First Bank of Nigeria Overview and Milestones

First Bank of Nigeria is one of the largest financial institutions in the country, with a rich history dating back to 1894. It was founded by Sir Charles Allen Macphearson as Bank of British West Africa.

The bank has undergone several name changes over the years, with the most notable being in 1979 when it became First Bank of Nigeria Limited. This change marked a significant milestone in the bank's growth and expansion.

Today, First Bank of Nigeria operates over 750 branches across the country, providing a wide range of financial services to individuals, businesses, and governments. Its extensive network has made it a household name in Nigeria.

First Bank of Nigeria has a long-standing commitment to innovation and customer satisfaction, which has earned it numerous awards and recognition in the industry. Its dedication to excellence has helped it remain a leader in the Nigerian banking sector.

First Bank of Nigeria has a rich history that spans over a century. The bank was incorporated in 1894 and headquartered in Marina, Lagos, Nigeria, West Africa's commercial nerve centre.

In 1912, the bank expanded its operations by opening two new branches in Nigeria - Calabar and Zaria. This marked the beginning of the bank's growth and expansion across the country.

Key milestones in the bank's history include advancing the first long-term loan to the colonial government in 1947 and introducing the first Automated Teller Machine (ATM) in 1991. The ATM was introduced at 35 Marina as part of convenient, online real time banking.

Here are some of the bank's major milestones:

First Bank started its business in 1894 as the Bank of British West Africa in areas controlled by Britain. This was a pivotal moment in the bank's history.

The bank's founder, Alfred Lewis Jones, was a shipping magnate who had a monopoly on importing silver currency into West Africa through his Elder Dempster shipping company.

Without a bank, economies were reduced to using barter and a variety of mediums of exchange, leading to unsound practices, as Jones believed.

The bank primarily financed foreign trade, but it did little lending to indigenous Nigerians, who had little to offer as collateral for loans.

FirstBank has a rich history, and one of the most interesting aspects is its key milestones.

In 1894, FirstBank was incorporated and headquartered in Marina, Lagos, Nigeria, which was then West Africa's commercial nerve centre.

The bank quickly expanded, opening its first branch in northern Nigeria in 1912, located in Zaria.

The bank's relationship with the government began in 1947, when it advanced the first long-term loan to the then colonial government.

This partnership continued in 1955, when the bank partnered with the government to expand the railway lines.

FirstBank made history in 1971, becoming the first bank to be listed on the Nigerian Stock Exchange (NSE).

The bank continued to innovate, introducing the first Automated Teller Machine (ATM) in 1991, located at 35 Marina.

In 1994, FirstBank launched the first university endowment programme in Nigeria.

Here are the key milestones in a timeline format:

First Bank of Nigeria has a robust company structure that enables it to deliver excellent services to its customers. The bank is a subsidiary of FBN Holdings Plc, a leading financial services conglomerate in Nigeria.

At the helm of the bank is a Board of Directors, comprising experienced professionals who oversee the overall strategy and direction of the organization. The Board is responsible for setting the bank's vision, mission, and goals.

The bank's management team is headed by a Managing Director/Chief Executive Officer (MD/CEO), who is responsible for the day-to-day operations of the bank. The MD/CEO is supported by a team of experienced executives who oversee various departments, including Risk Management, Operations, and Human Resources.

The First Bank Group is a leading financial institution in Africa, with a presence in over 820 business locations across the continent. Its agent banking network in Nigeria alone has over 233,500 locations.

As of 2024, the bank has a client base of over 42 million customers in West Africa, making it a significant player in the region. This massive customer base is a testament to the bank's effective retail banking strategy.

The bank's employee strength is over 16,000, which is a significant workforce that enables it to provide quality services to its customers. This large workforce is a key factor in the bank's success.

The bank's asset size is a staggering N27.4 trillion, as of 2024. This substantial asset base provides the bank with the necessary resources to invest in its business units and achieve its strategic objectives.

The bank's financial performance is also impressive, with a pre-tax profit of N610.9 billion reported for the 9 months of 2024. This significant profit margin is a reflection of the bank's effective business operations and financial management.

First Bank of Nigeria has a significant presence in several countries through its subsidiaries. The bank has a 75% shareholding in FirstBank (DRC), formerly known as Banque International de Credit (BIC), which was founded in April 1994.

FirstBank (DRC) is located in Kinshasa, Democratic Republic of the Congo. In contrast, FBN Bank (China) is a representative office in Beijing, China.

FirstBank (Ghana), FirstBank (Guinea), FBN Bank (Senegal), and FirstBank (Sierra Leone) are all fully owned subsidiaries of First Bank of Nigeria, with 100% shareholding in each of these countries.

The bank also has representative offices in South Africa and the United Arab Emirates through FBN Bank (South Africa) and FBN Bank (UAE) respectively. FirstBank (UK) is a 100% owned subsidiary in London, United Kingdom, offering savings products under the FirstSave brand.

First Pension Custodian Nigeria Limited and FBN Mortgages Limited are two other notable subsidiaries of First Bank of Nigeria.

FBN Holdings is a holding company that was formed by FirstBank in 2010 to capture synergies across its banking and non-banking businesses. This structure was a result of the Central Bank of Nigeria's revision of the regulation covering the scope of banking activities for Nigerian banks, which discontinued the universal banking model.

In 2010, the Central Bank of Nigeria revised the regulation covering the scope of banking activities for Nigerian banks. FBN Holdings Plc. was formed to provide a stronger platform for the group's future growth ambitions domestically and internationally.

FBN Quest is the brand name of the merchant banking and asset management businesses of FBN Holdings Plc. It comprises several subsidiaries, including FBNQuest Merchant Bank, FBN Quest Capital Limited, and FBN Quest Securities Limited.

The subsidiaries under FBN Quest include:

First Bank of Nigeria has a robust leadership structure that ensures effective governance. The bank's leadership is headed by a Chairman of the Board, who oversees the overall strategy and direction of the organization.

The Chairman of the Board is supported by a Managing Director, who is responsible for the day-to-day operations of the bank. The Managing Director is assisted by an Executive Director, who oversees various departments and ensures that the bank's goals are met.

The bank's leadership team is also supported by a Non-Executive Director, who brings in an external perspective and provides guidance on matters of governance. The Non-Executive Director plays a crucial role in ensuring that the bank operates in accordance with best practices and regulatory requirements.

First Bank of Nigeria has a strong commitment to corporate governance, which is reflected in its leadership structure. The bank's leadership is focused on creating value for its shareholders and stakeholders, while also ensuring that the organization operates in a responsible and sustainable manner.

The bank's leadership team is responsible for implementing policies and procedures that promote good governance and accountability. This includes ensuring that the bank's financial statements are accurate and transparent, and that the organization operates in compliance with relevant laws and regulations.

First Bank of Nigeria offers a wide range of operations and services to cater to the diverse needs of its customers.

The bank has a large network of over 700 branches and 2,500 ATMs across the country, making it easily accessible to its customers.

Its online banking platform, Firstonline, allows customers to manage their accounts, pay bills, and transfer funds from the comfort of their homes.

First Bank also offers mobile banking services through its FirstMobile app, providing customers with secure and convenient access to their accounts on-the-go.

The bank's customer service is available 24/7 to assist with any queries or concerns customers may have.

First Bank has a robust security system in place to protect its customers' accounts and transactions.

First Bank of Nigeria has a new Managing Director (MD) and Chief Executive Officer (CEO) - Olusegun Alebiosu. Alebiosu has been serving as First Bank's acting MD since April 2024.

The bank's Board approved Alebiosu's appointment, subject to the approval of the Central Bank of Nigeria (CBN). This is a significant development, especially considering the bank's revamped leadership under FBN Holdings' new Chairman, Femi Otedola.

Alebiosu will be joined by Ini Ebong as Deputy Managing Director, who brings over 20 years of banking experience.

In the management and appointments sector, the primary objective is to secure a stable long-term finance source for local banks. This is crucial for implementing ambitious strategies.

FBN needs access to hard currency to achieve its goals, which is a challenge many local banks face. The operation will address this issue.

The operation will contribute to increasing the flow of long-term private funding into the banking sector. This will have a positive impact on the industry as a whole.

Olusegun Alebiosu has been appointed as the new Managing Director and Chief Executive Officer (CEO) of First Bank of Nigeria Limited.

This appointment was announced by the bank's secretary, Adewale Arogundade, in a statement to the Nigerian Exchange Limited (NGX) on June 19th.

The appointment is subject to approval from the Central Bank of Nigeria (CBN), which is a standard procedure for such roles.

Alebiosu has been serving as First Bank's acting MD since April 2024, following the resignation of former CEO Adesola Adeduntan.

Ini Ebong has also been appointed as Deputy Managing Director, bringing over 20 years of banking experience to the role.

Omotunde Alao-Olaifa has been appointed as Non-Executive Director, boasting experience in corporate finance.

All three appointments are subject to approval from the CBN, which is expected to happen soon.

The appointments come after significant leadership changes at First Bank and its parent company, FBN Holdings, in 2024.