First Bank of Nigeria
About Company
Overview
First Bank of Nigeria Limited (First Bank) is Nigeria’s oldest and premier financial institution, established in 1894 as the Bank of British West Africa. Headquartered in Marina, Lagos—the commercial nerve center of West Africa—it has grown into the largest financial services provider in sub-Saharan Africa (excluding South Africa) by total assets and gross earnings. As a subsidiary of FBN Holdings Plc, First Bank serves over 43 million customers through an expansive network of more than 820 business locations worldwide, all connected via real-time online systems. It pioneered key innovations in Nigeria, including international money transfers and electronic banking, and remains a market leader with a diversified portfolio spanning retail, corporate, and investment services.
History
First Bank’s journey began in 1894 when British shipping magnate Sir Alfred Lewis Jones acquired the African Banking Corporation, establishing the Bank of British West Africa in Lagos to support trade along the Guinea coast. Early expansion included branches in Accra (Ghana, 1896) and Freetown (Sierra Leone, 1898), followed by Calabar (Nigeria, 1900) and northern Nigeria by 1912. By Nigeria’s 1914 amalgamation, it was the first commercial bank with branches in key cities like Kano, Zaria, Lagos, and Ibadan.Post-independence in 1960, First
Bank issued Nigeria’s first retail loans and listed on the Nigerian Stock Exchange in 1971. Name changes reflected its evolution: Bank of West Africa (1957), Standard Bank of Nigeria (1969), and First Bank of Nigeria (1979, the first rebranding in Nigerian history). In 1982, it opened a London branch to boost international ties, later converting it to FBN Bank (UK) in 2002. The 2010 Central Bank reforms led to the creation of FBN Holdings in 2012, separating core banking from non-banking units. A notable challenge occurred in April 2021 when the Central Bank dismissed the board amid financial concerns, but the bank has since stabilized and continued its growth trajectory.
Services and Products
First Bank offers a comprehensive suite of financial solutions tailored for individuals, businesses, and institutions, emphasizing digital innovation and accessibility:
- Personal Banking: Includes savings and current accounts, loans (e.g., for cars or personal needs), and digital tools like FirstMobile app for seamless transactions, FirstDiaspora for remittances, and a currency converter. It promotes financial literacy through tips like the 50-30-20 budgeting rule.
- Business and Corporate Banking: SME-focused initiatives like SMEConnect webinars and FirstAdvance loans to stimulate economic growth. Services cover trade finance, asset management, investment banking, capital markets, microfinance, private equity, mortgages (via FBN Mortgages), pension custody (First Pension), insurance brokerage, and trusteeship.
- International Services: Subsidiaries like FBN Bank (UK) and FBN Bank (Paris) facilitate global trade, with representative offices in Abu Dhabi, Beijing, and Johannesburg.
The bank supports over 10 million accounts and issues more than 7.5 million cards, powering Nigeria’s economy through privatization financing and infrastructure investments.
Network and Global Presence
With the largest branch network in Nigeria’s banking sector—over 750 domestic locations and 2,600+ ATMs—First Bank ensures nationwide coverage. Globally, it operates in more than 10 countries, including subsidiaries in the UK, France, Ghana, Sierra Leone, The Gambia, Guinea, Democratic Republic of Congo, and South Africa, plus branches in the US, UAE, and China. This extensive footprint positions it as a key player in West African trade and cross-border finance.
Leadership and Achievements
As of late 2025, First Bank’s leadership includes Dr. Adesola Adeduntan as Group Managing Director/CEO (appointed in 2016), overseeing strategic growth under FBN Holdings. The bank has earned accolades like “Most Valuable Bank Brand in Nigeria” (five consecutive years, 2011–2015) from The Banker Magazine and “Most Innovative Bank in Africa” (2014 EMEA Finance Awards). It was the first Nigerian company to reach ₦1 trillion in market capitalization and continues to drive sustainability, employing robust risk management and employee retention programs. First Bank’s enduring legacy—”The Giant in You!”—reflects its role in Nigeria’s economic development, from colonial trade enabler to modern digital powerhouse. For the latest updates, visit their official site.
Portfolio
