Business
FirstBank: Standing Strong on the Enviable Heritage of Firsts
By Eric Elezuo
It is often said that the child that would be great begins very early to manifest the traits, and in doing so, takes along the entire community, who are awed by his acts. These are acts that are tested, and trusted to last ages. This is the story of FirstBank of Nigeria Plc; a financially oriented company that manifested the traits of glory, customer satisfaction and all round first from birth, and has not looked back ever since.
In March 1894, in the quiet corner of Broad Street, Lagos, the brand was conceived and given birth to for the public gain. It was the first of its kind in the country, and deservedly got the best name appropriate – FirstBank.
FirstBank as the oldest bank in Nigeria, spanning 125 years and still counting, has grown in leaps and bounds, creating new frontiers, breaking barriers, constantly coming up with diverse firsts, bringing smiles to families with its cut to size promos and products as well as forging an enviable image for the Nigerian nation, both from within and across the globe.
As the premier and leading banking institution, not only in Nigeria, but the entire West African sub-region, FirstBank has fully revolutionalised the banking business, developing tip of finger-like ease of doing business and accessing funds. Consequently, the bank manages with ease over 15 million customer accounts in well over 750 business locations globally from where it provides a comprehensive range of retail and corporate financial services. The customers are also availed of the more than 2700 Automated Teller Machines (ATMs) across the banks and other locations.
Among the very many firsts the bank is endowed with is the launch in 2011 of the first cash deposit ATM in Nigeria thereby granting customers the pleasure of depositing cash without entering the banking hall. This service has helped in reducing the handling of cash and supporting the Federal Government cashless policy.
The Chief Executive Officer, FirstBank, Dr. Adesola Adeduntan; Group Managing Director, FBN Holdings Plc., Mr. UK Eke; Group Chairman, FBN Holdings Plc., Dr. Oba Otudeko, CFR and Company Secretary, FBN Holdings Plc. Mr. Seye Kosoko, at the 7th Annual General Meeting of FBN Holdings Plc held in Lagos.
With its XploreFirst promo, FirstBank has also regenerated banking and savings culture in the day-to-day activities of many customers, especially the students who are rewarded with potent scholarships. Recently, about 18 students were rewarded with N150, 000 scholarship each. This, the bank has used in promoting financial inclusion at all levels with about 18, 000 agent banking spread across the country. That’s quite a huge statement in putting the customer first as the slogan goes – You First!
Little wonder, in the tradition of firsts, the company performed a historical flag hoisting on March 1, 2019 to mark its 125 years in existence. If FirstBank had been a Dutch oriented company, it would have been dubbed Royal FirstBank, having hit the 100 years mark.
Talking about firsts, FirstBank is among the first banks (no pun intended) in the country to launch whatsapp banking as an alternative channel to ease banking stress. This is in addition to firstmobile, FirstMonie and firstonline, which have proved to be veritable tools to making banking more like a past time, accessible from almost anywhere. With its *894# code, FirstBank has reduced banking to mere touch of buttons.
FirstBank’s innovations and consistency has earned it recognitions from far and wide, chiefly among it is being named “Most Valuable Bank Brand in Nigeria” for six consecutive times between 2011 and 2016 by the globally renowned “The Banker Magazine” of the Financial Times Group.
Again, between 2011 and 2017, the bank was recognized as the “Best Retail Bank in Nigeria”. The honour was bestowed by the Asian Banker International Excellence in the category of Retail Financial Services. And for 15 years in a row, it won the “Best Bank in Nigeria”, an award sponsored by Global Finance.
In the words of the Group Head, Marketing & Corporate Communications, Mrs. Folake Ani-Mumuney “Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.”
Lending credence to the heritage of firsts of FirstBank, the Group CEO, Dr, Adesola Adeduntan said that “it is one of the ways FirstBank puts you first and enables you to stay connected with your contacts, loved ones, friends and finances all on the go while you chat with them because at FirstBank, we are driven to bolster relationships on all fronts, anywhere and anytime.”
A global bank by all standard, FirstBank is the second bank in Africa, and by all means the first in Nigeria to issue 10 million cards, in addition to being recognized as the first financial institution in Nigeria to achieve 100 million sustained monthly transactions in electronic payment, by Interswitch. This feat was achieved in December 2015 and again in May 2016.
The many firsts of FirstBank cannot be over-emphasized as in 2008, against all odds, it became the first Nigerian Bank as well as the first quoted company in the country to hit N2 trillion market capitalization.
It is worthy of note that over the years, FirstBank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes.
To serve the customers better, the bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
For 125 years, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.
The FirstBank Group is endowed with a rich blend first class human and material resources, which have helped in furthering the principle of placing the customer first ahead of every other thing. At the helm of affairs of FirstBank is Dr. Adesola Adeduntan, who is the Managing Director/CEO. The chairman of the group’s Board of Directors is Mrs. Ibukun Awosika while Oba Otudeko is the chairman, FBN Holdings.
Where would you rather bank? FirstBank…You First!
A major reshuffling in FirstBank, has seen to the disengagement of close to 100 senior staff members.
Report says that the board of FirstBank embarked on the exercise as part of the bank’s “corporate restructuring and repositioning,” following the confirmation of its new MD/CEO.
According to a Nairametrics report, a reliable source with direct knowledge of the matter, confirmed that some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025.
The exits appear to be part of a concerted effort by the holding company of the board, led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, the source further explained.
Further information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.
It was also stated however, that some of the exits were voluntary, especially for senior executives, who intend to explore other career prospects.
Celebratory seasons, such as Christmas and New Year, are times when corporate organisations churn out new television commercials (TVCs) to connect with their customers and share the fun, euphoria and uncommon conviviality of such seasons.
One such organization which has over the years used this strategy to great effect is Nigeria’s top telecommunications brand, Globacom.
The exciting commercials that the technology company keeps rolling out fan the delight and elation of the season of goodwill. The brand employs the occasion not only to promote brand awareness but to felicitate its customers and the nation at large.
It is a tradition Glo has established. Since it started operations in 2003, it has always used television commercials as veritable tools of ensuring brand presence, marketing products and services and spreading joy among its various targets.
The 2024 Yuletide adverts it rolled out recently are not different. The two unique yet powerful commercials serve dual purposes. They felicitate the Nigerian people and spread mirth, which the season typifies, around existing and prospective customers.
Expectedly, the two new commercials have dominated the airwaves, and kept viewers talking and relishing the joy that Christmas brings.
The first commercial features juju music maestro, King Sunday Adegeye, popularly called King Sunny Ade, who parades a full ensemble of dancers and a rich, talented band in the TVC tagged “Merry Christmas”. The percussions, rhythm and dance merge to foster affability and enchanting memories of the season of glad tidings.
Before the party celebration where King Sunny and his band entertain guests, the TVC takes viewers back to the 1970s and 1980s when Christmas was celebrated with so much fanfare. It paints a vivid picture of rural Nigeria during Christmas where the warmth of tradition and community fills the air. The village with lush green vegetation is buzzing with excitement, with children playing, women cooking delicious meals in open-air kitchens, the aroma of local dishes (you can literally perceive it) mixing with the sounds of Afro Juju music. Families and friends gather around, dancing joyfully to the rhythmic beats, their faces beaming with happiness as they celebrate the festive season. A woman bearing the Aso ebi for the party is shown coming down from a Peugeot 504 car which also reinforces the advert as being set in the 1980s.
The television commercial by the telecom company captures the essence of togetherness, blending the cultural richness of rural life with the spirit of Christmas, all while subtly underscoring the telecom brand’s role in connecting loved ones, no matter how far apart they may be. It ends with “Better don come. Merry Christmas, Nigeria” further underscoring the reason for the commercial.
The second commercial tagged “Feliz Navidad” uses a galaxy of known artistes including Nollywood star, Timini Egbuson, as well as Uche Nwaefuna (Uchemontana), Chigozie Stephanie Alichi (Chizzy Alichi), Tomi Ojo, Eronini Osinachim, Kiki Bakare and Tope Adenibuyan (Teddy A) to pass across the message of Christmas.
At the heart of the Christmas party, the energy is electric as tap dancers take center stage, their feet tapping out intricate rhythms that blend seamlessly with the upbeat melody of Feliz Navidad. The sound of their shoes striking the floor creates a lively pulse, complementing the lively tunes of the music band performers who bring the festive song to life with vibrant instruments and harmonious vocals. Laughter and cheer fill the air as all come together to toast the season, sharing in the joy of music, movement, and the warmth of the Christmas spirit. The scene is a vibrant celebration of culture, unity, and festive joy, all set to the timeless sounds of Feliz Navidad.
These commercials have further endeared the Glo brand to its subscribers and the general Nigerian public as they enjoy the geniality of the season of love, hope, gifts and celebrations.
Talking about the Yuletide commercials, Ademide Gafar, an industry watcher opined that churning out great TVCs is one of the selling points of the Glo brand while John Michael, a marketing communications expert, noted that Globacom is not just a leader in the telecommunications sector but a prominent creator of unforgettable commercials. From the nation’s pride in telecommunications, it’s Feliz Navidad-Merry Christmas!
The management of First Bank of Nigeria Limited has dismissed allegations of fraud reported against it in a recent publication by an online platform, Tech Cabal, describing the claims as baseless and unsupported by evidence.
In a corporate statement titled ‘Correction of Misleading Information Regarding Fraud Allegations,’ Olayinka Ijabiyi, the Acting Group Head of Marketing and Corporate Communications, addressed the issue on behalf of the bank.
“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence,” Ijabiyi stated.
The bank reaffirmed its commitment to ethical practices and transparency, urging the public to disregard the allegations. It emphasized its dedication to maintaining trust with its customers and stakeholders while upholding its longstanding reputation as a leader in Nigeria’s financial sector.
First Bank reiterated its focus on delivering reliable and trustworthy banking services, dismissing the report as misleading and lacking merit.
