First Bank of Nigeria
 |
|
| 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
|
790 branches (2012) |
|
Key people
|
Mrs. Ibukun Awosika Chairman Urum Kalu Eke Mfr Group Managing Director, FBN Holdings Dr. Adesola Adeduntan Group Managing Director/CEO Gbenga Francis Shobo, ACA Deputy Managing Director Dauda Lawal Executive Director, Public Sector |
| Products | Financial Services |
| Revenue |
 Pretax: 542.5 million (NGN:86.2 billion) (2012) |
| N303,008,336,100.67 | |
| N215,448,660,002 | |
| Total assets | N3,450,112 |
|
Number of employees
|
7,616 |
| Website | homepage |
First Bank of Nigeria, sometimes referred to as FirstBank, is a Nigerian multinational bank and financial services headquartered in Lagos. It is the biggest bank in Nigeria by total deposits and gross earnings and operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg set up to capture trade-related business between geographies. It specialises in retail banking and has the largest retail client base in Nigeria. In 2015, The Asian Banker awarded FirstBank the Best Retail Bank in Nigeria award for the fifth consecutive year.
The Nigerian banking business operates nationally, with an active customer base of over 10 million, and employs over 7,000 staff. FirstBank operates along four key Strategic Business Units (SBUs) – Retail Banking, Corporate Banking, Commercial Banking and Public Sector Banking. It was previously structured as an operating holding company before the implementation of a non-operating Holding Company structure (FBN Holdings) in 2011/2012.
As of December 2015[update], the Bank had assets totalling NGN3.9 trillion ($12.2B according to 2017 exchange rates). The Bank's profit before tax for the twelve months ending 31 December 2015 was approximately NGN10.2 billion. FirstBank’s ownership is diversified, with over 1.3 million shareholders. 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.
FirstBank has been named "The Best Bank Brand in Nigeria" for five years in a row – 2011, 2012, 2013, 2014 and 2015 – by The Banker magazine of the Financial Times Group, and "Most Innovative Bank in Africa" in the EMEA Finance African Banking Awards 2014.
The subsidiaries of First Bank of Nigeria include the following:
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.
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