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.
About FirstBank
First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa,
a leading financial inclusion services provider in Africa, and a digital banking giant.
FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with
FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo,
Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank
Representative Office in Beijing, China. All the subsidiary banks are fully registered by their
respective Central Banks to provide full banking services.
Besides providing domestic banking services, the subsidiaries also engage in international
cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative
offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other
African countries.
For over 130 years, FirstBank has built an outstanding reputation for solid relationships, good
corporate governance, and a strong liquidity position, and has been at the forefront of
promoting digital payment in the country with over 13 million cards issued to customers (the
first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant
investments in technology, innovation and transformation, and its cashless transaction drive
has been steadily accentuated with virtually 23 million active FirstBank customers signed up on
digital channels including the USSD Quick Banking service through the nationally renowned
*894# Banking code.
With over 42 million customer accounts (including digital wallets) spread across Nigeria, UK
and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale
financial services through more than 820 business offices and over 243,400 agent locations
spread across 772 out of the 774 Local Government Areas in Nigeria.
In addition to banking solutions and services, FirstBank provides pension fund custody services
in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services
through First Nominees Nigeria Limited.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as
its employees’ ratio of female to male (about 39%:61%; and 32% women in management) as
well as the FirstBank Women Network, an initiative that seeks to address the gender gap and
increase the 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’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and
Non-discrimination.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in
Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best
Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International
Excellence in Retail Financial Services Awards.
In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable
Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by
International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by
International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by
Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine; ’’Best
Corporate Bank in Nigeria 2023’’ by Euromoney Awards and ‘’Most Innovative Banking Brand –
Nigeria 2023’’ by Global Brands Award.
Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by
Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks
as at September 2023. FirstBank maintained the same level of international credit ratings as
the sovereign; a milestone that was achieved in 2022 for the first time since 2015.
FirstBank continued to gain wide acclaim on the global stage with several international awards
and recognitions received so far in 2024. Some of these include Nigeria’s Best Bank for ESG
2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for
Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best
Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global
Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail
Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all
awarded by the Global Banking and Finance Awards.
Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name
by providing the best financial services possible”. This commitment is anchored on our core
values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our
strategic ambition is “to deliver accelerated growth in profitability through customer-led
innovation and disciplined execution” and our brand promise is always to deliver the ultimate
“gold standard” of value and excellence to position You First in every respect.
Olayinka Ijabiyi
Acting Group Head, Marketing & Corporate Communications
First Bank of Nigeria Limite
