This article has multiple issues. Please help improve it or discuss these issues on the talk page . (Learn how and when to remove these template messages)
|
Company type | Public |
---|---|
Industry | Finance |
Founded | 1894 (as Bank of British West Africa ) 1979 (renamed First Bank of Nigeria) |
Headquarters | 35 Marina, Lagos, Lagos State, Nigeria |
Number of locations | Over 700 business outlets (2020) |
Products | Financial services |
Revenue | Pretax: N70.8 billion |
N294.4 billion | |
N62.7 billion | |
Total assets | N5.9 trillion |
Number of employees | 16,000 |
Website | firstbanknigeria |
First Bank of Nigeria is a multinational bank and financial services company in Lagos, Nigeria. [1] First Bank is owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders.
The First Bank Group has over 700 business locations across Africa and has an agent banking network with over 232,000 locations across Nigeria as of 2024. The bank specializes in retail banking, with a client base in West Africa of over 42 million customers.
First Bank, as a group, employs over 16,000 staff. It operates four key strategic business units: retail banking, corporate banking, commercial banking, and public sector banking.
As of December 2019 [update] , the bank had assets worth NGN 5.9 trillion. [2] The bank's profit before tax for the twelve months ending December 31, 2019 was approximately NGN70.8 billion.
For the half-year ending June 30, 2022, FBN Holdings reported that its profit before tax rose by 45 percent compared to the same period a year earlier. [3]
The subsidiaries of First Bank of Nigeria include the following: [7]
This section needs additional citations for verification .(February 2019) |
In 2010, the Central Bank of Nigeria revised the regulation covering the scope of banking activities for Nigerian banks. The universal banking model was discontinued, and banks were required to divest from non-core banking businesses or adopt a holding company structure. FirstBank opted to form a holding company, FBN Holdings Plc., to capture synergies across its already established banking and non-banking businesses. The new structure resulted in a stronger platform to support the group's future growth ambitions domestically and internationally.
This section relies largely or entirely on a single source .(February 2019) |
The bank was founded in 1894 and is Nigeria's oldest bank. It converted to a public company in 1970 and was 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 and replaced with FBN Holdings Plc. in 2012.
It was previously structured as an operating holding company before the implementation of a non-operating holding company structure (FBN Holdings) in 2011/2012. [13]
First Bank commenced business in 1894 [14] in what were then British-controlled areas as the Bank of British West Africa. [15] The bank originally served British shipping and trading agencies in Nigeria. The founder, Alfred Lewis Jones, was a shipping magnate who originally had a monopoly on importing silver currency into West Africa through his Elder Dempster shipping company. According to its founder, without a bank economies were reduced to using barter and a wide variety of mediums of exchange, leading to unsound practices. A bank could provide a secure home for deposits and also a uniform medium of exchange. The bank primarily financed foreign trade, but did little lending to indigenous Nigerians, who had little to offer as collateral for loans.
After Nigeria's independence in 1960, the bank began to extend more credit to indigenous Nigerians. At the same time, citizens began to trust British banks since there was an independent financial control mechanism and more citizens began to patronize the new Bank of West Africa.
In 1965, Standard Bank acquired the Bank of West Africa and changed its acquisition's name to Standard Bank of West Africa. In 1969, Standard Bank of West Africa incorporated its Nigerian operations under the name Standard Bank of Nigeria. In 1971, Standard Bank of Nigeria listed its shares on the Nigerian Stock Exchange and placed 13% of its share capital with Nigerian investors. After the end of the Nigerian civil war, Nigeria's military government sought to increase local control of the retail-banking sector. In response, Standard Chartered Bank reduced its stake in Standard Bank Nigeria to 38%. Once it had lost majority control, Standard Chartered wished to signal that it was no longer responsible for the bank and the bank changed its name to First Bank of Nigeria Limited in 1979. By then, the bank had re-organized and had more Nigerian directors than ever.
In 1991 the bank changed its name to First Bank of Nigeria Plc following listing on the Nigerian Stock Exchange. In 2012, the Bank changed its name again to First Bank of Nigeria Limited as part of a restructuring resulting in FBN Holdings Plc, having detached its commercial business from other businesses in the First Bank Group, in line with the requirements of the Central Bank of Nigeria. The bank had 1.3 million shareholders globally, was quoted on the Nigerian Stock Exchange (NSE), where it was one of the most capitalized companies and also had an unlisted Global Depository Receipt (GDR) programme, all of which were transferred to its holding company FBN Holdings in December 2012.
In 1982 the bank opened a branch in London, which it converted into a subsidiary, FBN Bank (UK), in 2002. Its most recent international expansion was the opening in 2004 of a representative office in Johannesburg, South Africa. In 2005 it acquired FBN (Merchant Bankers) Ltd. Paribas and MBC International Bank Ltd, a group of Nigerian investors, had founded MBC in 1982 as a merchant bank, and it became a commercial bank in 2002.
In June 2009, Stephen Olabisi Onasanya was appointed group managing director/chief executive officer, replacing Sanusi Lamido Sanusi, who had been appointed governor of the Central Bank of Nigeria. Onasanya was formerly executive director of banking operations & services. He retired on 31 December 2015 and Adesola Adeduntan took over as managing director/chief executive officer, effective 1 January 2016, with Gbenga Shobo as deputy managing director. [16]
In April 2021, the Central Bank of Nigeria fired the whole board of the First Bank of Nigeria which was in a «grave financial condition». [17]
KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the national banking regulator. The bank has also been running Agency banking model.
First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the group's total assets were valued at US$5 billion.
FBNQuest Merchant Bank previously known as Kakawa Discount House is one of the five operational discount houses in Nigeria which serves as government financial tools and acts as a middle access points between all other banks in Nigeria and the Apex bank of Nigeria, the Central Bank of Nigeria. FBN Quest Merchant bank is a subsidiary of First Bank of Nigeria.
Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company.
United Bank for Africa Plc (UBA) is a Multinational pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York. In December 2021, UBA received its banking license to commence operations in the UAE. It is listed as commercial bank by the Central Bank of Nigeria. The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA. The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Oliver Alawuba.
I&M Holdings Limited, also I&M Bank Group, is a conglomerate comprising banks, an insurance company and investment advisory businesses. The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda, Tanzania and Uganda. The flagship company of the group is I&M Bank Limited, with headquarters in the I&M Bank Tower on Kenyatta Avenue in the central business district of Nairobi, Kenya's capital and largest city.
NCBA Bank Kenya, whose full name is NCBA Bank Kenya Plc, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.
FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.
Centum Investment Company Plc, commonly known as Centum is a public East African investment company. It operates as an affiliate of the Kenyan government-owned Industrial and Commercial Development Corporation (ICDC).
Intercontinental Bank plc, commonly referred to as Intercontinental Bank or simply Intercontinental, was a commercial bank in Nigeria. It is now owned by Access Bank plc. Intercontinental Bank was one of the twenty-four commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.
Absa Bank Kenya Plc, formerly Barclays Bank Kenya Limited, is a commercial bank in Kenya and a subsidiary of South Africa-based Absa Group Limited. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
Standard Chartered Kenya, whose official name is Standard Chartered Bank Kenya Limited, but is sometimes referred to as Stanchart Kenya, is a commercial bank in Kenya. It is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered. Stanchart Kenya is one of the banks licensed by the Central Bank of Kenya, the central bank and national banking regulator, in the largest economy in the East African Community.
NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.
Stanbic Holdings Plc, formerly known as CfC Stanbic Holdings Limited, is a financial services organization in Kenya. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya and South Sudan. Stanbic Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. The institution is licensed and governed by the Central Bank of Kenya, the national banking regulator.
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, TrusteesInsurance Brokerage and life Insurance businesses. The company's newly opened corporate headquarters, Stanbic IBTC Towers, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings, operations in 20 African countries and 13 countries outside Africa.
Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.
Letshego Holdings Limited is a microfinance holding company with its headquarters in Gaborone, Botswana and is listed on the Botswana Stock Exchange (BSE). Letshego is a Setswana word meaning “Support”.
Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.
Adesola Kazeem Adeduntan is a Nigerian business executive. He is the managing director and chief executive officer of First Bank of Nigeria Limited and Subsidiaries a position to which he was appointed from his former role as group chief financial officer and an executive director with the bank. He began his career with Afribank Nigeria Plc. in 1994, after which he worked with KPMG Professional Services, Citibank Nigeria, and the Africa Finance Corporation (AFC) before joining FirstBank in July 2014.
NICO Holdings plc is a diversified financial services group and is listed on the Malawi Stock Exchange.