Business
Against All Odds, FirstBank Eyes Another Decade of Growth
In the first nine months of last year, the earnings per share (EPS) of FBNHoldings Plc, the parent company of First Bank of Nigeria Limited as well as its profit grew by 125 per cent year-on-year (Y/Y).
But there is much more to where the premier bank stands in core banking and its profitability is not a mere accretion of transaction charges but that it has also increased its commitment to financial intermediation. In the three quarters, its interest income, which gives a clue of sustainable profit run, grew by as much as 165 per cent to N1.63 trillion.
And these are not just a random progression, neither are they products of white noise in its corporate journey. It has shown consistency of growth in both top and bottom-line metrics in the last few years, giving an expression to the tagging of its post-2015 crisis era as the ‘decade of miracle’ in the investment market.
For instance, from 2019 to 2023, its most recent audited financial, its EPS has expanded by over fourfold – from 195 kobo to 859 kobo, one of the fastest growing in Nigeria’s capital market. In the same period, it grew its yearly operating profit by over 320 per cent, from a mere N73.8 billion to N310.5 billion.
On the top line, its earnings nearly tripled, growing from N623 billion to N1.6 trillion in five years, during which its total assets jumped by N10.7 trillion to close last year at N16.94 trillion. In the half-decade, according to data obtained from its books, its total shareholder’s equity even grew faster – expanding from N661 billion to N1.75 trillion or 163 per cent.
As a key growth driver, its loans to customers saw a whopping rise of 243 per cent in the period to hit N6.36 trillion as of December 2023. Its facilities, according to information gleaned from its financials are spread across key sectors, including oil and gas, manufacturing, agriculture, agro services, construction, and real estate among others.
Whereas the five-year cycle has demonstrated robust growth, last year’s operations demonstrated even more resilience with the awaited full-year result promising to trump the previous ones. On key profitability indices, last year’s nine months exceeded the 2023 comparative period or full year by wide margins.
For instance, its earnings in the first nine months of 2024 were N2.25 trillion or N655 billion higher than the entire 2023 figure and 134 per cent higher than its comparative period, pointing to an annualised gross of N2.8 trillion. While the interest income showed remarkable growth, its non-interest income was also 82 per cent up from the 2023 three quarters’ N320.5 billion.
The lender’s recent migration to transaction-led banking is paying off with the reinvention of its digital payment system. At the close of last September, First Mobile subscribers had hit 6.9 million while over 23 million had subscribed to a potpourri of online platforms.
With its new 10-year vision, which was articulated in 2023, billed to consolidate these gains, the ‘decade of miracle’ might as well serve as the launch pad of the new FirstBank. But the recent boardroom intrigue and the dispute with General Hydrocarbons Limited (GHL) are a costly distraction the bank cannot afford. Hence, many stakeholders are seeking faster and less confrontational solutions to the crisis.
Amidst the conflicts, the Chief Executive of FirstBank Group, Olusegun Alebiosu, described a 10-year vision of the bank as a major stand in its Vision 2033, which would push the Nigerian premier financial institution to top three universal banks in Africa across retail, wholesale and wealth management customer segments.
“Given that the 10-year vision aspiration is still very market-relevant, and I was also an integral part of the process that birthed it, I intend to focus on ensuring its disciplined execution during my tenure as the Chief Executive Officer.
“As the CEO, I have a clear vision for FirstBank Group, and I am confident that with the strong support of the rest of the management team and board, we will deliver a franchise that will continue to be the pride of Nigeria and Africa within the financial services landscape,” the chief executive, who has told the market that his risk management background means nothing short of sustainable growth, said.
At the 12th AGM of FBNHoldings held on 14th November 2024, shareholders approved another N350 billion capital raise action, which the bank said would be executed in a blend of approaches this year. Plus, with the previous N150 billion rights issues, FirstBank is expected to exceed the new N500 billion minimum capital requirements well ahead of the 2026 deadline to keep its international licence.
A major speed slowing the pace of the traditional banks today is the natural advantage that digital-first banks like Opay, MoniePoint and others have been cloud-natives. Sadly, the brick-and-mortar toga poses a legacy constraint for traditional banks. But FirstBank, the first fruit of the conventional banks, has gone ahead with a digital evolution campaign.
Today, the CEO said, over 90 per cent of FirstBank’s customer-induced transactions happen on the digital channels – FirstMobile, FirstOnline, Lit App, *894#, FirstDirect and ATMs, where it has a comparative advantage.
“As the bank implements its cloud strategy, we are focused on building a nimbler, always-on and resilient financial services group that leverages its rich legacy to serve its customers’ current and emerging needs,” Alebiosu believes.
Interestingly, 2025 is the take-off of the bank’s 2025 to 2029 strategic planning cycle. The bank intends to “double down” on its dominant position across all the markets where we operate. Part of the programme is strategic investments to improve customer experience to make it easier for existing and prospective customers to interact and do business on its offline and digital platform, deploying new technologies and ramping up artificial intelligence deployment to scale up digital operations.
But as it turns out, FirstBank and its sister organisations also have a responsibility to urgently put behind the current distractions to continue consolidating the gains of the ‘decade of miracle’.
Culled From The Guardian
First Bank of Nigeria Limited (FirstBank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards.
The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ATM cards have expired.
The free cards will be issued daily to 131 customers on a first-come, first-served basis across the Bank’s branches, nationwide. FirstBank’s unwavering commitment to convenience, accessibility, and customer satisfaction.
Speaking on the rewards to FirstBank customers, Chuma Ezirim, the Group Executive, e-Business and Retail Products at FirstBank, said: “The Verve Flash Promo is not just about rewarding customers with free verve debit cards; it is about celebrating our legacy of 131 years of trust, resilience, and innovation in the Nigerian financial services industry. At FirstBank, we remain committed to providing customer-centric solutions that enable secure, seamless, and convenient payment experiences. Partnering with Verve International on these initiatives, including the Verve Good Life promo, underscores our shared vision of deepening financial inclusion while rewarding our loyal customers for their continuous patronage.”
Also commenting, Vincent Ogbunude, Managing Director, Verve International, noted:
“Through strategic collaborations like this with FirstBank, we continue to demonstrate Verve’s commitment to enhancing access to seamless payment solutions for every Nigerian. The Verve Flash Promo not only rewards loyal customers but also reinforces our vision of making everyday transactions more rewarding, secure, and convenient. As we extend the Good Life Promo, we remain steadfast in our goal of deepening financial inclusion while delivering real value to Verve cardholders across the country.”
Meanwhile, the ongoing Verve Good Life promo, designed to reward Verve debit card holders for using their cards at specific merchant points, has been extended to 30 November 2025.
During the period, Verve Card holders enjoy 10% cashback at The Place Restaurant, Quickteller, Buypower, Filmhouse, AlliExpress, Addide Supermarkets, and Chowdeck app every Thursday to Sunday.
Verve cardholders can now enjoy a 10% cashback on the Google Play Store any day of the week throughout the Good Life Promo, which runs until 30 November 2025. Moreso, every transaction made with a Verve card whether on ATMs, POS terminals, or online platforms automatically earns customers a chance to win up to ₦1,000,000.
Nigeria’s leading telecommunications company, Globacom, has announced enhancement of its data bundles to give subscribers more data volume at the same affordable prices.
The upgrade reinforces the company’s commitment to providing superior value and exceptional customer satisfaction.
The upgraded Glo Data Bundles are enhanced versions of the existing daily, weekly, and monthly plans, giving subscribers more data at no additional cost.
These improvements offer users greater freedom and convenience to enjoy their favourite online activities from streaming and gaming to social media, video calls, and more.
For daily users, the ₦100 plan has been upgraded from 105MB to 125MB, giving light internet users even more data to browse, chat, and stream short videos conveniently.
The weekly bundles have also received notable boosts, such as the ₦1,500 plan, which now offers 6GB instead of 5.9GB, enabling subscribers to stay connected longer.
Heavy data consumers will also enjoy remarkable value on the monthly plans. The ₦2,000 bundle now gives 6.25GB, while the ₦10,000 package has been enhanced from 38GB to 42GB, allowing users to do more from video streaming and large file downloads to remote work and virtual meetings.
Students are not left out, as the Campus Booster Plan has been upgraded with higher data allowances, ensuring seamless access to academic resources and social networks while on campus.
Globacom noted that the revised bundles are available to all Glo customers prepaid, postpaid, and hybrid and can be activated by dialing *312#, using the Glo Café app (available on Android and iOS), or visiting hsi.glo.com.
The company added that subscribers can use, share, or gift data through *312# or the Glo Café app. Customers will also continue to receive data usage alerts at 75% and 100% consumption levels to help monitor usage effectively.
Unused data is automatically rolled over upon renewal before expiry or when a new plan is purchased within the grace period (ranging from one to seven days, depending on the plan).
Globacom reaffirmed its commitment to empowering Nigerians with reliable and affordable data access, urging customers to take advantage of the revised data bundles that combine affordability, quality, and more browsing power ensuring every Glo subscriber enjoys more data without paying more.
Fidelity Bank Plc has congratulated Air Peace on the successful launch of its maiden direct flight from Lagos to London Heathrow, describing the milestone as a significant achievement for Nigeria’s aviation sector and a testament to the power of indigenous partnerships.
The commendation was delivered by Dr. Nneka Onyeali-Ikpe, managing director of Fidelity Bank, during a special event held in Lagos to celebrate the airline’s expansion into the European market.
“This is not just a win for Air Peace, but a win for Nigeria,” Onyeali-Ikpe said. “It reflects the strength of home-grown businesses and the impact of strategic financial support in enabling national champions to thrive on the global stage.”
Nigeria CommunicationsWeek reports that Fidelity Bank has played a pivotal role in Air Peace’s growth, providing early financial backing and advisory services that helped the airline become the largest carrier in West Africa. The bank continues to support Air Peace through payment processing and other financial services
The launch of the London route marks a new chapter for Air Peace, which now joins a select group of African airlines operating direct flights to Heathrow.
The development is expected to boost tourism, trade, and connectivity between Nigeria and the United Kingdom.
Speaking at the event, Allen Onyema, Chairman of Air Peace, expressed gratitude to Fidelity Bank for its unwavering support and reaffirmed the airline’s commitment to excellence and service.
“This partnership has been instrumental in our journey,” Onyema said. “We are proud to fly the Nigerian flag across international skies.”
Industry stakeholders present at the event praised the collaboration between the two companies as a model for sustainable business growth and national development.
