In the corporate landscape where transitory achievements are marked by short-lived triumphs and fleeting accolades, enduring success is distinguished by sustained innovation, adaptability, and a relentless commitment to excellence. Nigeria’s premier financial institution, First Bank of Nigeria Limited (FirstBank), stands as a beacon of longevity and success, commemorating an extraordinary milestone of 130 years. Amidst stiff competition and the evolving financial landscape, FirstBank has not only endured but thrived, cementing its position as the cornerstone of Nigeria’s banking sector and a catalyst for socio-economic development.
Founded in 1894 as the British Bank of West Africa (BBWA) by the visionary Sir Alfred Lewis Jones, FirstBank has traversed the annals of history, weaving itself into the fabric of Nigeria’s economic narrative. From its inception, the bank has been instrumental in driving Nigeria’s economic growth across diverse sectors, including manufacturing, agriculture, oil and gas, and small and medium-scale enterprises (SMEs).
The history of FirstBank is synonymous with the history of Nigeria itself, having played pivotal roles, including serving as Nigeria’s Central Bank at certain junctures. With nearly 800 business locations spread across the nation, FirstBank’s robust presence extends to every nook and cranny, embodying its commitment to serving every Nigerian.
However, recognizing the imperatives of modern banking, FirstBank has embarked on a transformative journey, embracing cutting-edge financial technologies to meet the evolving needs of its clientele. Through initiatives like FirstMobile, FirstOnline, and USSD banking, the bank has forged a seamless digital banking experience, resonating with both tech-savvy youths and traditional customers.
Notably, FirstBank’s digital banking channels have witnessed exponential growth, with user numbers skyrocketing from 600,000 in 2015 to over 23.2 million in 2023. Embracing transaction-led banking, the bank’s non-interest income surged to ₦293.0 billion in September 2023, a testament to its unwavering commitment to innovation and customer-centricity.
Under the dynamic leadership of Dr. Adesola Adeduntan, FirstBank has undergone a renaissance, redefining its corporate ethos and embracing a future-forward approach. Adeduntan’s strategic vision has propelled the bank into the international arena, with subsidiaries spanning across Africa and a focus on sustainable growth.
Moreover, FirstBank’s corporate citizenship extends beyond profit margins, as evidenced by its impactful community development initiatives. Through programs like SPARK, FutureFirst, and partnerships with NGOs, the bank has empowered millions of Nigerians through education, healthcare, and entrepreneurship.
In the wake of the COVID-19 pandemic, FirstBank demonstrated its unwavering commitment to societal welfare, donating over ₦1 billion in cash and food aid, and launching innovative e-learning initiatives to support education.
At its core, FirstBank remains committed to enabling success for its customers and stakeholders. Adeduntan encapsulated the bank’s ethos, stating, “At FirstBank, our purpose is to enable success, putting our customers and stakeholders at the heart of our business.”
With a string of accolades and awards recognizing its leadership and innovation, including Best Corporate Bank and Most Innovative Banking Brand, FirstBank continues to set the benchmark for excellence in the financial sector.
As FirstBank celebrates 130 years of pioneering excellence, its journey with Nigeria continues, marked by resilience, reinvention, and an unwavering commitment to building a prosperous future for all.
