First Bank of Nigeria

First Bank of Nigeria is a Nigerian banking and financial-services brand headquartered in Lagos. Established in 1894 as the Bank of British West Africa, it is widely regarded as Nigeria's oldest existing bank. The institution was founded by Sir Alfred Lewis Jones, a British shipping entrepreneur associated with Elder Dempster, at a time when commercial activity in West Africa relied heavily on barter and multiple forms of currency. Its original purpose was to provide a more secure deposit institution and a standardized means of payment for merchants and trading companies operating in the region. During its early decades, the bank concentrated on financing foreign trade and serving British shipping and commercial interests. Its lending to indigenous Nigerians was initially limited, in part because conventional banking practices emphasized collateral that many local borrowers could not provide. Following Nigerian independence in 1960, the institution gradually broadened its customer base and expanded lending to Nigerian citizens and businesses. This period also coincided with the increasing localization of Nigeria's financial system and greater public participation in commercial banking. The bank changed ownership and corporate identity several times. Standard Bank acquired the Bank of West Africa in 1965, after which the Nigerian business operated as Standard Bank of West Africa and later Standard Bank of Nigeria. The Nigerian operation became a public company in 1970 and was first listed on the Nigerian Stock Exchange in 1971. During the 1970s, Nigerian authorities sought greater local control of the banking sector. Standard Chartered, which had reduced its stake, no longer held majority control, and the Nigerian bank adopted the name First Bank of Nigeria Limited in 1979. It became First Bank of Nigeria Plc in 1991 and reverted to First Bank of Nigeria Limited in 2012 as part of a group restructuring. That restructuring followed Nigerian banking-regulation changes that separated commercial banking from other financial-services activities. First Bank's banking operations became a subsidiary of FBN Holdings Plc, while merchant banking, asset management, pensions, mortgages, and related businesses were organized within the wider holding-company structure. The bank itself was therefore separated from the listed holding-company vehicle that succeeded its former stock-market position. First Bank has developed from a trade-finance institution into a diversified banking franchise. Its principal business units are retail banking, commercial banking, corporate banking, and public-sector banking. It offers deposit accounts, payments, lending, cards, electronic and mobile banking, trade finance, treasury services, and financial solutions for individuals, small businesses, large companies, and government-related entities. The wider FirstBank Group also has international subsidiaries, branches, and representative offices in several African and overseas markets, including the United Kingdom, Ghana, Guinea, The Gambia, Sierra Leone, the Democratic Republic of the Congo, Senegal, China, South Africa, and the United Arab Emirates. The brand has been associated with several notable Nigerian banking innovations, including an early automated teller machine installation, biometric and cash-deposit ATM deployment, university endowment activity, and airport-lounge services. It has also used digital banking and agent-banking networks to extend access beyond conventional branches. Reference material describes a network of more than 820 business locations across Africa and over 233,500 agent-banking locations in Nigeria in 2024, with more than 42 million customers across its West African franchise and over 16,000 employees across the group. These figures apply to the group context and may include entities beyond the Nigerian operating bank. In April 2021, the Central Bank of Nigeria removed the entire board of First Bank of Nigeria after raising concerns about the bank's financial condition and governance. The intervention formed part of a regulatory response involving the bank and its holding-company structure. First Bank continues to operate as an active Nigerian banking institution under FBN Holdings, with a business model centered on broad retail reach and a long-established corporate and public-sector franchise.

First Bank of Nigeria began operations in 1894 as the Bank of British West Africa. Its establishment reflected the commercial needs of British-controlled West African territories, where trade depended on shipping companies, merchants, and an inconsistent mixture of currencies and exchange practices. Sir Alfred Lewis Jones, a shipping magnate connected with Elder Dempster, founded the bank to provide safer deposit facilities and a more uniform mechanism for settling commercial transactions. The early institution primarily supported foreign trade and British business interests, while indigenous borrowers faced limited access to credit because lending decisions commonly depended on collateral that many local customers lacked. The bank expanded its Nigerian footprint during the colonial period. A branch in Calabar opened in 1912, and a branch in Zaria represented an early move into northern Nigeria. The institution later participated in major public-sector financing. It provided a long-term loan to the colonial government in 1947 and worked with the government in 1955 on financing associated with railway expansion. After Nigerian independence in 1960, the bank increasingly served Nigerian individuals and enterprises. Public confidence in banking grew as Nigeria gained control over its own financial and political institutions. In 1965, Standard Bank acquired the Bank of West Africa, which subsequently operated as Standard Bank of West Africa and then Standard Bank of Nigeria. The Nigerian company became publicly incorporated in 1970 and listed on the Nigerian Stock Exchange in 1971, placing part of its share capital with Nigerian investors. Nigeria's post-civil-war authorities pursued greater local participation in banking. Standard Chartered reduced its ownership in Standard Bank Nigeria to 38 percent, and the institution adopted the name First Bank of Nigeria Limited in 1979 to reflect the changed ownership relationship and its increasingly Nigerian governance. The bank became First Bank of Nigeria Plc in 1991. It expanded internationally through a London branch opened in 1982, later converted into FBN Bank UK in 2002, and through a Johannesburg representative office opened in 2004. The bank also acquired merchant-banking assets in 2005, strengthening its position in broader financial services. The institution introduced several banking and brand initiatives during the 1990s and 2000s. It installed an early ATM at its 35 Marina location in Lagos in 1991, launched a university endowment program in 1994, adopted Finnone credit-administration software in 2007, and introduced a new visual identity in 2004. It later deployed biometric and cash-deposit ATMs in 2011. International expansion accelerated with acquisitions of ICB-related assets in Ghana, Guinea, The Gambia, and Sierra Leone in 2013, while the group developed or maintained operations in additional African and overseas markets. Regulatory changes in 2010 ended Nigeria's universal-banking model and required banks either to divest non-core activities or establish holding-company structures. First Bank chose the latter route. FBN Holdings Plc was created to house the group's banking and non-banking interests, while the commercial bank became a subsidiary. The bank changed its legal name back to First Bank of Nigeria Limited in 2012, and its previous listed position was replaced by FBN Holdings on the Nigerian Stock Exchange. The wider group subsequently operated businesses covering commercial banking, merchant banking, asset management, pensions, mortgages, and related services. The bank's leadership changed significantly in the late 2000s and 2010s. Stephen Olabisi Onasanya became group managing director and chief executive officer in 2009, succeeding Sanusi Lamido Sanusi, who became governor of the Central Bank of Nigeria. Onasanya retired at the end of 2015, and Adesola Adeduntan became managing director and chief executive officer on 1 January 2016. In April 2021, the Central Bank of Nigeria removed the entire First Bank board, citing the bank's serious financial condition. The regulatory action highlighted concerns about governance, risk, and the relationship between the operating bank and its holding-company structure. First Bank remains active, with retail banking at the center of its franchise and additional corporate, commercial, public-sector, digital, agency, and international operations. Reference material for 2024 describes more than 820 group business locations across Africa, more than 233,500 Nigerian agent locations, more than 42 million West African customers, and a group workforce exceeding 16,000 people.

• 2016

  FirstLounge launched

  [1]First Bank of Nigeriaen.wikipedia.org

  First Bank launched FirstLounge, described as the first landside airport lounge at Murtala Muhammed International Airport.

• 2014

  120th-anniversary corporate identity

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank launched a new corporate identity during its 120th anniversary year.

• 2013

  ICB-related West African expansion

  [1]First Bank of Nigeriaen.wikipedia.org

  The group completed acquisitions of ICB-related assets in Ghana, Guinea, The Gambia, and Sierra Leone.

• 2012

  FBN Holdings structure completed

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank became a subsidiary of FBN Holdings Plc, changed its name to First Bank of Nigeria Limited, and transferred the former listed-company structure to the holding company.

• 2011

  Biometric and cash-deposit ATMs launched

  [1]First Bank of Nigeriaen.wikipedia.org

  First Bank introduced biometric ATMs and cash-deposit ATMs in Nigeria.

• 2010

  Universal-banking regulation changes

  [1]First Bank of Nigeriaen.wikipedia.org

  Central Bank of Nigeria reforms required banks to divest non-core businesses or adopt holding-company structures.

• 2009

  Stephen Olabisi Onasanya becomes chief executive

  [1]First Bank of Nigeriaen.wikipedia.org

  Stephen Olabisi Onasanya became group managing director and chief executive officer after Sanusi Lamido Sanusi moved to the Central Bank of Nigeria.

• 2007

  Finnone credit software introduced

  [1]First Bank of Nigeriaen.wikipedia.org

  First Bank introduced Finnone credit-administration software and was described as an African pioneer of the service.

• 2005

  Merchant-banking acquisition

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank acquired FBN Merchant Bankers and MBC International Bank-related assets, strengthening its financial-services platform.

• 2004

  Brand identity refreshed

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank introduced a revised corporate identity and a new visual treatment for the FirstBank brand.

• 2004

  Johannesburg representative office opened

  [1]First Bank of Nigeriaen.wikipedia.org

  First Bank opened a representative office in Johannesburg as part of its international expansion.

• 2002

  FBN Bank UK established

  [1]First Bank of Nigeriaen.wikipedia.org

  The London operation became FBN Bank UK, described in the reference material as the first wholly Nigerian-owned full-service bank in the United Kingdom.

• 1994

  University endowment program launched

  [1]First Bank of Nigeriaen.wikipedia.org

  First Bank launched what reference material describes as Nigeria's first university endowment program.

• 1991

  ATM introduced in Lagos

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank introduced an early automated teller machine at its 35 Marina location in Lagos.

• 1991

  Renamed First Bank of Nigeria Plc

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank adopted the Plc designation following its listing and corporate development.

• 1982

  London branch opened

  [1]First Bank of Nigeriaen.wikipedia.org

  First Bank opened a branch in London, beginning a significant overseas banking presence.

• 1979

  Renamed First Bank of Nigeria Limited

  [1]First Bank of Nigeriaen.wikipedia.org

  Following reduced Standard Chartered ownership and increased Nigerian participation, the bank adopted the First Bank of Nigeria name.

• 1971

  First Nigerian Stock Exchange listing

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank listed on the Nigerian Stock Exchange and placed part of its share capital with Nigerian investors.

• 1970

  Conversion to a public company

  [1]First Bank of Nigeriaen.wikipedia.org

  The Nigerian operation became a public company.

• 1965

  Standard Bank acquisition

  [1]First Bank of Nigeriaen.wikipedia.org

  Standard Bank acquired the Bank of West Africa, leading to subsequent changes in the Nigerian operation's corporate name.

• 1955

  Railway-development financing partnership

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank partnered with the government on financing connected with railway expansion.

• 1947

  First long-term government loan

  [1]First Bank of Nigeriaen.wikipedia.org

  The bank provided a long-term loan to the colonial government, marking an important public-sector financing activity.

• 1912

  Expansion to Calabar and northern Nigeria

  [1]First Bank of Nigeriaen.wikipedia.org

  A Calabar branch opened, and the bank also established an early presence in northern Nigeria through a Zaria branch.

• 1894

  Bank of British West Africa begins operations

  [1]First Bank of Nigeriaen.wikipedia.org

  The institution was established in Lagos as the Bank of British West Africa by Sir Alfred Lewis Jones.

A long-established, mass-market Nigerian bank combining extensive retail distribution with corporate, commercial, public-sector, digital, and cross-border banking capabilities.

• Consumer banking

  Retail banking

  First Bank's retail franchise serves individuals and households through current and savings accounts, payments, cards, personal lending, electronic banking, mobile channels, and branch and agent distribution. Retail banking is central to the brand's Nigerian market position and supports its large customer base across West Africa.

• Business banking

  Corporate and commercial banking

  Corporate and commercial banking provides lending, cash management, trade finance, treasury, payments, and other services to established companies and mid-sized businesses. These activities complement First Bank's historical role in financing trade and major commercial activity in Nigeria.

• Government banking

  Public-sector banking

  The public-sector unit serves government institutions and related entities with transaction banking, collections, payments, lending, and other financial services. Its historical roots include long-term lending to the colonial government and participation in railway-development financing.

• Digital banking

  Digital and electronic banking

  First Bank's digital proposition includes electronic payments, mobile and online banking, card services, ATM access, cash-deposit functionality, and other self-service channels. The bank has also used technology and agent banking to extend access beyond traditional branches.

• Financial inclusion

  Agent banking

  The FirstBank agent network provides banking access through third-party locations across Nigeria. Reference material reports more than 233,500 agent locations in 2024, although the precise scope and methodology of that figure require verification against current company disclosures.

• International banking · 2002

  FBN Bank UK and FirstSave

  FBN Bank UK represents the group's United Kingdom banking presence and offers savings products under the FirstSave brand. The UK operation developed from First Bank's London branch, which opened in 1982 and became a subsidiary in 2002.

• Customer service · 2016

  FirstLounge

  FirstLounge is an airport-lounge service launched at Murtala Muhammed International Airport in Lagos. It extended the FirstBank customer experience beyond conventional financial products and was presented as the airport's first landside lounge.

• 2021

  Central Bank intervention and board removal

  In April 2021, the Central Bank of Nigeria removed the entire board of First Bank of Nigeria after stating that the bank was in a grave financial condition. The action raised questions about governance, risk management, and oversight within the operating bank and its holding-company structure.

  Source

• 2015

  First Bank pledges cooperation with CBN

  First Bank of Nigeria said it was cooperating with the Central Bank of Nigeria and other regulators after the CBN made board changes at the bank and its parent amid a boardroom crisis and allegations of insider abuse.

  Source

Read more

• 2014120th-anniversary identity launch

  Nigeria · International markets

  For its 120th anniversary, First Bank initiated another corporate-identity program emphasizing the continuity and heritage of the institution.

  Source
• 2004FirstBank brand identity renewal

  Nigeria · International markets

  The bank introduced a substantially revised visual identity and brand presentation. The renewal was intended to modernize the appearance of a long-established institution while preserving the FirstBank name.

  Source
• 1994University endowment program

  Nigeria

  First Bank launched a university endowment initiative described in reference material as Nigeria's first such program. The initiative connected the bank's corporate citizenship activity with higher education support.

  Source

• 2021

  Regulatory board interventionOther

  Background

  The Central Bank of Nigeria stated that First Bank was in serious financial condition.

  Action taken

  The regulator removed the entire board of First Bank of Nigeria.

  Aftermath

  The intervention triggered a leadership and governance reset and drew attention to the relationship between First Bank and FBN Holdings.

  Source

• 2013

  Acquisition of ICB-related West African assetsM&A

  Background

  The group pursued a pan-African expansion strategy to build a broader regional banking platform.

  Action taken

  First Bank completed acquisitions of ICB-related assets in Ghana, Guinea, The Gambia, and Sierra Leone.

  Aftermath

  The transactions expanded the group's presence in West African markets.

  Source

• 2012

  Creation of the FBN Holdings structureStrategy

  Background

  Central Bank of Nigeria reforms discontinued the universal-banking model and required institutions to separate core banking from non-core financial businesses or use a holding-company structure.

  Action taken

  First Bank placed its commercial banking operation under FBN Holdings Plc and changed the operating bank's name back to First Bank of Nigeria Limited.

  Aftermath

  FBN Holdings replaced the former listed operating-company structure, while banking and non-banking activities were organized as separate group businesses.

  Source

• 1979

  Adoption of the First Bank of Nigeria nameStrategy

  Background

  Nigerian authorities were seeking greater local control of the banking sector, while Standard Chartered's stake in the Nigerian bank had fallen below majority ownership.

  Action taken

  The institution changed its name to First Bank of Nigeria Limited and reorganized with a more Nigerian board representation.

  Aftermath

  The new identity became the foundation for the modern FirstBank brand.

  Source

• 1965

  Standard Bank acquires Bank of West AfricaM&A

  Background

  The Bank of British West Africa had operated for decades as a major institution serving West African trade.

  Action taken

  Standard Bank acquired the institution, after which the Nigerian business operated under Standard Bank-related names.

  Aftermath

  The acquisition preceded later changes in ownership, governance, and the eventual adoption of the First Bank of Nigeria name.

  Source

• Unconfirmed

  First Bank launches Digital Experience Centre[3]First Bank推出Digital Experience Centrethisdaylive.com

  First Bank of Nigeria announced the launch of the FirstBank Digital Experience Centre, a self-service branch offering automated banking facilities. The centre was piloted at the bank's remodeled Adetokunbo Ademola branch in Victoria Island.

• Unconfirmed

  First Bank launches LIT mobile banking app[4]First Bank推出LIT移动银行应用thisdaylive.com

  First Bank of Nigeria announced the launch of LIT, a mobile banking app developed and owned by the bank, with features including transfers, account opening and management, statements, and complaint handling.

• Unconfirmed

  First Bank sponsors A Deep Dive Into History theatre production[5]First Bank 赞助戏剧作品《A Deep Dive Into History》thisdaylive.com

  First Bank of Nigeria announced its sponsorship of A Deep Dive Into History, a theatre production from Duke of Shomolu Production House.

• Unconfirmed

  FirstBank wins three Global Banking and Finance awards[6]FirstBank获得三项全球银行与金融奖项thisdaylive.com

  First Bank of Nigeria Limited announced that it had won three awards: 2021 Retail Banking CEO of the Year Nigeria, Most Innovative Retail Banking App Nigeria, and Best CSR Bank Nigeria.

• 2021.04.29

  Reported2021.04.28

  First Bank appoints Gbenga Shobo as managing director designate[7]First Bank任命Gbenga Shobo为候任董事总经理punchng.com

  First Bank of Nigeria Limited announced the appointment of Gbenga Shobo as its managing director and chief executive officer designate, subject to regulatory approval; he is to succeed Sola Adedutan.

• 2021.04.28

  Reported2021.04.28

  FirstBank announces additional executive appointments[8]FirstBank 宣布其他高层任命punchng.com

  FirstBank announced Abdullahi Ibrahim's appointment as deputy managing director and appointed Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu as executive directors. The appointments were subject to regulatory approvals.

• Unconfirmed

  FirstBank announces lead sponsorship of The Voice Nigeria Season 3[9]FirstBank宣布担任《The Voice Nigeria》第三季首席赞助商thisdaylive.com

  First Bank of Nigeria Limited announced that it would be the lead sponsor of The Voice Nigeria Season 3.

• Unconfirmed

  FirstBank appoints Ado Yakubu Wanka as non-executive director[10]FirstBank任命Ado Yakubu Wanka为非执行董事thisdaylive.com

  First Bank of Nigeria announced the appointment of Ado Yakubu Wanka as a non-executive director of the bank.

• Unconfirmed

  First Bank pledges cooperation with CBN[2]First Bank pledges cooperation with CBNthisdaylive.com

  First Bank of Nigeria said it was cooperating with the Central Bank of Nigeria and other regulators after the CBN made board changes at the bank and its parent amid a boardroom crisis and allegations of insider abuse.

Read more

1. 1First Bank of Nigeriaen.wikipedia.org
2. 2First Bank pledges cooperation with CBNthisdaylive.com
3. 3First Bank推出Digital Experience Centrethisdaylive.com
4. 4First Bank推出LIT移动银行应用thisdaylive.com
5. 5First Bank 赞助戏剧作品《A Deep Dive Into History》thisdaylive.com
6. 6FirstBank获得三项全球银行与金融奖项thisdaylive.com
7. 7First Bank任命Gbenga Shobo为候任董事总经理punchng.com
8. 8FirstBank 宣布其他高层任命punchng.com
9. 9FirstBank宣布担任《The Voice Nigeria》第三季首席赞助商thisdaylive.com
10. 10FirstBank任命Ado Yakubu Wanka为非执行董事thisdaylive.com
11. 11Firstbank Sponsors Duke Of Shomolu Production As Awo, Aremu Hits The Stage | African Examinerafricanexaminer.com