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The Bank of British West Africa: Pioneering Modern Banking in Nigeria

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The Bank of British West Africa (BBWA)—whose early headquarters stood prominently on the Lagos Marina, often photographed in the early 20th century—marked the dawn of modern banking in Nigeria and across the wider British West African territories. Founded in the late nineteenth century, the BBWA became the financial backbone of Britain’s colonial economy in West Africa and laid the foundation for Nigeria’s contemporary banking sector.

Founding and Early Operations

The BBWA was established in 1894 by Sir Alfred Lewis Jones, a prominent Liverpool shipping magnate. Recognising the growing need for structured financial services in Britain’s West African colonies, Jones founded the bank to facilitate trade and provide reliable banking for merchants and colonial administrators. While its registered head office was in Liverpool, its first African branch opened that same year in Lagos, Nigeria, quickly making the city a key financial hub of the British colonial economy.
(First Bank of Nigeria, “Our History”; E.O. Ogunsola, A History of Banking in Nigeria, 1982)

Role in the Colonial Economy

From its base on the Lagos Marina, the BBWA introduced modern banking services to a region where cash-based trade and informal credit systems had long prevailed. It provided credit and safe deposit facilities to traders, financed import-export businesses, and offered secure monetary transactions—services that were previously unavailable.

However, in its early decades, the BBWA primarily served European merchants, expatriate firms, and colonial officials, offering very limited access to indigenous Nigerian entrepreneurs. This reflected the racial and economic hierarchies of the colonial period, even as the bank’s presence helped integrate Nigeria’s economy into global trade networks.

(Akin Mabogunje, Urbanization in Nigeria, 1968)

Growth and Regional Influence

The success of the Lagos branch spurred rapid expansion across British West Africa, with new branches opening in Sierra Leone (1896), the Gold Coast (now Ghana, 1896) and The Gambia (1898). By the early 20th century, the BBWA had become the dominant financial institution in the region, shaping the flow of capital and enabling large-scale colonial commerce.

(First Bank of Nigeria, “Our History”)

Transition to First Bank of Nigeria

As Nigeria moved toward independence, the BBWA gradually localized its identity. In 1957, it changed its name to the Bank of West Africa (BWA) to reflect a less overtly colonial image. In 1969, following Nigeria’s banking reforms and indigenisation policies, the institution formally became First Bank of Nigeria Limited.

Today’s First Bank of Nigeria, still headquartered in Lagos, is the direct successor of the BBWA and remains one of the country’s largest and most enduring financial institutions—widely regarded as Nigeria’s oldest bank.

(First Bank of Nigeria, “Our History”; Central Bank of Nigeria, Fifty Years of Central Banking in Nigeria, 2009)

Legacy

The original BBWA building on the Lagos Marina—captured in photographs from the early 1900s—remains a striking symbol of the intersection between colonial trade and the rise of modern finance in West Africa. More than a century later, the institution it founded continues to shape Nigeria’s financial landscape. The BBWA’s story is therefore not only a chapter in colonial history but also the starting point of Nigeria’s modern banking tradition.

Sources
First Bank of Nigeria. “Our History.” FirstBankNigeria.com

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Macleans Toothpaste: From 1919 British Innovation to a Nigerian Household Name

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Macleans toothpaste stands as one of the early global brands that helped transform oral hygiene from a luxury to an everyday practice. First introduced in Britain in 1919 by Macleans Ltd., the brand quickly became a pioneer of modern toothpaste marketing and packaging—well before oral care became a staple of households worldwide.

Origins and Early Development in Britain

The early 20th century was a turning point in personal hygiene, as toothpaste shifted from a powdered luxury to a convenient daily necessity. Macleans Ltd. capitalized on this trend by offering toothpaste in collapsible metal tubes, a modern packaging innovation that kept the product hygienic and easy to use.

Unlike traditional tooth powders, Macleans marketed its paste as a symbol of freshness, health, and modern living, themes that resonated in post–First World War Britain when consumer culture and middle-class aspirations were expanding. While company archives confirm the brand name derived from its founders, the detailed biography of the original “Maclean” behind the firm is not well documented.

Integration into Beecham and Global Expansion

Macleans’ early success attracted the attention of Beecham, one of the United Kingdom’s major pharmaceutical and consumer goods firms. By the mid-20th century, Beecham had acquired the brand, scaling up production and enabling distribution throughout the British Commonwealth, including Africa, the Caribbean, and Asia.

Corporate mergers later carried the brand through several major pharmaceutical giants:

1989: Beecham merged with SmithKline Beckman to form SmithKline Beecham.

2000: SmithKline Beecham merged with Glaxo Wellcome to form GlaxoSmithKline (GSK).

2022: GSK demerged its consumer healthcare division into Haleon Plc, which today manages the

Macleans brand. Arrival and Popularity in Nigeria

By the early 1970s, Macleans toothpaste had become a household name in Nigeria, coinciding with the country’s post-independence economic boom and rising urban middle class. Print and outdoor advertising promoted not only oral health but also aspiration and modern success.

A striking example is an April 1973 outdoor advertisement in Kano, which boldly declared:
> “Be Successful Be Important Use Macleans Toothpaste.”

This slogan captured the era’s consumer culture, when imported brands symbolized sophistication and social mobility. Macleans’ strategy of linking dental care with upward status resonated strongly in Nigeria’s expanding cities.

Competition and Market Dynamics

Macleans maintained dominance for decades even as rivals entered the market. In the 1970s, Close-Up (Unilever) launched as a gel toothpaste with youth-oriented marketing, while Aquafresh (another GSK brand) later offered a triple-strip formula. Yet Macleans retained its reputation for reliability and quality, becoming a staple of Nigerian households and a trusted name across generations.

Enduring Legacy

More than a century after its British debut, Macleans remains a key player in Nigeria’s oral care industry and across the world. Its journey—from an innovative 1919 British toothpaste to a multinational brand under Haleon—illustrates the evolution of modern consumer goods and the power of early 20th-century marketing to create products that become daily essentials.

Sources
Nigerian newspaper archives, Daily Times and New Nigerian, April 1973 (advertising features)

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PHOTOS: Groundnut Pyramids, Kano – Northern Nigeria’s Cash Crop Symbol

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Peanuts, bagged and stacked in pyramid-like structures, await transport in Kano, Northern Region, Nigeria.

Circa: 1955
Photo Credit: Pictorial Parade/Archive Photos/Getty Images

The groundnut pyramids stood as monumental symbols of Nigeria’s agricultural wealth in the mid-20th century. Built from thousands of groundnut sacks, they rose higher than surrounding buildings and became both an economic landmark and a tourist attraction.

By the 1950s, Nigeria produced 41% of West Africa’s groundnuts, with Kano at the heart of the trade. Farmers either sold to local agents or carried their produce directly to Kano, where the marketing board fixed prices. From there, produce was transported by rail to the port of Lagos for export.

Production peaked at over 1.6 million tonnes by 1973, but later declined sharply to less than 0.7 million tonnes by the mid-1980s.

The collapse of organized marketing boards, coupled with farmers’ shift to other crops (cowpea, millet, sorghum), marked the decline of the pyramid era.

Industries dependent on groundnut oil and by-products also suffered, with many closing or adapting to alternative raw materials.

Today, the once-famous pyramids are remembered as relics of Nigeria’s agricultural golden age, with the lingering question: can the pyramids be revived?

Source: asirimagazine

Peanuts, bagged and ready for transport, are stacked in pyramids at Kano, Northern Region, Nigeria, 1955. (Photo byPictorial Parade/Archive Photos/Getty Images)

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N5.6tn debt: Energy crisis looms as gas firms cut supply

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Nigeria faces the threat of nationwide blackouts as gas companies reduce their supply to power plants due to an outstanding N5.6 trillion debt owed to power generation companies.

The development has raised concerns about the stability of the national grid and the country’s ability to sustain its electricity supply.

The Managing Director/Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, confirmed the development in an interview with The PUNCH on Thursday. She warned that the situation, if not urgently addressed, could push Nigeria deeper into darkness.

This warning came shortly after another national grid collapse threw the entire country into blackout earlier in the week. Although partial restoration has since brought back about 4,000 megawatts, many plants are still operating below capacity.

Ogaji explained that while GenCos remain committed to supporting the country, the liquidity crisis in the sector has spiralled out of control. She disclosed that from January to August 2025 alone, an additional N1.6tn debt had accumulated, bringing the total outstanding to N5.6tn.

She recalled that President Bola Tinubu had met with the GenCos on July 25 to discuss an estimated N4 trillion debt owed to them, covering legacy debts and unpaid invoices. At the meeting, Tinubu appealed for patience while the government completed the verification and validation of the claims. He also approved, in principle, a N4tn bond programme to address the liquidity gap in the sector.

“Almost two months after that meeting, there has been no follow-up engagement with the GenCos on how these debts will be settled,” Ogaji lamented.

She explained that about 60 per cent of GenCos’ revenues go to gas producers, meaning that the debt burden directly undermines gas supply. With suppliers already reducing deliveries, she warned, the electricity market could soon grind to a halt.

Ogaji stressed that despite the patriotic commitment of operators to keep the lights on, factors outside their control make it nearly impossible to sustain generation. She listed gas supply, maintenance of machines, procurement of spare parts, and obligations to other creditors as key challenges.

“Gas suppliers have already started reducing supply. There are critical maintenance works on our machines, spares to purchase, and other creditors who are no longer willing to wait for payments. They now prioritise those who pay them promptly,” she stated.

According to her, the prevailing market structure is incompatible with Nigeria’s growth ambitions. “No substantial private sector investment will flow into this sector unless urgent reforms are implemented. Only the Federal Government, in collaboration with NBET and NERC, can unlock these challenges,” she said.

The APGC boss revealed that GenCos’ monthly invoices average N270bn, but only about N70bn is paid, leaving N200bn outstanding every month. She faulted the 2025 federal budget, which earmarked N900bn for the power sector without cash backing, calling it grossly inadequate.

She also expressed concerns over the Federal Government’s plan to issue promissory notes to settle the debts. According to her, the details of such instruments remain unclear, raising apprehension among investors.

“Promissory notes and bond proposals go to the root of our contractual agreements in the market. We must understand the terms, conditions, and risks before committing,” she said.

Ogaji highlighted the risks of such instruments, including interest rate exposure, foreign exchange volatility, credit risk, and liquidity risk. She noted that promissory notes cannot be repurchased in the open market, which creates refinancing risks at maturity.

“GenCos will not make concessions that undermine our obligations to other creditors. Any breach of contractual terms by the government has a ripple effect on our finances and relationships with bankers and other partners,” she warned.

Ogaji urged the Federal Government, the Nigerian Electricity Regulatory Commission, the Debt Management Office, and the Nigerian Bulk Electricity Trading Plc to urgently engage GenCos on viable solutions. She questioned whether the proposed promissory notes would be exclusive to GenCos or open to other government contractors, which could dilute the chances of settlement for power producers.

“GenCos remain patriotic investors, but patriotism alone cannot run power plants. Without urgent action, Nigeria risks another round of prolonged blackouts,” she said.

Efforts to obtain the reaction of the Minister of Power, Adebayo Adelabu, were unsuccessful, as his spokesman, Bolaji Tunji, did not respond to calls or messages.

Meanwhile, the Transmission Company of Nigeria confirmed some recovery on the national grid, with power generation climbing to nearly 4,000 megawatts by Thursday. However, several power plants are yet to resume full output, underscoring the fragility of the system.

Industry stakeholders say that unless the Federal Government swiftly addresses the liquidity crisis and debt overhang, Nigeria’s electricity sector may face deeper collapse, with dire consequences for homes, businesses, and the overall economy.

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