Business
FirstBank: 130 Years of Enabling Success
In a country with short-lived corporate excellence and a handful of centenary companies, hitting 130 years is undoubtedly a significant milestone for Nigeria’s premier financial institution, FirstBank. GEOFF IYATSE writes.
Experience, they say, comes with age. Nothing else aptly defines the consistent growth of First Bank of Nigeria Limited (FirstBank) and its consistent reinvention as the conscience of corporate Nigeria in the face of rising competition from traditional and other shadow banking brands.
Not many living Nigerians can list a single other existing Nigerian company founded in 1894, long before modern Nigeria was created. But FirstBank has not only survived the long 13 decades during which it etched itself into the socio-economic fabric of the country and created a niche as Nigeria’s banker, but it has also pushed itself into the frontier of financial technology evolution, making an inroad into the consciousness of tech-savvy Nigerian youths and the upwardly mobile banking public.
For an organisation that has stuck to Nigeria through thick and thin and enjoyed the monopoly of banking the country from the cradle, long before Africa tasted the beauty of financial system evolution, FirstBank could have been a dinosaur. That would have been easy. But it has chosen the tougher option; challenging traditions, breaking new ground, and constantly refreshing its operational template to stay ahead of the curve.
Established in 1894 as British Bank of West Africa (BBWA) by the late Sir Alfred Lewis Jones, a shipping magnate, FirstBank has been at the forefront of Nigeria’s economic growth and development through its superior banking services and social investments across sectors – manufacturing, small and medium scale enterprise (SMEs), agriculture, oil and gas and just about every other sector that has contributed to the country’s economic discovery.
The history of FirstBank is the history of Nigeria. At some point in its history, it even served as Nigeria’s Central Bank. Today, as the undisputed leader of the country’s brick-and-mortar banking, its nearly 800 business locations across the country give it robust presence in every local government across the nation.
Of course, in an era of ‘click’ banking, no financial institution is assessed by the strength of its physical banking network alone. Interestingly, the premier institution understands this logic, hence it has emerged as a force in continuously investing in cutting-edge financial technologies. For one, FirstMobile, its digital banking application, has also become a household name in the financial technology ecosystem. In 2015, when the platform was still at its infancy stage, its user base was about 60,000, a number that has soared to over six million (a growth of over 10,000%) as of last year. That has contributed immensely to its changed perception from traditional bank to innovative digital bank. Today, about 85 per cent of its transactions are initiated via digital platforms, according to insights provided by the bank in its public statements.
FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics. But the platform itself is only one of the potpourri of telecommunications-driven initiatives it has taken on to get young depositors on board. FirstOnline users have also grown from about 90,000 to over one million in less than a decade just as its USSD banking, which targets feature phone users, is even more successful with users increasing by close to 3,000 per cent in the last eight years, to about 15 million.
Last year alone, its Firstmonie Agent banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks. Some of its strategic investments in technology include the development of its smart and interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country. The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC) which are currently located in Lagos, Ibadan, and Abuja with plans to open more across the nation.
Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints. Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023. This number, according to the Chief Executive Officer of FirstBank Group, Dr Adesola Adeduntan, during an interview with The Guardian last year, would double in no distant future as the organisation migrates aggressively to transaction-led banking. In September 2023 the bank’s non-interest income hit ₦293.0 billion, up 111.6% in comparison to September 2022 at ₦138.5 billion validating the bank’s commitment to a transaction-based era.
In addition, the number of users on the Bank’s digital channels has grown from about 600,000 users in 2015 to over 23.2 million users in 2023.
On the back of the extensive technology infrastructure overhaul FirstBank embarked on under Adeduntan’s leadership, its digital banking channels have become the most dominant delivery channel with the percentage of customer-induced transactions processed via digital channels increased from about 20% to over 90%. FirstBank has equally been consistent in its profitability. Its Group profit before tax (PBT) has climbed steadily from 10Billion naira in 2015 to 362.24Billion naira in 2023.
For an organisation that has not only created Nigeria’s banking industry but also dynamically shaped it, there is no reason the brand would not attract the best professionals. It attracted a blend of top Nigerian bankers and became the training ground for young professionals who have contributed to its rich history of corporate leadership. Despite this, Adeduntan who assumed office with a touch of dynamism, clearly understood the meeting point between institutional legacy and modern ‘click’ banking. In close to a decade since he first took over the reins at the Bank, he has brought this to bear, rejuvenating the rich corporate culture of the bank, competing actively in the youth space in both employment and business.
Nigerian banks have grown to become international brands, competing for businesses across Africa, (which they have dominated), Europe, Asia, and other Continents. With its United Kingdom subsidiary (which has a representative office in Paris, France) celebrating its 40th anniversary in 2022, FirstBank has led the revolution. Other subsidiaries of Nigeria’s premier financial inclusion services provider include FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, and The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China.
Indeed, local banks have done well in recent years in opening offshore operations except that most of them are cost-centres, hence the promoters are often accused of ego-seeking and extroversion. And it is true because most of the subsidiaries’ operations have created a gaping hole in the bottom lines of the consolidated accounts of many of the institutions. But FirstBank turned the tide. In 2022, its overseas operations contributed a combined 21.3 per cent to the group’s pre-tax profit. Adeduntan has repositioned the financial institution from purely a Nigerian company to a multinational brand with African focus but a Nigerian nucleus.
Beyond its name, it has recorded several firsts in the industry it single-handedly created. Some firsts include – the first to be listed on the stock exchange, the first – amongst the existing banks – to adopt the use of ATM and the first Nigerian bank – and second in Africa – to reach the 10 million ATM cards-issued milestone. In addition, FirstBank is leading in AI and robotics with regards to the deployment of Humanoid Robots, in the financial services space in Nigeria. The robots are equipped with Video Banking and Artificial Intelligence (AI), taking on the role of friendly branch staff. The financial institution is the first to foray into arts, food, music, and other lifestyle sponsorships as part of the brand value proposition for clients of all ages.
Speaking on the resilience of the bank at a recent function Adeduntan disclosed what he called the bank’s secret of success: “At FirstBank, our purpose is to enable success, putting our customers and stakeholders at the heart of our business.
“For the years of our existence, we have focused on providing excellent financial services to meet the needs of our esteemed customers. We continue to improve on our products and create new ones that suit their specific needs. The reason why we have been successful is our ability to invent and reinvent ourselves. You can only be successful like that when you make your customer the centrepoint of all your actions. That is the secret of our success.”
The bank has demonstrated it is a responsible corporate citizen, playing a catalytic role in the economic and social development of the country. FirstBank’s sustainability/ESG focus, and commitments are in three key areas: Responsible Lending, Procurement & Climate Performance; Financial Inclusion & Diversity; as well as Education, Health, and Welfare.
Customers of the financial institution remain a vital element of its business. So, the bank constantly seeks responsible ways to provide lending and investment products and services that meet the customers’ needs, while ensuring that it manages the environmental social and governance (ESG) impacts in the process thus contributing to and promoting overall sustainable growth and development. About N5 Trillion worth of transactions were screened for ESG risks in 2023.
The bank has shown its commitment to playing a key role in the transition to a global net-zero economy by decarbonising its operations and value chains, driving climate finance, and promoting climate thought-leadership. For example, its partnership with Nigeria Conservation Foundation has seen the financial giant begin 50,000 trees planting with this year 2024 set as target year for this audacious goal.
FirstBank’s community development initiatives are anchored on its strategic Education, Health, and Welfare pillars. In 2023 alone, FirstBank executed various projects under the Start Performing Acts of Random Kindness (SPARK) initiative with growing impacts across 8 countries, including 60 beneficiary schools with over 150,000 secondary school students, and 30,000 underprivileged people and widows; over N100,000,000 (one hundred million naira) donations covering books and infrastructure for students, food items and clothing for the underprivileged, provision of capital for small and micro businesses.
Its FutureFirst programme in partnership with Junior Achievers Nigeria (JAN) has impacted over 1,000,000 (one million) people across the regions of the country including Lagos, Port Harcourt, and Abuja with the knowledge of financial literacy and entrepreneurship. It has also strategically driven partnerships with over 100 Charities/NGOs including LEAP Africa; International Women Society; UNGC; UN Women; Junior Achievement Nigeria.
Following the COVID-19 lockdown, FirstBank stepped in to donate cash (over 1 billion naira) and food to support the government in the fight against the pandemic. It also provided an innovative e-Learning initiative enabling the education of one million Nigerian students to drive sustainable efforts towards improving education for all. In partnership with the Lagos State Employment Trust Fund (LSETF), it launched a N5 billion LSETF-First Edu Loan scheme to cushion the impact of the COVID-19 pandemic on low-cost private schools in Lagos State.
For 30 years, FirstBank has remained a sponsor of the annual Nigerian Economic Summit, organised by the Nigerian Economic Summit Group, a think tank group with a mandate to promote and champion the transformation of the Nigerian economy into a private sector-led economy.
It is known for other sponsorships including, the Kaduna Georgian Cup Polo Tournament, now in its 103rd year, which is perhaps the longest-standing sports sponsorship in the world. FirstBank is also a long-standing sponsor of the Lagos Amateur Open Golf Championship at the Ikoyi Club, a property it has faithfully sponsored for 62 years.
The bank has played a crucial role in empowering entrepreneurs, women, students and the rapidly growing creative industries locally, which are gaining global recognition. Its strategic interventions through DecemberIssaVybe, FirstGem, SPARK, FirstBank Women Network and numerous other campaigns have been impactful, especially in addressing some key United Nations Sustainable Development Goals (SDGs).
FirstBank has demonstrated its commitment to Diversity through policies, partnerships, and initiatives, such as its employees’ ratio of female to male (39 per cent :61 percent); and 32 percent women in management, and 11 women on the Board of Directors across the FirstBank Group as well as various initiatives aimed at addressing the gender gap and increasing participation of women at all levels within the organisation.
In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment Principles – Equal Opportunity, Inclusion, and Non-discrimination.
And there have been rewards via awards for its leadership and life-changing initiatives. The recent ones include Best Corporate Bank at the recent Euromoney Awards for Excellence, Nigeria 2023; Best Corporate Bank Western Africa 2023, by Global Banking and Finance; Best Internet Banking in Nigeria 2023, by International Business Awards; Most Innovative Banking Brand in Nigeria, by Global Brands Awards; the Financial Institution of the Year 2023, by Afreximbank Pan-African Business and Development; Best CSR Bank Western Africa 2023 by Global Banking and Finance Magazine; Market Leader Nigeria in ESG – Euromoney Market Leaders 2022. For six consecutive years (2011 – 2016), FirstBank was named ‘Most Valuable Bank Brand in Nigeria’ by The Banker Magazine of the Financial Times Group and ‘the Best Retail Bank in Nigeria’ from 2011 to 2018, an award of the Asian Banker International Excellence in Retail Financial Services Awards.
At the heart of FirstBank’s success story – which includes enabling the success stories of its customers and other stakeholders – lies its ability to continuously reinvent itself. And the reinvention seems to have started in earnest. For instance, its stock soared recently, pushing the Group into the exclusive club of stocks with over one trillion (SWOOT) capitalisation. A few months after the remarkable feat, it went, shoving other lenders aside to reclaim the most capitalised banking stock on the stock exchange.
It has been 13 decades of rising and growing with Nigeria. But FirstBank is obviously not slowing down in its journey with the country its operation pre-dated.
Culled from The Guardian
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
