Rubicon by 9-7 to emerge winner.
FirstBank has since maintained the sponsorship of the prestigious cup since 1919 and has remained a key support to the Kaduna Polo Club.
This year marks the 102nd year of sponsoring the Georgian Cup Tournament and the sponsorship is reportedly the longest standing sports sponsorship association in the world, a reflection of a long-lasting association that aligns with heritage, values, performance and quality, all worthy of celebration. It also coincides with the unveiling the Remodeled Murtala Square.
On the bank’s contribution to sports development in Nigeria, Ms. Folake Ani-Mumuney, the group head, Marketing & Corporate Communications, said: “We are always delighted to continue our sponsorship of various sporting events. In line with our nation-building goal, sports have a huge role to play with regards to nation-building which is evident in different elevating qualities such as discipline, determination, teamwork a passion for fitness in the psyche of a nation as well as economic development.
“And this is in line with our nation-building goal which also involves deliberate long-term support. First Bank sponsored events include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club which will be in its 60th year this November and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 5th year.”
Furthermore, the bank sponsored the Fifth edition of the Chief Olusegun Obasanjo golf tournament, organized by the Abeokuta golf club. The competition, which was held Saturday, 14th August 2021 had Chief Obasanjo perform the ceremonial Tee-off to the glamour of the 150 golfers participating from across Nigeria
Kola Adeneye, Captain of the Abeokuta golf club, said: “Abeokuta golf club is putting up this tournament, fully sponsored by First Bank of Nigeria Limited to celebrate Chief Olusegun Obasanjo, whom we all know to be an icon, a patriotic Nigerian and an entrepreneur. He is worthy to be celebrated and it’s not only when somebody dies that you celebrate him. “So, Abeokuta golf club has put this tournament together to celebrate him and this is the fifth edition and we want to sincerely thank First Bank for the support… It’s going to be a wonderful experience, a nice outing for golfers all over Nigeria to come and celebrate Baba Olusegun Obasanjo,” the captain emphasised.
Highlighting the Bank’s contribution to sports development in Nigeria, Mr. Tunde Owolabi, FirstBank’s Group Executive, Retail Banking (Lagos & West) said “we are delighted to join The Abeokuta Golf Club to honour Chief Olusegun Obasanjo for the indelible roles he has played to the socio-economic and political development of the country. The Bank’s influence in the development of sports in Nigeria is under its First@Sport initiative.
“In over a century, First Bank has sponsored various sporting events known as its legacy sport. These events include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the First Bank Lagos Amateur Open Golf Championship in Ikoyi Club which will be in its 60th year this November and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 5th year,” he concluded.
The bank has earned the reputation of being a prominent name and powerhouse in corporate sponsorship in Nigeria, based on its objectives of sponsoring and partnering on initiatives which expand its brand visibility and reach in the areas which matter, whilst also being innovative, creative and dynamic thus bringing distinctive and unique dimensions to the organisation.
Its underlying sponsorship philosophy is aligned with its strategy, the ability to meet business objectives, opportunities for networking and hospitality, resource priority and brand awareness.
The variety and scale of First Bank’s sponsorship doesn’t only ensure that there is something to appeal to all tastes and preferences but also that the gold standard is experienced across the length and breadth of Africa. The most prominent categories that First Bank sponsors are: Golf, Polo, Lifestyle events in the creative sector such as Fashion, Arts and Music amongst other various strategic sponsorships. Each initiative is chosen based on its compliance with the bank’s sponsorship policy and guidelines.
Recently, Mr. Femi Otedola, a high net worth investor, bought substantial amount of shares of the company conferring on him, one of the t majority shareholders in FBN Holdings having bought 1.82 billion units of the Holdco’s shares to maintain 5.07 percent equity stake in the bank.
First Bank of Nigeria Limited, established in 1894, is the premier bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria.
The bank has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the well-being, growth and development of the country. With its huge asset base and expansive branch network, as well as continuous reinvention, FirstBank is Nigeria’s strongest banking franchise, maintaining market leadership on all fronts in the nation’s financial services industry.
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