First Bank Nigeria Is A Multinational Banking And Financial Services Company Headquartered In Lagos, Nigeria. First Bank Was Founded In 1894 By Sir Alfred Jones But Is Currently Owned By FBN Holdings PLC, Which Itself Has Diversified Ownership With Over 1.30 Million Shareholders.
Overview
As Of 2024, First Bank Group Has Over 700 Operating Outlets In Africa And A Correspondent Banking Network Of Over 820 Outlets In Nigeria. The Bank Specializes In Retail Banking And Has Over 42 Million Clients In West Africa.
First Bank As A Group Has Over 16,000 Employees. It Operates Four Key Strategic Business Units: Retail Banking, Corporate Banking, Commercial Banking And Public Sector Banking.
The Bank's Assets Were Valued At £5.90 Trillion For The 12 Months Ended 31 December 2019. The Bank's Pre-tax Profit Was Approximately £70.80 Billion For The 12 Months Ended 31 December 2019.
For The Half Year Ended 30 June 2022, FBN Holdings Reported A 45% Increase In Its Pre-tax Profit Compared To The Same Period Last Year.
Awards
Best Bank Brand In Nigeria ", Selected By The Banker Magazine Of The Financial Times Group
- 2014, EMEA Finance Africa Banking Awards" Most Innovative Bank In Africa "
- 15 Times Awarded" Best Bank In Nigeria "by Global Finance Magazine
- Seven Times Named" Best Private Bank In Nigeria "by World Finance Magazine
- " Best Bank Brand In Nigeria 2019 "- Global Brand Magazine
- " Best Mobile Banking App: Nigeria, 2019 "- Global Business Outlook
- " 2019 Nigeria's Best Financial Inclusion Project Of The Year ", International Investor
- Asian Banker Magazine" Best Retail Bank In Nigeria " (2011-2018)
- 21 On Jobberman Nigeria's" Best 100 Companies "list
5th On The" Best Place To Work In The Large Enterprise Category "list
Subsidiaries
The Subsidiaries Of First Bank Of Nigeria Include:
- FBN Bank (DRC), Formerly Known As Bank Of Credit International Kinshasa (BIC) In The Democratic Republic Of The Congo (75% Equity), Was A Subsidiary Of First Bank Of Nigeria Limited Until 2014 FBN Bank (China) - Beijing, China - Representative Office
- FBN Bank (Ghana) - Ghana, Accra - 100% Equity
- FBN Bank (Guinea) - Guinea Conakry - 100% Equity
- FBN Bank (Senegal) - Dakar - 100% Equity
- FBN Bank (Sierra Leone) - Sierra Leone, Freetown - 100% Equity
- FBN Bank (South Africa): Johannesburg, South Africa - Representative Office
The Bank Was Established In 1894 And Is The Oldest Bank In Nigeria. It Was Converted To A Public Company In 1970 And Listed On The Nigerian Stock Exchange (NSE) In 1971. However, As Part Of The Implementation Of The Non-operating Holding Company Structure, It Was Delisted From The NSE In 2012 And Replaced By FBN Holdings Plc.
It Was An Operating Holding Company Before The Implementation Of The Non-operating Holding Company Structure (FBN Holdings) In 2011/2012.
Pre-Independence
First Bank Started Operations In 1894 In An Area Then Controlled By The United Kingdom And Was Then Known As The British West Africa Bank. The Bank Initially Provided Services To British Shipping And Trading Agencies In Nigeria. The Founder, Alfred Lewis Jones, Was A Shipping Tycoon Who Initially Had A Monopoly On The Import Of Silver Currency Into West Africa Through His Elder Dempster Shipping Company. According To Its Founder, Without A Bank, The Economy Was Reduced To The Use Of Barter And Various Mediums Of Exchange, Leading To Unsound Practices. Banks Could Provide A Safe Place For Deposits Or A Unified Medium Of Exchange. The Bank Primarily Finances Foreign Trade, But Rarely Makes Loans To Indigenous Nigerians, Who Are Hardly Used As Collateral For Loans.
After Independence
After Nigeria Gained Independence In 1960, The Bank Began To Provide More Credit To Indigenous Nigerians. At The Same Time, Citizens Began To Trust The Bank Of England Because The UK Had An Independent Financial Control Mechanism, And More And More Citizens Began To Patronize The New Bank Of West Africa.
In 1965, Standard Bank Acquired Bank Of West Africa And Changed Its Acquisition Name To Standard Bank Of West Africa. In 1969, Standard Bank Of West Africa Merged Its Nigerian Operations Under The Name Standard Bank Of Nigeria. In 1971, Standard Bank Of Nigeria Was Listed On The Nigerian Stock Exchange And Gave 13% Of Its Share Capital To Nigerian Investors. After The End Of The Nigerian Civil War, The Nigerian Military Government Tried To Strengthen Local Control Over The Retail Banking Industry. In Response, Standard Chartered Reduced Its Stake In Standard Bank Of Nigeria To 38%. Once It Lost Majority Control, Standard Chartered Wanted To Signal That It Was No Longer Accountable To The Bank, Which Was Renamed First Bank Of Nigeria Limited In 1979. By Then, The Bank Had Been Restructured And Had More Nigerian Directors Than Ever Before.
In 1991, The Bank Was Renamed First Bank Of Nigeria Following Its Listing On The Nigerian Stock Exchange. In 2012, The Bank Was Renamed First Bank Of Nigeria Limited Again, And As Part Of The Restructuring, FBN Holdings Plc Separated Its Commercial Operations From The Rest Of The First Bank Group At The Request Of The Central Bank Of Nigeria. The Bank Has 1.30 Million Shareholders Worldwide, Is Listed On The Nigerian Stock Exchange (NSE) And Is One Of The Exchange's Most Capitalized Companies. It Also Has An Unlisted Global Depositary Receipts (GDR) Scheme, All Of Which Were Transferred To Its Holding Company, FBN Holdings, In December 2012.
In 1982, The Bank Opened A Branch In London And In 2002 Converted It Into A Subsidiary, FBN Bank (UK). Its Most Recent International Expansion Was The Opening Of A Representative Office In Johannesburg, South Africa, In 2004. In 2005, It Acquired FBN (Merchant Bankers) Ltd. Paribas And MBC International Bank Ltd, A Group Of Nigerian Investors, Founded MBC In 1982 As A Commercial Bank And Became A Commercial Bank In 2002.
In June 2009, Stephen Olabisi Onasanya Was Appointed Group Managing Director/CEO, Succeeding Sanusi Lamido Sanusi, Who Was Appointed Governor Of The Central Bank Of Nigeria. Onasanya Previously Served As Executive Director Of Banking Operations And Services. He Retired On December 31, 2015, Adesola Adeduntan Took Over As Managing Director/CEO On January 1, 2016, And Gbenga Shobo As Deputy General Manager.
In April 2021, The Central Bank Of Nigeria Sacked The Entire Board Of Directors Of The First Bank Of Nigeria, Which Was In A "dire Financial Situation".
Key Milestones
- 1894 - Incorporated In Marina, Lagos, Nigeria, The Business Nerve Center Of West Africa, With Headquarters In Marina.
- 1912 - The Second Branch In Nigeria, Calabar Branch, Was Opened By King Jaja Of Opobo; The Zaria Branch Also Opened As The First Branch In Northern Nigeria.
- 1947 - FirstBank Provided The First Long-term Loan To The Then Colonial Government, Followed By The Expansion Of The Railway Line In 1955 With Policy Partnerships.
- 1971 - First Listed On The Nigerian Stock Exchange (NSE).
- 1991 - The First Automated Teller Machine (ATM) Was Introduced At 35 Marina As Part Of Convenient Online Real-time Banking.
- 1994 - Launched The First University Endowment Scheme In Nigeria.
- 2002 - Established FSA-regulated FBN UK, The First Nigerian Bank To Wholly Own A Full-fledged Bank In The UK.
- 2004 - Launched A New Brand Identity, Making A Major Change To The Look And Feel Of The FirstBank Brand.
- 2007 - Launched Finnone Credit Management Software, Becoming The First Bank In Africa To Offer The Service.
- 2011 - Launched The First Biometric ATM And Cash Deposit ATM In Nigeria.
- 2012 - Becomes A Subsidiary Group Of FBN Holdings Plc.
- 2013 - Completes Acquisition Of ICB Assets In Guinea, Gambia, Sierra Leone And Ghana As Part Of Ongoing Pan-African Expansion Plans.
- 2014 - Begins The Launch Of A New Corporate Identity On The Occasion Of Its 120th Anniversary.
- 2016 - Launches FirstLounge, The First Landside Lounge At Murtala Mohammed International Airport.
Leadership
- Chairperson - Ebenezer Olufowose
- Managing Director/CEO - Olusegun Alebiosu
- Deputy General Manager - Ini Ebong
- Executive Director Of Corporate Banking - Oluwatosin Adewuyi
- Executive Director - Patrick Iyamabo.
- Executive Director, Retail Banking (South) - Oluseyi Oyefeso
- FBN Bank (UAE) - Abu Dhabi, United Arab Emirates - Representative Office
- FBN Bank (UK) - London, UK - 100% Shareholding - Savings Products Sold Under The FirstSave Brand
- FBN Bank (UK/Paris) - Paris, France - UK Branch Of Subsidiary
- First Pension Custodian Nigeria Limited
- FBN Mortgage Limited
- FBN Bank (Gambia)
