Business
FirstBank Begins Construction of Eco-Friendly Headquarters
FirstBank, the premier bank in West Africa and a leading financial inclusion service provider, has marked a significant milestone. It held a groundbreaking ceremony for its new green-certified Iconic Head Office Building in Eko Atlantic City, Lagos.
Olusegun Alebiosu, CEO, FirstBank, said this ambitious 40-story building will be the tallest in Nigeria. It will be an engineering and environmental delight. Its technologically advanced, eco-friendly construction will set a new standard for the financial services sector in Africa.
The groundbreaking ceremony signifies the beginning of a transformative journey. It reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction. The new headquarters is designed with sustainability in mind. It features a green-certified building that reduces operational costs. This positions FirstBank as a leader in sustainable banking practices.
Olusegun Alebiosu stated, “We are proud to mark this significant milestone. Our new head office is envisioned as a world-class structure. It represents our dedication to innovation, customer satisfaction, and sustainability. We believe this development will foster economic growth and development across Africa. It will create long-term value for all our stakeholders.”
With a legacy spanning over 130 years, FirstBank has consistently demonstrated its commitment to innovation. It also shows customer-centricity and sustainable business practices. The bank has a robust international presence. It operates subsidiaries in nine countries across three continents.
Femi Otedola, Chairman, FirstHoldCo, added, “Today’s gathering highlights the importance of collaboration. It shows support from various sectors in bringing our ambitious plans to life. We appreciate the support from our customers and stakeholders. We work together to turn this vision into reality.”
The groundbreaking ceremony will be attended by prominent dignitaries. These include the President of the Federal Republic of Nigeria, Senator Bola Ahmed Tinubu GCFR, Senators and Lawmakers, State Governors, Federal Ministers, and Captains of Industry. This event marks the beginning of an exciting new chapter. It solidifies FirstBank’s role as a leader in the African financial industry.
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About FirstBank
First Bank of Nigeria Limited, “FirstBank,” established in 1894, is the premier bank in West Africa. It is a leading financial inclusion services provider in Africa. It is also a digital banking giant.
FirstBank’s international footprints cut across three continents: Africa, Europe, and Asia. FirstBank UK Limited is in London and Paris. FirstBank is in The Democratic Republic of Congo, Ghana, The Gambia, Guinea, and Sierra Leone. FBNBank is in Senegal. A FirstBank Representative Office is in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks. They provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions. These transactions involve FirstBank’s non-Nigerian subsidiaries. The representative offices in Paris and China facilitate trade flows. These flows go from Asia and Europe into Nigeria and other African countries.
For 130 years, FirstBank has built an outstanding reputation. It is known for solid relationships and good corporate governance. It has a strong liquidity position. It has been at the forefront of promoting digital payment in the country. It has issued over 13 million cards to customers. FirstBank was the first bank to achieve such a milestone in Nigeria.FirstBank has continued to make significant investments in technology, innovation, and transformation, and its cashless transaction drive has been steadily accentuated, with virtually 23 million active FirstBank customers signed up on digital channels, including the USSD Quick Banking service through the nationally renowned *894# banking code.
With over 42 million customer accounts (including digital wallets) spread across Nigeria, the UK, and sub-Saharan Africa, the bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 233,500 agent locations spread across 772 out of the 774 local government areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.
FirstBank’s commitment to diversity is shown in its policies, partnerships, and initiatives, such as its employees’ ratio of female to male (about 39%:61%; and 32% women in management), as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organization. In addition, the bank’s membership in the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.
For six consecutive years (2011–2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011–2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
In 2022, the Top 100 African Bank Rankings released by The Banker Magazine ranked FirstBank as number one in Nigeria in terms of overall performance, profitability, efficiency, and return on risk. Also in 2022, the bank received the “Most Innovative Retail Banking Product in Nigeria (FastTrack ATM)” and “Best Retail Bank in Nigeria” awards from International Finance Magazine. FirstBank was also awarded “Best Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by Global Banking and Finance Magazine.
Other notable awards in FirstBank coffers include “Best Bank in Nigeria” by Global Finance magazine—fifteen times in a row; “Best Private Bank in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria”; and ‘’Best CSR Bank Africa’’ by International Business Magazine.
In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best Corporate Bank in Nigeria 2023’’ by Euromoney Awards; and ‘’Most Innovative Banking Brand – Nigeria 2023’’ by Global Brands Award.
Other laudable feats in 2023 include FirstBank’s international recognitions on major indices by Euromoney Market Leaders, an independent global assessment of the leading financial service providers where FirstBank was crowned:
Market Leader: (tier-1 recognition) in Corporate Banking,
Market Leader: (tier -1 recognition) in Digital Solutions,
Highly Regarded: Corporate and Social Responsibility (CSR),
Highly Regarded: Environmental, Social, and Governance (ESG), Notable: in SME Banking.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook, while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+, respectively, both with stable outlooks as of September 2023. FirstBank maintained the same level of international credit ratings as the sovereign, a milestone that was achieved in 2022 for the first time since 2015.
Our vision is ‘To be Africa’s bank of first choice’ and our mission is ‘To remain true to our name by providing the best financial services possible. This commitment is anchored on our core values of EPIC—entrepreneurship, professionalism, innovation, and customer-centricity. Our strategic ambition is ‘To deliver accelerated growth in profitability through customer-led innovation and disciplined execution, and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.
